Tesco signs deal to enter India's supermarket sector

Tesco has signed a deal to become the first foreign supermarket to enter India's £330bn ($500bn) retail sector.

The retailer has agreed a joint venture with Trent Hypermarket Limited (THL), a unit of India's Tata Group which runs the country's Star Bazaar chain.

Tesco will invest about £85m in the 50-50 deal, following Indian government approval.

Until two years ago, foreign retailers had been banned from investing in the country's retail sector
.
Under the deal, THL will operate 12 supermarkets under the Star Bazaar and Star Daily banners in southern and western regions of India.

Tesco, which is the world's third largest retailer and the UK's biggest, has had an agreement to supply merchandise and technical support to THL since 2008.

Rules relaxed But it is now the first foreign firm to take a stake in an Indian retailer, 18 months after the country's government opened up the sector to global supermarket chains.

International firms are now able to buy up to a 51% stake in multi-brand retailers, but the decision has led to much opposition in the country.

The move to relax the rules in September 2012 came after a similar decision, in November 2011, was scrapped following widespread protests.

Rules stipulating that foreign supermarkets had to source 30% of their products from local firms were eased in August 2013 amid fears the rule was blocking investment.

The requirement remains, but foreign firms now have five years to hit the 30% target, allowing them to import goods from overseas initially.

Credit Suisse pays $885m to settle US mortgage case

Credit Suisse has agreed to pay $885m (£536m) to settle claims it mis-sold mortgage-backed securities in the US before the financial crisis.

The Swiss bank was accused of misleading US government-backed mortgage giants, Fannie Mae and Freddie Mac, over the quality of the products.

The two mortgage firms, which received government bailouts in 2008, will be paid $234m and $651m respectively.

More than $10.1bn has been recovered from banks in similar actions.

The Credit Suisse settlement is the ninth that the Federal Housing Finance Agency (FHFA) has reached over some $200bn in mortgage-backed securities - an investment product at the centre of the global financial crisis.

Since 2011 the FHFA, which oversees Fannie Mae and Freddie Mac, has filed 18 lawsuits against banks over the products.

Credit Suisse said the settlement resolved its biggest remaining mortgage-related lawsuit.

It covered $16.6bn of securities sold to the two mortgage companies between 2005 and 2007.

The bank said it would reduce previously reported 2013 annual earnings by 275m Swiss francs ($311m; £188m) as a result of the settlement.

Visa and MasterCard block Russian bank customers

Visa and MasterCard have blocked credit card services to some Russian bank customers as a result of US sanctions.

Four banks are so far affected, all of which have links to Russians blacklisted by the US.
Visa and MasterCard, both US-based companies, are forbidden from having any dealings with those targeted by the sanctions.
The banks, which said card services stopped without warning, have described the move as unlawful.
'Frozen out' One of the banks affected, Bank Rossiya, is described by the US as Russia's 15th largest, with assets of $12bn (£7.27bn).
The St Petersburg-based bank has been singled out by Washington as the personal bank for senior Russian officials. US officials said it would be "frozen out" from the dollar.
Russian President Vladimir Putin said Bank Rossiya had nothing to do with events in Crimea and promised to transfer his wages there.

Russian President Vladimir Putin has promised to protect Bank Rossiya

"I personally don't have an account there, but I certainly will open one on Monday," he told a meeting of Russia's Security Council.
President Putin also instructed the Russian central bank to step in, if needed, but the latter said the sanctions on Bank Rossiya did "not have a serious bearing on the lender's financial stability".
'Illegitimate' Visa and Mastercard also confirmed they had stopped providing services to SMP Bank, which is controlled by US-blacklisted brothers Arkady and Boris Rotenberg.

Continue reading the main story

“Start Quote

I personally don't have an account there, but I certainly will open one on Monday.”

Vladimir Putin Russian President

The bank, which is Russia's 39th biggest with $5bn in assets, called the actions "illegitimate" because its owners, rather than the bank itself, were the subject of sanctions.

Bank Rossiya's affiliate banks, Sobinbank and InvestKapitalBank, were also affected.
But Visa said more than 99% of its business in Russia was untouched by sanctions.
Russian shares fell sharply on Friday as investors weighed the impact of western sanctions over Ukraine.
The MICEX index, which is priced in roubles, fell as much as 3% and the RTS, which is priced in dollars fell 3.6%.
Stocks slumped after US President Barack Obama said sanctions might be extended to key parts of the Russian economy if Russia took further action in Ukraine.
Share falls Russia's mining, defence and natural resources sectors could all be targets.
Stocks recovered some ground during the day after Russian President Vladimir Putin moved to restore calm following the introduction of asset freezes and visa bans by the US against high ranking Russian officials.
The MICEX closed down 1% and the RTS index was down 1.3% at the end of the day.

Allies of the Russian president targeted by US sanctions include railways boss Vladimir Yakunin (left)

Although only banks with connections to high-ranking Russian officials have been targeted, Russian bank shares were broadly lower.
Shares in Sberbank, Russia's largest bank, closed 1.17% lower - having fallen 2.9% earlier on Friday, while shares in VTB Bank were 2.61% lower after falling 4.3% earlier in the day.
Other sectors were also hit. Gas giant Gazprom was down 0.9%, oil firm Lukoil ended the day 1.36% higher. Russian steel company NLMK closed 1.94% lower.
Shares in gas producer Novatek closed down 9.63%. The company is part owned by Gennady Timchenko, a shareholder in Bank Rossiya and one of the wealthy Russian businessmen targeted by Western sanctions.
Negative outlook Ratings agencies S&P and Fitch warned they were changing their outlook for the Russian economy to "negative" from "stable" - the first stage before a possible downgrade in the country's credit rating - because of the potential impact of sanctions.
Fitch said: "Since US and EU banks and investors may well be reluctant to lend to Russia under the current circumstances, the economy may slow further and the private sector may require official support."

President Putin's spokesman Dmitry Peskov criticised the move, suggesting it was not an objective decision and that somebody "ordered" it.
Russia's credit rating is currently BBB.
Meanwhile the rouble was stable on Friday having previously fallen sharply on Thursday evening in response to the announcement of further US sanctions.
Later on Friday morning Germany said it had decided to suspend approval of all defence-related exports to Russia.
Berlin ordered defence contractor Rheinmetall to halt delivery of combat simulation gear to Russia earlier this week.
The ministry spokesman said this was a "one-off" case, but future deals would also be blocked.
"The (Rheinmetall) case that you are talking about is a one-off case. Nevertheless it is true that given the current situation in Russia, we are not approving any exports of defence goods to this country at the moment," the spokesman said.

JSPL to stop buying metallurgical coal from Australia

Jindal Steel and Power will stop buying coking coal from Australia in three months from now as its own mines there start shipping, a top company official said, a move that could further soften prices of the commodity.

Recent coking, or metallurgical, coal price settlements by major miners showed a fall in the price of all coal types for the first quarter of 2014, underscoring a weak demand outlook from steelmakers in Asia.

"We get 50,000 tonnes per month from our mine in Mozambique and another 50,000 tonnes we buy from Australia," said V.R. Sharma, deputy managing director of Jindal Steel.

"But after three months we will not be buying because we have our own mines there," he told Reuters late on Tuesday.

Jindal Steel, headed by billionaire lawmaker Naveen Jindal, got access to 650 million tonnes of coking coal resources in October after buying a majority stake in Gujarat NRE Coking Coal, the Australian unit of Gujarat NRE Coke.

Gujarat NRE Coking's two mines, located in New South Wales, are currently producing 1.5 million tonnes per year and are expected to have an output of 5 million tonnes by 2016.

Australia is the world's largest coking coal exporter, with shipments expected to rise 6 per cent to 163.9 million tonnes this fiscal year ending March 31.

Sharma said Jindal Steel's coking coal consumption will more than double to 2.6 million tonnes by 2016 as it expands capacity. About 80 per cent of the coal will come from its mines abroad and the rest it will buy from the open market.

But unlike other Indian companies such as Steel Authority of India and Neyveli Lignite , Sharma said Jindal Steel was no longer looking to buy coal mines overseas as it has enough coking coal resources now.

