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Lehman Brothers reports Q3 loss per share of USD 5.92Lehman Brothers has reported Q3 loss per share of USD 5.92, reports CNBCTV18. The company is going to sell majority stake in investment management division.Source: Moneycontrol Top Headlines | 10 Sep 2008 | 5:36 pm Toyota eyes 10% mkt share by 2015 in IndiaJapanese car major Toyota has been a slow starter in India but it\'s now exploring opportunities in various segments to become a significant player in India. Toyota plans to sell over 20,000 units of the new Corolla every year. New models will be crucial for Toyota and it plans to corner a 10% market share in India by 2015.Source: Moneycontrol Top Headlines | 10 Sep 2008 | 5:35 pm Deliver parts to Pune plant: Tata Motors to vendorsTata Motors has asked vendors to deliver components parts for about 200 Nano cars by next week to the Tata Motors Pune plant.Source: Moneycontrol Top Headlines | 10 Sep 2008 | 4:17 pm Unitech scouts for partner in wireless arm: SourcesUnitech is in talks with Telecom Italia, Telenor, Zain and Turkcell reports CNBCTV18 quoting sources. Unitech is looking at diluting 2649% stake in Unitech Wireless and is expected to fetch valuations of USD 23 billion. Unitech may finalise a partner by monthend.Source: Moneycontrol Top Headlines | 10 Sep 2008 | 2:02 pm India behind Pak in doing business: Report - Economic Times
Source: Google News India - Business | 10 Sep 2008 | 1:27 pm OPEC to retain its crude production quota till midDecCrude prices have fallen after an uptick post OPEC announcements. Brent crude futures are trading close to USD 100 per barrel mark. Asian oil prices rose to USD 104 per barrel mark post OPEC announcement.Source: Moneycontrol Top Headlines | 10 Sep 2008 | 1:20 pm OPEC crude price slides below $100 a barrel - Economic Times
Source: Google News India - Business | 10 Sep 2008 | 1:13 pm Himalaya Intl ties up with Rel, Bharti Wal-MartThe BSE-listed food processing exporter Himalaya International announced its foray into domestic market through tie-ups with prominent retail players like Reliance and Bharti-Wal-Mart.Source: Daily News & Analysis: Money News | 10 Sep 2008 | 1:04 pm Rupee ends at 22-month low - Moneycontrol.com
Source: Google News India - Business | 10 Sep 2008 | 1:02 pm BoR, ICRA tie-up for sectoral exposure rating - Hindu Business Line
Source: Google News India - Business | 10 Sep 2008 | 1:00 pm Textiles ministry to look for investors in Europe, USNew Delhi: The textiles ministry has laid out an ambitious plan to attract foreign direct investment, or FDI, especially from Europe and the US, into the largely decentralized $52 billion industry. The foreign direct investment, or FDI, inflow into the sector constituted a mere 0.76%, or $185 million, of the total $24,575 million in 2007-2008. The ministry’s so-called Board of Promotion for FDI in Textiles plans to pursue potential investors in several technologically advanced textile nations such as Germany, France and the US, said a ministry official, asking not to be named. The board will also tap Taiwan for technologies to make synthetic fibres, he added. Some Rs14 crore will be spent in the next three years to identify companies who could be potential investors and select special product categories to move up the value chain, he added. Besides, a textiles consultant will be appointment for this purpose. Source: LatestNews-Home - Livemint.com | 10 Sep 2008 | 1:00 pm India copper steady, nickel weakens on Cuba news - Reuters India
Source: Google News India - Business | 10 Sep 2008 | 12:49 pm Funds lead India financial advisors' sales - surveyMUMBAI (Reuters) - Financial advisors in India generate a majority of their sales by selling mutual funds and acquire more than six of every 10 clients through referrals, a survey by research firm IIMS Dataworks showed on Wednesday.Source: Reuters: Money News | 10 Sep 2008 | 12:42 pm L&T bags Rs 723-cr order from PetrobrasLarsen & Toubro has bagged a $160-million (about Rs 723 crore) order from Brazilain oil firm Petrobras for supplying equipment for its refinery project in the Latin American country.Source: Daily News & Analysis: Money News | 10 Sep 2008 | 12:39 pm LN Mittal sees no M&A targets in IndiaLakshmi Mittal, known for creating the world's largest steel empire mostly through merger and acquisitions, on Wednesday said that there was no Indian company on his takeover radar.Source: Daily News & Analysis: Money News | 10 Sep 2008 | 12:39 pm India's TCS in aeronautical design JV with Saab - Reuters India
Source: Google News India - Business | 10 Sep 2008 | 12:31 pm TCS in aeronautical design JV with SaabMUMBAI (Reuters) - Tata Consultancy Services, India's top software services exporter, said on Wednesday it will partner with Swedish defence and aerospace group Saab for an aeronautical design and development centre.Source: Reuters: Money News | 10 Sep 2008 | 12:28 pm UPDATE 1-Indian cash rates end higher ahead of t-bill outflows - Reuters India
Source: Google News India - Business | 10 Sep 2008 | 12:26 pm India's 10-Year Bond Yield Falls to 3-Month Low on Commodities - Bloomberg
Source: Google News India - Business | 10 Sep 2008 | 12:24 pm BSNL: six bidders for mega GSM line tenderNEW DELHI (Reuters) - Six telecoms gear makers, including Ericsson and Nokia Siemens Networks, have bid in a tender potentially worth $9 billion to provide wireless infrastructure to Bharat Sanchar Nigam Ltd (BSNL).Source: Reuters: Money News | 10 Sep 2008 | 12:22 pm Lehman plans sales, sees $3.9 bln lossNEW YORK (Reuters) - Lehman Brothers Holdings Inc said it plans to sell a majority stake in its investment management division and spin off commercial real estate assets as the struggling U.S. investment bank fights to raise capital.Source: Reuters: Money News | 10 Sep 2008 | 12:20 pm Panel set up to compile index that tracks inflationNew Delhi: The Department of Industrial Policy and Promotion (DIPP), has constituted a standing committee under the chairmanship of Planning Commission member Abhijit Sen, to deliberate the issues and methodologies for the compilation of a Producers’ Price Index (PPI). Sen is currently heading a working group to revise the base year of the wholesale price index (WPI), from 1993-94 to 2004-05. The working group has already submitted its technical report. The DIPP is in the process of collecting data for a test-run of the new WPI series. The group in its report had recommended that when a PPI is constituted, WPI and PPI should continue for some reasonable period of time before considering replacement of the former by the latter. It had also suggested that the frequency of the release of PPI should be monthly as is the practice in other countries. PPI is considered a better measure of inflation than WPI as it could track price changes at the intermediate stages before it creeps into the finished goods stage. In PPI, only basic prices are used for compilation, while taxes, trade margins and transport costs are excluded. PPIs, apart from measuring inflation, are used as deflators in the compilation of the Gross Domestic Product. Source: LatestNews-Home - Livemint.com | 10 Sep 2008 | 12:07 pm Rupee weakens past 45/dlr as shares weighMUMBAI (Reuters) - Rupee weakened past 45 per dollar for the first time since November 2006 on Wednesday as stock market losses raised expectations of more foreign fund outflows while strong dollar demand from foreign banks weighed.Source: Reuters: Money News | 10 Sep 2008 | 12:06 pm Six telecom vendors bid for BSNL GSM linesNew Delhi: As many as six telecom vendors, including Nokia-Siemens Network, have bid for the BSNL’s 93 million GSM lines contract, a top official of the state-run company said today. “Six telecom vendors Nokia-Siemens Network, Ericsson, Huawei, Alcatel-Lucent, Nortel and ZTE have bid for state-run BSNL 93 million GSM lines contract,” BSNL Chairman Kuldeep Goyal said. Surprisingly, Motorola has not bid for the contract as yet. Source: LatestNews-Home - Livemint.com | 10 Sep 2008 | 11:53 am Six telecom vendors bid for BSNL GSM linesNew Delhi: As many as six telecom vendors, including Nokia-Siemens Network, have bid for the BSNL’s 93 million GSM lines contract, a top official of the state-run company said today. “Six telecom vendors Nokia-Siemens Network, Ericsson, Huawei, Alcatel-Lucent, Nortel and ZTE have bid for state-run BSNL 93 million GSM lines contract,” BSNL Chairman Kuldeep Goyal said. Surprisingly, Motorola has not bid for the contract as yet. Source: Tech News - Livemint.com | 10 Sep 2008 | 11:53 am Era Infra bags Rs 130 cr order from AAI - Economic Times
