Wednesday, 25 September 2013

Hi there, Login with your Facebook ID to see what your friends are reading on Times of India and Economic Times. GE Newsmakers IITian Prem Watsa bets on distressed assets IITian Prem Watsa bets on distressed assets 42 yrs after he migrated to Canada, Watsa, who was then just another IIT engg in search of an MBA, now holds the future of an ailing, but still iconic BB in his hands. Hoax caller imitates Sonia Gandhi, government in a tizzy Ahmedabad boy bags $1,15,000 offer from Google Indians & the Obsession for Gold SC gets it wrong on Aadhaar; should stop meddling in policy SC gets it wrong on Aadhaar; should stop meddling in policy Everything in Aadhar is about policy. It is time courts stopped their routine trespass into the rightful domains of the executive and the legislature. SC's interim ruling may boost UPA's welfare plans minus Aadhaar Don't deny benefits to those without Aadhar: SC to Govt NSEL Scam NSEL scam wipes out life savings of many retirees, HNIs NSEL scam wipes out life savings of many retirees, HNIs Take the case of 65 yr old Renu Ahuja who invested around Rs 46 lakh. She and her husband cumulatively put in a little over a crore on NSEL till it went kaput by July-end. I-T dept wants NSEL deal details from investors FTIL's Jignesh Shah says he is a victim of 'management fraud' India's Energy Woes If you find more gas in KG-D6, keep it: Angry RIL to govt If you find more gas in KG-D6, keep it: Angry RIL to govt The move to appoint a reputed consultant, who is acceptable to both the govt and RIL, should put to rest one of the biggest controversies in the energy sector. Only ONGC, OIL eligible for shale gas exploration ONGC Videsh to raise $1.5 bn to fund Mozambique buy SBI in Focus SBI's Pratip Chaudhuri has not left a dirty balance sheet SBI's Pratip Chaudhuri has not left a dirty balance sheet Investors understand that there are good years and not so good years.But this company is at least disclosing correctly what it is doing, says Chaudhuri. SBI stops discounting LCs issued by other banks India needs to free up its savings: Pratip Chaudhuri, Chairman, SBI IT: Building New Competencies IT should ride high on social, mobile, analytics & cloud IT should ride high on social, mobile, analytics & cloud FranciscoD’Souza CEO, Cognizant, says every industry faces an inflection point when old structures no longer work. For IT, it’s time to ride high on SMAC technologies. New tech trainers soar on demand from TCS, Infy & Wipro Infosys BPO positioned as leader in Magic Quadrant F&A Money Matters and You Don’t have health insurance? Pay up to 60% more Don’t have health insurance? Pay up to 60% more In a dramatic reversal of the trends big corporate hospitals today charge card holders much less than those paying in cash for the same procedures. Now, swipe for medical insurance claims Chandrababu Naidu set to walk in as Modi's 1st ally iPhone 5S: Selling like Hot Cakes iPhone 5S available for Rs one lakh in grey market iPhone 5S available for Rs one lakh in grey market Apple has not launched the iPhone 5S or 5C in India. But you can still buy one. The catch: You have to shell out big bucks for these devices. iPhone 5S and 5C launched: Rage for Apple continues A look inside Apple's new iPhone 5S and 5C Business of Brands Chauhan launches India’s 1st coffee carbonated drink Chauhan launches India’s 1st coffee carbonated drink Prakash Chauhan has re-entered the CSD category he exited 20 yrs back when he sold off iconic brands Thums Up, Limca, Gold Spot and Citra to Coca Cola in 1993. Diageo to push ‘millionaire’ brands, Gilbert Ghostine says PepsiCo India to scale up collaborative farming model Modernising India's Defence $5bn deals: 4 equipment India will buy from US $5bn deals: 4 equipment India will buy from US Having already bagged defence contracts worth $8 bn after muscling out Russia, Israel and France, the US is now headed towards clinching another big deal. INS Vikramaditya to be handed over to Navy on Nov 15 Swedish defence firm gets HAL orders for Army, IAF choppers Aviation: Tale of Two Airlines Spectacular: IndiGo's profits soar 6-fold to Rs 787 cr Spectacular: IndiGo's profits soar 6-fold to Rs 787 cr This is the 1st time IndiGo, India's largest airline by passengers carried, has chosen to go public with results. The airline doesn't need to do so as it's not listed. On the ground, Kingfisher staff counts losses every day IndiGo to launch 2 daily Delhi-Ranchi flights Auto World Ford's recalls highlight need for local sourcing Ford's recalls highlight need for local sourcing In majority of recalls, the problem has either emerged due to design flaw or at the sourcing end, which may have been imported through outside supplier. Datsun Go+ MPV unveiled Five cars expected to heat up the festive season Ford's recalls highlight need for local sourcingIITian Prem Watsa bets on distressed assetsSC gets it wrong on Aadhaar; should stop meddling in policyNSEL scam wipes out life savings of many retirees, HNIsIf you find more gas in KG-D6, keep it: Angry RIL to govtSBI's Pratip Chaudhuri has not left a dirty balance sheetIT should ride high on social, mobile, analytics & cloudDon’t have health insurance? Pay up to 60% moreiPhone 5S available for Rs one lakh in grey marketChauhan launches India’s 1st coffee carbonated drink$5bn deals: 4 equipment India will buy from USSpectacular: IndiGo's profits soar 6-fold to Rs 787 cr Most Read Most Shared Most Commented RBI now against 0% EMIs for consumer goods, b... Chandrababu Naidu set to walk in as Narendra ... Time for IT to ride on SMAC - Social, mobile,... There’s more to 0% finance schemes than meets... Vikram Bakshi & Amit Jatia: A tale of McDonal... More » News in Pics1/20 Pak earthquake toll rises; rescue operation continues Pak earthquake toll rises; rescue operation continues Most Watched Videos Tata getting into 2nd airline JV is unethical: Arun BhatiaTata getting into 2nd airline JV is unethical: Arun Bhatia Tata getting into 2nd airline JV is unethical: Arun Bhatia Tata getting into 2nd airline JV is unet... US Fed may end stimulus by mid-2014: CLSA US Fed may end stimulus by mid-2014: CLS... NSEL crisis deepens: Experts' view NSEL crisis deepens: Experts' view » MORE FROM VIDEOS Slide Shows Maruti Suzuki set to launch SUV XA AlphaMaruti Suzuki set to launch SUV XA Alpha Aiming to make its mark in the SUV segment, Maruti is all set to launch the XA Alpha, which wa... Samsung Galaxy Note 3 unveiled: 10 key featuresSamsung Galaxy Note 3 unveiled: 10 key features Amidst much anticipation, Samsung has unveiled the Galaxy Note 3, a slimmer and lighter versio... 7 awesome things you can learn online for free7 awesome things you can learn online for free A new language, coding, designing, art, cooking — things you would normally expect to pay for ... More Slideshows » Industry's fear on land bill exaggerated, overblown: Jairam Ramesh

