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BSNL allows roaming with private operatorsNew Delhi: Mobile subscribers are likely to enjoy seamless connectivity throughout the country soon, as state-run BSNL has decided to share its network with private telecom firms for roaming agreements. In a Management Committee meeting recently, the PSU approved a proposal in this regard. “The MoU in this regard may be signed with the seeking operators initially for six months only on non-exclusive and experimental basis,” a BSNL internal circular of the Management Committee meeting said. BSNL will sign the first roaming agreement with new telecom operator Swan Telecom, the circular said. The committee has decided to levy roaming charge of 52 paise a minute per outgoing call. “The Management Committee, after detailed discussion, has decided that roaming charge of 52 paise per outgoing call may be offered for the intra-circle roaming service seeking operators,” it said, adding BSNL would review the charge after initial six months and it could be revised up or downward based on prevailing conditions and volume of business. The committee said only the idle capacity of the network will be used to earn extra revenue. The incremental additional cost of the upgradation of equipment to provide roaming will be borne by the seeker operators. With this, subscribers of private operators will finally be able to roam on BSNLs nation-wide network. While all private telecom companies have roaming agreements with each other, BSNL, till date, has not opened up its networks for roaming deals. Source: LatestNews-Home - Livemint.com | 14 Sep 2008 | 9:49 am Plane crash in central Russia kills 88Moscow: A passenger jet traveling from Moscow to the Ural Mountains city of Perm crashed as it was preparing to land early Sunday, killing all 88 people aboard, officials said. Emergency Situations Ministry spokeswoman Irina Andrianova said there was no indication of terrorism in the crash of the Boeing-737-500, which went down on the outskirts of the city of Perm around 3:15 am. Flight 821, operated by an Aeroflot subsidiary, carried 82 passengers and six crew members, Aeroflot said in a statement. Among those killed were citizens from the United States, France, Turkey, Switzerland, Germany, Italy and Latvia. The plane was on its approach to land amid low cloudcover when it crashed into an unpopulated area of the city, just a few hundred meters (yards) from residential buildings. Aeroflot officials said the plane was circling at about 1,100 meters (3,600 feet) in “difficult weather conditions” when it lost contact with ground dispatchers. The most likely cause of the crash was technical failure, Vladimir Markin, a spokesman for the federal prosecutors’ Investigative Committee, said in televised comments. A section of rail track was destroyed in the crash, which scattered paper, clothing, life preservers and parts of engines for several hundred meters (yards) along the track. Sections of the plane’s fuselage reading “Aeroflot” and “Boeing” lay askew on the rails. Part of the Trans-Siberian railway was also shut down as a result of the rail damage, said Alexander Burataeva, a spokesman for the national railroad company. Officials said there were no deaths on the ground; investigators had found the planes’ “black box” flight recorders and were working to analyze them. Russia and the other former Soviet republics have some the world’s worst air traffic safety records, according to the International Air Transport Association. Experts have blamed weak government controls, poor pilot training and a cost-cutting mentality among many carriers that affects safety. No problems were reported with the 15-year-old jet when it was last inspected at the beginning of 2008, Aeroflot Deputy Director Lev Koshlyakov said. Sunday’s crash was the second involving a Boeing 737 in the former Soviet Union in the past month. A Boeing flying from the Central Asian nation of Kyrgyzstan to Iran crashed shortly after takeoff on 24 August, killing 64 of the 90 people on board. The pilot of that plane has been detained by prosecutors in connection with the investigation, officials said this week. Source: LatestNews-Home - Livemint.com | 14 Sep 2008 | 9:40 am BSNL to seek employees opinion on IPOPTI New Delhi: Confident of overwhelming support from employees to its public listing plans, state-owned Bharat Sanchar Nigam Ltd (BSNL) will shortly conduct an opinion poll among employees on the proposed IPO before calling the unions to the negotiating table. “On the BSNL intranet sites, employees have overwhelmingly welcomed the IPO. They have also asked that an opinion poll should be conducted. Keeping in view the sentiments of the staff we will conduct an electronic poll,” BSNL CMD Kuldeep Goyal told PTI. The poll would