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	<title>News</title>
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	<description>Latest News on Politics and Current Affairs from around the World</description>
	<lastBuildDate>Sat, 21 Nov 2009 07:07:47 +0000</lastBuildDate>
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		<title>Liberal tech transfer, nuke cooperation on PM agenda in US</title>
		<link>http://www.enewstrack.com/liberal-tech-transfer-nuke-cooperation-on-pm-agenda-in-us/13889.html</link>
		<comments>http://www.enewstrack.com/liberal-tech-transfer-nuke-cooperation-on-pm-agenda-in-us/13889.html#comments</comments>
		<pubDate>Sat, 21 Nov 2009 07:07:47 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[World News]]></category>

		<guid isPermaLink="false">http://www.enewstrack.com/?p=13889</guid>
		<description><![CDATA[India will seek a &#8220;liberal&#8221; regime of technology transfer from the US and an early operationalisation of the civil nuclear deal, Prime Minister Manmohan Singh has said ahead of his visit to Washington next week. Briefing media in New Delhi on Friday Foreign secretary Nirupama Rao said that both the countries are currently engaged in [...]]]></description>
			<content:encoded><![CDATA[<p>  India will seek a &#8220;liberal&#8221; regime of technology transfer from the US and an early operationalisation of the civil nuclear deal, Prime Minister Manmohan Singh has said ahead of his visit to Washington next week.</p>
<p>Briefing media in New Delhi on Friday Foreign secretary Nirupama Rao said that both the countries are currently engaged in talks on an MoU in counter terrorism.</p>
<p>On the issue of Indo US civil nuclear deal She expressed confidence that all the issues relating to its implementations will be resolved with in the time frame.</p>
<p>She affirmed that India will also take on the issue of reforms in United Nations and India&#8217;s case for permanent membership in the visit. </p>
<p>Terming the US and India as &#8220;strategic partners,&#8221; Dr Manmohan Singh said renewing partnership with a new administration and identifying new areas of cooperation will be an important part of his visit as the first state guest of President Barack Obama.</p>
<p>&#8220;We are strategic partners. We have good relations. But there is a new administration in America. So it is appropriate that I should renew our partnership,&#8221; Dr Singh said in an interview to a daily ahead of his visit that begins on Sunday.</p>
<p>Describing the Indo-US civil nuclear deal as a landmark agreement, Dr Singh said India would like to operationalise it and ensure its objectives are realised in full.</p>
<p>&#8220;My hope is that we can persuade the US administration to be more liberal when it comes to transferring technologies to us. The restrictions make no sense. India has an impeccable record of not participating in any proliferation of weapons of mass destruction. So that&#8217;s my number one concern,&#8221; he said.</p>
<p>He said India and the US could be partners in refocusing attention on an &#8220;equitable, balanced global order&#8221;.</p>
<p>&#8220;We would like to strengthen energy cooperation with the United States &#8212; (in) clean coal technology and in renewable energy resources,&#8221; he said.</p>
<p>Dr Singh said India would also like to have cooperation in the field of agriculture, where it wants to achieve a second Green Revolution to attain food security.</p>
<p>&#8220;We would like to have a second Green Revolution in our country &#8212; therefore, cooperation in the field of agriculture, in science and technology, in health, and in dealing with pandemics,&#8221; he said.</p>
<p>Asked what he expects to achieve on his visit, Dr Singh said besides nuclear cooperation, he wanted greater cooperation in education, closer linkages between the university systems of the two countries and cooperation in health that includes &#8220;working together to devise new vaccines&#8221;.</p>
<p>Noting that climate change is a responsibility of all humanity, he said developed countries had an obligation to perform on reduction of carbon emissions.</p>
<p>&#8220;I hope that Copenhagen will reaffirm that. Without the US giving a lead, I don&#8217;t see a deal at Copenhagen that can become a reality&#8230; We recognise our own responsibilities&#8230; We have put in place a national action plan to deal with climate change,&#8221; he said.</p>