NEW DELHI: With the passage of the land bill, cost of acquiring land will go up, Rural Development Minister Jairam Ramesh on Friday said but dismissed as "exaggerated and overblown" the industry's fear about the measure.

Ramesh, the architect of the path-breaking legislation, justified the stringent provisions in the bill saying any measure that empower farmers, livelihood losers, tribals and Dalits is in the interest of nation.

"Will the cost of acquisition go up? Yes. Will the time taken for the acquisition go up? Not necessarily. Will acquisition be more humane? Yes. Will acquisition prevents long-term agitation? Yes," he said and asked the industry to judge the bill in totality and not from sectional point of view.

He was reacting to certain queries a day after Lok Sabha cleared "The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Bill, 2012".

"Fears (of industry) are largely exaggerated and overblown. Any bill that protects the interest of farmers, livelihood losers, tribals and Dalits is in national interest. Any bill that closes the door on forcible acquisition (of land) is also in the interest of the nation," Ramesh said.

The bill, which will replace over a century-old act, is likely to be taken up in the Rajya Sabha on Tuesday for its consideration and passage.

"The 119-year-old Act was draconian, and led to immiserisation of farmers, and pauperisation of the livelihood losers. We need to recognise the historical injustices that resulted from 1894 Act," the minister, who often faced flak from the industry over the bill, said.

"Farmers will benefit, tribals will benefit, Dalits will benefit livelihood losers will benefit and India will benefit," Ramesh said when asked about the benefit of the law.

