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Northgate Tech buys Reuters data centre in LondonVenkat Meenavalli, CMD, Northgate Technologies, said that the Reuters Data Centre buy focuses on Internet and the key thing for any internet company is infrastructure. Following this buy, in the next couple of months the company will completely merge with their subsidiary in London, he said.Source: Moneycontrol Top Headlines | 22 Aug 2008 | 4:40 pm Volumes to grow substantially by 2013: PTCTN Thakur, Chairman, PTC India informed CNBCTV18 that around 400MW of the 9500 MW capacity would be commissioned from the longterm contracts in FY09. He said The company is now poised for better volumes in the current financial year and the future as projects are getting commissioned. He sees substantial growth in the volumes of PTC by 2013.Source: Moneycontrol Top Headlines | 22 Aug 2008 | 4:11 pm Mamata hits back, says Tata is govts favouriteOn Friday, Trinamool Congress leader, Mamata Banerjee responded to Ratan Tata\'s concern over West Bengal and Singur. She expressed concern on government\'s favouritism towards the TATAs. \'Why is the Industries Minister holding midnight meetings with industrialists,\' she questioned, referring to Ratan Tata in obvious terms.Source: Moneycontrol Top Headlines | 22 Aug 2008 | 4:00 pm Are EIHs founders selling part of their stake?CNBCTV18 sources say that EIH is in advanced talks with leading corporates and PE (Private Equity) firms to divest its stake (possibly 26%). Meanwhile, EIH promoters have said that they are not in talks to sell stake to any investor. The reports of stake sale are absolutely baseless, untrue and mischievous, the company said.Source: Moneycontrol Top Headlines | 22 Aug 2008 | 3:52 pm See margins at 1314% this year: Nectar LifesciencesDinesh Dua, CEO of Nectar Lifesciences expects Rs 100 crore from the new formulation facility started in Baddi. He expects to line of Rs 1100 crore topline in FY09 and margins to be 1314% this year.Source: Moneycontrol Top Headlines | 22 Aug 2008 | 2:42 pm Delhi HC dismisses COAI petition on dual tech caseThe Delhi High Court has dismissed the COAI (Cellular Operators Association of India) petition on dual tech case. All petitioners (Bharti, Vodafone, Idea, Spice and COIA) will have to pay a fine of Rs 50,000 each.Source: Moneycontrol Top Headlines | 22 Aug 2008 | 2:08 pm Metals shine as equities reboundThere was a moderate rise in the equity markets on Friday after the sharp sell-off that had occured on Thursday.Source: Daily News & Analysis: Money News | 22 Aug 2008 | 2:06 pm India iron ore supplies up as exports slow -trade - Reuters India
Source: Google News India - Business | 22 Aug 2008 | 2:03 pm India Inc in FIPB fixIndia Inc is in FIPB fix. FIPB changed the interpretation of what constitutes an operating company.Source: Moneycontrol Top Headlines | 22 Aug 2008 | 1:45 pm Apple iPhone unveiled in India - Newstrack India
Source: Google News India - Business | 22 Aug 2008 | 1:36 pm Kingfisher to start international flights from Sept 3MUMBAI (Reuters) - Kingfisher Airlines, which is being merged with Deccan Aviation, is set to launch its international service on Sept 3, it said in a statement on Friday.Source: Reuters: Money News | 22 Aug 2008 | 1:33 pm Upset Ratan Tata warns he may move out of West BengalTrouble over Tata Motors' small car factory site at Singur appeared set to continue with the Tata Group Friday threatening to move out of West Bengal unless the row over farmland acquisition was resolved and a minister saying it would not be possible to return the 400 acres demanded by the opposition.Source: IndiaeNews.com: Business News | 22 Aug 2008 | 1:32 pm New electronics park proposed in KeralaThe Kerala government will set up an electronics park in Kasargod district, state Industries Minister Elamaram Kareem said here Friday.Source: IndiaeNews.com: Business News | 22 Aug 2008 | 1:30 pm 'Tatas' exit to create 'industrial vacuum' in WB'Leading industry chambers asked the WB Govt to resolve the land issue with the Opposition and ensure that the Tata's dream small car project is not pulled out of the state.Source: Daily News & Analysis: Money News | 22 Aug 2008 | 1:23 pm Tata threatens to pull out of Singur - Business Standard
Source: Google News India - Business | 22 Aug 2008 | 1:22 pm Merrill Lynch hikes stake in Ansal PropertiesForeign fund house Merrill Lynch Capital Markets has consolidated its stake in real estate major Ansal Properties and infrastructure to nearly six per cent.Source: Daily News & Analysis: Money News | 22 Aug 2008 | 1:18 pm Dish TV eyes 5 lakh subscribers this qtrJawahar Goel, MD, Dish TV, said the company is likely to add 5 lakh subscribers in this quarter. He said post the Big TV launch, all players together are likely to add 56 lakh new users per month. The company is contemplating raising money through rights issue.Source: Moneycontrol Top Headlines | 22 Aug 2008 | 1:16 pm Oil slips after spurt on Russia tensionsLONDON (Reuters) - Oil fell more than a dollar on Friday, a day after its biggest jump in three months as part of a wider commodities rally spurred by a slump in the U.S. dollar, and mounting tension between the United States and Russia.Source: Reuters: Money News | 22 Aug 2008 | 1:14 pm India oilseeds end down as record output hope weighs - Reuters India
Source: Google News India - Business | 22 Aug 2008 | 1:13 pm Delhi HC dismisses COAI petition on dual tech case - Moneycontrol.com
Source: Google News India - Business | 22 Aug 2008 | 1:06 pm Take solutions to invest Rs 100 crore for setting up new facilities - Business Standard
Source: Google News India - Business | 22 Aug 2008 | 1:05 pm Rupee ends stronger but off highsMUMBAI (Reuters) - The Indian rupee strengthened for a second day on Friday, helped by inflows from a foreign investment and gains in the stock market, but dollar demand from oil firms and other importers trimmed its gains.Source: Reuters: Money News | 22 Aug 2008 | 12:53 pm Reliance Big enters US mobile content marketThe Anil Dhirubhai Ambani Group-promoted Reliance Big Entertainment on Friday announced the US launch of Jump Games, a publisher and developer of mobile video games.Source: Daily News & Analysis: Money News | 22 Aug 2008 | 12:34 pm RITES conducts survey for monorail in PatnaImpressed by the monorail systems he has seen in places like the Sentosa amusement park in Singapore, Railway Minister Lalu Prasad is set to replicate the transport system in his home city Patna as well - and has already got the initial survey conducted by the railways.Source: IndiaeNews.com: Business News | 22 Aug 2008 | 12:31 pm 3 NRIs people among Singapore's richest listAs many as three India-origin persons have made their way into the list of Singapore's 40 richest people, compiled by American business magazine Forbes.Source: Daily News & Analysis: Money News | 22 Aug 2008 | 12:11 pm German firm MPC Synergy to invest in Phoenix Mills - Business Standard
