Sunday, April 1, 2012


Statement by IMF Managing Director Christine Lagarde on the Euro Area Firewall


March 30, 2012
Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today:
“I welcome the decision of Euro Area Ministers to strengthen the European firewall. The IMF has long emphasized that enhanced European and global firewalls, together with the implementation of strong policy frameworks, are critical for ending the crisis and securing international financial stability. The combination of the ESM and the EFSF, along with other recent European efforts, will strengthen the European firewall and support the IMF’s efforts to increase its available resources for the benefit of all our members.”

Rajasthan Bengal Maitri Parshad



From Left; Swami Atmanishthananda, Author Mani Shankar Mukherjee, Shishir Bajoria Rajasthan Bengal Maitri Parshad President, Smt. Bharati Ray, Vice President ICCR.

Hungama Launches Nadiadwala Grandsons’ Housefull 2 Games on Mobile and Internet
Sajid Khan launches Limited Edition stock for Housefull 2 on the Game of Fame


Gaming is the buzzword this season with Bollywood, as all the big movies of the year get aggressive on gaming. Nadiadwala Grandsons’ Housefull 2 – The Dirty Dozen, directed by Sajid Khan has tied up with South Asia’s largest digital entertainment company, Hungama Digital Media, to announce the launch of several entertaining games across Mobile and Internet platforms. The star studded event with the entire cast of Housefull 2 also saw the launch of IPO’s for stars and limited edition stock for Nadiadwala Grandsons’ Housefull 2 on Bollywood Hungama’s Game of Fame. Game of Fame is an online game, where players get to trade Bollywood stars and movies like a stock exchange to win exciting prizes.

Such is a buzz around the film that the algorithms of the Game of Fame predict that the collections of Housefull 2 will put Housefull 2 Team in the “100 crore club”.





Nadiadwala Grandsons’ Housefull 2 - The Dirty Dozen is the second super star packed installment in the Housefull franchise. The movie is expected to take Housefull 2 Team in the 100 crore club and the response is evident as on the Game of Fame, Housefull 2 stocks were completely sold out within a day of the launch. Some stars whose IPO’s were released for trading are – Shazahn Padamsee, Jacqueline Fernandez, Mithun Chakraborty, Boman Irani, and Randhir Kapoor. Besides this, launch of Housefull 2, mobile and internet games also took place.

Thegamebox.com will have 3 online games - Double Exposure, Jigscene and Movie Match up Mania which are puzzle games while the mobile game is a dance game available across Java, Android and Blackberry devices.

Commenting on this, Neeraj Roy, MD and CEO, Hungama Digital Media said, “Consumers today can get a taste of their most awaited films through various digital platforms. Users can experience a truly interactive, engaging and enriched connected experience with several devices. Also, movie marketers are constantly exploring the potential of the digital medium to reach out to people across different ages, segments and genders. Movie goers have access to unique and innovative concepts as the medium acts as a platform to create services for films that does not merely create awareness but instead goes a step further to ensure interaction with the film.”

Sajid Khan, director of Housefull 2 also expressed his views, “We wanted to promote the film on much larger platforms, which reach out to audiences across. With India being one of the fastest growing mobile and Internet markets, one can clearly not ignore the digital space anymore. We will continue to explore the potential of these mediums to reach out to people.”

The game is available for mobile downloads through various mobile operators across India. Housefull 2 releases in theatres on 5th April, 2012.

Watch out for what you eat. It could be killing you slowly and sweetly: says new CSE junk food and nutrition study

  • Most junk foods contain very high levels of trans fats, salts and sugar – which inevitably lead to severe ill health and diseases like obesity and diabetes
  • CSE lab tests 16 major brands of foods relished by people, particularly the young: Maggi and Top Ramen noodles, MacDonald’s foods, KFC’s fried chicken and Haldiram’s Aloo Bhujia, among others
  • Finds companies resort to large scale misbranding and misinformation; many say their products contain zero trans fats, but CSE finds heavy doses
  • Danger lurking: Younger generation hooked to junk food, vulnerable to heart diseases in the prime of their life
New Delhi, March 30, 2012: Junk foods – all the stuff that most of us love to gorge on – have enough trans fats, salt and sugar to lead us to an early onset of diseases in the young. And what’s worse, neither the companies, nor the government is bothering to tell us what these foods contain, says a new Centre for Science and Environment (CSE) study which was released here today.

“We all know junk food is bad; we still eat it. But do we know how bad it is? Do we ever check what we are eating and whether what that packet of chips or Maggie has what it claims it has? Our new study, which looks at the nutritional value of these foods, is to make people aware of what these foods really contain and what they will do to our health”: says Sunita Narain, director general, CSE.

