BUSINESS NEWS ANALYSIS

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 PTC India Plans Joint Ventures
for Coal Mining Assets
• New-Delhi based PTC (the country’s largest power
trader)plans to buy coal assets with overseas and Indian
companies in Indonesia and Australia and may sell the
imported coal in India’s spot market or through long-
term contracts with independent power producers,
Tantra Narayan Thakur told Dow Jones Newswires in an
interview.
• PTC is in the process of setting up a fund with UK’s
Ashmore Group to acquire energy-related assets. A part
of these proceeds may also be utilized for buying coal
assets, Mr. Thakur said.
• PTC and Ashmore are in final stages of discussion for the
fund and could sign a joint venture agreement.
 Tata Steel an example of job creation
in US: US official
• "It's a story worth listening to, a story that needs more characters like Tata
Steel," Acting US Commerce Secretary Rebecca Blank said after a tour of
Thomas Steel Strip Corporation, a member of the Tata Steel Europe Group
and a manufacturer of cold-rolled strips usually used as steel castings for
batteries.
• In her remarks, Blank highlighted the significance of FDI, citing Tata Steel
as an example of foreign companies whose investments in the US
strengthen economic growth and job creation.
• "Today, we have $2.3 trillion of FDI in America. And foreign firms that
locate in the US are more likely to export and typically pay their workers
higher wages on average," she said.
• "This foreign investment is supporting more than 5 million jobs
throughout the 50 US states, including those right here at Thomas Steel
Strip. That's why we want to attract more firms, such as Tata, to America,"
Blank said. Source: PTI
Wipro's first rural BPO centre comes up in
Tamil Nadu
• India's third largest IT bellwether Wipro Ltd Friday opened its first rural
back office for providing business process outsourcing (BPO) solutions to
global clients in Tiruvarur district of southern Tamil Nadu.

'The 120-seat back office facility has been set up at Manjakkudi on the
banks of river Kaveri in partnership with Swami Dayananda Educational
Trust, which provides education to the economically backward sections of
rural Tamil Nadu,' the global software major said in a statement here.

The site is about 330 km from Chennai.

The company also plans to soon open a 50-seat pilot project for an
overseas client in retail space and expand its rural BPO operations to 500
seats in the southern state by March 2013.
No penalty on brokers if wrong-client
trades annulled
• New Delhi, Aug 28 (PTI) In a reprieve to brokers having erred genuinely in
their share sale or purchases, capital market regulator Sebi and the stock
exchanges have decided not to penalise them if the trades executed in
wrong names are declared as annulled.
To escape penalisation, brokers would have to transfer the trades
executed in the wrong client name or code to an ''Error Account'', and not
to some other client, and then liquidate the same.
However, brokers would face monetary penalties, being imposed from this
month, if the trades are transferred to some other client by citing error in
punching the name of the client, even if such an error is genuine.
The error being genuine would only save them from further regulatory
actions. If brokers find that the errors have not happened at their end,
they might pass on the liability to the investors, but the exchanges would
collect the penalty from the brokers.
India, South Africa business forum meets
in Delhi Today
• India and South Africa will discuss a host of developmental issues,
including increased trade ties, with industry ministers of both countries
jointly addressing top business leaders here Monday.

This will be the second meeting of the India South Africa CEO Forum. The
first forum meeting took place in Johannesburg in August 2010.

'Given that both our economies are placed in similar positions in the
global economic order, and also the fact that both our governments are
faced with similar socio-economic imperatives, it would be most
appropriate for our governments and industry to step up the bilateral
cooperation,' Commerce and Industry Minister Anand Sharma said in a
statement Sunday.

The business forum is jointly chaired by Ratan Tata of the Tata Group and
South African mining magnate, Patrice Motsepe.
 Allahaband Bank looking to open
branches in 4 Asian cities
• State-run Allahabad Bank is mulling an entry into four Asian cities by
opening overseas branches, with a view to increase its international
footprint, a top official said.

"We have approached RBI for four new branches. One in Singapore,
another in Dhaka, then Shanghai and Kowloon in Hong Kong," Allahabad
Bank Chairman and Managing Director J P Dua told PTI here.

However, the Reserve Bank of India (RBI) is yet to give the go-ahead on
the proposal, Dua added.

At present, the Kolkata-headquartered bank's sole overseas branch is in

Hong Kong, while it has a representative office in mainland China's city of
Shenzen
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