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As India Tuesday gained a two-year term on the Security Council after a gap of 19 years, it vowed to step up its quest for a permanent seat on the powerful decision making body of the United Nations. While India’s election for a non-permanent seat on the 15-member body was a foregone conclusion after Kazakhstan pulled out from the race for the Asian seat earlier this year, India got 187 of the 191 votes in the UN General Assembly poll Tuesday. India’s last stint on the Security Council was in 1992. Soon after India’s election, Indian envoy to the UN Hardeep Singh Puri made it clear that New Delhi would use the two-year stint to build trust and give a sense of confidence to the five permanent members – the United States, Russia, Britain, France and China. Noting that Brazil, a current member of the Security Council, and South Afria and Germany, which got elected with India, Tuesday were also aspirants for a permanent seat, he said: “Naturally all of us will try to use the time we have to give our partners a sense of confidence and build trust so that they are comfortable with our membership of the Security Council on an extended basis.” India wanted to bring across to the Council the message that “we bring the voice of one sixth of humanity, and 63 years experience in nation building,” he said. “I think that’s what the United Nations can use.” As a mainstream country on “issues like human rights and other issues of a traumatic nature,” India would also “pursue these messages and also work towards a more extended longer term”, Puri said. Puri said Pakistan had also voted for India, and the one vote that Pakistan got was cast by someone else on whose state of mind he did not want to comment. South Africa and Colombia won the African and Latin American seats respectively for a two-year term on the Council starting Jan 1, 2011, while one of the Western Europe and others Group seat went to Germany. Canada and Portugal are still battling for the fifth seat. The five new non-permanent council members will replace Austria, Japan, Mexico, Turkey and Uganda, whose terms end on Dec 31. The five members elected last year – Bosnia, Brazil, Gabon, Lebanon and Nigeria – will remain on the council until the end of 2011.
India seeks to step up scrutiny of offshore wealth managers
Seeking to root out undeclared wealth, India's market regulator has sent letters to some large wealth managers operating out of low-tax centres like Hong Kong and Singapore to try and bring them under its remit, people with knowledge of the matter said. India's government is cracking down on tax evasion as a means of boosting revenues, and in October said the state was prosecuting several individuals on suspicion of having undeclared assets outside the country. In a significant new move by Prime Minister Narendra Modi's government, the Securities and Exchange Board of India (SEBI) has recently started to reach out to international private banks, asking them to register their offshore units with the Indian watchdog if they are soliciting business in India, five people with direct knowledge of the matter told Reuters. By registering with SEBI, some private banks would have to admit that they are managing funds of wealthy Indian clients outside the country. That in turn could prompt further requests from SEBI to share information about Indian individuals. "There are banks which do below-the-radar private banking in India to hunt for offshore assets," said a banker with direct knowledge of the matter. "For them SEBI's message is clear - you should be transparent and therefore you must register with us." An estimated $344 billion has been illegally removed from the Indian economy between 2002 and 2011, data from the U.S. think-thank Global Financial Integrity show, depriving the country of an important source of tax revenues. As well as affecting wealthy individuals, SEBI's moves could make private bankers think twice about building their business in India, even though Indian private wealth is expected to show double-digit growth. PERSONAL WEALTH SOARS Attracted by a growing number of Indian millionaires, foreign banks including Barclays Plc, BNP Paribas SA and Standard Chartered Plc are offering onshore wealth management services in India under the regulatory supervision of local watchdogs. Other players, including JPMorgan Chase & Co and UBS Group AG, have, however, either stayed away or shut down local operations due to high costs and thin margins, preferring to focus on their overseas operations. JPMorgan, UBS, BNP Paribas, Barclays and Standard Chartered all declined to comment when asked about SEBI's approach to some banks. In its letters, the regulator did not mention what actions it might take against those not willing to comply, sources said, but it is a sign that India is becoming more aggressive in pursuing citizens who illegally