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Kingfisher gets govt nod to fly abroad - Business Standard
Source: Google News India - Business | 19 Aug 2008 | 12:14 pm COAI pleads for an early hearing on spectrum issue - Economic Times
Source: Google News India - Business | 19 Aug 2008 | 12:10 pm Lupin enters into marketing alliance with Forest Lab - Business Standard
Source: Google News India - Business | 19 Aug 2008 | 12:04 pm Dunlop plans 10 MW captive power plant at ShahgunjCity-based tyre manufacturer Dunlop India Ltd is planning a 10 MW captive power plant at its manufacturing unit at Shahgunj in West Bengal, a top company official said here Tuesday.Source: IndiaeNews.com: Business News | 19 Aug 2008 | 12:01 pm Closing Bell - Economic Times
Source: Google News India - Business | 19 Aug 2008 | 11:59 am Indian shares fall for 5th day; telcoms, HDFC leadNEW DELHI (Reuters) - Indian shares fell 0.70 percent on Tuesday, a fifth straight loss that took them to their lowest close in August, led by a decline in telecoms and housing lender HDFC and renewed global credit jitters.Source: Reuters: Money News | 19 Aug 2008 | 11:56 am Nokia unveils N96 to take on iPhonesAhead of the launch of Apple's inconic brand iPhone here, world's largest mobile phone maker Nokia on Tuesday unveiled its new converged device N96 under its 'N Series' stable.Source: Daily News & Analysis: Money News | 19 Aug 2008 | 11:46 am Opto Circuits in talks to acquire European firmMUMBAI (Reuters) - Opto Circuits (India) Ltd is in talks to acquire a privately-held European company in a deal estimated at more than $100 million, its managing director Vinod Ramnani told reporters on Tuesday.Source: Reuters: Money News | 19 Aug 2008 | 11:39 am Reliance Comm launches DTH venture BIG TV - Economic Times
Source: Google News India - Business | 19 Aug 2008 | 11:35 am JSW Steel urges higher iron-ore export taxNEW DELHI (Reuters) - India should hike the export tax on iron-ore to curb exports and stabilise domestic prices, in the manner China has done on coke and coking coal, the president of Associated Chambers of Commerce and Industry said on Tuesday.Source: Reuters: Money News | 19 Aug 2008 | 11:32 am Banks employees to strike work tomorrow - Hindu
Source: Google News India - Business | 19 Aug 2008 | 11:31 am ICICI Bank in $250-mn pact with US Exim Bank - Hindu
Source: Google News India - Business | 19 Aug 2008 | 11:31 am Deccan Aviation gets nod to fly overseasMUMBAI (Reuters) - The Civil Aviation Ministry has given the nod to Deccan Aviation to fly overseas effective Aug. 26, a government statement said on Tuesday.Source: Reuters: Money News | 19 Aug 2008 | 11:30 am Equity markets continue downslideIndian equity markets continued their losing streak and closed in the red for the fifth day running, on the back of weak global cues.Source: IndiaeNews.com: Business News | 19 Aug 2008 | 11:30 am Telecom watchdog wants advertisers to measure television ratingsThe Indian telecom watchdog Tuesday said the Broadcast Audience Research Council (BARC), an organisation set up by advertisers last September, should oversee television audience measurement and ratings for broadcasters.Source: IndiaeNews.com: Business News | 19 Aug 2008 | 11:30 am HUL seeks partnerships to market productsHUL, with interest in personal and home care products and food and beverages, on Tuesday said it wants partnerships with state bodies and NGOs to market FMCG among the poor.Source: Daily News & Analysis: Money News | 19 Aug 2008 | 11:30 am Anil Ambani eyes big pie in DTH spaceThe Anil Dhirubhai Ambani Group launched its DTH television broadcasting service here under the "Reliance Big TV" banner with a bouquet of 202 channels for customers across India.Source: Daily News & Analysis: Money News | 19 Aug 2008 | 11:28 am 'Cell phones will become main marketing tool'Mobile phones will provide marketers the key to increase their reach, the head of India's second largest bank, ICICI Bank, said here on Tuesday.Source: Daily News & Analysis: Money News | 19 Aug 2008 | 11:26 am MRPL almost doubles diesel exports to Iran-MDNEW DELHI (Reuters) - Mangalore Refineries and Petrochemicals Ltd will sell an extra 210,000 tonnes of diesel by December to Iran, which is boosting imports ahead of heavy refinery maintenance works this year, its managing director said on Tuesday.Source: Reuters: Money News | 19 Aug 2008 | 11:24 am Big Street bags Bandra skywalk rights for Rs 79 crore - Televisionpoint.com
Source: Google News India - Business | 19 Aug 2008 | 11:23 am Balaji-Star deal: Pros and cons - Moneycontrol.com
Source: Google News India - Business | 19 Aug 2008 | 11:23 am Consumer court pulls up Kingfisher airlineThe national consumer redressal body has pulled up Kingfisher Airlines for adopting an unfair trade practice by misinforming passengers about the airline they were flying by.Source: Daily News & Analysis: Money News | 19 Aug 2008 | 11:23 am RBI must continue tight policy - former adviserMUMBAI (Reuters) – The Reserve Bank of India (RBI) should continue with its tight monetary stance and moderate money supply growth further to contain inflation, a former adviser to the prime minister told a television channel on Tuesday.Source: Reuters: Money News | 19 Aug 2008 | 11:20 am Reliance Comm aims at leading DTH marketMUMBAI (Reuters) - Reliance Communications Ltd said on Tuesday its new satellite television operation can grab a market-leading 40 percent share in a year on expected strong overall demand for direct-to-home (DTH) services.Source: Reuters: Money News | 19 Aug 2008 | 11:19 am ICICI Bank in $250-mn pact with Exim BankICICI Bank entered into an $250-million agreement with Export-Import Bank of United States to finance capital goods imports of Indian corporates from USA.Source: Daily News & Analysis: Money News | 19 Aug 2008 | 11:19 am ITC Infotech acquires Pyxis SolutionsITC Infotech, a fully owned subsidiary of ITC Limited, has acquired Pyxis Solutions, a US-based niche player offering Quality Assurance solutions and testing services.Source: Daily News & Analysis: Money News | 19 Aug 2008 | 11:18 am Web Exclusive | A rash of new four-wheel drivesNew Delhi: Given the buzz in the auto market, more than a dozen new cars are likely to hit Indian roads before the end of the financial year. This could be rather confusing because India already has about 68 domestic and 30 imported models of cars and personal utility vehicles in over 330 price points with just as many variations of engines and trim.  