Redhotcurry - Business News.

	VIKRAM PANDIT NAMED CITIGROUP CEO
	Citigroup, the world's largest financial services company, has appointed Nagpur-born Vikram Pandit as the company's new chief executive officer (CEO) and a member of its board of directors. 50-year-old Panditmoved to New York from India at the age of 16 to attend Columbia University. read more

	UK CONSUMERS VICTIMS OF CREDIT CARD FRAUD IN INDIA
	Hundreds of British citizens of Houghton on the Hill in Leicestershire have become victims of international gangs who manage to clone credit card details here and withdraw money from their accounts in India, Philippines, Australia and Canada. read more

	VODAFONE TO OUTSOURCE JOBS TO INDIA
	Mobile phone giant Vodafone Essar will outsource its entire IT operations to IBM India in a bid to cut costs and develop its business in India, Vodafone announced Monday ahead of an India Investors Day in London. The move follows the formation of a new cellphone tower business company by Vodafone Essar. read more

	SCOTTISH ASIAN BUSINESS AWARDS 2007
	The UK's first Muslim MP Mohammed Sarwar, scooped the coveted 'Lifetime Achievement Award' at the 2nd Annual Scottish Asian Business Awards. Entrepreneur of the year was Dr Rabinder Buttar, president and founder of ClinTec. Businessman of the Year was scooped up by successful entrepreneur Sanjay Majhu, Businesswoman of the Year was Nasreen Aksi and Young Achiever of the Year was Umer Ashraf. read more

	ASIAN BUSINESSES FUNDAMENTAL TO LONDON'S ECONOMY
	Asian-owned firms provide nearly 210,000 jobs for London's economy - according to a new report from the Greater London Authority’s Economics Unit. The report, ‘Spotlight on Asian Business, Their contribution to London’, shows that in 2006 there were over 41,000 Asian-owned businesses in London - representing 13% of the capital’s businesses. read more

	TATA WINS UNION BACKING IN JAGUAR, LAND ROVER SALE
	Britain's largest manufacturing union that represents Ford has backed a bid by India's Tata Motors to buy out the luxury car brands Jaguar and Land Rover. Merrill Lynch, the financial advisors, earlier this year estimated that joint sales of Jaguar and Land Rover would fetch Ford between $1.3 and $1.5 billion. read more

	GOING GLOBAL, INDIAN FIRMS CREATE JOBS IN THE US
	Indian firms are not just taking up outsourcing any more, but have in fact invested a whopping $6 billion in the United States and created 40,000 jobs. A group of 34 Indian companies represented in the India Business Forum (IBF) has made investments in such diverse sectors as technology, pharmaceuticals, manufacturing and gems and jewellery. read more

	HINDUJAS ON MULTI-BILLION POUND SPENDING SPREE IN UK
	The Hinduja brothers, whose global trading conglomerate once made them the richest men in Britain, plan to spend up to £2.5 billion in acquiring assets in the UK that could include the FTSE 100 insurer Friends Provident. They have recently hired Stefan Kosciuszko as chief of staff of the Hinduja Group. read more

	JAGRITI YATRA 2007 SEARCHS FOR INDIA'S REAL HEROES
	As India celebrates its 60th anniversary since Independence, a group of Indian professionals from the UK and India is to recreate 'Jagriti Yatra', a unique train journey across India to discover India’s real heroes. The Yatra team hopes to gather 450 of the future Indian leaders. read more

	VIJAY MALLYA FORAYING INTO LUXURY RETAIL SEGMENT
	Indian business mogul Vijay Mallya has set his sights on the booming retail sector, especially the luxury segment - estimated to be around $2 billion currently and growing at 20% annually - with plans to sell products of international fashion brands like Louis Vuitton, Gucci, Mont Blanc and Dunhill. read more

	THE INDUS NANO-TECH ASSOCIATION LAUNCHED
	A group of Indian Americans well placed in the nano-technology industry have formed The Indus Nanotechnology Association (TINA) to create a bigger impact in the market, estimated to be worth $1 trillion (Rs.39.25 trillion) by 2015. The new group will provide networking opportunities to advance the field and create new areas of business. read more

	ASIAN ENTREPRENEUR REUBEN SINGH DECLARED BANKRUPT
	Reuben Singh, the British Asian entrepreneur who became famous for his 'Miss Attitude' and 'alldaypa' companies, but more recently for controversy surrounding his wealth and dealings, has filed for bankruptcy (October 2007) as a result of the dispute with the Royal Bank of Scotland over a multi-million pound overdraft. read more

