Explanation of Sec 3(d) of patent act still vague: Novartis

Novartis India today reiterated its stance that the interpretation of enhanced efficacy under Indian Patent Act's section 3(D) remains unclear, reports Archana Shukla of CNBC-TV18.
 
Earlier this month the Supreme Court had dismissed Novartis' plea for patent of cancer drug Glivec. In that order Supreme Court had very clearly stated the definition of enhanced efficacy, however the global drug major believes that it still leaves a lot of room for more debate on what really is patentable innovation in India.

The company made it clear that they are not going to apply to any international agency now for an appeal against the Supreme Court order.

Novartis' India head also pointed out pertinent aspects of IMATINIB or Glivec market, drug accessibility and their plans for the local market. IMATANIB has been very debatable and even IMS data do not have correct figure on the drug's actual market size.  Through various charts and numbers Novartis said that they hold about 77 percent of the total IMATINIB market which includes both generic as well as patented Glivec.

The company said that out of 42,000 patients who reach oncologist only 28,000 patients are the ones who get treatment, out of which 16,400 patients get free Glivec and another 400 get it through co-pay programmes.

Novartis claimed that they have a much better access programme on Glivec for chronic myeloid leukemia patients and they reach out to a larger number of patients as compared to all the other generics put together.

Also, through a comparative analysis of per day prices of IMATINIB both generic as well as Glivec, Novartis claimed to churn out the cheapest Imatinib to patients through its co-pay programme. The company claims that it works out to be even cheaper than generics.

The drug major will continue launch products in India but would be very cautious in launching patented drugs.

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Social Access: India's 1st communications firm

Two of India's most popular media personalities, Lynn Dsouza, former chairman & CEO, Lintas Media Group and Meenakshi Menon, founder & chairperson of media audit company Spatial Access, have joined hands to create India first communications firm that will focus solely on the social sector - Social Access. CNBC-TV-18's Sumit Lakhotia reports.

Social Access launched on Thursday at the Radio Club in Mumbai with the theme 'Be the change'. The company aims at creating and executing communication strategies for NGOs. The event was marked by the presence of international achievers like Sarah Wilson, Mark Inglis and Abhilash Tomy to inspire the audience through real-time action. More than 300 people turned up for the event and joined in the celebration.

Speaking at the event, Mark Inglis, mountaineer & motivational speaker  said, "The great thing about Social Access is getting people to understand what's possible, and that's what we are doing."

Through their core values of responsibility, sustainability and collaboration, Social Access aims at becoming the bridge between the corporate and  social sector.

Sarah Wilson, founder and CEO, Adventure Coaching, New Zealand said, "People matter and the planet matters and we want to do something amazing about that. So, I am really happy, pleased to stand behind that and be part of that."

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VCs use passive, aggressive styles to aid entrepreneurs

This week's edition of India's Angels on CNBC-TV18 examines some of the strategies deployed by venture capitalists to make the entrepreneurial ecosystem in India more robust.

Meet Sandeep Murthy who manages Silicon Valley-based Sherpalo Ventures India Fund. Sandeep talks to us about the virtue of the venture capital and the necessity to be extremely patient. Also meet Karthik Reddy and Sanjay Nath of Blume Ventures who are redefining angel investing in India with an institutionalised angel fund that has in two short years built a portfolio of 40 start-ups.

Sherpalo and Blume represent two different generations of early stage funds in India. While Sherpalo set up shop in India in 2006, it has invested in 11 ventures in the last two-and-a-half years. It has not made any new investments and has been focusing on helping its portfolio-companies scale up.

In the last two years, Blume raised a Rs 100-crore fund from the domestic market and has already deployed about Rs 40 crore across 40 start-ups. Karthik and Sanjay believe that their aggressive approach is all set to disrupt the market place.

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Prime Property: The burst of tier-II, tier-III price bubble

Welcome to Prime Property on CNBC-TV18, your weekly real estate reckoner.