Despite the recent fuel price hike, the Indian automotive market remains strong,having posted an 11% growth during the first four months of the current fiscal to notch up a sale of 515,000 units. With continuing recession in many foreign markets, it is not surprising that all auto majors want to have a strong Indian presence. The rush for new models is triggered by the fact that Indian buyers, who are getting spoiled for choice, seem to have a great appetite for new models. But a new disease of model fatigue is gradually taking a serious toll on many good models and auto companies are having to refresh, renew or reinvent their models every two years to deal with increasingly fickle brand loyalties. The rush for new models is triggered by the fact that Indian buyers, who are getting spoiled for choice, seem to have a great appetite for new models. But a new disease of model fatigue is gradually taking a serious toll on many good models and auto companies are having to refresh, renew or reinvent their models every two years to deal with increasingly fickle brand loyalties. Post monsoons, auto companies are going to gear up for the upcoming festive season of Dusshera and Diwali. New cars that are expected to hit the road during the last quarter of 2008 include: Tata Nano: This much awaited low-cost car will be launched sometime in October. The spacious little 33 bhp 624 cc rear engined city car will cost around Rs1.25 lakh (inclusive of taxes) for the base model and about Rs1.60 for the deluxe version with air-conditioning. Maruti ‘A Star’: The 800 cc Alto along with the venerable Maruti 800 clung to the low-cost end but the Wagon R was showing its age while the new Zen Estile was not doing too brilliantly either. So the new ‘A Star’ sporting an aggressive big mouth grille is expected to be launched before December to take on the ageing Hyundai Santro and the new Chevrolet Spark in a price bracket of Rs3-4 lakh. Maruti Splash: To consolidate its position in the larger hatchback segment, Maruti plans to add a running mate for the Swift to take on Hyundai’s i10, Fiat Estilo and Skoda’s Fabia in early 2009. The stylish and spacious Splash will share petrol and diesel engines with the Swift and be priced in the Rs4.5-5.5 lakh range. Hyundai i20: India’s second largest car maker wants to ride on the success of the i10 hatchback with another larger and more spacious hatchback sometime in October. It promises to be bigger and more comfortable than the ageing Getz and may have more powerful petrol and diesel engines. Prices can be expected to be in the Rs4.5-5.75 lakh range. New Tata Indica: Tata Motors is expected to join the October gold rush with a completely new model to replace its successful large hatchback, the Indica that has been one of the best priced cars in this size segment. Its shape has not changed much since its launch in 1998 though it is likely to have a more refined diesel and petrol engine and will come in a price band of Rs3.5 to 5 lakh. New Honda City: This model has figured in the top choices among India’s entry level saloons since its launch in 1998. Despite a major upgrade five years ago and a minor one three years ago it has faced competition from models such as the Ford Fiesta, Hyundai Verna and now the Suzuki SX4. We can soon expect the new City that has just been launched in Thailand with styling cues from the new Honda Accord with chunky chrome trim rather like that of the new Accord. The 1500cc i-VTEC petrol engine can generate a 115bhp though there will probably be a 1300cc model too. Prices should be in the Rs7-11 lakh band. Honda Jazz: Honda Siel Cars that have been well received in the market with their Accord, CRV, Civic and City want to enter the larger volume market with a lower cost hatchback. To underscore their commitment to this model Honda has set up a new plant in Haryana. Their popular Fit model, also called the Jazz, is virtually a City model without a boot. This will be a spacious hatchback priced well below the City. There will probably be 1200cc to 1400cc petrol engines for the models at prices between Rs5-6 lakh which are scheduled for a spring launch. Fiat Linea: The re-launched Fiat Palio Estile has gradually reasserted its market position but Fiat’s JV partner Tata Motors is looking at Fiat to produce Fiat’s range of bigger cars that can be slotted into their marketing setup. The Linea that has done well in Europe will therefore be a bigger saloon offered at an attractive price. It has the rough dimensions of a Honda Civic with 1800cc and 1900cc petrol and diesel engines and is slated for a launch at the end of the monsoons. New Toyota Corolla Altis: Where Honda treads Toyota is loth to be left behind as their Corolla gets eclipsed by the Honda Civic. The dramatic styling of the new Camry should help it regain some of its lost position. The petrol engine may have a diesel sibling but prices in the Rs10-13 lakh range are not likely to be altered much. New Skoda Superb: Often referred to as a Mercedes E Classe at a C Classe price the new Skoda Superb will soon acquire a new persona. The new model with subtle styling changes is a little bigger and will be powered by diesel and petrol engines. It is expected early in 2009 at a price of around Rs25 lakh. There will also be a matching range of SUV’s like the Mitsubishi Montero, Nissan X-Trail, BMW X6, a new Chevrolet Tavera and Indicruz a new SUV from Tata Motors. M&M is expected to launch its secret Ingenio to take on Toyota’s popular Innova. Toyota who is rather secretive about its plans is also expected to launch a new small car in a big new plant that is already under construction. Murad Ali Baig is a consultant to several auto companies. Readers are advised to make their own assessment before buying or selling a vehicle Source: LatestNews-Home - Livemint.com | 19 Aug 2008 | 11:18 am Sensex settles 102 points lowerNew Delhi: The markets ended weak for the fifth consecutive session with the BSE benchmark index settling 102 points or 0.7% lower at 14,544 levels. The Sensex touched a low of 14,368 levels in intra-day deals before buying helped it recover some of the lost ground. In broader markets, the Nifty shed 25 points to close at 4,368 levels. “The outlook is still negative as majority of the technical indicators are still giving a negative trend. Due to over sold situation, the intensity of the fall will be less but a fall below 4,300 levels for the Nifty can cause some panic in the market,” said Alex Mathew, Head, Research Centre, Geojit Financial Services Limited. In other Asian markets, the Nikkei average lost over 2% to touch a one-month low as exporters skidded after concerns about the health of the US financial system re-emerged. The benchmark Nikkei closed 300 points lower at 12,865 levels. Back home, consumer durable counters were among the worst hit with Videocon Industries, Titan Industries, Rajesh Exports and Gitanjali Gems slipping over 1% each. Profit booking was also visible in technology counters. Aptech Limited (down 3.7%), Satyam Computer (3.2%), HCL Technologies (2%), i-Flex Solutions (1.4%) and Infosys Technologies (0.5%) were some of the key losers in this pack. Source: Home - Livemint.com | 19 Aug 2008 | 11:17 am Escorts Ltd to hike prices of tractorsTractor manufacturer Escorts Ltd said it would hike the prices of its products within this month, even as it looks for a 10-12 per cent growth for the fiscal 2007-08 (ending on September).Source: Daily News & Analysis: Money News | 19 Aug 2008 | 11:07 am Escorts to hike tractor prices within this monthPTI New Delhi: Tractor manufacturer Escorts Ltd has said that it would hike the prices of its products within this month, even as it looks for a 10-12% growth for the fiscal 2007-08 ending in September. “The steel prices have been growing up and since late December we have already seen three