ask the employees whether or not they support the IPO. “Though certain unions are opposing the proposed IPO, most BSNL employees are favorably inclined towards the listing,” company officials said. BSNL has a intranet site for its staff where the employees can communicate with the management. The poll would be conducted electronically on the intranet site and the result posted on the site. Earlier, the BSNL Employees Union had warned the management against proceeding with the IPO and threatened to strike work, arguing that the proposal for 10% equity dilution in BSNL was devoid of any merit. The union had also rejected the argument that BSNL was in need of funds for expansion and hence it was taking the IPO route. Source: LatestNews-Home - Livemint.com | 14 Sep 2008 | 9:27 am Blasts a dastardly act: Sonia - Hindustan Times
Source: Google News India - Business | 14 Sep 2008 | 9:15 am PSU banks lose business to private sector peersPTI New Delhi: Private sector domestic banks have wrested market share from their public sector peers in the country, while foreign banks have managed to hold their turf between 1994-95 and 2006-07, an Unctad report has said. Though public sector banks still hold the major chunk of the market, the private sector banks are increasing their share. The private banks ramped up their share to 23.4% in 2006-07 from 8.9% in 1994-95. The share of PSU banks fell to 69.2% in 2006-07 from 83.8% during the period, said Trade and Development Report, 2008 of the United Nations Conference on Trade and Development (UNCTAD). Market share of foreign banks, however, remained almost stagnant during the period. Their holding marginally changed from 7.3% to 7.4% for the period under review. In a bid to bring in greater efficiency RBI allowed entry of new private sector banks. In January 1993 norms for entry of new private players were announced by the Reserve Bank of India. Following the financial sector reforms, entry of private players in the banking sector gave rise to competition. Players like ICICI Bank and HDFC Bank with the help of technology expanded their business rapidly. Gradually, these players captured business from the public sector banks. Some of the big corporate houses moved their accounts to these private banks leading to a sizeable reduction in the business of state-owned banks. Source: LatestNews-Home - Livemint.com | 14 Sep 2008 | 9:15 am PNB to expand branch network in UKNew Delhi: Buoyed by roaring business in the first year of operation, Punjab National Bank’s UK subsidiary is planning to ramp up its branch network to meet aggressive growth objective. “The subsidiary earned profit in the first year of operation itself. We are planning to adding two more branches in the UK,” PNB General Manager Ranjan Dhawan said. The branches would come up in Bermingham and Leicester in the next 3-4 months, he said. Punjab National Bank International Ltd (PNBIL) has done a business of over $250 million since its inception in May last year, he said. Currently, the subsidiary has its branches at Gresham Street and Southall. PNBIL offers tailored banking facilities, trade and loan finance to the large Indian diaspora as well as retail banking customers. Besides, it also enables customers to transmit remittances to and from India. In addition, the bank is also in the process of starting overseas operations in four new locations in the immediate future, including Norway, Dubai, Shanghai and Singapore. The bank is in the process of setting up a representative office in Norway, he said adding it should come up in the next couple of months. RBI has already accorded approval for upgrading the bank’s Shanghai (China) representative office to a branch. PNB is also planning to upgrade its representative office in Dubai International Financial Centre (DIFC) into a branch. Source: LatestNews-Home - Livemint.com | 14 Sep 2008 | 9:12 am Hindujas may enter car manufacturing bizPTI Mumbai: UK-based NRI business conglomerate, Hindujas, which is stepping up its commercial vehicle manufacturing business in the country, have not ruled out the possibility of making passenger cars. “We are not averse (to making cars) and are open to investments in that sector,” said Hinduja Group Chairman Srichand P Hinduja. “There is a slowdown in the market — who knows, we could look at acquisitions in this segment,” he said without elaborating. The Hindujas’ flagship company, Ashok Leyland, which manufactures about 85,000 commercial vehicles annually at its various plants pan-India, had announced its expansion plans including manufacturing one lakh LCVs at its greenfield facility being set up near Chennai at an investment of Rs2,600 crore. It would also invest Rs1,500 crore to raise output at Ennore and Hosur in Tamil Nadu. The company has plants at various locations