Here is what we have on the show today:

1. The tier-II and tier-III price bubble burst a few years ago. We find out how these cities are performing in our Price-O-Meter.

2. Delays in debt reduction come back to worry the country's largest developer DLF. CNBC-TV18 learns the closure of the USD 300 million sale of Aman Resorts has been delayed by five months.

3. We find out if Ireo's apartments for a whopping Rs 12-30 crore in Gurgaon are worth your while.

4. We touch base with Piramal Group's real estate private equity fund Indiareit.

DLF has been a stock in focus. The company's shareholders on the April 4 approve the sale of the fresh equity of shares via an institutional placement programme (IPP), the move is to pare promoter KP Singh and family's stake to 75 percent.

The fresh equity of shares ensures all the capital raised flows directly into the company's balance sheet. DLF till very recently was hoping to raise USD 500 million from that exercise, but like most other companies has been caught off guard by the recent market volatility.

Sources say DLF will go ahead with all the regulatory filings to be in a position to launch that IPP any day after April 15. Then on April 5, DLF announced it has sold wind power assets for Rs 240 crore.

Since October 2012, DLF has announced asset sales for around Rs 5,000 crore, most of which will be used to bring down its debt of over Rs 21,000 crore, but it plans have hit rough weather as the USD 300-million Aman Resorts deal announced in December 2012 is yet to close.

DLF is selling Aman Resorts the super luxury hospitality chain back to the founder Adrian Zecha.

DLF was supposed to close the deal and get the money by end of February. DLF is yet to get that USD 300 million. Sources say Adrian Zecha is still organising the funds and the deal closure will be achieved in the end of June that's a delay of five months.

One positive cue the street is watching out for is DLF'ss big bang launch of apartments and golf course in Gurgaon from which the company hopes to realise Rs 8,500 crore. This project is informally being referred to as Magnolia 2 and apartments here are expected to be launched at Rs 15-20 crore. It was built as Gurgaon's most expensive launch, but DLF's new competitor Ireo has already hit the market with an equally expensive offering.

Ireo has tied up with Grand Hyatt to sell luxury branded residences in Gurgaon. The project will come up on 29 acres and will also include a Grand Hyatt hotel. There will be a 265 luxury residences coming up in configurations of 4BHK, duplexes and penthouses.

The penthouses come with private pools. Apartment sizes vary from 4,600-10,000 sqft.

Ireo says the project will overlook a 50-acre golf park inspired by Hyde Park in London and may even include a driving range. Foster & Partners of London's newest landmark, the Gherkin are the lead architects of the Ireo-Grand Hyatt Project.

Now let us talk about prices. Ireo tells Prime Property it has not finalised the pricing as yet. However, many high net worth individuals (HNI) we spoke with have got a pricing list from Ireo.

The starting price could be as high as a whopping Rs 12.50 crore and go up all the way to Rs 30 crore for the Penthouse. Ireo is charging top dollar for its association with the Grand Hyatt, but it did not give us details about its arrangement with the hotel major for using that brand.

Also, there is an electricity grid and an electricity sub-station right behind that project site. Ireo believes this should not be seen as a dampener.

Back in 2006, tier-II and tier-III cities have caught the fancy of real estate developers. We saw projects being launched from Jaipur to Lucknow to Kochi, but then the market crashed, plans were shelved, developers trying to exit projects and put barren land on the block. So, where do things stand now, we put real estate rating agency Liases Foras on the job for our price-o-meter.

The smaller cities in North India were far too speculative and have started witnessing the price correction. Indore has seen prices come off. In Chandigarh many builders are now offering discounts. Supply in Lucknow has been thin, but now DLF and Ansal has started launching projects here.
 
Pankaj Kapoor, founder and MD, Liases Foras: North India is mostly a investor-driven market and the prices have really surged very high. You look at some markets except for Jaipur where lot of supply has come from state agencies and the housing boards. In cities like Lucknow and Kanpur the supply size is very thin and beside that supply size the way the prices have really surged it is highly speculative and we see a downside corrections.

