|
|
|
|
Reliance Retail scales down expansion plansThe retail slowdown in the country has forced Reliance Retail to downsize its hypermarkets to accommodate other retail ventures. Thats not all, the company\'s employees are also facing the brunt as increments due since March have not yet come in.Source: Moneycontrol Top Headlines | 11 Sep 2008 | 4:09 pm Shree RenukaHPCL ink MoU for sugarethanol unitShree Renuka Sugars forged a tieup with Hindustan Petroleum Corporation Limited (HPCL) to set up an integrated sugarcumethanol plant. Narendra Murkumbi of Shree Renuka Sugars said that the Memorandum of Understanding (MoU) with HPCL is an understanding to look at setting up an integrated sugar and ethanol plant in Maharashtra.Source: Moneycontrol Top Headlines | 11 Sep 2008 | 3:40 pm Rupee falls past 45.38, weakest since Nov 2006!The rupee fell to its lowest in nearly two years on Thursday as the dollar strengthened against the euro while a sell-off in Asian stocks raised worries of more outflows from the local share market.Source: Zee News : Business | 11 Sep 2008 | 12:49 pm Sensex falls over 1 pc in early trade!Indian equity markets, which opened lower on Thursday following weak cues from other Asian markets, were in the red in early trade. Metal, banking, pharma and capital goods stocks were under selling pressure.Source: Zee News : Business | 11 Sep 2008 | 12:49 pm Car sales go downhill, two-wheelers continue to grow in August!Domestic car sales continued to go downhill for the second consecutive month in almost three years with August sales declining by 4.36 percent, although motorcycles cruised with 15.9 per cent growth.Source: Zee News : Business | 11 Sep 2008 | 12:49 pm SAP Venture picks up minority stake in Newgen !SAP Venture, the venture capital arm of SAP, has picked up a minority stake in product company Newgen Software for an undisclosed amount.Source: Zee News : Business | 11 Sep 2008 | 12:49 pm HDFC MF plans to launch real estate mutual fund !HDFC Mutual Fund is planning to launch a real estate mutual fund soon, a top company official said.Source: Zee News : Business | 11 Sep 2008 | 12:49 pm Deutsche Bank swoops on Germany`s Postbank!Deutsche Bank said on Wednesday it was in advanced talks to take a stake in rival Deutsche Postbank.Source: Zee News : Business | 11 Sep 2008 | 12:49 pm Govt to add 90,000 MW of power in 11th plan!The government on Thursday revised its target of power capacity addition to 90,000 MW in the 11th five-year plan (2007-12), from earlier estimate of 78,577 MW.Source: Zee News : Business | 11 Sep 2008 | 12:49 pm Indian Hotels launches Gateway HotelsIndian Hotels has launched a new brand of hotels called Gateway Hotels, reports CNBCTV18. It will transfer 16 existing hotels under Gateway Hotels. The hospitality major plans to launch 50 hotels in 36 months. It has signed 10 new and 15 are under negotiations.Source: Moneycontrol Top Headlines | 11 Sep 2008 | 12:41 pm Infy to review WB operations postSingur rowInfosys will bid for Rs 5001,500 crore deals from government departments, reports CNBCTV18, quoting NewsWire18. Infosys has also said that it will relook at its West Bengal operations due to the Singur row.Source: Moneycontrol Top Headlines | 11 Sep 2008 | 12:35 pm Inflation may have peaked - PM adviserNEW DELHI (Reuters) - India's inflation rate may have peaked and there could be a pause in monetary tightening moves by the Reserve Bank of India, the chief of Prime Minister Manmohan Singh's Economic Advisory Council said on Thursday.Source: Reuters: Money News | 11 Sep 2008 | 11:06 am Arun Sarin calls for 'inclusive India'Arun Sarin, in his first public engagement after quitting as CEO of mobile phone giant Vodafone July 29, offered words of advice for India on Wednesday.Source: Daily News & Analysis: Money News | 11 Sep 2008 | 11:00 am Stocks end sharply lower as global credit worries haunt - Economic Times
Source: Google News India - Business | 11 Sep 2008 | 10:53 am Sensex drops 2.3 pct on global routNEW DELHI (Reuters) – The BSE Sensex fell 2.3 percent on Thursday to their worst close in about two weeks, as global financial woes overshadowed a drop in oil prices and expectations for lower inflation.Source: Reuters: Money News | 11 Sep 2008 | 10:52 am Shree Renuka-HPCL ink MoU for sugar-ethanol unit - Moneycontrol.com
Source: Google News India - Business | 11 Sep 2008 | 10:48 am Infosys becomes India’s largest LIC policy holderBangalore: Life Insurance Corporation of India and Infosys Technologies Limited today announced renewal of the group life insurance policy covering all employees of Infosys, making it the largest ever group policy in India worth Rs24,000 crore. This is the highest cover offered by any insurance company, under any single employer-employee group life insurance policy in India, LIC Managing Director Thomas Mathew T told reporters. The policy between Infosys and LIC was initiated in 2002 with a uniform cover of Rs10 lakh per employee covering 12,000 employees for a total sum of Rs1791 crore. The insurance amount went up to Rs7,981 crore in 2006 and was Rs11,792 crore in 2007. The coverage levels have substantially risen over the years, in tune with overall Infosys social security and employee benefit initiatives. “LIC cover varies between Rs20 to Rs80 lakh per employee, making a total sum insured with LIC, over Rs24,000 crore covering more than 90,000 employees,” said Mathew. Speaking on Infosys’ efforts towards offering its employees social and financial security, Mohandas Pai, Member of the Board of Infosys, said “as part of our HR policies, Infosys believes in providing adequate life, accident and medical insurance cover to its employees in a holistic measure”. Source: Home - Livemint.com | 11 Sep 2008 | 10:43 am Inflation may have peaked - PM adviser - Reuters India
Source: Google News India - Business | 11 Sep 2008 | 10:38 am GMR to invest Rs10,000 cr to set up nuclear power plantNew Delhi: “GMR Energy plans to invest over Rs10,000 crore in setting up a 2,000-3,000 MW nuclear power plant in the country in the next 5-7 years,” a company executive said. “We have held talks with equipment as well as fuel suppliers and will firm up a plan in the next one years time,” GMR Energy Executive Vice-President Avinash R. Shah said. GMR Energy is a unit of GMR Infrastructure Ltd. Shah said that the company has hired very experienced people from state-owned Nuclear Power Corporation, including former Chairman and Managing Director M.R. Srinivasan, for its nuclear foray. “Right now it is at planning and preparation stage. In the next six months to one year, we should have a broad plan in place,” he said. “GMR is in talks with equipment and fuel suppliers in France, United States and Korea for the power plant,” he said. “We may get a strategic partner with nuclear technology but I cannot say anything more now,” he added. He further said that GMR Energy, which currently has 800 MW of thermal power generating capacity, may list in the next 1-2 years. “We have projects to take up the capacity to 4,500 MW in about five years from now,” he said. Of the under construction projects, 1,500 MW would be hydroelectric power - two in India and three in Nepal. Two coal-based power plants adding 2,200 MW capacity are under construction in Orissa and Chattisgarh. GMR, he said, had got coal mines in South Africa and Indonesia for 3,500 MW additional thermal power plants the company was planning to set up on coastal location in Maharashtra, Tamil Nadu and Gujarat in next 5 to 7 years. In addition, 1,500 MW of hydroelectric power plants are also being conceived, taking the total generating capacity to 10,000 MW. This does not include the nuclear power plants. “We are investing between Rs16,000 crore to Rs20,000 crore for adding 4,500 MW capacity,” Shah said. Source: LatestNews-Home - Livemint.com | 11 Sep 2008 | 10:34 am Designer Ritu Beri offers sneak peek at bridal collectionDesigner Ritu Beri, who has not been very visible on the fashion and social circuit of late, staged