Elaborating how farmers will be beneficiaries of the legislation, he said, they will get four times compensation in rural areas. "A few people pay a higher cost... that will benefit a larger number of people. I don't think that anybody should grudge...frankly," he said.

source:- http://economictimes.indiatimes.com/markets/real-estate/policy/industrys-fear-on-land-bill-exaggerated-overblown-jairam-ramesh/articleshow/22167337.cms

Land Bill to hit project timelines, hike cost estimates: Crisil

NEW DELHI: Rating agency CrisilBSE 0.05 % on Friday said Land Acquisition Bill, which was passed by Lok Sabha yesterday, will lead to an increase in the gestation time of projects and overall costs.

The bill, which replaces the century-old Land Acquisition Act, 1894, proposes a unified legislation for acquisition of land and adequate rehabilitation mechanisms for all affected persons.

With the rehabilitation and resettlement clauses of the Land Bill, Crisil Research expects land prices to increase as the expectation of land owners will be higher.

"The land acquisition process will be longer and project gestation period will increase. Currently, the proportion of supply (which comprises projects of over 50 acres) to total planned supply in the top 10 Indian cities is 25 per cent," it said.

Consent of 80 per cent of landowners in case of land acquired by private companies and 70 per cent for land acquired under Public Private Partnership (PPP) model.

The Bill calls for consent of 80 per cent of the landowners in case the land is acquired by private companies and 70 per cent in case the land is acquired under the Private-Public Partnership (PPP) mode.

The process of obtaining consent shall be carried out along with the Social Impact Assessment (SIA) study.

The new rules will apply retrospectively to cases where no land acquisition award has been made and to those where land was acquired up to five years prior, but no compensation was paid or no possession took place.

source:- http://economictimes.indiatimes.com/markets/real-estate/policy/land-bill-to-hit-project-timelines-hike-cost-estimates-crisil/articleshow/22168437.cms

Will Friday the 13th be lucky for declaring Narendra Modi as BJP's PM candidate?

NEW DELHI: BJP is likely to endorse Gujarat Chief Minister Narendra Modi as its prime ministerial candidate on September 13 at a meeting of its parliamentary board in Delhi, a senior leader has told ET.

Mohan Bhagwat, head of the Rashtriya Swayamsevak Sangh, the BJP's ideological mentor, on Monday conveyed to senior leaders that differences within the party over the issue should not come in the way of Modi's anointment, said the leader, who did not wish to be named.

The Sangh has left it to the party to finalise the modalities of the announcement, which is expected before the 'pitrapaksh' - a fortnightlong period considered inauspicious according to the Hindu calendar - begins on September 19. The dates of state polls are expected to be notified by September 22.

Even as BJP leaders LK Advani and Sushma Swaraj have sought a delay in the announcement until assembly elections are wrapped up in crucial states later this year, the RSS has said that the majority view in the party should prevail. However, Modi's candidature was not discussed at the two-day meeting of the RSS functionaries and party leaders that ended on Monday.

"The meeting was held to discuss the economic and internal security challenges and no discussion took place on announcing Narendra Modi as the BJP's prime ministerial candidate," said RSS spokesman Manmohan Vaidya.

Modi's supporters say that his projection ahead of the assembly polls will give an advantage to the party while Advani and Swaraj have been arguing that the issue will polarise the electorate and overshadow the elections.

Meanwhile, Modi is set to address a series of rallies, beginning with Jaipur, where he will address a rally at the conclusion of Vasundhara Raje's yatra on Tuesday.

After this, he will speak at an ex-servicemen's gathering in Haryana's Rewari on September 15. The RSS and its affiliates discussed the BJP's electoral strategy ahead of the assembly polls and better coordination between the Sangh and the party.

The Sangh outfits plan to carry out programmes to reach out to all sections including the minorities, Scheduled Castes, Other Backward Classes, tribals, women and the young in a coordinated fashion, a person familiar with the matter said.

source:- http://economictimes.indiatimes.com/news/politics-and-nation/will-friday-the-13th-be-lucky-for-declaring-narendra-modi-as-bjps-pm-candidate/articleshow/22447740.cms?intenttarget=no

Unitech leases 8 lakh sq ft space in Gurgaon SEZ

NEW DELHI: Realty major Unitech has leased 8 lakh sq ft of office space in its Gurgaon SEZ to US-based HR consultancy firm Aon Hewitt with a potential revenue of about Rs 800 crore over the next 15 years.