Source: Google News India - Business | 10 Sep 2008 | 11:40 am LN Mittal +ve on India investment despite Singur crisisL N Mittal, CEO and Chairman of ArcelorMittal said that they have no plans to foray into power sector as of now and is looking at more greenfield opportunities in India. Mittal believes that Singur crisis does not take away the effectiveness of India as an investment destination. He has no plans to review India investments because of Singur issue.Source: Moneycontrol Top Headlines | 10 Sep 2008 | 11:40 am Export duty hike by govt unjustified: FIMI - Business Standard
Source: Google News India - Business | 10 Sep 2008 | 11:40 am Lenovo launches ThinkPad for SMBs in IndiaMumbai: Leading computer manufacturer Lenovo today launched a new series of notebook computers from its ThinkPad stable for Small and Medium Business (SMBs). The series includes three new notebooks — ThinkPad SL 300, SL 400 and SL 500, along with unique software tools and new levels of service and support. “The SMB segment is one of the fastest growing segments in India and we want to cash in on the opportunity with the ThinkPad SL series. The launch of ThinkPad is an integral part of Lenovo’s overall strategy of getting closer to customers in India,” said Lenovo India Managing Director Amar Babu. The notebook also features WiFi, ethernet and optional Bluetooth technologies, Speakers, microphones and an optional webcam, which provide excellent support for internet voice and video conferencing. A study reveals that Indian SMBs spent $6.6 billion on information technology in 2007-08, which is around 30 per cent of the total amount spend on IT in India. The SMB PC market is worth 3-million units. Source: LatestNews-Home - Livemint.com | 10 Sep 2008 | 11:28 am Lenovo launches ThinkPad for SMBs in IndiaMumbai: Leading computer manufacturer Lenovo today launched a new series of notebook computers from its ThinkPad stable for Small and Medium Business (SMBs). The series includes three new notebooks — ThinkPad SL 300, SL 400 and SL 500, along with unique software tools and new levels of service and support. “The SMB segment is one of the fastest growing segments in India and we want to cash in on the opportunity with the ThinkPad SL series. The launch of ThinkPad is an integral part of Lenovo’s overall strategy of getting closer to customers in India,” said Lenovo India Managing Director Amar Babu. The notebook also features WiFi, ethernet and optional Bluetooth technologies, Speakers, microphones and an optional webcam, which provide excellent support for internet voice and video conferencing. A study reveals that Indian SMBs spent $6.6 billion on information technology in 2007-08, which is around 30 per cent of the total amount spend on IT in India. The SMB PC market is worth 3-million units. Source: Tech News - Livemint.com | 10 Sep 2008 | 11:28 am India plans to allow phase 1 trials by foreign drug cosMumbai: India’s drug regulator is drawing up plans to allow international companies to conduct initial-stage drug trials in the country, a senior government official said on Wednesday. The move by the Central Drugs Standard Control Organisation (CDSCO) is expected to increase contract research outsourcing business to India. The country’s clinical research market was estimated at $200 million in 2007 and is expected to touch $500 million to $600 million by 2010, said KPMG in a report citing Cygnus Industry Insight January 2008. Global drug firms are only allowed to conduct mid-stage or phase II and last stage or phase III trials in India. However, Indian companies are allowed to conduct all stages of trials on drugs including the first stage, or phase I, and phase 0, the stage just before phase I where the drug is first tested on a few human beings. “We have had two series of meetings with stakeholders,” said Surinder Singh, Drug Controller General (India). “There are certain areas that need to be addressed, but we can notify phase 0 and phase 1.” The issues needing redressal include analysis of drugs, setting up stringent clinical trials monitoring systems, registering the organisation which conducts these trials - contract research organisations - and creating a databank of people who volunteer for these drug trials, Singh said on the sidelines of a pharmaceutical industry summit. Global drug firms are increasingly outsourcing their drug discovery research to low-cost destinations such as India, as these firms reel under the onslaught of generic competition and rising drug development costs. Single Window The CDSCO had also begun restructuring itself, setting up 10 divisions, and is in the process of recruiting 72 people, Singh said. “With rapid growth happening, especially in clinical research, we do not have the time,” Singh said. “The bill will take time to be passed,” he added referring to the Central Drug Authority bill that awaits government clearance. The CDSCO also plans to have a single-window approach for the pharmaceutical industry in India, he added. Currently, about half a dozen units look into various aspects of the sector with about five ministries having a say in the affairs of the industry. The government also proposes to remove medical devices from being clubbed with drugs, Singh said. CDSCO officers will also be sent to inspect manufacturing sites in other countries before the drugs can be imported to India to ensure quality standards, he added. Source: LatestNews-Home - Livemint.com | 10 Sep 2008 | 11:16 am Hyundai to increase exports by 8%Country's second largest carmaker Hyundai Motor India is planning to step up its export for the rest of the year by about eight per cent.Source: Daily News & Analysis: Money News | 10 Sep 2008 | 11:15 am Land survey begins to end Nano deadlockKOLKATA, India (Reuters) - Authorities in West Bengal began a survey on Wednesday to find excess land around a factory building the super-cheap Nano car as part of efforts to end protests by farmers unwilling to give up their farmlands.Source: Reuters: Money News | 10 Sep 2008 | 11:14 am India’s crude oil import price falls below $100/barrelNew Delhi: India’s crude oil import price has dropped to below $100 a barrel, first time since April, but a cut in domestic retail prices is a distant possibility given the fact that state-run oil firms are still losing money on fuel sales. The basket of crude oil India imports averaged $99 a barrel on Tuesday, the lowest level since 2 April, a Petroleum Ministry official said. It had averaged $96.52 a barrel on 1 April and crossed the $100 mark on 7 April. “The Indian basket of crude oil is lower than the $119 -120 level at which the 4 June price hike was announced. But even at current levels, companies are still losing money on sale of petrol, diesel, LPG and kerosene,” he said. A cut in petrol and diesel prices may not be economically feasible as Indian Oil, Bharat Petroleum and Hindustan Petroleum are projected to lose Rs1,65,300 crore on fuel sales this fiscal. “The government has to make good half of this revenue loss by issue of oil bonds. The Finance Ministry has already taken an over Rs22,000 crore hit in revenues by way of duty cuts announced in June and a price reduction at this stage may upset its applecart,” the official said. Retailers are at present losing Rs6.31 per litre on petrol, Rs13.69 on diesel, Rs 31.39on kerosene and Rs312.58 per 14.2kg LPG cylinder. IOC, BPCL and HPCL together are losing about Rs400 crore per day on fuel sales, he said, adding that the domestic prices are pegged at $68 per barrel crude price. The official said the Indian basket of