Weekly Newsletter

INFO-SPECTRUM   

Bridging the Information Gap in Corporate Landscape

 IN FOCUS

To be mature means to face, and not evade, every fresh crisis that comes. (Fritz Kunkel)

European sovereign debt crisis not over: Strauss-Khan

Maintaining that the European sovereign debt crisis is not over, the International Monetary Fund (IMF) Managing Director, Dominique Strauss-Khan has urged more international co-ordination in the wake of fragile global recovery. Speaking at the European Banking Congress in Frankfurt, Strauss-Khan said co-operation among Eurozone nations is moving slowly. He blamed that banking sector repairing is taking too long, partly because policymakers are not paying enough attention to the pan-European dimension. Further, Strauss-Khan said close co-ordination among nations is necessary as disparities shake the already fragile global recovery.

Fed cuts US growth forecast; ups unemployment view

The Federal Reserve has lowered its outlook for US economic growth for 2010 and 2011 while also predicting that unemployment would remain elevated well into 2011. The Fed now expects 2010 GDP to increase between 2.4% and 2.5% this year, compared with an earlier projection of growth between 3% and 3.5%. The Fed also said that the unemployment rate will be between 9.5% and 9.7% for all of 2010. Next year, the Fed bankers believe that joblessness could be as high as 9.1%, compared with a previous estimate of between 8.3% and 8.7%.

Orissa launches Rs. 24 bn plan for electricity distribution sector

The Orissa Govt has launched the Rs. 24 bn capex program to strengthen the electricity distribution sector. The State Government has worked out a package to mop up the required expenditure through debt mode abandoning its earlier move of equity mode. While the state will organize Rs. 12 bn including Rs. 5 bn grant form 13^th Finance Commission, the distribution companies will raise the rest. The Govt has provided Rs. 2.05 bn in this year's budget towards its share to distribution companies for the capex.

India's ICT spending to grow 10.3% in 2011: Gartner

According to Gartner, India's Information & Communication Technology (ICT) spend will grow by 10.3% YoY to reach US$71.9 bn in 2011, as against $65.23 bn in 2010. Hardware is the fastest growing segment with an expected CAGR growth of 20.4% through 2014. IT services is showing the strongest annual revenue growth at 22% in 2010 while the telecom segment, that is forecast to account for 73% of the Indian ICT market in 2010, is witnessing a slow down and is set to grow at 13.2% growth. Double-digit growth across all sub segments of the ICT space will drive the growth this year. In hardware, much of the growth will be driven by spending within the client computing space. The software segment in India is expected to grow with strong traction being recorded in business intelligence, middleware, database management systems and application development tools.

India's gems, jewellery exports up 31% YoY in Oct

India's gems and jewellery exports rose 31% YoY to Rs. 129.79 bn (US$2.92 bn) in Oct'10, as against Rs. 99.07 bn (US$2.12 bn) in Oct'09. The exports of cut and polished diamonds increased 31% YoY to Rs. 91.7 bn (US$2.06 bn) in Oct'10, as against Rs. 70.13 bn in Oct'09. The overall shipments of gems and jewellery grew by 34.48% YoY to Rs. 980.88 bn in Apr-Oct'10 period, as against Rs. 729.37 bn in Apr-Oct'09 period.

India successfully test-fires medium-range ballistic missile

India has successfully test-fired its high-potency nuclear-capable surface-to-surface medium-range ballistic missile. The upgraded version of Agni-1 was fired from a testing range on Wheelers Island off the coast of Orissa on Thursday morning. The missile, launched by the Strategic Force Command (SFC) at an Army training session, followed the trajectory perfectly and reached the designated target in the Bay of Bengal.

Regards,

Asim Mohapatra

Editor

Sushil Financial Services Private Limited

2^nd Floor, Rohit Chambers

Janmabhoomi Marg, Fort, Mumbai - 400 001.

Phone : +91-22-4093 5082 (Direct)

         :  +91-22-4093 5000 (Board) Extension: 182

Fax    :  +91-22-40935046

asim.mohapatra@sushilfinance.com