a comeback of sorts when she offered a sneak peek at her bridal collection for the upcoming Bridal Asia 2008 here Wednesday.Source: IndiaeNews.com: Business News | 11 Sep 2008 | 10:33 am 3G trials in Delhi by September endThe state-owned telecom operator Mahanagar Telephone Nigam Ltd (MTNL) will conduct trials of third generation (3G) services by the end of this month in Delhi and launch commercially in December, the government announced Thursday.Source: IndiaeNews.com: Business News | 11 Sep 2008 | 10:31 am Bharti sets up Rs.2-bn fund to promote enterpriseTelecom service provider Bharti Airtel Thursday announced the launch of a fund to promote innovation and entrepreneurship in the telecommunication sector.Source: IndiaeNews.com: Business News | 11 Sep 2008 | 10:30 am Sensex sinks 338 points on global cuesLivemint.com New Delhi: Tracking global markets, the Indian bourses ended weak with the BSE benchmark index ending down 2.3% or 338 points at 14,324 levels. The Sensex had slipped to a low of 14,265 levels in intra-day deals. Similarly, the wider-based Nifty lost 110 points to close at 4,290 levels. Analysts said that the sentiment turned negative following a subdued trend in global markets after concerns on Lehman Brothers’ ability to raise capital fuelled concerns about the health of the financial sector. In other Asian markets, the Nikkei average dipped 2% to a nearly six-month closing low at 12,102.50. The broader Topix declined 2.5% to 1,162.72 levels. Singapore’s Straits Timex Index shed 3.1% or 81.26 points to 2,541 levels. Back home, Reliance Industries tanked 4.1% or Rs86 to end at Rs1,997. Bharti Airtel, Reliance Infra, Tata Power, ONGC, Infosys Technologies, ICICI Bank and DLF Limited also lost considerable ground. Most power sector counters ended weak with Suzlon Energy skidding 6.6%. Torrent Power, Tata Power, Crompton Greaves, Neyveli Lignite, Power Grid and Bhel were some of the other key losers. Source: Home - Livemint.com | 11 Sep 2008 | 10:26 am Infosys reiterates it will "rethink" investment in WB - Press Trust of India
Source: Google News India - Business | 11 Sep 2008 | 10:24 am Aviva India gets 3.44 bln rupees capital infusionMUMBAI (Reuters) - Aviva Life Insurance Co India Pvt Ltd said on Thursday its founders have infused fresh capital to the extent of 3.44 billion rupees to boost its future growth plans.Source: Reuters: Money News | 11 Sep 2008 | 10:21 am India okays changes in IMF pact for enhanced quotaNew Delhi: The government today approved a proposed amendment in the IMF’s articles of agreement that will increase India’s quota in the multilateral funding agency. With the proposed amendment, India’s quota in IMF, in terms of Special Drawing Rights or reserve asset, will go up from 1.91% to 2.44%. Reserve assets, which are supposed to supplement a country’s official reserves comprising gold and foreign exchange, are a potential claim on the freely usable currencies of member countries to determine the exchange value of one’s own currency unit. In absolute terms, India’s quota will increase from 4,158.2 million SDR to 5821.5 million SDR. Source: LatestNews-Home - Livemint.com | 11 Sep 2008 | 10:14 am Govt may allow phase I trials for MNCs - Sify
Source: Google News India - Business | 11 Sep 2008 | 10:08 am Oil falls on dollar, demand; Brent at 6-month lowLONDON (Reuters) - Oil prices fell more than $1 on Thursday, nearing a five-month low, weighed down by a stronger dollar and concerns over weakening demand.Source: Reuters: Money News | 11 Sep 2008 | 10:07 am ESPN Star pay $1bln for Twenty20 Champions League rightsNEW DELHI (Reuters) - ESPN Star Sports will shell out nearly $1 billion for the commercial and marketing rights for the Twenty20 Champions League.Source: Reuters: Money News | 11 Sep 2008 | 10:03 am Gujrat NRE Coke plans rights issueArun Kumar Jagatramka, Managing Director of Gujarat NRE Coke said that the price of Rs 1000 per share for rights is for control premium. He feels that differential voting rights will lead to lower equity dilution. According to him, FIIs are comfortable with Differential Voting Rights (DVRs) instead of preferential issueSource: Moneycontrol Top Headlines | 11 Sep 2008 | 10:02 am The Kosi poison: crops gone, sand in fertile soilThe Kosi river waters are receding, but the damage it has wrought on agricultural lands in Bihar is sinking in only now. Standing crops of paddy, banana and to some extent maize have been dealt a major blow in what is known as the state's rice basket.Source: IndiaeNews.com: Business News | 11 Sep 2008 | 10:02 am RIL falls below Rs 2,000 level on heavy sellingShares of Reliance Industries on Thursday slipped below the Rs 2,000 level on the bourses on heavy selling by foreign funds and retail investors, triggered by weak global cues.Source: Daily News & Analysis: Money News | 11 Sep 2008 | 10:02 am Car sales go downhill, 2-wheelers growDomestic car sales continued to go downhill for the 2nd consecutive month in almost three years with August sales declining by 4.36%, although motorcycles cruised with 15.9% growth.Source: Daily News & Analysis: Money News | 11 Sep 2008 | 10:02 am 'Rs 1200 cr loss per day for industries'Industrial units in the state are likely to incur a production loss of Rs 1,200 crore per day as a result of power cut imposed by the power supplying company.Source: Daily News & Analysis: Money News | 11 Sep 2008 | 10:01 am Infy to participate in bids for public sector dealsInfosys on Thursday said it would be participating in the bidding process for major deals in the public sectors and "strategic and transformation" deals in the private sector.Source: Daily News & Analysis: Money News | 11 Sep 2008 | 10:01 am Two-wheelers sales overtake cars - Sify
Source: Google News India - Business | 11 Sep 2008 | 9:59 am Coal shortage delaying India power projectsNEW DELHI (Reuters) - A coal shortage has delayed new power plants that would add more than 60,000 megawatts to generating capacity in India, where inadequate supply has slowed economic growth, officials and analysts said on Thursday.Source: Reuters: Money News | 11 Sep 2008 | 9:56 am Infosys will rethink investment in WBIT major, Infosys, on Thursday reiterated that it would have to 'rethink and relook' into its investment plans in West Bengal.Source: Daily News & Analysis: Money News | 11 Sep 2008 | 9:55 am Medvedev seeks to reassure investors after Georgia rowMoscow: President Dmitry Medvedev sought to restore calm to Russia’s battered stock markets and investment image Thursday, saying the upheaval would be “temporary.” His comments come as domestic markets suffered one of their worst weeks in two years, amid sliding oil prices, geopolitical tension after Russia’s brief war with Georgia, and concerns about government interference in business. The benchmark RTS index is down 11.7% since the start of the week, while the MICEX, where most trading takes place, is down 10.6%. Earlier in the week, it fell 9.1% in one day of trading. “The situation in the stock market is, I am sure, a temporary phenomenon and obviously does not reflect the actual state of the economy,” Medvedev said in televised comments. “The Russian stock market remains very promising for investments, and serious investors understand this.” Medvedev spoke at a meeting to address the Kremlin’s efforts to establish Moscow as a financial center. As of 1:00 pm, the RTS was up 0.5% while MICEX was up 0.6%. Source: LatestNews-Home - Livemint.com | 11 Sep 2008 | 9:54 am Sex scandals mar oil drilling debate in USWashington: A scandal involving sex, drugs and offshore oil drilling. It’s a strange mix, and it couldn’t have come at a worse time for those in Congress pressing to expand oil and gas development off America’s beaches while trying to stave off an election-year rush by Democrats to impose new taxes and royalties on the oil industry. An Interior Department investigation describing a “culture of substance abuse and promiscuity” by workers at the agency that issues offshore drilling