Whole of the North we are seeing that the corrections in the property prices can be seen today like Chandigarh also there are various kind of discounts, which developers have started offering because there is lot of investor supply, which is available and there is very little sentiment for investors.

Nagpur was seen as India's most promising tier-II city. A lot was riding on the Multi-modal International Hub Airport at Nagpur (MIHAN) project that never really took off.

Prices here had compounded by over 30 percent annually till the market crashed. Goa though continues to see healthy activity.

Kapoor: You see 30 percent compounded annual growth rate (CAGR) growth in the prices and it has just gone up and the property which were earlier marketed at Rs 1,800 has gone up to Rs 3,600 to Rs 4,000.

For the investors he may think today and realise that yes, my property is appreciated to that level, but important thing is that the consumption of the property also has to take place at this price. So if the asset is ready and it is unproductive, neither it is giving you rental income nor you can sell it and exit with the profit because end-user demand is not there.

Liases Foras believes that in smaller towns in South are far better off. Its top pick is Kochi followed by Mangalore.
 
Kapoor: If you look at the property prices today, it is still 20 percent less than what it used to be in 2008. So if you look at time and price correction it is very poised and very well at the level. It is not really been showing any sign of improvement because lot of investment used to come from the Middle East and which has really stopped.
 
Time now for our Deal Street:
 
Indian Hotels from the house of Tatas has moved an injunction in Delhi High Court against the proposed auction of its marquee Taj Mansingh hotel in the capital.
 
Indian Hotels sought legal recourse just a few days prior to the Delhi administration finalising the terms of the auction.

Mahindra Lifespaces have allotted Rs 500 crore worth of non-convertible debentures these bonds have a yield of 10.78 percent.

Report suggest the Wadia Group has offered land worth Rs 913 crore in Thane as collateral, this is to avail bank loans for GoAir.
 
Godrej Properties has signed a joint development agreement to develop six housing societies in the Chembur area in Mumbai. Spread across four acres this will free up nearly 7,50,000 square feet of space that can be sold. Nearly 200 residents will also be rehabilitated.

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Obama vows to make US magnet for jobs with $377-trn budget

US President Barack Obama on Wednesday presented USD 377 trillion annual budget which he said will not only reduce the budget deficit but will also make America "a magnet for good jobs" and put the country on the path of economic prosperity. Obama described it as a "fiscally responsible blueprint for middle-class jobs and growth", while the opposition Republicans were quick to term it as blueprint for recession.

"At a time when too many Americans are still looking for work, my Budget begins by making targeted investments in areas that will create jobs right now, and prime our economy to keep generating good jobs down the road," Obama said in his remarks at the Rose Garden of the White House after sending his annual budget proposals to the Congress.

"To make America a magnet for good jobs, this Budget invests in new manufacturing hubs to help turn regions left behind by globalisation into global centers of high-tech jobs. We will spark new American innovation and industry with cutting-edge research like the initiative I announced to map the human brain and cure disease," he said.

"We'll continue our march towards energy independence and address the threat of climate change. And our Rebuild America Partnership will attract private investment to put construction workers back on the job rebuilding our roads, our bridges and our schools, in turn attracting even more new business to communities across the country," he said.

Obama said his budget replaces the foolish across-the- board spending cuts that are already hurting the economy. "And I have to point out that many of the same members of Congress who supported deep cuts are now the ones complaining about them the loudest as they hit their own communities," he said lashing out at the opposition Republican lawmakers.

"My budget will reduce our deficits by nearly another USD 2 trillion so that all told we will have surpassed the goal of USD 4-trillion in deficit reduction that independent economists believe we need to stabilise our finances. But it does so in a balanced and responsible way, a way that most Americans prefer," Obama asserted. In an apparent address to the concerns of the opposition Republicans, Obama said he has already met them more than halfway.