India's coking coal imports are set to rise 6 per cent to 35 million tonnes this fiscal year ending March 31. Domestic output has been stagnant at 18 million tonnes per year as most reserves are in thickly populated areas

Indian companies' credit profiles improving: S&P

Indian companies are improving their credit profiles by selling equity and assets, or using free operating cash flows to reduce debt, Standard & Poor's Ratings Services said on Wednesday.

The quest to improve credit profiles comes after a weak economy and high interest rates have adversely impacted their cash flows, while companies are also refocusing on cutting debt after years of fast expansion.

S&P highlights infrastructure companies with high leverage are also considering selling assets or stakes in subsidiaries to cut down on their debt levels.

A degree where techie meets business smarts

 

Daniel Brisker, who graduated in 2009 with an undergraduate degree in biology, likes his job at MedImmune, a Maryland biotechnology company, where he grows and harvests cell cultures, but he also wanted to enhance his professional credentials. So he went back to school for a professional science master's degree - what some are calling a science MBA, a degree combining science knowledge with business skills.

"I wanted to expand my career horizon," said Brisker, 26, of Forestville, Md., "but I needed skills like project management to be able to expand into bioinformatics, where computers are used to process biological information, or environmental areas like plant growth."

Brisker, who graduates in May, enrolled at the online University of Maryland University College for the hybrid degree, which is becoming increasingly popular among science graduates who do not want to spend their careers in a laboratory at a time when data analysis and expertise are highly valued in a wide range of businesses.

Enrollment in professional science master's degree programs has risen 23 percent since 2010, to nearly 6,000 students in the fall of 2013, according to figures from the Council of Graduate Schools. The increase comes at a time when overall graduate enrollment is increasing in the single digits.

Most of the professional science master's degree students enroll in computer and information sciences. The next most popular areas are environmental sciences and natural resources, mathematics and statistics and, finally, biotechnology.

"Increasingly students are seeking degrees that prepare them for success in a wide range of professional settings," said Debra W. Stewart, the council's president. Employers, she said, place a premium on master's degrees in what are collectively known as STEM disciplines, an acronym for science, technology, engineering and mathematics.

"More than 90 percent of professional science master's graduates that we surveyed for 2013 were employed in a job related to their field of study," she said, "and 68 percent of those employed in full-time jobs said they were earning above $50,000."

The blended degree, she explained, "grew out of the realization that we needed to prepare students not with the degree their professors have, but with degrees that are needed in the workplace."

Universities began adopting the program in the late 1990s, aided by funding from the Alfred P. Sloan Foundation, which also helped start the National Professional Science Master's Association to provide support for program faculty and administrators. The Council of Graduate Schools tracks the program data, and the Keck Graduate Institute, in Claremont, Calif., oversees the professional science master's programs across the country.

Nearly 140 educational institutions, including major public university systems in Arizona, California and New York, offer the interdisciplinary degree. At the University of Maryland University College, students can choose from five online professional master's degrees, said Rana Khan, chairwoman of the information and technology systems department, "to give students an option other than a Ph.D." In the last three years, the online school has graduated 525 students with professional science master's degrees.

The master's program requires that students complete a project or internship that provides cross training in business, she noted. To find employers willing to host student projects, she said, the program reached out to biotech incubators, which nurture tech start-ups and innovation.

"This has worked out well because startups usually don't have enough personnel and resources so they are happy to have someone to do the market, product or competitor analyses," Khan said.

More than 80 percent of the University College students are employed. Many are in their early 20s and more than half are women, she said. Three-fourths of those enrolled have a degree in biology or another science. Because most students have jobs, they enroll in two classes a semester and take an average of three years to complete the master's program, according to figures the university provided.

Students, like Brisker, take 36 credits in courses in sciences as well as project management, regulatory affairs, marketing and finance. Tuition is just under $18,000 for an out-of-state resident.

Brisker was taking University of Maryland courses in environmental health when he heard about the University College master's program.

"It made a lot more sense to get the master's degree in biotechnology, specializing in bioinformatics," he said, "to be able to analyze and create programs to better understand how medications interact with patients and find the best type to treat cancer or another illness."

"It also opens the way to a higher pay grade," he added. And there is an added dividend of a better workplace title, he noted.

"Now we are called technicians. With a master's degree, we are called scientists."

But not every professional master's degree student is steeped in science before acquiring the business skills offered in the program. Joanna Naymark, 29, of Saratoga, Calif., for example, had little science background. She had a degree in communications from UCLA and worked in corporate public relations before she joined a genomics startup, helping to profile people's disease risk.

She had done some genetic engineering research in college, but the startup "reignited my passion for the area."

She began taking science courses, including biology, at UC Berkeley Extension, then learned about Keck Graduate Institute's professional science master's, where she could study business and biotechnology. She started in fall 2012 and has "been able to work on teams doing projects in pharma and biotech, including a project with the City of Hope hospital to look for a commercial path for an oncology treatment," she said.

When she graduates this year, she says, "I want to look into venture capital and investing in biotech. This experience has really gotten me interested in pursuing that area."

Unease grows among US doctors over Indian medicines

Washington/New York:

Some U.S. doctors are becoming concerned about the quality of generic drugs supplied by Indian manufacturers following a flurry of recalls and import bans by the Food and Drug Administration.

India supplies about 40 per cent of generic and over-the-counter drugs used in the United States, making it the second-biggest supplier after Canada.

In recent months, the FDA, citing quality control problems ranging from data manipulation to sanitation, has banned the importation of products from Ranbaxy Laboratories Ltd , Wockhardt Ltd and, most recently, Sun Pharmaceutical Industries Ltd .

"I'm just beginning to realize the gravity of the problem," said Dr. Steven Nissen, head of cardiology at the Cleveland Clinic. "It's terrible and it is starting to get a lot of traction among physicians."

Indian drugmakers are by no means the only companies to recall products or be warned by the FDA about manufacturing problems. For instance, quality control failures at Johnson & Johnson forced the company to recall dozens of products over the past five years, ranging from artificial hips to children's Tylenol.

India's drugmakers, a $14 billion, or Rs. 85,400 crore industry, reject any criticism that their products are inferior to drugs made in other countries.

"We have heard doctors making generalized statements, without being specific on any product or company," said D.G. Shah, Secretary General of the Indian Pharmaceutical Alliance, a trade group representing large Indian drugmakers. "This is a deliberate and serious campaign to malign the Indian generic industry."

Generic drugs account for nearly 85 per cent of medicines prescribed in the United States and the government is relying on them to help rein in healthcare costs.

"We are losing control over what people are swallowing," said Dr. Harry Lever, a cardiologist at the Cleveland Clinic who is trying raise awareness of the matter among U.S. lawmakers. "Now, when a patient comes in who is not doing well, the first thing I do is look at their drugs and find out who makes it."

Increasingly, Lever said, he is recommending patients seek out generic drugs from specific manufacturers outside India.

"I'm tending to stay away from India," he said. "There's something wrong. Too many things are happening."

Indian physicians do not share the concerns.

"Our drugs are being sold in many countries and being accepted, so we have no issues," said Narendra Saini, Secretary General of the Indian Medical Association, a voluntary body of 215,000 doctors. "How do I know that Western drugs are better than our drugs?"

A 2012 report by the Indian parliament alleged collusion between pharmaceutical firms and officials at the Central Drugs Standard Control Organization (CDSCO), the country's drugs regulator, and described an agency that was both understaffed and underqualified.

Saini said physicians trust that the CDSCO is taking care of the quality and the standard of the drugs made in India.

Representatives of Ranbaxy, Sun and Wockhardt were not immediately available to comment.

FDA Commissioner Margaret Hamburg, who recently returned from her first official visit to India, is urging greater collaboration between the two countries. During her visit, the FDA and India's Ministry of Health and Family Welfare signed a statement of intent to cooperate to prevent the distribution of unsafe drugs.

Shortly afterwards, India's drug controller general, G.N. Singh, said in an interview that the country will follow its own quality standards.

"The FDA may regulate its country, but it can't regulate India on how India has to behave or how to deliver," he said.