including Chennai, Hosur, Bhandara (near Nagpur) and Alwar in Rajasthan and constructing a plant at Pantnagar which will be commissioned next year. The group had announced a $50 billion investment across sectors — power, automotives, IT, hospitality, real estate, healthcare, financial services, oil and gas, media and entertainment in 2004. Also mulling to make a foray into the power sector it had chalked out plans for setting up 4,200 MW unit and proposes to take raise the output up to 10,000 MW. After the Indo-US nuclear deal the company is also looking at nuclear power generation. “Energy and infrastructure are the two key areas of focus,” Hinduja said adding that the Government should hasten the reforms process to attract investment. Financial services The group, which has promoted IndusInd Bank in India and owns Amas Bank in Switzerland, is also looking at the financial sector for big-ticket investment. “We will be looking at insurance and other financial services,” Hinduja said. On the current inflationary trend he said, the slowdown in the economy on the back of recessionary trends globally, may be temporary. “Inflation is a matter of concern and the cash crunch is beginning to surface,” he said, adding that he expected this situation to last for some more time. Source: Home - Livemint.com | 14 Sep 2008 | 9:03 am BT may sell its 31% stake in Tech Mahindra to TCSNew Delhi: Looking to exit from the Indian venture Tech Mahindra, British Telecom (BT) is understood to have offered its 31% stake to Tata group company TCS. BT may be mulling to exit totally from the venture, sources close to the development said but no confirmation could be obtained either from the British entity or the Indian corporate house. Asked if British telecom had approached with its offer to sell its total or part stake, a TCS spokesperson said “We do not comment on market speculation”. Sources said the approach could have been driven out of synergistic angle as TCS has a thriving telecom practice and most importantly BT is a valued customer of TCS. It is also not clear at this stage whether BT has kept Mahindra and Mahindra, the single largest stake holder with 44% share in Tech Mahindra, in the loop about its latest move. Although the valuation of the company has not yet been done by any professional investment banker, the market cap of the company is close to $2.5 billion as per the current share price of firm. At the close of trading on Friday, Tech Mahindra quoted at Rs759.75, down 2.42% on the BSE. Source: Home - Livemint.com | 14 Sep 2008 | 8:59 am Speculative buying in real estate declinesPTI Mumbai: Speculative buying in the real estate market in leading cities has declined to 5% from 30-40% earlier and genuine end-users account for nearly 80% of total property sale, a report on real estate by Ernst & Young and Ficci has said. The report said: “The last three to four quarters have witnessed a significant shift in the buyers’ profile with real estate prices reaching a level where speculators \ investors cannot realise significant returns.” Speculators used to account for 30 to 40% of total sales earlier, according to the report released at a real estate summit. The report has divided non-genuine buyers between speculators and long term investors. The report defines a speculator as one who would sell the real estate property within 18 months after purchase, while long term investors tend to sell their property after three to five years. While the speculative buying at present is estimated to account for five per cent of total sales, the buying by long term investors, who have been found to be active in premium segment, currently account for about 15% of the sales. The report said developers in leading cities believe that genuine end-users have taken over from the investors and account for nearly 80% of sales in their current projects. Source: Home - Livemint.com | 14 Sep 2008 | 8:57 am Govt, Wall Street races to try to save LehmanWashington: The financial world held its collective breath on Saturday as the US government scrambled to help devise a rescue for Lehman Brothers and restore confidence in Wall Street and the American banking system. Deliberations resumed Saturday as top officials and executives from government and Wall Street tried to find a buyer or financing for the No. 4 US investment bank and to stop the crisis of confidence spreading to other US banks, brokerages, insurance companies and thrifts. Failure could prompt skittish investors to unload shares of financial companies, a contagion that might affect stock markets at home and abroad when they reopen Monday. Options include selling Lehman outright or unloading it piecemeal. A sale could be helped along if major financial firms would join forces to inject new money into Lehman. Government officials are