"So in the coming days and weeks, I hope that Republicans will come forward and demonstrate that they're really as serious about the deficits and debt as they claim to be," he said. Observing that over the past three years, businesses have created nearly 6.5 million new jobs, Obama said the economy is poised for progress -- as long as Washington doesn't get in the way.

"Frankly, the American people deserve better than what we've been seeing:  a shortsighted, crisis-driven decision- making, like the reckless, across-the-board spending cuts that are already hurting a lot of communities out there - cuts that economists predict will cost us hundreds of thousands of jobs during the course of this year," he said.

"If we want to keep rebuilding our economy on a stronger, more stable foundation, then we've got to get smarter about our priorities as a nation. And that's what the budget I'm sending to Congress today represents -- a fiscally responsible blueprint for middle-class jobs and growth," he said.

Noting that for years, the debate has raged between reducing deficits at all costs, and making the investments necessary to grow the economy, Obama said that this budget answers that argument. "Because we can do both. We can grow our economy and shrink our deficits. In fact, as we saw in the 1990s,nothing shrinks deficits faster than a growing economy. That's been my goal since I took office. And that should be our goal going forward," Obama said.

The Opposition Republicans were quick to condemn the budget. Florida Senator Marco Rubio described it as a blueprint for a recession. "Filled to the brim with middle class tax hikes and debt spending, the recycled liberal ideas in his budget have failed time and again to create real vibrant economic growth for the American people. Our nation needs a plan that reflects the principles of limited government, free enterprise and a strong national defence," he said.

"President Obama's plan taxes and punishes American success, and it encourages long-term dependency on government. The President already got USD 600 billion in tax increases from the fiscal cliff deal struck in January, which I opposed," Rubio said.

"Now he wants over USD 1 trillion more in taxes on retirement savings, small businesses and job creators who can't afford to hire because they're burdened with new costs as they scramble to figure out just what's in ObamaCare. "It will never even come close to balancing our budget in the next 10 years, leaving it up to future generations to figure out how to stop Washington from spending more money than it takes in," Rubio said.

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Allied Blenders and Distillers plan expansion spree

The owners of India's top-selling whiskey - Officer's Choice - are now looking beyond the flagship brand. In fact, now that its long-standing dispute with United Spirits over Officer's Choice has been finally settled.

Allied Blenders and Distillers (ABD) is turning its focus on expansion and to fund its growth plans. ABD is eyeing Rs 500 crore through private equity tie ups. CNBC-TV-18's Kritika Saxena reports.

Deepak Roy, executive VC and CEO, Allied Blenders and Distillers, who took over as CEO of Allied Blenders and Distillers in 2001 is in high spirits. Over the last 10 years, he has managed to make the company India's third largest liquor firm and is now hunting for private equity players to raise upto Rs 500 crore to fund further expansion.

Roy says, "I can confirm that we have appointed a merchant banker which is Ambit Corporate Finance and Ambit is going to help us raise some private equity funds. We are looking at raising around 500 crore. We need this to grow our existing business, launch new brands and also create some in-house distillation and bottling capacity."

So, what's the growth plan? ADB's flagship brand Officers Choice contributes to over 90 percent of its business. Its growth has helped ABD grow by 14 percent in revenues higher than the industry average of 4 percent.  However, other brands like its vodka offering, Class 21 have been struggling and thats what ABD wants to focus on now.

Roy says, "ABD's biggest weakness over the last 3-4 years has been that we are pretty much one and a half brand company. We are not represented in every segment in the market, so the plan is now to A-premiumise the portfolio and have a representation in almost all the segments."

But with the Diageo and United spirits deal done the industry seems to be gearing up for consolidation, not to mention more competition. Roy, who has in the past worked for both UB Group and Diageo, however appears unperturbed. Roy says, "Both these are multinational deep pockets and I think consolidation will help us. So we will be happy to look at driving some kind of consolidation."