crude oil has averaged $103.33 per barrel, against $113.05 a barrel average of August. The revenue loss of retailers has to be compensated through a combination of oil bonds and assistance from upstream firms like ONGC. IOC, the company that controls about 54% of the market, is projected to lose Rs90,630 crore on fuel sales this fiscal. The company loses Rs11 crore per day on sale of petrol, Rs112 crore daily on sale of diesel, Rs63 crore per day on kerosene and Rs32 crore per day on LPG. Fuel prices in India are pegged at $68 per barrel, much lower than $99 a barrel price of 9 September. Source: LatestNews-Home - Livemint.com | 10 Sep 2008 | 11:06 am Moody’s reviews Vedanta’s ratings for possible downgradeMumbai: Moody’s Investors Service has placed the Baa3 corporate family rating and the Ba1 long-term senior unsecured rating of Vedanta Resources plc (Vedanta) on review for possible downgrade. The review follows the company’s announcement that it would more than double its aluminium capacity with an overall cost of $9.8 billion. “The rating action reflects Moody’s concern that such capital investment would weaken Vedanta within its ratings depending on the additional debt to be raised, combined with material project execution risks” says Ivan Palacios, a Moody’s AVP/Analyst. The rating agency also notes Vedanta’s additional capital requirement in relation to the recently-announced acquisition of Asarco, the planned buy-out of minority stakes in Hindustan Zinc Ltd and Balco, and the construction of substantial power generation capacity. Accordingly, total capital investment requirement over the next 4 years is pegged at around $18 billion. Restructuring plans Vedanta also announced a plan to simplify its corporate structure which will see the company increase its direct shareholding in Sterlite Industries Ltd from 57% to 73%. Moody’s sees the simplification of the corporate structure as a positive step, albeit it remains relatively complex, as Vedanta will not fully own all of its operating subsidiaries. Source: LatestNews-Home - Livemint.com | 10 Sep 2008 | 11:04 am DoCoMo may take $933 mln stake in Tata TeleTOKYO (Reuters) - NTT DoCoMo Inc, Japan's biggest mobile phone operator, is in talks to buy a stake in India's Tata Teleservices in a deal that may exceed 100 billion yen ($933 million), company sources said.Source: Reuters: Money News | 10 Sep 2008 | 11:02 am Sensex falls 1.6 pct as Lehman weighsMUMBAI (Reuters) – The BSE Sensex shed 1.6 percent on Wednesday to their lowest close this week, with banks slipping as global sentiment toward financials was dented by Lehman Brothers' woes.Source: Reuters: Money News | 10 Sep 2008 | 11:00 am 'Delays in approvals bound to push cost up'ArcelorMittal, the world's largest steel maker, on Wednesday said its two steel plants in India are set to cost more than $20-billion proposed earlier.Source: Daily News & Analysis: Money News | 10 Sep 2008 | 11:00 am Hyundai to increase exports by 8%New Delhi: Country’s second largest carmaker Hyundai Motor India is planning to step up its export for the rest of the year by about 8%. Besides making India its global small car hub and increasing the R&D headcount by four fold, the company would also start exporting its engines from the Chennai plant from next year. “In the first half, about 42% of our produce were exported to over 95 countries. But with the slowdown in the domestic industry, it is likely to increase up to 50% for the second half,” Hyundai Motor India Ltd (HMIL) Managing Director and CEO Heung Soo Lheem said. “The company would produce 5.3 lakh units this year, of which about 2.7 lakh units would be exported,” he added. “From the next year, we will increase our production capacity to 6.3 lakh cars including 20,000 CKD units, by starting the third shift,” Lheem said. “We would export the CKDs to Turkey and other Asian countries from the next year,” he added. HMIL currently exports Santro, Getz, i10 and Accent across the world. It, however, would replace export of Getz with i20, after the introduction of the car in the market. “We will start exporting engines from the next year, mainly to our Korean partner Kia Motors. A certain portion will also go to Malaysian and other Asian markets,” Lheem said. The company has its engine and transmission plant in Chennai, which was set up at an investment of 250 million dollar, and has a capacity of 2.5 lakh units per annum. On making India as the Korean auto giant’s global small car hub, Lheem said: “Our mother company has decided that all small cars will be produced from in India in future and so all R&D for small car will happen here.” The company will increase its R&D headcount by four fold to 800 from its current 200 by next year. It is setting up a new centre at Hyderabad IT Park, which would be opened by April 2009. When asked about HMIL’s forthcoming launches, Lheem said, “We will introduce i20 by the end of this year and the car will exclusively be manufactured in India.” “The company plans to introduce at least two models every year to become a market leader in the country,” he added. “We have several diesel products lined up at our R&D centre. We are positively considering diesel variant of i10 and the i20,” Lheem said. “We would possibly introduce diesel i10 by next year,” he added. Lheem further said HMIL is carrying out a feasibility study in the US market to introduce i10 there. “We are now working on feasibility of exporting i10 to North America,” he said. As part of HMIL’s 10th year celebration in the Indian market, Olympic Gold medalist Abhinav Bindra today flagged off the company’s two i10 cars, which would travel through 10 countries and culminate at Paris Motor Show. Source: LatestNews-Home - Livemint.com | 10 Sep 2008 | 10:50 am Firefox launches women specific bicycles in IndiaThe Indian market for women's bicycles is "embarrassingly" small, but that has not deterred Firefox from launching its women specific bikes here.Source: Daily News & Analysis: Money News | 10 Sep 2008 | 10:48 am Health conscious India wants alternate to tobacco farmingNew Delhi: Tobacco Board is likely to meet farmers from Karnataka soon to discuss alternative crops options, as time is running out for India to meet global health obligations. “We are working on the exact date though we will meet in another 10 days. After consultations with all stakeholders, we will submit the detailed report to the Commerce Ministry,” Tobacco Board chairman J Suresh Babu said. India became a signatory to the World Health Organization’s Framework Convention on Tobacco Control (FCTC) in 2003, whereby it has to reduce tobacco farming by 50 % within 10-15 years of signing the pact. The Commerce Ministry had mandated the Tobacco Board to prepare a road map on shifting the farmers to alternaive crops and work out a rehabilitation formula for those whose livelihood depends upon such cultivation. India has 96,865 registered tobacco cultivaters, mostly in Andhra Pradesh and Karnataka. The meeting assumes significance amid concerns about farmers resorting to such cultivation more vigorously after prices of the commodity hit records at domestic auctions, following a spurt in exports. Earlier in August, the Board had said the tobacco acreage in Karnataka had shot up to about 80,000 hectares, against 75,000 hectares last year. Increasing acreage also prompted the Board to issue warning against illegal cultivation. On its part, the Board has already discussed the issue with growers, representatives of the farm department of Andhra Pradesh, agriculture university and the Central Tobacco Research Institute. Source: LatestNews-Home - Livemint.com | 10 Sep 2008 | 10:48 am Sensex ends 238 points lowerLivemint.com Mumbai: The Indian bourses ended weak following a subdued trend in global markets after concerns of Lehman Brothers’ ability to raise capital fuelled speculation about the health of the financial sector. The BSE benchmark index shed 1.6% or 238 points to settle at 14,663 levels. Similarly, the wider-based Nifty closed 68 points lower at 4,400 levels. Weakening rupee, which breached 45-to-a-dollar