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Financial shares roil Wall St on credit worryNEW YORK (Reuters) - U.S. stocks fell on Monday as investors fretted about the prospect of more losses from the mortgage crisis, sending shares of the two big U.S. home finance providers and other financial companies lower.Source: Reuters: Money News | 18 Aug 2008 | 2:55 pm ICICI Bank plans to cut bad debt ratioMUMBAI (Reuters) - ICICI Bank, India's second-largest lender, is working towards cutting its bad debts ratio as its growth slows due to high interest rates and double-digit inflation, its joint managing director said.Source: Reuters: Money News | 18 Aug 2008 | 2:39 pm Study: widespread use of sewage in irrigation puts health at riskStockholm: People in developing countries are facing growing health risks by the widespread use of sewage to irrigate crops, according to a study unveiled on Monday at a global water conference in Sweden. The report, by the International Water Management Institute, says more than half of farmland near 70% of cities in developing countries is watered with sewage. “Irrigating with wastewater isn’t a rare practice limited to a few of the poorest countries,” said Liqa Raschid-Sally, a researcher at the institute. “It’s a widespread phenomenon, occurring on 20 million ha across the developing world, especially in Asian countries, like China, India and Vietnam, but also around nearly every city of sub-Saharan Africa and in many Latin American cities.” She was speaking on Sunday at the start of the World Water Week, a conference attended by 2,500 scientists, politicians and officials from 140 nations. Experts said that 1.4 million children die every year from diarrhoea-related diseases and poor hygiene, and described the global sanitation crisis as “the world’s largest environmental problem”. An increasing need for water has spurred the use of sewage to water crops but in many cases it is the only form of irrigation for farmers who lack clean water, the study showed. It is mostly used to produce vegetables and cereals. However, the report said sewage also provides a livelihood for many by making possible the cultivation of land, and it recommends an increase in purifying water supplies rather than a total ban on the use of wastewater. In Accra, Ghana, some 200,000 people depend on vegetables produced on agricultural land near the city which is watered with sewage, Raschid-Sally said. “That gives you an idea of the large potential of wastewater agriculture for both helping and hurting great numbers of urban consumers.” Source: LatestNews-Home - Livemint.com | 18 Aug 2008 | 2:35 pm Allahabad High Court rules lower price for sugarcaneThe Allahabad High Court Monday ordered a reduction in the government supported minimum price of sugarcane, virtually going against an earlier Supreme Court order.Source: IndiaeNews.com: Business News | 18 Aug 2008 | 2:33 pm Buddhadeb invites Mamata to resolve Singur rowWest Bengal Chief Minister Buddhadeb Bhattacharjee Monday sent a letter to the state's main opposition Trinamool Congress chief Mamata Banerjee, inviting her for talks on the Singur land row.Source: IndiaeNews.com: Business News | 18 Aug 2008 | 2:32 pm Delhi an e-waste dumping yard?Delhi, which is already reeling under high pollution, has now to deal with another environmental challenge - e-wastes. According to an industry lobby's estimate, over 2,000 trucks dump around 12,000 tonnes of e-waste in the city per day.Source: IndiaeNews.com: Business News | 18 Aug 2008 | 2:30 pm Berger Paints buys Poland's BolixMUMBAI (Reuters) - Berger Paints Ltd said it has acquired Poland's Bolix SA, an external insulation finishing system supplier, for an undisclosed sum from Advent International, a private equity group.Source: Reuters: Money News | 18 Aug 2008 | 2:29 pm Equity, Debt fund returns turn northward - Moneycontrol.com
Source: Google News India - Business | 18 Aug 2008 | 2:27 pm Deutsche Bank appoints Prashant Joshi as - Moneycontrol.com
Source: Google News India - Business | 18 Aug 2008 | 2:27 pm TRAI favours Internet calls on phonesNEW DELHI (Reuters) – The Telecom Regulatory Authority of India (TRAI) has recommended that calls made over the Internet be allowed to be received on telephones rather than just computers, a move that would increase competition in the fast-growing telecom market.Source: Reuters: Money News | 18 Aug 2008 | 2:22 pm Indigo’s Bruce Ashby quitsNew Delhi: Within weeks of low-fare carrier SpiceJet Ltd’s CEO Siddhanta Sharma putting in his papers, CEO of another Gurgaon-based low-fare carrier has chosen to move on. The InterGlobe Aviation Pvt. Ltd-run IndiGo’s president and CEO Bruce Ashby who has been with the company since 2005 has chosen to move on instead of renewing his three-year old contract. “He is not leaving today, he is there till end of 2008,” said InterGlobe managing director Rahul Bhatia adding that Aditya Ghosh - an airline board member who has worked in launching IndiGo - will take over as the two-year old airline’s president. Bhatia added Siddhanta Sharma who joined InterGlobe recently would continue to work on other group businesses and not the airline’s operations. Source: LatestNews-Home - Livemint.com | 18 Aug 2008 | 2:14 pm DoT refutes COAI charge; spectrum allotted in orderly manner - Hindu
Source: Google News India - Business | 18 Aug 2008 | 2:10 pm Markets down on high inflation, Sensex loses 78 points - Hindu
Source: Google News India - Business | 18 Aug 2008 | 2:10 pm Markets remain bearish, Sensex down 79 ptsThe benchmark Sensex completed four sessions of losing streak by shedding over 78 points with refinery, metal and auto stocks coming under selling pressure amidst weak global cues.Source: Daily News & Analysis: Money News | 18 Aug 2008 | 2:00 pm WTO farm chairman Falconer to quit by year-endGeneva: The chairman of agriculture negotiations at the World Trade Organization will leave Geneva towards the end of this year, New Zealand’s ministry of foreign affairs and trade said on Monday. New Zealand’s WTO ambassador Crawford Falconer will be returning to Wellington as the ministry’s deputy secretary for trade, a ministry spokesman said by telephone from Wellington. Falconer is credited with narrowing the gaps on a range of tricky issues on the agriculture negotiations in the WTO’s long-running Doha round which deadlocked last month on a proposal to protect poor-country farms from increased imports. Negotiations on the round’s core areas of agriculture and industrial goods are expected to resume in September. Diplomats said Falconer would be able to chair any resumed farm negotiations until the end of the year. “Crawford will be here for some time I understand after we resume work in September,” one senior WTO diplomat said. In a report last week to the WTO’s 153 members on the agriculture negotiations that took place during July’s meeting, Falconer said the talks needed to resume soon to build on the compromises that emerged in the meeting. But he said the proposed special safeguard mechanism for developing-country farmers, over which the talks foundered, reflected a deep political divide that would require intensive work by senior officials to bridge. He also flagged a number of other issues where differences remain deep, such as the level of cotton subsidies. Diplomats said Australia’s WTO ambassador, Bruce Gosper, who chairs the WTO’s General Council, would sound out members about a replacement for Falconer. Gosper has already announced consultations to find a replacement for the chairman of the industrial goods negotiations, Canada’s WTO ambassador Don Stephenson, who is due to