Source: Google News India - Business | 22 Aug 2008 | 12:07 pm Bombay HC suggests Ambani brothers to talk it out!Saying that dispute between Mukesh Ambani-led RIL and Anil Ambani-led RNRL over gas supply from Krishna-Godavari basin might "affect the economy", the Bombay High Court on Thursday suggested that the warring brothers go back to their mother Kokilaben and settle the dispute.Source: Zee News : Business | 22 Aug 2008 | 12:04 pm GM readying Hummer sales prospectus!General Motors Corp is readying sales documents for its Hummer brand and has initial expressions of interest from potential buyers that it hopes to develop into formal sale talks, the automaker`s CEO said on Thursday.Source: Zee News : Business | 22 Aug 2008 | 12:04 pm Sensex up 19 pts at 14,263!The Bombay Stock Exchange benchmark Sensex fell by 107 points in early trade Friday on selling by funds and retail investors, after inflation accelerated to a record high amid weak global Asian markets.Source: Zee News : Business | 22 Aug 2008 | 12:04 pm Merrill Lynch buys 1.03% stake in Ansal Properties!Ansal Properties and Infrastructure Ltd said on Friday Merrill Lynch Capital Markets Espana has acquired a further 1.03 percent stake in the company to raise its holding to 5.96 percent.Source: Zee News : Business | 22 Aug 2008 | 12:04 pm High court dismisses GSM telecom operators' petitionThe Delhi High Court Friday dismissed the petition filed by GSM operators to quash the telecom regulator's permission to grant dual spectrum to CDMA operators under the same licence.Source: IndiaeNews.com: Business News | 22 Aug 2008 | 12:03 pm India's first art summit kicks offIndia joined the elite club of global art hotspots Friday, with the India Art Summit 2008 being inaugurated here as a showcase of modern and contemporary art from the country and abroad modelled on international art fairs.Source: IndiaeNews.com: Business News | 22 Aug 2008 | 12:03 pm Equity markets close in greenThe Indian equity markets closed in green Friday.Source: IndiaeNews.com: Business News | 22 Aug 2008 | 12:02 pm Markets close in greenThe Indian equity markets closed in green Friday.Source: IndiaeNews.com: Business News | 22 Aug 2008 | 12:00 pm High court dismisses GSM telecom operators' petitionThe Delhi High Court Friday dismissed the petition of GSM operators association - the Cellular Operators Association of India (COAI) - challenging the government's decision to allow use of dual technology for mobile services by CDMA operators and revised spectrum allocation norms.Source: IndiaeNews.com: Business News | 22 Aug 2008 | 12:00 pm Tata Tea looking at strategic acquisitionsTata Tea, which has transformed itself from a plantation to a FMCG company, is looking at more strategic acquisitions, Chairman Ratan Tata said on Friday.Source: Daily News & Analysis: Money News | 22 Aug 2008 | 11:57 am Rs 600 UDF may have put us back in black: GMRSubba Rao, CFO of GMR Infrastructure said that rising rates don\'t impact projects which have fin closure. He added that they still see significant demand for hospitality project. Rao added that the company would have broken even in Q3 FY09 if Rs 600 UDF was sanctioned.Source: Moneycontrol Top Headlines | 22 Aug 2008 | 11:55 am German firm to invest 200 m in Phoenix MillsPhoenix Mills said MPC Synergy, a Germany-based private equity firm, will be investing up to 200 million euro (about Rs 1,300 crore) in various special purpose vehicles of the group.Source: Daily News & Analysis: Money News | 22 Aug 2008 | 11:53 am Tata Motors says violence may see it move Nano plantKOLKATA (Reuters) - Tata Motors Ltd said it was prepared to move a plant to make the Nano, billed as the world's cheapest car, from its West Bengal site if violent protests continued, despite having invested $350 million in the project.Source: Reuters: Money News | 22 Aug 2008 | 11:48 am Govt exempts PVR subsi from entertainment taxPVR, on Friday said its subsidiary Sunrise Infotainment has been exempted from payment of entertainment tax by the Maharashtra government for a period of five years.Source: Daily News & Analysis: Money News | 22 Aug 2008 | 11:48 am Piramal receives green signal for clinical trial of two drugsPTI Mumbai : Piramal Life Sciences today said it has received the approval from the Drug Controller to take forward its clinical trial on two of its molecules in India. “We have received notifications to carry on the next phase of clinical trials on our cancer molecules. One is for Phase 2 and the other for Phase 1,” Piramal Life Sciences Chairman Ajay Piramal said at the AGM here. It has a pipeline of 15 candidates, including five in clinical trials. The company is targeting to launch its first drug in 2011. The company’s foreign institutional holding has dropped to 11% from 15.6% since it was listed in May, Piramal said. FII holding on May 29 in the company was at 15.6%. Commenting on the outlook, Piramal told shareholders not to expect income for the next two years. “Do not expect revenues before 2011, but returns shall be tremendous on commercialisation of the molecules into drugs,” he said. Globally, large pharmaceutical companies have grown around one drug developed from basic research, he said. The company is in the process of raising funds by diluting around 10-15% equity over the next 12 months to take care of its expenditure, he said. Source: LatestNews-Home - Livemint.com | 22 Aug 2008 | 11:48 am Centre asks steel producers to cut steel prices if rates fall ... - Economic Times
Source: Google News India - Business | 22 Aug 2008 | 11:46 am Gold breaches Rs12,000 levelNew Delhi: Tracking strong global trends, gold prices in the bullion market on 22 August spurted by Rs110 to breach the psychological Rs12,000 mark on brisk buying by stockists and jewellers. It closed at Rs12,020 per 10 grams. Market sentiment turned bullish after reports gold rose to a one-week high in New York as gain in energy costs and decline in the value of US currency boosted the appeal of precious metals as hedge against inflation, traders said. They said some buying interest among investors shifted from melting stock markets to the bullion. Pick up in seasonal demand too had a positive impact on the market sentiment, they added. Gold gained $18.40 to $837 an ounce in New York on 21 August night, the highest since 14 August. Standard gold and ornaments gained Rs110 each at Rs 12,020 per 10 gram and Rs11,870 per 10 gram. Sovereign rose by Rs100 at Rs9,900 per piece of eight gram. Silver ready surged by Rs450 to Rs21,100 per kg and weekly-based delivery by Rs20,470 per kg respectively. Silver coins gained Rs 200 at Rs 27,800 for buying and Rs 27,900 for selling of 100 pieces. Source: LatestNews-Home - Livemint.com | 22 Aug 2008 | 11:30 am Volvo finalises Eicher Motors JV dealSTOCKHOLM (Reuters) - World number two truck maker Volvo said on Friday it had finalised a deal with Eicher Motors to set up a new joint venture company in India.Source: Reuters: Money News | 22 Aug 2008 | 11:27 am Indian shares rebound 1.1 pct, Reliance ralliesNEW DELHI (Reuters) - Indian shares rebounded more than 1 percent on Friday as investors picked up beaten down stocks after a sharp fall in the previous session, but higher oil prices and accelerating inflation kept the trade choppy.Source: Reuters: Money News | 22 Aug 2008 | 11:22 am GDP growth to slow down by one per cent to 7.8%: NCAERPTI New Delhi: Conforming to forecast of PM’s Economic Advisory Council and other economists, economic think-tank NCAER has also projected moderation in economic growth at 7.8% for the current fiscal, from the earlier estimate of 8.8%. The one per cent downward revision is attributed to recent hike in interest rates, rising inflation and crude oil prices and reduction in the private investment by about Rs 60,000 crore. Besides, increase in central government subsidies by Rs 20,000 crore and reduction in the world output by one per cent to four per cent in 2008 would have bearing on the growth, NCAER said in its latest monthly report. Though fiscal deficit is not projected to rise much above three per cent, the Current Account Deficit is projected to grow to 6.5% of GDP, it said. Assigning the reasons for high CAD, the report said, a combination of higher crude oil prices and lower global demand has widened the projected current account imbalance. Notably, Indian economy witnessed a growth of 9.1% during 2007-08. The decline in growth is lower in all the main sectors of the economy, it said, adding, industry is expected to grow at 8.4%, against the previous forecast of 9.4% while services would expand by 9.1%, compared to 10.5%. However, the growth in the agriculture sector has been kept unchanged at 2.5%. On inflation, the NCAER report said the Wholesale Price-based inflation is likely to be at 7.9% during the fiscal, against the earlier projection of 5.2%. Source: LatestNews-Home - Livemint.com | 22 Aug 2008 | 11:22 am Sensex, Nifty end up 1%; metal, oil, banks, auto stks up - Moneycontrol.com