CSE, which is known for some truly ground-breaking studies on food and contamination, says this is the first comprehensive Indian study to have looked at nutritional claims made (or not made) by junk food makers and how they compare against our ‘allowed daily intake’. “And the findings are pretty damning,” says Chandra Bhushan, CSE’s deputy director general, who also heads the Pollution Monitoring Lab which did the study.

Daily intake? Now what is that?

The National Institute of Nutrition (NIN) and the World Health Organization (WHO) have set certain benchmarks of how much salt, sugar, carbohydrates and fats every individual can have on a daily basis to stay healthy. These benchmarks add up to what constitutes a balanced diet.

CSE’s study -- which tested a host of samples of popular foods such as potato chips, snacks like aloo bhujia, noodles, soft drinks, burgers, French fries and fried chicken -- shows that having just one serving of these foods completely overturns our daily diet chart .

For instance, the NIN benchmark for the maximum salt that one person should have in a day is 6 gram, while the WHO puts it at 5 gram. The normal 80-gram packet of Maggi noodles that many of us gobble up almost on a daily basis has over 3.5 gram of salt – enough to take care of over 60 per cent of our allowed daily salt intake.

Says Chandra Bhushan: “Which means for the rest of the day, we will be restricted to have food which should contain less than 2 gram of salt. Not a happy choice at all for us in the sub-continent who love to have our salt and eat it too.”

The terror is in the trans fats

Salt, however, is not the real or only problem. The real problem is trans fats, or the ‘bad fats’.

The WHO says that in a balanced diet, a maximum of 1 per cent of total energy should come from trans fats. Therefore, an adult male can have 2.6 gram of trans fats per day, while an adult female can have 2.1 gram and a child (10-12 years) can have 2.3 gram.

CSE’s tests reveals a dirty truth of misinformation, misbranding, wrong labelling and obfuscation indulged in by companies, some of whom are on the top of the charts. They show that many junk foods claim they have ‘0’ trans fats; some don’t even bother to mention how much trans fats they have. A child who eats one of those immensely savoury MacDonald’s Happy Meals finishes up 90 per cent of all his daily requirement of trans fats. The packet of Happy Meal makes absolutely no mention of this massive dosage of trans fats!

Top Ramen Super Noodles (Masala) claims there is zero trans fats in every 100 gram – the CSE study found 0.7 gram per 100 gram. Similarly, Haldiram’s Aloo Bhujia says it has no trans fats, but the study found 2.5 gram per 100 gram.
PepsiCo’s Lays (Snack Smart) was sold till February 2012 through huge advertisements to say that these chips are healthy because they have zero trans fats and are cooked in healthy oil – this claim was quietly removed later. When CSE checked, it found as much as 3.7 gram of trans fats per 100 gram of the product in March 2012 batch – which is a dangerously high dose! PepsiCo never bothered to inform consumers.

So what does all this mean for our health?

What makes junk food so unhealthy are the high levels of salt, sugar, fats and carbohydrates in them. Non-communicable diseases such as obesity and diabetes accounted for more than 50 per cent of all deaths in India in 2005; by 2030, they will kill two-thirds of all Indians.

The latest National Family Health Survey (2005-06) says at least one in every eight Indian is overweight or obese. In our cities, the situation is worse: one in every five urban Indian is obese and prone to numerous health disorders that obesity generates.

The CSE study has a deadlier tale to tell. The researchers behind the study say that the heavy doses of trans fats, joined with that of salt – which comes from all the so called ‘fun foods’ -- work together to trigger ill health which can lead to death.

Trans fats are notorious for clogging arteries: they deposit on the walls of the arteries and make them narrower. On top of that, when one has large amounts of salt, the blood pressure increases. The heart has to work overtime to push the blood around, which weakens it considerably.

Says Chandra Bhushan: “And there is enough global evidence to suggest that more and more young people are succumbing to problems of the heart at a much earlier age. At an age when they should have been at their productive best, they are loosing productive life by eating this junk.”

“Coming at a time when the world is struggling to contain NCDs or non-communicable diseases, when schools across the country are banning sale of junk foods on their campuses, when several countries are trying desperate measures such as ‘fat taxes’, this study tells us that we need stronger regulations that will reduce the quota of fats, sugar and salt in junk foods, and ones that will force companies to provide information to the public mandatorily,” says Narain.

