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B Ramalinga Raju’s startling admission of padding profits and cooking up bank balances at Satyam Computer has erupted into what can be described as India’s biggest corporate fraud to date. However, this is only a part of the big horror show.
Fraud, in fact, is not a new phenomenon in the world of business – whether Indian or global. From Enron to WorldCom to Tyco, corporate fraud continues to plague businesses and hurt consumer trust. This is one show which just goes on and on, and refuses to end.
B Ramalinga Raju’s startling admission of padding profits and cooking up bank balances at Satyam Computer has erupted into what can be described as India’s biggest corporate fraud to date. However, this is only a part of the big horror show.
Fraud, in fact, is not a new phenomenon in the world of business – whether Indian or global. From Enron to WorldCom to Tyco, corporate fraud continues to plague businesses and hurt consumer trust. This is one show which just goes on and on, and refuses to end.
Addressing the Vibrant Gujarat Global Investors' Summit here on Tuesday, group chairman Anil Ambani said the investments would be made for building a port jetty in Saurashtra, a major power plant and three cement factories.
The chairman, whose group's interests span telecommunications to energy and financial services, said he was committed to invest in Gujarat not just to help the state's ambitious industrialisation plans but also to create jobs for the people of Gujarat.
The three agreements were signed on the last day of the two-day annual summit here that has seen a total of 8,500 memoranda of understanding (MoUs) being signed, promising an investment worth a whopping Rs.12 trillion (Rs.120,000 crore).
Like Tata group chairman Ratan Tata and Aditya Birla group chief Kumar Mangalam Birla, Ambani, too was all praise for Gujarat Chief Minister Narendra Modi, whom he described as the "next leader of India".
"Under your leadership there is a new-found confidence in Gujarat, enthusiasm and determination to succeed," said Anil Ambani at the valedictory function, reflecting the tone of numerous corporate leaders from India and overseas during the event.
The chairman, whose group's interests span telecommunications to energy and financial services, said he was committed to invest in Gujarat not just to help the state's ambitious industrialisation plans but also to create jobs for the people of Gujarat.
The three agreements were signed on the last day of the two-day annual summit here that has seen a total of 8,500 memoranda of understanding (MoUs) being signed, promising an investment worth a whopping Rs.12 trillion (Rs.120,000 crore).
Like Tata group chairman Ratan Tata and Aditya Birla group chief Kumar Mangalam Birla, Ambani, too was all praise for Gujarat Chief Minister Narendra Modi, whom he described as the "next leader of India".
"Under your leadership there is a new-found confidence in Gujarat, enthusiasm and determination to succeed," said Anil Ambani at the valedictory function, reflecting the tone of numerous corporate leaders from India and overseas during the event.
The Reserve Bank of India (RBI) on Saturday unexpectedly cut its main short-term lending rate and banks' reserve requirements to ease a growing cash squeeze, spur faltering economic growth and fend off damage from the global financial crisis.
Analysts said the surprise move by the Reserve Bank of India (RBI), coming just a week after it left rates unchanged at a policy review, showed its concern that strains on Asia's third-largest economy were quickly becoming more severe.
"These actions were necessary to be taken on the liquidity front and with call rates above 20 percent the situation was getting worse," said Vikas Agarwal, strategist at JP Morgan in Mumbai.
"The only question at this point of time which arises is why this was not taken at the time of the policy review last week and the only explanation is they did not anticipate the extent of the liquidity crunch."
Policymakers around the world have slashed interest rates in recent weeks and injected massive amounts of money into their banking systems in an attempt to combat the spillover effects of the global financial crisis, which is causing credit markets to freeze up and threatens to plunge the world economy into recession.
The RBI cut the repo rate or its main short-term lending rate by 50 basis points to 7.5 percent and banks cash reserve requirements by 100 basis points to 5.5 percent.
It also cut banks' bond reserve requirements by 1 percentage point to 24 percent of their deposits with effect from November 8, 2008, the RBI said in a notification posted on its website. www.rbi.org.in.
"The global financial turmoil has had knock-on effects on our financial markets; this has reinforced the importance of focusing on preserving financial stability," the central bank said
It also cut banks' bond reserve requirements by 1 percentage point to 24 percent of their deposits with effect from November 8, 2008, the central bank said in a notification posted on its website. www.rbi.org.in.