The array of recalls and warning letters can be dizzying.

Ranbaxy recently recalled more than 64,000 bottles of a generic cholesterol-lowering drug after doses were mixed up in a bottle, and Sun began recalling 2,528 bottles of a diabetes drug after a bottle was found to contain an epilepsy treatment.

Those mix-ups follow a recall in January by Dr. Reddy's Laboratories Ltd of more than 58,000 bottles of its heartburn drug lansoprazole due to a microbial contamination.

Delhi High Court agrees to hear NTPC power pricing appeal

Delhi's High Court agreed on Wednesday to hear a petition by state-run power producer NTPC Ltd challenging a recent regulatory ruling on electricity pricing, the company said.

The Central Electricity Regulatory Commission said last month that it would tighten incentive structures on capacity utilisation and tax treatments for NTPC, sending shares in India's top power producer down sharply to a five-year low.

Analysts predict that the new pricing structure will likely hit NTPC's earnings.

The High Court will hear the company's petition at the next hearing on May 19, NTPC said.

Shares in NTPC were up 0.2 percent at Rs. 118.1 per share by 1330 IST, outperforming a flat S&P Sensex, the 30-share benchmark index.

Gold futures down on weak global cues

Gold futures prices today moved down by 0.33 per cent to Rs. 29,690 per 10 grams in line with
weak global cues.

At the Multi Commodity Exchange, the June contract of the metal fell by Rs. 99, or 0.33 per cent, to Rs. 29,690 per 10 gram in business turnover of 170 lots.

The April contract declined Rs. 43, or 0.14 per cent, to Rs. 30,162 per 10 gram in 2,157 lots.

Analysts said a weak trend in overseas markets, as investors awaited the end of the US Federal Reserve's two-day policy meeting and assessed the situation in Ukraine, weighed on gold futures here.

Globally, gold fell to two a one-week low of $1,356.62 an ounce in Singapore.

Alstom T&D India bags Rs 161 cr order from Power Grid

Alstom T&D India has bagged a Euro 20.1 million contract from state-run Power Grid Corporation for supplying equipment at various centres in North India.
  
"Alstom T&D India has secured a Euro 20.1 million (Rs. 161 crore) contract from Power Grid for upgrading transmission substations at 14 sites across five Indian states, and reactors at Bhiwani (Haryana)," the company said in a statement.
  
The expansion will reduce transmission line overloading and improve grid stability in North India, the statement said.
  
"This prestigious and challenging project reaffirms our leadership position in the turnkey substation market.

Substations to be upgraded include one at Bhiwani and also substations at Hissar, Allahabad, Kanpur, Singrauli, Kota, Koteshwar, Rajpura, Panchkula, Patiala, Dhuri, Makhu, Mukstar and Nakodar in the northern region of the country," Rathin Basu, Managing Director of Alstom T&D India, said.
  
The turnkey project covers the design, manufacturing, supply, erection, testing and commissioning of air-insulated equipment, etc along with civil works.
  
The equipment for the project will be manufactured at Alstom T&D India's manufacturing facilities across India, the statement said.
  
The Bhiwani switchyard is centrally connected and feeds power to Punjab, Himachal Pradesh and Uttar Pradesh.
  
This strengthens the Haryana state transmission system and ensures a secure, reliable supply of power across North India, the statement said.

MCX-SX licence case: CBI working with 'crazy logic', says Bhave

Former Sebi chief C B Bhave has hit back at the CBI for working with a "crazy logic" and ignoring facts while registering a Preliminary Enquiry against him and another former Sebi official for granting a licence to MCX Stock Exchange, which first started operations in 2008 with its currency derivatives segment.
Bhave said the CBI move is based on permission given by him as Sebi Chairman to Jignesh Shah to start a currency exchange when there was a proceeding by the income-tax department against him.
"CBI chose to ignore the fact that IT department found no merit in its probe against Shah. And yet chose to file a criminal PE against me... All that we heard from media reports that by giving Jignesh Shah the licensee we gave him undue benefit. While this is silly because any licence can result in a benefit, they should find out if MCX-SX has made any profits," he said.
It's a completely crazy logic that CBI has. As regulators, we found that there was a need to create and encourage competition. NSE was the dominant player in the currency derivatives market and BSE was unable to compete with NSE. So by licensing a third party, in this case Shah's MCX-SX we helped create competition. Is that a crime?" Bhave added.
The former bureaucrat said the CBI must probe him if it has any evidence, but the investigative agency would have to "publicly apologise" to him for tarnishing his reputation if they find no substance.
When asked whether actions taken by Sebi against Sahara and other corporate entities during his tenure could be linked to the present case, Bhave said, "I have no idea and there is no way of knowing the same unless they (CBI) share something with us.
"Whatever I know is from newspaper reports. They have not shared anything with us and have not contacted us yet."
Bhave has been credited with several path-breaking orders and decisions taken by the capital markets regulator and the CBI move against him has evoked sharp reactions from many former bureaucrats including ex-CAG Vinod Rai as also by Union Minister Jairam Ramesh.
Bhave, Sebi's former whole-time member K M Abraham, Jignesh Shah-led FTIL and MCX have been named in the PE.
MCX-SX, which was set up by FTIL and MCX, was initially given licence to operate in a limited segment of currency derivatives in 2008, but Sebi refused permission to allow it to act as a full-fledged bourse for years as it was not found to be in compliance with existing regulations for the same.
Incidentally, it was Abaraham's order in September 2010 that rejected MCX-SX application for a full-fledged exchange, saying it was not in compliance with shareholding regulations and it was not a 'fit and proper' entity for such a business.
MCX-SX could launch services as a full-fledged bourse only last year after it met all the necessary regulations and conditions imposed by Sebi.
Rejecting CBI's assertion that it was prima facie a criminal act on his part, Bhave said, "The argument makes no sense. According to CBI, I have committed a further a criminal act by giving Shah extra time to comply with the regulations.
The CBI is looking into this matter five years after the permission was granted.
"The logic seems to be that the people like Shah against whom there is any enquiry by a governmental agency should not be given any permission. If such permissions are given, the criminality of the acts of permission-givers will be investigated by the CBI," he said.

Shriram City plans to raise up to Rs. 200 cr via NCDs

Shriram City Union Finance is planning to raise up to Rs. 200 crore through non-convertible debentures (NCDs) to support financing activities.
  
The company is proposing to raise Rs. 100 crore, with an option to retain over subscription to the extent of another Rs. 100 crore.
  
NCDs are loan-linked securities issued by a company and cannot be converted into stocks and usually carry a higher interest rate than a convertible debenture.
  
The funds raised through the issue are to be used for financing and lending activities, to repay existing loans and meet business operations including for capital expenditure and working capital requirements.
  
"Public issue by Shriram City of secured redeemable NCDs of face value of Rs. 1,000 each aggregating up to Rs. 100 crore with an option to retain over subscription up to Rs. 100 crore for issuance of additional NCDs aggregating to a total of up to Rs. 200 crore," the company said in a draft prospectus filed with Sebi.
  
ICICI Securities and A K Capital Services are the lead managers to the proposed issue. The NCDs are proposed to be listed on the BSE.
  
Earlier in December, the company had garnered around Rs. 154 crore against the base size of Rs. 100 crore.
  
Shriram City Union Finance, part of Shriram Group, has a comprehensive range of offerings comprising finance for vehicles, personal loans, small business loans and loan against gold.

FMC levies penalty on members for not collecting margin money

Commodity markets regulator FMC has decided to levy up to 5 per cent penalty - of the shortfall in the required margin money - on members of the national commodity bourses from April 1 for failing to collect the required amount from clients.
   
Exchanges have also been asked to put in place a suitable mechanism to enable members report collection of all margins from their clients at the end of each trading day and to report short collection and non-collection on fifth day.
   
Members, also called brokers, are required to collect the 'margin money' from clients which is later deposited with the exchange. Margin money includes a percentage of the value of commodity that a client is keen to trade.
   
FMC has issued fresh guidelines as the regulator has noticed several instances of non-collection and short collection of margins by members from their clients during inspection of their books of accounts.
   
