The Tribune, Chandigarh, India

Full mobile number portability by March 31

New Delhi, October 15
Mobile phone users will soon be able to change their telecom operators and retain their numbers even if they are relocating to areas outside the service providers' operations.

At present, mobile subscribers have restricted facility of changing their operators while retaining their number within same service area using mobile number portability (MNP). For example, a subscriber in Delhi NCR can switch operator within Delhi NCR only. The Department of Telecom has set a target date of March 31, 2015 to implement the full mobile number portability (MNP), an official source said.

"The Telecom Commission has accepted TRAI's recommendations on full MNP," the source said.

The panel decision will now be placed before Telecom Minister Ravi Shankar Prasad for the final approval.

Under the full MNP, for instance, a subscriber in Delhi NCR will be able to switch to a telecom network in Tamil Nadu or in any of the state or place where he is relocating himself/herself while retaining the same number.

As per the latest data released by the Telecom Regulatory Authority of India (TRAI), about 13 crore people have requested for MNP facility as on August 31.

TRAI in its recommendation on full MNP had suggested to give telecom operators six-month time to make necessary changes in their network from the date the proposal is cleared. The source said that DoT will make efforts to get it expeditiously done in about five-month time. — PTI

What is full MNP

Mobile phone users will able to change their telecom operators and retain their numbers even if they relocate to areas outside their service provider’s circle

At present, mobile users have restricted facility of changing their operators while retaining their number within the same service area

Around 13 crore subscribers have requested for mobile number portability facility as on August 31.

TRAI suggests 10% higher reserve price for next spectrum auction
Tribune News Service

New Delhi, October 15
Telecom regulator TRAI today recommended a 10% increase in base price for 1800 MHz spectrum at Rs 2,138 crore per megahertz (MHz) in 20 circles compared with the winning bidding price of the same spectrum band for the next round of auction.

For 900MHz spectrum band, the regulator has suggested the reserve price at Rs 3,004 crore in 18 telecom circles where existing licences will be due for renewal.

In the February auction, the Government had received bids worth Rs 2,270.4 crore per megahertz in all the 22 circles in 1800 MHz band.

The regulator said since spectrum auction should not be conducted for Maharashtra and West Bengal service area due to non-availability of full spectrum, the price of spectrum that will be put for auction will come down to Rs 2,138 crore per Mhz.

The Telecom Commission, which is the highest decision-making authority within the DoT, will now review the regulator's suggestions before finalising the reserve price for the auction.

TRAI has suggested a higher reserve price for the 1800 MHz spectrum band considering the rapid growth in data revenue, which has increased by around 100% since the regulator had recommended reserve price for the spectrum band, TRAI chairman Rahul Khullar said.

For the 900 MHz band, the price is only for 18 out of 22 service areas as spectrum in this premium band is not available in Jammu and Kashmir, Delhi, Mumbai and Kolkata service areas.

The spectrum auction is to be conducted for airwaves in 900 Mhz held by existing telecom operators — Airtel, Vodafone, Idea Cellular and Reliance Communications through their licences that are expiring in 2015-16.

Telecom operators hail recommendations

The Cellular Operators Association of India (COAI), the umbrella body of the GSM mobile operators, today welcomed the TRAI’s recommendations for the forthcoming auctions, saying it is beneficial to the consumers and the future developments for the mobility industry in the country.

COAI said it was happy that TRAI has acknowledged the primary necessity of adequate quantum of spectrum for the development of the communications services and effective deployment of mobile broadband technologies in India.

Subscriber base crosses 95-crore mark in August

Telecom subscriber base crossed the 95-crore mark in August, after a gap of more than two years, on the back of higher mobile users whose number touched 92.43 crore.

"The number of telephone subscribers in India increased from 946.4 million at the end of July, 2014 to 951.84 million at the end of August, 2014," TRAI said.

New reserve prices

The telecom regulator has recommended a price of Rs 2,138 crore per megahertz for 1800 MHz spectrum in 20 circles

For 900 MHz spectrum band, it has suggested the reserve price at Rs 3,004 crore in 18 telecom circles where existing licences will be due for renewal

In the February auction, the Government had received bids worth Rs 2,270.4 crore per megahertz in all 22 circles in 1800 MHz band

The price is based on the estimated higher average data use as compared to the earlier period

RBI governor awarded

Mumbai, October 15
RBI Governor Raghuram Rajan has been conferred with the Best Central Bank Governor award for 2014 by Euromoney magazine. Euromoney said Raghuram Rajan’s tough monetary medicine combated the storm ravaging the deficit-ridden economy in the recent emerging market crisis.

