The Finance Ministry approved 18 FDI proposals, including that of Dish TV and MCX, envisaging foreign investment of Rs 2,126 crore, while referring the application of Unitech Wireless to the Cabinet. The proposals were cleared following recommendations of Foreign Investment Promotion Board (FIPB).
However, decision on 16 proposals including that of Religare Capital Markets and Cordia International Corp, USA, was deferred and 11 were rejected, the Finance Ministry said. The request of "Unitech Wireless (TN), amounting to Rs 8,250 crore, has been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA)," the statement said. The company is seeking foreign investment to promote its telecom business including unified access services. FDI proposals envisaging investment of over Rs 1,200 crore and more are referred to CCEA for clearance.
It also said that decision on Vodafone-Essar's request of transfer of shares from resident to non-resident to carry out the activities relating to telecommunication could not be taken as more deliberations were needed. "(Vodafone Essar's Rs 2,835 crore) proposal has been recommended for the consideration...after the receipt of inputs from concerned departments," it added. The government cleared Dish TV India's Rs 980 crore proposal to raise foreign equity to produce telecom equipment and marketing of mobile satellite communications.
The statement further said MCX's (Multi Commodity Exchange of India) request for sale of equity shares through an Initial Public Offering (IPO) to Indians and Sebi registered FIIs has also been cleared. The proposal of Mauritius-based Ventureast Life Fund III LLC seeking induction of foreign equity worth Rs 950 crore in a trust has also been cleared.

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Blood For Blood

Kamal Ganzouri, who served as prime minister under President Hosni Mubarak, regained the post Friday as competing protests drew tens of thousands of demonstrators in the capital.
"We are here to serve our nation," said Ganzouri, who served as Mubarak's defense minister for 20 years.
Ganzouri told reporters that Hussein Tantawi, field marshal of the Supreme Council of the Armed Forces and Egypt's dominant force since Mubarak's ouster in February, "made it clear to me, he is no longer willing to stay in power. If he told me otherwise, I'd not have accepted to take this role."
Ganzouri said he had asked for time to form a cabinet "that will be accepted by everyone."
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Ganzouri took the job after Egypt's military rulers asked him to form a government of "national salvation."
The development came days after former Prime Minister Essam Sharaf and his government quit en masse and days before parliamentary elections scheduled to begin Monday. The high military council decided Friday to extend voting in the election to two days for each stage of the election, which will take several months, according to state-run Egypt TV.
"Of course, the new government cannot be formed before Monday's parliamentary elections," Ganzouri said.
Ganzouri, who was Egypt's prime minister between 1996 and 1999, is to remain prime minister until at least January 10, when results of the parliamentary elections are finalized, said Aly Hassan, a judicial consultant. After that, Parliament would have to back Ganzouri for him to retain the position.
Russian's Special Representative for Africa, Mikhail Margelov, had said any new prime minister would likely play a technical role, one that will require he not only run the government but "ensure the relevant political climate ahead of the elections," the Russian news service Interfax said.
The Alliance of the Revolutionaries of Egypt had proposed Mohamed ElBaradei, a 2005 Nobel Peace Prize winner and a frontrunner for the presidency of Egypt, to take over as prime minister, said coalition member Musad Ibrahim. He criticized the choice of Ganzouri, saying that he is 81 years old and asserting that "all his projects (in government) were failures."
"The security council wants someone they can control, and Ganzouri is their man," Ibrahim said.
Ganzouri takes the helm at a time of tremendous change, which he acknowledged in his news conference, saying that his new powers "are a lot more than I ever had ever before."
In Washington, the State Department tweeted that the new government "must be empowered with real authority immediately" and that the country's transition to democracy "must continue, with elections proceeding expeditiously, and all necessary measures taken to ensure security and prevent intimidation."
Several demonstrations in Egypt Friday could test whether the nation besieged by recent violent protests can remain peaceful after days of clashes.
By Friday, the death toll from the clashes stood at 41, including 33 in Cairo. An additional 3,250 have been wounded, said Dr. Hisham Shiha of Egypt's Health Ministry.
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He told CNN that many of the casualties had been shot by "live ammunition, rubber bullets and birdshot."
Friday's protests in Cairo's Tahrir Square have been dubbed "last chance."
There, tens of thousands of people massed Friday. Among them was ElBaradei, according to his Facebook page.
The alliance of protesters in the square "rejects the appointment of Ganzouri," a Nile TV reporter said. "They want a new name, a true national salvation government that doesn't include any old guard from the despot regime, and that the new cabinet has ministers who can represent them, their ages, their ambitions."
After five days of violence, the scene in Tahrir Square had calmed by Thursday, when soldiers erected barricades to separate protesters from police.
Demonstrators in the square have called for the interim military rulers to step down. The square was the epicenter of the movement that led to Mubarak's ouster as president nine months ago.
Also Friday, the Muslim Brotherhood was holding a "Victory to Jerusalem" demonstration, and a pro-military march started Friday afternoon in the upscale neighborhood of Abbasiya Square. There, supporters of the Supreme Council of the Armed Forces gathered in numbers smaller than those in Tahrir Square. Some held a banner that said, "To the defenders of the nation, we say Thank you." State-run Nile TV showed the crowd chanting, "The people and the military are ONE hand!" "Whoever loves Egypt doesn't destroy Egypt!" and "Enough! Enough! Let the people live!"
Meanwhile, Jehane Noujaim, an Egyptian-American documentary film producer who was arrested Wednesday, has been released, her lawyer Ragia Omram said Friday. Three American college students detained this week for allegedly throwing Molotov cocktails have been ordered released, but it was not clear when that order would be carried out.
Egypt's military leaders apologized Thursday for the deaths of protesters, vowing to prosecute offenders and pay the medical bills of the wounded.
"The Supreme Council of the Armed Forces presents its regrets and deep apologies for the deaths of martyrs among Egypt's loyal sons during the recent events in Tahrir Square," said the message, which was posted on the council's Facebook page. "The Supreme Council of the Armed Forces confirms that it is making every sincere effort to prevent such events from happening again."

