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PM hopes India-France build alliance in nuke energy
Against the backdrop of industrialised nations (G-8) putting curbs on full nuclear cooperation with countries like India, Prime Minister Manmohan Singh leaves for Paris today hoping that the visit would help India and France "build" its strategic partnership in nuclear energy, defence and other areas.

Governance and the fisc
How best can the Union government use the window of political opportunity that has been opened up by the verdict of the recent assembly elections? Since the ruling Congress party has been strengthened by the poll result and there are no important elections due for the next year, the opportunity to push for better governance should not be missed. To begin with, the prime minister should consider a minor reshuffle of portfolios that empower performers and sideline non-performers, and also improve bureaucratic standards. The argument that in some ministries the ruling party needed fund collectors rather than good administrators has appeal before an election, but is less convincing when the priority should be to get things going. The ruling party should take a holiday on rent-seeking for a year and push for reforms and improved public sector productivity in the infrastructure sector, especially power. The recent raids by the Central Bureau of Investigation in the Department of Telecommunications are hopefully not part of some political bargaining between coalition partners but the beginning of a phase of crackdown on “corruption in high places” that the prime minister sought. Given the DMK government’s dependence in Tamil Nadu on the Congress for its survival in office, the latter can afford to crack the whip in Delhi and not appear as subservient as it does when dealing with this junior ally. Exemplary action here would send an important message to other junior partners and to ministers within the ruling party who have not exactly been symbols of good governance.

News of the day

PM back after attending Copenhagen Summit
Prime Minister Manmohan Singh today returned home after attending the UN Summit on Climate Change in Copenhagen where a US-brokered deal with India and other emerging countries that places no legally-binding emission cuts on developed countries ran into trouble.
Management

R-ADAG among suitors interested in MGM: WSJ

Hollywood"s iconic movie studio Metro-Goldwyn-Mayer (MGM) has received interest for a possible takeover from more than 10 suitors, including Anil Ambani-led Reliance-Anil Dhirubhai Ambani Group (R-ADAG), says a media report. - Neil Harvey to head Credit Suisse"s Asia asset mgmt biz - Anil Ambani plans a takeover of MGM Hollywood studio: Report - RBS to sell fund mgmt assets stake for 84.7 mn pounds - ArcelorMittal appoints Peter Kukielski in Group Mgmt Board - Morgan Stanley mulls mgmt reshuffle - Naxals kill 3, blow up rly station, school buildings in Jharkhand The Wall Street Journal has reported that MGM received interest from over 10 firms and some made actual bids while others expressed interest but have not submitted offers. "MGM"s current list of suitors includes Time Warner Inc; Lions Gate Entertainment; Summit Entertainment; Liberty Media Corp; News Corp, owner of The Wall Street Journal; and India"s R-ADAG," the daily said quoting people with knowledge of the situation. According to the report, others signalling interest included private-investment firms Elliott Management and Access Industries, which is the investment arm of Russian-born industrialist Len Blavatnik. The publication noted that offers for the movie studio, in the first round of bids, are not close to covering the $3.7 billion debt. MGM, which has a 4,000-title movie library, is owned by a group that includes private-equity firms Providence Equity Partners and TPG Inc and media companies Sony Corp and Comcast Corp. The publication said under almost any sale scenario, MGM would need approval from all its lenders. The movie studio"s lending group, led by JP Morgan Chase & Co, includes some 140 investors, many of them hedge funds. According to the daily, MGM has tapped the restructuring practice at law firm Skadden, Arps, Slate, Meagher & Flom to prepare a possible prepackaged bankruptcy that would solicit approval from creditors ahead of a bankruptcy filing in hopes of limiting the movie studio"s stay in court. Quoting a person familiar with the situation, the report said, "Getting 140 people to say yes to anything is not easy." Further, the person said any bankruptcy filing would be a "quick in and out process" but cautioned that MGM was "far away from deciding (bankruptcy is) the way it has to go".


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