The Competition Commission of India (CCI) on Monday
approved American retail giant Walmart Stores Inc's proposal to acquire Bharti
Group's nearly 50 per cent stake in their Indian wholesale stores joint
venture.
Walmart and Bharti Group had created the joint venture
in 2007, called Bharti Walmart Private Limited, to operate wholesale stores.
But, the two companies announced in October this year
that they had decided to part with each other. The foreign partner approached
the CCI in November, seeking approval for its plan to acquire Bharti Group's
stake in the JV.
The remaining stake in the JV is already held by
Walmart. The second transaction involves the purchase of Cedar's 455.8 million
compulsorily convertible debentures by BVL from Walmart Mauritius Holdings.
The JV, which operates under the Best Price Modern
Wholesale brand, currently has nineteen such wholesale cash-&-carry stores
across the country. At the time of breakup, Bharti Walmart Private Limited had
212 stores.
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French auto firm Renault SA on Monday said it signed a
deal to build a joint-venture plant costing 7.76 billion yuan ($1.28 billion)
to produce cars in the central Chinese province of Hubei.
Renault agreed to build the 50:50 joint-venture plant
with the Dongfeng Motor Group Co, which is based in the provincial capital of
Wuhan, the French company said.
The plant will have an initial designed production
capacity of 150,000 cars annually from 2016 and the “potential for double that
[capacity] in the near future,” it said.
Renault, which has an alliance with Japan’s Nissan, also
said earlier that it was considering production of electric vehilces with
Dongfeng in Wuhan.
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Over 2,200 youth from Jammu and Kashmir (J&K) are
getting trained by 29 corporates across the country, thanks to Project Udaan.
The project, an initiative of the Prime Minister, the
National Skills Development Corporation and the Ministry of Home Affairs and
industry, was started with the aim of providing skills to 40,000 youth over a
period of five years, according to an NSDC release.
Sanjeev Garg, Global Head (Customer Care, Commercial
Vehicles), Tata Motors, said, “We have already conducted two selection drives,
wherein we selected 56 Udaan candidates from round one, who are already getting
training at Amity Noida and NITTTR Bhopal.”
The project targets the youth of J&K, graduates,
post-graduates and three-year engineering diploma holders, who are seeking
global and local opportunities.
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Australia have the Ashes for the first time in seven
years after sealing a deserved 150-run win in Perth to take an impregnable 3-0
lead in the five-match series.
England were all out for 353 on the final day at the
WACA Ground to hand the home side an unbeatable 3-0 lead in the five-match
series.
Despite a determined rearguard action led by rookie
English batsman Ben Stokes, whose maiden Test century frayed Australian nerves
-- the home team ran through the English tail after lunch to claim a famous
victory.
The Australians had won the first two Tests in Brisbane
and Adelaide and secured the urn when rejuvenated paceman Mitchell Johnson
claimed his 23rd wicket of the series to remove Jimmy Anderson and end the
England second innings.
Although the Ashes have been regained, Clarke said
Australia were targeting a 5-0 win in the series as they seek to climb from
fifth in the world Test cricket rankings.
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Teen sensation Mahesh Mangaonkar became the first Indian
squash player to win the IMET Open, in the Slovakian capital of Bratislava.
The 19-year-old World No.98 from Mumbai downed defending
champion Greg Lobban, the No.2 seed from Scotland 7-11 11-8 11-4 6-11 11-7 to
take the title.
1st high altitude cricket stadium to be inaugurated in
Kerala
The first high altitude cricket stadium in South India,
will be inaugurated at Krishnagiri in Wynad district of Kerala this evening.
The picturesque stadium, owned by the Kerala Cricket Association, is situated
about 2800 feet above sea-level.
Spread over 4.4 hectares, the stadium has been
constructed at a cost of about 6.5 crore rupees. The stadium, which has all
amenities on par with international standards, has a grass mound viewing area,
similar to the cricket grounds abroad. It can accommodate about 10,000
spectators.
Kerala Governor, Nikhil Kumar will inaugurate the
stadium this evening.
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Michelle Bachelet’s landslide presidential victory was
the biggest in eight decades, yet turnout was the lowest since Chile’s return
to democracy, suggesting she’ll lack a clear mandate to push for radical change
when she begins her second turn in the office next year.
Ms. Bachelet won 62 percent of the votes, easily
defeating her conservative rival, Evelyn Matthei, who got only 37 percent in
the worst performance by the right in two decades.
Ms. Bachelet, a moderate socialist, ended her 2006-10
presidency with 84 percent approval ratings despite failing to achieve any
major changes. This time, Chilean Leftists vow to hold her to her promises,
which include a $15 billion spending program to overhaul education, improve
health care and reduce the vast gap between rich and poor.
Note:
Chile is the world’s top copper exporter, and its
fast-growing economy, low unemployment and stable democracy are the envy of
Latin America.
But millions of Chileans who have protested in the streets in
recent years say more of the copper wealth should be used to reduce income inequality
and fix public schools.
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The International Cricket Council (ICC) has suspended
West Indies offspinner Shane Shillingford from bowling in international matches
because of illegal action.
The ICC said in a statement Monday that an independent
biomechanical analysis found the amount of elbow extension in Shillingford's
bowling arm exceeded the 15-degree level of tolerance permitted under
regulations.
Shillingford will be unable to bowl in international
matches "until such time that he has submitted to a fresh analysis, which
concludes that he has remedied his bowling action."
The ICC has banned Shillingford's teammate and
fellow-offspinner, Marlon Samuels, from bowling his quicker deliveries on
similar grounds. He is allowed to bowl his normal off-break deliveries in
international matches.
Both bowlers were reported during last month's test
between India and the West Indies.
Shilligford has taken 65 wickets in 14 test matches
since making his debut against South Africa in 2010. Samuels, who bowls
occasionally in test matches, has 34 wickets in 50 tests.
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CVR Rajendran was on 13 December 2013 appointed as the
Chairman and Managing Director of Andhra Bank.
He was appointed by Union Ministry of Finance,
Government of India. Rajendran is appointed for a period of five years or until
superannuation, whichever is earlier. He is due to superannuate in April 2015.
Prior to this post, Rajendran was Executive Director of
Bank of Maharashtra. Rajendran started his career in Corporation Bank, and has
experience in international banking and investment banking, among other
divisions.
He also held the post of general manager of the treasury and
information technology division of Corporation Bank.
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