park funds abroad. "We have been steadily putting in place effective checks and balances of funds that come and go out of India and we will continue to do that without disrupting (the) market," SEBI board member S. Raman told Reuters on Thursday, referring to concerns raised in last month's government report on black money. He declined, however, to comment on notices being sent out to wealth managers. A SEBI spokesman did not respond to request for comment. The SEBI directive has not yet been sent to all wealth management players, said the sources, who declined to be named because of the sensitivity of the matter. Some banks were told about the request in meetings that took place last month. "With regulators all across the world tightening rules for movement of individual wealth across borders, many large banks have pared their focus on offshore advisory business," said a Mumbai-based wealth manager at a European bank. "On top of that, if a country decides to put in an additional regulatory layer, not many would be willing to accept that process," he said. "I would expect most of the offshore players to simply wind up their business in India." Some boutique private banks in centres such as Singapore have been trying to tap wealthy Indians and manage their foreign assets without having operations in the country and without informing local regulators, several private banking executives said. The business opportunity to advise on and manage overseas assets of resident Indians is, however, not very big and not worth the effort of adding another regulatory layer by registering with SEBI, two private bankers said. Under Indian rules, a resident Indian can remit up to $250,000 per year outside the country. Once the money is moved abroad, authorities lose oversight of the funds. "I don't think it is abnormal that a country's regulator would try to keep some sort of an oversight over the investment products being marketed in their jurisdiction," said Indian law firm BMR & Associates LLP partner Bobby Parikh.
French automakers Renault, Peugeot step up China efforts but face mounting competition
French automakers Renault and Peugeot are looking belatedly to China to revive their flagging fortunes but picked a tough time to try to expand. Three decades after Volkswagen became the first global automaker to produce cars in China in 1984, Renault SA announced plans in December for a Chinese factory. France's biggest auto brand, PSA Peugeot Citroen, in China since the '80s without carving out significant market share, says it will be more aggressive after its local partner, Dongfeng Motor Co., last week agreed to take a 14 percent stake in PSA. Their motivation is clear: Europe's auto sales slumped last year to their lowest level since 1995, forcing French brands to join U.S. and European rivals in looking to China to drive revenues. "PSA is back on the attack," said its chairman, Philippe Varin, in a video distributed by the company. "We will benefit from the support of our Chinese partner." But the timing is awkward. Growth in China's crowded market has decelerated and competition is intensifying. Sales in 2013 rose 15 percent, robust by Western standards but less than half of 2009's growth. They face competition from market leaders including VW and General Motors Co., which have nationwide dealer networks and are neck-and-neck for the title of China's top-selling auto brand with just under a 10 percent market share each. Toyota, Nissan and Ford have been in China for a decade. All spend heavily to create models for Chinese tastes. Despite more than two decades in China, PSA's market share is just 3.5 percent. "It is not an easy market to tap into now," said industry analyst John Zeng of LMC Automotive. "The market leaders are trying very hard to protect their market share." Renault CEO Carlos Ghosn rejected suggestions the automaker might be too late. He pointed to the experience of Nissan, where he also is CEO under an alliance between the two automakers. "I heard the same thing: Aren't you coming too late to China?" he said. "Ten years later, Nissan is the top Japanese brand in China." "The question of arriving too early or too late is not relevant," Ghosn said in an interview. "What is relevant is that, you know, whenever you come, just make sure you are focused on China, doing a good job, both in terms of localization and in terms of product effort and in terms of investments." The contrast with Europe and the urgency of ramping up business in China is stark in the French automakers' corporate results. Peugeot reported a 2.3 billion euro ($3.2 billion) loss last year as its sales in France and other European markets edged down to just over 2.8 million vehicles. In China, sales by its joint venture with Dongfeng rose 26.1 percent, though to a still-modest 550,000 vehicles. The investment deal unveiled Feb. 19 calls for Dongfeng and the French