As per new guidelines, a penalty of 5 per cent of the shortfall in margin money would be imposed on members who are repeated defaulters.
   
One per cent would be levied on each day if members fail to collect the margin money for more than three consecutive days after trading plus two working days (T2). The same penalty would be imposed from the day one if initial margin is not collected.
   
The new guidelines will come into force from April 1.    

FMC said members will have to collect upfront initial margins from their clients. They are given time till 'T2' working days to collect margins (except initial margins) from their clients.
   
Members are required to report to the exchange on T5 day, the actual short collection/non collection of all margins from clients, it said.
   
The penalties collected should be credited to the Investor Protection Fund. The exchanges are directed to submit the report on the penalties to the FMC by the 10th day of the following month.
   
FMC said that incorrect reporting on collection of margin would attract members a penalty of 100 per cent of amount short collected.
   
There are six national bourses -- MCX, NCDEX, NMCE, ICEX, ACE and UCX and 11 regional level bourses in the country.

BJP not very different from Congress: Rajiv Bajaj

In a candid chat, Rajiv Bajaj, Managing Director at Bajaj Auto, put out his thoughts on political parties in auto terms. He called the Congress to be similar to Bajaj Chetak, with glory days behind. He likened the BJP to Hero's Splendor model - slightly different than Chetak, but the same animal - and the AAP to Bajaj's Pulsar - not for everyone but loved by some.

Here's an edited transcript of the interview.

On Arvind Kejriwal

I will make a couple of comments in this regard. You are responsible for people thinking that I was going to stand for AAP in the Lok Sabha elections because it was by virtue of your interview that all this got started. So give me a couple of minutes to explain that. You have correctly said , I mean on the show I did mention that I am a friend of Arvind Kejriwal, if I may say so, I resonate with his thoughts , I am a supporter , I am a well-wisher and I said I am a fan. And I left it at that because it was my personal opinion about an individual as much I had understood about him from my interactions with him. I said very clearly subsequently that I am absolutely indifferent to politics and I am ignorant of AAP as a party. In a sense, I don't know much about AAP as a party. But I know a little more about Arvind Kejriwal and I like what I see there.

On Congress

For me if I were to give you an analogy from the work that I do, to me the Congress as I see from the outside and again the disclaimer is that I don't know much about politics and I have no intention of knowing anymore more than I do . But to me the Congress is a bit like the (Bajaj) Chetak. It has had its days and right now doesn't seem very relevant, or it has not kept itself very relevant. I am a believer that corruption has a lot to do with it. Because I come from the belief that corruption is a thousand headed monster, it is at the root of the many other symptoms that we see around us, such as poor infrastructure, poor education, atrocity against women, policy paralysis etc. I think at the root of all of these is the issue of corruption - either there is rampant corruption & scams or the fact that apparently people in government, like bureaucrats, are now hesitant, tentative to act because they are afraid that they may be liable for something in the future. So when viewed in this broad sense I think corruption is a huge issue that hangs over the Congress party right now.

On BJP

My own view, my personal view about the BJP is that it's a bit like what the (Hero) Splendor was to the (Bajaj) Chetak. It's new and improved, it's a little better and different, but frankly it's the same animal. You know I have been in the business for 23 years and my humble submission would be that I have not seen any reason to believe that when it comes to the issue of good & clean governance the BJP is any better than the Congress. So for me that's not really an alternative as an individual citizen of this country.

On Aam Admi Party

To me the AAP is a bit like the (Bajaj) Pulsar. It is clearly different, it creates a space of its own and you may like it or you may hate it, but you cannot ignore it. It might flatter to deceive, it may not be for everyone, it's certainly not for the office guy that wants to commute back and forth or want to take his wife and two kids out, maybe the Pulsar is not for him. So the Pulsar is not for everyone but it is sharp and runs deep with those for whom is intended to be. So you know on the basis of that analogy I would say that Arvind and AAP have carved out a very distinct space for themselves and I think if I may say so they have done a fantastic marketing job.

What is marketing? Marketing is about having a unique position in the mind of the customers. They have a unique position today. Anti-corruption, willing to give up the CM position in 49 days but not willing apparently to compromise on principles is a unique position. Marketing is about having a great name. I think AAP is a great name. Marketing is having a great tagline. I think 'Mujhe Chahiye Saccha Swaraj' is a great tagline. I think marketing is having a great logo and I think "Jhadoo" is great logo. I think marketing is about being consistent to the point of being boring and rhetorical. I think I see that as well whenever I hear Arvind's speech. So I think they have done a fantastic marketing job. And if I think of myself as a little bit of marketing person, that marketing person in me like what I see.

On Rahul Gandhi

I have had the occasion of meeting Rahul Gandhi more than once and I have found him to be a very likable person. I enjoyed meeting with him. I have found him quite bright and sincere.

On Narendra Modi

I have never met Mr Modi so I have no opinion to offer on him.

On Arvind Kejriwal

Arvind Kejriwal, of course, I have known better as I have had occasions to meet him more. The difference to me is that Arvind as an individual, for the way he thinks, the way he presents himself, what he says he intends to do, I find it not only appealling but I also find it inspirational. And that is why I said that I am a well-wisher, to the point of being a fan.

On leadership

I have always believed as I said to you the last time we spoke that what really matters is leadership. I will venture to say this about the BJP, that in this election without Modi, BJP is a completely different proposition compared to what it is with Mr Modi. Similarly AAP without Arvind Kejriwal is not half the party that it is. So as I said the last time we must always bet on leaders and leadership. Leadership will percolate down. Will everybody be as bright as Arvind, will everybody be as honest as Modi, perhaps not. But I don't think that matters. That does not define the effectiveness of what the party does. Just as in Bajaj Auto everybody may not be able to qualitatively match up to Rahul Bajaj. But that doesn't mean Bajaj Auto doesn't do relatively well in the market place compared to its peers. So focus less on the party and more on the leadership. And speaking of individual leadership what has appealed to me the most and has inspired me the most is the leadership that is coming from Arvind Kejriwal.

Are hopes from new governent too high ?

I would say that I am not an economist or a business person in the CII sense of businessmen. Let me give you few examples. Look at the aviation industry. It seems to be a horrible place to be in. Now, if the aviation industry was only about Air India and Indian Airlines, Kingfisher and even Jet by that measure we would be tempted to conclude that 'Yeh to Aisa he Hai'. There will be no discipline, service, timeliness, profitability etc. But in the same environment when there is a IndiGo of which Aditya Ghosh has done such a remarkable job, suddenly you have contrast and you may say that 'Aisa Bhi Ho Sakta Hai'. If you look at the last 2-3 years, the IT industry when Infosys was apparently having few hiccups and Wipro was kind of fading a bit, you look at what Chandrasekaran was doing at TCS. They could not do anything wrong. Every time I saw their results I really envied Chandra and his team. What I am trying to say is that we must not so easily find an excuse in this theory of external environment. That problems of this world, the US, Italy, Greece, Spain and all this kind of nonsense (are responsible for the Indian slowdown). I am a firm believer that most of these goals we have scored against ourselves. What exactly went wrong, this is a matter of great debate. But I believe that just as there is IndiGo, a TCS, a Sun Pharma and if I may say so, there is a Bajaj Auto which can shine in their respective industries although their industries were not doing very well, Iam sure with the right government in place India can achieve the kind of goals that you spoke about earlier.

General Motors recall faces US investigation

 US congressional committee has said it is investigating General Motors' recall of nearly 1.6 million vehicles over faulty ignition switches.

The problem could turn off the engine in affected vehicles while they were being driven, disabling the airbags.

The carmaker announced the recall last month, but it has admitted employees knew about the defect as early as 2004.

The issue has been linked to 13 deaths and GM has also launched an internal investigation into the matter.

Meanwhile, a recent report by the New York Times claimed that the US safety regulator had received more than 260 complaints over the past 11 years about GM vehicles that "suddenly turned off while being driven".

"But they declined to investigate the problem," the report alleged.

The US House Energy and Commerce Committee said that it is also investigating the National Highway Traffic and Safety Administration's (NHTSA) response to consumer complaints related to the problem.