Source: Google News India - Business | 22 Aug 2008 | 11:21 am IPhone: The super brand of the decadeIt's the coolest design on the planet. It's the super brand of the decade. And it has come to India - at midnight. The iPhone, like so many things Mac, defies logic.Source: Daily News & Analysis: Money News | 22 Aug 2008 | 11:09 am See your city through a new lensTo sensitise wannabe photographers to its nuances, professional and amateur experts are organising the first-ever 'Worldwide Photo Walk'Source: Daily News & Analysis: Money News | 22 Aug 2008 | 11:09 am Sensex up 157 points on buying at lower levelsMumbai: The Bombay Stock Exchange benchmark Sensex provisionally ended more than 1% on Friday as investors scooped up beaten-down stocks after a sharp fall in the previous session. The 30-share index provisionally ended 157.76 points higher at 14,401. Today’s gain was led by Reliance Industries Ltd, which moved up on hopes for an end to a gas dispute. Similarly, the 50-share Nifty of the National Stock Exchange provisionally rose 0.84% to 4,319.65. Earlier, the Sensex lost over 100 points in the morning trade, but moved in the green later in the day on emergence of buying by funds and general investors in stocks available at attractive lower levels. Buying activity picked up as shares dipped to recent low levels after release of inflation data last evening, which showed prices rose the fastest in 16 years during the week ended 9 August, brokers said. Source: Home - Livemint.com | 22 Aug 2008 | 11:04 am Malaysia Airlines, GMR group to set up MRONew Delhi: Malaysia Airlines and GMR Hyderabad International Airport Ltd have entered into an agreement to set up a world-class maintenance, repair and overhaul (MRO) organization that will cater to narrow- and wide-body aircraft at the Rajiv Gandhi International Airport (RGIA) at Shamshabad in Hyderabad. ”Malaysia Airlines’ engineering and maintenance will provide certifications, technical and management expertise in addition to operations and maintenance know-how,” Tengku Azmil Zahruddin, executive director and chief financial officer, Malaysia Airlines, told reporters. The MRO will be able to handle all types of aircraft, from light jets to super-jumbos such as the A380. With some 300 aircraft in operation currently, the Indian aviation market is one of the fastest growing in the world. More than 200 new aircraft will be headed for India in the next two years, while 2,000 new planes are expected in the next 8-10 years. Source: LatestNews-Home - Livemint.com | 22 Aug 2008 | 10:50 am Oil prices sag after big gains - Economic Times
Source: Google News India - Business | 22 Aug 2008 | 10:26 am Essilor eyes 10% market share in Indian lens marketBy PTI New Delhi: France-based opthalmic lens company Essilor International is aiming to capture 10% market share in India in the next two-three years, on the back of its newly launched Crizal A2 transparent lens in the country. The 2.4 billion Euro company’s Indian subsidiary Essilor India is rolling out the Crizal A2 lens across the country this month. “Crizal A2 is an innovative product with dust repellent features and we believe that it will have wide acceptance in India. We are looking for Crizal A2 to garner 10% of the around 80 million pairs volume size Indian plastic lens market,” Essilor India chief operating officer Pradeep Narayan told PTI. “There has been great acceptance for Crizal A2 worldwide. We have sold 10 million Crizal A2 lenses around the world and statistics show that six pairs of these are being sold every minute,” he said. The Crizal A2 was selected in 2007 as the most transparent lenses in the international market by Eurocin, an independent France-based organization which conducts sensory analysis, based upon laboratory and user tests. The company, which started its Indian operations in 2008, is introducing the Crizal A2 range as a follow-up to its other ranges including Crizal (hard multicoated), Varilux (progressive), Titus (hard coated) and Airwear(polycarbonate). “Essilor is the first company in the ophthalmic industry to use Sensory Analysis to make a connection between scientific data and eyeglass wearers’ perceptions,” he added. Source: LatestNews-Home - Livemint.com | 22 Aug 2008 | 10:26 am Parliamentary panel questions rejection of AAI airport planNew Delhi: A Parliamentary panel has said it is at a loss to understand why the government rejected a 2006 proposal of Airports Authority of India to modernize Delhi and Mumbai airports, while questioning the move to privatize these facilities. “Had the government agreed to this proposal of the AAI, the (modernization of) Mumbai and Delhi airports would have been completed by this time,” the Standing Committee on Transport, Tourism and Culture said in its latest report. While opposing privatization, the report said the AAI proposal, which promised to revamp the two facilities in a much shorter time, was “turned down for unknown reasons.” The panel, headed by CPI(M) leader and MP Sitaram Yechury, said it had learnt that “the government was planning to hand over 15 more profit-making airports to private parties in the name of constructing greenfield airports.” Maintaining that privatization of airports was a “total negation” of the best global practices, it said globally most successful examples of airport management are known to have retained public control, even while outsourcing some particular activities to private people. The Committee, which includes lawmakers from all major political parties, said that many international airports had successfully brought in private parties to invest in areas such as cargo handling, parking bays, servicing and overhauling facilities and maintenance of terminal buildings. “However, in India we are handing over the entire airport to the private parties, which is in total negation of the best practices available in the world,“ the panel said. If private players could manage the necessary resources within India, “why can’t the AAI be allowed to pursue the same business strategy. The Committee does not agree with the government’s logic that the modernisation of airports can be done only through privatization. It is a wrong and misplaced assumption,” it asserted. Flaying the Planning Commission and other agencies for “violating” decisions of the Prime Minister’s Committee on Infrastructure (CoI), it asked the Civil Aviation Ministry to entrust commercial operations of terminal buildings at the 35 non-metro airports with AAI. Maintaining that modernisation of terminals at these non- metro airports was being given on the “sly” to private players for development, Yechury had earlier said it was a “serious matter that a CoI decision had been violated and side-stepped in practice.” Observing that commercial operations of terminals was a “profit-making activity” that would generate huge revenues for AAI, he said taking them out of its ambit would push the state-run body to bankruptcy. “Once AAI goes bankrupt, the logical step then will be to privatise it,” Yechury had said. The Parliamentary panel said the plan body had already prepared a model concessionaire for modernisation of airports and their terminals through the PPP route for 30 years. Source: LatestNews-Home - Livemint.com | 22 Aug 2008 | 10:15 am Nano will move out of Singur if violence persists: TataThe Tata group chairman Ratan Tata Friday warned that his group will not hesitate to move its small car project out of Singur in Communist-ruled West Bengal if violence persisted.Source: IndiaeNews.com: Business News | 22 Aug 2008 | 10:03 am Nano will move out of Singur if violence persists: TataThe Tata group Friday warned that it will move the factory to build the world's cheapest car "Nano" out of Communist-ruled West Bengal if strife over acquisition of farm land for the project persisted.Source: IndiaeNews.com: Business News | 22 Aug 2008 | 10:01 am EIH says stake sale report baseless, mischievousMUMBAI (Reuters) - EIH Ltd, which runs the Oberoi chain of hotels, said in a statement on Friday that a media report on the founders planning to sell a portion of their stake to investors was "baseless, untrue and mischievous".Source: Reuters: Money News | 22 Aug 2008 | 9:37 am Era Infra