India's media has applauded the election of former finance minister Pranab Mukherjee as the new president.
The newspapers, however, said the ruling Congress party-led government would miss Mr Mukherjee's political acumen and administrative skills.
The position is largely ceremonial but he could help determine who forms the next government after elections in 2014 if there is no clear winner.
Mr Mukherjee's term runs for five years.
He replaces Pratibha Patil, who was India's first woman president.
"The [ruling] Congress [government] stands to lose the most from Mr Mukherjee's elevation," said Hindustan Times.
Pointing out that the president-elect was heading 24 of the 39 ministerial groups of the government for decision making, the newspaper said Mr Mukherjee's inputs had been vital for the government.
"The party will now have to hunt for a fire-fighter who can match Mr Mukherjee's acceptance across the political spectrum," the newspaper said.
'Misnomer'It added that Mr Mukherjee's presence in the presidential palace would be "particularly memorable if he can, within the limits imposed by constitutional propriety, soothe our fractious coalition-era politics".
The Indian Express said Mr Mukherjee's win meant that the government "loses it most experienced minister, and the nation gains a president with immense political stature".
The newspaper said the "aloof and apolitical president" had always been "something of a misnomer" in India.
"Under Mr Mukherjee's watch, it is just as well that the myth is poised for a burial".
PRANAB MUKHERJEE
The veteran Congress party leader Pranab Mukherjee was born in 1935 in West Bengal.
He was a teacher, a journalist and a lawyer before being elected in 1969 to the upper house of parliament. He has served as finance, foreign and defence minister, and has held other influential positions in the government.
He fell out with the Congress leaders in 1986 and started his own party, but returned to the party fold two years later. He has served on the boards of the International Monetary Fund and the World Bank.
The Indian Express said Mr Mukherjee would face "manifold challenges, and not just in government formation in 2014, if no party or alliance gets a majority".
The 2014 elections are not expected to produce a clear result. In that case, the president will play a decisive role.
The Hindu said Mr Mukherjee would be a "knowledgeable and pragmatic president who is well-versed in constitutional procedures and practices".
"As president of India, Mr Mukherjee would know how to fall back on traditions and conventions when necessary and when to look for fresh ways to break new impasses or constitutional deadlocks."
The Asian Age said Mr Mukherjee would "dignify the office he is about to step into and leave little room for narrow partisanship".
The newspaper said the president-elect was a man of "vast political experience and administrative acumen... he is also widely admired for his restraint, sense of propriety and balance, and understanding of realpolitik".
Forex: GBP/USD in session lows - FXStreet.com
Risk aversion is growing bigger as sentiment circling markets has deepened lately, with jitters stemming from the euro zone crisis weighting on the rest of the currencies and the dollar advancing across the board.
The pound remains under pressure after the BoE released its minutes last week, suggesting among other things the likeliness of further rate cuts in the upcoming periods.
GBP/USD is losing 0.41% at 1.5558, facing the next support at 1.5554 followed by 1.5518 then 1.5461 and 1.5414
On the flip side, a breakout of 1.5626 would bring 1.5674 then 1.5715 and 1.5738
REFILE-Market Chatter - Corporate finance press digest - Reuters UK
(Refiles to remove Fidelity National and Wellpoint items as the deals were reported earlier)
July 23 (Reuters) - The following corporate finance-related stories were reported by media on Monday:
* EU regulators will allow a bid by HongKong's Hutchison 3G to buy France Telecom SA's Orange Austria if the new combined group permits other Austrian operators to access its network, according to an Austrian daily on Saturday, citing sources.
* NRG Energy Inc struck a deal to buy rival GenOn Energy Inc for $1.7 billion in stock, forming the largest U.S. independent power producer as the companies contend with sagging electricity prices.
* India's largest software services exporter Tata Consultancy Services Ltd and Cognizant Technology Solutions Corp have entered the race to acquire Lodestone Management Consultants, the Zurich-headquartered management and technology consulting firm. Infosys Ltd is the other company in the fray, the Financial Express reported. link.reuters.com/syn59s
* Lloyds Banking Group Plc faces the indignity of another cut price sell-off as buyers walk away from its 1.2 billion pounds Project Lundy auction. The state-backed bank has had to cut the price of the loans from a proposed 70p in the 1 pound to just 50p after failing to attract viable interest in a sale, the Telegraph reported. link.reuters.com/nep59s
* The U.S. group that led construction of the Olympic Park and a New York-listed rival are the latest companies considering bids to oversee the UK's 5 billion pounds ($7.82 billion) nuclear decommissioning programme, the Independent reported.
* Morgan Stanley is in advanced talks over selling a stake in its multibillion-dollar commodities trading division to Qatar's sovereign wealth fund, CNBC reported on Friday, citing people familiar with the matter.
* Vivendi SA's Universal Music Group plans to sell three music labels belonging to takeover target EMI to independent labels rather than its closest competitors, the Financial Times reported.
* Tata Chemicals Ltd, soda ash manufacturer and salt maker, is creating a holding company based out of Singapore to park all its natural resources in the US, the UK and Africa, joining conglomerates Essar Group and Vedanta Resources in creating global arms to raise money to fund expansions and acquisitions both in India and abroad, the Financial Express reported. link.reuters.com/xep59s
* Rupert Murdoch's resignation from directorships which control News Corp titles including the Sun, the Times and the Sunday Times, has sparked speculation that the company will sell its UK newspapers, the Telegraph reported. link.reuters.com/tep59s
* King.com, Britain's answer to Angry Birds producer Zynga Inc, is planning to make an initial public offering on Nasdaq next year, the Telegraph reported. link.reuters.com/pep59s
($1 = 0.6397 British pounds) (Compiled by Shilpa Hinduja in Bangalore; Editing by Prateek Chatterjee)
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