"The global financial turmoil has had knock-on effects on our financial markets; this has reinforced the importance of focusing on preserving financial stability," the central bank said.
The cut in its repo rate will take effect from Nov. 3.
The cut in banks' cash reserve requirements will take effect in two steps -- one from the fortnight beginning Oct 25 and the second from Nov 8 and will release 400 billion rupees ($81 billion) into the banking system.
Piyush Wadhwa, senior vice president, ICICI Securities said the 10-year bond yield could spike up by 5-10 basis points on Monday as result of the central bank move asking lenders to keep less of their deposits in federal debt but yields may ease in the medium term.
On Friday, the 10-year bond yield ended down 1 basis point at 7.50 percent.
India's economy has grown at or above 9 percent for the past three fiscal years, but is expected to grow by less than 8 percent this year as the global slowdown reduces exports. Industrial output grew at an annual rate of just 1.3 percent in August.
Rajeev Malik, economist at Macquarie Securities said the firm was cutting the country's growth estimates for the current year ending in March to 7.2 percent from the previous 7.5 percent due to the global market turmoil.
Overnight cash rates soared to a three-week high of 21 percent on Friday after outflows towards treasury bills drained cash from the system and banks scrambled to arrange funds for a the bond auction which took place earlier in the day.
The RBI move to cut rates on Saturday follows a 100 basis point cut in its main short-term lending rate early last week ahead of its scheduled review on Oct 24.
Analysts said the surprise move by the Reserve Bank of India (RBI), coming just a week after it left rates unchanged at a policy review, showed its concern that strains on Asia's third-largest economy were quickly becoming more severe.
"These actions were necessary to be taken on the liquidity front and with call rates above 20 percent the situation was getting worse," said Vikas Agarwal, strategist at JP Morgan in Mumbai.
"The only question at this point of time which arises is why this was not taken at the time of the policy review last week and the only explanation is they did not anticipate the extent of the liquidity crunch."
Policymakers around the world have slashed interest rates in recent weeks and injected massive amounts of money into their banking systems in an attempt to combat the spillover effects of the global financial crisis, which is causing credit markets to freeze up and threatens to plunge the world economy into recession.
The RBI cut the repo rate or its main short-term lending rate by 50 basis points to 7.5 percent and banks cash reserve requirements by 100 basis points to 5.5 percent.
It also cut banks' bond reserve requirements by 1 percentage point to 24 percent of their deposits with effect from November 8, 2008, the RBI said in a notification posted on its website. www.rbi.org.in.
"The global financial turmoil has had knock-on effects on our financial markets; this has reinforced the importance of focusing on preserving financial stability," the central bank said
It also cut banks' bond reserve requirements by 1 percentage point to 24 percent of their deposits with effect from November 8, 2008, the central bank said in a notification posted on its website. www.rbi.org.in.
"The global financial turmoil has had knock-on effects on our financial markets; this has reinforced the importance of focusing on preserving financial stability," the central bank said.
The cut in its repo rate will take effect from Nov. 3.
The cut in banks' cash reserve requirements will take effect in two steps -- one from the fortnight beginning Oct 25 and the second from Nov 8 and will release 400 billion rupees ($81 billion) into the banking system.
Piyush Wadhwa, senior vice president, ICICI Securities said the 10-year bond yield could spike up by 5-10 basis points on Monday as result of the central bank move asking lenders to keep less of their deposits in federal debt but yields may ease in the medium term.
On Friday, the 10-year bond yield ended down 1 basis point at 7.50 percent.
India's economy has grown at or above 9 percent for the past three fiscal years, but is expected to grow by less than 8 percent this year as the global slowdown reduces exports. Industrial output grew at an annual rate of just 1.3 percent in August.
Rajeev Malik, economist at Macquarie Securities said the firm was cutting the country's growth estimates for the current year ending in March to 7.2 percent from the previous 7.5 percent due to the global market turmoil.
Overnight cash rates soared to a three-week high of 21 percent on Friday after outflows towards treasury bills drained cash from the system and banks scrambled to arrange funds for a the bond auction which took place earlier in the day.
The RBI move to cut rates on Saturday follows a 100 basis point cut in its main short-term lending rate early last week ahead of its scheduled review on Oct 24.
The Reserve Bank of India has further cut by one percent, the amount of mandatory cash that banks need to park with it - a move that would unlock Rs 40,000 crore into the financial system and pave the way for lower lending rates.