price hikes and another fourth one is round the corner,” Escorts Ltd Executive Director and Chief Executive Officer Rohtash Mal told reporters . He, however, declined to comment on the quantum of the price hike. “We use about 1,800 kg of steel in a tractor. Whenever, steel prices grow up we do not have much option but passing it (burden) partially to the customers,” he said. “Escorts, which sold about 50,000 tractors last year, is targeting a growth of about 10-12% this year,” he added. The company is also working on new product line, including a bio diesel tractor to increase its market share in the domestic market. “The bio diesel tractor would be launch within this year and we are also looking at higher horse power tractors. The company currently sells tractors in the horse power range of 30-70. Definitely, we are looking beyond the 70 hp range,” he noted. Source: LatestNews-Home - Livemint.com | 19 Aug 2008 | 11:06 am Balaji, Star terminate shareholding, JV agreementsReuters Mumbai: Balaji Telefilms Ltd said on Tuesday an agreement with Rupert Murdoch’s Star Group, Asian Broadcasting FZ LLC, through which Star held a stake in Balaji, has been terminated. Balaji’s promoters are entitled to acquire Star Group’s 25.99% in Balaji at an average price of Rs190 each within 240 days, failing which Star would be free to sell it to any others except a competitor, Balaji said in a statement. The two companies have also ended their agreement for regional language joint ventures signed in April 2007, Balaji said in a statement. Mint first reported on 14 March that serious differences had risen between the two partners. On 7 June, it reported that Star could sell its stake in Balaji and on 5 August, the paper reported that Star and Balaji have finally reached an agreement to part ways. Source: LatestNews-Home - Livemint.com | 19 Aug 2008 | 11:03 am 2009-10 to be a better year for India: C Rangarajan - Moneycontrol.com
Source: Google News India - Business | 19 Aug 2008 | 11:02 am ITC Infotech buys Pyxis Solutions for $25 mnITC Infotech India Ltd, the software unit of cigarette maker ITC Ltd has acquired US-based testing solutions company Pyxis Solutions LLC for over $25 million (Rs 108 crore) in an all cash deal. New York-based Pyxis, with over 100 employees and revenue of $15-20 million, would become the subsidiary of ITC Infotech Inc, the US-based outfit of ITC Infotech. “The acquisition enhances our capabilities in areas such as software testing, quality assurance and consulting, besides strengthening our presence in the US,” said Sanjiv Puri, managing director, ITC Infotech. The buy-out, funded through internal accruals, will also give access to some of the banking, financial services and insurance firms such as Citibank, AIG, Deutsche Bank and Merril Lynch. ITC Infotech earns about a third of its over Rs400 crore revenue from customers in banking and financial services sector, while it also offers services to travel, hospitality and transportation sectors. About a tenth of ITC Infotech’s 3,000 employees are in the testing domain. Source: LatestNews-Home - Livemint.com | 19 Aug 2008 | 11:00 am Hero Honda hikes prices of various modelsCountry's largest two wheeler maker Hero Honda has increased the prices of its products across various models by up to Rs 1,500 owing to increase in input cost.Source: Daily News & Analysis: Money News | 19 Aug 2008 | 10:56 am Indian bank strike seen unlikely to disrupt marketsMUMBAI (Reuters) - A strike called for Wednesday by some Indian banking unions protesting consolidation of state-run banks may partly affect banking operations, although the Bombay Stock Exchange said settlements were unlikely to be impacted.Source: Reuters: Money News | 19 Aug 2008 | 10:50 am ITC tech arm buys US firm for $25 mlnBANGALORE (Reuters) - ITC Ltd, India's top cigarette firm, said on Tuesday its information technology arm had acquired U.S-based technology company Pyxis Solutions for about $25 million to boost growth.Source: Reuters: Money News | 19 Aug 2008 | 10:35 am Luxury Brand | Paracetamol and paperWhat were your thoughts after the show? I liked it. The only thing I didn’t like was someone telling me to move. I liked the piece where the street was reflected in the water. I also liked Araki, the Japanese artist’s work, and I liked the tattooed pigs.  What were your first ideas when you heard the concept? My thoughts didn’t change from the beginning. When they asked me to do this, I told them I was going to work with Bollywood; and I had already made many sculptures of bundles of labourers in the Gulf, and the way they carry their bundles when they come back home. It’s important for me (to see) how the meaning of any form of the bag changes with the person and their requirement. Why clips from Hindi films? Simply because it’s popular culture in our country and normal people’s entertainment is Bollywood. And it was something I could get my hands on very easily. Bags are used in Bollywood films in many ways and I thought it would be great to take clips from there. So you watched a lot of movies? Yes, I was supposed to watch many movies. But I didn’t. I bought some movies and gave them to my nephew and asked him to go through them. Of course I wasn’t going to watch so many 3-hour movies. I would go mad. I told him what to look for, and then I watched those and selected the clips. How did the second film happen? I have friends in Dubai, so I asked various sources to take me to places where these people lived. They’re working-class people. It’s sad, in many ways. Maybe Indian labourers are happier than Dubai’s labourers in various ways. They live with their families. Maybe they live on a little bit less, but they don’t feel like they’re outsiders. They’re in their own land. There, they’re isolated, they live in one room with 10 people, work hard and are not treated so well. But what excited me about them were the bundles. The way they tied their bundles, and what they bought for their families, that’s very exciting. For them, everything is in that. After two years or so, they’re coming back home with that bundle. Why did you choose film as your medium? The easy way out (laughs). Well, I could have made a sculpture. For that, I would have had to go to the Chanel factory and it would have been a long process. Honestly, I was very busy with my own shows, so I thought I could create this work in India without travelling much. I spoke to the curator and he liked the idea. I never hesitate to use any medium as long as you can express yourself through it. What does your bag say about you? My bag? I don’t know. I never thought I would be asked a question like this. Two things I like to keep in my bag are paracetamol tablets and some paper. If sometimes I’m stimulated by an idea, I can draw. Here, in this bag, let’s see. I have visiting cards, a camera and pens, some papers. And tablets. Were there any ideas you had that you discarded? I did think about a sculpture. My sculptures take up lots of space, so I thought maybe it wouldn’t fit. After seeing the show, I see that big works have fit in. But four artists in one room, it’s a bit cramped for me. I need more space to breathe. If you ask