In fact, some analysts say, further consolidation and growing brand consciousness could ultimately turn the liquor industry into a big boys' game. But for now the immediate challenge is the lack of regulatory clarity in the sector which has kept pricing of products on an unsure footing.

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Cabinet likely to discuss coal price-pooling next week

The Cabinet is likely to meet again next week to discuss pooling the price of imported coal with the domestic fuel. "The Cabinet Committee on Economic Affairs (CCEA) may meet on April 16 to discuss coal price-pooling," a source said.

Also Read: GoM on draft coal regulator Bill may meet on Wednesday

Finance minister P Chidambaram had said last week that the Cabinet will take a view on price-pooling of coal to address the fuel supply issue. Price-pooling is the averaging of prices of domestic and imported coal to get a uniform feedstock price in the country.

On the directions of the CCEA, an inter-ministerial panel was formed under the chairmanship of coal secretary SK Srivastava to looking into price pooling and coal linkages issue. The Cabinet had asked the coal ministry to back on the issue within five weeks, according to sources.

The CCEA had in February approved in-principle coal price pooling but had asked coal and power ministries to come back with specifics of the proposal.

The Prime Minister's Office had directed Coal India Ltd (CIL) and Central Electricity Authority (CEA) in 2012 to work on price-pooling, so as to ensure 80 per cent supplies to power plants.

However, the final decision on the issue was pending for long due to differences between the coal and power ministries on how the impact of higher imported coal prices will be shared between CIL and power companies.

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'CPI inflation to moderate to around 7% by March 2014'

Terming the consumer price index based inflation as critical to assess the domestic economy in the current environment, a research report by Morgan Stanley said the CPI reading is likely to moderate to around 7 percent by March from the present level of 10.9 percent.

"We expect the CPI inflation to moderate from 10.9 percent currently to around 7 per cent by March," the report said. Giving the rationale behind such moderation, the report said factors like impact of slower government spending, slow rural wage growth among others, would help in reducing the sconsumer inflation.

"Since last September, total government spending has been on a decelerating trend. Moreover, the government has controlled expenditure except interest and subsidy payments...as the government delivers fiscal consolation, it will help contain aggregate demand- thus reducing inflationary pressures," the report said.

It further said agricultural wages have shown signs of moderation, which would help in easing inflation pressure. "We believe this moderation, after almost five years of acceleration, will also help to lower food production costs and bring about a moderation in food and hence overall inflation," it said. The report also said that other factors like slower rise in global commodity prices like oil, moderation in asset prices such as housing and slower growth in domestic demand would also help in containing CPI inflation.

"We believe that the sharp slowdown in domestic demand will finally start weighing on CPI inflation trend over the next six months," it said. Referring to high current account deficit and fiscal deficit coupled with slowing growth, the report said that despite growth concerns, the worst may be behind. "Though trailing macro data points are a cause of concern, we believe that the worst may be behind with regard to macro stability indicators. "The government has initiated steps to correct the bad growth mix (high fiscal deficit and low investment spending). We believe this will help to gradually improve the macro stability indicators," the report said.

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Aditya Birla Nuvo to sell carbon black biz to group firm

Aditya Birla Nuvo today said it will sell its carbon black business to another group firm SKI Carbon Black (India) for Rs 1,451 crore.

The move, aimed at reducing debt, follows a decision of the company's Committee of Directors who felt that it will be "extremely challenging" for Nuvo to become a global leader as multi-national tyre makers prefer tie-ups with firms which has global spread. 

Nuvo, which had clocked Rs 1,983 crore revenue in FY'12, has three plants for making carbon black, used in tyre making and is among country's top three firms in the business.

Globally, however, its share is minuscule at 2 per cent. The company has presence in finance, telecom and textile business, among other areas. 