leave Geneva later this month. Diplomats said the process normally takes about a week. Back in Wellington Falconer will handle one of the most important areas of New Zealand’s small open economy. Falconer could not be reached for comment. Source: LatestNews-Home - Livemint.com | 18 Aug 2008 | 1:57 pm ITC tech arm to announce U.S. buy TuesdayBANGALORE (Reuters) - The information technology arm of ITC Ltd, India's top cigarette firm, will announce the acquisition of a U.S-based technology firm around noon on Tuesday, a public relations firm said in a statement issued on behalf of ITC Infotech.Source: Reuters: Money News | 18 Aug 2008 | 1:41 pm Training programme for Indian SME firmsNew Delhi: Indian small and medium enterprises will soon access international know-how with the country’s top technology and management institutes joining hands with the Confederation of Indian Industry (CII) and a foreign management consultant to introduce a three-year training programme. The Visionary SME Programme set for a September-end launch would have contribution from experts at the Indian Institute of Management, Calcutta and the Indian Institute of Technology, Madras along with Shobishiba, a Japanese management consultant. The programme would start with 15 firms initially and the volume of participation would grow later depending on the success of the maiden run. “Our aim is to help Indian SMEs understand why they trail the best SMEs in the world, and what they could do to achieve the same standards,” said Ramesh Datla, chairman, CII MSME (micro, small and medium enterprises) Council. Source: LatestNews-Home - Livemint.com | 18 Aug 2008 | 1:33 pm Small industries' exchange likely to come up this fiscalThe capital market regulator Securities and Exchange Board of India (SEBI) may clear the proposal to set up a dedicated exchange for the small and medium enterprises (SMEs) by the end of this fiscal, a top SEBI official said here Monday.Source: IndiaeNews.com: Business News | 18 Aug 2008 | 1:31 pm UTV Software acquires US gaming companyIndia's leading media and entertainment company UTV Software Communications announced Monday that its UK unit IG Interactive Entertainment has acquired 80 percent stake in the California-based gaming company True Games Interactive.Source: IndiaeNews.com: Business News | 18 Aug 2008 | 1:30 pm Transactions in SBI paralysed due to one-day strike - Hindu
Source: Google News India - Business | 18 Aug 2008 | 1:26 pm Connect 2008 from Sept 11-13Connect 2008, the 8th edition of the country s premier ICT (information and communication technology) event, would be organised here from Sept 11 to 13.Source: Daily News & Analysis: Money News | 18 Aug 2008 | 1:22 pm Rupee hits 17-month low in volatile tradingMumbai: The Indian rupee fell to its lowest in 17 months on Monday, 18 August, hit by a weak stock market and some lumpy orders in a holiday-thinned market that was also factoring in some recent dollar strength. The partially convertible rupee ended at 43.59/60 per dollar, recovering slightly from a intraday low of 43.70, its lowest level since 29 March 2007. The rupee fell 1.33% from Thursday’s close of 43.01/02, its biggest percentage fall in a year. It has fallen by 3.5% in the last five sessions and is down 9.6% in 2008. It rose more than 12% in 2007. Markets were closed on Friday will shut again on Tuesday for local holidays, which meant many trading rooms were thinly staffed. Trade was volatile, with the rupee trading a 43.05-43.70 band, and traders said there was heavy dollar buying by a large manufacturing company around 43.50 per dollar. “This sharp fall looks like some stop-losses have got triggered and even offshore markets are pointing to a weaker rupee,” said R.N. Hirve, chief dealer at Central Bank of India. One-month offshore non-deliverable forward contracts were quoting at 43.81/86 per dollar. The dollar hit a six-month high against the euro on Monday, although its surrendered the gains later in the day. The euro has fallen nearly 6% against the dollar in two weeks on concerns of an economic slowdown. Speculation the central bank may step in to stop the rupee’s fall proved unfounded. “There was some talk it may intervene around the 43.50 per dollar, but once that level broke conclusively, it fell like a stone,” said a dealer at a state-run bank. Data on Thursday showed the central bank sold $7 billion in intervention in June, the biggest single-month dollar sales since it began publishing the data in April 1995. A weak finish on the stock market also weighed on sentiment. The Sensex, the benchmark index ended down 0.5%, a fourth successive fall, and is down 28% for the year. Foreigners sold about $250 million of stocks last week, taking their net sales for the year to $6.8 billion. They bought a record $17.4 billion in 2007. Source: Home - Livemint.com | 18 Aug 2008 | 1:20 pm UTV interactive buys 80 per cent stake in US-firm - Economic Times
Source: Google News India - Business | 18 Aug 2008 | 1:13 pm Landslides hit transportation of apple crop in Himachal PradeshApple growers, particularly in the Shimla district, are up in arms against the Himachal Pradesh government for its failure to clear landslides on various highways during the past few days, resulting in financial losses to them.Source: IndiaeNews.com: Business News | 18 Aug 2008 | 1:02 pm SVB begins venture lendingMumbai: In a first for the Indian market, SVB Financial Group, has begun non-banking venture lending operations through its subsidiary SVB India Finance Pvt Ltd. Venture lending, which refers to financial institutions providing debt capital to VC-backed companies, is a new concept in India and currently not offered by other institutions. SVB plans to partner with VC firms in India to lend to venture-backed local companies in the early and growth stages. The firm will be headed by managing director Ajay Hattangdi, and Ash Lilani, president, India and China, SVB Financial Group, will act as chief executive. SVB, which focuses exclusively on banking venture capital firms and portfolio companies, opened its India office in 2004. In addition to its latest offering, SVB has a crossborder consulting arm SVB India Advisors Pvt Ltd and co-invests with other venture firms in Indian companies out of its $54 million fund SVB India Capital Partners. So far, it has invested in a dozen companies including Bangalore-based construction company Geodesic Techniques Pvt Ltd and Gurgaon-based remote desktop assistance company iYogi Technical Services Pvt Ltd. Source: LatestNews-Home - Livemint.com | 18 Aug 2008 | 1:02 pm ICICI Bank plans exclusive private equity fund for small and amp; medium businessesIndia's largest private lender ICICI Bank is planning to set up a $200 million (Rs.8 billion) private equity fund exclusively for the small and medium enterprises (SME) sector, a top company official said here Monday.Source: IndiaeNews.com: Business News | 18 Aug 2008 | 1:01 pm Central undertaking staff to go on strike WednesdayPublic sector employees will go on a strike Wednesday to protest against disinvestments and outsourcing in state-owned enterprises, a state-owned company warned the Bombay Stock Exchange Monday.Source: IndiaeNews.com: Business News | 18 Aug 2008 | 1:00 pm Kerala to hold handloom show, buyer-seller meetKerala will host a two-day handloom exhibition and a buyer-seller meet in October to promote the handloom products, a senior minister said here Monday.Source: IndiaeNews.com: Business News | 18 Aug 2008 | 1:00 pm Rupee hits 17-mnth low in volatile tradingMUMBAI (Reuters) - The rupee fell to its lowest in 17 months on Monday, hit by a weak stock market and some lumpy orders in a holiday-thinned market that was also factoring in some recent dollar strength.Source: Reuters: Money News | 18 Aug 2008 | 12:56 pm India Inc`s investment binge to slow in FY09: RBI - India Infoline.com