opposed to using any taxpayer money to help Lehman. An official from the Federal Reserve Bank of New York said Saturday’s participants included Treasury Secretary Henry Paulson, Timothy Geithner, president of the Federal Reserve Bank of New York, and Securities and Exchange Commission Chairman Christopher Cox. The New York Fed official asked not to be named due to the sensitivity of the talks. Citigroup Inc.’s Vikram Pandit, JPMorgan Chase & Co.’s Jamie Dimon, Morgan Stanley’s John Mack, Goldman Sachs Group Inc.’s Lloyd Blankfein, and Merrill Lynch & Co.’s John Thain were among the chief executives at the meeting. They discussed the current financial crisis, and were asked to come back Saturday with solutions that did not involve any financial intervention by the government, the officials said. They spoke on condition of anonymity because the talks were ongoing. Potential buyers could include Bank of America Corp., Britain’s Barclay’s Plc, Japan’s Nomura Securities, France’s BNP Paribas and Deutsche Bank AG. All have declined to comment. Source: LatestNews-Home - Livemint.com | 14 Sep 2008 | 8:54 am Govt, Wall Street races to try to save LehmanWashington: The financial world held its collective breath on Saturday as the US government scrambled to help devise a rescue for Lehman Brothers and restore confidence in Wall Street and the American banking system. Deliberations resumed Saturday as top officials and executives from government and Wall Street tried to find a buyer or financing for the No. 4 US investment bank and to stop the crisis of confidence spreading to other US banks, brokerages, insurance companies and thrifts. Failure could prompt skittish investors to unload shares of financial companies, a contagion that might affect stock markets at home and abroad when they reopen Monday. Options include selling Lehman outright or unloading it piecemeal. A sale could be helped along if major financial firms would join forces to inject new money into Lehman. Government officials are opposed to using any taxpayer money to help Lehman. An official from the Federal Reserve Bank of New York said Saturday’s participants included Treasury Secretary Henry Paulson, Timothy Geithner, president of the Federal Reserve Bank of New York, and Securities and Exchange Commission Chairman Christopher Cox. The New York Fed official asked not to be named due to the sensitivity of the talks. Citigroup Inc.’s Vikram Pandit, JPMorgan Chase & Co.’s Jamie Dimon, Morgan Stanley’s John Mack, Goldman Sachs Group Inc.’s Lloyd Blankfein, and Merrill Lynch & Co.’s John Thain were among the chief executives at the meeting. They discussed the current financial crisis, and were asked to come back Saturday with solutions that did not involve any financial intervention by the government, the officials said. They spoke on condition of anonymity because the talks were ongoing. Potential buyers could include Bank of America Corp., Britain’s Barclay’s Plc, Japan’s Nomura Securities, France’s BNP Paribas and Deutsche Bank AG. All have declined to comment. Source: World Business - Livemint.com | 14 Sep 2008 | 8:54 am Centre provides insurance cover to NREGA workersNew Delhi: The Centre has recently provided insurance cover to all 2.11 crore NREGA workers under the Janashree Bima Yojana (JBY) after the expansion of National Rural Employment Guarantee Act (NREGA) to entire country from April this year. The finance ministry gave the approval to the proposal of rural development ministry to include all the rural poor involved in NREGA under the ambit of JBY in July this year. The rural development ministry has written to all the state governments to extend the insurance cover to their respective NREGA workers. Under JBY, the insured person would have to pay annually Rs 200 as individual premium. Half of this premium would be contributed by the member or the state governments and the balance would be borne by the Social Security Fund. The families of the insured persons will get Rs75,000 in case of death due to accident or permanent disability, while Rs30,000 would be given to the beneficiary in case of partial disability. JBY is a scheme introduced by LIC and provides life insurance protection to the rural and urban poor living below poverty line. As per rules, however, in order to get this cover, the workers are required to put in a minimum 15 days of work in a year under NREGA. A person already covered by insurance policy of some other company or department, would not be eligible for cover under JBY, a ministry official said. Source: LatestNews-Home - Livemint.com | 14 Sep 2008 | 8:47 am Eerie calm in blast-hit Gaffar Market as shoppers stay away - Hindu