"The Committee of Directors of the Company at its meeting held on April 6, 2013 has...decided to divest Carbon Black Business, on a going concern basis, by way of slump sale to SKI Carbon Black (India), an Aditya Birla Group Company, for a lump-sum consideration of Rs 1,451 crore as enterprise value," the diversified firm said in stock exchange filing. 

"Moreover, in view of the company's capital commitment towards funding the growth of its other businesses, it is extremely challenging for the Company to become a global carbon black player," the filing said. 

The sale is subject shareholders and other approvals, it said, adding that the valuation of the business has been done by Deloitte Touche Tohmatsu India.

"The cash inflow from the divestment of the carbon black business will reduce debt and strengthen the company's balance sheet. This will support growth plans and ensure greater focus on the other businesses of the company," it said. 

Aditya Birla Nuvo's net debt to equity ratio stood at 0.66 and net debt to annualised EBITDA at 4.2 as on September 30, 2012.

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Global political unrest crimps Indian FMCG cos Q4 earnings

As if the global slowdown wasn't enough, Indian FMCG companies have another headache to deal with - socio-political upheavels in their respective overseas markets. CNBC-TV18's Farah Bookwala reports that upheavals in regions that account for a large portion of FMCG revenues could hurt fourth-quarter performance.

Protests in Bangladesh, wage hikes in Indonesia and weak consumer sentiment in Egypt- just a few more reasons giving Indian FMCG-company managements spending sleepless nights.

Analysts say these unheavals could result in a poor performance by FMCG companies with a big international presence.

The most affected is GCPL ( Godrej Consumer Products Ltd ) which depends on international markets for 45 percent of revenues followed by Dabur  with a 30-percent exposure and Marico with a 25-percent exposure. The recent Shahbag Square protests in Bangladesh will hurt Marico the most.

Bangladesh accounts for 10 percent of Marico's overall sales and 40 percent of its international business. And analysts are busy factoring in the impact while working on what to expect from the company's fourth-quarter earnings report.

"For the last three quarters, Marico's performance in Bangladesh has been tepid. During this quarter.  The Shahbag protests on since March 1 could clearly impact sales for 15-20 days during that period. To that extent, the protests may have a 10-30 percent impact on sales during the quarter," says Anand Mour, analyst, ICICI Securities.

GCPL's performance, on the other hand, will take also be affected by developments in Indonesia and Argentina. Indonesia contributes up 19 percent of GCPL's  topline and  is its best-performing  international market. But Indonesia has hiked minimum wages by 44 percent- from US 158 a month to US 228.

Experts argue that while the move may spur consumption in the country, it will mean higher wage-costs for GCPL which could squeeze margins by as much as 100 basis points in the fourth quarter alone.

In Argentina, GCPL has to come to terms with a government diktat that freezes price hikes on FMCG products to tame inflation.  For companies like Dabur which has been enjoying the cruise up the Nile, the crocodiles are circling.

Egypt's consumption atmosphere has been dropping. Its consumer confidence index has slipped 16 percent between November and December 2012 and this could mean that the usual 9 percent contribution from the Middle-East to total revenues may not come in this time.  But analysts bet that the weakening consumption-cycle will not last.

Kaustubh Pawaskar, analyst, Sharekhan says, "In the near-term, there may be some volatility, but in the long term Egypt will be one of the key drivers of the international biz for some of these companies."

While the consolation that the impact of these socio-political fracases may not be long-lived is small, FMCG companies are starting to come to terms with the possibility that they may be headed for their weakest results in four quarters.

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British DJ Duke Dumont and singer A*M*E race to top of UK chart

LONDON (Reuters) - British DJ Duke Dumont and singer A*M*E raced to the top of the charts this week with their catchy single "Need U (100%)", while U.S. star Justin Timberlake remained top of the album chart, the Official Charts Company said on Sunday.

After making a name remixing singles for Lily Allen and Mystery Jets, Duke Dumont teamed up with the 18-year-old Londoner Aminata "Amy" Kabba - stage name A*M*E - to record "Need U (100%)", a 1990s-infused dance track.