Unitech Corporate Parks (UCP), a group firm listed in London, holds 60 per cent in this SEZ project called 'Infospace Gurgaon' while Unitech has the remaining stake. Unitech has direct stake of about 12 per cent in UCP.

According to sources, the leasing deal with Aon Hewitt is for 15 years and this would generate a revenue of about Rs 800 crore over this period. Unitech declined to comment on the development.

The leasing deal has happened at a time when real estate sector, particularly commercial segment, is facing a slowdown.

Aon Hewitt is the global leader in human resource solutions, with over 30,000 professionals in 90 countries serving more than 20,000 clients worldwide.

The SEZ in Gurgaon has a total leasable area of 33 lakh sq ft. About 7 lakh sq ft area is already operational with bluechip MNC tenants like Genpact, Colt, Cognizant and NTT.

The rental values in this area are upwards of Rs 60 per sq ft per month, sources said.

UCP and Unitech are jointly developing another SEZ in Gurgaon, which they have put up for sale.

UCP is already negotiating with the private equity firm Blackstone and Singapore's sovereign wealth fund GIC to sell the IT SEZ, having a leasable area of 36 lakh sq ft, for about Rs 2,700 crore.

Unitech Corporate Park (UCP) is listed on the Alternative Investment Market (AIM) of the London Stock Exchange.

UCP raised about 360 million pounds by issuing and placing its ordinary shares on the AIM of the London Stock Exchange in December, 2006. It had invested in six commercial projects in India in partnership with Unitech, of which five are in the national capital region and one in Kolkata.

UCP has 60 per cent stake in these six properties, while Unitech holds 40 per cent. That apart, Unitech holds 12-13 per cent stake in UCP directly.

Pune based Kolte-Patil Developers announces four new projects

PUNE: Pune based Kolte-Patil Developers (KPDL) has announced four new luxury projects in the city, to be spread over 1.8 million sq ft. Ltd.

Rajesh Patil, Chairman & Managing Director, Kolte-Patil Group said, "We at KPDL are pleased to add these projects to our Pune portfolio. KPDL always strives to come up with projects that are in sync with the modern times, and at the same time, offers buyers' a holistic lifestyle. We are sure these projects will be resounding success and will help us further consolidate our position as one of the leading real estate companies in Pune." Two of these projects, Tuscan Estate Signature Meadows and Downtown will be located in Kharadi, 24K Glamore at NIBMRoad- Undri and 3rd Avenue at Life Republic near Hinjewadi. 

Sujay Kalele, CEO, Kolte-Patil Developers, said, "With rapid globalization, an increasing number of Indians are getting exposed to International lifestyle and prefer to have an exclusive address back home. Consumers are now open to spending that much 'extra' for that comfort and exclusivity. Keeping this in mind, we at Kolte-Patil have come up with new-age homes that cater to buyers' exclusive tastes as well as aspirational levels. We are confident that these projects will redefine luxury living in Pune." 

KPDL has a significant presence in the city, covering multiple segments including luxury residential projects, integrated townships, IT parks and retail. Over the last two decades, it has developed over 8 million sq ft of real estate in Pune and Bengaluru. It is now in the process of entering the Mumbai market with upscale redevelopment projects. The group has 9 million sq. ft. of development to be commenced in FY 2013-14.

http://economictimes.indiatimes.com/markets/real-estate/news/pune-based-kolte-patil-developers-announces-four-new-projects/articleshow/23043589.cms

Kolte-Patil Developers launches four projects in Pune

MUMBAI: Riding high on the demand for residential housing, Kolte-PatilBSE -0.55 % Developers today launched four mixed-use projects in Pune with investments up to Rs 450 crore.

"We will be developing a total of 1.8 million sq ft in these four projects. We will be investing Rs 400-450 crore in them," Kolte-Patil Chief Executive Sujay Kalele told PTI here.

The projects will have both residential and commercial components and are likely to be completed within 18-24 months, he said, adding, the company is eyeing Rs 5,500-crore revenue from them.

"We have already started construction on the sites and we believe we will be able to deliver the project in the next 18-24 months. We expect to garner over Rs 5,500 crore from these projects."

The prices will range between Rs 40 lakh and Rs 1 crore in the mid-income segment, while Rs 1-5 crore in the high-end one. Around 70 per cent of the space will be for mid-income segment, he said.