leases and collects royalties hit lawmakers on Wednesday just as they prepared for vote next week on expanding offshore drilling. “On the eve of Congress starting this big debate you’ve got a horror story of mismanagement and misconduct in programs that are going to be a key part of the discussion,” Democrat Sen Ron Wyden said in an interview, adding that it can’t help but influence the debate. The two-year, $5.3 million investigation by Interior’s inspector general found workers at the Minerals Management Service’s royalty collection office in Denver partying, having sex, using drugs and accepting gifts and ski trips and golf outings from energy company representatives with whom they did government business. The investigations exposed “a culture of ethical failure” and an agency rife with conflicts of interest, Inspector General Earl E Devaney said. Between 2002 and 2006, 19 oil marketers nearly a third of the Denver office staff received gifts and gratuities from oil and gas companies, including Chevron Corp., Shell, Hess Corp. and Denver-based Gary-Williams Energy Corp., the investigators found. “Employees frequently consumed alcohol at industry functions, had used cocaine and marijuana, and had sexual relationships with oil and natural gas company representatives” who referred to some of the government workers as the “MMS Chicks.” The director of the royalty program had a consulting job on the side for a company that paid him $30,000 for marketing its services to various oil and gas companies, the report said. MMS Director Randall Luthi said in an interview the agency was taking the report “extremely seriously” and would weigh taking appropriate action in coming months. Political after effects But the impact in Congress, where lawmakers are debating an expansion of the offshore oil and gas leasing program by allowing drilling in areas long off limits, was immediate. “This IG report has it all sex, drugs and the Bush administration officials once again in cahoots with Big Oil,” said Democrat Sen. Charles Schumer, whose Joint Economic Committee released a report last year claiming the Minerals Management Service has failed to collect millions of dollars in oil royalties. Republicans and Democrats promised further scrutiny of the Interior Department agency which last year handled $4.3 billion in royalty-in-kind payments from energy companies drilling on federal lands. Under the program oil companies give the government oil in lieu of cash and the MMS office in turn sells the oil on the open market. But Republicans rejected suggestions that the scandal makes the need for more offshore oil and gas any less urgent. House Democrats on Wednesday offered a broader drilling proposal than they had floated previously. It would lift all moratoria on drilling 160 kilometers from shore and allow energy development beyond 80 kilometers from the coast if a state agrees. Waters closer than 50 miles would continue to be protected. The drilling measure is part of a broader energy package that also would roll back tax breaks for the largest oil companies and require them to pay additional royalties, with the money to be used to spur renewable energy programs and conservation. Democrat House Majority Leader Steny Hoyer called it “a strong bill that will increase responsible drilling and invest in renewable energy” and said those criticizing it would “rather have a political issue.” But House Republican leader John Boehner accused the Democrats of “trying to pull a hoax on the American people.” He said the plan would result “in little or no new American energy production”. Source: LatestNews-Home - Livemint.com | 11 Sep 2008 | 9:44 am Mentha oil futures down on profit-taking - Hindu Business Line
Source: Google News India - Business | 11 Sep 2008 | 9:38 am Maithan Alloys to spend Rs 350 cr on two facilities - Sify
Source: Google News India - Business | 11 Sep 2008 | 9:37 am AP plans to turn 10 mn women into millionaires - Rediff
Source: Google News India - Business | 11 Sep 2008 | 9:36 am Govt to add 90,000 MW of power in 11th five-year planNew Delhi: The government today revised its target of power capacity addition to 90,000 MW in the 11th five-year plan (2007-12), up by 11,423 MW from the earlier estimate of 78,577 MW, in order to meet the growing demand of electricity in the country. “We will add 90,000 MW by the year 2012 to meet electricity demand of the nation,” Union Minister of Power Sushilkumar Shinde told reporters on the sidelines of a FICCI event here. Out of the earlier target of 78,577 MW of capacity, projects totalling 63,312 MW are under implementation, of which 18,177 MW are in the private sector. However, this does not include captive generation projects, and projects which are yet to yield benefits during the 12th Plan Period (2012-17), such as three ultra mega power projects. Work on 32 coal blocks having total extractable reserves of 9,916 million tons allotted to various state and central public sector units and Independent Power Producers (IPPs) is in progress. These blocks are capable of feeding 29,000 MW. “Along with thermal and hydro capacity addition, we are also now eagerly looking forward to very fast developments on the nuclear side in the wake of the very important diplomatic breakthrough that the country has achieved with the NSG waiver,” he said. Source: LatestNews-Home - Livemint.com | 11 Sep 2008 | 9:31 am Punjab Chemicals scouts for acquisitions in Europe, USChandigarh: Keen on expanding globally, agrochemicals firm Punjab Chemicals and Crop Protection Ltd today said it was scouting for acquisitions in the US and Europe to grow its overseas turnover to Rs300 crore this fiscal. “We are looking at 3 to 4 agrochemicals companies based at USA and Europe for the purpose of acquisition by way of studying their product portfolios and number of registration these companies are having for their products. “However, it is at preliminary stage,” PCCPL, Director (Operations and Business Development), Avtar Singh said. Although the company was not eyeing big overseas manufacturers, it interested in only those that have a large number of registrations in other countries for selling agrochemicals products, he said. PCCPL shot into the limelight last year when it acquired Argentina-based ‘Sintesis Quimica´ for $10 million for expanding its manufacturing base outside India. It also acquired Netherlands-based Pegevo Beheer BV, whose products are registered in Belgium, the UK, France, Germany, Ireland, Denmark, Italy, Slovakia, Czech Republic etc. It recently acquired a Vadodra based agrochemicals firm Parul Chemicals, having an enterprise value of Rs9 crore. “We are eyeing new markets such as South America, Taiwan, Korea, Japan and Australia in order to tap potential here,“ Singh said. The company has recently tied up with a Japanese firm for supplying 100 tonnes of intermediate herbicide for five years. PCCPL is also expecting to launch one or two new agrochemicals products for commercial production this year. “We have recently introduced an agro chemical ‘Acephate´ for different agriculture crops and we have completed Research and Development job on 3-4 new products and out of which 1-2 will be commercially produced here,” he said. With regard to its pharmaceutical business, PCCPL has decided to start manufacturing a new Active Pharmaceutical Ingredients (API) ‘Alvendazole´ for commercial production next month. Presently, the company manufactures API Trimethoprim and Fluconazole. The company is also carrying out R & D work on 10-11 products including 2 API and 8 pharmaceutical intermediate. Expecting over 20% growth, PCCPL is anticipating total sales between Rs800 and 850 crore by 2008-09 compared to Rs650 crore in 2007-08. Source: LatestNews-Home - Livemint.com | 11 Sep 2008 | 9:28 am Rolls Royce to roll out more cars in IndiaThe slowdown in the Indian car industry may be forcing some manufacturers to cut back on their expansion plans, but the super luxury segment seems immune to these worries. BMWowned