Source: Google News India - Business | 18 Aug 2008 | 12:54 pm Inflation likely to rise further: BarclaysBarclays has said inflation in India could increase further, as it expects another round of retail fuel price hike among other developments that could feed price rise.Source: Daily News & Analysis: Money News | 18 Aug 2008 | 12:51 pm Volkswagen to launch Beetle in IndiaCome 2009, Indians will have the chance to own the original 'people's car' -- the Beetle -- as Volkswagen has firmed up plans for its introduction in the country.Source: Daily News & Analysis: Money News | 18 Aug 2008 | 12:41 pm COAI maintains status quo on TRAI directive on interconnectionNew Delhi: Unfazed by a seven-day ultimatum set by the country’s telecom regulator, TRAI, to interconnect to the new GSM networks of Reliance Communications Ltd or RCom, a lobby representing incumbent mobile phone operators here who use GSM technology said it was sticking to its stand that a new interconnection agreement has to be made between GSM operators and RCom, since there is a ”material change” in the licence conditions. RCom, which mostly used a rival code division multiple access (CDMA) technology on its networks, is now starting GSM-based services. “The existing agreement applies only to the interconnection between GSM networks and RCom’s CDMA network. There is a material change in the licence conditions, as the GSM network rollout in a new aspect. Hence, the interconnection agreement has to be renegotiated,” said T V Ramachandran, director-general of the Cellular Operators Association of India or COAI, adding the group was ”considering various options”. On 6 August, COAI in its letter to the Telecom Regulatory Authority of India or Trai, had said the prevailing interconnection arrangement existing since 2003 with RCom pertains only to the CDMA network. “There arises a need to first mutually establish the technical and commercial terms of interconnection for RCom’s new GSM network. And consequently establish the physical interconnectivity...” TRAI on Thursday had directed GSM mobile phone operators such as Bharti Airtel Ltd, Vodafone-Essar Ltd, Bharat Sanchar Nigam Ltd, Idea Cellular Ltd, and Spice Communications Ltd to provide interconnection to RCom’s GSM mobile phone services within seven days, ending 21 August, and warned of legal action for contravention of the direction and terms and conditions of the licence agreement. An RCom spokesperson did not answer calls made to his mobile phone for comment. Source: LatestNews-Home - Livemint.com | 18 Aug 2008 | 12:41 pm Spanco Tele gets 700-mln-rupees order from Orissa - Reuters India
Source: Google News India - Business | 18 Aug 2008 | 12:38 pm Akhil ousted in boxing quarterfinalsBy PTI Beijing: Pugilist Akhil Kumar failed to penetrate the solid defences of his Moldovan opponent Gojan Veaceslav and crashed out in the quarterfinal of 54kg category in Beijing Olympic Games today, dashing India’s medal hopes. Akhil, who was one win away from ensuring India’s first Olympic medal in boxing, went into all out offensive unleashing a flurry of punches right from the word go but ran into the nearly impeccable defence and lost the bout 3-10 against the unheralded Moldovan. The bantamweight Moldovan boxer never lowered his guard and earned all his points through stray counterattacks, coming out of his defensive shell. After the first two rounds saw the two boxers tied at 2-2, Veaceslav surged into a decisive lead of 6-2 by landing all his punches bang on target. On the other hand, Akhil could only manage to reduce the margin of loss by scoring just one more point in the fourth and final round but it was too little and too late for the Indian. Having beaten the World Champion Sergey Vodopyanov of Russia to reach the quarterfinals, Akhil surprisingly just did not have any answer to the Moldovan’s strategy of all-out defence punctuated by counter-aggression. With Akhil out of the competition, India’s medal hopes rest on flyweight boxer Jitender Kumar and Vijender in featherweight when they walk in the ring on Wednesday to appear in their quarterfinal bouts. Source: LatestNews-Home - Livemint.com | 18 Aug 2008 | 12:36 pm UTV interactive buys 80% stake in US firmUTV Software Communications, on Monday said it has acquired 80 per cent stake in US Based online game publishing Group, True Games Interactive for an undisclosed sum.Source: Daily News & Analysis: Money News | 18 Aug 2008 | 12:35 pm Markets end with losses in a choppy tradeIndian equity markets closed in the red Monday for the fourth day running, in an extremely choppy trading session. Weak global markets also dampened the investors' sentiment.Source: IndiaeNews.com: Business News | 18 Aug 2008 | 12:31 pm Mahindra in JV pact with Chinese tractor major - Economic Times
Source: Google News India - Business | 18 Aug 2008 | 12:20 pm Officers of State Bank of India hold strikeOn a call given by All India State Bank Officers Federation in protest against the government's decision of merging State Bank of Saurashtra with State Bank of IndiaSource: Daily News & Analysis: Money News | 18 Aug 2008 | 12:19 pm Credit crunch shock should moderate: MittalSteel tycoon Lakshmi Mittal has said that the shock of credit crunch should moderate by early next year, with the crisis mainly affecting the financial and consumer sectors.Source: Daily News & Analysis: Money News | 18 Aug 2008 | 12:16 pm Sarovar Hotels focussing on branded budget hotelsCity-based Sarovar Hotels and Resorts, which opened the country's first branded budget hotel Hometel here last weekSource: Daily News & Analysis: Money News | 18 Aug 2008 | 12:15 pm UTV interactive buys 80% stake in US firmBy PTI Mumbai: Media & Entertainment Group, UTV Software Communications, today said it has acquired 80% stake in US-Based online game publishing Group, True Games Interactive for an undisclosed sum. The acquisition, which has been executed through the group’s gaming arm, UTV Interactive, is in line with the business strategy of achieving growth through the inorganic route, the company said in a press statement issued here. The company had recently acquired UK-based console developer, Ignition Entertainment and India-based mobile gaming company, Indiagames Limited. “The acquisition gives UTV not only presence in the international online gaming space, both in content creation and publishing but is also a major step towards achieving UTV’s 360 degree gaming vision,” UTV Interactive’s chief exceutive officer, Preneet Malhotra, said. With this acquisition UTV has now presence across all platforms of gaming such as console, online and mobile, which spells dynamic synergies across the Interactive Vertical going forward, the company said. Worldwide online game market is expected to clock a ramapant growth in revnues from $5.7 billion in 2007 to $13.1 billion in 2012, the company said. While a major chunk of this industry’s growth is driven by North American and East Asian markets, North America is expecetd to overtake East Asia by 2012, it said. Source: LatestNews-Home - Livemint.com | 18 Aug 2008 | 12:12 pm Zapak Digital plans to add 500 gamplex cafes by year endNew Delhi: Zapak Digital Entertainment Ltd, has invited franchisees applications as the Reliance ADAG-owned gaming unit plans to reach out to more than 100 cities in the coming months. Currently the company operates 51 Zapak Gameplex cafes in 31 cities. It plans to take the number