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Konda Surekha resigns as minister
Minister for women development and child welfare Konda Surekha submitted her resignation to Governor ND Tiwari on Thursday. The minister stated she had resigned as she was unable to continue in a cabinet without former chief minister YS Rajasekhara Reddy. Ever since the death of YSR, Surekha has been pitching for the chief ministership of YS Jaganmohan Reddy, the late chief minister"s son. She had even said earlier that she would resign if Jaganmohan Reddy was not made the chief minister.

HSL to build Rs 4,000 cr shipyard in AP or Orissa
State-owned Hindustan Shipyard (HSL) plans to build a large shipyard to accommodate very large crude carrier ships (VLCC) at an estimated project cost of Rs 3,000-4,000 crore, a top official said. The proposed shipyard, which will be built on a public-private-partnership model, is expected to receive cabinet approval by the end of this fiscal, HSL"s Chairman and Managing Director, Naresh Kumar said on the sidelines of SMM India"s shipping trade fair.

News of the day

Letters: Give up the DMO
In the press conference that he addressed after the release of the third-quarter review of monetary policy, the RBI governor articulated in a clear manner the rationale for his proposals (“An expansionary policy is like chakravyuh”, January 30). However, one statement that he made is disturbing. He said: “We are going to manage the liquidity situation; we are going to calibrate our monetary policy to manage the borrowing in 2010-11.” It means the subordination of monetary policy to the management of public debt. The proposal for a debt management office (DMO) in the government delinking it from RBI is being actively pursued on grounds of the so-called conflict of interest that the latter faces. Now that it is resolved in favour of debt management, there is one more reason as to why the proposal for the new office should be given up.
Public Relations

JP Morgan, BofA gear up to fund Hershey's Cadbury bid

Two global lenders--JP Morgan and Bank of America (BofA) are preparing to lend US chocolate maker Hershey about $7 billion to bid for British confectionery major Cadbury, says a media report. - XLRI gets Rs 5 lakh highest offer for global summer intern - A balancing act - Positive outlook on investment in India, says survey - BofA shareholder opposes insiders as CEO candidates - Welspun-Gujarat upsizes FCCB issue to $150 mn - BofA narrows list for CEO post: Report "JP Morgan and Bank of America are preparing to lend Hershey about $7 billion (4.2 billion pounds) to help it enter a bidding war for Cadbury," The Telegraph reported. Hershey is said to be working on plans to launch a possible 10.3 billion pounds offer for the UK chocolate company. The report said that Hershey"s potential bid would comprise 6.1 billion pounds in cash and 1.2 billion pounds in shares, plus a cash injection of up to 3 billion pounds from the US chocolate maker"s American investors. Hershey would try to make approach the US food major after details Kraft"s USD 16.2 billion offer are disclosed. The daily said, Kraft must post its offer document by December 7. However it is expected that Kraft will post the document ahead of schedule this week. Attributing to Cadbury Chief Executive Todd Stitzer, the report said, Stitzer has indicated support for a possible tie-up with Hershey, rather than Kraft. "I would prefer Cadbury to be in an environment where its values and principles could continue," the report said citing Stitzer.


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