Fred Upton, chairman of the committee, said: "Did the company or regulators miss something that could have flagged these problems sooner?"

He added: "We plan to seek detailed information from both NHTSA and GM and will hold a hearing in the coming weeks."

The recall covers six models: the 2005-07 Chevrolet Cobalt, 2006-07 Chevrolet HHR, 2007 Pontiac G5, 2006-07 Pontiac Solstice, 2003-07 Saturn Ion, and 2007 Saturn Sky.

'Unvarnished report'

Recalls are not uncommon in the industry.

However, the issue is being linked to deaths and General Motors' admission that employees knew about the defect for many years may prove tricky for the company.

The NHTSA has already demanded detailed information from GM about when it knew of the problem and how it handled it.

The carmaker could face fines if the regulators rule that it took too long to report safety issues.

Mary Barra has promised a thorough investigation into the matter

The company also faces recall and repair costs as well as potential liability claims.

On Monday, the company said it had hired Anton Valukas, the Chicago-based lawyer who led the court-ordered investigation of the collapse of Lehman Brothers in 2008, to lead its internal inquiry into the matter.

GM spokesman Selim Bingol said Mr Valukas "has been charged to go where the facts take him and give the company an unvarnished report on what happened".

The recall and the related investigations are the first major challenge for the new chief executive, Mary Barra.

It also comes as GM reported a 22% drop in profits for 2013, hurt by disappointing performance outside North America.

GM made a net profit of $3.77bn (£2.31bn) for the last financial year, down from $4.86bn (£2.98bn) recorded in 2012.

Realty transfers for the week of Nov. 24, 2013

The Roanoke Times lists real estate transfers from the Roanoke Valley weekly as a matter of public record. Go online at http://ww2.roanoke.com/realty/ to search for recent land transfers. 

Firestone, R. Bennett and Carole W. Firestone to Sally B. I’Anson and Lawrence W. I’Anson III, 2510 Stanley Ave. S.E. Roanoke VA 24014, $330,000 10/30/2013.

Roanoke Valley Society for the Prevention of Cruelty to Animals to City of Roanoke VA, Town of Vinton VA, County of Roanoke VA and County of Botetourt VA, 1510 Baldwin Ave. S.E. Roanoke VA 24013, $2,136,443 11/01/2013.

$200,000 to $300,000

Broschart, James R. and Kay R. Broschart to Michael P. Lauman and Joan W. Lauman, 2716 Crystal Spring Ave. Roanoke VA 24014, $249,500 10/30/2013.

Pheasant Ridge Condominiums to Janice L. Zehringer, 4444 Pheasant Ridge Road Roanoke VA 24014, $200,000 10/29/2013.

Samuel I. White PC to Federal Home Loan Mortgage Corp., 2401 Stanley Ave. S.E. Roanoke VA 24014, $275,000 10/28/2013.

$100,000 to $200,000

ALG Trustee LLC to Nationstar Mortgage Inc., 1102 Hanover Ave. N.W. Roanoke VA 24016, $136,652 10/30/2013.

Anderson, Tess A. to Rickie E. Stead and Christine A. Stead, 1334 Woodbine St. S.E. Roanoke VA 24014, $104,500 10/31/2013.

Beckner, David L. to James R. Brochart and Kay R. Brochart, 114 Windward Drive S.W. Roanoke VA 24018, $131,000 10/30/2013.

BKC Properties Inc. to Harold R. Hayslett and Loretta S. Hayslett, 1708 Dudding St. S.W. Roanoke VA 24015, $120,000 11/01/2013.

Bono, Steven J. to Troy D. Kaase and Kristin W. Kaase, 1551 Shannon St. S.E. Roanoke VA 24014, $134,000 10/31/2013.

Brooks, Donald W. to Ronnie W. Stout Jr., 5050 Youngwood Drive N.W. Roanoke VA 24017, $129,500 10/31/2013.

Cargill, William and Matt O’Bryan to Kevin L. Hallmark and Annie M. Hallmark, 4421 Airview Road N.W. Roanoke VA 24017, $149,950 10/31/2013.

F.W. Webb Properties LLC to Roger L. Guilliams, 3733 Springvale St. S.E. Roanoke VA 24014, $100,000 10/30/2013.

Habitat for Humanity in the Roanoke Valley Inc. to Devi Wagley and Lachhi Wagley, 806 Marshall Ave. S.W. Roanoke VA 24016, $118,000 10/30/2013.

Habitat for Humanity in the Roanoke Valley Inc. to Leela Neopaney and Krishna Neopaney, 825 Day Ave. S.W. Roanoke VA 24016, $118,000 10/30/2013.

Harper, Kenneth L. and Melissa R. Harper to Mandy M. Reed and Adam S. Reed, 2444 Memorial Ave. S.W. Roanoke VA 24015, $130,000 10/30/2013.

Hodges, Elton W. Jr. to Paul E. Clark and Whitney E. Clark, 4409 Old Virginia St. N.E. Roanoke VA 24019, $117,500 11/01/2013.

HSBC Bank NA to Robert Lawson, 2549 Inglewood Road S.W. Roanoke VA 24015, $154,900 10/28/2013.

Hunt, Patricia J. to Scott D. and Tatiana Lorca, 501 Arbutus Ave. S.E. Roanoke VA 24014, $138,000 10/28/2013.

Samuel I. White PC to Secretary of Housing and Urban Development, 2535 Spring Road Roanoke VA 24015, $120,915 10/30/2013.

Shelton, Craig B. and Rachel K. Shelton to Andre L. Douglas, 4714 Meadow Crossing Lane N.E. Roanoke VA 24019, $174,900 10/31/2013.

Sink, John R. to Jonathan W. Dodson, 3431 Greenland Ave. N.W. Roanoke VA 24012, $117,500 11/01/2013.

Tyree, Larry D. and Debra C. Tyree to PR Condo Holdings LLC, 4448 Pheasant Ridge Road Roanoke VA 24014, $179,000 10/28/2013.

Wall, John III and Kamala Bauers to Ronnie R. Cooper and Pamela L. Cooper, 2739 Grandin Road S.W. Roanoke VA 24015, $160,000 10/28/2013.

$50,000 to $100,000

Beneficial Financial I Inc. to Hans-Andreas Stowasser, 3761 Long Meadow Ave. N.W. Roanoke VA 24017, $58,000 10/30/2013.

Blankenship, Cory R. and Brittany P. to Lisa Sheroke, 3612 Baltimore Ave. S.E. Roanoke VA 24014, $74,000 10/31/2013.

Deutsche Bank National Trust Co. to Andres Pascal and Ashley R. Overbay, 1729 19th St. N.E. Roanoke VA 24012, $65,000 10/29/2013.

Equity Trustees LLC to Wells Fargo Bank, 1001 Bullitt Ave. S.E. Roanoke VA 24013, $68,252 10/30/2013.

Federal National Mortgage Association to Kathyrn L. Broyles, 168 Hurst Ave. N.E. Roanoke VA 24012, $79,900 10/28/2013.

Gill, Christopher E. to Susan R. Stiglich, 402 Columbia St. N.E. Roanoke VA 24019, $82,495 10/29/2013.

Johnson, Keith C. and Cora L. Johnson to Anthony D. Haupt, 3805 Melrose Ave. N.W. Roanoke VA 24017, $90,000 11/01/2013.

Kim, Ok H. to Alan R. Joseph, 813 Eighth St. N.W. Roanoke VA 24016, $61,500 10/30/2013.

Logan, Helen A. to Anne Silber and Gershon Silber, 735 Riverland Road S.E. Roanoke VA 24012, $95,000 11/01/2013.

Ocwen Loan Servicing LLC to Eric Gillard, 2639 Marr St. N.W. Roanoke VA 24012, $74,999 10/30/2013.

Paivanas, Gust A. II to Dustin W. Lovelace and Astacia L. Lovelace, 2340 Ridgefield St. N.E. Roanoke VA 24012, $53,000 10/29/2013.

Professional Foreclosure Corp. of VA to One West Bank FSB, 2318 Shull Road Roanoke VA 24012, $60,000 10/28/2013.