to 500 by the end of the year. ADAG is running advertisements in leading mainstream newspapers inviting potential franchisee who have 300-600 sq ft premises and can invest anywhere between Rs13 and 20 lakh in the venture. The company says more than 20,000 people visit Zapak Gameplex cafes every week and the company claims to have 75% market-share of the gaming industry. The Indian gaming industry is expected to grow by almost 40% annually in the next five years to Rs14 billion from Rs2.7 billion at the end of 2007, according to a report by industry lobby the Federation of Indian Chambers of Commerce and Industry and audit consultancy PricewaterhouseCoopers. Online gaming will outpace the industry by growing 45% annually by 2012 to Rs1.6 billion from Rs25 million in 2007, the report said. By Staff Writer. Source: LatestNews-Home - Livemint.com | 18 Aug 2008 | 12:11 pm M&M in JV with China's No 3 tractor makerMahindra & Mahindra entered into a joint venture with China's third largest tractor maker Jiangsu Yueda Yancheng Tractor Manufacturing Co and will invest $ 26 million in the entity.Source: Daily News & Analysis: Money News | 18 Aug 2008 | 11:52 am Sensex ends 78 points lowerNew Delhi: The markets ended weak after a choppy session with the benchmark index settling 78 points lower at 14,646 levels. The Sensex moved in a broad range of 14,602 – 14,824 levels in intra-day deals. Similarly, the 50-issue NSE index is closed 38 points lower at 4,393 levels. “Nifty has closed below the crucial support level of 4,400 and is expected to trade sideways to negative for another few days before giving a major sell-off,” said Alex Mathew, Head, Research Centre, Geojit Financial Services Limited. “The major technical indicators are showing that further weakness will continue. If Nifty does not break above 4,616 levels, it may fall towards 4,362 and 4,201 levels,” he added. Leading the pack of loses among the BSE-30 scrips were Hindalco and Grasim Industries. They lost over 4% each by close. ACC, Mahindra and Mahindra, Ranbaxy, NTPC and Sterlite Industries were the other key losers besides Reliance Industries and Tata Steel. Among sectoral indices, the BSE oil and gas index was the biggest loser, shedding nearly 2%. GAIL India (down 5.6%), HPCL (3.6%), Reliance Petroleum (3.2%), RNRL (2.7%), Aban Offshore (2.4%) and BPCL (2.3%) were the top losers in this space. Source: Home - Livemint.com | 18 Aug 2008 | 11:44 am Indian mangoes can go to AustraliaAustralia on Monday announced it will allow import of Indian mangoes from 2009 season following recommendations of an expert body dealing with import risks.Source: Daily News & Analysis: Money News | 18 Aug 2008 | 11:42 am Fidelity launches its first fixed maturity plan - Economic Times
Source: Google News India - Business | 18 Aug 2008 | 11:13 am Indian shares fall 0.5 pct in choppy tradeNEW DELHI (Reuters) - Indian shares fell 0.5 percent on Monday in choppy trading, led down by index heavyweights Reliance Industries and ICICI Bank, with inflation rekindling concerns about tight policy.Source: Reuters: Money News | 18 Aug 2008 | 10:59 am NMDC hopes to conclude price negotiations in a monthNEW DELHI (Reuters) - Mining firm NMDC expects to conclude its negotiations for iron ore price increases in a month's time, its chairman said on Monday.Source: Reuters: Money News | 18 Aug 2008 | 10:37 am Gold futures up on firm global cuesNew Delhi: Gold prices strengthened today on the domestic futures market on revival of buying by stockists tracking a better global trend. The February contract for gold moved up by 1.24% to Rs11,630 per 10 grams on the Multi Commodity Exchange in afternoon trade with a trading volume of five lots. Similarly, December contract rose by 1.17% at Rs11,512 with trading volume of 335 lots, the October contract by 1.15% at Rs11,388 with trading volume of 9,022 lots. Trading sentiments turned better on reports of crude oil rebounding from record low and fresh demand from jewellery fabricators to meet the ongoing festival demand. Source: LatestNews-Home - Livemint.com | 18 Aug 2008 | 10:21 am Mahindra says not pursuing HummerMUMBAI (Reuters) - Mahindra & Mahindra Ltd, India's top utility vehicle maker, is not interested in buying General Motors' Hummer brand, but will instead focus on its own models for the key U.S. market, a senior official said.Source: Reuters: Money News | 18 Aug 2008 | 10:14 am Heavy demand for India gold amid dwindling stocksMUMBAI (Reuters) - India's gold prices were higher on Monday as foreign markets rebounded, but heavy demand from investors and retailers left sellers with little stocks to offer, dealers said.Source: Reuters: Money News | 18 Aug 2008 | 8:57 am Bartronics bags Rs400 cr order from ESICBy PTI Mumbai: Identification technology services provider Bartronics India has received an order worth Rs 400 crore from the Employee State Insurance Corporation for supplying smart cards for the Rashtriya Swasthya Bima Yojna scheme. As per the order, the company would provide district-wise smart cards under the Rashtriya Swasthya Bima Yojna scheme covering 609 districts across the country, Bartronics said in a filing to the Bombay Stock Exchange. The Hyderabad-based firm would provide smart cards for the health insurance scheme (RSBY), the objective of which is to protect below poverty line (BPL) households from major health shocks that involve hospitalization. Smart card is an electronic recording device and information in the microchip can instantaneously verify the cardholder’s identity and any privileges to which he may be entitled. Shares of the company jumped as much as 6.39% over its previous close and witnessed an intra-day high of Rs187.50. The scrip was later trading at Rs180.60, up 2.44% in afternoon trade on the BSE. Source: Tech News - Livemint.com | 18 Aug 2008 | 8:40 am Iran rocket launch ‘troubling:’ USTexas: The White House said that Iran’s announcement of launching a home-built rocket into space was “troubling” because such technology could also be used for ballistic missiles. “The Iranian development and testing of rockets is troubling and raises further questions about their intentions,” spokesman Gordon Johndroe said as US President George W. Bush spent time on his Texas ranch. “This action and dual use possibilities for their ballistic missile program are inconsistent with their UN Security Council obligations,” said Johndroe. He spoke after Tehran said it had sent a home-built rocket carrying a dummy satellite into space on Sunday, in a move that could further exacerbate tensions with the West over its nuclear drive. “The Safir (Ambassador) rocket was successfully launched. All its systems ... are Iranian made,” Reza Taghipour, head of Iran’s space agency, told state television, adding that a “test satellite was put into orbit.” “We have paved the way for placing a satellite in space in future,” state television said, showing images of the pre-dawn rocket launch. Western governments suspect Iran is trying to build an atomic weapon and have voiced concern that the technology used in the Islamic republic’s space program could be diverted to military use, claims denied by Tehran. Sunday’s development came amid an international standoff over Tehran’s long-standing refusal to suspend uranium enrichment, a process which makes nuclear fuel but also the core of an atomic bomb. Source: Tech News - Livemint.com | 18 Aug 2008 | 8:35 am Pakistan’s Musharraf announces resignationIslamabad: Nuclear-armed Pakistan’s beleaguered President Pervez Musharraf announced his resignation on 18 August in the face of an impending impeachment motion by the ruling coalition government. The former army chief and firm US ally has seen his popularity slide over the past 18 months and has been isolated since his allies lost a February election. “After consultations with legal advisers and close political supporters and on their advice, I’m taking the decision of resigning,” Musharraf said a televised address. “My resignation will go to the speaker of the National Assembly today.” The coalition government, led by the party of assassinated former prime minister Benazir Bhutto, said on 8 August it planned to impeach Musharraf. The powerful army, which has ruled for more than half the country’s 61-year history, has publicly kept out of the controversy over its old boss.  