me, I was so happy that I was not in that room. Like that work of the faces of the two girls (Yang Fudong’s ‘My Heart was Touched Last Year’). You need quiet space to watch that. How easy is it for an artist to create something with the inspiration already given? It’s very tough, actually. It’s not easy to think within the frame. It’s not an easy job for an artist to do that. Source: LatestNews-Home - Livemint.com | 19 Aug 2008 | 10:35 am Hindustan Unilever seeks partnerships to market productsHindustan Unilever Ltd (HUL), with interest in personal and home care products and food and beverages, Tuesday said it wants partnerships with state bodies and NGOs to market fast moving consumer goods (FMCG) among the poor.Source: IndiaeNews.com: Business News | 19 Aug 2008 | 10:31 am Anil Ambani group launches direct-to-home TV serviceThe Anil Dhirubhai Ambani Group launched its direct-to-home (DTH) television broadcasting service here Tuesday under the 'Reliance Big TV' banner with a bouquet of 202 channels for customers across India.Source: IndiaeNews.com: Business News | 19 Aug 2008 | 10:31 am Nobel laureate unveils loan for poor Indian heart patientsBangladeshi Nobel laureate Muhammad Yunis Tuesday launched a novel loan scheme of the State Bank of India (SBI) for cardiac treatment of poor patients at Narayana Hrudayalaya health city here.Source: IndiaeNews.com: Business News | 19 Aug 2008 | 10:30 am ITC Infotech acquires software testing firm in USITC's wholly-owned subsidiary ITC Infotech India has acquired New York-based information technology company Pyxis Solution for an undisclosed amount, it announced Tuesday.Source: IndiaeNews.com: Business News | 19 Aug 2008 | 10:30 am Sensex closes 102 points downIndian equity markets closed in the red Tuesday.Source: IndiaeNews.com: Business News | 19 Aug 2008 | 10:30 am Balaji ends pact with StarBalaji Telefilms said it is ending their association with Star group under which an associate company has been holding nearly 26% stake in Ekta Kapoor-run entertainment content provider.Source: Daily News & Analysis: Money News | 19 Aug 2008 | 10:27 am No more bonds, fertiliser industry wants subsidy in cashBy PTI New Delhi: The fertiliser industry has urged the government to provide subsidy in the form of cash and not bonds, saying the long-term special securities are trading at heavy discounts impacting the balance sheet of companies. “The bonds given to fertiliser companies are quoting at a discount of about 15%. So a bond with a face value of Rs100 will fetch only Rs85. This amounts to the government paying only Rs85 against the dues of Rs100,” Fertiliser Association of India (FAI) director general Satish Chander told PTI. Since these bonds are classified under the Other Approved Securities, banks and insurance firms are not obliged to buy them, making them unattractive against other AAA rated corporate bonds with higher yields, industry experts said. To further his point, the FAI official said, “The companies are asking for delivered costs of fertilisers. They have to give cash to raw inputs providers, transporters and others. Moreover, when they deposit tax, they will have to give it in cash. So what they need is cash and not bonds.” These apart, the government imports urea at about Rs31,000 per tonne where as domestic producers get about Rs13,000 a tonne, Chander said, adding that the government has been paying in cash to overseas sellers. Moreover, payment in the form of bonds is not an economically viable option for a cash-strapped sector like fertiliser, the experts said. Fertiliser companies will find it extremely difficult to either gather additional working capital to meet requirements of funds blocked in bonds of 16 to 18 years long tenure or sell them in markets at heavy discounts and incur losses, the FAI DG explained. Source: LatestNews-Home - Livemint.com | 19 Aug 2008 | 9:58 am Hybrid seeds can help multiply rice output: Seed associationPTI New Delhi: India can produce a whopping 25 million tons of additional rice a year by using hybrid seeds in a big way, says the seed industry. “About 25 million tons of rice can be additionally produced if the hybrid seed use in rice crop is raised to 25% from the current three per cent,” National Seed Association (NSA) President M Prabhakar Rao said. He said the yield from 6-8 kg of hybrid seeds will be equivalent to that of about 20-30 kg of conventional seeds, which are currently being used by farmers for fair average quality (FAQ) variety in one acre of land. India’s FY’08 rice production is estimated at 96.43 MT. However, for optimum yield, the hybrid seed, if once used, cannot be kept as a seed from its harvest, which is done in conventional system. So, farmers buy such seeds every year. “If the seed is used from the harvest of a hybrid variety, the yield will be less. The hybrids, developed by seed companies, ensure their optimum yield,” said Rao, who hails from the paddy-growing Andhra Pradesh. Pointing out the potentials of hybrid seeds in boosting production, the industry body has asked for infrastructure status so that companies producing these important farm input get income tax and other benefits. It has sought seed business to be defined as part of farm activities since agricultural earnings are exempt from Income Tax. The NSA has recently submitted a memorandum to the Agriculture Ministry listing its demands, sources said, adding that the government should encourage seed producers with incentives so that more quality seeds are available in the country as the seed replacement rate is very low. The seed industry in the country is worth Rs5,000 crore and is growing at a rate of 10% annually. Source: LatestNews-Home - Livemint.com | 19 Aug 2008 | 9:37 am Oil majors against pricing policy changeState-owned oil majors don't want the petroleum product pricing model to be changed from trade parity to base export parity model as recommended by a high-power committee on fuel pricing, Minister of Petroleum and Natural Gas Murli Deora was told here here Tuesday.Source: IndiaeNews.com: Business News | 19 Aug 2008 | 9:30 am Exports of agri-products surges by 38% in 2007-08By PTI New Delhi: India’s exports of agricultural and processed food products have jumped by 38% to Rs28,906 crore in 2007-08 fiscal mainly due to a significant jump in shipments of coarse cereals, according to a latest official data. The country’s agricultural products export was Rs20,986 crore last year, according to an official of government’s agri-trade promotion body Apeda. There has been a major rise in exports of coarse cereals like maize, jowar and barley. The exports of cereals, excluding rice and wheat, have gone up by five-fold to about Rs2,979 crore in 2007-08 fiscal compared to Rs599 crore in April-March period of 2006-07. The Apeda official said that the surge in exports in value terms is significant for India as rupee appreciated last year. The exports in Indian currency has been calculated taking dollar value at Rs40.46 for 2007-08 and Rs45.23 for 2006-07. Non-Basmati rice exports have surged to Rs7,396 crore from Rs4,243 crore. In quantity wise, shipments rose to 53.14 lakh tonnes from 37.02 lakh tonnes in 2006-07 