Rolls Royce is scaling up its activities in India.Source: Moneycontrol Top Headlines | 11 Sep 2008 | 9:25 am Bharti to start Sri Lankan operations by year-endTelecom service provider Bharti Airtel on Thursday said it would start operations in Sri Lanka by the end of this calendar year.Source: Daily News & Analysis: Money News | 11 Sep 2008 | 9:22 am Bank of Rajasthan signs MoU with ICRANew Delhi: Bank of Rajasthan (BOR) has entered into Memorandum of Understanding (MoU) with credit rating agency ICRA Limited (ICRA) under which ICRA will assign ratings to the Bank’s corporate sector and public sector enterprises exposures under the standardized approach of RBI’s New Capital Adequacy Framework (Basel-II). ICRA will carry out ratings under the standardized approach under its ‘Line of Credit’ rating service, which would enable BOR to assign risk weights under Basel-II linked to various rating categories, which would be as per RBI’s guideline on New Capital Adequacy Framework. Existing and potential borrowers of BOR will be being offered special terms for obtaining ICRA ratings. The Managing Director of the Bank, Shri P. L. Ahuja said: “MoU between BoR & ICRA will deliver a number of benefits to the BoR as well its clients. It would also help the Bank in implementing RBI’s New Capital Adequacy Framework under Basel-II & optimization of Bank’s capital requirement.” Source: LatestNews-Home - Livemint.com | 11 Sep 2008 | 9:19 am CiplaRoche case hearing todayThe CiplaRoche case is going to come up for hearing today. It will put the Indian Patent Laws. Cipla has said that they have not violated the Tarceva patent. However, Roche has said that they have violated the Indian Patent.Source: Moneycontrol Top Headlines | 11 Sep 2008 | 9:16 am Cabinet OKs 10 food parksNEW DELHI (Reuters) - India's Cabinet on Thursday approved a scheme to establish 10 mega food parks and said it would grant half of the project cost in most parts of India.Source: Reuters: Money News | 11 Sep 2008 | 9:15 am RBI may hike rates by 100 bps by Mar '09: Barclays Cap - Moneycontrol.com
Source: Google News India - Business | 11 Sep 2008 | 9:08 am DCGI may legalise micro dosage Phase I drug trialsThe Drugs Controller General of India, or DCGI is moving towards legalising the micro dosage and Phase I trials. These trials are needed before sale of drugs. Earlier foreign companies could only undertake Phase II and Phase III trials.Source: Moneycontrol Top Headlines | 11 Sep 2008 | 9:04 am Uphaar case: Ansal bros sentenced to 2 yrs jailIn a big development in the Uphaar tragedy case, the Supreme Court today cancelled the bail of Ansal brothers. They were sentenced to two years of imprisonment by the trial court but had been granted bail almost immediately.Source: Moneycontrol Top Headlines | 11 Sep 2008 | 9:02 am Educomp to buy 50% of EuroKids for Rs 39 crEducomp Solutions Ltd has said it will buy a 50 per cent stake in preschool chain EuroKids International Pvt Ltd for Rs 39 crore. The two companies will combine together to build a network of 1,000 preschools in India over the next three years.Source: Moneycontrol Top Headlines | 11 Sep 2008 | 9:02 am IEA asks India to eliminate fuel subsidiesPTI New Delhi, Sep 11 (PTI) International Energy Agency (IEA) has asked India to eliminate fuel subsidies so as to cool the spurting demand. “When we see the situation in the US, high prices have certainly slowed down demand and it could happen to other countries like India,” IEA Executive Director Nuvuo Tanaka told reporters. IEA advocated India removing price controls on petrol, diesel, LPG and kerosene so that demand is moderated. “What is necessary is to have a policy to phase out price control and subsidies,” he said, adding he had met Petroleum Minister Murli Deora yesterday and had pressed for removal of subsidies. India has not allowed state-run companies to raise fuel prices in step with rise in global oil prices and has been using oil bonds and a small amount from the Union Budget to subsidise fuel prices. Tanaka advocated India becoming a member of the IEA so that the agency can make realistic projection of global oil demand and harmonise energy policy. IEA felt the current price of $103 per barrel was high and have put pressure on economies worldwide. Source: LatestNews-Home - Livemint.com | 11 Sep 2008 | 9:02 am FM broadcasters permitted to set up subsidiariesReuters New Delhi: The Indian cabinet has approved frequency modulated or FM broadcasters setting up subsidiaries but the foreign investment limit of 20% would stay, Information and Broadcasting Minister Priyaranjan Dasmunsi told reporters. “The cabinet allowed companies operating for less than five years to transfer shares into subsidiaries subject to the foreign investment cap being maintained, and the majority shareholders remaining the same,” he said. “The I&B ministry has been authorised to grant permission to FM broadcasting companies for creation of subsidiaries, mergers or demergers or amalgamation of companies by way of transfer of shares,” the minister said. “It would give the financial flexibility and the growth of the FM industry would be protected,” he noted. Source: Home - Livemint.com | 11 Sep 2008 | 8:47 am Markets drop again on weak global cuesIt can be difficult for the average investor to discern if there is any sense to the Sensex.Source: Daily News & Analysis: Money News | 11 Sep 2008 | 8:37 am Bush approves cross-border raids into Pak: ReportNew York: US President George W Bush has secretly given go ahead to American special forces to carry out ground attacks inside Pakistan without the prior approval of the country’s government. The classified orders signal a watershed for the Bush administration after nearly seven years of trying to work with Pakistan to combat the Taliban and al-Qaeda elements, New York Times reported on 11 September quoting senior American officials. The new orders, the paper said, reflect concern about safe havens for al-Qaeda and the Taliban inside Pakistan, as well as an American view that Pakistan lacks the will and ability to combat militants. They also illustrate lingering distrust of the Pakistani military and intelligence agencies and a belief that some American operations had been compromised once Pakistanis were advised of the details, the official said. American officials were quoting as saying that they will notify Pakistan when they conduct limited ground attacks like the Special Operations raid last Wednesday in a Pakistani village near the Afghanistan border, but that they will not ask for its permission. Source: Home - Livemint.com | 11 Sep 2008 | 8:35 am Recession to hit Britain this yearRecession will hit Britain with its economy expected to shrink in the second half of this year, the European Commission (EC) has warned.Source: Daily News & Analysis: Money News | 11 Sep 2008 | 8:29 am Cabinet approves FM radio firms setting up unitsNEW DELHI (Reuters) - The Indian cabinet has approved FM broadcasters setting up subsidiaries but the foreign investment limit of 20 percent would stay, I&B Minister Priyaranjan Dasmunsi told reporters.Source: Reuters: Money News | 11 Sep 2008 | 8:20 am POLL - Analysts cut bets on further Indian rate risesMUMBAI (Reuters) - Indian economists have scaled back expectations of further interest rate increases in 2008/09 as recent policy tightenings and falling oil prices are seen calming double-digit inflation.Source: Reuters: Money News | 11 Sep 2008 | 8:05 am Progress in poverty reduction & education in Asia: UN reportNew Delhi: Meeting the Millennium Development Goals target of reducing 1990 levels of extreme poverty by half, the percentage of people living on just $1.25 a day in East and South-East Asia fell from 56% in 1990 to 18% only 15 years later, according to a United Nations progress report released today. In India, poverty decreased from 52 to 41% between 1990 and 2005, however, the number of people living in extreme poverty rose by 20 million during this period. For bringing down poverty, full