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Needed a toughie
Long before the Commonwealth Games officials came to town to inspect the work being done, there was considerable disquiet in the Prime Minister’s Office over the lack of progress in the preparations. To help MS Gill, he was even given an assistant, Jarnail Singh, a former joint secretary in the PMO and a former chief secretary in Manipur. Instead of reducing the disquiet, the move has increased it. Singh is a gentleman but that’s probably the last thing you need right now. What makes things worse is that the other name doing the rounds at that time was that of V K Duggal. A go-getter, Duggal is a UT cadre officer and has served in Delhi long enough to know enough people to get work done — and being the home secretary till a few years ago also helps.

Nifty may see profit-booking above 5,050
The Nifty tested the support level of 4,910 and later recovered on the back of strong openings in European markets and firmness in Dow Jones futures. Telecom stocks tumbled on profitability concerns while buying in FMCG, metal and banking shares helped indices register decent gains by the end of the day.

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'Raising participation is a challenge'
Dilip Kumar Jha / December 06, 2009, 0:36 IST
Business Opportunities

BoB to boost investment flow between India and UAE

Bank of Baroda (BoB) has launched an initiative to facilitate two-way flow of investments between India and the UAE, a senior bank official has said. - BoB to hire 3,500 people by March 2010 - Bank of Baroda to boost India-UAE investment flow - BoB to raise Rs 1,500 cr from bonds in FY10 - Bank of Baroda open to overseas acquisition - FII-TO-FII: Grasim Ind traded at 3% premium - FII-TO-FII: Pantaloon traded at 7% premium “We have an extensive network of about 3,000 branches in India and a fairly good presence in the UAE market. We will be ready to provide funds to investors from both the countries and help them identify viable projects and suitable partners,” Ashok K Gupta, the bank’s CEO, Gulf Cooperation Council (GCC) Operations, said. Bank of Baroda is the only Indian bank with full-fledged branches in the UAE. Gupta said the share of the UAE in the overall foreign direct investment (FDI) flows into India is only 1 per cent and there is a tremendous scope to increase this. India currently has a very huge appetite for FDI considering its high economic growth levels and the massive expansion plans in infrastructure and several other sectors.”It will be difficult to give an estimate of the Indian investments in the UAE, because thousands of LLC (Limited Liability Company) firms are being run by Indian expatriates here,” he said. Last Tuesday, the bank organised a high-level meeting of corporate groups, banks, investment intermediaries and government agencies in Dubai as part of its initiative to promote investments in both the countries. A joint platform of investors from both the countries to facilitate the two-way flow of investments was suggested at the meeting. This platform can be in the form of a joint business council comprising of the representatives from chambers of commerce and other trade bodies in both the countries. There could be regular exchange of business delegations between the UAE and India. Ashok Gupta said the overall business of the bank in the UAE grew about two and half times to about 16 billion dirhams (including deposits and advances) in the last two years, which indicated a rapid growth in the customer pool of the bank in the UAE.


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