Source: Google News India - Business | 14 Sep 2008 | 8:39 am BSNL to bid for MTNL’s ILD tenderNew Delhi: State-run BSNL will bid for the outgoing international call routing tender of MTNL. “The company would participate in the tender and there is no PSU angle. It is just commercial consideration as BSNL has ILD infrastructure,” a senior BSNL official said. MTNL proposes to invite sealed bids from eligible Indian ILD operators for routing its international traffic of MTNL Delhi and Mumbai to various destinations around the world through an open tender. The bids will open in the last week of September. The likely date is September 23. MTNL, which operates in Delhi and Mumbai and holds an ILD licence largely depends on other operator’s network as it doesn’t have its own infrastructure ready till date. At present the PSU operator’s international traffic is mainly routed by Tata Communication. The fresh invitation from MTNL implies that it is looking at other ILD operators who can carry its outgoing ILD traffic at cheaper price than the prevailing rates, said MTNL officials. However, the company is in the process of laying down its own submarine cable which would connect India to other countries like Singapore and Malaysia. The undersea cable can cut down ISD tariffs as the operational costs would fall substantially. At present, the company charges in the range of Rs6.40 to Rs9.20 per minute for ISD calls to the US, Europe, Africa and Gulf countries. Bharti Airtel, Reliance Communications, Tata and BSNL are the other ILD operators in the country. Source: LatestNews-Home - Livemint.com | 14 Sep 2008 | 8:38 am Essar Shipping to raise $1.9 bnPTI Mumbai: Essar Shipping Ports and Logistics has said it will raise $1.9 billion by the end of this year for its various expansion plans. The company has laid out an expansion plan for $2.5 billion in the next three years. The amount would be invested with a mix of equity of $600 million and the rest through debt. “We will raise the money by the end of this year. For the port business, we will borrow from Indian banks and for shipping and logistic businesses we will borrow from abroad,” Essar Shipping Ports and Logistics Director V Ashok told PTI. At present shipping contributes 65% of revenues to the group. After 2010-11, Essar expects shipping revenue to come down to 50%. “Over the last year, we have reorganised our businesses from a mere shipping company. As shipping is a cyclical business, it becomes too difficult to manage,” he said. The company decided to enter the port sector, which would bring in revenues throughout the year and is looking at building terminals at ports. Simultaneously, it entered logistic business working for Essar Steel and Essar Oil. “We have become an integrated player in India, which is unique. We have embarked upon to build a third-party logistic business. We want to expand logistics in a major way,” he said. “We are looking at a variety of projects across ports and terminals,” Ashok said. The company is looking at building terminals not only in India, but also in Brazil, Vietnam and Africa as Essar group is investing in projects across the world. Drilling business The company has reentered the drilling business. It has 25 rigs and has bagged a long-term contract with GSPCL for gas exploration in KG basin for a contract of $318,000 a day. Last year, Essar Shipping entered dredging, but solely for its own purpose. “Dredging will be a serious focus as a business. It is a huge inter-related activity. Going forward, if there are lots of opportunities coming in port side, we will look at all options,” Ashok said. The company has bought two Chinese dredgers for $40 million. They have been deployed in Hazira where the company is creating a new port. The company was looking at entering shipbuilding, but as of now it has been dropped. “There was a thought at one point of time because it is obviously linked to ships. But as our shipbuilding programme is in place, maybe it will come at a later stage,” Essar Shipping Ports and Logistics CEO A R Ramakrishnan said. “We want to see what the government wants to do with its own plans. It has been talking about mega shipyards in East Coast and West Coast and nothing has come up,” he said. “Unless, the government comes out with a master plan to address all the problems, no ship building will happen like it happens in Korea, Japan and China,” he noted. Source: Home - Livemint.com | 14 Sep 2008 | 8:26 am Top firms lose over Rs55,000 cr in market valueMumbai: Amid continuing slide on bourses, country’s top 10 firms debate in terms of market capitalisation lost more than Rs55,000 crore last week, even as Reliance Industries retained its numero uno position. The 10 companies together lost Rs55,610 crore of market capitalisation. Public sector power major NTPC is the only one to defy the downslide. Market leader RIL faced maximum loss at Rs21,515 crore, even as it remained the country’s most