This is the third time that the central bank has cut the Cash Reserve Ratio in two weeks, bringing the combined cut to 2.50 percent that released a total of Rs 100,000 crore into the cash-starved banking sector so that they can resume normal lending operations.
With this cut, the CRR would be 6.5 percent as against 9 percent at the start of this month.
RBI has also raised the interest rates ceiling on deposits by non-residents by 50 basis points to attract foreign funds inflow.
Continuing the fight against the ripple effects of the global financial mel.............
This is the third time that the central bank has cut the Cash Reserve Ratio in two weeks, bringing the combined cut to 2.50 percent that released a total of Rs 100,000 crore into the cash-starved banking sector so that they can resume normal lending operations.
With this cut, the CRR would be 6.5 percent as against 9 percent at the start of this month.
RBI has also raised the interest rates ceiling on deposits by non-residents by 50 basis points to attract foreign funds inflow.
Continuing the fight against the ripple effects of the global financial mel.............
History has thrown a handful of men together this week with a task that they themselves might have brushed off as unthinkable just days ago: Give the U.S. financial system its biggest makeover since the 1930s. And do it quickly.
They hail from all parts of the financial world, a banker from North Carolina, a London financial executive, the U.S. Treasury chieftain who himself once ruled a Wall Street powerhouse. Along with small cadre of other men, they are struggling to shore up the foundations of Wall Street, on the fly.
More from WSJ.com: • Steering Through the Storm • The Winners and Losers of the Wall Street Bailouts • Smart-Money Bets on Street Turn Sour
It's too early to know whether the choices they've made -- rapid-fire acquisitions of Wall Street icons Merrill Lynch & Co. and Lehman Brothers Holdings Inc., government seizure of one of the world's biggest insurers, American International Group Inc. -- were the right ones. Rarely are decisions on the trillion-dollar scale made so hastily and with so little vetting.
Now, the government appears ready to embark on yet another attempt to stem the financial carnage. The Treasury Department and the Federal Reserve are considering ways to take bad assets off the balance sheets of financial institutions, according to a person familiar with the matter.
Here is a look at how this group was thrown together and the influences that have shaped their decisions to date. The account is based on interviews with numerous primary players, as well as individuals who witnessed the action.
They hail from all parts of the financial world, a banker from North Carolina, a London financial executive, the U.S. Treasury chieftain who himself once ruled a Wall Street powerhouse. Along with small cadre of other men, they are struggling to shore up the foundations of Wall Street, on the fly.
More from WSJ.com: • Steering Through the Storm • The Winners and Losers of the Wall Street Bailouts • Smart-Money Bets on Street Turn Sour
It's too early to know whether the choices they've made -- rapid-fire acquisitions of Wall Street icons Merrill Lynch & Co. and Lehman Brothers Holdings Inc., government seizure of one of the world's biggest insurers, American International Group Inc. -- were the right ones. Rarely are decisions on the trillion-dollar scale made so hastily and with so little vetting.
Now, the government appears ready to embark on yet another attempt to stem the financial carnage. The Treasury Department and the Federal Reserve are considering ways to take bad assets off the balance sheets of financial institutions, according to a person familiar with the matter.
Here is a look at how this group was thrown together and the influences that have shaped their decisions to date. The account is based on interviews with numerous primary players, as well as individuals who witnessed the action.
- WASHINGTON (Reuters) - U.S. Secretary of State Condoleezza Rice on Tuesday launched an all-out effort to persuade the U.S. Congress to approve an agreement to end a three-decade ban on nuclear trade with India this year.
Rice went to Capitol Hill to call on House of Representatives Speaker Nancy Pelosi and Foreign Affairs Committee Chairman Howard Berman to discuss how to win congressional approval for the accord before U.S. President George W. Bush leaves office on Jan. 20.
A spokesman for Pelosi said she Rice discussed the process for considering the agreement once it is submitted.
"The Speaker looks forward to reviewing the submission in detail and consulting with Chairman Berman and members of the leadership in determining the appropriate course of action," spokesman Nadeam Elshami said.
With the Democrats in control of both houses of Congress, Pelosi and Berman, both from California, are key players in deciding whether U.S. lawmakers will vote on the deal this year and hand Bush a foreign policy victory in his final months.