When asked how the company plans to fund the development, he said: "We have already spent on buying the land. We will require Rs 400-450 crore for construction which we will be raising through a mix of internal accruals and bank loans. We already have line of credit for the same."

The Pune-based company has so far executed over 7.5 million sq ft of area in the city.

source:- http://economictimes.indiatimes.com/markets/real-estate/news/kolte-patil-developers-launches-four-projects-in-pune/articleshow/23060959.cms

Realty companies may offer discounts to clear inventory

NEW DELHI: The upward revision in repo rate by the Reserve Bank of India is likely to increase pressure on real estate developers to offer discounts in the upcoming festive season as they struggle to clear their inventory at a time when demand is tepid and interest rates are rising.

HDFC, ICICI Bank and Axis Bank raised interest rates on home loans last month while State Bank of India did so on Thursday and the RBI on Friday raised the rate at which the central bank lends money to commercial banks by 25 basis points.

"Discounts are now inevitable," said Sanjay Dutt, executive managing director of South Asia at real estate services firm Cushman & Wakefield. This festive season is likely to see just a tenth of last year's new project launches, according to an estimate by the Confederation of Real Estate Developers' Associations of India (Credai).

"Developers will want to sell their unsold inventory instead by using innovative schemes and discounts. Rising interest rates, though, will lower sentiments and could impact sales," said Credai chairman Lalit Kumar Jain.

The festival season usually generates about 20% of the annual home sales. But demand has been severely hit this year due to the economic slowdown, higher inflation and job cuts in several sectors. The spike in interest rates can only add to the industry's woes, developers said.

"If interest rates go up, demand will be impacted slightly," said National Housing Bank chairman RV Verma. Home prices fell in 22 of the 26 cities in the quarter to June, according to the National Housing Bank's residential housing index, Residex,

"If developers really reduce prices, some sales should happen this festive season. This is an opportunity for them to clear their inventory pile-up," said a senior SBI official, who did not wish to be named.

DLF's group executive director Rajeev Talwar termed the increase in repo rate a missed opportunity. "There was a need to lower rates to stimulate demand," said Talwar.

According to property research firm Liases Foras, close to 670 million sq ft of stock is lying unsold with developers as home sales have fallen over the past few quarters.

"We will not be launching new projects this festive season. Instead we will focus on delivering old projects and will offer schemes and discounts to get rid of our inventory," said RK Arora, managing director of Noida-based developer Supertech.

Several developers are poised to launch new schemes for existing projects and also offer innovative payment structures, said Anckur Srivasttava, chairman of GenReal Property Advisers. "They are also repositioning parts of existing projects to stir sales," Srivasttava said.

SBI beats rivals with cheaper personal loans against property

MUMBAI: State Bank of India (SBI) has taken competition head on by launching a personal loan scheme against property loans at interest rates lower than that of some of its private peers.

The scheme, aimed at existing home loan borrowers and linked to the price of property, is offering personal loan at 11.25 per cent to existing home loan customers.

The offer is similar to the top-up scheme of other players such as ICICI Bank and home loan provider HDFC, which have pegged their loans at 12.50 per cent and 12.25 per cent, respectively. The new product, called 'SBI Home Equity scheme', gains relevance in the context of the rise in property prices over the last few years.

The personal loan entitlement under the scheme is linked to the value the property for which the borrower is already paying EMI. The lender will give a maximum 75 per cent of the value of the property after deducting the outstanding amount of the loan.

For instance, if the property is valued at Rs 1 crore and the borrower has an outstanding principal loan of Rs 10 lakh, the bank will deduct a margin of Rs 25 lakh and the outstanding principal of Rs 10 lakh, making the borrower eligible for a loan of Rs 65 lakh, provided his annual income supports it.

"It is too early to gauge how successful the scheme is since it was launched less than a month back," said an official from SBI on condition of anonymity. The interest rate of 11.25 per cent charged by SBI is benchmarked to the bank's base rate of 10 per cent.

Similarly, rates offered by other players like ICICI Bank and HDFC for top-up loans are benchmarked to their base rates or prime lending rates. The scheme, which links home loans to personal loans will attract home loan customers of other banks, say industry experts.

Customers may shift their loan account to SBI, particularly in the context of the Reserve Bank of India banning banks from charging any prepayment penalty. SBI is also offering overdraft facility on the new scheme at 11.50 per cent.