to revamp JN Stadium for Commonwealth GamesNew Delhi: Era Infra Engineering Ltd. through their construction and contracts division has bagged a contract for upgrading, renovating and constructing parts of the J N Stadium Sports Complex, New Delhi for Commonwealth Games 2010. They would be undertaking projects around the internal space planning of the main stadium building including repair work of the upper tier (civil and E&M works) from the Central Public Works Department (CPWD) valuing Rs111,27,75,064. The scope of work includes civil works, dismantling, internal electrical installations, lifts and escalators, fire alarm system, fire fighting system and HVAC. The project is scheduled to be completed by December 2009. TD Arora, head, construction and contracts division of the company said, “This is our second project for the Commonwealth Games-2010. This is an important and prestigious project as the opening ceremony of Commonwealth Games is planned in this stadium only.” Jawaharlal Nehru Stadium holds great importance as the opening and closing ceremony of the Commonwealth Games 2010 is scheduled to be conducted here. Source: LatestNews-Home - Livemint.com | 22 Aug 2008 | 9:21 am Will not dump Singur project unless forced to: Ratan TataEven as the agitation in Singur is set to intensify, Tata Motors has assured the West Bengal Government that they will not pull out of the project until forced to.Source: Moneycontrol Top Headlines | 22 Aug 2008 | 9:19 am OVL may partner Russian company to counter SinopecPTI New Delhi: ONGC Videsh may take a Russian partner to counter Chinese firm Sinopec in the battle for acquisition of UK-listed Imperial Energy, whose promoters may choose a winner in the next few days. Though OVL has made a solo bid of about $2.5 billion for takeover of Russia-focused Imperial Energy, the overseas arm of state-run Oil and Natural Gas Corp (ONGC) may rope in a company like Rosneft to win Moscow’s approval for the acquisition, London-based investment banking sources said. OVL is mindful that no company can be successful in taking over a company having assets in Russia unless it has the backing of Moscow, and bringing state-run Rosneft on board with a possible 51% stake was being contemplated. In the event of OVL being the successful bidder, it may farm-out majority stake to Rosneft and keep just 49% for itself, sources said. While ONGC Chairman and Managing Director R S Sharma refused to comment, OVL Managing Director R S Butola did not take calls. Meanwhile, Government sources here confirmed OVL making a bid and exuded confidence that Russia would back the Indian firm over China Petroleum and Chemical Corp (Sinopec), which made a rival bid earlier this month. Imperial, a relatively small British oil and gas company based in Leeds in UK, has oil producing blocks in Tomsk region of western Siberia in Russia and Kastanai in north-central Kazakhstan. Government sources said promoters of Imperial were likely to decide on the sale within a few days. Source: Home - Livemint.com | 22 Aug 2008 | 9:10 am Imperial sale likely next week - India sourceNEW DELHI (Reuters) - Sale of Russia-focused Imperial Energy Corp is likely to be announced next week, an Indian government source said on Friday, confirming that Oil and Natural Gas Corp Ltd is in race to buy the firm.Source: Reuters: Money News | 22 Aug 2008 | 9:05 am India’s Tata says would move Nano plant if forcedMumbai: Tata Motors Ltd, India’s top vehicle maker, will move a plant to make the ultra low-cost Nano car out of the eastern state of West Bengal if protests against the plant continue, its chairman said on Friday, 22 August. “I’ve made a major investment here ... to move will be at a great cost to Tata Motors and to shareholders,” Group chiarman Ratan Tata told reporters in Kolkata. “(But) there is a concern about our people, a definite concern about not being wanted.” Tata Motors, which is scheduled to launch the Nano car later this year, has faced violent protests and political opposition against farmlands acquired for the Nano project in West Bengal state, which threaten to delay the launch. On Thursday Tata met government officials in Kolkata, and the state’s industries minister said Tata was worried about the protests. Also read: Judgement day for Tata’s Singur plant Source: Home - Livemint.com | 22 Aug 2008 | 9:03 am India gold futures ease on stable overseas marketsMUMBAI (Reuters) - India's gold prices firmed up on Friday slowing the surge in demand that had picked up last week, but dealers said there was enough pent-up demand to draw back buyers at dips.Source: Reuters: Money News | 22 Aug 2008 | 9:00 am Apple iPhone 3G makes its India debutNEW DELHI (Reuters) - Apple Inc.'s hugely popular 3G iPhone made its debut in India on Friday, but with a price tag of $700 there was none of the mass hysteria that marked its launch in the United States, Europe and parts of Asia last month.Source: Reuters: Money News | 22 Aug 2008 | 8:50 am Yamaha to sell 500,000 bikes in 2009By PTI New Delhi: Targeting sales of more than half a million bikes in 2009, Japan-based Yamaha is contemplating revamping ITS network in the country, and adding 80 new dealers in the current year. “Our fundamentals in the country are not as strong as our competitors. For the last one year, we are working to improve our fundamentals, which include setting up strong sales, services, dealership and spare parts network,” Yamaha Motor India CEO and managing director Tsutomu Mabuchi told PTI. Yamaha has a 430-strong dealer network in India and is in the process of rebranding them as concept stores. Besides, it is also looking at adding 80 more dealers under its brand. Post restructuring, some of our existing dealers may opt out but we would be making some additions, Mabuchi said. Speaking about the company’s performance in the past year, he said, “sales in the first six months of the year has picked up primarily due to restructuring and launch of new bikes.” Last year, the bike maker had sold about 1.20 lakh units and in the current year it is targeting a sale of more than two lakh units. “As our restructuring and revitalizing plan will be complete this year, we hope to sell around half a million bikes in the next year,” he said. Yamaha is primarily focusing on volumes, which primarily consist of 100-125 cc bikes, and it may launch some more bikes in the category next year.“Our premium bikes have given a push to our sales but we would also be focusing more on the volume segment,” he added. Yamaha will launch its 150cc air cooled bike FZ in October. Source: LatestNews-Home - Livemint.com | 22 Aug 2008 | 8:46 am Era Infra bags Rs 111 cr projectPTI New Delhi: Infrastructure firm Era Infra Engineering today said it has secured a contract worth Rs111.27 crore from Central Public Works Department for revamping the J N Stadium Sports Complex here. The company has bagged contract for up-gradation, renovation and new constructions at Jawahar Lal Nehru stadium in the national capital, where the opening and closing ceremonies of the Commonwealth Games 2010 would be held, Era Infra Engineering said in a statement. “This is our second project for the Commonwealth Games-2010 ... we are thankful to the Central Public Works Department for giving us this opportunity,” Era Infra Engineering Head Construction and Contracts division T D Arora said. The scope of the work includes civil works, internal electrical installations, fire fighting systems, lifts and escalators, Era Infra said, adding that the project is scheduled to be complete by December 2009. Source: LatestNews-Home - Livemint.com | 22 Aug 2008 | 8:43 am Intel cuts electric cords with wireless power systemAFP San Francisco: Intel on Thursday showed off a wireless electric power system that analysts say could revolutionize modern life by freeing devices from transformers and wall outlets. Intel chief technology officer Justin Rattner demonstrated a Wireless Energy Resonant Link as he spoke at the California firm’s annual developers forum in San Francisco. Electricity was sent wirelessly