<p>On India&#8217;s relations with China, Dr Singh said there is enough space in the world to accommodate the ambitions of both countries.</p>
<p>He also said that the two countries have a long pending border dispute, which they are trying to resolve through dialogue.</p>
<p>&#8220;China has emerged as a major trading partner with us. But we have problems with China with regard to our boundary dispute, and we both are engaged in discussions of the boundary,&#8221; Dr Singh said.</p>
<p>On Iran&#8217;s nuclear ambitions, Dr Singh said while as a signatory to the Non Proliferation Treaty, Tehran has an obligation to not develop weapons but it must be allowed the use of atomic energy for peaceful purposes.</p>
<p>&#8220;It must have all the privileges that go with being a member of the NPT, (including) the peaceful uses of nuclear energy&#8230; It also has all the obligations that go with NPT membership. Therefore, I think nuclear weapons are not an option,&#8221; he said.</p>
<p>Dr Singh, who recently hosted Iran Foreign Minister Manouchehr Mottaki in New Delhi, said Iran feels encouraged by the messages it has received from the Obama administration.</p>
<p>&#8220;I met recently with the Iranian foreign minister. We did discuss the nuclear question. The message he left with me was that they feel encouraged by the messages they are receiving from the Obama administration,&#8221; he said.</p>
<p>Asked about Iran pursuing a nuclear weapons programme, he said: &#8220;I had the pleasure of (meeting) the director general of the International Atomic Energy Agency a few weeks ago, and he was not so sure that Iran is definitely working towards a nuclear weapon&#8221;.</p>
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		<title>India, China &#8216;very important&#8217; global players: US</title>
		<link>http://www.enewstrack.com/india-china-very-important-global-players-us/13886.html</link>
		<comments>http://www.enewstrack.com/india-china-very-important-global-players-us/13886.html#comments</comments>
		<pubDate>Sat, 21 Nov 2009 05:37:31 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[World News]]></category>

		<guid isPermaLink="false">http://www.enewstrack.com/?p=13886</guid>
		<description><![CDATA[The Obama admin has described India and China as &#8220;very important&#8221; global players and said it is engaged in intensive dialogue with the two countries, amid New Delhi&#8217;s unease over the reference to Indo-Pak ties in a Sino-US joint statement. &#8220;India and China are two rising powers, very important players on the global scene,&#8221; State [...]]]></description>
			<content:encoded><![CDATA[<p>  The Obama admin has described India and China as &#8220;very important&#8221; global players and said it is engaged in intensive dialogue with the two countries, amid New Delhi&#8217;s unease over the reference to Indo-Pak ties in a Sino-US joint statement.</p>
<p>&#8220;India and China are two rising powers, very important players on the global scene,&#8221; State Department Deputy Spokesman, Robert Wood, said at a news briefing in Washington on Friday.</p>
<p>The United States would be dealing very closely with India and China in coming years, he said. &#8220;They&#8217;re key, and our relationships with both are growing.&#8221;</p>
<p>Wood&#8217;s comments came two days after India strongly reacted to the references to the Indo-Pak ties in a Sino-US joint statement issued during President Barack Obama&#8217;s China visit and made it clear that it would not brook any third party role in bilateral matters.</p>
<p>&#8220;A third country role cannot be envisaged nor is it necessary,&#8221; the External Affairs Ministry spokesman said in New Delhi in a terse comment on the statement.</p>
<p>Both Obama and his Chinese counterpart Hu Jintao had voiced support for improvement in Indo-Pak ties and their readiness to promote peace and stability in the region, listing the situation in South Asia among regional and global challenges.</p>
<p>Observing that the US is engaged in intensive dialogue with both countries, Wood said: &#8220;I think both countries also realise the importance of the Indo-Sino relationship, and to work towards improving that not only for regional stability, but for global stability as well.&#8221;</p>
<p>However, the Deputy Spokesman refrained from making any comment on India getting a place in the UN Security Council, where China along with the US, Britain, France and Russia is a permanent member.</p>