	KILLER FIRE AT ASIAN-OWNED WAREHOUSE
	The death of four firemen at a warehouse owned by one of Britain's wealthiest Asian men has raised questions over working conditions for migrants in Britain. The four part-time firemen were killed trying to fight a blaze at the the warehouse in Atherstone-on-Stour. read more

	MICROSOFT SGNS $500M IPTV DEAL WITH RELIANCE
	Microsoft has entered into a $500-million (Rs.19.7 billion) pact with Reliance Anil D. Ambani Group (RADAG) to launch Internet protocol television (IPTV) in India. Microsoft will power the service through Reliance's largest fibre optic network in the country. The IPTV service will be launched in Mumbai & Delhi by March 2008. read more

	NATIONAL MISSION TO MAKE INDIA A GLOBAL NANO HUB
	The Indian government is starting a five year national mission to make the country a global hub for nanoscience and nanotechnology. To start the mission, the Department of Science and Technology (DST) will set up three nano institutes, in Bangalore, Kolkata and near Chandigarhwith a seed capital of Rs.1 billion for each. read more

	JET AIRWAYS TARGETS $3 BILLION REVENUE IN 3 YEARS
	Jet Airways, India's largest private airline, is aiming to achieve $3 billion (Rs.118 billion) in revenue in the next three years, chairman Naresh Goyal said Tuesday. He also said almost half of this $3 billion would come from its international operations. Jet Airways' inaugural flight between New York and New Delhi took off on Sunday (Oct 29) from JFK airport. read more

	HINDUJAS TO EXPAND HOSPITAL BUSINESS
	The Hinduja group intends to grow its hospital business. The group has signed an agreement with Limitless LLC to promote hospitals within and outside India. The Hindujas intend to have around 5,000 hospital beds under its fold. Presently, the group runs the 351-bed Hinduja Hospital in Mumbai. read more

	INDIAN STOCK MARKETS BREAK ALL RECORDS
	The bull run in Indian stock markets achieved another milestone with the Sensex hitting the 20,000 points mark and the broader S&P CNX Nifty of National Stock Exchange crossing 5,900 points. There was massive buying by insurance and mutual fund companies, which propelled the indexes to the new highs. read more

	CISCO TO TRIPLE HEADCOUNT IN INDIA
	Cisco Systems Inc will be increasing its headcount in India to 10,000 by 2010. The company is also on target to invest $1.16 billion in the country, chairman and CEO John Chambers said here Monday. The $35-billion company announced in 2005 that it would be spending $1.16 billion in ramping up its employee strength. read more

	CHILD LABOUR FORCES 'GAP' TO WITHDRAW CLOTHES
	British fashion major Gap Sunday announced that it had withdrawn from sale children's clothes that were reportedly produced using forced child labour in Shahpur Jat area of New Delhi. The announcement was made following reports in the British press about miserable conditions in which goods were produced in low-cost Indian factories. read more

	COBRA BEER BETS HIGH ON INDIA
	Indian-born entrepreneur Karan Bilimoria has signed yet another licensing agreement, taking the number of Cobra beer breweries in India to seven. Cobra was first brewed in Bangalore in 1990 and exported to Britain for seven years. In 1997, Cobra started brewing under licence with Charles Wells in Britain. read more

	BRITISH NHS PATIENTS FAVOUR INDIA FOR TREATMENT
	India has emerged the most popular destination for British NHS patients wanting to undergo surgery for ailments that would otherwise take months to treat. A survey shows that this year over 70,000 British citizens will travel abroad for medical treatment. The figure is expected to rise to 200,000. read more

	MUKESH AMBANI SOON TO JOIN WORLD'S 10 RICHEST
	With booming stock markets sending his fortunes soaringy, Mukesh Ambani is well on his way to joining an exclusive list of the world's 10 wealthiest people. With a rise of over 100% in the share price of Reliance Industries, Ambani's wealth has doubled to some $44 billion in the past year, the 'Financial Times' reported. read more

	INDIAN HANDICRAFTS: WEAVING THEIR WAY AWAY?
	Forty-year-old Inder Pal's lost expression does not quite fit in with the smiling faces of terracotta sculptures he has created. Pal, who is from Haryana, echoes the story of many Indian craftsmen today. They churn out intricate hand work, but their earnings are not enough to sustain them. read more

	INDIA TO SET UP CENTRALISED DRUG LICENSING AUTHORITY
	Concerned over the rampant spread of spurious medicines in India, the government is planning to disallow states from issuing licences to drug companies and to set up a federal authority instead on the lines of the US Food and Drugs Administration (FDA). read more