to a lamp on stage, lighting a 60 watt bulb that uses more power than a typical laptop computer. Most importantly, the electricity was transmitted without zapping anything or anyone that got between the sending and receiving units. Safe and efficient “The trick with wireless power is not can you do it; it’s can you do it safely and efficiently,” Intel researcher Josh Smith said in an online video explaining the breakthrough. “It turns out the human body is not affected by magnetic fields; it is affected by elective fields. So what we are doing is transmitting energy using the magnetic field not the electric field.” Examples of potential applications include airports, offices or other buildings that could be rigged to supply power to laptops, mobile telephones or other devices toted into them. The technology could also be built into plugged in computer components, such as monitors, to enable them to broadcast power to devices left on desks or carried into rooms, according to Smith. Commercially available technology “Initially it eliminates chargers and eventually it eliminates batteries all together,” analyst Rob Enderle of Enderle Group said of Intel’s wireless power system. “That is potentially a world changing event. This is the closest we’ve had to something being commercially available in this class.” Previous wireless power systems consisted basically of firing lightning bolts from sending to receiving units. Smith says Intel’s wireless power system is still in an early stage of development and much research remains before it can be brought to market. Rattner spoke of technological transformations he expects by the year 2050. Source: Tech News - Livemint.com | 22 Aug 2008 | 8:11 am Intel cuts electric cords with wireless power systemAFP San Francisco: Intel on Thursday showed off a wireless electric power system that analysts say could revolutionize modern life by freeing devices from transformers and wall outlets. Intel chief technology officer Justin Rattner demonstrated a Wireless Energy Resonant Link as he spoke at the California firm’s annual developers forum in San Francisco. Electricity was sent wirelessly to a lamp on stage, lighting a 60 watt bulb that uses more power than a typical laptop computer. Most importantly, the electricity was transmitted without zapping anything or anyone that got between the sending and receiving units. Safe and efficient “The trick with wireless power is not can you do it; it’s can you do it safely and efficiently,” Intel researcher Josh Smith said in an online video explaining the breakthrough. “It turns out the human body is not affected by magnetic fields; it is affected by elective fields. So what we are doing is transmitting energy using the magnetic field not the electric field.” Examples of potential applications include airports, offices or other buildings that could be rigged to supply power to laptops, mobile telephones or other devices toted into them. The technology could also be built into plugged in computer components, such as monitors, to enable them to broadcast power to devices left on desks or carried into rooms, according to Smith. Commercially available technology “Initially it eliminates chargers and eventually it eliminates batteries all together,” analyst Rob Enderle of Enderle Group said of Intel’s wireless power system. “That is potentially a world changing event. This is the closest we’ve had to something being commercially available in this class.” Previous wireless power systems consisted basically of firing lightning bolts from sending to receiving units. Smith says Intel’s wireless power system is still in an early stage of development and much research remains before it can be brought to market. Rattner spoke of technological transformations he expects by the year 2050. Source: LatestNews-Home - Livemint.com | 22 Aug 2008 | 8:11 am Japanese create stem cells from wisdom teethAFP Tokyo: Japanese scientists said Friday they had derived stem cells from wisdom teeth, opening another way to study deadly diseases without the ethical controversy of using embryos. Researchers at the government-backed National Institute of Advanced Industrial Science and Technology said they created stem cells of the type found in human embryos using the removed wisdom teeth of a 10-year-old girl. “This is significant in two ways,” team leader Hajime Ogushi told AFP. “One is that we can avoid the ethical issues of stem cells because wisdom teeth are destined to be thrown away anyway. “Also, we used teeth that had been extracted three years ago and had been preserved in a freezer. That means that it’s easy for us to stock this source of stem cells.” The announcement follows the groundbreaking discovery by U.S and Japanese scientists last year that they could produce stem cells from skin, a finding that was hailed by the Vatican and U.S President George W. Bush. Research involving embryonic stem cells -- which can develop into various organs or nerves -- is seen as having the potential to save lives by helping find cures for diseases such as cancer and diabetes. But studies on embryos are strongly opposed by religious conservatives, who argue that such research destroys human life, albeit at its earliest stage of development. In the new research, cells were extracted from the wisdom teeth and developed for about 35 days. The researchers then tested them and found that they were stem cells, which can develop into various other kinds of human cells, Ogushi said. As with last year’s skin cell discovery, the Japanese researchers said it would take time to put the use of wisdom teeth into practical use. Ogushi estimated it would take at least five years to put the method into clinical use such as trial treatments of congenital bone disease. Source: Tech News - Livemint.com | 22 Aug 2008 | 7:56 am Train tickets to be auctioned onlineBy PTI New Delhi: Passengers can now look forward to cheaper fares as Indian Railways will soon launch an online auction of train tickets. “We are planning to launch online auction of train tickets and the modalities are being worked out,” said a senior Railways Ministry official and added “only sleeper and AC class tickets will be available for online auction.” Referred to as “instant ticketing on discounted rate,” the online bidding for train tickets is expected to bring down its prices. According to the proposal, the base price of the AC Ist class ticket will be offered at a price equal to AC 2nd class fare of that particular train. Similarly, the reserve price for 2nd AC ticket will be equal to the AC 3-Tier fare and sleeper class rate will be applicable for 3rd class AC fare. To begin with, only 10 to 20% seats on selected trains are likely to be offered for bidding on the internet. The auction is expected to open 48 hours before the departure time and closed two hours before the scheduled departure. However, the scheme will not be applicable to 514 pairs of trains categorised as popular trains. All Rajdhani and Shatabdi trains except Ajmer Shatabdi and Chennai-Bangalore Shatabdi Express are also exempted from the scheme. Source: Home - Livemint.com | 22 Aug 2008 | 7:15 am Russia says withdrawing troops from GeorgiaTbilisi: Russia promised to withdraw most forces from deep inside Georgia on Friday, 22 August, but was set to retain a military presence in two separatist regions and a buffer zone. Defence Minister Anatoly Serdyukov announced the pull-out two weeks after tanks and troops poured into South Ossetia to repel an attempt by Georgia’s army to seize back control of the Moscow-backed breakaway region. “On Friday 22 August at 6:00 am local time, all Russian forces will begin their withdrawal from Georgian territory to South Ossetia,” Serdyukov was quoted as saying by the Interfax news agency. “Over the course of 22 August, the retreat... will be completed,” he said. However, Serdyukov indicated that only advance troops posted deep inside Georgia would be affected—not the huge force of troops and heavy equipment now occupying Georgia’s rebel South Ossetia and Abkhazia regions.  