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VIKRAM
PANDIT NAMED CITIGROUP CEO |
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 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.
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UK
CONSUMERS VICTIMS OF CREDIT CARD FRAUD IN
INDIA |
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 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.
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VODAFONE
TO OUTSOURCE JOBS TO INDIA |
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 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.
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SCOTTISH
ASIAN BUSINESS AWARDS 2007 |
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 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.
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ASIAN
BUSINESSES FUNDAMENTAL TO LONDON'S ECONOMY
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 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.
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TATA
WINS UNION BACKING IN JAGUAR, LAND ROVER SALE |
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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.
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GOING
GLOBAL, INDIAN FIRMS CREATE JOBS IN THE US
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 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.
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HINDUJAS
ON MULTI-BILLION POUND SPENDING SPREE IN UK |
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 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.
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JAGRITI
YATRA 2007 SEARCHS FOR INDIA'S REAL HEROES |
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 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.
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VIJAY
MALLYA FORAYING INTO LUXURY RETAIL SEGMENT |
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 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.
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THE
INDUS NANO-TECH ASSOCIATION LAUNCHED |
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 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.
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ASIAN
ENTREPRENEUR REUBEN SINGH DECLARED BANKRUPT |
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 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.
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KILLER
FIRE AT ASIAN-OWNED WAREHOUSE |
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 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.
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MICROSOFT
SGNS $500M IPTV DEAL WITH RELIANCE |
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 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.
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NATIONAL
MISSION TO MAKE INDIA A GLOBAL NANO HUB |
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 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.
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JET
AIRWAYS TARGETS $3 BILLION REVENUE IN 3 YEARS |
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 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.
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HINDUJAS
TO EXPAND HOSPITAL BUSINESS |
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 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.
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INDIAN
STOCK MARKETS BREAK ALL RECORDS |
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 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.
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CISCO
TO TRIPLE HEADCOUNT IN INDIA |
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 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.
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CHILD
LABOUR FORCES 'GAP' TO WITHDRAW CLOTHES |
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 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.
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COBRA
BEER BETS HIGH ON INDIA |
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 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.
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BRITISH
NHS PATIENTS FAVOUR INDIA FOR TREATMENT |
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 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.
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MUKESH
AMBANI SOON TO JOIN WORLD'S 10 RICHEST
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 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.
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INDIAN
HANDICRAFTS: WEAVING THEIR WAY AWAY? |
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 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.
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INDIA
TO SET UP CENTRALISED DRUG LICENSING AUTHORITY |
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 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).
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'BPOs
NO LONGER CAREER CHOICE FOR INDIAN YOUTHS' |
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 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.
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GVK
LAUNCHES RESEARCH CENTRE FOR US PHARMS GIANT |
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 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.
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INDIA
TO TAP FUNDS IN BRITAIN FOR INFRASTRUCTURE |
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 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 a |