valued firm with a market capitalisation of Rs2,80,777 crore. At the end of Friday’s trade, the total market value of the ten most valued firms comprising six from public sector and four private sector entities stood at Rs13,69,155 crore, down from Rs14,24,765 crore a week ago. Public sector energy giant ONGC, the country’s second most valued firm, recorded the second biggest loss of Rs10,256 crore, while two other PSUs MMTC and NMDC also saw their market values plummeting in the range of Rs5,200-7,300 crore. Another state-run major BHEL recorded a loss of Rs1,713 crore, while NTPC saw its market value growing by about Rs165 crore. PSU banking giant State Bank lost about Rs400 crore. Among private sector firms, Bharti Airtel lost close to Rs4,812 crore, Infosys’ market value declined by close to Rs3,958 crore and the loss for Reliance Communications stood at about Rs578 crore. Despite the loss, Reliance Communications returned to the top-ten rankings, while real estate major DLF moved out. Source: Home - Livemint.com | 14 Sep 2008 | 8:20 am Gold demand to rise ahead of festive seasonPTI Mumbai: Demand for gold is expected to increase following a downward trend in prices during the forthcoming festive season, a top industry official said. “Gold demand will go up during the forthcoming festive season. The downward trend in gold prices may also help increase demand,” Bombay Bullion Association (BBA) President Suresh Hundia told PTI. The demand for gold revived as prices fell sharply in the last one month from an all-time high of Rs13,764 per 10 grams as on 15 Julyto Rs11,415 on 13 September. The fall in prices bring relief to local consumers in the festival season. Demand has improved significantly ahead of festivals and is expected to continue. At the beginning of the month, traders and jewellers alike anticipated a sudden buying among the consumers, owing to the festive season ahead and also the fall in gold prices. But demand in the early stage of the month did not increase as expected. “Demand for gold in the Indian market picked up only after the second week,” National Commodity Exchange of India (NCDEX) Economist Manasee S Gokhale said. “Gold price may hover between Rs10,800 to Rs11,800 by Diwali,” Hundia said adding that in view of rising demand, import of gold has improved to 98 tonnes in August 2008 as against 69 tonnes in August 2007. Indian demand for gold this month is about 5 to 10 times the average demand in the same period last year. “The last week of August had seen a record high demand for gold on the back of a rising dollar and falling crude oil prices pushing gold prices further down, increasing the demand for the same,” Gokhale said. The premiums paid in the bullion market have also risen in India owing to Turkey competing with supplies of gold that normally comes to India from the Western world and European traders. Turkey is the third largest importer of the yellow metal and in August it imported a record high amounting to 45 tonnes, thereby raising the premiums that Indians had to pay because of supply constraints, Gokhale added. Easing oil prices Gold prices in the international market sank to a new one-year low last Thursday, falling below $750 an ounce as a stronger greenback and easing oil prices encouraged investors to pull money out of commodities. The dollar rose to an almost one-year high versus the Euro last Thursday despite a Commerce Department report showing a soaring US trade deficit for July. Gold hasn’t recorded a single upward session this month and it has fallen more than $90 in the nine trading days since 28 August. The precious metal is now more than $250 lower than its record high above $1,000 hit in March. “Gold price is really bad. The decline in the iternational market was due to people not worrying so much about high inflation since the energy prices went down,” bullion analyst Amit Zaveri said. “A pull-back in US dollar, a recovery in oil prices and the onset of the gold-studded Indian wedding season, could see a medium-term bounce in gold prices,” he added. Source: Home - Livemint.com | 14 Sep 2008 | 8:18 am NEWSMAKER - Boeing CEO McNerney gambles on strikeNEW YORK (Reuters) - Boeing Co chief executive Jim McNerney is betting his career that the world's biggest-selling plane maker can survive a strike by its assembly workers and emerge stronger by holding firm on its right to outsource work on its aircraft.Source: Reuters: Money News | 14 Sep 2008 | 8:12 am DoCoMo in talks to buy Tata Tele stake for $1.5 bln-paperMUMBAI (Reuters) - Japanese mobile phone operator NTT DoCoMo Inc is in advanced talks to buy about 25 percent of India's Tata Teleservices, the Business Standard newspaper said in an unsourced report on Sunday.Source: Reuters: Money News | 14 Sep 2008 | 8:10 am Satyam targets 10% share in