Television screenshot of Pakistani President Pervez Musharraf announcing his resignation in Islamabad on 18 August. Musharraf says he has decided to resign to avoid an impeachment battle that would harm the nation’s interest. His exit would end a presidency both aided and hobbled by US support. AP / Pakistan Television Investors in Pakistan’s financial markets—while appreciating Musharraf’s investor-friendly rule which, until this year, saw strong growth and surging stocks—were expected to welcome his resignation as heralding an end to political uncertainty. Pakistani stocks rose 4% on the announcement. Prolonged jockeying and uncertainty over Musharraf’s position has hurt Pakistan’s financial markets and raised concern in Washington and among other allies it is distracting from efforts to control violent militants in the nuclear-armed nation. Charges The ruling coalition had prepared impeachment charges against Musharraf focusing on violation of the constitution and misconduct. Coalition officials had hoped Musharraf would quit to avoid impeachment while some allies have said he should at least answer charges brought against him before stepping down. Officials from Saudi Arabia, as well as the United States and Britain, have been involved in negotiations aimed at ending the confrontation between Musharraf and the government. The United States, which has relied on Musharraf for Pakistani cooperation in its campaign against terrorism, had said the question of Musharraf’s future was for Pakistanis to decide. US Secretary of State Condoleezza Rice said on Sunday that Musharraf has been a “good ally”, but she declined to say whether he would receive US asylum if he stepped down. “This is an issue that is not on the table,” Rice said in an interview with Fox News. Musharraf seized power in a 1999 coup but has been isolated since his allies lost a February election. All four provincial assemblies passed resolutions in recent days pressing him to resign and several old allies have joined the campaign against him. Source: Home - Livemint.com | 18 Aug 2008 | 8:34 am Govt set to dump most of Chaturvedi panel reportPTI New Delhi: Government is set to dump B K Chaturvedi panel’s recommendation for a monthly increase in fuel prices till they are at par with costs, but may accept the high-powered committee’s suggestions for imposing a tax on oil produced from fields awarded before 1999. Oil Ministry has forwarded a preliminary report to the Prime Minister’s Office saying raising petrol prices by Rs2.50 a litre per month till March 2009 and diesel by Rs0.75 per litre till 2010 was not possible, official sources said. Petroleum Minister has called a meeting with heads of oil companies tomorrow to deliberate on the implications of the panel recommendations. The Ministry has also rejected the Committee’s call for pricing fuel at export parity rates, saying it would result in refineries losing around Rs27,600 crore in revenues. Also, suggestions for reducing import duty on petrol and diesel to zero were not accepted as it would reduce duty protection to the domestic refineries vis-a-vis international refiners. However, the Ministry was favourably inclined to the proposal for levying a Special Oil Tax on oil produced from fields awarded prior to the advent of New Exploration Licensing Policy (NELP) in 1999. It favoured stripping state-run firms like ONGC of any gains above $75 a barrel, and taxing private companies like Cairn at 40% over this benchmark rate. “This would help meet the revenue loss on sale of petrol, diesel, kerosene and LPG,” sources said. Tomorrow’s meeting would also review reports of shortages on diesel in some parts of the country and the financial position of IOC, BPCL and HPCL. Source: Home - Livemint.com | 18 Aug 2008 | 8:28 am Trai allows internet telephony; STD tariffs may dropNew Delhi: Telecom regulator trai has allowed Internet Service Providers (ISPs) to offer unrestricted internet telephony services, a move that will further boost competition in the domestic long distance segment and lower STD tariffs. “It is envisaged that customers will ultimately benefit from cost effective and innovative internet telephony service. These recommendations will put Indian telecom sector in tune with global trends. The grey market tendencies shall be curtailed,” Trai said in a statement. As per the recommendations, the STD service providers would be connected to ISPs through public internet for the purpose and the two service providers would have mutual agreement for the same. The move will permit calls from personal computers to fixed line and mobile phones. Currently, a voice call can travel between two computers but not from a mobile or a fixed phone. This is expected to open huge channels of revenues for Internet Service Providers (ISPs). The Telecom Engineering Centre (TEC), a technical arm of Department of Telecom, will work out the number plan for the ISPs to enable them to offer telephone services. “Telephone numbers from identified blocks shall be allocated to ISPs, Unified Access Service Providers, Basic Service Providers and Cellular Mobile Service Providers for internet telephony,” the regulator said. With a view to make internet telephony secure, Trai said: “All ISPs interested to provide unrestricted internet telephony would install Lawful Interception equipments.” Source: Home - Livemint.com | 18 Aug 2008 | 7:45 am Losses on fuel sales dip by one-fourthPTI New Delhi: Decline in international crude oil prices has led to a reduction in revenue losses on fuel sales by one-fourth, but a cut in retail prices was not likely in the near future. “Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum (HPCL) have seen revenue losses on sale of petrol, diesel, LPG and kerosene coming down to Rs450 crore per day from Rs600 crore per day,” industry sources said. The basket of crude that India buys has averaged $114.37 a barrel this month as against the July average of $132.47 per barrel. “The fall in international prices is a relief but the companies are still losing money and we don’t see a reduction in retail prices happening till they continue to suffer losses,” a Petroleum Ministry official said. Based on the average price of the first fortnight of August, retailers were losing Rs7.07 per litre on petrol, Rs16.22 on diesel, Rs39.55 on kerosene and Rs348.89 per 14.2 kg LPG cylinder. These are lower than Rs11.60 per litre on petrol and Rs23.23 on diesel based on the average price on second fortnight of July. While petrol and diesel prices are calculated every fortnight, LPG and kerosene prices are calculated once a month. The three companies are now projected to lose Rs1,84,801 crore during the full fiscal. A fortnight back they were projected to lose Rs2,05,740 crore in 2008-09. IOC, the company that controls about 54% of the market, is projected to lose Rs1,01,549 crore on fuel sales this fiscal. Sources said IOC, the country’s largest retailer, was