Sumitomo Metals Announces the Continuation of Policy Toward Large-scale Purchases of Sumitomo Metals Shares (Anti-takeover Defense Plan)


Sumitomo Metal Industries, Ltd. (hereinafter “Sumitomo Metals”) today announced that its Board of Directors decided to continue a policy, as a so-called “anti-takeover defense plan to be introduced in advance”, toward (i) a purchase of Sumitomo Metals’ shares and other securities by a group of shareholders with the intent to hold 20% or more of the total voting rights of Sumitomo Metals, or (ii) a purchase of Sumitomo Metals’ shares and other securities resulting in a group of shareholders holding 20% or more of the total voting rights of Sumitomo Metals (the purchases set out in (i) or (ii) above do not include the purchases to which Sumitomo Metals’ Board of Directors has given consent in advance). A purchase of Sumitomo Metals’ shares and other securities set out in (i) or (ii) above shall be hereinafter referred to as a “Large-scale Purchase”. A person or a company that intends to conduct a Large-scale Purchase shall be hereinafter referred to as a “Large-scale Purchaser”. 
This policy was originally approved by the shareholders upon the ordinary general shareholders meeting held in June, 2006, and then was approved to be continued with substantially the same content (such policy after continuation shall be hereinafter referred to as the “Policy”) by the shareholders upon the ordinary general shareholders meeting held in June, 2009. This time Sumitomo Metals’ Board of Directors decided to continue the Policy as described below.
1. Basic Philosophy
Sumitomo Metals’ Board of Directors believes that the company’s shareholders should make the final decisions as to whether or not a Large-scale Purchase is acceptable. The Board of Directors also believes that shareholders (i)should be provided with sufficient and appropriate information, from both of the Board of Directors and the Large-scale Purchaser, including information on the (a) conditions of the Large-scale Purchase, (b) management policies and business plans that the Large-scale Purchaser intends to adopt for Sumitomo Metals and its group companies, (c) influence of the Large-scale Purchase affecting Sumitomo Metals and its group companies and their stakeholders, and (d) any proposals alternative to the Large-scale Purchase, and (ii)should be given an opportunity and time to carefully consider the provided information. Based on such belief, Board of Directors has established rules concerning Large-scale Purchases of Sumitomo Metals shares (hereinafter the “Large-scale Purchase Rules”) and will require any Large-scale Purchaser to comply with the rules.
Based upon the thought that countermeasures should be enforced under objective conditions, the Board of Directors may take such countermeasures only in the cases where the Large-scale Purchaser does not comply with the Large-scale Purchase Rules.
2. Large-scale Purchase Rules 
(1) Submission of Intention Letter
When a Large-scale Purchaser intends to commence a Large-scale Purchase, such Large-scale Purchaser is required to submit to Sumitomo Metals a letter of intention to comply with the Large-scale Purchase Rules (hereinafter the “Intention Letter”).
(2) Provision of Information
The Large-scale Purchaser is required to provide Sumitomo Metals’ Board of Directors with sufficient information (hereinafter the “Large-scale Purchase Information”) so that the company’s shareholders may make decisions and the Board of Directors may form its opinion regarding such Large-scale Purchase. Sumitomo Metals will, within five (5) business days after receipt of the Intention Letter, deliver to the Large-scale Purchaser a list of the Large-scale Purchase Information to be provided by the Large-scale Purchaser. The Large-scale Purchase Information includes the following:

(i) an outline of the Large-scale Purchaser and its group;
(ii) the purposes and conditions of the Large-scale Purchase;
(iii) the basis for determination of the purchase price and funds for purchase;
(iv) management policies which the Large-scale Purchaser intends to adopt after the completion of the Large-scale Purchase for Sumitomo Metals’ and its group companies’ businesses;
(v) policies to be implemented after the completion of the Large-scale Purchase on interested parties of Sumitomo Metals and its group companies; and
 
(vi) view on the legality of the Large-scale Purchase in terms of the Antimonopoly Act of Japan and overseas competition laws (in case where the Large-scale Purchaser conducts business of the same kind as Sumitomo Metals’ or its group companies’ business).

The Board of Directors will disclose all or part of the Large-scale Purchase Information submitted to the Board of Directors at the time it deems appropriate, if such disclosure is considered necessary for shareholders to make decisions.
(3) Assessment Period
After the provision of the Large-scale Purchase Information is completed, the Board of Directors should be allowed a period below during which it will assess and examine the Large-scale Purchase and seek any alternative plans (hereinafter “the Assessment Period”):

(i) sixty-business-day period (in case of the purchase of all Sumitomo Metals shares by a tender offer with cash-only (yen) consideration); or
(ii) ninety-business-day period (in case of any other Large-scale Purchase).