Russian President Dmitry Medvedev with Defence Minister Anatoly Serdyukov, left, during a meeting at the Kremlin on 12 August. Post-withdrawal, Russian peacekeeping soldiers will remain in a security zone outside South Ossetia. Photograph: AP In addition to Russia’s presence in South Ossetia and Abkhazia—which have been run by Moscow-backed separatists since the early 1990s—a contingent will remain in a buffer zone outside South Ossetia, Serdyukov said. “Russian peacekeeping soldiers, in numbers required to ensure security, will remain within the limits of the security zone, at specially-installed posts,” Serdyukov was quoted as saying. According to Foreign Minister Sergei Lavrov, 500 Russian soldiers were to remain at eight checkpoints within this area. An AFP reporter on the border of Russia and Georgia on Thursday saw little military traffic leaving South Ossetia. Georgian President Mikheil Saakashvili accused Russia of “stalling” and “taking new strategic positions.” Russian tanks poured into Georgia on 8 August, initially to repel an attempt by Georgia’s army to seize back control of South Ossetia, where separatists broke away in the early 1990s. Troops then expelled Georgian forces from their last foothold in Abkhazia, which likewise broke from Georgian rule in the 1990s with Russian backing. They also took control of key towns, military bases, roads and the oil port of Poti. Although the conflict is centred on tiny areas of land nestled under the Caucasus mountains, an international crisis soon evolved when Russia attacked strongly pro-Western Georgia’s army. So far Western capitals have had little leverage over Russia, a major energy exporter to Europe and an important player on major international issues including the Iranian nuclear programme. At the United Nations, the Security Council again failed Thursday to agree on a resolution enshrining the French-brokered peace plan governing the troops withdrawal in Georgia. US President George W. Bush told Georgia’s President Mikheil Saakashvili on Thursday that he wanted a quick end to Russia’s “siege,” the White House said. “In the phone call, President Bush said that the United States is looking for Russian compliance with the agreement to withdraw their forces and an end to their siege of Georgia,” said spokesman Gordon Johndroe. Earlier, the White House demanded that Moscow withdraw its forces “now” from Georgia and warned there can be no Russia-NATO military cooperation until the crisis is over. “I can’t imagine a circumstance right now that we would engage in military cooperation with the Russians until the situation in Georgia is resolved,” Johndroe told reporters. Russia also informed NATO on Thursday that it was suspending all cooperation over the crisis. Following the conflict, Georgia appears increasingly unlikely to recover control of its two separatist regions. On Thursday, tens of thousands gathered in Sukhumi, capital of Abkhazia, to demand Russian recognition of their independence. Over 1,000 people attended a similar rally in South Ossetia’s main town Tskhinvali. Moscow has hinted at giving both recognition in a move that would risk sparking one of the deepest crises between Russia and the West since the Cold War. Russia’s two houses of parliament are to meet on the issue in emergency session Monday. The Kremlin would have the final decision. Source: Home - Livemint.com | 22 Aug 2008 | 6:51 am Tiny nation of Niue gets laptop for every childBy AFP Niue: The tiny South Pacific nation of Niue Thursday became the first nation in the world to issue laptop computers to all its children, officials said. Every primary and secondary school student was this week given a rugged “relatively waterproof and breakproof” little green laptop, which has wireless connection to the Internet as part of the One Laptop Per Child (OLPC) initiative. The computers have been specially designed by OLPC, a US-based charity, to help children’s learning and to be cheap as well as difficult to break or damage. The OLPC programme stems from research and development at the Massachusetts Institute of Technology in Boston in the US and has been supported by businesses including News Corporation’s Rupert Murdoch and Google Corp. The donation of 500 computers to Niue -- which has a total population of less than 1,500 -- is part of an initiative to distribute 5,000 laptops in the Pacific region, OLPC said in a statement. Barry Vercoe of OLPC Boston said the initiative was to “create educational opportunities for the world’s poorest children”. The laptops are designed for primary school children aged six to 12 but have also been given to high school students in Niue, where the inhabitants have free Internet access. If schools install servers, pupils can access school study information and chat to each other in a radius of a kilometre (half a mile), without having to connect to the Internet. Jimmie Rodgers, the director general of regional development agency, the Secretariat of the Pacific Community, said the laptops “have the potential to revolutionise education in ways that are difficult to imagine”. Source: Tech News - Livemint.com | 22 Aug 2008 | 6:38 am Indian bond yields fall after hitting 3-week highMumbai: Indian federal bond yields fell after hitting three-week highs on Friday, 22 August, as some traders and banks found the level attractive but wariness over high crude prices could check a further drop. At 11am, the yield on the 10-year benchmark bond was at 9.19%, compared with Thursday’s close of 9.21%. In early trade it hit 9.24%, its highest since 1 August. “The prices have recovered from the lows because at every level some banks and traders are buying but I don’t think this can be sustained,” a dealer with a state-run bank said. “Crude has gone up drastically and inflation is not at all comforting,” he said. Oil, India’s largest import, was trading above $121 a barrel as investors’ appetite was rekindled by a slump in the dollar and mounting tension between the US and Russia. Data published after market hours on Thursday showed annual inflation in early August at above 12.6 percent, the highest since the current series became available in 1995, and analysts said it could hit 14%. The government last raised prices of diesel, gasoline and cooking gas in early June, pushing inflation to double digits. To curb inflation pressures, the central bank has aggressively tightened its policy since June. Last month, it raised the repo rate by 50 basis points and said it was also raising banks’ reserve requirement by 25 basis points from 30 August. Traders said they would also be watching the cut-off price at the auction of Rs6,000 crore ($1.4 billion) of government bonds later in the day. Source: Home - Livemint.com | 22 Aug 2008 | 6:21 am Indian gold futures ease on stable overseas marketsMumbai: India’s gold futures eased a bit on Friday, 22 August, with foreign markets stable, after sharp gains a day ago on the back of surging crude and a weaker dollar. “With crude oil and the euro looking strong, gold is stabilizing,” said Shailendra Kumar, head of Commodity Research Group. The precious metal for delivery in October shed Rs11 to Rs11,812 per 10 grams at around 11am on the Multi Commodity Exchange of India Ltd (MCX). The December contract lost Rs8 to 11,920. Foreign gold was flat but found support from firmer oil, which was reacting to mounting tensions between the US and Russia over a missile defence shield programme. A weaker dollar on continuing tensions over the health of the US financial sector also propped up gold. Gold generally moves in tandem with crude oil as the latter signals inflation, while the metal negates it. But it has an inverse relation with the dollar, as the two compete for funds. Kumar said the benchmark October gold was likely to face resistance at Rs11,900 per 10 grams and support at Rs11,740. The open interest for October gold was at 10,825 lots, up from 10,788 on Thursday. Thursday’s volume was 64.434 kg. Source: Home - Livemint.com | 22 Aug 2008 | 6:02 am Nuclear exporters discuss India trade banBy AP Vienna: The United States appeared optimistic and reaffirmed its commitment to a landmark U.S.