<p>Responding to a question, Wood said the US does have its concerns with China, which it has raised with the Chinese authorities.</p>
<p>&#8220;We have raised them when appropriate, and at all levels of our interaction. Hopefully, China will move in the direction that we&#8217;d like to see it go,&#8221; he said.</p>
<p>The US and China have often differed on the issue of human rights and Washington has been raising it with the Chinese authorities along with its other concerns</p>
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		<title>11 dead, 118 trapped in China mine explosion</title>
		<link>http://www.enewstrack.com/11-dead-118-trapped-in-china-mine-explosion/13883.html</link>
		<comments>http://www.enewstrack.com/11-dead-118-trapped-in-china-mine-explosion/13883.html#comments</comments>
		<pubDate>Sat, 21 Nov 2009 05:34:29 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[World News]]></category>

		<guid isPermaLink="false">http://www.enewstrack.com/?p=13883</guid>
		<description><![CDATA[A gas explosion ripped through a coal mine in a northeastern Chinese city on Saturday, killing at least 11 workers and leaving 118 trapped. The incident occurred around 2.30 am local time at the mine situated in Hegang city in China&#8217;s Heilongjiang province, when 528 miners were working under it, the official Xinhua news agency [...]]]></description>
			<content:encoded><![CDATA[<p>  A gas explosion ripped through a coal mine in a northeastern Chinese city on Saturday, killing at least 11 workers and leaving 118 trapped.</p>
<p>The incident occurred around 2.30 am local time at the mine situated in Hegang city in China&#8217;s Heilongjiang province, when 528 miners were working under it, the official Xinhua news agency reported.</p>
<p>It said rescuers had retrieved 11 bodies while another 118 people were still trapped.</p>
<p>The rescue headquarters said that a gas outburst caused the explosion in the Xinxing Coal Mine owned by the Heilongjiang Longmei Mining Holding Group.</p>
<p>The company said that 399 miners escaped the accident in the mine, which is located over 400 kms east of the provincial capital of Harbin.</p>
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		<title>Shiv Kapur leapfrogs to 2nd spot in Cambodian Open</title>
		<link>http://www.enewstrack.com/shiv-kapur-leapfrogs-to-2nd-spot-in-cambodian-open/13880.html</link>
		<comments>http://www.enewstrack.com/shiv-kapur-leapfrogs-to-2nd-spot-in-cambodian-open/13880.html#comments</comments>
		<pubDate>Sat, 21 Nov 2009 05:30:03 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Sports]]></category>

		<guid isPermaLink="false">http://www.enewstrack.com/?p=13880</guid>
		<description><![CDATA[Indian pro Shiv Kapur jumped into title contention after a sparking second round card of five-under 67 that not only sent him soaring to second spot in Johnnie Walker Cambodian Open but also brightened his chances of salvaging an Asian Tour card for next season. Currently in 69th position on the Asian Tour Order of [...]]]></description>
			<content:encoded><![CDATA[<p>  Indian pro Shiv Kapur jumped into title contention after a sparking second round card of five-under 67 that not only sent him soaring to second spot in Johnnie Walker Cambodian Open but also brightened his chances of salvaging an Asian Tour card for next season.</p>
<p>Currently in 69th position on the Asian Tour Order of Merit, Kapur gave himself a huge boost of retaining his Tour card when he charged into contention with a superb 67.</p>
<p>He made the turn in 35 before adding a birdie on the 10th hole and closing strongly with three consecutive birdies, including a 20-footer at his last, even though he felt it could have been better.</p>
<p>&#8220;All in all, it was a frustrating day because I hit it close to the flag but couldn&#8217;t buy a putt. The way I struck the ball I should be at least 12 or 13-under. Luckily for me, I ended with three birdies and that turned an average day into a good day,&#8221; Kapur said</p>
<p>Kapur, who needs to finish in the top-65 to keep his full playing rights on the Asian tour.</p>
<p>&#8220;The greens are pretty tough here but fair. My putting has let me down and if I can get my putter hot during the weekend I should have a good chance,&#8221; added the 2005 Rookie of the Year.</p>