Quick Fix Real Estate LLC to Rebekah A. Hertzberg, 2127 Courtland Road N.E. Roanoke VA 24012, $59,000 11/01/2013.

Slusser, Earl V. to Denny A. Reid and Beverly J. Reid, 2207 10th St. N.W. Roanoke VA 24012, $72,000 10/28/2013.

Smith, Thomas M. to David C. Venable and Mary G. Venable, 2212 Denniston Ave. S.W. Roanoke VA 24013, $83,000 11/01/2013.

Stroop Gardner, Betty N. to Bobby L. Smith and Pamela G. Smith, 723 Mecca St. N.E. Roanoke VA 24012, $74,800 10/30/2013.

Surety Trustees to Beneficial Financial I Inc., 2403 Vancouver Drive N.W. Roanoke VA 24012, $74,700 10/29/2013.

Roanoke County

Over $300,000

Brock, John G. and Whitney C. Brock to Jean P. Campbell and Winston Patterson, 5409 Village Run Roanoke VA 24018, $360,000 10/31/2013.

Brown, Thomas L. and Lisa P. Brown to Mark E. Chubik and Christine M. Chubik, 5819 Salisbury Drive Roanoke VA 24018, $625,000 11/01/2013.

Justice, Bryan T. and Jennifer Justice to Dirk Carvalho and Kavita Mascarenhas, 6114 Renoir Lane Roanoke VA 24018, $315,000 10/31/2013.

Money Management International Inc. to Consigning Women Real Estate LLC, 7000 Peters Creek Road Roanoke VA 24019, $375,500 10/30/2013.

Russlen Farms Development LLC to Shane P. Dabbs and Annette Dabbs, 2506 Russlen Drive Salem VA 24153, $380,000 10/31/2013.

South Peak Residences LLC to Larry D. Tyree and Debra C. Tyree, 5420 The Peaks Drive Roanoke VA 24018, $375,000 10/28/2013.

$200,000 to $300,000

Beasley, T. Howard III to Roanoke Valley Chapter Izaak Walton League, unimproved lot on Boones Chapel Road Boones Mill VA 24065, $200,000 10/31/2013.

Commonwealth Trustees to Federal National Mortgage Association, 5737 Cavalier Drive Roanoke VA 24018, $291,508 10/30/2013.

Craighead, Michael D. and Kelly Craighead to Justin E. Johnson and Jennifer L. Johnson, 6005 Windcrest Lane Roanoke VA 24012, $245,000 10/31/2013.

Danner, James D. and Cheryl J. Danner to Robert B. King, 3163 Clayview Circle Salem VA 24153, $270,000 10/28/2013.

Foster, Brandon T. and Jennifer L. Foster to Shelly M. Dehart, 7890 Whistler Drive Roanoke VA 24018, $224,900 11/01/2013.

Hanna, Blair Jr. to John N. Begasse, 365 Spring Grove Drive Vinton VA 24179, $208,000 10/28/2013.

Jerkins, Michael B. and Maria D. Jenkins to Terran R. Roberts and Ana M. Roberts, 6729 Albert Road Roanoke VA 24019, $219,500 10/31/2013.

Maldonado, Ragan M. and Lauren A. Maldonado to Latoya L. Curry, 220 Minnie Bell Lane Vinton VA 24179, $249,950 10/31/2013.

Ogle, Larry T. Jr. and Stephanie L. Ogle to Gibson M. Brown and Joanna C. Brown, 3543 Bradshaw Road Salem VA 24153, $203,000 11/01/2013.

Ringer, James B. and others to Thomas L. Brown and Lisa P. Brown, 3564 Grandin Road Extension Roanoke VA 24018, $260,000 11/01/2013.

Ross, Carolyn M. to Sean A. Nix and Jennifer E. Nix, 4534 Summerset Circle S.W. Roanoke VA 24018, $246,000 10/28/2013.

Summers, Benjamin C. to Patricia L. Holmes, 4002 Parkway Place Drive Roanoke VA 24018, $244,950 10/28/2013.

Thompson, Paul E. and Nancy C. Thompson to William W. Traylor and Barbara C. Traylor, 5410 Orchard Villas Circle Roanoke VA 24019, $263,000 10/31/2013.

Tinker Creek Developers LLC to George J. Fulk and Wanda L. Fulk, 736 Seneca Drive Roanoke VA 24019, $225,000 11/01/2013.

$100,000 to $200,000

Bishop, William H. Jr. to Steven F. Lawrence and Alison S. Lawrence, 5570 Meadowcrest St. Roanoke VA 24019, $154,000 10/29/2013.

Boush, David P. to Gina S. Gray, 3539 Overbrook Drive Roanoke VA 24018, $162,958 10/30/2013.

Brown, Gabriel M. to Allen L. Janney and Sarah Janney, 6025 Steeplechase Drive Roanoke VA 24018, $199,500 10/31/2013.

Broyles, Linda R. to June E. Custer, 7184 Red Cedar Circle Roanoke VA 24019, $118,450 10/30/2013.

Carmagnola, Steven T. and Jill A. Carmagnola to James M. Lane and Angela D. Lane, 6715 Jasmine Circle Roanoke VA 24019, $167,900 10/31/2013.

Craighead, Leslie G. to Jess M. Hoch and Danielia A. Hoch, 3311 Fleetwood Ave. S.W. Roanoke VA 24015, $154,950 10/28/2013.

Day, Michael A. to Alecia R. Smith, 7982 Forest Edge Drive Roanoke VA 24018, $197,000 11/01/2013.

Equity Trustees LLC to Wells Fargo Bank NA, 519 Aragon Drive Vinton VA 24179, $122,450 10/30/2013.

Fitzgerald, Brian E. to Brent M. Townley, 130 Augusta Ave. Vinton VA 24179, $107,500 10/31/2013.

Freedom First FCU to Robert W. Woodward, 3511 Pinevale Road Roanoke VA 24018, $150,000 10/31/2013.

Fulton, Josephine B. to Scott Jordan and Joyce W. Jordan, 5515 Littleton Road Roanoke VA 24019, $125,000 10/31/2013.

Grimes, James J. and Marguerite D. Grimes to Joshua B. Pegram, 3212 Rasmont Road 24018, $176,800 11/01/2013.

Helton, Carolyn G. to Rebecca G. Dennis, 2680 Belle Haven Drive Roanoke VA 24019, $100,000 10/31/2013.

Household Realty Corp. to Sherry Frantz, 2759 Hillbrook Drive Roanoke VA 24018, $118,000 10/30/2013.

King, Diann L. and others to Elton W. Hodges Jr., 7061 Autumn Wood Lane Roanoke VA 24019, $179,950 11/01/2013.

Limroth, Alcie F. to David J. Mandakis, 3405 Kenmore Ave. Roanoke VA 24018, $100,000 10/29/2013.

MacRae, Scott A. and Denise M. MacRae to Christopher E. Gill, 6026 Village Lane Roanoke VA 24019, $169,950 10/30/2013.

Meador, J. Michael and Patricia C. Meador to Laura E. Fuller, 3706 Glade Hill Circle Roanoke VA 24012, $194,000 10/28/2013.

Professional Foreclosure Corp. of Virginia to Federal National Mortgage Association, 8311 Reservoir Road Roanoke VA 24019, $109,101 11/01/2013.

Rakes, Larry G. and Patricia E. Rakes to Joyce M. Martin 517 Greenwich Drive Roanoke VA 24019, $135,500 10/30/2013.

Secretary of Housing and Urban Development to Southwood Management Inc., 2176 Horn Circle Vinton VA 24179, $101,652 11/01/2013.

Secretary of Veterans Affairs to Geenway Construction Inc., 1531 Mountain View Road Vinton VA 24179, $117,000 10/28/2013.

Shifflett, Raymond W. III to Pedro Monclova and Katherine L. Monclova, 1430 Arrow Drive Salem VA 24153, $146,000 10/30/2013.

Shrewsbury, James S. and others to Gurdeep Singh, 1803 Bridle Lane Roanoke VA 24018, $155,000 10/31/2013.