mark for the first time since November 2006 was another dampening factor. Metal counters witnessed heavy sell-off for the second consecutive day with Sterlite Industries skidding 11.8% or Rs68 post restructuring plans. Gujarat NRE Coke, Jindal Steel, Sesa Goa, SAIL, JSW Steel, Tata Steel and Ispat Industries also lost considerable ground. Profit booking was also visible in oil and gas scrips with Reliance Industries and Indian Oil slipping over 2% each. Cairn India, Essar Oil, Bharat Petroleum Corporation and Aban Offshore also ended in negative turf. Source: Home - Livemint.com | 10 Sep 2008 | 10:30 am US citizenship filings decline after fee hikeCalifornia: Immigrants aren’t seeking US citizenship as often these days not since the American dream became more expensive. Following a 69% increase last summer in citizenship fees, about 281,000 immigrants have applied to become US citizens in the first half of 2008 less than half the number of applicants in the same period last year, according to the US Citizenship and Immigration Services. The decline follows a rush of applications when immigrants hurried to get their paperwork filed before fees shot up at the end of July 2007. In that month alone, more than 460,000 immigrants applied for citizenship. They paid $400. The new fee is $675, a price some people believe is a barrier to citizenship. Thu Tran, director of a citizenship program at Catholic Charities of Orange County, said she helped more than 100 people a month fill out citizenship papers in the last few years. This year she helps about 50 a month. “I have people who make appointments and cancel,” Tran said. “We follow up and they say they don’t have the money to pay for that.” While immigrant advocates blame higher fees and a wobbly economy, a federal official said a variety of reasons could have caused the decline. “For everyone, it’s different,” said Sharon Rummery, a spokeswoman for US Citizenship and Immigration Services. The agency has not had so few applicants to open a year since 2003, when nearly 270,000 people applied for US citizenship. Flavia Jimenez, director of the citizenship program at the Illinois Coalition for Immigrant and Refugee Rights, said some immigrants in Chicago are taking out loans to pay the fees or designating one family member who gets to apply for citizenship. The changes, which aim to gauge immigrants’ understanding of concepts in US civics and avoid rote memorization, take effect for applications received after 30 September. Source: LatestNews-Home - Livemint.com | 10 Sep 2008 | 10:26 am Indonesia to withdraw from OPECThe lower house of Indonesia's parliament on Wednesday approved the withdrawal of the country's membership from the Organisation of the Petroleum Exporting Countries.Source: Daily News & Analysis: Money News | 10 Sep 2008 | 10:16 am Big Bang test successful, earth still survivesGeneva: The world’s largest particle collider successfully completed its first major test by firing a beam of protons all the way around a 27-kilometer tunnel on Wednesday in what scientists hope is the next great step to understanding the makeup of the universe. After a series of trial runs, two white dots flashed on a computer screen at 10:36 am indicating that the protons had traveled the full length of the $3.8 billion Large Hadron Collider. “There it is,” project leader Lyn Evans said when the beam completed its lap. Champagne corks popped in labs as far away as Chicago, where contributing scientists watched the proceedings by satellite. Physicists around the world now have much greater power than ever before to smash the components of atoms together in attempts to see how they are made. “Well done everybody,” said Robert Aymar, director-general of the European Organization for Nuclear Research, to cheers from the assembled scientists in the collider’s control room at the Swiss-French border. The organization, known by its French acronym CERN, began firing the protons a type of subatomic particle around the tunnel in stages less than an hour earlier. Now that the beam has been successfully tested in clockwise direction, CERN plans to send it counterclockwise. Eventually two beams will be fired in opposite directions with the aim of recreating conditions a split second after the big bang, which scientists theorize was the massive explosion that created the universe. The start of the collider described as the biggest physics experiment in history comes over the objections of some skeptics who fear the collision of protons could eventually imperil the earth. The skeptics theorized that a byproduct of the collisions could be micro black holes, subatomic versions of collapsed stars whose gravity is so strong they can suck in planets and other stars. “It’s nonsense,” said James Gillies, chief spokesman for CERN, before Wednesday’s start. CERN is backed by leading scientists like Britain’s Stephen Hawking in dismissing the fears and declaring the experiments to be absolutely safe. Gillies said that the most dangerous thing that could happen would be if a beam at full power were to go out of control, and that would only damage the accelerator itself and burrow into the rock around the tunnel. Nothing of the sort occurred Wednesday, though accelerator is still probably a year away from full power. “On Wednesday we start small,” said Gillies. “A really good result would be to have the other beam going around, too, because once you’ve got a beam around once in both directions you know that there is no show-stopper.” The project organized by the 20 European member nations of CERN has attracted researchers from 80 nations. Some 1,200 are from the United States, an observer country which contributed $531 million. Japan, another observer, also is a major contributor. The collider is designed to push the proton beam close to the speed of light, whizzing 11,000 times a second around the tunnel. Smaller colliders have been used for decades to study the makeup of the atom. Less than 100 years ago scientists thought protons and neutrons were the smallest components of an atom’s nucleus, but in stages since then experiments have shown they were made of still smaller quarks and gluons and that there were other forces and particles. The CERN experiments could reveal more about “dark matter,” antimatter and possibly hidden dimensions of space and time. It could also find evidence of the hypothetical particle the Higgs boson believed to give mass to all other particles, and thus to matter that makes up the universe. Some scientists have been waiting for 20 years to use the LHC. Source: Home - Livemint.com | 10 Sep 2008 | 10:06 am EuroKids to receive Rs 39-cr investmentPre-school education specialist, EuroKids International Private Limited (EIPL), will receive a Rs 39 crore funding from Educomp Solutions and also dilute a 50 per cent stake in its favour.Source: Daily News & Analysis: Money News | 10 Sep 2008 | 10:05 am Industrial workers protest against power cutsAbout 800 workers and owners of micro and cottage industries in the city took out a procession protesting against "undeclared power cuts," which were affecting their operations.Source: Daily News & Analysis: Money News | 10 Sep 2008 | 10:05 am Mittal not scared by Singur rowLakshmi said there was no question of his company backing out from investing in the country in the backdrop of Tatas' predicament in Singur, which he described as a one-off incident.Source: Daily News & Analysis: Money News | 10 Sep 2008 | 10:04 am IT majors line up for BSNLs Rs 500cr dealIT majors including Infosys, Satyam, HCL and TCS have put in their bids for deploying ERP solutions for Bharat Sanchar Nigam Ltd.Source: Moneycontrol Top Headlines | 10 Sep 2008 | 9:27 am Madras Fertilizers to restart NPK productionMadras Fertilizers Ltd plans to recommence manufacture of complex fertilisers, which could have a significant impact on the companys business volume, once the plan is implemented.Source: Moneycontrol Top Headlines | 10 Sep 2008 | 9:16 am Rico Auto hopes to double exports to Rs 300 crAuto parts maker Rico Auto expects exports to almost double to Rs 