fiscal. In the basmati category, exports have jumped to Rs4,334 crore from Rs2,792 crore. In terms of volume, exports rose to 11.81 lakh tonnes from 10.45 lakh tonnes in the review period. Basmati exporters have realised a higher value of Rs37,000 a tonne in 2007-08 fiscal compared to Rs27,000 per tonne in the previous fiscal. In livestock products category, India’s exports rose to Rs5,062 crore from Rs4,124 crore because of higher exports in dairy products, whose shipments went up to Rs 921 crore from Rs497 crore in the year-ago period. Source: LatestNews-Home - Livemint.com | 19 Aug 2008 | 9:25 am Sugar export to be controlled from October: GovtPTI New Delhi: Concerned over the recent rise in sugar prices, the government has decided to control export by re-introducing the release order mechanism from the next season beginning October. “Besides, it will also withdraw the subsidy on export,” sources said. “The exports assistance will not be given from October ownwards and release order mechanism for making exports will also come back from next season,” a senior Food Ministry official told PTI. “The industry has been informed of this decision well in advance so that they can devise strategies to compete in the global market,” he added. In order to liquidate the surplus sugar from the country, the Centre not only provided an export assistance to the sugar companies but in July last year it also did away with the provision that required exporters to seek release order from the ministry for export. Sugar prices in the retail markets have increased to Rs20-22 per kg from Rs16-17 a kg 6-8 weeks ago. India, the world’s second largest manufacturer of sugar after Brazil, produced 283 lakh tonnes of the sweetener in 2006-07 season and output is seen at 265 lakh tonnes in the current season, which runs from October to September. The bumper production in these two seasons led to a glut in the country. Since April 2007, the government is offering Rs1,350 a tonne as export assistance for the mills located in the coastal states, while Rs1,450 per tonne for those situated in non-coastal areas. It also created a buffer stock of 50 lakh tonnes, which has since been dismantled. Source: LatestNews-Home - Livemint.com | 19 Aug 2008 | 9:22 am Yuvraj is a bundle of energy: BipashaBollywood actress Bipasha Basu had a great time working with cricketer Yuvraj Singh while shooting an ad campaign.Source: IndiaeNews.com: Business News | 19 Aug 2008 | 8:30 am Govt dispatches 70% of essential commodities in JammuBy PTI Jammu: The administration has dispatched about 70% of monthly allocation of foodgrains and Kerosene to various parts of Jammu region, an official spokesman said here today. The supply position of wheat, rice, sugar and Kerosene oil in all ten districts of the division is quite satisfactory, he said adding that special attention has been paid to ensure uninterrupted distribution of foods and other essential commodities in far-flung districts like Kishtwar, Doda, Rajouri, Poonch and Ramban. The Food Corporation of India (FCI) has also been instructed to augment supplies in Poonch and Rajouri districts, the spokesman said. The Consumer Affairs and Public distribution Department has reviewed the situation and intimated that all the items including Kerosene oil have been dispatched in the region, he said. However, the stockists of kerosene oil are facing problems in making payments to the companies through demand drafts due to closure of banks, the official added. Source: LatestNews-Home - Livemint.com | 19 Aug 2008 | 8:06 am PVP Ventures to invest Rs40 bn in power projectsReuters Mumbai: PVP Ventures Ltd said it plans to invest Rs40 billion to set up power projects in the next 12-18 months, with the proposed merger of Malaxmi Energy ventures with itself. Malaxmi Energy owns 50% in Navabharat Power Pvt Ltd and 26% in Simhapuri Energy Pvt Ltd. With the merger, these power projects would come under a subsidiary, PVP Malaxmi Energy Ventures, the company said in a statement on Tuesday. PVP Malaxmi Energy would look at setting up power projects having a capacity of 8,000 Megawatts, to be implemented in the next 5-7 years. PVP Ventures said it expects over Rs20 billion in revenue over a period of 5 years from a 70-acre township it was implementing in Chennai, jointly with Arihant Foundations and Unitech. The firm plans to utilise this amount on the power projects. Funds would also be sourced by special purpose vehicles and through strategic financing,it added. Source: Home - Livemint.com | 19 Aug 2008 | 8:04 am Hero Honda hikes prices by up to Rs1,500PTI New Delhi: Country’s largest two-wheeler maker Hero Honda has increased the prices of its products across various models by up to Rs1,500 owing to increase in input cost. “A couple of weeks back, we have increased the price across various models in order to partially pass on the increase in input cost to the customers,” Hero Honda Motors Senior Vice President (sales and marketing) Anil Dua told reporters. The company’s high-end bike Karizma will now be costlier by Rs1,500 while the midrange comprising Splendor plus, Passion plus, Hunk and CBZ will see a price hike between Rs600 and Rs850. “However, we have kept the price hike at the entry level bike CD Deluxe to Rs 100,” Dua said. He said the price hike will not have major impact on the sales as the whole industry have increased the prices recently. Considering the high interest rates and tight financing options available, Dua said the industry is expected to witness a single digit growth this fiscal year. Asked about the company’s own growth projection, he declined to give specific figures but said: “In the last one and half year we have managed to grow our market share better than industry’s growth. We are confident of continuing this kind of performance.” Earlier this year, the company has said it would be launching 12 new models in the next 18 months. “We have already launched one model so far and we are on track to launch rest of the models in the next 13 months,” he stated. Source: Home - Livemint.com | 19 Aug 2008 | 8:01 am TCS may buy Citi's India BPO arm - reportMUMBAI (Reuters) - Tata Consultancy Services is close to acquiring Citigroup's captive backoffice unit in India for about $500-$550 million, the Economic Times said on Tuesday, citing a source close to the development.Source: Reuters: Money News | 19 Aug 2008 | 7:46 am Telecoms regulator suggests self-regulation for TV ratingsBy Reuters Mumbai: Telecom Regulatory Authority of India (TRAI) has said industry body Broadcast Audience Research Council (BARC) should function as a self-regulatory organisation for television audience measurement and ratings for broadcasters. In its recommendations on television ratings released on Tuesday, the telecommunication regulator said BARC can have two nominees from the Ministry of Information and Broadcasting on its board, and be responsible for audience measurement rating of television programmes. But BARC should not do it directly and should resort to an open transparent bidding process for the various stages involved in the rating process, TRAI has said. The ministry could provide the key eligibility norms