Southwood Management Inc. to Kathereine E. Hayden and John P. Hayden, 642 Ramada Road Vinton VA 24179, $148,150 11/01/2013.

Surety Trustees to Household Realty Corp of VA, 2759 Hillbrook Drive Roanoke VA 24018, $141,300 10/30/2013.

Thompson, George J. and Wanda L. Fulk to Atlas Construction & Excavating Inc., 819 Walhalla Court Roanoke VA 24019, $185,000 11/01/2013.

Wells Fargo Bank to Secretary of Housing and Urban Development, 519 Aragon Drive Vinton VA 24179, $122,450 10/30/2013.

Werle, Jeffrey D. and Mary Ann Werle to James M. Meador and Patricia C. Meador, 407 Stoneacres Drive Vinton VA 24179, $165,500 10/29/2013.

Witkege, David A. and Sherin M. Witkege to Zachariah M. Malloch and Kelly Malloch, 6960 Old Mill Road Roanoke VA 24018, $115,500 10/30/2013.

Wilbourne, Kent H. and Stacey L. Wilbourne to Michael G. Douglas, 852 Austin Ave. Roanoke VA 24019, $160,000 10/28/2013.

$50,000 to $100,000

Equity Trustees LLC to Wells Fargo Bank NA, 4767 Wade Road S.W. Roanoke VA 24018, $52,930 10/28/2013.

Nationstar Mortgage LLC to Matthew Golden, 5334 Century Drive Roanoke VA 24019, $81,480 11/01/2013.

Poore Substitute Trustee LTD to Deutsche Bank National Trust Co., 4876 Yellow Mountain Road Roanoke VA 24014, $84,000 10/30/2013.

Woods Rogers PLC to Vanderbilt Mortgage & Finance Inc., unimproved lot on Deer Trail Drive Salem VA 24153, $89,900 10/30/2013

Business promotions and recognitions for the week of Nov. 24, 2013

Compiled by KAREN BELCHER; names@roanoke.com, 981-3340 Please submit only color photographs. Other guidelines available at www.roanoke.com/namesandchanges 

Lesley Owens

Bevlee Watford

Eric Westman

Jerry Dunnavant

Robbie Caldwell

Michael Mays

Dave Webster

Lisa Dellinger

Adam Lynch

Jerry Dunnavant has been promoted to vice president, strategic marketing, with Access Advertising & Public Relations.

EDUCATION

Eric Westman, associate professor in Virginia Tech’s Department of Mining and Minerals Engineering, has been appointed interim associate dean for academic affairs of the College of Engineering.

Bevlee Watford, director of Virginia Tech’s Center for the Enhancement of Engineering Diversity, has joined the National Science Foundation for a two-year appointment.

FINANCIAL

Susan Still, president and chief executive officer of HomeTown Bank, has been selected to serve on the American Bankers Association Community Bankers Council.

The following members of the Virginia Society of Certified Public Accountants have been recognized as Super CPAs by Virginia Business magazine:

Brown, Edwards & Co. LLP: Murray Coulter Jr. and Roger Anglin

Johnson, Equi & Co. PLC: Charles Equi Jr.

Dixon Hughes Goodman LLP: Harry Schwarz and Patrick Murtaugh.

Anderson & Reed LLP: Michael Bell, Marty Boone, Jack Wright Jr., J. David Wright, Alexander Bowman Jr. and Evan Bowling.

Cole & Associates CPAs LLC: Clark Cole.

HOSPITALITY

Lisa Dellinger has been appointed director of sales at Hampton Inn & Suites Roanoke Airport.

OTHER

Michael Mays has joined Hidden Valley Country Club as its new executive chef.

Robbie Caldwell has been named general sales manager at Pinkerton Chevrolet Buick GMC Cadillac in Lynchburg and Pinkerton Chevrolet in Salem.

Lesley Owens has joined Inorganic Ventures as an analytical chemist.

Dave Webster has joined Bay Diesel & Generator as an inside sales rep.

REAL ESTATE

Adam Lynch, a Realtor with Prudential Waterfront Properties, has completed the Virginia Realtors Leadership Academy.

RETAIL

JT Thompson has been promoted to vice president, applications development, with Advance Auto Parts Inc

Consumers can advise on debt-collection regulations

WASHINGTON — If you owe a debt, you should make every effort to pay it. After all, you’ve enjoyed the services or goods that your debt bought. And companies have a right to try to collect or even sell that debt to recoup their money. The more they can collect, the less likely they are to pass on their debt troubles to other consumers in the form of higher prices or the cost of credit.
But consumers have a right to accurate documentation to back up the collection efforts. And certainly folks who don’t owe a debt shouldn’t be harassed or bullied because of some computer error or faulty debt data.
And this is where the Consumer Financial Protection Bureau comes in. The watchdog agency is considering rules for the debt collection market, but before it writes any new regulations or strengthens those already on the books, the agency wants the public to weigh in on an array of issues involved in debt collection.
Among the agency’s chief concerns is making sure debt collectors have the correct person, debt and documentation.
“It is widely recognized that problems with the flow of information in the debt collection system is a significant consumer protection concern,” the agency said in its advanced notice of proposed rulemaking.
Often when debt is sold to collectors for pennies on the dollar, the sale doesn’t include a lot of information about the debtor or his or her debt. The documentation might include nothing more than the person’s name, last known address, Social Security number and debt amount. Several states have implemented new laws, court rules or administrative orders requiring more specific proof of debt from companies who sue consumers to collect on outstanding debts.
Even ACA International, a trade group for the consumer debt collection industry, believes some updating is in order.
“Current federal debt collection laws are woefully outdated when it comes to areas such as communication, documentation, verification and statutes of limitations,” ACA said in a statement. “We agree that modernizing the nation’s consumer debt collection system is important so long as changes are based on common-sense solutions that preserve balance between consumer protection and the ability of a creditor or debt collector to lawfully recover debts.”
Collectors have a limited number of years in which they can sue someone for payment. After the time runs out, unpaid debts are considered “time-barred,” meaning that collectors can contact you about the old debt but not seek a remedy through the courts.
You may not have the inclination to read the CFPB’s 114-page rule-making proposal. I wouldn’t blame you. It’s pretty dense and includes nine parts with 162 sets of questions about debt collection. Yet the first set of questions in the proposal gets to the heart of this issue for consumers, which is what information is transferred during the sale of debt or the placement of debt with a third-party collector and whether the information transferred varies by type of debt (e.g., credit card, mortgage, student loan, auto loan).
Other questions ask whether the length of time that debt collection records are retained should relate to how long a debt may generally be noted in a consumer report or how long a consumer has to bring private action under the Fair Debt Collection Practices Act, which was enacted in 1977.
I think the core of any rule proposal has to require that when debt is sold or transferred, it should include specific and standardized proof or underlying documents related to someone’s debt as part of the sale.
Consumers can submit comments at Regulations.gov. But a far easier place to learn about the issues and problems with debt collection is RegulationRoom.org, which is not a government-run site. Instead, trained students and staff at Cornell Law School run it. The CFPB is working with Cornell to make it simpler for people to submit comments about debt collection.
Even if you aren’t interested in commenting, you can learn a lot about debt collection practices and your rights. In discussion forums, people can submit comments and moderators keep things civil and provide background information. They also probe, asking follow-up questions to those who submit comments or gripes in order to dig deeper into the issues they face.
Comments submitted at RegulationRoom.org will be summarized and submitted to the CFPB before the end of the official public comment period.
I know you may not think you have a voice. But you do. Here’s your chance to put in your two cents’ worth. What’s been your experience with debt collectors? What changes do you think should be made? Don’t be a spectator in this debate about debt.
Michelle Singletary is a personal finance columnist for The Washington Post. Her column runs on Sunday.

‘Old-fashioned grocery store’ to fill former Tudor’s space

The Church Avenue storefront that housed Tudor’s Biscuit World for 28 years has a new tenant.

Roanoker Chad Ferguson signed a one-year lease with Louis and Jessica Tudor, who still own the property, with plans to put a grocery store in the well-known downtown location.

Ferguson has spent the past few weeks renovating the space to convert it from a restaurant to what he calls an old-fashioned grocery store. He has put up newspapers over the windows while they renovate, piquing the interest of many people walking past.

