In a move to support the inflow of money into the retail segment especially single brand retail, we saw some moves from Govt agencies. The Govt. may relax local sourcing and brand ownership norms as part of a comprehensive review of the FDI policy for single-brand retail and the local sourcing norms could be modified with the 30 per cent requirement applying to costs and not to sales, as currently stipulated. The condition that retail companies would have to buy from vendors having investment in plant and machinery of less than $1 million would not be relaxed.

Austerity ire: Madrid, SPAIN: Demonstrators hold signs reading 'Cuts, the wealthy first!' in front of riot policemen, during a protest in Madrid. At least 1,000 Spanish “indignant” protesters rallied against austerity cuts before some of them clashed with police, who charged demonstrators with batonsu00a0