for selecting rating agencies and their performance obligation norms, TRAI said in a statement. Television ratings, which are now carried out by two private rating agencies, are primarily meant to guide the broadcasters, media agencies and advertisers to determine their programming schedule, advertisment spend and placements. BARC, whose organisational structure and functions are yet to be defined, could work in close co-ordination with the ministry of information and broadcasting. TRAI has also recommended that the sample size for undertaking television ratings should cover a larger area than now and a comprehensive mandatory audit of the rating system should be conducted at least once in three years. Source: Tech News - Livemint.com | 19 Aug 2008 | 7:37 am COAI may challenge Trai’s directive on RComPTI New Delhi: GSM operators may approach TDSAT challenging Trai’s directive, which asked them to give interconnection to Reliance Communication GSM network. “We are certainly examining legal option and will take a call on this today,” GSM operators association COAI Director General T V Ramachandran told PTI. The telecom regulator in the second ultimatum to GSM operators, including Bharti, Vodafone and BSNL, has given August 21 as the deadline to give interconnections to the RCom GSM network. Trai has cited it as a licencing condition to provide interconnection among the service provider implying if a mobile operator does not give interconnection to another based on mutual commercial agreement, it is a violation of license condition attracting penalty. GSM operators on their part said, Reliance GSM has a new network for which commercial term has to be re-negotiated. The existing arrangement between RCom and GSM operators are for the CDMA network. Source: Home - Livemint.com | 19 Aug 2008 | 7:06 am Nikkei ends down 2.3%Reuters Tokyo: The Nikkei average sank 2.3% to a one-month low on Tuesday, led down by exporters and banks after investors were hit again by recurring fears that US financial woes are far from over. The broad sell-off came after US stocks fell sharply on the prospect of more losses from the mortgage crisis, with shares in Fannie Mae and Freddie Mac tumbling after Barron’s reported the US Treasury may need to bail out the home finance giants. The benchmark Nikkei ended down 300.40 points at 12,865.05. The broader Topix declined 2.2% to 1,235.54. Source: Home - Livemint.com | 19 Aug 2008 | 6:05 am Mahesh Chauhan takes over as Group CEO, RediffusionMumbai: Rediffusion I DYR has announced the advancement of Mahesh Chauhan as Group CEO, Rediffusion, with immediate effect. Mahesh will be taking over from Diwan Arun Nanda and will be responsible for the group companies of Rediffusion|DYR; TME, Wunderman, Showdiff, Rediffusion Public Relations, OAP-Touchpoint as well as Rediffusion|DYR. Meanwhile, Nanda will continue to be involved in the capacity of chairman and will have Everest Brand Solutions and Sudler & Hennesey directly report into him. Speaking on the announcement, Diwan Arun Nanda said, “My journey with Rediffusion|DYR began along with Ajit Balakrishnan in 1973 when we set up the agency with the objective of telling the world that advertising was a lot more than writing smart slogans and drawing pictures. We made our point and now its time to move to the next level.” Source: Home - Livemint.com | 19 Aug 2008 | 5:40 am Gold futures fall on weak global sentimentReuters Mumbai: Indian gold futures fell on Tuesday tracking weakness in overseas markets and on falling crude oil prices, analysts said. “The overall sentiment is weak due to falling oil prices,” said Harish Galipelli, head of research, Karvy Comtrade Ltd. Oil dipped below $112 a barrel on Tuesday before recovering slightly, dragged down by a weak economic outlook for the US and Europe. Crude oil and gold move in tandem as the former signals inflation, while the latter is a hedge against rising prices. “A weakness in overseas market also contributed to the fall,” said Devarsh Vakil, head of research, Anagram Capital Ltd. Overseas gold fell after rising more than 1% in New York, which shows the metal remains vulnerable to gains in the dollar. It was well below a lifetime high of $1,030.80 hit in March. In macro-economic data, traders would be closely watching US housing starts and building permits for July, along with currency markets to check further direction of the bullion, they said. “The October contract on MCX is expected to trade in the range of Rs11,280-11,500 during the day,” Vakil said. Open interest for October gold on MCX was at 12,311 lots, down from 12,628 previous session. Volume on Monday was 64.9 kg. Source: Home - Livemint.com | 19 Aug 2008 | 5:39 am AFL to play two exhibition matches in India next yearBy PTI Melbourne: The Australian Football League (AFL) is all set to foray into Indian market by playing two exhibition matches in early next year apart from scheduled Collingwood-West Coast game in South Africa. AFL has selected two preferred venues to play the games - Feroz Shah Kotla cricket ground in New Delhi and Wankhede Stadium in Mumbai, according to a report in ‘The Age´ newspaper today. While Collingwood president Eddie McGuire has denied his club’s participation on Indian soil due to existing South African commitments, three other clubs - Richmond, Essendon and North Melbourne - are reportedly lobbying for the first game to be played in India’s capital. “No decision has been made about the teams yet, but we are very keen to go and be one of the clubs involved in the first AFL match played over there,” Richmond president Gary March said, adding, “It’s a great opportunity. There are growing cultural and population ties between India and Australia. The Tigers, being a revered animal in that country, would be a perfect fit for the Indian market.” Essendon chief executive Peter Jackson confirmed that the club has been negotiating for months to play in India. “It’s no secret we would love to go,” Jackson said. “It’s a tremendous opportunity, and would fit right in with our club’s history of developing the game with different cultures and communities. We would even make a financial contribution to meet some of the costs if required,” he said. Source: Home - Livemint.com | 19 Aug 2008 | 4:58 am Balaji Tele shares up on snapping JV with Star GroupReuters Mumbai: Shares in Balaji Telefilms Ltd opened up on Tuesday and extended gains after it announced earlier that it was terminating its joint venture and other agreements with the Star Group. Shares in the Indian firm opened up 1.3% at Rs174.90 and were trading up 4% at Rs179.50 at 9.56 a.m. with more than 40,000 shares being traded. Balaji also said it was entitled to acquire Star’s stake at an average price of Rs190 a share. Source: Home - Livemint.com | 19 Aug 2008 | 4:49 am Tata Consultancy may buy Citi’s India BPO armBy Reuters Mumbai: Tata Consultancy Services is close to acquiring Citigroup’s captive backoffice unit in India for about $500-$550 million, the Economic Times said on Tuesday, citing a source close to the development. The announcement of a deal for Citigroup Global Services is likely to be made “within three weeks”, the paper