losing Rs11 crore per day on sale of petrol, Rs127 crore daily on sale of diesel, Rs75 crore per day on kerosene and Rs30 crore per day on LPG. Last fortnight, the company was losing Rs18 crore per day on sale of petrol, Rs195 crore per day on diesel, Rs80 per day crore on kerosene and Rs36 crore per day on LPG. Last week, Petroleum Minister Murli Deora had said: “It (fall in crude prices) is a happy sign. It is a welcome development. But there is no scope for reduction in domestic retail prices.” The basket of crude oil India buys averaged $107.93 per barrel on last trading day, down from $119 a barrel price on 4 June, when petrol, diesel and domestic cooking gas prices were raised. “There still are huge under-recoveries (on fuel sales). I don’t see how we can reduce retail prices when our companies continue to lose money,” Deora had said. Fuel prices in India are pegged at $68 per barrel, much lower than the current prices in international market. Source: Home - Livemint.com | 18 Aug 2008 | 7:35 am Nissan to reinforce German position with two new models: reportAFP Berlin: The Franco-Japanese auto group Renault-Nissan aims to double its share of German sales by 2012 with the launch of two new models. Nissan hopes that the creation of an additional 120 dealerships will allow it to raise its market share from 1.5% to 3%, the business daily Handelsblatt said, quoting a source close to group chief Carlos Ghosn. Ghosn “is not happy with Nissan’s performance in Europe” and plans to go on the offensive, the source was quoted as saying. The Japanese auto maker would introduce two new models in Europe, a compact vehicle and a low-cost car built in India and sold for around $11,800. Nissan would target sales of 10,000 of each of the vehicles per year in Germany, the largest European market. Source: World Business - Livemint.com | 18 Aug 2008 | 6:55 am Nikkei up 1.1%, exporters gain on softer yenBy Taiga Uranaka / Reuters Tokyo: The Nikkei average rose 1.1% on Monday as exporters gained on a softer yen and a recent fall in oil prices that eased worries about corporate earnings amid a deteriorating outlook for the global economy. The benchmark index also got a boost from construction machinery maker Komatsu Ltd which ended 3.8% higher after Nikko Citi raised its rating, saying resource-rich countries were expected to continue to drive earnings in the face of the mounting risk of a global slowdown. “There has been a tug of war between negative fundamentals such as the economic slowdown and positive factors for corporate earnings such as a softer yen and fall in oil prices,” said Yukio Takahashi, market analyst at Shinko Securities. “The market seems to have priced in the negatives to a certain degree and was reacting to positives today,” he said. The benchmark Nikkei ended up 146.04 points at 13,165.45. The broader Topix climbed 1.3% to 1,263.75. Takahashi and other market analysts said the day’s gains were mostly due to buying back of recently battered stocks, however, and the market was likely to move in a narrow range this week with a lack of clear factors to drive it higher. Some market participants said streamlining stock taxation would be the best and simplest way to lure investors. As part of government efforts to shore up Japan’s flagging economy, some policymakers have suggested tax breaks on stock investments. Ruling Liberal Democratic Party Secretary-General Taro Aso has proposed a tax exemption on dividend income on investments of up to 3 million yen ($27,230). Masanobu Takahashi, chief strategist at Ichiyoshi Securities, said the current scheme was too complicated for many retail investors to understand, with time-limited tax breaks and investment income thresholds. “The government should stop double taxation (on corporate profits before dividend and investors’ dividend income) by abolishing dividend income tax all together, and raise capital income tax back to 20% instead,” he said. “Such a move alone would lift the stock market.” Exporters, banks surge Sumitomo Metal Industries Ltd jumped 7.4% to 481 yen, becoming the biggest percentage gainer on the Nikkei, after Mitsubishi UFJ Securities lifted its rating, saying the steelmaker was expected to be able to raise prices of its seamless pipes used in the oil industry. Sony Corp rose 2.6% to 4,350 yen, and electronics parts maker Kyocera Corp added 1.8% to 9,590 yen. Komatsu shares rose 3.8% to 2,445 yen after Nikko Citi raised its rating to “buy/high risk” from “hold/high risk.” Aderans Holdings Co plunged 9.7% to 1,770 yen after the wig maker cut its full-year profit outlook on Friday, hurt by weak sales of female wigs in Japan and a dismal hair transplant business in the United States amid an economic slowdown. It now expects its operating profit to fall to 2.7 billion yen ($24.45 million) for the year to next February, down from 5.4 billion yen in its previous forecast. Trade was light on the Tokyo exchange’s first section, with 1.7 billion shares changing hands, below last week’s daily average of 1.9 billion. Advancing stocks outnumbered declining ones by nearly 4 to 1. Source: Home - Livemint.com | 18 Aug 2008 | 6:45 am TRAI asks Bharti, Idea, BSNL, Vodafone to link RComNew Delhi: The Telecom Regulatory Authority of India (TRAI) has directed GSM operators, including Bharti, Idea, BSNL and Vodafone, to provide interconnection to Anil Ambani’s Reliance Communications’ GSM network immediately and report compliance by 21 August. “Report the compliance within seven days of the date of issue of this direction that is latest by the 21 August, 2008,” TRAI said in separate direction to all these players. It has also issued similar direction to Spice Communications. This is the second time the regulator is taking up the issue with the GSM players which have refused interconnection with the Anil Ambani group company. GSM players say for providing interconnection to a new network, RCom had to negotiate fresh commercial terms. The existing interconnect agreement with Reliance was limited to providing links for its CDMA network. TRAI has rejected this contention saying the case for renegotiating commercial terms is devoid of merit. “This is not tenable as the DoT’s instruction dated the 24 March for opening of allotted codes and and TRAI’s direction of 6 January, 2005 are not subordinate to or conditioned by negotiations between the service providers”, the regulator said. It also turned down the GSM players argument that new points of interconnection will have to be created once Reliance Communications Ltd’s network is established saying the Licensor (DoT) has issued instruction to all service providers for opening the codes and once instruction has been issued by the DoT then there is no reason for any service provider to contravene the instruction issued by the licensor. Source: Tech News - Livemint.com | 18 Aug 2008 | 6:27 am Indian cos to invest $40 bn in 2008-09Reuters Mumbai: Indian private companies will invest $40 billion in fresh projects in 2008-09, a 30% decline from Rs2.45 trillion in 2007-08, the Reserve Bank of India (RBI) said in a recent study. In an article titled “Corporate Investment: Growth in 2007-08 and Prospects for 2008-09” in its August bulletin, it said downside risks to corporate profitability has risen due to higher global oil prices, rising interest rates, input and wage costs. “With prospects of declerating pace in growth of domestic and global economy, environment for the fixed investments due to its cyclical nature could become less conducive,” the Department of Statistics and Information Management at the bank said. Investment is a key indicator of growth plans by