300 crore this fiscal, hoping to soften the impact with the domestic auto industry growth riding on a rough patch.Source: Moneycontrol Top Headlines | 10 Sep 2008 | 9:14 am Big US, European firms cut IT spend 40%: StudyThe economic slowdown in North America and Europe has made 40 per cent of the large businesses cut their overall IT budgets, but companies were expanding their services spending by taking more activist sourcing approach to governance, according to survey by technology research firm Forrester.Source: Moneycontrol Top Headlines | 10 Sep 2008 | 9:12 am Infrastructure growth dips to 4.3% in JulyPTI New Delhi: Six key infrastructure industries saw growth decline to 4.3% in July from 7.2% a year ago, but the numbers were better compared with the month- ago performance of 3.4%. Crude oil was the worst performer in the grouping, with a negative growth of 3% in July this year against a positive trend in the comparable month of last fiscal. Growth in finished steel was a dismal 1.9% during the month under review against 10.8% the previous year, while petroleum refinery products posted a sterling growth of 11.8%. For the April-July period of the current fiscal, the core infrastructure industries grew by 3.7% against 6.6% in the same period last year. The core grouping of infrastructure industries carry a weightage of 26.68% on the Index of Industrial Production (IIP) and could in turn impact economic growth, which has already been projected to slow down to 7.7% this fiscal by the Prime Minister’s Economic Advisory Council. Source: Home - Livemint.com | 10 Sep 2008 | 8:12 am SKorea bank ends talks with LehmanSeoul: State-run Korea Development Bank (KDB) has abandoned negotiations about buying a stake in troubled US investment bank Lehman Brothers, a financial regulator said Wednesday. It is now concentrating its attention on privatisation after shelving plans to invest in foreign banks, the Financial Services Commission an official said on condition of anonymity. “Talks are over. (Lehman) appears to be talking with another potential investor,” he said. “KDB is not expected to resume negotiations with Lehman. Its privatisation is more important.” Financial Services Commission chairman Jun Kwang-Woo on Monday urged KDB to be cautious about any Lehman deal in light of its possible privatisation. KDB, set up in 1954 to finance the nation’s industrial and economic development, had reportedly been eyeing a 25% stake in the ailing US bank for some five to six trillion won ($4.3-5.2 billion). The bank is South Korea’s fifth largest, with assets of about $120 billion. The government hopes to privatise it by 2012 and turn it into a global player by allowing it to acquire other financial companies. Yonhap news agency, however, quoted an unidentified KDB official as saying it still wants to buy a stake in Lehman for $6 billion. “We cannot say whether our bank has ended talks with Lehman or not,” a KDB spokesman said. Lehman suffered billions of dollars in writedowns and credit losses in the crisis triggered by the meltdown of the US subprime mortgage sector. Its shares, which have been under pressure for months, sank as much as 46% on Tuesday on growing concern it will not be able to raise the capital it needs to survive the credit crisis. The drop came just two days after the US government announced its plan to bail out two giants in the mortgage business. Source: Home - Livemint.com | 10 Sep 2008 | 7:42 am SKorea bank ends talks with LehmanSeoul: State-run Korea Development Bank (KDB) has abandoned negotiations about buying a stake in troubled US investment bank Lehman Brothers, a financial regulator said Wednesday. It is now concentrating its attention on privatisation after shelving plans to invest in foreign banks, the Financial Services Commission an official said on condition of anonymity. “Talks are over. (Lehman) appears to be talking with another potential investor,” he said. “KDB is not expected to resume negotiations with Lehman. Its privatisation is more important.” Financial Services Commission chairman Jun Kwang-Woo on Monday urged KDB to be cautious about any Lehman deal in light of its possible privatisation. KDB, set up in 1954 to finance the nation’s industrial and economic development, had reportedly been eyeing a 25% stake in the ailing US bank for some five to six trillion won ($4.3-5.2 billion). The bank is South Korea’s fifth largest, with assets of about $120 billion. The government hopes to privatise it by 2012 and turn it into a global player by allowing it to acquire other financial companies. Yonhap news agency, however, quoted an unidentified KDB official as saying it still wants to buy a stake in Lehman for $6 billion. “We cannot say whether our bank has ended talks with Lehman or not,” a KDB spokesman said. Lehman suffered billions of dollars in writedowns and credit losses in the crisis triggered by the meltdown of the US subprime mortgage sector. Its shares, which have been under pressure for months, sank as much as 46% on Tuesday on growing concern it will not be able to raise the capital it needs to survive the credit crisis. The drop came just two days after the US government announced its plan to bail out two giants in the mortgage business. Source: World Business - Livemint.com | 10 Sep 2008 | 7:42 am Singur not a dampener for investments in India, says MittalNew Delhi: Steel tycoon Lakshmi Mittal ruled out reviewing Arcelor Mittal’s plans for India because of the ongoing Singur crisis and said a single standoff like that does not make the country a less attractive investment destination. “One case of Singur cannot be an example for the world. One can face this kind of problem in any other country. One particular project can face this kind of opposition from people. But the country as a whole is interested in growing,” said Mittal. “The Singur crisis does not take away India as an investment destination. We are not going to revisit our plans because of Singur,” Mittal said. Elaborating about Arcelor Mittal’s projects in India, he said: “Our projects in Jharkhand and Orissa are facing 50% cost overruns due to delay in mining and other approvals. The total cost of these projects may raise up to $30 billion.” Mittal urged the Orissa and Jharkhand governments to expedite approvals. “So far we are getting support from both the governments. The issue is how fast we can execute and implement, and how fast the governments can execute their portion of responsibilities,” he said. Mittal’s comments came close on the heels of India Inc’s negative reaction on the Singur case, including many companies saying they will reconsider investments in West Bengal if the situation does not improve soon. Source: Home - Livemint.com | 10 Sep 2008 | 7:33 am N-deal to push India’s technological progress: ExpertsNew Delhi: With India gearing up to a new era of nuclear commerce, scientists at DRDO and ISRO say the NSG waiver will not only address the country’s energy needs but also help in getting critical technologies in diverse areas which have been denied for decades. They believe apart from the nuclear energy, the waiver will result in flow of advanced technologies and a range of dual use items to India’s way which would help various strategic programmes in many sectors including aerospace and defence. Expecting the nuclear deal to go through at the US Congress, Chief Controller of Research and Development at DRDO W Selvamurthy said the strategic partnership with the US will result in an environment that will encourage them to share with India critical technologies that were out of bounds for the last three decades. “I think the strategic partnership with the US will result in an environment which will encourage them to share with us critical technologies whether they are in the civilian or military domain,” the distinguished scientist said. He said “softening of attitude” towards India will lead to lifting of restrictions on advanced technology which will also help various programmes of the Defence Research and Development Organisation (DRDO) in many ways. “When the denial regime is lifted