Billionaire Li Seeks to List 25% of Retail Unit This Year

Hutchison Whampoa Ltd. (13), controlled by Asia’s richest man Li Ka-shing, plans an initial public offering this year for A.S. Watson & Co., selling about 25 percent of the division that has more than 10,000 retail stores worldwide. Hutchison, which yesterday posted a 20 percent jump in 2013 profit, plans to list the unit in Hong Kong and another location, according to Li.

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China Factory Index Decline Adds to Li Growth Challenges

A Chinese manufacturing gauge fell to an eight-month low in February, adding to challenges for growth as Premier Li Keqiang prepares to map out the government’s economic strategy to the nation’s legislature. The Purchasing Managers’ Index (CPMINDX) was at 50.2, the National Bureau of Statistics andChina Federation of Logistics and Purchasing said today in Beijing. That compared with January’s 50.5 reading and the 50.1 median analyst estimate in a Bloomberg News survey. A number above 50 signals expansion.

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Hyundai sales dip 15 pc in February

Hyundai Motor India on Saturday reported a 14.9 per cent decline in total sales in February at 46,505 units compared with 54,665 in the same month last year.

The company's domestic sales were little changed at 34,005 units from 34,002 units in February 2013, Hyundai Motor India Ltd (HMIL) said in a statement.

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Toyota Kirloskar sales down 19 per cent in February

Toyota Kirloskar Motor on Saturday reported 19.27 per cent decline in its total sales at 11,284 units in February, 2014.

The company had sold 13,979 units in the corresponding month of previous year, Toyota Kirloskar Motor (TKM) said in a statement. In the domestic market, TKM sold 10,100 units in February, 2014 as compared to 12,756 units in February, 2013.

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FICCI urges formulating technical textile standards

FICCI urged Ministry of Textiles and BIS (Bureau of Indian Standards) to expedite the formulation of standards in technical textiles for health, safety and environment reasons.

 Speaking on the occasion of 2nd National Seminar on Standards in Technical Textiles, jointly organized by FICCI, Ministry of Textiles and BIS, Ms. Zohra Chatterji, Secretary, Ministry of Textiles, Govt. of India said "There is a need to identify more institutions that would help in the process of formulation of standards for technical textiles.

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Oeko-Tex evaluates both extractable & total lead content

The OEKO-TEX Standard 100 is a global, third party certification for textiles and apparel that ensures these products are tested for more than 300 substances used in textile production that are considered to be dangerous to human health.

Lead is high on OEKO-TEX’s list of concerning chemicals for all textile products which may be candidates for lead content, particularly those intended for children. OEKO-TEX’s limit values for lead content are well below those required by product safety agencies, confirming that OEKO-TEX certified products already comply with regulations like the US CPSC’s Consumer Product Safety Improvement Act (CPSIA) and proposed revisions for REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) in the European Union. 

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Salt department transfers 647.8 acres to Kamarajar Port

The Salt Department of the Central Government has transferred 647.8 acres of land in Ennore region to Kamarajar Port Ltd (formerly Ennore Port Ltd). Shipping Minister G.K. Vasan handed over a cheque for Rs 484 crore to E.M. Sudarasana Natchiappan, Minister of State for Commerce and Industry, for the salt land. A major chunk of the salt land will be put to commercial use by KPL for creating yard space to park cars and for free trade zones, among others, said M.A. Bhaskarachar, Chairman and Managing Director, KPL, at a function.

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China's manufacturing slows to eight-month low

China's manufacturing activities expanded at the slowest pace since June, amid government efforts to rein in credit and investment growth, according to the industry group China Federation of Logistics & Purchasing. The federation on Saturday released the purchasing managers index for February, which slid to 50.2, down from 50.5 in the previous month.

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Birla Sun Life MF launches new close-end equity fund

MUMBAI: Birla Sun Life Mutual Fund has launched a new fund 'Birla Sun Life Focused Equity Fund - series 2', which is a closed ended equity scheme investing in eligible securities as per Rajiv Gandhi Equity Savings Scheme, a company release said. The new fund offer, which has opened for subscription from February 26 and will close on March 14, 2014. 

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Jaypee Hydro to sell two hydro projects to TAQA for Rs 10,500 crore

Jaiprakash Power Ventures (JPVL), the flagship company of the Delhi-based Rs 20,000 crore Jaiprakash Group, is likely to sell two of its hydro power projects in Himachal Pradesh to Abu Dhabi government's energy and utilities firm TAQA for Rs 10,500 crore in deal likely to be signed today. The deal, part of the Jaiprakash Group's plan to cut its Rs 60,000 crore debt, follows months of negotiations between the two parties.

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