• New foreign trade policy to come out on Aug 27
• RBI for super regulator in fin mkt
• Finmin warns DoT against allotting 2G before 3G bids
• Can’t spare extra airwaves for WiMax: Isro
• Cable TV industry demands more time for financial disclosures
• Private airlines may lose ground-handling rights
• Sensex joins revival cynics of the world
• Airtel plans to connect global telcos
• Pantaloon set to float FDI-friendly SPV
• According to sources, commerce ministry will release the Foreign Trade Policy for the next five years on August 27, which will contain measures to help exporters, who have been adversely impacted by the global slowdown. The policy is likely to continue with schemes that dole out incentives for exploring new overseas markets. Moreover, labour intensive sectors like textiles, leather, gems and jewellery, and handicrafts will also be given special attention in the policy. (FE)
• Reserve Bank of India governor D Subbarao has flagged the need to develop a super regulator by giving statutory powers to the High Level Coordination Committee on Financial Markets (HLCCFM). The committee brings together, under the chairmanship of the RBI governor, the heads of SEBI, IRDA, PFRDA and the finance secretary in the finance ministry. Subbarao has said that ensuring financial stability has to be an ‘explicit objective’ of the government and the central banks. However, he said it was difficult to define financial stability and pin point an agency responsible for ensuring it. HLCCFM discusses a wide range of issues concerning financial market regulations, how they should evolve. However, it does not have any legislative power. The minutes of the HLCCFM meeting are also not made public. (FE)
• The finance ministry is learnt to be pressing DoT to act with urgency to implement new rules for allocating 2G radio frequencies DoT has currently frozen all allotments beyond the 4.4MHz mark because the spectrum panel in its report had added that only the start-up spectrum should be given for free for existing telcos (ET)
• Indian Space Research Organisation (ISRO) has told the nine-member empowered group of ministers (EGoM) constituted to settle outstanding issues associated with the auction of 3G airwaves, that the department of space could not spare any further airwaves for WiMax services. The DoS has already parted with 40 MHz of airwaves for WiMax services in the 2.5 GHz band, and interference from the WiMax services offered in this band in the future could “severely affect the very sensitive satellite services in the adjacent band”. After parting with 40 MHz of airwaves in the 2.5 GHz band, the DoS is left with only 150 MHz of airwaves in this band, the bare minimum requirement for satellite services. (ET)
• According to sources, an initiative undertaken by the Telecom Regulatory Authority of India (TRAI) to ensure that broadcasters, cable companies and operators make detailed financial disclosures of their business operations for the last three years is expected to be delayed from its deadline of August 17, as all industry stakeholders have decided to seek more time. TRAI wants to know the detailed financials of various stakeholders as part of its exercise on the issue of fixing taxes for cable TV services in non-CAS areas. However, according to sources, various stakeholders, especially the privately-held ones like several broadcasters, cable operators and others, are divided on the extent of financial details to share with the sector regulator, fearing information leakages that may impact their future business prospects. (BS)
• According to sources, the new policy of ground-handling services, deferred twice in the past in face of resistance by pvt airliners, could be implemented soon with mounting security concerns. The new policy on ground-handling services at airports would restrict passenger check-in, baggage screening and refuelling to select specialised players, a move that private airliners have strongly opposed saying this will force them to axe around 8,000 employees engaged in such services. The new ground-handling policy, which restricts airlines from ground handling at the terminal building as well as in the airside (which includes ramp, taxi way and parking area at airports) for security reasons, has to be implemented by January 2010 as the Cabinet is unlikely to allow the civil aviation ministry to further delay it. The draft policy allows only three agencies—state-owned Air India, the airport operator (such as Airports Authority of India, GMR and GVK) and a private agency selected through competitive bidding—to do ground handling for airlines. The proposed policy is scheduled for implementation at six metro airports—Delhi, Mumbai, Kolkata, Chennai, Bangalore and Hyderabad. (ET)
• India joined the global slide in equities on Monday with the Bombay Stock Exchange’s (BSE) 30-share Sensex ending the day at a one-month low of 14,784.92, down 626.71 points from its previous close. NSE’s 50-share Nifty fell 192.15 points to close at 4,387.90. Most market watchers expect the downturn to continue in the near term. (ET)
• Bharti Airtel has said it had made an investment of over $500 million spread over two years for enhancing the connectivity of its newly unveiled global wholesale services portfolio that would enable telecom operators across 50 countries access its services. Airtel’s wholesale portfolio will offer MPLS, ethernet, IP and International Private Leased Circuit (IPLC) services to global carriers through its global network reaching 50 countries. The portfolio includes solutions for voice and data connectivity, collaboration services, co-location, carrier outsourcing and content distribution through its high speed submarine network. (BS)
• According to sources, listed retail entity Pantaloon Retail is floating a FDI-compliant SPV to offload its non-core assets to overseas investors. As FDI regulations do not permit foreign investment in Pantaloon Retail, private investors will take an equity interest in the SPV, which, in turn, will buy the non-core assets owned by as many as 18 subsidiaries of the listed entity. The sale of these assets is expected to fetch around Rs 500 crore. Pantaloon Retail is believed to have reached an informal und