<p>Among other Indians in the fray, Vikrant Chopra (140) carded one-under 71 to lie tied 13th and stay in hunt for a top 10 finish.</p>
<p>One shot behind at tied 15th was rising star Anirban Lahiri, having returned an identical 71 in the second round.</p>
<p>Kolkata pro Rahil Gangjee (142) was at tied 23rd after carding 72, while Amandeep Johl (145) was tied 48th after carding a similar even-par round.</p>
<p>Amateur Rashid Khan (147) went for 74 to miss the cut by two strokes.</p>
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		<title>No &#8216;final answer&#8217; from Iran on nuclear offer: IAEA chief</title>
		<link>http://www.enewstrack.com/no-final-answer-from-iran-on-nuclear-offer-iaea-chief/13877.html</link>
		<comments>http://www.enewstrack.com/no-final-answer-from-iran-on-nuclear-offer-iaea-chief/13877.html#comments</comments>
		<pubDate>Sat, 21 Nov 2009 05:13:04 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[World News]]></category>

		<guid isPermaLink="false">http://www.enewstrack.com/?p=13877</guid>
		<description><![CDATA[Iran has not yet provided a &#8220;final answer&#8221; to a &#8220;unique&#8221; international nuclear fuel offer, Mohamed ElBaradei, the outgoing head of the UN nuclear watchdog, said on Friday. &#8220;I do not consider that I have received a final answer,&#8221; ElBaradei, chief of the International Atomic Energy Agency (IAEA), said in Berlin. &#8220;We have not received [...]]]></description>
			<content:encoded><![CDATA[<p>  Iran has not yet provided a &#8220;final answer&#8221; to a &#8220;unique&#8221; international nuclear fuel offer, Mohamed ElBaradei, the outgoing head of the UN nuclear watchdog, said on Friday.</p>
<p>&#8220;I do not consider that I have received a final answer,&#8221; ElBaradei, chief of the International Atomic Energy Agency (IAEA), said in Berlin.</p>
<p>&#8220;We have not received any written response from Iran. What I got of course is an oral response, which basically said &#8216;we need to keep all the material in Iran until we get the fuel,&#8221; he said.</p>
<p>&#8220;That to me is a case of extreme mistrust.&#8221;</p>
<p>He added, &#8220;I believe that frankly the ball is very much in the Iranian court. I hope that they will not miss this unique and fleeting opportunity.&#8221;</p>
<p>In an attempt to draw Iran into talks and guarantee that its nuclear ambitions are peaceful, six world powers have offered to reprocess some of its low-enriched uranium abroad.</p>
<p>But on Wednesday, Iran appeared to reject the proposal out of hand, prompting US President Barack Obama to warn of &#8220;consequences&#8221; in the form of toughened sanctions.</p>
<p>Representatives from the six powers &#8212; the United States, China, Russia, Britain, France and Germany &#8212; were meeting in Brussels on Friday to discuss the next steps in what ElBaradei called &#8220;an environment of desperation.&#8221; </p>
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		<title>Afghan aid must not fuel corruption: Gates</title>
		<link>http://www.enewstrack.com/afghan-aid-must-not-fuel-corruption-gates/13874.html</link>
		<comments>http://www.enewstrack.com/afghan-aid-must-not-fuel-corruption-gates/13874.html#comments</comments>
		<pubDate>Sat, 21 Nov 2009 05:10:49 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[World News]]></category>

		<guid isPermaLink="false">http://www.enewstrack.com/?p=13874</guid>
		<description><![CDATA[The international community must ensure that aid and development projects in Afghanistan do not fuel corruption there, US Secretary of Defence Robert Gates has said. &#8220;The reality is that the international presence in Afghanistan has provided a significant influx of assistance dollars and contracts and so on,&#8221; Gates told reporters ahead of an international defence [...]]]></description>
			<content:encoded><![CDATA[<p>  The international community must ensure that aid and development projects in Afghanistan do not fuel corruption there, US Secretary of Defence Robert Gates has said.</p>
<p>&#8220;The reality is that the international presence in Afghanistan has provided a significant influx of assistance dollars and contracts and so on,&#8221; Gates told reporters ahead of an international defence summit at Halifax in Canada.</p>
<p>&#8220;So it seems to me that the place for us to start is to deal with corruption that may be associated with contracts we&#8217;re letting or work that we&#8217;re having done and development projects that we&#8217;re undertaking in partnership with others including with the Afghans,&#8221; he said on Friday.</p>