said. TCS, India’s top software services exporter, has edged IBM in the race for the Citi unit and the deal would guarantee TCS business for the unit from Citigroup for five years, the paper said, citing this source. A spokesman for Citi in India declined comment on the report. A spokesman for TCS also declined comment, calling the report speculative. The Economic Times had reported in June Citigroup was restructuring its India backoffice operations and that it may sell or outsource most of these assets. Citigroup unveiled a reorganisation of its Asia-Pacific business on Monday, giving its regional heads increased authority. Source: Home - Livemint.com | 19 Aug 2008 | 4:39 am Mahindra buys 51% in Chinese tractor coMumbai, Aug. 18 Tractor and utility vehicle maker Mahindra & Mahindra has agreed to pick up majority equity in a joint venture it will form with China’s third largest tractor company, Yancheng Tractor. ...Source: Business Line - Home Page | 19 Aug 2008 | 12:00 am To be far cheaper than STD ratesNew Delhi, Aug. 18 Compared to the current STD rates, Net telephony is expected to be much cheaper because the cost of offering the service for the operator is lower. “While traditional STD operators have to pay for carrying a call from ...Source: Business Line - Home Page | 19 Aug 2008 | 12:00 am Market capitalisation of big 3 IT firms scales upThey outpace EDS, close on Accenture. Hyderabad, Aug. 18 The market capitalisation of Indian technology majors TCS, Infosys and Wipro is significantly higher than that of EDS and almost on par with Accenture even though the latter are much ...Source: Business Line - Home Page | 19 Aug 2008 | 12:00 am SCI (Rs 222.90): SellWe recommend a sell in Shipping Corporation of India (SCI) from a short-term perspective. It is evident from the charts of the Shipping Corporation of India that it has been on a medium-term downtrend from its May high of Rs 300. The stock ...Source: Business Line - Home Page | 19 Aug 2008 | 12:00 am User fee on domestic air travellers at HyderabadNew Delhi, Aug. 18 The Ministry of Civil Aviation has allowed the promoters of the new Hyderabad airport to levy a User Development fee of Rs 375 on every departing domestic passenger. The airport handles between 15,500 and 17,500 domestic ...Source: Business Line - Home Page | 19 Aug 2008 | 12:00 am Day Trading GuideThe stock is experiencing selling pressure at higher levels. We recommend a sell in this counter. ...Source: Business Line - Home Page | 19 Aug 2008 | 12:00 am TRAI pitches for domestic phone calls via Net‘Allow ISPs without additional entry fee, licence charges’. New Delhi, Aug. 18 Soon you will be able to make telephone calls anywhere in the country using an Internet connection. The Telecom Regulatory Authority of India on Monday ...Source: Business Line - Home Page | 19 Aug 2008 | 12:00 am M&A in H1 2008: Times they are a-changin’Indian M&A (mergers and acquisitions) has seen two distinct changes since January 2008. First, following the precedent of the Ranbaxy deal, it is now possible to contemplate Indian promoters giving up their flagship businesses, and second, ...Source: Business Line - Home Page | 19 Aug 2008 | 12:00 am Brokers bet higher on F&O tradeMumbai, Aug. 18 IN a falling market, broking firms appear to be taking a higher exposure in the Futures and Options (F&O) Segment as proprietary traders. ...Source: Business Line - Home Page | 19 Aug 2008 | 12:00 am Radico Khaitan thirsty to enter beer marketBut says foray will happen only with foreign tie-up. Bangalore, Aug 18 India’s second largest liquor maker Radico Khaitan now wants to enter the beer market but would do so only if it gets to tie-up with a foreign beer ...Source: Business Line - Home Page | 19 Aug 2008 | 12:00 am India Inc expansion a casualty of rising interest ratesRising interest rates are forcing companies, big and small, to either defer projects, go slow on expansions or raise money from alternative sources.??For instance, Mumbai-based steel-maker JSW hasSource: Business Standard | Front Page Headlines | 18 Aug 2008 | 6:59 pm Airport workers to join August 20 union strikeAir services may be disrupted on August 20 as airport employees have decided to join the major trade unions in their general strike against the "anti-people" policies of the UnitedSource: Business Standard | Front Page Headlines | 18 Aug 2008 | 6:58 pm Revenue dept tells FIPB to reject telecom FDI from tax havensIn another instance of Indian tax authorities adopting a hard-nosed stance to prevent abuse of tax avoidance treaties, the revenue department recently opposed a proposal of a Cyprus-based company toSource: Business Standard | Front Page Headlines | 18 Aug 2008 | 6:57 pm Ease norms for internet calls, Trai tells govtTariffs set to fall if regulator's proposal is accepted.??Prices of domestic long-distance calls are expected to halve to around 50 paise a minute and those for international calls fall by a fifth ifSource: Business Standard | Front Page Headlines | 18 Aug 2008 | 6:56 pm Global sourcing comes of age through the web Believe it or not, e-commerce is even more important in difficult times as it is a low-cost and efficient channel to promote and source products. Buyers using e-commerce platforms for sourcing can obtain goods or services at lower-than-market prices and translate this into better value for money for their end customers. In fact, our US members, which are most hard-hit by the recession, are actually more active this year than they were last year. Bamko Promotional Items, Inc. is one of these US members who have experienced cost savings through sourcing online. Bamko is a provider of high-quality gifts and premium items ranging from clocks to calculators, bags and hats. Using Alibaba.com, Bamko has gained exposure to numerous suppliers that they could not have found any other way, and with so many potential suppliers at its service, the company can foster competition among them, to get the best price and bring attractive products to its clients all over the world. Thanks to e-commerce, Bamko grew from a small local US distributor with one office to an international distributor with more than 50 employees in eight offices worldwide in just three years. Its competitive product pricing and high quality has won it over 200 loyal, repeat customers including big names such as Reebok International Ltd, Pfizer Inc., Boeing Co. and Revlon Inc. Pricing is also a crucial business factor for Paul Greenberg from Australia, who operates an online department store, DealsDirect.com.au. Guided by the slogan “Love a Bargain”, Paul strives very hard to offer exciting new products, unbeatable prices and exceptional value to DealsDirect customers. He has a dedicated team of buyers who hunt for quality products with guaranteed low prices through a diversified sourcing strategy, which includes using online marketplaces, sourcing offices and trade shows. When DealsDirect was first launched in 2004, it had only four product lines. Today, the online shopping site offers 29 shopping categories, stocks more than 4,000 products, and sells at 30-80% less than recommended retail prices. I have also heard about one of our Indian members