and productive employment is needed for all but in South Asia, 83% of employed women and 73% of employed men are classified as “vulnerable”. The report also notes that in South-East and East Asia almost two-thirds of women and over half of men hold insecure jobs. Child malnutrition is a key indicator of hunger and poverty and the rate remains high in South-East Asia at 25%. The exception is represented by East Asia, which managed to bring malnutrition levels down to 7% in 2005 – the second best performance among all developing regions, after North Africa. Primary education and gender equality Some progress has been made in making primary education more accessible in the Asian developing countries, with maximum students enrolling in South Asia region. The South region also made most progress in gender parity - from 77 girls per 100 boys in 1991 to 95 girls per 100 boys enrolled in 2006. Progress was also uneven with regard to gender equality. South Asia emerges as the sub-region where the percentage of paid jobs held by women is the lowest at 19% in 2006 among all developing regions. In terms of political decision-making, the region’s women made wide gains, with their proportion of parliamentary seats almost doubling between 2000 and 2008 and their participation rose from 9.7% to 17.4%. Meanwhile, in East Asia there has been no progress in this regard and the percentage of seats held by women has actually dropped slightly since 1990. Poor record on reproductive health The report has recorded South Asia as the poorest in providing adequate reproductive health services to women. Poor attention during maternity time is reflected in the high number of maternal deaths and has placed it’s ranking as second only to sub-Saharan Africa in high maternal mortality ratios. Child mortality also remains unacceptably high in South Asia. The number of child deaths per 1000 live births in 2006 was less than half its level in 1990. Poor environmental record The Asian region also has a poor environmental record according to the report. Economic growth increased carbon dioxide emissions in East Asia, from 2.9 billion metric tons in 1990 to 6.1 billion in 2005 making it the largest CO2 emitting region compared to other regions of the world. Emissions also doubled in South Asia from 1 to 2 billion metric tons and tripled in South-East Asia, from 0.4 to 1.2 billion metric tons. Also South Asia and South-East Asia hold the second and third lowest proportion of environmentally protected land and marine areas in the world. Source: LatestNews-Home - Livemint.com | 11 Sep 2008 | 7:54 am Bharti Airtel launches $44 mn venture fundReuters New Delhi: Bharti Airtel Ltd has launched a venture fund on Thursday with an initial Rs2 billion ($44 million) to promote content and technology development. India, with nearly 300 million mobile users, is the second-largest wireless market in the world after China, and still has the potential for further huge growth as only just over a quarter of its billion-plus population use cellphones now. Operators are signing up 8-9 million users every month, and consultancy Gartner expects 737 million connections by 2012. The growth potential has encouraged mobile operators to step up investment on technology and content as they look to tap underdeveloped rural areas. Source: Home - Livemint.com | 11 Sep 2008 | 7:39 am Aviva Life Insurance ups capital base by Rs344 crPTI New Delhi: Private sector insurer Aviva Life Insurance today announced an increase in its capital base by Rs344.3 crore to meet the growth plan for the current year. “The additional capital infusion will allow the company to execute our aggressive growth plans for 2008-09,” said Aviva India Managing Director Bert Paterson. “We will use the additional capital to explore new distribution networks and invest towards training programmes to improve productivity of our sales force,” he said. With the fresh investment, total paid-up capital of the insurer would go up to Rs1,348.8 crore. The joint venture between FMCG major Dabur and the UK-based Aviva Plc has presence in more than 3,000 locations across India via 221 branches and close to 40 bancassurance partnerships. “Aviva India has recorded a CAGR of 97% in terms of annualised premium earnings, since inception in 2002,” he said. Source: LatestNews-Home - Livemint.com | 11 Sep 2008 | 7:23 am NTPC, BSEB to set up power project in BiharPTI Mumbai: Country’s largest power producer NTPC Ltd along with Bihar State Electricity Board (BSEB) will set up a coal-based power project, with a capacity of 1,980 MW, in Bihar. The company has entered into a joint venture with Bihar Electricity Board on 9 September in this regard. The joint venture entity — Nabinagar Power Generating Company — would set up the coal based power project, NTPC said in a filing to the Bombay Stock Exchange. The company, however, did not disclose any financial details. “NTPC would set up the power project and would also look after the operations and maintenance at Nabinagar in Aurangabad district of Bihar,” the filing said. Shares of the company were trading at Rs175.20, down 1.68% in the morning trade on the BSE. Source: Home - Livemint.com | 11 Sep 2008 | 7:03 am Glenmark plans US clinical trials on drugMumbai: Glenmark Pharmaceuticals on Thursday said it has filed for approval to start initial stage clinical trials of experimental biological drug £500 with the US Food and Drug Administration. The drug is a monoclonal antibody, which Glenmark hopes to initially develop as a treatment for multiple sclerosis. Glenmark expects to complete the trials in the current financial year, it said in a statement. Biological drugs are complex, larger molecules made from living organisms and are generally considered more difficult to develop than smaller chemical molecules. Source: Home - Livemint.com | 11 Sep 2008 | 6:59 am Mallya reminds Force India who is bossLONDON (Reuters) - Force India owner Vijay Mallya has reminded feuding factions inside his Formula One team that, even if he sees no need to bang heads together, he pays the bills and calls the shots.Source: Reuters: Money News | 11 Sep 2008 | 6:57 am Car sales fall 4.36% in AugustPTI New Delhi: Domestic passenger car sales declined by 4.36% in August to 94,584 units from 98,893 units in the same month last year. According to the figures released by the Society of Indian Automobile Manufacturers (SIAM), motorcycle sales in the country during the month was up by 15.9% at 4,85,294 units as against 4,18,702 units in the corresponding month a year ago. Total two-wheeler sales in August also soared by 14.25% at 6,20,927 units, compared with 5,43,504 units in the same month last year. Commercial vehicle sales, however, decreased last month by 6.34% to 34,294 units from 36,615 units in the year-ago period, SIAM said. Source: Home - Livemint.com | 11 Sep 2008 | 6:50 am Equity markets start in the red once moreIndian equity markets, which opened lower Thursday following weak cues from other Asian markets, were in the red in early trade. Metal, banking, pharma and capital goods stocks were under selling pressure.Source: IndiaeNews.com: Business News | 11 Sep 2008 | 6:31 am Indian bank unions call for nationwide strikeReuters Mumbai: Indian bank unions have called a two-day nationwide strike starting 24 September to protest proposals for bank mergers and more voting rights for foreign funds in private banks, a senior union official said on Thursday. “The UFBU also demanded the actions promised in its deal signed on 25 February with the Indian Banks’ Association be expedited,” C.H. Venkatachalam, convenor of the United Forum of Bank Unions (UFBU) said. “Its been more than six months and nothing has been done, we want things to be expedited. In February, the IBA clarified had no policy to go ahead with bank mergers,” he said. “The unions together have close to a million members,” he added. State-run Corporation Bank has informed the stock exchanges the strike may affect the normal functioning of