government each to inject 800 million euros ($1.1 billion) in Peugeot. In exchange, the two of them and the Peugeot family each will own equal 14 percent stakes. Along with a rights issue to other shareholders, Peugeot aims to raise a total of 3 billion euros ($4.1 billion). In China, Peugeot wants to raise production to 1.5 million vehicles a year by early in the next decade, which would match VW and GM levels today. It says it will tighten links with Dongfeng and set up a venture to export Chinese-made cars to Southeast Asia. As for Renault SA, it made money last year but its profit was down 65 percent from 2012 at 586 million euros ($761 million). The maker of the Twingo and Clio blamed restructuring costs. Renault, which also is partnered with Dongfeng, says the first vehicles from its 7.8 billion yuan ($1.3 billion) factory in Dongfeng's home city of Wuhan in central China are due to hit the market in 2016. Dongfeng, China's second-biggest automaker, also manufactures vehicles for Nissan, Honda Motor Co. and South Korea's Kia Motor Co. That thicket of alliances reflects the unusual nature of China's heavily regulated auto industry. Foreign brands are required to work through state-owned local partners. That forces multiple global brands to sign up with the same Chinese partner, entrusting them with technology even though they work closely with competitors. The Chinese partners have their own goals and are under pressure to carry out the ruling Communist Party's industry plans. Business also can be complicated by political and regional rivalry. Renault negotiated with Dongfeng for nearly a decade over its planned factory. A key stumbling block reportedly was Dongfeng's resistance to building it in the southern city of Guangzhou, where it could draw on Nissan's supplier network. Peugeot launched its first China venture in 1985, a year after Volkswagen AG set up its venture with Shanghai Automotive Industries Corp. That venture with the city government of Guangzhou did poorly and was shut down. Peugeot's venture with Dongfeng produced its first car in 1992, giving the French brand an early foothold. But while U.S., European and Japanese rivals made China a focus of their global plans, Peugeot concentrated on Europe. It has stepped up efforts over the past two years with initiatives that include joining in the trend for creating extended-wheelbase sedans to appeal to Chinese executives. The biggest benefit from Renault's move might go not to the French brand but to its partner, Nissan, said Zeng. He said acting as a "dual brand" will help to dilute Nissan's identity as a Japanese company at a time of testy relations between Beijing and Tokyo.
Mahesh goes a step ahead with 'Jalsa'
It is a known fact that Telugu heroes do not share a similar camaraderie as their Bollywood counterparts. There, it is common for Shah Rukh and Salman to appear together, for SRK to do an item song in Akshay's film and for BIg B to introduce Hrithik's 'Jodha Akbar'. Now, slowly, the winds of change and marketing tactics are affecting the filmmaking gamut of Telugu industry too. While we have had heroes like Srikant and Jagapati Babu doing special roles in films of top heroes, not many top heroes come together on screen. Though this is still a long way away, Mahesh Babu has gone a step ahead and given a voice over for Pawan Kalyan's 'Jalsa', that is due for release on March 28. Though Mahesh was not returning any favours for Pawan, it was Trivikram Srinivas who managed to cajole him to do it. So, apart from Pawan Kalyan, we'll also get to hear Mahesh in the film. Jalsa for their fans, isn't it?
Lawrence - In step with direction
Choreographer - director Lawrence Raghavendra is shooting for his directorial venture Muni featuring himself and Raj Kiran in the lead roles. A popular choreographer in South Indian languages, he ventured to direct a Telugu film starring Nagarjuna titled Boss. Buoyed by the success, he churned out Style starring himself and Prabhu Deva. The movie also witnessed a decent run. Now Lawrence has made up his mind to concentrate on direction. After completing Muni, he would be off to direct Nagarjuna, his lucky mascot again. The Telugu movie is titled Don and would feature Trisha opposite Nagarjuna
John Abraham to step into Prabhas shoes
Young Rebel Star Prabhas starrer Mirchi directed by writer Koratala Siva which has turned out to be a huge hit at the box-office will soon be remade in Hindi. John Abraham will step into the shoes of Prabhas for the Hindi version. The Bollywood hunk, who is also a producer, has acquired the remake rights of the film from Telugu producers Vamsi and Pramod Uppalapati of UV Creations productions. Prabhas’s characterization in the film was well-accepted and he was appreciated for his dashing looks in the movie now John Abraham will reprise his role in Hindi. Other details of the cast and crew of the film are to be finalized.