Left protests to PM about private pension managers
New Delhi: The Left parties say efforts to bring in private parties as fund managers should be put on hold, and pending final decision on the New Pension Scheme, the funds should remain with the Employees' Provident Fund Organisation (EPFO).

Writing to the Prime Minister Manmohan Singh the Left Parties said that even though the pension fund regulatory bill was yet to be adopted, the PFRDA was going ahead with some of the bill's objectionable features in the guise of interim steps.

Last week, a PFRDA notification had invited bids from fund managers for taking charge of funds of government employees already under the aegis of the New Pension Scheme (NPS). The notification allowed prospective fund managers to have a foreign partner with up to 26 per cent equity, as allowed in the insurance sector.

The Left contends that PSUs alone should be allowed to manage pension funds.

Even though the decision to appoint fund managers for the idling NPS funds of about Rs2,000 crore was taken after a meeting held by the Prime Minister and Chidambaram with state Chief Ministers, the Left parties have told Singh that Central and state government employees' organisations have also expressed their opposition.
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Asia to dominate global drugs industry: PwC
Chennai: Asia is poised to become the world's largest market for medicines and a powerhouse for both production and research, according to a new survey published by consulting firm PricewaterhouseCoopers.

PwC found in its survey that 58 percent of 185 pharmaceutical executives from domestic and multinational companies (MNCs) across the region believed the industry's centre of gravity would be in Asia rather than North America and Europe in the near future. It found that MNCs are increasingly interested in setting up more research and development facilities and conducting more clinical trials in certain Asia territories. 'At the same time, region-based pharmaceutical companies are seeking to expand their geographical footprint and become pan-regional or global players.

About 65 per cent of Asia-based firms said increased global market share was important for their business and a third of all MNCs have plans to further expand within the region through acquisitions or by developing new sites within the next year.

The survey found that China and India topped the list of target countries for expansion, with Singapore and South Korea next. Both international and domestic companies said there had been a welcome improvement in patent protection in key Asian markets, which was critical to successful development of the pharmaceuticals sector.
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Indian mangoes now on way to Japan
New Delhi: After the US, India has started exporting mangoes to Japan after a 20-year ban that was lifted for six varieties in June last year said the minister of state for commerce Jairam Ramesh.

The first consignment of mangoes was sent to Japan yesterday. India would export six varieties of Alphonso, Banganpalli, Chausa, Kesar, Langra and Mallika. Ramesh said by end July, India hoped to export about 35-40 tonnes (70,000 mangoes) to Tokyo. He said market access for Malda and Dushehari varieties are also now under review.

Ramesh said each Banganpalli mango is expected to retail for Rs200 in Japanese stores.
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PM approves setting up wage board for working journos
New Delhi: Prime minister Manmohan Singh has approved setting up the Wage Board for working journalists. Formal orders in this regard will be issued by the labour ministry.

The prime minister's approval comes a day ahead of the proposed march organised by the Confederation of Newspaper and News Agenices Employees' Organisations to protest against "undue" delay in constituting wage boards. The Union Cabinet approved the wage board proposal in December. The Confederation has been demanding the constitution of the new Wage Board for journalists and non-journalists in media houses and news agencies.
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