its branches. India has 80 commercial banks, including 29 foreign banks and nearly 3,000 urban and rural co-operative banks. Source: Home - Livemint.com | 11 Sep 2008 | 6:21 am Bush sends N-deal text to US CongressWashington: In the final step to operationalise the Indo-US nuclear deal, American President George W Bush has sent the text of the landmark agreement to the US Congress for final approval. The move by the White House comes five days after the 45-member Nuclear Suppliers Group (NSG) granted a waiver to India for carrying out nuclear commerce. In a statement, the White House said it was transmitting the text of the agreement between the US and India “concerning peaceful uses of nuclear energy”. “The proposed Agreement provides a comprehensive framework for US peaceful nuclear cooperation with India. It permits the transfer of information, non-nuclear material, nuclear material, equipment (including reactors) and components for nuclear research and nuclear power production. “It does not permit transfers of any restricted data. Sensitive nuclear technology, heavy-water production technology and production facilities, sensitive nuclear facilities, and major critical components of such facilities may not be transferred under the agreement unless it is amended,” the statement said. “I am pleased to transmit to the Congress, pursuant to section 123 of the Atomic Energy Act of 1954, as amended (42 USC 2153) (AEA), the text of a proposed Agreement for Cooperation Between the Government of the United States of America and the Government of India Concerning Peaceful Uses of Nuclear Energy,“ Bush has said in his memorandum released by the White House late last night. Bush has said that the proposed agreement has been negotiated in accordance with the AEA and other applicable law. “The Agreement permits the enrichment of uranium subject to up to 20% in the isotope 235. It permits reprocessing and other alterations in form or content of nuclear material subject to it,” he said. In the case of such activities in India, these rights will not come into effect until New Delhi “establishes a new national reprocessing facility under IAEA safeguards and both parties agree on arrangements and procedures under which the reprocessing or other alteration in form or content will take place” he added. “The Agreement will remain in force for a period of 40 years and will continue in force thereafter for additional periods of 10 years each unless either party gives notice to terminate it six months before the end of a period,” Bush told the Congress in his statement. “Moreover, either party has the right to terminate the Agreement prior to its expiration on one year’s written notice to the other party. A party seeking early termination of the Agreement has the right immediately to cease cooperation under the Agreement, prior to termination, if it determines that a mutually acceptable resolution of outstanding issues cannot be achieved through consultations,” he said. Letting India in ”An extensive discussion of India’s civil nuclear programme, military nuclear programme, and nuclear nonproliferation policies and practices is provided in the Nuclear Proliferation Assessment Statement (NPAS) and in a classified annex to the NPAS submitted to the Congress separately,“ the statement says. “The AEA incorporates the definition of “nuclear-weapon state” from the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), which defines it to mean a state that has manufactured and exploded a nuclear weapon or other nuclear explosive device prior to January 1,1967. Therefore India is a non-nuclear-weapon state for NPT and AEA purposes, even though it possesses nuclear weapons,” Bush said. The US President said, “the Hyde Act established authority to exempt the Agreement from the full-scope safeguards requirement of section 123 a.(2) of the AEA, as well as certain other provisions of the AEA relating to supply under such an agreement, provided that the President makes certain determinations and transmits them to the Congress together with a report detailing the basis for the determinations.” “I have made those determinations, and I am submitting them together with the required report as an enclosure to this transmittal,” he said. “In reviewing the proposed Agreement I have considered the views and recommendations of interested agencies. I have determined that its performance will promote, and will not constitute an unreasonable risk to, the common defence and security. Accordingly, I have approved it and I urge that the Congress also approve it this year,” Bush said. Source: Home - Livemint.com | 11 Sep 2008 | 6:10 am BBC Asian programmes head leaves for Sony TV IndiaBBC's Asian programmes head Gurdip Bhangoo is leaving for India as head of programming for Sony Entertainment Television in the country.Source: IndiaeNews.com: Business News | 11 Sep 2008 | 6:00 am Google blamed for irrelevant UAL bankruptcy storyNew York: Tribune Co on Wednesday blamed technology owned by search engine company Google Inc for treating an outdated story about UAL Corp’s bankruptcy as current, breaking news. Tribune said in a press release it had identified problems with Google’s “Googlebot” technology months ago and asked the company to stop using it to “crawl” for stories on its website. The Chicago-based publisher said it believes Google continued using the technology to identify stories and make them available as search results on its Google News site, and that Google continues to misclassify stories. A 2002 Chicago Tribune story about the airline UAL declaring bankruptcy caused the company’s stock to lose nearly all of its value after an investment firm posted it on the Bloomberg financial news service on Monday. The story appeared over the weekend on an inner page of the website of Tribune’s South Florida Sun-Sentinel newspaper in Fort Lauderdale. Google News then featured it in its search results, where it was discovered by Miami Lakes, Florida,-based investment firm Income Securities Advisers. A spokesman for Google was not immediately available for comment. Source: Tech News - Livemint.com | 11 Sep 2008 | 5:20 am Lehman tries to soothe Wall Street with asset saleNew York: Lehman Brothers, in a desperate bid to survive, announced plans on Wednesday to sell a majority stake in its prized investment management business and said a sale of the entire company was possible. Lehman, battling America’s worst financial crisis since the Depression, also said it would spin off a troubled real estate unit and slash its dividend. Those moves come as the fourth largest US investment bank reported an almost $4 billion third-quarter loss, boosting its losses so far this year to about $6.5 billion. The plan was aimed at raising capital and regaining investor confidence in the 158-year-old firm. It was also seen as a reconstruction of Lehman Brothers, which has been devastated as the housing slump evolved into a global credit crunch in the past year. Pressure has been mounting on Chief Executive Richard Fuld to save the firm from the same fate that felled rival Bear Stearns Cos. Fuld, the longest serving CEO on Wall Street, rescued Lehman Brothers from the fallout of the Russian credit crisis and collapse of Long-Term Capital Management hedge fund in the late-90s. This time, he is hopeful the actions will “de-risk and resize” the company but concedes the only company he’s ever worked for could be sold entirely. “If anybody came with an attractive proposition that was compelling for shareholder value, it would be brought to the board, discussed with the board, and evaluated,” Fuld told investors on a conference call. “We remain committed to examining all strategic alternatives to maximize shareholder value.” The company said it will auction a 55% stake of the investment management business, which includes fund manager Neuberger Berman that it bought in 2003. Fuld said the firm was in late-stage talks with potential buyers for the business, which analysts value at up