The single helped to knock the comedy duo Ant and Dec's reissue of the 1994 hit "Let's Get Ready to Rhumble" down from first to sixth spot.

Canadian crooner Michael Buble provided the top 10's only other new entry with "It's A Beautiful Day" at number 10, his highest charting single since "Haven't Met You Yet" in 2009.

Justin Timberlake's "The 20/20 Experience" sealed its third week at the top of the album chart, fending off the Las Vegas indie rock band Imagine Dragons, whose debut album "Night Visions" landed the second spot.

David Bowie's "The Next Day" slipped one place to fourth, toppled by British metallers Bring Me The Horizon, who entered the chart with "Sempiternal", their fourth album.

(Reporting by Natalie Huet; Editing by Kevin Liffey)

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Chelsea jump above Tottenham into third

REUTERS - Chelsea leapfrogged Tottenham Hotspur into third place in the Premier League on Sunday after coming from behind to beat Sunderland 2-1.

Chelsea's fightback enabled them to take advantage of Spurs' 2-2 draw with fellow Champions League hopefuls Everton at White Hart Lane, where Gylfi Sigurdsson scored a late equaliser to rescue the hosts in a pulsating game.

Rafa Benitez's Chelsea moved up to third place with 58 points from 31 games, ahead of Spurs on goal difference but with a game in hand. Fifth-placed Arsenal are two points behind, while sixth-placed Everton have 52.

Chelsea had fallen behind just before halftime when Cesar Azpilicueta steered Sunderland defender John O'Shea's header into his own net.

The visitors returned the favour two minutes after the restart with an own goal of their own by Matthew Kilgallon following a dangerous move by Chelsea substitute Fernando Torres before Branislav Ivanovic sealed victory in the 55th minute.

Earlier in the day, Liverpool lost ground on the group chasing Champions League spots when they were held to a 0-0 draw by West Ham United at Anfield, leaving them in seventh place with 49 points from 32 games.

The draw boosted West Ham's chances of avoiding a relegation battle as they are now seven points clear of the drop zone in 12th place.

Newcastle United also pulled themselves further away from trouble with a 1-0 win at home to Fulham thanks to Papiss Cisse's stoppage-time winner. Victory lifted them to 13th place with 36 points, a point behind West Ham.

League leaders Manchester United, who are 15 points clear, host second-placed champions Manchester City on Monday.

SECOND FASTEST

Fans were still taking their seats at White Hart Lane when Adebayor struck with just 34 seconds on the clock - the second fastest Premier League goal of the season after Robin van Persie's 31-second effort for Manchester United against West Ham in November.

The Togo striker stuck out his leg to meet a low cross from Jan Vertonghen on the left to put Spurs in front.

Everton, whose dreams of playing in Europe's elite club competition next season are alive but becoming faint, did not let the early setback get to them too much and Phil Jagielka pulled one back in the 15th minute with a header.

The England defender rose high from a Leighton Baines corner and headed the ball down through the legs of Spurs keeper Hugo Lloris.

That early goal was forgotten when Everton went ahead in the 53rd minute through Kevin Mirallas, who weaved his way through the Spurs defence to net in a second successive game after scoring the winner in last weekend's 1-0 win over Stoke City.

Spurs chased an equaliser with midfielder Mousa Dembele hitting the bar with a deflected shot before Adebayor also rattled the woodwork and the rebound gifted Sigurdsson the 87th-minute goal.

"We left it late which didn't give us a chance to go for the third (goal)," Spurs manager Andre Villas-Boas told ESPN television.

"We had to battle very hard to get the draw. We believe it (Champions League qualification) is going to go down to the wire." (Reporting by Sonia Oxley; Editing by Tom Pilcher)

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Budget to give blueprint for growth:Obama

Asserting that half a million jobs have been created this year and 6.5 million new ones in the last three years, the US President Barack Obama on Saturday said his annual budget to be sent to the Congress next week would be a fiscally responsible blue print for the middle-class jobs and growth.