companies and fresh investments is essential for sustaining economic growth. The central bank expects the economy to expand by around 8% in 2008-09 on the back of an 8.8% average growth in the last five years. In 2007-08, 910 projects were sanctioned at a total cost of Rs2.84 trillion, Rs9.31 billion higher than Rs2.83 trillion for 1,054 projects in 2006-07. The difference in the two numbers cited for 2007-08 (Rs2.45 trillion and Rs2.84 trillion) is to avoid multiple counting and to take into account firms which have raised funds via offshore loans and fresh equity sales. Infrastructure projects accounted for nearly half of the total fund raising plans in 2007-08, up from 36% in 2006-07. Nearly 72% of the total investments in infrastructure was in 71 power projects followed by 52 technology parks and special economic zones. Nine telecom projects, 4 roads and water management projects and 6 ports and airports accounted for the rest of the projects in the infrastructure sector. “Metals and metal products with a 16% share, coke and petroleum with a 6% share and cement with 4.9% accounted for a big chunk of fresh projects,” the study said. Number of projects costing Rs5 billion or more rose to 98 in 2007-08, from 88 in 2006-07. Among the states, Gujarat took the first place with 22% of the total investments with 100 fresh projects at a total investment of Rs624.42 billion followed by Maharastra with 12.7% and Orissa with 10.9 percent. Offshore borrowings were at Rs330.68 billion in 2007-08 compared with Rs513.31 billion in 2006-07. Source: Home - Livemint.com | 18 Aug 2008 | 6:21 am Apollo Tyres cancels Hungary projectReuters Mumbai: Apollo Tyres Ltd said on Monday that it was withdrawing its planned facility at Gyongyos, Hungary, citing administrative hurdles and division within the local community on the issue. “The tyre maker would seek an alternative location elsewhere in Hungary or Europe,” it said in an e-mailed statement to Reuters. Apollo Tyres said it was reconsidering the Hungarian project due to “potential divisions” within the Gyongyos community. “The decision to withdraw from Gyongyos preempts the need to divide local citizens with a vote on the desirability of having this investment in the area,” the company said. Apollo had said in January that it would invest about $294.9 million in the plant in Gyongyos with an annual capacity of 7 million tyres a year. It was to have begun initial production from June 2009. The company, which is also investing around $320 million in India and South Africa to boost capacity, said the cancellation is likely to have “a short-term financial and resource allocation impact”. The firm has received a number of offers from other industrial parks in Hungary for the planned investment, it said. Offers have also come in from Slovakia it added. Shares of Apollo Tyres were down 1.53% at Rs35.40 in the Mumbai market. Source: Home - Livemint.com | 18 Aug 2008 | 5:51 am Oil prices rise on storm worriesAFP Singapore: World oil prices rose on Monday, boosted by the risks a tropical storm posed to oil facilities in the Gulf of Mexico while the market remained preoccupied about slowing economic growth, dealers said. New York’s main oil futures contract, light sweet crude for September delivery, gained 74 cents to 114.51 dollars a barrel after closing down 1.24 dollars at 113.77 on Friday at the New York Mercantile Exchange. Brent North Sea crude for October delivery gained 85 cents to 113.40. The contract dropped 1.13 dollars to settle at 112.55 on Friday in London. “Tropical Storm Fay poses some risks to the oil and gas production in the Gulf,” said Victor Shum of energy consultancy Purvin and Gertz in Singapore. “So the storm has lent some support to pricing,” he said. Shum said that in addition to price support from storm worries, some buying on Monday resulted from the market’s being “a bit oversold” on Friday. Prices fell at the end of last week after the OPEC cartel lowered its forecast for oil demand growth, citing the weak global economy. The Organisation of the Petroleum Exporting Countries (OPEC), which produces about 40 percent of the world’s oil, revised its global demand growth forecast for 2008 down to 1.17% from 1.20% previously. Shum said any gains from worries over weather in the Gulf of Mexico will be limited by concerns that the European and Japanese economies are following the US lead in a slowdown. But he said price rises would be capped by the strengthening US dollar, which reduces demand for dollar-priced goods because they become more expensive for buyers with weaker currencies. Official data showed last week that the 15-nation eurozone economy shrank 0.2% in the second quarter, the first contraction since the creation of the single European currency in 1999. Japan said last week its economy contracted in the second quarter. Falling exports and weak consumer spending sent Asia’s largest economy hurtling toward its first recession in six years. World oil prices have fallen heavily from record highs above 147 dollars in early July. Source: Home - Livemint.com | 18 Aug 2008 | 3:41 am Nuclear Power short-lists 4 suppliers for reactorsSites for clusters identified; 40,000 MW planned by 2020. New Delhi, Aug. 17 With the prospects of India’s access to global nuclear reactor technology brightening, Westinghouse Electric Company (AP1000 series of reactors), GE-Hitachi ...Source: Business Line - Home Page | 18 Aug 2008 | 12:00 am MNCs seeking HR firms’ help to ‘outplace’ employeesUS SLOWDOWN EFFECT. New Delhi/Chennai, Aug. 17 IT companies are now roping in HR firms for ‘outplacement services’ to help workers, who have been asked to leave, to find new ...Source: Business Line - Home Page | 18 Aug 2008 | 12:00 am Farm debt waiver: PSBs seek interestPublic sector banks (PSBs) have placed a new claim on the Central Government for their successful implementation of the farm debt waiver and debt relief scheme in a record ...Source: Business Line - Home Page | 18 Aug 2008 | 12:00 am Gold loses glitter; may decline furtherBulls taken by surprise; investors exit to cut losses. Mumbai, Aug 17 Gold prices have seen a precipitous fall in the last few days and indeed in the last four weeks, taking most gold bulls by surprise. Speculators (euphemistically called ...Source: Business Line - Home Page | 18 Aug 2008 | 12:00 am ‘What we are doing in India is about the next quarter century’If you thought Boeing was a company that just manufactured commercial aircraft, you could not be more off the mark. Apart from producing commercial aircraft, Boeing also makes defence equipment. The company looks at India not just ...Source: Business Line - Home Page | 18 Aug 2008 | 12:00 am The inflation debateThe news is that the index of industrial production (IIP) has registered a decline to 5.4 per cent for the latest period compared to 8.4 per cent for the corresponding period of last year. The decline is inevitable considering that the monetary ...Source: Business Line - Home Page | 18 Aug 2008 | 12:00 am Day Trading GuideThe analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. The stop-loss level provided with the recommendation is important. The original view would stand negated if the stop-loss level ...Source: Business Line - Home Page | 18 Aug 2008 | 12:00 am Dalal Street stays tuned into global cuesSelect stocks in mid-cap space could turn active. This week, Indian Equity Street may find itself in a jam; opportunity of advances in blue chips is limited. However, in the mid-cap space, selective smart moves are on the cards, largely ...Source: Business Line - Home Page | 18 Aug 2008 | 12:00 am Federal Bank (Rs 215.10): SellWe