<p>&#8220;I think the place to start is the place where we have the greatest leverage and that&#8217;s where we&#8217;re writing the checks.&#8221;</p>
<p>Gates&#8217;s comments at a joint press conference with Canada&#8217;s defense minister follow the inauguration on Thursday of Afghan President Hamid Karzai, who now faces intense pressure to stem corruption in his country.</p>
<p>The defence secretary&#8217;s stance echoed that of Secretary of States Hillary Clinton, who this week in Kabul said the United States was working to track development aid.</p>
<p>&#8220;As we call for accountability from others, we will hold ourselves accountable as well,&#8221; she said.</p>
<p>Karzai has earned the opprobrium of the international community since a fraud-tainted election highlighted the massive levels of official corruption in Afghanistan.</p>
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		<title>Ahmadinejad welcomes Brazil&#8217;s nuclear support</title>
		<link>http://www.enewstrack.com/ahmadinejad-welcomes-brazils-nuclear-support/13871.html</link>
		<comments>http://www.enewstrack.com/ahmadinejad-welcomes-brazils-nuclear-support/13871.html#comments</comments>
		<pubDate>Sat, 21 Nov 2009 05:08:36 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[World News]]></category>

		<guid isPermaLink="false">http://www.enewstrack.com/?p=13871</guid>
		<description><![CDATA[Iranian President Mahmoud Ahmadinejad defended closer ties with Brazil, hinting at a bilateral nuclear cooperation ahead of a state visit. Ahmadinejad stressed the &#8220;need for cooperation between the two countries in various fields,&#8221; according to a statement distributed in Brasilia by the Iranian embassy. &#8220;While there is an unfair polemic in Western countries against Iran&#8217;s [...]]]></description>
			<content:encoded><![CDATA[<p>  Iranian President Mahmoud Ahmadinejad defended closer ties with Brazil, hinting at a bilateral nuclear cooperation ahead of a state visit.</p>
<p>Ahmadinejad stressed the &#8220;need for cooperation between the two countries in various fields,&#8221; according to a statement distributed in Brasilia by the Iranian embassy.</p>
<p>&#8220;While there is an unfair polemic in Western countries against Iran&#8217;s peaceful nuclear programme, the people of Brazil side with the Iranian people.&#8221;</p>
<p>Pointing to Brazil&#8217;s own nuclear programme, Ahmadinejad said Brazilians &#8220;understand that a few arrogant powers&#8230; are trying to prevent other nations from having access to advanced science.&#8221;</p>
<p>Ahmadinejad arrives in Brazil on Monday for a busy day-long visit that includes a meeting with President Luiz Inacio Lula da Silva, signing bilateral trade deals, a visit to Congress, a press conference and a speech at a Brasilia University, according to the embassy.</p>
<p>It will be the first visit by an Iranian president to Brazil, and Ahmadinejad&#8217;s third round of talks with Lula, who is scheduled to visit Tehran in early 2010.</p>
<p>Israel, whose conservative government considers Ahmadinejad-ruled Iran an existential threat, has already blasted Brazil&#8217;s &#8220;mistake&#8221; in hosting the firebrand leader.</p>
<p>Brazil has backed Iran&#8217;s nuclear development programme, as long as it serves peaceful, civilian uses. Lula said in September that he was against sanctions on Iran, preferring instead diplomacy.</p>
<p>His stance contrasts with the US, its Western allies and Israel, which charge that Tehran is seeking to develop a nuclear bomb under the cover of its suspect nuclear programme. </p>
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		<title>TRAI fixes Rs 19 as fee for mobile users to switch operators</title>
		<link>http://www.enewstrack.com/trai-fixes-rs-19-as-fee-for-mobile-users-to-switch-operators/13866.html</link>
		<comments>http://www.enewstrack.com/trai-fixes-rs-19-as-fee-for-mobile-users-to-switch-operators/13866.html#comments</comments>
		<pubDate>Sat, 21 Nov 2009 05:04:22 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Business]]></category>

		<guid isPermaLink="false">http://www.enewstrack.com/?p=13866</guid>