-India nuclear cooperation deal Thursday at the end of a first day of discussions by a consortium crucial to its fate. But other participants in a meeting of the Nuclear Suppliers Group suggested it was unlikely that a final decision on whether to give India access to legal imports of nuclear fuel and technology would be made by the time the meeting wraps up Friday. Chances of an unconditional exemption for India wanted by New Delhi also appeared to be dwindling. “We continue to believe this is a very important initiative and we remain committed to achieving an outcome that is both a net benefit for the nonproliferation regime and that meets India’s energy needs,” U.S. Undersecretary of State John Rood told reporters. In Washington, U.S. State Department spokesman Robert Wood said the United States is “very hopeful” that the Nuclear Suppliers Group would approve a waiver for India. The meeting is slated to reconvene at 1100 GMT Friday. The U.S.-India deal would reverse more than three decades of U.S. policy that has barred the sale of nuclear fuel and technology to India, a country that has not signed international nonproliferation accords and has tested nuclear weapons. The International Atomic Energy Agency gave India the green light earlier this month. But India still needs approval from the 45-nation Nuclear Suppliers Group, whose members were meeting in Vienna to discuss whether to grant India a waiver from the group’s rules. Observers said the group, which operates by consensus, was unlikely to relax its rules during the highly secretive two-day meeting, and some suggested it could take up to three meetings before a decision is made. Participants from other nations indicated that a larger than expected number of countries had offered an array of amendments to a U.S. waiver proposal catching Washington off-guard and that it was likely another meeting would be necessary after Friday. Bilateral discussions were expected to continue into the night and Friday morning. One clause being pushed by a number of countries appears to be one that would revoke NSG privileges if India resumed nuclear weapons testing. Austria, Switzerland and Norway were among the countries that had expressed reservations before the meeting. Delegates leaving the meeting indicated Ireland and New Zealand could also be added to the list. All participants spoke on the condition of anonymity because they were not allowed to speak to the media. If approved, the exemption would give India access to technology and fuel normally reserved for countries that have signed the Nuclear Nonproliferation Treaty and allow their nuclear facilities to be fully inspected. Some countries are enticed by the prospect of doing more business with India, and appear to back a U.S. argument that the deal would bring India into the nonproliferation mainstream. Washington considers the deal with New Delhi a foreign policy priority and hopes to gain needed approval from U.S. Congress before U.S. President George W. Bush leaves office. Others are concerned that exporting nuclear fuel and technology to a country that has not made a legally binding disarmament pledge could set a dangerous precedent and weaken efforts to stop the spread of nuclear weapons and materials. Leading up to the meeting, some also argued against making any hasty decision to fit into the U.S. Congressional calendar. Not everyone in Washington is embracing the administration’s endeavour. Democratic Rep. Edward Markey, described the U.S.-proposed draft rule change as a “disastrous attempt to gut the global nonproliferation system.” Iran is sure to object to the deal, arguing that India which developed nuclear arms in secret is now being rewarded with access to atomic technology. Iran is under U.N. sanctions for refusing to freeze its nuclear activities, though it insists the program is peaceful despite international concerns it is a cover for developing weapons. Source: Home - Livemint.com | 22 Aug 2008 | 5:40 am Low-cost Internet phone revolution beckons for IndiaBy AFP New Delhi: Battle lines are being drawn after India’s telecoms regulator called for full-blown telephone services via the Internet, paving the way for another fall in the nation’s already cheap call rates. India’s Internet service providers (ISPs) are delighted at the prospect of a new revenue stream but fixed line and mobile players are objecting that they paid high market entry fees, whereas ISPs will not have to stump up any money. Under the plan proposed this week by the Telecom Regulatory Authority of India, people could call from their personal computers with Internet connections to a landline or a mobile phone and vice versa. The move could ring in another big drop in calling prices in the world’s fastest-growing phone market, where consumers already enjoy some of the lowest telephone costs, the regulator said. The proposal is aimed at putting India’s telecom sector “in tune with global trends” in which such “Internet-based services are very popular” and boosting paltry broadband penetration, the regulator added. The government is keen to boost broadband use, especially in poverty-hit rural areas, where the Internet is seen as key to development. But Cellular Operators Association of India chief T.V. Ramachandran said the regulator’s proposal was not fair to existing telephone companies. “There should be a level playing field ... it’s unfair to allow unrestricted Internet telephony to ISPs at no additional cost,” he said. The telecommunications department just recently issued pan-India licences to several telecom players, charging each an entry fee of 16.5 billion rupees (37.7 million dollars). India’s largest phone company, state-run Bharat Sanchar Nigam Ltd., said the entry of ISPs would hurt revenues. Under the regulator’s plan, international call rates via the Internet could drop to one-two rupees (two-five cents) a minute from the average seven, while national long-distance rates could fall to less than half a rupee. Local calls could be virtually free. But experts say it would take a long time for broadband subscribers to pose a threat to fixed-line and mobile licence holders, given India’s low Internet penetration. India has just 4.38 million broadband subscribers, while there are 287 million mobile users and 38.9 million landline subscribers. Internet telephony could become “the killer application” to boost broadband penetration, which has “lagged far behind the very successful mobile telephony,” said Internet Service Providers Association of India head Rajesh Chharia. Analysts are betting the government will go ahead with the idea. “The government has been pushing reforms in telecoms, I think they’ll give it the green light,” said an expert at an international consultancy, who did not wish to be named. The regulator said telecom companies have no reason to fear. ISPs rely on lines leased from telecom companies to carry their signals so they have to sign deals with existing licence holders. The regulator calls it a win-win situation as 85 percent of an ISP’s revenue is earmarked for resources mainly from telecom licence holders. “In other words, an increase in the ISPs’ business will also result in a boom for existing telcos. Given this scenario, the government would do well to accept (the regulator’s) recommendations,” said Business Standard editorial. Source: Tech News - Livemint.com | 22 Aug 2008 | 5:36 am Oil prices slightly higher after major gainsAFP Singapore: World oil prices were higher again in Asian trade Friday after soaring overnight as a crisis deepened between Russia and the West over the invasion of Georgia, analysts said. New York’s main oil futures contract, light sweet crude for delivery in October, was up 26 cents at $121.44 a barrel. The contract closed up $5.62 to $121.18 a barrel at the close of floor trading on Thursday at the New York Mercantile Exchange. Brent North Sea crude for October was 29 cents higher at $120.45 a barrel after