who turned to the Internet for low-cost sourcing. Mardia Metals and Polymers, a Chennai-based importer and trader of raw plastics, is constantly in need of new vendors to sustain its supply chain and explore more products to expand its revenue streams. The company was started by Vivek Mardia and his father early last year. Although his father had 20 years of experience in the raw plastic materials industry, he only used old-fashioned business channels such as telephone and face-to-face meetings and merely had deals with regular suppliers in Malaysia. Vivek changed all that by introducing the Internet to his business. In just over one year, the company has expanded its supplier base to other countries and discovered new plastic products to add to its portfolio. Mardia Metals is now the sole supplier of a kind of recycled plastics originated in South Korea and is identifying opportunities to become the exclusive distributor for certain European suppliers in India. A number of vertical and horizontal online marketplaces exist today, allowing buyers in India or abroad to find any product or service they want. By leveraging the myriad of tools provided by these online marketplaces, Indian companies can reduce costs, increase their supplier selection and accelerate their sourcing cycles in order to meet the ever-growing demands of their customers. Thomas L. Friedman put forth his famous view that “the world is flat” due to globalization. I would say that the world of global sourcing is even flatter and growing smaller by the day thanks to the advent of online marketplaces. David Wei is chief executive officer of Alibaba.com. This is the last in an exclusive five-part series he wrote for Mint. Respond to this column at feedback@livemint.com To read all of David Wei’s columns, go to www.livemint.com/ecommerce.htm Source: Tech News - Livemint.com | 18 Aug 2008 | 6:42 pm Satyam delays hikes; payouts to be smallerHyderabad: Satyam Computer Services Ltd, the country’s fourth largest software services firm by revenue, has delayed the payout of annual performance-based salary raises and expects the increases, when they happen, to be smaller than last year’s, as it attempts to ride out a slowdown in the information technology industry. “Weak market conditions and the corresponding financial outlook is the main reason why things are getting delayed,” said S.V. Krishnan, head of human resources at Hyderabad-based Satyam. The performance evaluation process, which used to start in April, was delayed and completed only by the first week of July. In previous years, employees had received performance-based raises along with their July pay cheque. Krishnan said the company expects to complete calculating salary increments only by the first week of September.  IT hurts: Satyam chairman B. Ramalinga Raju. ( Madhu Kapparath / Mint) At Satyam, average hikes are expected to be about 11-12% for India-based employees compared with last years’ 16.5-18%, said Krishnan. While the company said it had managed to bring down the attrition rate to 12.6% in the three months to 30 June from 14.9% a year ago, it has slowed hiring as well. Satyam hired 651 employees, including 161 freshers, in the June quarter, its first of fiscal 2009, down from 2,716 (including 1,298 freshers) a year earlier. Some Satyam employees said while they understand the implications of a weak market, they are unhappy that the management hadn’t kept them informed. “Basic courtesy would be to inform us about such delays,” a Satyam employee who has been with the firm for nearly 10 years said, wishing not to be named. “We were told to expect pay hikes on 14-15 August, and that (date) has already passed.” Satyam didn’t respond to other questions from Mint. An emailed query hadn’t elicited a response till late Monday. An analyst said it was unlikely Satyam’s move would increase attrition. “In uncertain times, attrition is normally under control and it has been stable in the past two-three quarters,” said Harit Shah, an equity analyst at Angel Broking Ltd. Tata Consultancy Services Ltd announced a 10% salary hike for this fiscal, compared with 10-13% in the previous year, while Infosys Technologies Ltd offered a 11-13%increase against 12-15% a year ago. Wipro, which normally announces salary hikes forIndia-based employees in the September quarter, expects raises to be in the range of 8-9%. “Moderation in wages has started ahead of the industry expectations,” said B.S. Murthy, head of Human Capital Consulting Pvt. Ltd, a Bangalore-based recruitment firm. “The industry was expecting wages to moderate with single- digit hikes in 2010 or 2011.” Vishwanath Kulkarni contributed to this story. Source: Tech News - Livemint.com | 18 Aug 2008 | 6:37 pm No game this! Fake invitations threat Microsoft OfficeEmail attachments posing as invitations to attend the Beijing Olympics could exploit security vulnerabilities in Microsoft Office applications, warns an internet security solution company. Attachment files named attachment .doc, appeal_letter_of_fttj.doc, attend_the_opening_ceremony_of_the_29th_olympic_games_in_beijing.doc, five_resolutions.doc, or lingotto_con_fiat.doc, have been identitified as potential malware, or software that could damage or infiltrate a computer. ”Opening these documents may make your computer vulnerable to attack,” says Niraj Kaushik, Country Manager - India and SAARC at Trend Micro Inc., a software security firm. When opened, the files could ”allow remote attackers to take complete control of an affected system, or cause the application to crash.” he added. Similar alerts have already been put out by security firms McAfee Inc. and Message Labs Ltd. Source: Tech News - Livemint.com | 18 Aug 2008 | 4:11 pm Citi reorganises Asia unit by geography, product!US financial services giant Citigroup on Monday unveiled a reorganization of its Asia-Pacific business into four regions and seven product groupings under new Asia Chief Executive Ajay Banga.Source: Zee News : Business | 18 Aug 2008 | 12:07 pm British business body warns of recession risk!An influential body which represents British business said there was a "distinct possibility" of the country facing recession in the next six or nine months.Source: Zee News : Business | 18 Aug 2008 | 12:07 pm Morgan Stanley updates lending systems: Report!Morgan Stanley is responding to the credit crisis with a system that ses the market`s view of its own creditworthiness as a basis for lending decisions, the Financial Times said late on Sunday, citing a person familiar with the situation.Source: Zee News : Business | 18 Aug 2008 | 12:07 pm Sensex down 122 pts in early trade!The Bombay Stock Exchange benchmark Sensex fell by 122 points in early trade on Monday on selling by funds and retail investors.Source: Zee News : Business | 18 Aug 2008 | 12:07 pm SBI, associate banks officers on strike over SBI-SBS merger!Officers of State Bank of India and its seven associate banks went on a day-long nationwide strike on Monday to protest merger of State Bank of Saurashtra with the country`s largest lender SBI.Source: Zee News : Business | 18 Aug 2008 | 12:07 pm
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