"If we want to keep rebuilding this economy on a stronger,sturdier foundation for growth - growth that creates good, middle-class jobs - we need to make smarter choices. "This week, I'll send the budget to Congress that will help do just that - a fiscally-responsible blueprint for middle-class jobs and growth," Obama said in his weekly radio and web address to the nation. Noting that for years, an argument in Washington has raged between reducing the country's deficits at all costs, and making the investments needed to grow the economy, Obama said his budget puts that argument to rest. "Because we don't have to choose between these goals - we can do both.

After all, as we saw in the 1990s, nothing reduces deficits faster than a growing economy," he said. "My budget will reduce our deficits not with aimless, reckless spending cuts that hurt students and seniors and middle-class families - but through the balanced approach that the American people prefer, and the investments that a growing economy demands," he said. "Now, the truth is, our deficits are already shrinking. That's a fact. I've already signed more than USD 2.5 trillion in deficit reduction into law, and my budget will reduce our deficits by nearly USD 2 trillion more, without harming the recovery. That surpasses the goal of USD 4 trillion in deficit reduction that many economists believe will stabilise our finances," Obama added.

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Judge approves BofA $2.43-bn settlement over Merrill

Bank of America Corp on Friday won a federal judge's approval for a USD 2.43-billion settlement with investors who said the lender hid crucial information when it bought Merrill Lynch & Co.

The accord, among the largest investor settlements stemming from the recent global financial crisis, was approved by US District Judge Kevin Castel in Manhattan.

Castel called the settlement "fair, reasonable and adequate," and said it culminated an "extraordinarily hard-fought litigation."

Bank of America had agreed to buy Merrill in an all-stock deal initially valued at USD 50 billion on September 15, 2008, the same day that Lehman Brothers Holdings Inc went bankrupt.

But Merrill ended up losing USD 15.84 billion in that year's fourth quarter, even as it awarded USD 3.62 billion of bonuses to employees. Bank of America ultimately obtained a federal bailout, since repaid, to absorb Merrill.

Shareholders including the state teachers retirement system of Ohio and the teachers retirement system of Texas said Merrill's mounting losses and bonus plans should have been disclosed before investors voted on the merger in December 2008.

The accord with the second-largest US bank was announced in September, and won preliminary court approval in December.

"We are very proud of this result," Max Berger, a lawyer for the plaintiffs, said at the hearing.

Bank of America denied the plaintiffs' allegations, but chief executive Brian Moynihan has said the settlement would remove uncertainty for the Charlotte, North Carolina-based bank.

Daniel Kramer, a lawyer for the bank, declined to comment at the hearing. A spokeswoman, Jessica Oppenheim, did not immediately respond to requests for comment after the hearing.

Since buying mortgage lender Countrywide Financial Corp in July 2008 and Merrill six months later, Bank of America has incurred more than USD 40 billion of extra costs for litigation, writedowns and mortgage buybacks, analysts have said.

The company still faces a variety of litigation over its mortgage operations, which have shrunk significantly in size, and over its underwriting of mortgage securities.

Bank of America is among 17 banks and lenders facing lawsuits by the Federal Housing Finance Agency over losses suffered by Fannie Mae and Freddie Mac on mortgage securities.

The FHFA has sued Bank of America over USD 57.5 billion of securities, more than any other bank, that Fannie Mae and Freddie Mac bought, and which were sponsored or underwritten by Bank of America, Countrywide or Merrill.

Bank of America shares closed up 3 cents at USD 11.97 on the New York Stock Exchange on Friday.

Castel also awarded three law firms representing the plaintiffs about USD 160.5 million, including USD 152.4 million in fees."The lawyers did a very fine job of keeping their eye on the job," he said.

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