to $10 billion for the entire business. Lehman will also spin off $25 billion to $30 billion of commercial real estate investments into a separate publicly traded company, to be called Real Estate Investments Global, in the first quarter of 2009. Financial regulators forced Lehman to mark down the value of those assets on its books, but those same restrictions will not be placed on the new company. Investors got more bad news after the company slashed its dividend to 5 cents per share from 68 cents per share in a move that will save an estimated $450 million a year. The stock has plunged more than 80% this year to lows not seen in more than a decade. It fell 54 cents, or 6.9 percent, to close at $7.25 Wednesday after falling as low as $6.93 earlier in the session. Lehman shares plunged 45% on 9 September. Apprehensions Wall Street remains skittish about financial stocks since the near-collapse of Bear Stearns in March. Like other investment banks, Lehman has been hit hard by deterioration in the credit and mortgage markets since the middle of 2007. Global banks have so far lost more than $300 billion from mortgage-backed securities and other risky investments. The moves are intended to prove to Wall Street that the embattled bank has enough liquidity to survive. But, there still remains uncertainty among analysts if the strategy will work in the end. If Lehman moves into the future without its investment management business, issues regarding its future and sustainability as a pure-play investment bank arise,” said Cubillas Ding, a senior analyst with Boston-based financial research and consulting firm Celent. Ding, and other analysts, also points out that Lehman still has exposure to a high concentration of risk to real estate and related investments. Lehman’s quarterly loss includes gross write-downs of $5.3 billion on residential mortgages and $1.7 billion on commercial real estate positions. The results reflect a continued decline in Lehman’s portfolio in the second quarter the company lost $2.8 billion for the period. It earned $887 million in the third quarter a year ago. Lehman said it has reduced its residential mortgage exposure by 3% to $17.2 billion, and expects its sale of $4 billion of its UK residential mortgage portfolio to BlackRock Financial Management Inc. to be completed within the next few weeks. Lehman also reduced its commercial real estate exposure by 18% in the third quarter to $32.6 billion from $39.8 billion. After posting a surprise $2.8 billion loss during the second quarter, Lehman was scrutinized by banks and customers about liquidity issues, even though the company has raised $14 billion of capital since last year. The company also brought on new top management to help boost risk management. Source: World Business - Livemint.com | 11 Sep 2008 | 5:02 am 'West Bengal will soon emerge as animation hub'West Bengal will emerge as one of the leading hubs of the animation, visual effects and gaming industry in the next three years, DQ Entertainment (DQE) chairman and CEO Tapaas Chakravarthi said here Wednesday.Source: IndiaeNews.com: Business News | 11 Sep 2008 | 2:01 am Kashmir rail project to have world's longest rail tunnelJammu and Kashmir Governor N.N. Vohra Wednesday conducted an aerial survey of the upcoming 10.96-km Pir Panchal rail tunnel, which is set to become the world's longest railway tunnel.Source: IndiaeNews.com: Business News | 11 Sep 2008 | 2:01 am Singur is an exception, says BuddhadebWest Bengal Chief Minister Buddhadeb Bhattacharjee Wednesday tried to remove doubts expressed by business houses about the state's industrial climate following the prolonged stand-off over the Tata Motors' small car factory, and said the trouble in Singur was only an exception.Source: IndiaeNews.com: Business News | 11 Sep 2008 | 1:33 am UK men's magazines to hit Indian newsstands by year-endUK-based publisher Dennis Publishing will launch men-specific magazines in India this year in a joint venture with the country arm of Thai publication house Media Transasia, the company said Wednesday.Source: IndiaeNews.com: Business News | 11 Sep 2008 | 1:03 am Rupee breaches 45-mark on strong dollar purchasesMumbai, Sept. 10 The rupee depreciated by 26 paise against the dollar on Wednesday, to levels last seen in November 2006. ...Source: Business Line - Home Page | 11 Sep 2008 | 12:00 am Day Trading GuideThe near-term outlook is positive for the counter. We retain our buy recommendation in this counter. ...Source: Business Line - Home Page | 11 Sep 2008 | 12:00 am Diageo, 2 others keen to take stake in United SpiritsUB, Heineken in discussions to resolve Asia-Pacific Brewery issue. Bangalore, Sept. 10 The world’s largest liquor company Diageo, which makes Smirnoff vodka and Johnnie Walker whisky, and two other companies have expressed their ...Source: Business Line - Home Page | 11 Sep 2008 | 12:00 am Some steel cos cut prices by Rs 2,000Mumbai, Sept. 10 Primary steel makers appear to be under pressure from softening global prices. On Wednesday, JSW Steel and Ispat Industries said they have cut prices by about Rs 2,000 a tonne with effect from September 1. ...Source: Business Line - Home Page | 11 Sep 2008 | 12:00 am ‘Fly’ harvesting of coffee beginsCoffee Board estimates production at 2.93 lakh tonnes. Chennai, Sept. 10 With coffee plantations receiving early blossom showers in March this year, “fly”-harvest of the berries has already begun in some of the ...Source: Business Line - Home Page | 11 Sep 2008 | 12:00 am ‘Equipment purchase will be linked to guarantee of lifetime fuel supply’The deal is done and now the spotlight shifts to the only company authorised by law to set up nuclear power projects in the country — the Nuclear Power Corporation of India Ltd. In an interview to Business Line, the ...Source: Business Line - Home Page | 11 Sep 2008 | 12:00 am Cummins India (Rs 298.20): SellWe recommend a sell in Cummins India from a short-term point of view. We notice in the charts of Cummins India that the stock has commenced a medium-term up move following the reversal from the support at Rs 225 in early July. However, this up ...Source: Business Line - Home Page | 11 Sep 2008 | 12:00 am GE eyes acquisitions in IndiaEspecially in infrastructure, healthcare, media space. New Delhi, Sept. 10 General Electric Co (GE) is scouting for acquisitions to scale up its presence in India. The diversified engineering and services major is looking across a gamut of ...Source: Business Line - Home Page | 11 Sep 2008 | 12:00 am Mittal projects face 50% cost overrunsLand acquisition, mining lease major hurdles. New Delhi, Sept 10 Arcelor Mittal, the largest steel manufacturer in the world, is anticipating a major cost overrun to the tune of around 50 per cent in its investments in Orissa and Jharkhand due ...Source: Business Line - Home Page | 11 Sep 2008 | 12:00 am OPEC may defend prices in case of fall below $100Will crude breach the magical $100 a barrel mark and move down to double digits after an extraordinary bull run of last several months? This is the multi-million dollar question in everyone’s ...Source: Business Line - Home Page | 11 Sep 2008 | 12:00 am DQ aligns with American Greetings for a comic roleAnimation and visual effects company DQ Entertainment has tied up with American Greetings as part of its plans to enter the comics publishing space.Source: Daily News & Analysis: Money News | 10 Sep 2008 | 11:19 pm '80% of vendor park can be returned to farmers'Protestors to the Tata Motors project to make the Nano in Singur claim that more than 300 acres in the 997-acre factory site can be returned to unwilling farmers, even as West Bengal governmentSource: Business Standard | Front Page Headlines | 10 Sep 2008 | 6:56 pm Core sector expands 4.3% in JulyThe index of six core-industries grew at its fastest pace in July this fiscal at 4.3 per cent, backed by higher coal production and electricity generation.Source: Business Standard | Front Page Headlines | 10 Sep 2008 | 6:54 pm Silicon panels will maintain lead in solar race: researcherBerlin: New ways to capture energy from the sun are unlikely to challenge the dominance of photovoltaic panels made from silicon in the coming years, said Eicke Weber, head of a German solar energy research group. “Silicon-based photovoltaic is the most efficient system,” the Freiburg-based Fraunhofer Institute for Solar Energy Systems physicist said in an interview. “And there’s a lot of exciting research that can be done to improve it,” said Weber.  