SBI has emerged as one of the largest players in the home loan market with a portfolio of more than Rs 1 lakh crore.

source:- http://articles.economictimes.indiatimes.com/2012-06-07/personal-finance/32101246_1_loan-borrower-base-rate?intenttarget=no

NRIs keen to invest in real estate in India, says developer

LONDON: As a sequel to recent depreciation in the rupee, Non-Resident Indians from around the globe have evinced interest to invest in real estate in India, a Mumbai-based real estate developer has said.

"With the dollar appreciating against the rupee, there is a lot of interest among rich NRIs in the UK and elsewhere to invest in India," Gaurav Gupta, Director of Mumbai-based Omkar Realtors & Developers told reporters here.

Gupta who was speaking after unveiling their ambitious 800 million (Rs 8,000 Crore) Sky Villas project - Omkar 1973 Worli - said, "NRIs want to have a house in India and they see a great investment opportunity now. We have received positive response from NRIs not only from the UK but also from Hong Kong, Singapore, Dubai and the US."

Omkar 1973 Worli, encompassing 3 towers scaling beyond a combined height of 800 metres, is a flagship development of the group spread over 4.5 acres.

The name Omkar 1973 derives from the latitude and longitudinal coordinates of Mumbai city and is designed by world's leading architecture design firm Fosters plus Partners.

Gupta said in all 400 plus 'Ultra-Luxury Apartments' would be built under the free sale portion and 40 per cent of the apartments have already been booked. The minimum cost of a flat would be Rs 18 crore (4,000 sq.ft) and maximum would be about Rs 80-90 crore (18,200 sq ft), he said.

On completion of the project by mid-2017, it will be one of the best projects in the world, he claimed. "This will change the standard of real estate in India."

Elaborating on their debut in India's residential space through the partnership with Omkar Realtors, Nigel Dancey, Senior Partner, Fosters Plus Partners said: "We have tried to give a holistic approach to the design that can be witnessed in the details of the lobby and in the individual villas. This project has a unique indoor-outdoor living design, giving home owners an opportunity to fully enjoy every space."

The project is located very close to Bandra-Worli sea link; with Mumbai s landmark Siddhivinayak shrine also located nearby.

The project attracted an initial Rs.200 crore funding from the Ajay Piramal Group and Rs.1,200 crore debt funding from Yes Bank, Gupta said.

source:- http://articles.economictimes.indiatimes.com/2013-09-22/news/42292345_1_nris-gaurav-gupta-real-estate

Blackstone Said to Gather $2 Billion for Real Estate

Blackstone Group LP (BX), the world’s biggest manager of alternative assets such as private equity and property, raised $2 billion in the first phase of fundraising for its fourth European real estate fund, according to a person with direct knowledge of the process.

Blackstone is targeting 5 billion euros ($6.8 billion) for the fund, called Blackstone Real Estate Partners Europe IV, said the person, who asked not to be identified because the process is private.

Peter Rose, a spokesman for New York-based Blackstone, declined to comment. The fundraising progress was reported earlier today by PEI Media’s PERE, a publication focused on private real estate investing.

Blackstone is preparing for a “growing series” of real estate sales through 2014, taking advantage of rebounding value in hotels and commercial property following the global recession, Tony James, the firm’s president, said in July. The firm is working on public offerings of Hilton Worldwide Holdings Inc. and Extended Stay America Inc., and last month agreed to sell its stake in London’s Broadgate office complex to Singapore’s sovereign-wealth fund for more than 1.7 billion pounds ($2.7 billion).
Blackstone’s real estate unit spent $3.5 billion of its funds’ money in Europe last year “because the distress there is creating very interesting opportunities,” Jonathan Gray, global head of real estate, said earlier this year. The firm’s third European property fund, which raised more than 3.1 billion euros in 2009, has returned 18 percent a year after fees as of June 30, according to Blackstone’s second-quarter earnings report.

Blackstone is also raising its first Asia real estate fund and held an initial close in June with $1.5 billion. That pool is targeting $4 billion, according to the firm.

To contact the reporters on this story: Hui-yong Yu in Seattle at hyu@bloomberg.net; Devin Banerjee in New York at dbanerjee2@bloomberg.net

To contact the editors responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net; Kara Wetzel at kwetzel@bloomberg.net