Briefly Business

After Cadbury,Kraft to have India presence

London: Kraft Foods chief executive Irene Rosenfeld has said that owning UK-based Cadbury would enable the American confectionery giant to expand its footprint in the developing markets,including India. In an interview published in British newspaper Sunday Times,Rosenfeld said owning Cadbury has made Kraft the biggest confectioner in the world,“with a footprint in developing markets such as India where it was weak”.

Top 10 cos lost Rs 67K cr in m-cap last week

Mumbai: The past week,during which benchmark index Sensex dipped below the psychological 16,000-level,saw all the top 10 valued firms losing over Rs 67,000 crore from their market capitalisation. During the week ended February 6,state-run NMDC fell the most. The country’s largest iron ore producer,at the third place in order of its valuation,lost Rs 17,761.86 crore to have a market capitalisation (m-cap) of Rs 1,79,442.32 crore.

‘India must continue high public spending’

New Delhi: Leading economist Jeffrey Sachs said the country should continue with high government spending to stimulate growth,despite concerns over the bloating fiscal deficit,but called for a sustainable funding model. “India has a generation long backlog of infrastructure to build mass transport,urban housing,power generation,pollution control,waste treatment and water systems,” the Columbia University economist said here.

Indian banks ahead of other BRICs: Ficci

New Delhi: The Indian banking system,on many parameters,is much ahead of that in the other BRIC nations and developed countries as it has maintained resilience and continues to provide growth opportunities even in the current economic situation,industry body Ficci said in a study. “Indian banking regulatory systems are better than those of China,Brazil and the UK. Risk management systems are more advanced than in China,Brazil and Russia,” it said.

SFIO not to get power to trail funds abroad

New Delhi: The government has said it is not considering to give the Serious Fraud Investigation Office (SFIO) the powers to trail money stashed abroad by corporates. As a corporate fraud investigating body under the corporate affairs ministry,the SFIO has for long been seeking powers to carry out investigations abroad. The SFIO is one of the agencies probing the multi-crore Satyam scam.