		<description><![CDATA[Telecom regulator TRAI on Friday said mobile operators can charge not more than Rs 19 from customers for switching to another operator under the proposed Mobile Number Portability scheme. The per port transaction charge will be Rs 19 and the subscriber will not be charged more than that. However, operators are free to levy any [...]]]></description>
			<content:encoded><![CDATA[<p>  Telecom regulator TRAI on Friday said mobile operators can charge not more than Rs 19 from customers for switching to another operator under the proposed Mobile Number Portability scheme.</p>
<p>The per port transaction charge will be Rs 19 and the subscriber will not be charged more than that.</p>
<p>However, operators are free to levy any amount less than or equal to this charge, TRAI said in a statement on Friday.</p>
<p>The government has asked operators to ready their networks for porting of numbers in metros by 31st December, this year. </p>
<p>The regulator has left the dipping charge &#8212; payable by an operator to the MNP service provider to mutual negotiation between telcos and the respective MNP service providers.</p>
<p>To port his number, the subscriber will have to request the new operator for acceptance of his connection.</p>
<p>The process will have to be completed in four days and the subscriber will have to give porting charges to the new operator.</p>
<p>The MNP will open a host of opportunities for the new operators to lure the customers of existing operators by marketing their brands and USP.</p>
<p>Syniverse Technologies (Zone 1) and MNP Interconnection (Zone 2) are the two companies who have been licenced by the DoT to carry out the MNP exercise. </p>
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		<title>PM to focus on inclusive growth at 9 pc for next few years</title>
		<link>http://www.enewstrack.com/pm-to-focus-on-inclusive-growth-at-9-pc-for-next-few-years/13863.html</link>
		<comments>http://www.enewstrack.com/pm-to-focus-on-inclusive-growth-at-9-pc-for-next-few-years/13863.html#comments</comments>
		<pubDate>Sat, 21 Nov 2009 05:01:05 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Business]]></category>

		<guid isPermaLink="false">http://www.enewstrack.com/?p=13863</guid>
		<description><![CDATA[Prime Minister Manmohan Singh has said his agenda for the next few years is to bring India&#8217;s economy back to 9 pc growth rate and ensure the benefits of development reach everyone. The Prime Minister told The Washington Post in an interview days ahead of his visit to the US that he wants the growth [...]]]></description>
			<content:encoded><![CDATA[<p>  Prime Minister Manmohan Singh has said his agenda for the next few years is to bring India&#8217;s economy back to 9 pc growth rate and ensure the benefits of development reach everyone.</p>
<p>The Prime Minister told The Washington Post in an interview days ahead of his visit to the US that he wants the growth to be inclusive to and its benefits to reach all segments of the population.</p>
<p>&#8220;A growth rate of about 9 percent per annum and to ensure that this growth is an inclusive growth &#8212; that the benefits of development reach out to all sectors of our population,&#8221; Singh said when asked what would he like to achieve in the next few years.</p>
<p>&#8220;Do you feel you&#8217;ve made a difference to your country as prime minister? What will your legacy be?&#8221; the Prime Minister was asked.</p>
<p>&#8220;I hope I&#8217;ve made some difference. That&#8217;s for posterity to judge,&#8221; Singh said.</p>
<p>Responding to questions on the economic crisis, the Prime Minister was optimistic of US&#8217; recovery from last year&#8217;s crisis.</p>
<p>&#8220;With the entrepreneurial skills of the US business class and the US educational system, I have no doubt that the United States will overcome this temporary setback,&#8221; he said.</p>
<p>As far as India is concerned, its banking system, he said, is better regulated.</p>
<p>&#8220;We don&#8217;t allow our banking system to invest heavily in those types of assets. Our export growth rate has sharply declined. The flow of capital has also been affected,&#8221; he said.</p>
<p>&#8220;But more recently, capital has started coming back to our country. Before the crisis, our growth rate was at 8.5 per cent to 9 per cent per year. This year it will be about 6.5 per cent. In two years, we should go back to 9 per cent growth rate,&#8221; Singh said.</p>
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		<title>Hershey may launch $17 bn bid for Cadbury: Report</title>