in one sector it will have ripple effect in other sectors,” Selvamurthy said. India’s new global recognition ISRO’s Director of Public Relations S Satish said the Indo-US nuclear deal will result in a change of approach towards India by the US and other developed countries which will help in easing restrictions on dual use items and controlled technologies. “The nuclear deal reflects recognition of India’s scientific capability. Things will improve now. It should help our scientific programmes as key components for various strategic projects have been denied so far to India under the denial regimes,” he said. However, another DRDO scientist, observing that things would open up, said still there will be some kind of embargo on critical technologies and key defence components. “We can hope for a softening of approach in sharing critical technology. But still there will be some kind of embargo on critical technologies and defence components,” the scientist, who wished not to be named, said. Minister of State for Defence M M Pallam Raju said India was hopeful of getting access to dual use technology from America, if the nuclear deal goes through at the US Congress. “Access to dual use technology will definitely accelerate all the programmes in space, defence and other scientific areas. Even the private sector will benefit from it,” he said. At present, there are restrictions on many dual use items and technologies which have applications in different sectors and if they are made available, the manufacturing industry is expected to get a huge boost. Head of Business Development of Avionics in L &T Vinod B Goley said the US will have to open up the core technology in certain areas as holding back the critical technology would backfire on them. Source: Home - Livemint.com | 10 Sep 2008 | 7:20 am HDFC sees 24-25 pct India loan growth in FY09MUMBAI (Reuters) - Housing Development Finance Corp, India's top mortgage lender, expects growth of 24 to 25 percent in loans in the fiscal year that ends in March 2009, its chairman said on Wednesday.Source: Reuters: Money News | 10 Sep 2008 | 7:06 am ArcelorMittal: delays raising costs in India projectsNEW DELHI (Reuters) - ArcelorMittal is facing cost overruns for its projects in India because of delays in securing regulatory approvals, and is looking to expand in other emerging markets, its chairman said on Wednesday.Source: Reuters: Money News | 10 Sep 2008 | 6:47 am Facebook unveils new look with revisionsSan Francisco: Since he started Facebook in college 4 years ago, Mark Zuckerberg has learned sometimes painfully that he can’t make significant changes to the popular online hangout without triggering an uproar among indignant users who preferred the status quo. But Zuckerberg, still only 24, is hoping he has found a way to ease the journey down a different road so he won’t have to issue public apologies like he did in each of the previous two years after springing new products on users. His theory will face a major test on Wednesday when Facebook will begin forcing its 100 million users to adapt to a redesigned Web site, whether they like the new look or not. Since unveiling the makeover seven weeks ago, Facebook had left it up to users to decide whether they wanted to switch over. If they did not like what they saw, the converts could just click on a link to switch back to the old format. But that option will be taken away from all users by the end of the week, a shift that Zuckerberg already knows will alienate some of Facebook’s audience and raise the risk of driving more traffic to rival social networks like MySpace and Bebo. “Any change can be a big deal to our users because this how they connect with their family and friends,” Zuckerberg said. “So when you move things around, it can be perceived as being not a positive thing even when it’s a positive change.” About 40 million users already have checked out the new design and about 30 million embraced it without reverting to the old look, Zuckerberg said. But the seeds of an uprising already have been planted on Facebook’s own site, where several groups and petitions have cropped up to protest the change. Facebook’s facelift separates users’ personal profiles into different areas of the site and provides more tools that are meant to make it easier to share information and photos. New look The revisions also shift various applications to the bottom of a person’s home page and clears up more white space _ a move that Sanders worries will lead to more intrusive advertising on the site, although Zuckerberg says that won’t happen. Hoping to minimize the sting of the anticipated backlash, Facebook announced the planned makeover in May and then waited until July to take the wraps off. The transition period since then was aimed at giving users time to make suggestions and get used to the change. The gradual approach differed from how Zuckerberg and the rest of Facebook’s unusually young management team have managed past revisions to the site. In 2006, the Palo Alto-based startup infuriated thousands of users by introducing a tool called “news feeds” that automatically broadcast certain personal details. Last year, Facebook faced another revolt when it rolled out a tracking device, dubbed “Beacon,” that tracked and shared information about users’ shopping habits and other activities at other Web sites. In both instances, Zuckerberg wound up apologizing for going too far and placated the protesters by giving more control over news feeds and Beacon. News feeds are now considered indispensable by many users, but Beacon still has not gained traction. With Facebook’s audience now roughly 10 times larger than when news feeds first came out two years ago, Zuckerberg understood he needed to do a better job preparing for changes. Although he is still hoping to persuade Zuckerberg to retreat from some of the changes included in the redesign, Sanders suspects resistance might be futile this time. Source: Tech News - Livemint.com | 10 Sep 2008 | 6:43 am Exporters drag Nikkei down 0.4%Reuters Tokyo: The Nikkei average fell 0.4% on Wednesday, led lower by blue-chip exporters like Canon Inc on concerns about the global economic outlook and a stronger yen. A fall in oil prices dented energy shares including oil and gas explorer Inpex Holdings and trading house Mitsubishi Corp. But banks, including industry leader Mitsubishi UFJ Financial Group rose sharply, ahead of Lehman Brothers’ release of “key strategic initiatives” and quarterly results due later in the day. The benchmark Nikkei average ended down 54.02 points at 12,346.63, after falling as much as 1.9% earlier. The broader Topix ended 0.1% higher at 1,192.38. Source: Home - Livemint.com | 10 Sep 2008 | 6:41 am CFO’s optimistic about US economy: SurveyNew York: Chief financial officers are more optimistic about the direction of the US economy, but remain concerned about consumer demand and weak credit markets, according to a quarterly survey. Compared with the previous quarter, 28.5% said they were more optimistic about the US economy, up more than 7% points from June, according to the Duke University/CFO Magazine survey of about 1,300 CFOs, including 524 from the United States. Those saying they are less optimistic fell to 41.5%, from more than half in the previous survey and more than 72% in March. About half expect the US economy to begin recovering by the middle of 2009. “There are signs that we are bottoming out,” said the survey’s director, John Graham, a professor at Duke’s Fuqua School of Business. Still, many finance chiefs say they are cutting plans for capital spending and employment and 43% say the credit crunch is directly hurting their company. Capital spending is expected to rise 0.6% over the next year, the survey found, down from 2.3% growth expected three months ago. Employment is seen declining 1.6 % over the same period, a steeper decline than was previously expected. CFOs named weak consumer demand as their most pressing concern, followed by credit markets and the cost of fuel, the survey found. CFOs of US-based firms were, on average, more optimistic