“Now, he is battling vested interests to arouse a sleepy financial system for over one billion people...Remarkably, the internationally renowned economist, who earned acclaim for his warnings in 2005 of an upcoming global crisis of sorts, has, for the past year been true to his word,” Euromoney said.

Rajan received Euromoney’s Central Bank Governor of the Year Award 2014 in Washington on October 10, the RBI said on Wednesday. — PTI

Tatas in talks to sell UK steel plants to Swiss group

London, October 15
Tata Steel today said it is in talks with Swiss investment firm Klesch Group to sell a part of its European assets, including mills in northern England and Scotland as part of exercise to streamline its overseas businesses. Europe's second-largest steel producer said an initial agreement for sale of its long-products manufacturing and distribution sites in UK, France and Germany.

Long steel products, such as rebards and rails are mostly used in construction. The division employees about 6,500 people in Britain and Europe.

Overall, Tata employs 30,500 people in Europe, including 17,500 in Britain.

Tata Steel had in August stated that it is taking steps to restructure operations and cut costs by producing more high- value products and cutting jobs. It today said it has decided to focus on strip products.

According to the memorandum of understanding signed with Geneva-headquartered Klesch, Tata will sell UK-based assets including Scunthorpe Steelworks, mills in Teesside, Dalzell and Clydenbridge in Scotland, as well as operations in France and Germany, if a final deal is struck.

"We have decided to concentrate our resources mainly on our strip products activities, where we have greater cross-European production and technological synergies," said Karl Koehler, chief executive of Tata Steel's European operations.

The two sides will "now move into detailed due diligence and negotiations, though no assurance can be given about the outcome," he said.

"We want to build a sustainable business in the UK and further develop our mainland Europe business and we are committed to providing the necessary leadership and financial resources to achieve that," he added. — PTI

Promoters take biggest hit of Rs 5,500 crore in DLF share plunge

Mumbai, October 15
As realty giant DLF received a severe drubbing in the stock market, its promoters took the biggest hit of Rs 5,578 crore in value of their shareholding while overseas investors also took a hit of Rs 1,500 crore.

The FIIs trimmed their holding in DLF marginally to 19.75% in the quarter ended September, from 19.88% at the end of April-June quarter. Overseas investors have been on a selling spree in DLF counter from March quarter when their holding was at 19.90%. With a sharp fall of over 28% in DLF stock yesterday, its promoters who hold 74.91% stake in the company became poorer by Rs 5,578 crore.

Dip in the stock has led to a loss of Rs 7,438.67 crore in the company’s market valuation, which stood at Rs 18,701.33 crore at the end of yesterday’s trade. There are 334 foreign institutional investors in the company who hold over 35 crore shares in the realty firm.

The number of individual shareholders holding nominal share capital up to Rs 1 lakh stands at 4,34,326, while those holding in excess of Rs 1 lakh is 69.

The hit for small retail investors was over Rs 200 crore, while that for HNIs was Rs 48 crore. SEBI has barred DLF and its six top executives, including chairman and main promoter KP Singh, from the securities market for 3 years for “active and deliberate suppression” of material information at the time of its IPO. — PTI

Vistara's first aircraft lands in Delhi

New Delhi, October 15
The first Airbus A-320 aircraft of Tata-SIA joint venture Vistara airline, painted with its logo and livery, landed at the IGI Airport here today, taking the carrier a step closer to its launch.

The landing marked the 82nd anniversary of JRD Tata's first commercial flight from Karachi to Mumbai, as the aircraft was welcomed with a water cannon salute. The aircraft was delivered on September 25 and had gone to Singapore for being painted with the aubergine and gold coloured logo and livery of Vistara.

Now, the A-320 would have to begin proving test flights and undergo other regulatory checks before the aviation regulator DGCA grants Vistara and its aircraft the airworthiness certificate. — PTI

USFDA bans Alkem Labs’ arm from selling drugs in US

New Delhi, October 15
The US arm of India's Alkem Laboratories has been banned from manufacturing and distribution of medicines in the US for selling unapproved drugs.