The Board of Directors will thoroughly examine and assess the provided Large-scale Purchase Information with advice from outside experts including lawyers, accountants and financial advisors during the Assessment Period, and form and disclose its opinion. The Board of Directors may negotiate with the Large-scale Purchaser in order to improve the terms of the proposed Large-scale Purchase or it may offer the alternative plan to shareholders, if necessary.
3. Countermeasures against Non-compliance with the Large-scale Purchase Rules
If a Large-scale Purchaser does not comply with the Large-scale Purchase Rules such as the case where a Large-scale Purchaser commences the Large-scale Purchase without providing Large-scale Purchase Information, Sumitomo Metals’ Board of Directors may take countermeasures against the Large-scale Purchaser to protect the interests of all of its shareholders as a whole. Countermeasures include the issuance of stock acquisition rights or any other measures that the Board of Directors is permitted to take under the Corporate Code of Japan or other laws and the company’s articles of incorporation. If a Large-scale Purchaser complies with the Large-scale Purchase Rules, the Board of Directors does not intend to prevent the Large-scale Purchase at its own discretion.
4. Influence on Shareholders and Investors, etc.
The purpose of the Large-scale Purchase Rules is (i) to provide an opportunity for Sumitomo Metals shareholders to receive information necessary to determine whether or not the Large-scale Purchase is acceptable, (ii) to secure the period of time necessary for the provision of such information and (iii) to consider any alternative plans. Accordingly, the Board of Directors believes that the establishment of the Large-scale Purchase Rules is for the benefit of Sumitomo Metals shareholders and investors.
If a Large-scale Purchaser does not comply with the Large-scale Purchase Rules, Sumitomo Metals’ Board of Directors may take countermeasures to protect the interests of all its shareholders as a whole. However, the Board of Directors is not assuming that such countermeasure taken will cause any specific damage or loss to Sumitomo Metals shareholders (excluding a Large-scale Purchaser who does not comply with the Large-scale Purchase Rules). Provided, however, that if Sumitomo Metals once decides to take the countermeasure of issuing stock acquisition rights through the method of gratuitous allotment to shareholders and thereafter Sumitomo Metals cancels such countermeasure, then damage may be incurred by Sumitomo Metals’ shareholders and investors who have sold Sumitomo Metals shares with assumption that such countermeasure shall be made, due to fluctuations in the value of shares.
5. Effective Date and Effective Term of the Policy
The Policy took effect as of today and will remain effective until the first meeting of the Board of Directors to be held after the ordinary general shareholders meeting in 2015 (three-year sunset). The Board of Directors plans to propose the outline of the Policy at the ordinary general shareholders meeting to be held in June this year (hereinafter the “SH meeting”) as an agendum for affirmative votes. In case not more than a half of Sumitomo Metals shareholders present or represented at the SH meeting vote for the affirmative, then the Policy will be abolished immediately.
 
Sumitomo Metals plans to merge with Nippon Steel Corporation (hereinafter referred to as“Nippon Steel”) , with Nippon Steel being the surviving company, on the effective date of October 1, 2012. In case such merger takes effect, then the Policy will cease to be effective.

Celebrate this Easter with Patchi’s New ‘Easter’ Collection
Mumbai, 27 March, 2012: Celebrate this Easter with new Chocolate Collection by Patchi. The new collection includes Charmante, Raffiné, Dolce chocolates.

The new collection has a rich blend of milk chocolate with different filings like cotton candy, crushed pistachios, cheese cream, biscuits, strawberry jam, caramel, peanut cream and crushed peanut. Moreover the chocolates are handcrafted and trimmed and can be molded with personalized messages. All the molding will be done with the finest of ingredients.





Patchi range of chocolates also includes Classic; Deluxe; Patchi Specials; Patchi Patchino and a special range of sugar free & diet chocolates. These are available in wide variety of milk, dark or white chocolates with flavors like hazelnut, almonds, pistachios and rice crispy amongst several others.

The Easter collection starts at Rs.500 and is available at Patchi’s exclusive boutique at located at Atria – The Millennium Mall, Shop No 65, 66 Ground Floor, Dr Annie Besant Road, Worli, Mumbai -18.

BHP Billiton Iron Ore Leadership


30 March 2012
BHP Billiton today announced that its Iron Ore President, Ian Ashby, would be leaving BHP Billiton on 1 July 2012, after more than 25 years with the Company. Mr Ashby will be succeeded by Jimmy Wilson, currently BHP Billiton Energy Coal President.
BHP Billiton Group Executive and Chief Executive Ferrous and Coal, Marcus Randolph, said:
“Jimmy is a very experienced business leader who has more than 20 years’ experience with the Group. He will build on Ian’s successful leadership to continue to grow the Iron Ore business, while ensuring it continues to operate to world class standards. Jimmy’s background includes successful roles as President of the Energy Coal and Stainless Steel Materials business groups and he brings deep operating and project experience to his new role in Iron Ore. I know that he and his family are looking forward to returning to Perth.
“I would also like to thank Ian for his tremendous contribution to BHP Billiton during his 25 years with the Group. Under his leadership Iron Ore has become our largest and most profitable business. Ian will leave Iron Ore in excellent shape and with a bright future. His wisdom and experience will be missed, and we wish him all the best.”
To allow a smooth transition, Mr Wilson will join the Iron Ore team immediately. Energy Coal CFO, Andre Liebenberg, will assume the role of Acting President, Energy Coal. A separate announcement around a final decision on the Energy Coal President role will be made in due course.