than their counterparts in Europe and Asia. The divergence could suggest weakness ahead for US exports, Duke and CFO Magazine said. Source: World Business - Livemint.com | 10 Sep 2008 | 6:21 am CFO’s optimistic about US economy: SurveyNew York: Chief financial officers are more optimistic about the direction of the US economy, but remain concerned about consumer demand and weak credit markets, according to a quarterly survey. Compared with the previous quarter, 28.5% said they were more optimistic about the US economy, up more than 7% points from June, according to the Duke University/CFO Magazine survey of about 1,300 CFOs, including 524 from the United States. Those saying they are less optimistic fell to 41.5%, from more than half in the previous survey and more than 72% in March. About half expect the US economy to begin recovering by the middle of 2009. “There are signs that we are bottoming out,” said the survey’s director, John Graham, a professor at Duke’s Fuqua School of Business. Still, many finance chiefs say they are cutting plans for capital spending and employment and 43% say the credit crunch is directly hurting their company. Capital spending is expected to rise 0.6% over the next year, the survey found, down from 2.3% growth expected three months ago. Employment is seen declining 1.6 % over the same period, a steeper decline than was previously expected. CFOs named weak consumer demand as their most pressing concern, followed by credit markets and the cost of fuel, the survey found. CFOs of US-based firms were, on average, more optimistic than their counterparts in Europe and Asia. The divergence could suggest weakness ahead for US exports, Duke and CFO Magazine said. Source: Home - Livemint.com | 10 Sep 2008 | 6:21 am Sterlite plunges 8.62% amid restructuring plansPTI Mumbai: Shares of Sterlite Industries plunged over 8% in morning trade, continuing their downslide for the second day in a row following the announcement of restructuring plans for the group. NRI-Anil Agarwal led Vedanta Resources had, yesterday, announced a reorganisation plan, under which Sterlite Industries will demerge its aluminium and energy businesses to Madras Aluminium Company Ltd (to be rechristened as Sterlite Aluminium). While, Vedanta would transfer its 79.4% stake in Konkola Copper Mines to Sterlite Industries. Sterlite Industries shares fell sharply by Rs49.65, or 8.62% at Rs526.05 after dipping to Rs525 on the Bombay Stock Exchange. It had lost 7.50% in the previous session, the highest drop in a month. Over 14.19 lakh shares were transacted on the stock exchange in first one hour of trading. Marketmen said that the drop in the share price was mainly due to frantic selling by investors on concerns that the firm’s restructuring plan would increase its capital and lower earnings per share. Source: Home - Livemint.com | 10 Sep 2008 | 6:12 am Bond yields dip for second consecutive dayReuters Mumbai: Indian federal bond yields fell for a second consecutive day on Wednesday on expectations interest rates may be nearing a peak and helped by dovish comments by the new central bank chief. At 9:57 a.m, the 10-year benchmark bond yield was at 8.30%, a level it last tested in early June, according to Reuters data, and below Tuesday’s close of 8.39%. It has fallen 19 basis points this week. Volume was normal at Rs18.95 billion ($421 million) in the first hour of trading with the 10-year bond being the most heavily traded. The Reserve Bank of India’s new governor, Duvvuri Subbarao, said on Tuesday while double-digit inflation rate was showing some signs of moderation, it was too early to conclude whether or not it represented a “discernible trend”. “His comments suggested there would be no more action by the central bank and with inflation on a softening trend, the next level for the 10-year would be 8.25%,” said Baljinder Singh, a dealer at Andhra Bank in Mumbai. Crude was trading below $104 a barrel, up from Tuesday, but well off a record high above $147 in mid-July. India imports about 70% of its oil and an increase in state-set retail prices in June had propelled inflation into double digits. Inflation has softened since hitting 12.63% in early August, its highest since annual numbers in the current series became available in 1995. Latest data showed inflation at 12.34% on 23 August. In a recent note, Kotak Mahindra Bank said it expected inflation at between 12.01-12.06% in end-August. The data is due on Thursday. Dealers said they were waiting for a Rs90 billion bill sale later in the session to gauge investor appetite for debt amid tight cash conditions in the money market. Source: Home - Livemint.com | 10 Sep 2008 | 5:29 am European firms seek a pie in India`s nuke trade !Eyeing a nuclear power market estimated to be USD 100 billion, the European Union on Tuesday said its atomic energy firms are ready to compete in India, which it hopes, would go in for open competition.Source: Zee News : Business | 10 Sep 2008 | 12:16 am Japan revises economic growth strategy!Japan has revised its growth strategy to address rising resource prices and tough international competition, officials said Tuesday.Source: Zee News : Business | 10 Sep 2008 | 12:16 am `Indian companies most optimistic about hiring`!Indian companies are most bullish about their hiring plans, when compared to any other country, but might turn more cautious over the next three months amid global slowdown, global staffing services firm Manpower said on Tuesday.Source: Zee News : Business | 10 Sep 2008 | 12:16 am Shell agrees landmark USD 4 bn gas deal with Iraq!Anglo-Dutch energy giant Royal Dutch Shell has agreed a gas joint venture with Iraq worth up to USD 4 billion, the Iraqi Oil Ministry and the Financial Times said on Tuesday.Source: Zee News : Business | 10 Sep 2008 | 12:16 am Inflation must be contained: Subbarao!Newly-appointed RBI Governor D Subbarao on Tuesday said that there was a pressing need to contain inflation expectation in order to sustain growth. The Reserve Bank of India will monitor the situation closely and take appropriate action, he added.Source: Zee News : Business | 10 Sep 2008 | 12:16 am India 31st in WEF Financial Dev Index!India has been ranked at the 31st position in the World Economic Forum`s first Financial Development Index, topped by the US and the UK, on the back of robust performance of its financial markets and non-banking institutions.Source: Zee News : Business | 10 Sep 2008 | 12:16 am RIL to tap global mkts for petroleum products !Reliance Industries today said it has trading subsidiaries in London and Singapore to market fuel produced from its export oriented refineries at Jamnagar.Source: Zee News : Business | 10 Sep 2008 | 12:16 am Global economy facing most difficult test in years: IMF!The global economy faces its most difficult test in many years with economic growth slowing sharply even as high commodity prices put pressure on inflation, a senior International Monetary Fund official said on Tuesday.Source: Zee News : Business | 10 Sep 2008 | 12:16 am Vedanta Resources restructures into 3 units!Indian-focused miner Vedanta Resources Plc plans a reorganisation to eliminate cross holdings and streamline the corporate structure, it said on Tuesday.Source: Zee News : Business | 10 Sep 2008 | 12:16 am Subbarao defends tight monetary regime, to push reforms!Defending the Reserve Bank`s tight credit policy, its new Governor D Subbarao on Tuesday said the apex bank would push financial sector reforms to accelerate high growth, but watch the scenario before unveiling any further monetary measures.Source: Zee News : Business | 10 Sep 2008 | 12:16 am IT majors line up for BSNL’s Rs 500-cr dealForeign players may come on board as partners for ERP deployment. New Delhi, Sept. 9 IT majors including Infosys, Satyam, HCL and TCS have put in their bids for deploying ERP solutions for Bharat Sanchar Nigam Ltd. ...Source: Business Line - Home Page | 10 Sep 2008 | 12:00 am Tech-equity swap with foreign partners likelyNew Delhi, Sept. 9 It may soon be possible for Indian companies to undertake technology transfers or get the