"We think that there is a possibility of getting this passed this year and we are going to do everything we possibly can," said State Department spokesman Sean McCormack. "Whether it does or not, it's not going to be for lack of effort."
McCormack said Rice hoped to send the paperwork to Congress within the next two days. But India must also take steps to satisfy U.S. legal requirements.
Rice has lobbied top Democrats and Republicans as well as key members of the House and Senate foreign affairs committees, the spokesman said
(Reuters) - Governors of the U.N. nuclear watchdog meet on Friday to consider India's draft plan for inspections of its civilian atomic reactors, a precondition for launching a deal to obtain U.S. nuclear fuel and technology.
If the plan passes, India must then obtain a waiver from the 45-nation Nuclear Suppliers Group, because it is not a member of the Non-Proliferation Treaty, and finally ratification of the nuclear cooperation deal by the U.S. Congress.
Following are main points about the 23-page "Agreement with the Government of India for the Application of Safeguards to Civilian Nuclear Facilities".
* WHY IT IS NECESSARY
Making India's declared civilian reactors -- 14 out of 22 -- subject to regular IAEA non-proliferation inspections is required for commerce with NSG members, including Washington.
India has been embargoed by the NSG for having never joined the NPT and test-detonating nuclear devices in 1974 and 1998.
* KEY PASSAGES IN PREAMBLE OF AGREEMENT
If the plan passes, India must then obtain a waiver from the 45-nation Nuclear Suppliers Group, because it is not a member of the Non-Proliferation Treaty, and finally ratification of the nuclear cooperation deal by the U.S. Congress.
Following are main points about the 23-page "Agreement with the Government of India for the Application of Safeguards to Civilian Nuclear Facilities".
* WHY IT IS NECESSARY
Making India's declared civilian reactors -- 14 out of 22 -- subject to regular IAEA non-proliferation inspections is required for commerce with NSG members, including Washington.
India has been embargoed by the NSG for having never joined the NPT and test-detonating nuclear devices in 1974 and 1998.
* KEY PASSAGES IN PREAMBLE OF AGREEMENT
NEW DELHI (Reuters) - The government named Finance Secretary Duvvuri Subbarao as Reserve Bank of India (RBI) chief to succeed Yaga Venugopal Reddy who steps down this week, and analysts said he would continue Reddy's battle to bring inflation down from 12 percent.
Subbarao, who has never worked at the Reserve Bank of India, takes over as inflation in Asia's third-largest economy is running at its highest rate since the mid-1990s and growth has slowed below 8 percent from a breakneck pace second only to China among major economies.
Subbarao and deputy central bank governor Rakesh Mohan were the front-runners to succeed Reddy if his term was not extended, as some thought it might be, and traders said markets, which were shut when the announcement was made, were unlikely to react much.
"The most important thing for the market will be the continuity of monetary policy. The bias which Reserve Bank of India had in the last few months has been hawkish," said Sonal Varma, economist at Lehman Brothers.
"From the statements made by him in the recent past, I think moderating inflation will be his priority."
A career civil servant, 59-year-old Subbarao has been Finance Secretary since 2007.
Subbarao, who takes over when Reddy leaves on Sept. 5, has been appointed for three years, shorter than Reddy's five-year term which has been marked by unprecedented foreign investment inflows, a huge spurt in economic growth and a global oil shock.
The RBI wants inflation down at 7 percent by the end of the 2008/09 fiscal year in March. It stepped up monetary tightening aggressively in June and July as inflation, driven by high fuel and commodity prices, headed for double digits.
The government may charge higher diesel prices for industrial users and allow Reliance Industries to sell gas oil from its export-focused refinery to local retailers struggling to meet soaring demand, senior officials said.
Diesel sales have risen sharply despite the government's move to raise fuel prices by about 10 percent in early June.
Use of diesel by industrial units, which find the subsidised fuel cheaper than freely priced fuel oil, and for emergency power supply in homes, malls and offices, has raised demand and forced refiners to increase imports.
Diesel sales rose 18 percent during April-July compared to a year ago, the chairman of India's biggest oil refiner and retailer, Indian Oil Corp, Sarthak Behuria said.
Sales to agriculture and transport sectors rose 10-12 percent while that to power and other sectors rose 30 percent, he said.
"We are exploring the possibilities of differential pricing for commercial consumers. A note has been put up with the ministry," Behuria said.