Bright future: Schott Solar AG, the German maker of photovoltaic solar electric products, calls silicon-based panels its ‘flagship’ product. Schott Solar AG, the German manufacturer that’s going public in what may be Europe’s biggest initial stock offering this quarter, calls these panels its “flagship” product. Continuing dependence on silicon as the main material for photovoltaic devices, the workhorse of the solar industry, probably will hold back declines in panel prices, said Bozena Jankowska, a London-based fund manager at Allianz RCM. “Silicon costs about $400 to $450 a kg (Rs18,000-20,250) on the spot market,” said Jankowska, who manages £1.5 billion of assets in the Global EcoTrends Fund. There’s greater potential with non-silicon technologies, she said. “Thin film is a very good large-scale application.” Researchers such as Marco Baldo at the Massachusetts Institute of Technology are developing non-silicon-based devices that use solar energy by either concentrating it to heat a liquid that runs turbines, or by generating a current with so-called thin films. Like photovoltaic cells, thin films turn the sun’s energy directly into current, though are less expensive to produce and can be bent to fit curved surfaces. Researchers are trying to boost the efficiency of silicon-based technology by using material that captures a greater range of light and by concentrating light on to panels. The most efficient silicon system created under laboratory conditions harnessed 40% of the incoming energy, while most panels operating on roofs have efficiency ratings of less than 20%, Weber said. Efficiency is measured by the amount of the sun’s radiation that is converted into electrical energy. The “high” price of silicon is the result of few manufacturers and a fast growing demand for the material, also used to make computer chips, said Fraunhofer’s Weber. With a rise in production, supply will increase and help lower the price, he added. At the moment about 40,000 tonnes of “super-clean” silicon, or computer-chip quality, are made annually. The silicon supply shortage in the solar industry will soon be a “thing of the past,” said Carsten Koernig, who heads the Berlin-based BSW German solar lobby group. Previously, manufacturers made silicon primarily for computer chipmakers such as Infineon AG and Intel Corp. and “had their fingers burned” after demand for chips fell, he said. Costs for photovoltaic silicon panels will decline between 10% and 15% annually in the coming years, helped by cheaper prices, Christoph Koch, chief financial officer of solar-power producer S.A.G. Solarstrom AG, estimated. Q-Cells AG, a solar panel maker based in Thalheim, Germany, doesn’t expect the price for silicon to decline until possibly late next year, said Stefan Lissner, who heads the firm’s investor relations department. Infineon spokesman Guenter Gaugler declined to comment on the company’s expectations for silicon prices. Infineon is Europe’s second largest maker of semiconductors. “Many companies have announced they want to start producing silicon, but there will probably be delays, and demand remains high,” Lissner said. “Still, we’ve seen a downward trend in the price of the contracts we’re making now.” Regardless of the price, the strategy of Q-Cells, the world’s largest solar panel maker, depends on silicon-based photovoltaic systems, confirmation of Fraunhofer’s prediction, Lissner said. Jeremy Naylor in London contributed to this story. Source: Tech News - Livemint.com | 10 Sep 2008 | 6:53 pm Market expects the rupee to fall furtherThe rupee, which fell today below the 45 mark against the dollar for the first time since November 2006, is expected to fall further in the coming days.Source: Business Standard | Front Page Headlines | 10 Sep 2008 | 6:51 pm TCS, Infosys expect more delays in ordersHong Kong/Singapore/Bangalore: India’s largest software-services companies, Tata Consultancy Services Ltd (TCS) and Infosys Technologies Ltd, expect US financial firms to delay orders as the worst housing slump since the Great Depression forces cutbacks.  Looking beyond: Infosys CEO S. Gopalakrishnan said the firm, which is seeking to increase sales in Europe, may look at ‘selective’ acquisitions. Hemant Mishra / Mint “We keep hearing bad news and there may be still some more bad news,” TCS chief executive officer S. Ramadorai said on Wednesday. “Delays in projects are to be expected in the financial services sector and that’s what we’re witnessing.” TCS and Infosys in July reported first quarter profit growth slowed as Wall Street clients reduced orders and delayed new contracts. Since then, the deepening crisis has forced the US treasury to take over mortgage lenders Fannie Mae and Freddie Mac and losses and writedowns at financial firms have crossed $500 billion. “There’re some delays in new orders as customers are also concerned about the environment,” Infosys chief executive officer S. Gopalakrishnan said in a separate interview in Singapore. The US economy lost jobs for the eighth straight month in August, according to its labour department. The decline increases the likelihood of a drop-off in consumer spending and a deeper economic slowdown by the end of the year. The slowdown has prompted large companies led by banks to pare their technology budgets, according to Cambridge, Massachusetts-based Forrester Research Inc. The survey of financial companies showed 49% have slashed budgets. “We have to be very, very cautious with the happenings in the financial services firms,” Ramadorai said. “The software industry relies 40-44% on the financial services sector and the US becomes a major market.” To weather the slowdown, both TCS and Infosys are seeking to increase sales in Europe, which currently contributes about a third of their revenue. Infosys last month offered to buy UK-based Axon Group Plc. for $718 million, its second acquisition in 13 months. Infosys may face a counter bid for Axon from Japan’s Fujitsu Ltd and India’s HCL Technologies Ltd, which plans to offer 15% more than Infosys’ bid, The Economic Times newspaper reported, citing unidentified people involved in the negotiations. Gopalakrishnan said he hadn’t heard about a competing offer. The Bangalore-based software exporter may look for further “selective” acquisitions, he said. “We’re looking at consulting and geographical expansion in Europe and the emerging markets such as India and the Middle East,” Gopalakrishnan said. Infosys expects to hire 25,000 people this financial year, compared with more than 33,000 for the year ended March. The plans aim at narrowing TCS’ lead and boost revenue in Europe as customers in the US delay orders. Infosys plans to hire 25,000 workers this year and add capacity in China, eastern Europe and Latin America, Gopalakrishnan said at a conference in Singapore, without elaborating. Infosys may recruit about 1,000 workers in China in the next two-three years, he said. TCS is expanding in Latin America where the Indian service provider already has a presence in Chile, Ramadorai said. While the software provider is growing in other regions, the US will remain the largest market, contributing about half the company’s revenue, Ramadorai said. Infosys rose 0.68% to Rs1,759.15 in Mumbai. TCS fell 1.74% to Rs851.15. feedback@livemint.com Source: Tech News - Livemint.com | 10 Sep 2008 | 6:38 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: Tech News - Livemint.com | 10 Sep 2008 | 11:53 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
|