right to use brand name or trademarks of their foreign partners by issuing equity shares to the foreign collaborator instead of making ...Source: Business Line - Home Page | 10 Sep 2008 | 12:00 am ‘Nuclear power will be competitive’Koodankulam supply may be priced at Rs 2.50 a unit. Chennai, Sept. 9 Electricity generated by nuclear power plants will be very competitive compared with thermal power stations located in the same region, according to Dr S.K. Jain, Chairman ...Source: Business Line - Home Page | 10 Sep 2008 | 12:00 am Rising molasses prices hit liquor, chemical firmsManufacturers turn to imports now. New Delhi, Sept 9 The tight supply position in sugar is spilling over to molasses and rectified spirit, with prices going through the roof much to the discomfiture of liquor companies and alcohol-based ...Source: Business Line - Home Page | 10 Sep 2008 | 12:00 am State-owned power units turning to banks for fundsLending rates of specialised agencies higher. Bangalore, Sept 9 State-owned power producers are switching to the banking sector for sourcing project funds, in view of high interest rates from specialised funding ...Source: Business Line - Home Page | 10 Sep 2008 | 12:00 am Gold imports witness surge, reverse declining trendInternational prices tumbled in August. Mumbai, Sept. 9 The sharp fall in gold prices has led to a steep rise in imports which had been recording a drastic decline from April onwards. ...Source: Business Line - Home Page | 10 Sep 2008 | 12:00 am Day Trading GuideThe stock is trending sideways. Avoid trading in this counter as the outlook is watchful. ...Source: Business Line - Home Page | 10 Sep 2008 | 12:00 am Nectar Lifesciences (Rs 378.05): BuyWe recommend a buy in Nectar Lifesciences at current levels, from a short-term perspective. From the charts of the company, it is clearly visible that it has been on an intermediate-term up-trend from its March low of Rs 168 (a 52-week low). ...Source: Business Line - Home Page | 10 Sep 2008 | 12:00 am Big US, European firms cut IT spend 40%: StudyBangalore Sept. 9 The economic slowdown in North America and Europe has made 40 per cent of the large businesses cut their overall IT budgets, but companies were expanding their services spending by taking more activist sourcing approach to ...Source: Business Line - Home Page | 10 Sep 2008 | 12:00 am Sharp drop in export of iron through 3 east coast portsKolkata, Sept. 9 Iron exports through the three east coast ports of Paradip, Visakhapatnam and Haldia have sharply dropped mainly due to the slump in international price of ore, presumably caused by reduced Chinese buying. ...Source: Business Line - Home Page | 10 Sep 2008 | 12:00 am For Suzlon, integration with Repower is the keyMumbai: The 90% stake it now holds in German wind energy firm Repower Systems AG will allow Suzlon Energy Ltd to push for an early integration, the Indian firm’s chairman and managing director Tulsi R. Tanti said in an interview.  Tulsi Tanti For an in-depth interview with Tanti click here German law prevented Suzlon from accessing Repower’s technology, and treating the firm as part of itself. This may have influenced the decision of the Indian firm to buy the 22% stake in Repower held by Portugal’s Martifer Group on 1 September—almost a year ahead of schedule. “Integration is required for our growth strategy,” said Tanti. Tanti said the company had identified the problem that resulted in splitting blades but denied that the turbines were underperforming in India. “Because of lower wind and an erratic grid, the performance of wind energy (generators) was lower than last year,” he said. Tanti said the company will now go ahead with a so-called domination agreement under German law. This agreement involves the support of shareholders owning at least 75% of the company. Under the original deal with Repower, Suzlon was to acquire 34% stake in the company by May 2009. The Indian firm, however, has increased it to 90% already. It recently bought the stake held by Areva in Repower (Areva itself was a suitor for the German firm but lost out to Suzlon) and followed this up by buying Martifer’s stake. Source: World Business - Livemint.com | 9 Sep 2008 | 7:24 pm Vedanta may scrap Orissa steel projectBillionaire Anil Agarwal-controlled Vedanta Resources has decided not to pursue a proposal to build a Rs 20,000-crore five-million-tonne steel project in Orissa in view of its strategy to focus onSource: Business Standard | Front Page Headlines | 9 Sep 2008 | 6:45 pm NSG waiver opens sesame for dual-use technologiesMore than nuclear power, India stands to gain access to a wide range of dual-use goods and technologies, from which it was barred, as a result of the waiver by the 45-country Nuclear SuppliersSource: Business Standard | Front Page Headlines | 9 Sep 2008 | 6:44 pm Don't act unilaterally, Tata Motors warns BengalCar-maker sends another strongly-worded letter on vendor park.Source: Business Standard | Front Page Headlines | 9 Sep 2008 | 6:42 pm Global slowdown may stunt hiring in IndiaNew Delhi: Employers in India intend to go easy on hiring over the next three months compared with the past quarter although the global slowdown is likely to have minimal impact on recruitment plans in India, according to a study released by global staffing services company Manpower Inc. The Manpower Employment Outlook Survey of almost 5,000 employers in India across industry sectors indicates that the job market in India is expected to remain dynamic. Net employment outlook—the difference between the percentages of companies planning to add and reduce headcount— stood at 43% after adjusting for seasonal variations, down 2 percentage points from the outlook in the third quarter. “Despite the positive outlook reported by employers, some industry sectors seem to be experiencing the first signs of a global slowdown,” said Naresh Malhan, managing director, Manpower India. “Employers in both the services, and finance, insurance and real estate sectors are less optimistic than they were in the third quarter, with outlooks declining by 11 and 23 percentage points, respectively.” Around 33% employers in the finance, insurance and real estate sector indicate positive hiring intentions compared with 56% employers who indicated positive hiring outlook in the the third quarter, reporting the steepest quarter-over-quarter decline of 23 percentage points, the survey found. “Slowing economy, coupled with trickling foreign investment, has slowed down real estate projects, which in turn has impacted hiring in the real estate sector,” said Pratibha Malaviya, vice-president and group head, human resources, at Unitech Ltd, the nation’s second largest developer by market value. “Hiring has been mostly happening for new projects. Since many new projects are not taking off in the real estate sector, recruitment has considerably slowed down.” Unitech hired 50 people, mostly comprising campus recruits, a month for the northern and eastern region in 2007, but it is hiring only 5-10 people a month now. Currently, it is not doing any lateral hiring in these two regions. “We are hiring only for our projects that have taken off in the western region,” Malaviya said. The most optimistic hiring intentions are reported in the mining and construction sector, where 54% of the employers surveyed expressed intentions to hire in the fourth quarter of 2008 against 45% employers in the third quarter. “This is largely due to the first level implementation of various public-private partnership projects,” said Malhan. Globally, employers in 29 of the 33 countries and territories surveyed indicated that fourth quarter hiring is expected to be positive. Employers in India, Costa Rica, Peru, Singapore, Taiwan, Colombia, Romania, Poland, Argentina, Australia and South Africa were most optimistic about hiring over the next three months. In contrast, companies in Spain, Ireland and Italy indicated weakest hiring outlook for the quarter ahead, the survey found. Source: World Business - Livemint.com | 9 Sep 2008 | 5:00 pm
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