settling $5.80 higher at $120.16 Thursday in London. Jason Feer, of energy market analysts Argus Media in Singapore, said at least part of the rise was due to continuing tensions over Russia’s invasion of Georgia on August 8. “The markets had sort of assumed that this would all be over reasonably soon,” he said. Russia, now the world’s biggest producer of crude oil, said it was set to withdraw its forces from Georgia on Friday. A day earlier it told NATO it was suspending all cooperation, a spokeswoman for the Western military alliance said in Brussels. Prices had closed higher on Wednesday after the US Department of Energy reported that US gasoline reserves slumped 6.2 million barrels last week, compared with market expectations for a drop of 2.4 million barrels. Gasoline stocks are closely watched at this time of year, when American motorists take to the highways for their summer vacations, typically pushing up demand for motor fuel. Feer said it was already clear that high oil prices and weakening economic conditions have severely crimped demand for oil in the United States, the world’s biggest energy consumer. That trend is spreading to other countries, Feer said. Despite recent gains, crude has tumbled sharply from record highs above $147 in July. Venezuela, a member of the Organisation of the Petroleum Exporting Countries (OPEC), said it would ask the cartel at its September meeting to cut production if downward price pressure continued. Source: Home - Livemint.com | 22 Aug 2008 | 4:21 am Indian rupee marginally lower on higher oilBy Reuters Mumbai: The Indian rupee was slightly lower on Friday as higher oil prices could increase dollar demand from refiners, but a fall in the dollar against other currencies in the previous session provided some respite. At 9:15 a.m. the partially convertible rupee was at 43.52/53 per dollar, marginally weaker than 43.51/52 at close on Thursday. It had touched a 17-month low of 43.87 earlier in the week. Oi, India’s biggest import, was holding steady above $121 per barrel, a day after its biggest gain in three months. Asian stocks slipped to a two-year low on Friday, falling for a fourth straight week, as a surge in oil prices to above $121 knocked the U.S. dollar and the spiralling financial crisis showed no signs of ending. Dealers will watch for dollar inflows from Swedish truck maker Volvo’s investment of $275 million in a joint venture with Eicher Motors Ltd. The Indian cabinet approved the deal last month. Source: Home - Livemint.com | 22 Aug 2008 | 3:55 am Gas supply row: Possibility of Ambani brothers meeting emergesMumbai Aug. 21 The Bombay High Court hearing on Thursday on the gas supply dispute between the Anil-Ambani controlled Reliance Natural Resources Ltd and Mukesh Ambani’s Reliance Industries Ltd led to discussions on the possibility of the ...Source: Business Line - Home Page | 22 Aug 2008 | 12:00 am DoT rejects TRAI’s call for 3G policy reviewSpurns regulator’s offer to spell out terms for foreign players. New Delhi, Aug. 21 In a move that would keep the roll out of third generation services on track, the Department of Telecom has rejected telecom regulator’s call to ...Source: Business Line - Home Page | 22 Aug 2008 | 12:00 am Ambuja Cements (Rs 79.15): SellWe recommend a sell in Ambuja Cements from a short-term perspective. It is evident from the charts of Ambuja Cements that following a corrective up move from its 52-week low of Rs 68, recorded in early July, the stock encountered twin ...Source: Business Line - Home Page | 22 Aug 2008 | 12:00 am When waste paper collection is good business planITC UNIT’S INITIATIVE. Chennai, Aug. 21 ITC’s Paperboards and Specialty Papers division is expanding its waste paper collection programme in South India. It has launched the programme in Chennai through a tie-up with leading IT ...Source: Business Line - Home Page | 22 Aug 2008 | 12:00 am Open market sale to make available 50 lakh t of wheatRelease of rice depends on kharif crop size; intervention aims to hold price line. New Delhi, Aug. 21 The Union Government, on Thursday, approved a new open market sale scheme (OMSS) for wheat and rice in order to keep grain prices in check ...Source: Business Line - Home Page | 22 Aug 2008 | 12:00 am Cabinet gives nod for IPTV guidelinesTelecom players stand to benefit. New Delhi, Aug. 21 Paving the way for consumers to access television content over broadband, the Cabinet today approved the guidelines for allowing broadcasters to share their content with Internet Protocol ...Source: Business Line - Home Page | 22 Aug 2008 | 12:00 am Day Trading GuideThe near-term outlook for the stock is bearish. We reiterate our sell recommendation in this stock. ...Source: Business Line - Home Page | 22 Aug 2008 | 12:00 am Rain surplus stays despite setbacks in SouthDeficit worsens in Kerala, interior Karnataka. Thiruvananthapuram, Aug 21 The monsoon has managed to maintain a surplus unchanged from the last week (ending August 13) despite suffering a slight reversal in the interregnum. ...Source: Business Line - Home Page | 22 Aug 2008 | 12:00 am Costlier food drives up inflation rate to 12.63%Wholesale Price Index of all commodities at 240.7. New Delhi, Aug. 21 The annual Wholesale Price Index-based inflation rose 12.63 per cent during the week ended August 9, above the previous week’s year-on-year rise of 12.44 per cent, ...Source: Business Line - Home Page | 22 Aug 2008 | 12:00 am PSU banks keen to step up SME sector lendingSee opportunity to gain higher yield, benefit from ancillary biz. Mumbai/Kolkata Aug. 21 Faced with falling margins due to rising interest rates, banks are focusing on the small and medium enterprises sector. Although lending to SMEs is ...Source: Business Line - Home Page | 22 Aug 2008 | 12:00 am US company Hillcrest sues Nintendo in Wii patent caseWashington: Nintendo Co. Ltd, maker of the top-selling video game console, was sued by a Maryland electronics laboratory that claims its motion-control inventions are being used in the Wii system. Hillcrest Laboratories Inc. seeks to block imports of the Wii and Wii remotes, according to a complaint filed on Wednesday with the US International Trade Commission in Washington. Hillcrest also filed a civil suit in a federal court in Greenbelt, Maryland. “We haven’t received any notice of the lawsuit and therefore are not in a position to comment at this time,” Nintendo’s spokesman Yasuhiro Minagawa said by phone from Kyoto. The company’s shares fell 1.9% to 49,450 yen (Rs19,780) in Osaka trading. Three of the Hillcrest patents are for motion-control technology and a fourth is for graphicalinterface software used on the television. Kyoto, Japan-based Nintendo makes the Wii, a machine that plays games by swinging a motion-sensing controller such as a bat, tennis racket or other items. Rockville, Maryland-based Hillcrest said it licenses its motion-control technology, called Freespace, to Logitech International SA, Universal Electronics Inc. and other companies. Source: Tech News - Livemint.com | 21 Aug 2008 | 7:19 pm Insurance schemes are not in the pink of healthHow do you provide health care to handloom weavers, who occupy among the poorest segments in the unorganised sector? There are 6.5 million of them scattered across the country and are not always fixedSource: Business Standard | Front Page Headlines | 21 Aug 2008 | 7:01 pm Ask mother to help settle gas dispute, court tells AmbanisThe Bombay High Court, hearing the dispute between the Ambani brothers over gas supplies from the Krishna-Godavari basin, suggested that they should seek the help of their mother, Kokilaben, toSource: Business Standard | Front Page Headlines | 21 Aug 2008 | 6:59 pm Oberois may offload EIH stake to strategic investorThe promoters of East India Hotels (EIH) Ltd, owners of the Oberoi brand and the largest hotel chain after the Tata-owned Indian Hotels and ITC Welcome Group, are in advanced discussions with leadingSource: Business Standard | Front Page Headlines | 21 Aug 2008 | 6:58 pm
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