The US Food and Drug Administration (USFDA) said a federal judge from the US District Court entered a consent decree for permanent injunction against Ascend Laboratories, LLC — the US subsidiary of Alkem Laboratories — on October 10. The US Department of Justice filed the consent decree on behalf of the USFDA, it added.

"The consent decree requires Ascend Laboratories to post bond for the release of their unapproved drug products seized by US Marshals in May 2014, which the company is then responsible for destroying under the FDA's supervision," the statement said.

In addition, the consent decree prohibits Ascend Laboratories and all other associated persons who act in concert with the company from manufacturing and distributing unapproved drugs until the company obtains FDA approval, it added.

The USFDA inspected Ascend Laboratories' New Jersey facility in November 2013 and Masters Pharmaceutical's Cincinnati warehouse in February 2014. "The inspections revealed that Ascend Laboratories was marketing drug products without FDA approval and adequate directions for use," the statement said.

"Manufacturing and distributing unapproved prescription drugs puts patients' health at risk since they have not been found to be safe, effective or made using quality manufacturing practices," FDA's Center for Drug Evaluation and Research acting director Ilisa Bernstein said.

"Companies that fall short of our requirements risk FDA action to stop the distribution of their products," Bernstein added. Alkem Laboratories is one of the top seven pharmaceutical companies in India. It has 15 manufacturing plants located across the country of which four are US FDA approved. — PTI

What led to the ban

The USFDA inspected Ascend Laboratories' New Jersey facility in November 2013 and Masters Pharmaceutical's Cincinnati warehouse in February 2014. It found that Ascend Laboratories was marketing drug products without FDA approval and adequate directions for use.

Credit growth up 11%, but still lags deposits at 13%

Mumbai, October 15
After remaining sub-10% for two consecutive fortnights, bank credit grew 11% to Rs 62,69,007 crore for the fortnight ended October 3, according to RBI data. In the corresponding fortnight last year, bank credit stood at Rs 56,50,107 crore. In the last fortnight, the credit growth rose 9.7% to Rs 61,46,526 crore.

In the reporting period, deposits grew 13.05% to Rs 82,89,310 crore as compared with Rs 73,32,159 crore in the year-ago period.

The demand deposits jumped 15.83% to Rs 7,81,649 crore as of October 3 from Rs 6,74,792 crore in the year-ago period.

Time deposits grew 12.77% to Rs 75,07,668 crore in the period as against Rs 66,57,367 crore in the same period last year.

Meanwhile, tepid credit pick up has been forcing banks to cut pricing of deposits over the past few months. The latest to join the deposit rates was the state-run Central Bank of India which reduced its deposits rates on various maturities in the range of 5-175 basis points.

SBI had earlier lowered deposit rates thrice in the second quarter, while the third largest state-run lender PNB reduced it last week.

Last month, the country’s largest lender State Bank had also cut the interest rate on medium-term deposits (one year to less than three years maturity) by 25 basis points to 8.75% and by 25 bps the medium-term deposit in the 180-210 days category to 7.25%. — PTI

Bill Gates wealthiest in US

New York, October 15
Microsoft co-founder and philanthropist Bill Gates is the richest person in America with a fortune of $81.5 billion, up from $70.8 billion last year, according to Wealth-X.

The leading ultra high net worth (UHNW) intelligence and prospecting firm today released a list showing the richest person in each of the US states, as per which, 35 of the 50 individuals on the list are entrepreneurs.

Besides Gates, other self-made entrepreneurs on the list include legendary investor Warren Buffett of Nebraska with an estimated networth of $66.9 billion who is also the country’s second richest person.

Lawrence Ellison of California with a fortune of $47.3 billion, David Koch of Kansas ($42 billion) and Christy Walton of Arkansas ($37.9 billion) make up the top five wealthiest persons in America.

Media tycoon Michael Bloomberg from New York with a fortune of $33.7 million is the sixth richest man in America.

While 35 of the 50 individuals on the list are entrepreneurs, others have inherited their wealth and have subsequently grown it themselves, such as Forest Mars Jr of Virginia, whose grandfather founded food processing company Mars Incorporated. — PTI