Hindustan Petroleum Corp Chairman Arun Balakrishnan said state refiners wanted to sell diesel at market prices to industrial clients. "Currently we are losing 15-16 rupees a litre on diesel, at least we will recover that."
Oil secretary R. S. Pandey said: "Market price that's what they have demanded so we have to look at it."
Diesel sales have risen sharply despite the government's move to raise fuel prices by about 10 percent in early June.
Use of diesel by industrial units, which find the subsidised fuel cheaper than freely priced fuel oil, and for emergency power supply in homes, malls and offices, has raised demand and forced refiners to increase imports.
Diesel sales rose 18 percent during April-July compared to a year ago, the chairman of India's biggest oil refiner and retailer, Indian Oil Corp, Sarthak Behuria said.
Sales to agriculture and transport sectors rose 10-12 percent while that to power and other sectors rose 30 percent, he said.
"We are exploring the possibilities of differential pricing for commercial consumers. A note has been put up with the ministry," Behuria said.
Hindustan Petroleum Corp Chairman Arun Balakrishnan said state refiners wanted to sell diesel at market prices to industrial clients. "Currently we are losing 15-16 rupees a litre on diesel, at least we will recover that."
Oil secretary R. S. Pandey said: "Market price that's what they have demanded so we have to look at it."
NEW DELHI: India, China and Brazil have come a long way in global trade negotiations emerging as "big brothers", WTO chief Pascal Lamy has said.
Lamy, who was here last week in his attempt to restart the Doha talks which collapsed in Geneva in July, said "Among the big brothers (in WTO) are the big developing countries. China, India and Brazil (are the) three big brothers," Lamy told reporters.
He said the three countries, along with key players like Australia, EU and the US constitute the world of today. Trade ministers from India, Brazil and China were part of the core group of Seven, constituted by Lamy during the intensive nine-day talks held in the WTO headquarters.
The WTO chief referred to the growing influence of the three among the BRIC (Brazil, Russia, India, China) economies when asked as to how difficult he finds it to deal with the influential players like the US and EU.
He said things have changed in the last 13 years since the end of the Uruguay Round in 1995 when a quad of the US, EU, Canada and Japan used to be pre-dominant players in the negotiations.
"When I started in this business in the end of the Uruguay round, there was a quad...US, EU, Canada and Japan. The world has certainly changed. (Now) when I have to take the G-7, which is the smaller group Canada is not there anymore. Australia has joined and you have got three more China, India and Brazil. That is the world of today," he said.
It is a tough call for a head of a multilateral body to be seen as unbiased and fair especially when he is dealing with 153 members whose economic and political stature has a range of the most developed nation and a least developed country.
Asked how difficult it is to maintain an image of being fair and unbiased, Lamy said, "That is what I want to be and I think I am recognised as this (fair and unbiased). Nobody is perfect, but in my position...given the sort of role as a facilitator, given my role in the dispute settlement system...I am exercised to listening to various sounds, interests, quarters."
That is my duty. It is a duty which I exercise because the members asked me to do it".
During his two-day stay in India, Lamy met Prime Minister Manmohan Singh and Commerce and Industry Minister Kamal Nath, besides holding discussions with industry bodies.
His visit here would be followed by one to Washington this week where Lamy would try and get a "political message" on the developed country's willingness to bridge differences and return to the negotiating table in Geneva.
Talks in Geneva between 30 key trade ministers collapsed particularly after the US and India, failed to agree over operationalisation of "special safeguard mechanism", that would have enabled the developing countries to raise tariffs to protect poor farmers to counter surge in imports.
While US wanted the protection trigger to be used after 40 per cent surge in imports, India said it was willing to go up to 10 per cent.
There are indications of another meeting of ministers in September. Lamy has been keen to conclude the seven year old Doha talks, which have already missed several deadlines since the its launched in 2001, by December this year.
Asked how difficult it is to maintain an image of being fair and unbiased, Lamy said, "That is what I want to be and I think I am recognised as this (fair and unbiased). Nobody is perfect, but in my position...given the sort of role as a facilitator, given my role in the dispute settlement system...I am exercised to listening to various sounds, interests, quarters."
That is my duty. It is a duty which I exercise because the members asked me to do it".
During his two-day stay in India, Lamy met Prime Minister Manmohan Singh and Commerce and Industry Minister Kamal Nath, besides holding discussions with industry bodies.