	'BPOs NO LONGER CAREER CHOICE FOR INDIAN YOUTHS'
	Careers in BPOs and call centres are no longer hot options for Indian youth and these sectors will face the toughest challenge yet in the next 2 years, says a study. The outsourcing industry is already facing an attrition rate of 25-30% as youths are shifting to hospitality, aviation & retail. read more

	GVK LAUNCHES RESEARCH CENTRE FOR US PHARMS GIANT
	GVK Biosciences, India's premier contract research organisation, has launched the GVK BIO Wyeth chemistry centre for the US-based Wyeth Pharmaceuticals. The built-to-suit research centre, which has come up at a cost of $10 million at Nacharam (Hyderabad) employs 200 chemists. read more

	INDIA TO TAP FUNDS IN BRITAIN FOR INFRASTRUCTURE
	India is planning to set up a special purpose vehicle (SPV) in London to finance infrastructure development. Commonwealth Business Council director general Mohan Kaul highlighted how India's infrastructure needs had shot up from $300 billion two years ago to $495 billion today. read more

	INDIA NOT EASY TO DO BUSINESS IN: WORLD BANK
	By ranking India at a low 120 despite its strong stock markets and an economic growth of over 9%, the World Bank said it was not easy doing business in the country and even called its judiciary the 'least efficient' in the world. India ranked 120th, below Tunisia, Botswana, Uruguay and Ethiopia in the new report. read more

	DON'T FRET ABOUT WAL-MART: LORD SWRAJ PAUL
	The entry of retail giants like Wal-Mart into India should not be a matter of concern as Indians have effectively taken on such chains and prospered, says businessman Lord Swaraj Paul. Similarly, the opening of Reliance Fresh outlets across India would not drive neighbourhood shopkeepers out of business. read more

	VIJAY MALLYA WANTS INDIA RACING ON F1 TRACKS
	Indian liquor baron Vijay Mallya wants to put India in the Spyker Formula One team name next season after completing the formalities for buying a 50 percent stake in the Anglo-Dutch racing team. " One thing is for sure, I want to put the word India into the name of the team," Mallya said in an interview. read more

	INDIA MOST ACQUISITIVE OF EMERGING ECONOMIES
	India has emerged as the most acquisitive of emerging nations as the global spread of Indian enterprise in recent years led to the takeover of several major western and other companies, according to KPMG's Emerging Markets Tracker. read more

	GLOBALISATION IS TWO-WAY TRAFFIC: AZIM PREMJI
	'The world's richest Muslim entrepreneur defies conventional wisdom about Islamic tycoons: He doesn't hail from the Persian Gulf, he didn't make his money in petroleum, and he definitely doesn't wear his faith on his sleeve.' That's how the Wall Street Journal describes Azim Premji, CEO of Wipro, in a story about 'How a Muslim Billionaire Thrives in Hindu India.' read more

	INDO-BRITISH BILATERAL TRADE UP 30 PERCENT
	The bilateral trade between India and Britain has grown by 30 percent in the last two years, British Deputy High Commissioner Simon Wilson said on Monday. "The bilateral trade had exceeded $10 billion last year" he added. read more

	HERO GROUP BUYS SCOTLAND'S TOP CALL CENTRE OPRATOR
	The story of Indian companies taking over British businesses continues. The latest example is New Delhi-based call centre major Hero Group buying Scotland's largest call centre operator for £40 million. The Hero Group has bought the Isle of Bute-based Telecom Service Centres (TSC), which has more than 3,000 staff, mainly based in Scotland. read more

	INDIAN RULING AGAINST NOVARTIS A VICTORY SAYS OXFAM
	Today’s verdict by an Indian court against the Swiss pharmaceutical giant Novartis is an important victory for global public health, according to leading aid inlcuding Oxfam International. The decision will protect India’s special role as the world’s leading provider of affordable medicines to the poor. The agencies welcome Novartis’s response that it is unlikely to appeal. read more

	FOUNDERS QUIT AS GOLDSHIELD SETTLES NHS CLAIM
	The Directors of Goldshield, Ajit & Kirti Patel, have agreed a £4 million settlement with the NHS for alleged anti-competitive cartel conduct in connection with the supply of generic drugs. Both Ajit and Kirti Patel have decided to resign to focus on the case with the Serious Fraud Office (SFO). Finance director Rakesh Patel has been named the new chief executive. read more

	NEW ETHNIC MINORITY BUSINESS TASK FORCE LAUNCHED