recommend a sell in Federal Bank from a short-term perspective. From the charts of the Federal Bank it is clearly visible that after recording a 52-week low of Rs 163 in mid July, the stock was on an uptrend till Rs 232. ...Source: Business Line - Home Page | 18 Aug 2008 | 12:00 am Private sector investments in key sectors sharply downPetroleum, sugar and textiles among the worst hit; SEZs, IT parks major draw. Chennai, Aug. 17 The number of projects initiated in 2007-08, by the private corporate sector for implementation, in key sectors such as petroleum, sugar, textiles ...Source: Business Line - Home Page | 18 Aug 2008 | 12:00 am Vodafone acquires stakes in Ghana telecom!UK mobile phone giant Vodafone on Sunday said it has completed the acquisition of 70 percent stake in Ghana Telecom for a total consideration of 900 million dollar.Source: Zee News : Business | 17 Aug 2008 | 11:38 pm `India, China among big brothers of WTO`!India, China and Brazil have come a long way in global trade negotiations emerging as "big brothers", WTO chief Pascal Lamy has said.Source: Zee News : Business | 17 Aug 2008 | 11:38 pm DoT amends licence of telcos to curb misuse by terror groups!Tightening the policies on telecom operators, the Government has informed the service providers that DoT is the final authority to direct operators (private as well as PSUs) to cancel or penalise any agent or franchisee if their conduct found detrimental to the security of the nation.Source: Zee News : Business | 17 Aug 2008 | 11:38 pm Fortis Healthworld to acquire CRS Health!Fortis Healthworld, a Religare Group company, will acquire pharmacy retail chain CRS Health as part of expansion, while re-christening itself as Religare Wellness.Source: Zee News : Business | 17 Aug 2008 | 11:38 pm Techies faking CVs to bag jobs in IT sector: Report!Indian IT and BPO firms, which are grappling to find and retain the right employees, are now facing the daunting task of weeding away the black sheep as a recent survey shows that one in every four CVs submitted for an IT job contains some kind of discrepant information.Source: Zee News : Business | 17 Aug 2008 | 11:38 pm Film insurance will soon become a money-spinner in India !The film insurance business is gathering momentum in the country and may soon become a good revenue-stream for insurance players, industry officials said.Source: Zee News : Business | 17 Aug 2008 | 11:38 pm TRAI asks Bharti, Idea, BSNL, Vodafone to link Rcom!TRAI has directed GSM operators, including Bharti, Idea, BSNL and Vodafone, to provide interconnection to Anil Ambani`s Reliance Communications` GSM network immediately and report compliance by August 21.Source: Zee News : Business | 17 Aug 2008 | 11:38 pm `Indian stocks only positive performer among BRIC in Aug`!With crude oil prices softening, global investors are again gradually turning their attention towards emerging economies, including India, the only market among the three other BRIC nations, to give positive returns so far this month.Source: Zee News : Business | 17 Aug 2008 | 11:38 pm This Singh is chicken kingIn July, Kanwar Deep Singh opened two mid-size eateries in New Delhi under the catchy name, Republic of Chicken, and completed a business loop none other has ever accomplished.??We are the onlySource: Business Standard | Front Page Headlines | 17 Aug 2008 | 7:06 pm Give priority sector label for loan waiver: BanksGovernment banks have demanded that the amount eligible under the farm waiver scheme should continue to be considered lending to the farm sector till the government clears the dues to help banks meetSource: Business Standard | Front Page Headlines | 17 Aug 2008 | 7:04 pm Taking the internet route to global marketFrom being the world’s “back office” providing customer service and technical support for global brands, India is transforming into a lucrative domestic market and a major exporter. The rising yuan and the rise in raw material and operating costs in China, traditionally known as the “world’s factory”, is also encouraging international buyers to source more products from other low-cost manufacturing countries, such as India. This presents a great opportunity for Indian businesses to expand their business overseas.  EverFast Rechargeables, a French company, posted a new battery charger on Alibaba.com’s international marketplace, and literally overnight the buzz and excitement about the product spread to blogs and technology websites worldwide. The company had to upgrade its server to cope with the huge number of visitors and shipped 200,000 chargers to eight countries in the first 30 days. Within just one year, it had concluded over $300,000 (around Rs1.28 crore) worth of deals through e-commerce. The speed and global reach offered by online marketplaces is unprecedented. Lebo, S.L.U. is a small Spanish manufacturer of car cleaning products. Although it is based on France’s doorstep, the company had found it difficult to enter the French market using traditional marketing channels. In 2005, it set up an online storefront and was surprised to receive a growing number of enquiries from French buyers. It took the Internet to help it finally break into France. The company’s online presence has also won it new customers from countries beyond Western Europe, such as Latvia, Romania and Egypt. I have also learnt of two remarkable success stories among our 400,000 Indian members. One of them is DVN Traders, a small jewellery trading firm that, thanks to e-commerce, grew from one workshop to an established jewellery brand with seven factories in just over one year. Niraj Choksi and his brother set up the company in 1975 to sell different kinds of jewellery, which range from genuine diamond-studded gold rings to 925 sterling silver necklaces. But it was only in 2006 that they ventured into the export business by marketing their products online, and that’s when their business really started to take off. DVN Traders’ jewellery can now be found in the US, Europe and Australia. The other Indian company that has left a deep impression on me is Krish Exports, a manufacturer and exporter of different types of stainless steel utensils and kitchenware. In 2003, the company turned to the Internet in an effort to expand its global customer base. It established an online storefront on Alibaba.com and shortly afterwards the company was connected with several serious buyers and increased its turnover by $1 million. When they sold 10,000 cocktail shakers to a buyer in Brazil for $30,000, they understood the power of the Internet—new customers can be found anywhere, even in a far-off country like Brazil. E-commerce has made it possible for companies in cities and villages alike to connect and trade with customers from around the world. Many companies in India are small. With less than 50 people, they cannot afford to have expensive marketing strategies, which include trade shows, magazines and sales offices. They need one reliable, simple and cost-effective solution that can help them find customers in India and worldwide. Many businesses are finding that solution online. International trade is no longer just the realm of multinational companies. Millions of SMEs around the world have gained visibility in the global marketplace through e-commerce. I believe it is time for more Indian SME suppliers to make their move. David Wei is chief executive officer of Alibaba.com. This is the fourth in an exclusive five-part series he is writing for Mint. Respond to this column at feedback@livemint.com Source: World Business - Livemint.com | 17 Aug 2008 | 6:47 pm
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