For decades the store was home to the breakfast bastion Tudor’s Biscuit World until the owners decided to close in September 2012. Since then, the property has been empty. Louis Tudor said he had a lot of interest in the property, but he was very particular about who he would lease the space to.

“I didn’t want another business selling cigarettes and beer,” he said.

Ferguson, he said, was a longtime Biscuit World customer who grew up in the grocery business. He felt the spot would be successful for a grocer with the right set of skills.

Ferguson has worked for more than eight years in the grocery business, which he learned from his father, who also worked for a grocer. He had been scouting for a good location to bring a traditional store downtown since so many people have moved to the area in the past few years. The specialty for Ferguson’s Grocery, which will be the new name on the front door, will be hand-cut meats and a delivery service.

Ferguson said he grew up when grocers carried bags of groceries out to customers’ cars and made house calls to bring food and medicine. He wants to bring that type of service back to people in the community, especially for the people who live and work downtown and don’t want to drive to a grocery store.

He hopes to open the store around the Thanksgiving holiday and is in the process of hiring employees. Ferguson will work in the store as well.

The downtown area has seen two other grocery stores set up shop in the past year. S&W Market at Sixteen West Marketplace — right across the street from Ferguson’s Grocery — was the first, in October 2012. Roanoke Natural Foods Co-op opened its Market Square outpost in May.

New gun store opens in Stewartsville

Mitchell Taylor never planned on being in the retail business. But to his surprise, he and his brother have been able to turn one of their favorite hobbies into a successful business venture.

In October, Taylor opened Safeside Tactical, a 6,000-square-foot retail palace of guns, ammunition and everything in between in Stewartsville . Taylor’s family has always boasted its share of gun enthusiasts, but it wasn’t until December that he and his brother decided to get a firearms dealer license and sell and trade guns as a side job. Taylor said they got a 1,000-square-foot “hole-in-the-wall” in Bedford County where they worked just a couple of days a week, but then the business took off by word-of-mouth. There was also a lot of talking in Congress regarding gun control, which Taylor said brought a jump in gun sales.

Safeside Tactical, now at 15875 Stewartsville Road, has nine employees and plenty of space for a wide selection of guns.

“Lots of gun shops are dingy and dirty and run by a good ole’ boy, and that’s fine. But we are a major retail operation,” Taylor said. He wants the store to look as clean as a large chain, but have the service of a small gun shop.

“If you go to Gander Mountain or Dick’s you have to search for someone who knows about guns,” he said. “Not here.”

Safeside Tactical is a class three dealer, which means the business can manufacture its own guns. That has become one of its specialties, Taylor said. Customers can get personalized guns built and change parts of them out. Historic collectors’ guns are also available in the store, which brings in new people.

Thanksgiving Day store openings

The retail shopping Day of Reckoning, Black Friday, begins earlier than ever this year, with a lot of stores getting the jump on the largest shopping day of the year by opening Thanksgiving Day.

In Roanoke, all four of Valley View Mall’s department stores — Macy’s, Belk, JCPenney and Sears — will open at 8 p.m. Thanksgiving Day. The rest of the shops at Valley View will open either at 8 p.m. Thanksgiving Day, midnight on Black Friday or 4 a.m. on Black Friday.

At Tanglewood Mall, Belk and JCPenney will open at 8 p.m. on Thanksgiving as well.

Other Thanksgiving Day store hours:

Opening at 6 a.m.: Kmart

Opening at 5 p.m.: Toys-R-Us

Opening at 6 p.m.: Best Buy

Opening at 7 p.m.: Old Navy

Opening at 8 p.m.: Target, Kohl’s, Office Max, Office Depot and Dick’s Sporting Goods

Do research before holding burial at home

Ordinances about burial on private property vary from locality to locality. 

 Family graveyards dot the rural landscape in Southwest Virginia, and advocates for natural burial contend that the international movement proves again that, as Scripture suggests, there is nothing new under the sun.

Simple pine coffins are back in style.

Franklin County ordinances do not prohibit burying a family member on private property.

Neil Holthouser, the county’s director of planning and community development, said he has fielded about a half dozen inquiries during his tenure of more than five years about burials on private land.

“I always advise folks to check with the health department, so as to avoid burial too close to a well or septic drain field,” Holthouser said. “I also advise people to consider recording an easement so that — in the event they sell their property — they retain the right to access and visit the burial site.”

Lisa Hahn is executive director for the Virginia Board of Funeral Directors and Embalmers.

“Nothing in the law prevents a landowner from burying a family member on their own property, provided it does not conflict with public health and zoning laws,” Hahn said in an email. “We recommend to the consumer to check with your zoning department, health department or your local government administrator.”

Roanoke County ordinances allow the burial of a family member on private property as long as the interment meets three conditions, including that the burial site be at least 300 feet from any public property containing a well used with a public water supply.

An Alabama man made national news this fall when forced by court order to exhume the body of his wife. He had buried her in the front yard of the couple’s home in the small city of Stevenson without the city’s permission.

Complications can occur

Don Wilson is president of Roanoke-based Evergreen Memorial Trust, which manages several regional cemeteries, including Forest Rest Natural Cemetery in Franklin County. Forest Rest, which adjoins a conventional cemetery, does not allow concrete burial vaults, chemical embalming, non-biodegradable caskets and conventional grave markers.

Wilson said people who elect to hold a funeral and burial at home sometimes regret that decision. The handling of a loved one’s body can be a complicated and ultimately disturbing experience, he said.

Meanwhile, can decomposing bodies buried without vaults and conventional coffins be a source of pollution or disease?

“People have raised all sorts of issues but there is no evidence that bodies in cemeteries, green or otherwise, pose public health concerns,” said Joe Sehee, co-founder of the Green Burial Council.

In 1998, the World Health Organization published a briefing titled “The Impact of Cemeteries on the Environment and Public Health.” The briefing reported that seepage from decaying corpses contains 

“bacteria, viruses and organic and inorganic chemical decomposition products.”

The WHO briefing concluded that “the pollution potential from cemeteries is present, but in a well-managed cemetery with suitable soil conditions and drainage arrangements the risk is probably slight.”

Conventional caskets with man-made components pose a pollution risk, the briefing suggested, adding, “Ideally, coffins should be made of materials that decompose rapidly and do not release persistent chemical by-products into the environment.”

Jeff Hardy is treasurer of Hardy Doric Inc., a company based in Chelmsford, Mass., that sells concrete and metal burial vaults and cremation vaults.

Hardy said he believes the green burial movement will fade as related problems become evident.

“It’s a current fad but it really is not a practical or safe alternative,” Hardy said.

He said settling graves will challenge maintaining the grounds and that bodies buried without being chemically embalmed or adequately contained could present a health hazard and be vulnerable to being unearthed by animals.

Historical context

In his book “Cemeteries,” published in 2010, Keith Eggener, then an associate professor of American art and architecture at the University of Missouri, described the evolution of cemeteries in the United States.

Today, Eggener is a professor of architectural history at the University of Oregon.

He suggested Hardy’s concerns about green burial reflect a businessman’s natural tendency to protect his turf.

As for animals digging up remains, Eggener said, “It’s not like bodies at natural cemeteries are buried just a foot or two beneath a pile of leaves.”

Eggener said that as old churchyard and municipal graveyards filled up with bodies in the 18th and 19th centuries, sometimes with coffins buried five or six deep, people began to see these sites as inadequate and as possible carriers of disease during urban epidemics.

Established in 1831, the Mount Auburn Cemetery in Cambridge, Mass., became America’s first “rural cemetery,” he said, allowing for larger burial grounds, removal of the dead from the midst of the living and the establishment of park-like settings for recreation.

During the 20th century, as mechanical mowing took hold, memorial parks became a trend. These cemeteries featured flat grave markers with names and dates.

Eggener said he anticipates choosing a natural burial for himself instead of a conventional burial or cremation. Conventional burials consume a lot of resources, he said, and green burials seem less wasteful.

“I like the simplicity of it, just the whole idea of going back to nature, being part of the cycle,” Eggener said.