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Walt Disney Q4 net income rises 18%
Media and entertainment giant Walt Disney has reported 18 per cent growth in net income at $895 million in the fourth quarter, boosted by strong performance of its network business, including cable channels ESPN and ABC family.

Good show, but weak cues
While HCL Tech’s recent performance beat estimates, a soft demand outlook and a spike in stock price means that the scrip is fairly valued

News of the day

Lisbeth Salander returns
The late Swedish journalist/author Stieg Larsson was the man behind Lisbeth Salander — the undeniably twisted and talented female protagonist of his “Millennium” trilogy. The second part in the series, The Girl Who Played With Fire, translated from Swedish by Reg Keeland, continues from where the first book left off — asocial heroine Salander once again back to her punch-throwing, expert computer hacking ways that she honed as a former security analyst in Stockholm, spinning yet another edge-of-the-seat crime thriller. Interestingly, Larsson’s father Erland Larsson, while receiving an award for his late son last year, revealed in an interview that the character of Salander seems to have been inspired by his son’s niece Terese, to whom the author had been very close.
International Business

L&T, EADS may send revised JV proposal to FIPB

After the Foreign Investment Promotion Board (FIPB) rejected the proposed defence tie-up between Larsen and Toubro (L&T) and Franco-German aerospace major EADS last week, the companies are discussing a revised proposal, with a new joint venture structure in which the European defence giant would hold 26 per cent stake. - M&M, BAE ink venture on weapon systems - Telstra applies to re-enter Indian telecom market - Jet Airways rises 6% - L&T Infotech sharpens focus on consulting business - Michelin inks pact for factory in Chennai - Bids for Rajpura plant to be opened next week FIPB’s rejection was because the proposal wasn’t adhering to the 26 per cent upper limit prescribed for foreign direct investment in companies in the defence sector, said government sources. “We have a few more days left to appeal to FIPB on the order. As of now, it is not clear on what grounds they rejected the proposal. We had framed the joint venture as per the policy guidelines and press notes. If some changes are required in the JV’s equity structure, the companies will rework the proposal,” said a company executive on condition of anonymity. Sources said a re-worked proposal would be sent to FIPB with a revised equity holding in the JV. When asked, an L&T spokesperson declined comment. EADS and L&T, India’s biggest private defence contractor, had planned a JV to supply electronic warfare systems, avionics and radars. India has a five-year military procurement budget of $30 billion as it replaces its Soviet-era equipment, and foreign defence contractors are keen to tap the market. Other foreign defence contractors have hit similar problems in the past. The UK’s BAE Systems tested the restrictions in October, when it applied for a JV with Mahindra & Mahindra, the Indian carmaker, to supply armoured vehicles. BAE was looking to take a 49 per cent stake. That proposal was rejected and the FIPB last week approved a revised split of 26 per cent for BAE and 74 per cent for Mahindra.


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