Three days after the prisoners started rioting inside the Modern Jail on the outskirts of Kapurthala, after a prisoner allegedly died for want of treatment, the jail officials during the preliminary assessment have put the losses at a whopping Rs 20 crore.
            Jail Superintendent Surinder Singh Saini said that the estimates have not yet been finalised even as the PWD officials and other agencies are assessing the damages caused to the jail property by the inmates. Sources said that the entire 50-bed hospital, included its ICU ward and latest equipment, was reduced to ashes while water supply pipes, LCD TVs, doors, windows, concrete structure of various barracks, CCTV network, meeting room have been destroyed.
It may be noted that jail inmates had set everything on fire on Sunday after the death of an inmate in jail. They also tried to ransack the entire jail, which was inaugurated just 20 days back. The police sources said that the arson would cost heavy to the government exchequer as it is an unavoidable expenditure and cannot be delayed for long. Meanwhile, it was learnt that some jail inmates who were drug addicts have been sent to the Civil Hospital, Kapurthala, as they were showing withdrawal symptoms following the non-supply of the drugs in the jail.
Jail superintendent Saini admitted that withdrawal symptoms were reported in some of the undertrails. “We have been treating them in jail after doing some temporary arrangements and some of them were being sent outside the jail to other hospitals for treatment,” he added.

Finance Minister Pranab Mukherjee today said the tight monetary policy of the Reserve Bank which has helped in curbing inflation has also impacted growth.
 "While the increase in repo rate along with other monetary measures has impacted the inflationary pressures favourably, there are visible sign of moderation in the growth of different sectors of the economy," Mukherjee said in a reply to the Lok Sabha. The Reserve Bank has hiked policy rates 13 times since March, 2010 to contain the near double-digit inflation. Inflation for October stood at 9.73 per cent.
 India's GDP growth rate has been projected at 8.5 per cent in 2010-11, but there are apprehensions that it may slip below 8 per cent due to the global economic turmoil, coupled with high inflation and interest rates in the country. Mukherjee said the impact of such rate hikes is visible on the interest rate sensitive sectors, such as real estate, consumer durables and automobile, where demand is slowing.
 He said the government is monitoring the price situation regularly and is working on ensuring price stability. Food inflation, which account of 15 per cent in the overall inflation, stood at 9.61 per cent for the week ended November 12. He said the government has taken several steps to contain prices of essential commodities by reducing import duty on wheat, onion and pulses to zero. Besides, a ban on the export of edible oil and pulses and futures trading in rice, urad and tur was among the measures taken by the government to moderate essential commodity prices.