His visit here would be followed by one to Washington this week where Lamy would try and get a "political message" on the developed country's willingness to bridge differences and return to the negotiating table in Geneva.
Talks in Geneva between 30 key trade ministers collapsed particularly after the US and India, failed to agree over operationalisation of "special safeguard mechanism” that would have enabled the developing countries to raise tariffs to protect poor farmers to counter surge in imports.
While US wanted the protection trigger to be used after 40 per cent surge in imports, India said it was willing to go up to 10 per cent.
There are indications of another meeting of ministers in September. Lamy has been keen to conclude the seven year old Doha talks, which have already missed several deadlines since the its launched in 2001, by December this year.
Lamy, who was here last week in his attempt to restart the Doha talks which collapsed in Geneva in July, said "Among the big brothers (in WTO) are the big developing countries. China, India and Brazil (are the) three big brothers," Lamy told reporters.
He said the three countries, along with key players like Australia, EU and the US constitute the world of today. Trade ministers from India, Brazil and China were part of the core group of Seven, constituted by Lamy during the intensive nine-day talks held in the WTO headquarters.
The WTO chief referred to the growing influence of the three among the BRIC (Brazil, Russia, India, China) economies when asked as to how difficult he finds it to deal with the influential players like the US and EU.
He said things have changed in the last 13 years since the end of the Uruguay Round in 1995 when a quad of the US, EU, Canada and Japan used to be pre-dominant players in the negotiations.
"When I started in this business in the end of the Uruguay round, there was a quad...US, EU, Canada and Japan. The world has certainly changed. (Now) when I have to take the G-7, which is the smaller group Canada is not there anymore. Australia has joined and you have got three more China, India and Brazil. That is the world of today," he said.
It is a tough call for a head of a multilateral body to be seen as unbiased and fair especially when he is dealing with 153 members whose economic and political stature has a range of the most developed nation and a least developed country.
Asked how difficult it is to maintain an image of being fair and unbiased, Lamy said, "That is what I want to be and I think I am recognised as this (fair and unbiased). Nobody is perfect, but in my position...given the sort of role as a facilitator, given my role in the dispute settlement system...I am exercised to listening to various sounds, interests, quarters."
That is my duty. It is a duty which I exercise because the members asked me to do it".
During his two-day stay in India, Lamy met Prime Minister Manmohan Singh and Commerce and Industry Minister Kamal Nath, besides holding discussions with industry bodies.
His visit here would be followed by one to Washington this week where Lamy would try and get a "political message" on the developed country's willingness to bridge differences and return to the negotiating table in Geneva.
Talks in Geneva between 30 key trade ministers collapsed particularly after the US and India, failed to agree over operationalisation of "special safeguard mechanism", that would have enabled the developing countries to raise tariffs to protect poor farmers to counter surge in imports.
While US wanted the protection trigger to be used after 40 per cent surge in imports, India said it was willing to go up to 10 per cent.
There are indications of another meeting of ministers in September. Lamy has been keen to conclude the seven year old Doha talks, which have already missed several deadlines since the its launched in 2001, by December this year.
Asked how difficult it is to maintain an image of being fair and unbiased, Lamy said, "That is what I want to be and I think I am recognised as this (fair and unbiased). Nobody is perfect, but in my position...given the sort of role as a facilitator, given my role in the dispute settlement system...I am exercised to listening to various sounds, interests, quarters."
That is my duty. It is a duty which I exercise because the members asked me to do it".
During his two-day stay in India, Lamy met Prime Minister Manmohan Singh and Commerce and Industry Minister Kamal Nath, besides holding discussions with industry bodies.
His visit here would be followed by one to Washington this week where Lamy would try and get a "political message" on the developed country's willingness to bridge differences and return to the negotiating table in Geneva.
Talks in Geneva between 30 key trade ministers collapsed particularly after the US and India, failed to agree over operationalisation of "special safeguard mechanism” that would have enabled the developing countries to raise tariffs to protect poor farmers to counter surge in imports.
While US wanted the protection trigger to be used after 40 per cent surge in imports, India said it was willing to go up to 10 per cent.
There are indications of another meeting of ministers in September. Lamy has been keen to conclude the seven year old Doha talks, which have already missed several deadlines since the its launched in 2001, by December this year.
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