		<link>http://www.enewstrack.com/hershey-may-launch-17-bn-bid-for-cadbury-report/13860.html</link>
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		<pubDate>Sat, 21 Nov 2009 04:59:01 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Business]]></category>

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		<description><![CDATA[Hershey Co. may make a $17 billion bid for UK candy company Cadbury PLC, topping the recent $16.5 billion hostile offer by Kraft Foods Inc., the Wall Street Journal reported on Friday. The bid wouldn&#8217;t be ready for two weeks and the terms are in flux, the newspaper says people close to the matter have [...]]]></description>
			<content:encoded><![CDATA[<p>  Hershey Co. may make a $17 billion bid for UK candy company Cadbury PLC, topping the recent $16.5 billion hostile offer by Kraft Foods Inc., the Wall Street Journal reported on Friday.</p>
<p>The bid wouldn&#8217;t be ready for two weeks and the terms are in flux, the newspaper says people close to the matter have said.</p>
<p>But the people said the charitable trust that controls the company and has complicated Hershey&#8217;s merger efforts in the past is now prodding CEO David West to beat Kraft&#8217;s offer, the Journal reports.</p>
<p>The offer is expected to include at least $10 billion in cash from Hershey, plus $2 billion in new Hershey shares and another $3 billion to $5 billion in cash from investors in exchange for equity in Hershey.</p>
<p>Hershey adviser Byron Trott, a former Goldman Sachs banker known for his close relationships with billionaire Warren Buffett and other major investors, is courting new investors.</p>
<p>Buffett, whose investment firm Berkshire Hathaway is the biggest shareholder in Kraft, called Kraft&#8217;s original offer for Cadbury “pretty full.”</p>
<p>The trust would sell about $1 billion worth of assets but hopes to structure the deal to maintain control of Hershey, according to the Journal, which says Hershey and the trust are working with two banks to raise the money: JPMorgan Chase and Bank of America Merrill Lynch.</p>
<p>Kraft has made clear that it, like Hershey, wants access to Cadbury&#8217;s presence in developing markets such as Mexico and India. Its 9th November offer includes 40 percent cash and the rest in stock.</p>
<p>Cadbury quickly dismissed it as too low, but Kraft has until December to present it directly to shareholders.</p>
<p>“We&#8217;re the only offer on the table,&#8221; Kraft spokesman Michael Mitchell said. And we&#8217;re confident we&#8217;re the best, most logical partner for Cadbury.&#8221;</p>
<p>With roughly $9 billion lined up from lenders including Citgroup Inc., Deutsche Bank AG and HSBC Holdings PLC, Kraft could top a bid from Hershey.</p>
<p>Representatives for Hershey, the Hershey trust and Cadbury declined to comment on Friday.</p>
<p>While the trust initially didn&#8217;t think it would be able to put together a bid, it has found banks are willing to lend at higher levels in recent weeks for a combined Hershey-Cadbury, the paper said, and that would allow a successful bid to be constructed.</p>
<p>Some on the Hershey corporate board worry a deal could burden the company with too much debt, the paper said.</p>
<p>And observers question whether trust board members will have the will to sign off on a deal.</p>
<p>Hershey shares may not hold value if the company proceeds with a bid. And further share price drops &#8211; as occurred after rumors spread in recent weeks that Hershey might bid &#8211; would eat into the value of any offer.</p>
<p>Hershey Chief Executive David West has been talking with Italian candy maker Ferrero Spa about a possible joint bid for Cadbury, the Journal reports, writing also that a person familiar with the matter said those negotiations have not advanced.</p>
<p>The Hershey Trust funds a boarding school for low-income children in Hershey, Pa.</p>
<p>It has resisted large-scale deals before and its insistence on retaining control has complicated talks about acquiring Cadbury.</p>
<p>But trust board members have decided Hershey must expand more outside the U.S. to keep growing and preserve funding for the school, those close to the matter said.</p>
<p>“It has decided it must be a consolidator before it is consolidated, which would risk its mission,&#8221; said one person familiar with the trust&#8217;s thinking, according to the Journal.</p>
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