engineering services segmentPTI New Delhi: Country’s fourth largest software exporter Satyam Computer aims to be among the top two engineering services providers and corner a marketshare of 10% by 2012, a senior official of the company said. “Satyam has a vision to be among the top two engineering services providers globally and reach a 10 per cent marketshare by 2012,” Satyam Computer’s head of Integrated Engineering Services, T S K Murthy, told PTI. In 2007, out of the total global service revenue of $2 billion, the revenue of R&D and product engineering services was $175 million, representing 9% of the total revenue. The share of the R&D and product engineering services in the total revenue is expected to grow significantly, according to infotech analyst firm IDC India. The analyst firm sees the division having great potential for Satyam to bolster its revenue. It, however, says this vision translates into overhauling the IT major’s current growth rate of over 40% for the next five years. IDC India said Satyam has put in place strategy to carry out this vision that include strong focus on select verticals like aerospace, automotive, consumer electronics, semiconductors and farm equipment. As part of that move, the company is focusing on geographies like the US, Germany, France, Japan and the UK. The other key strategy is positioning the company as a leading engineering service provider. Action plan Satyam’s action plan is to build domain expertise organically and inorganically and invest in R&D labs, testing facilities. It also has plans to establish front offices in the US, Japan, UK, Germany and France besides setting up delivery footprint in China, Malaysia, Brazil and Hungary, IDC India said. The analyst firm also said Satyam is building a portfolio of key clients in manufacturing and high-end verticals with service offerings like IT solutions, engineering services, embedded solutions, BPO and manufacturing operations support. Manufacturing and high-tech verticals fetch about 40% of Satyam’s revenue. R&D and product engineering services form a major share of the services to these clients. “Satyam foresees additional opportunity to tap the R&D budgets of its clients apart from the IT budgets. Engineering solutions and infrastructure management services are chosen as the two-high areas for the next three years, the analyst firm said. Source: Home - Livemint.com | 14 Sep 2008 | 8:06 am Inflation hits as states fail to implement anti-hoarding orderNew Delhi: A majority of states, including some ruled by the UPA constituents, have not yet implemented an anti-hoarding order that covers wheat, rice, pulses and oil despite the country facing over 12% inflation. A total of seven states - Tamil Nadu, Andhra Pradesh, Uttar Pradesh, Maharashtra, Chhatisgarh, Uttarakhand and Orissa have fully implemented the Stock Limit Order that could prove effective in checking black-marketing and profiteering by traders. In view of high inflation, the Cabinet on 21 August extended till April 2009 the power of states to regulate how much stocks of wheat and pulses traders can keep. It also put paddy under the ambit of stock limit. A similar notification for rice, edible oil and oilseeds was issued on 7 April and is valid for one year. Quoting a status paper prepared by the Consumer Affairs Ministry, a government official said the order under the Essential Commodities Act empowers states to deal with hoarders sternly. Bihar, Haryana, Madhya Pradesh, Punjab and Rajasthan are among the states that have not taken recourse to this tool, he said. Its implementation is optional and at the discretion of state governments. However, Sikkim, Rajasthan, Punjab, Goa and Bihar have informed the Centre that they are considering to impose stock limit, the official said. Some states have imposed stock limits on select commodities and not implemented the order completely. Source: LatestNews-Home - Livemint.com | 14 Sep 2008 | 8:06 am Singur strife concerns livelihood, not just farmlandThe fate of future industrial development in West Bengal hangs in the balance with the suspension of work at the Tatas' Nano factory in Singur, some 40 km from the West Bengal capital Kolkata, owing to disputes over farmland acquired for the project. A domino-like effect has already been sparked off by the controversy surrounding this high-profile project, with one of India's best known software companies Infosys Technologies also articulating concerns over whether it should go ahead with its own venture in the state.Source: IndiaeNews.com: Business News | 14 Sep 2008 | 8:01 am Serial blasts rip across DelhiNew Delhi: At least five bombs exploded in quick succession in crowded markets and streets in New Delhi on Saturday, killing at least 20 people and injuring scores more, police said. The Indian Mujahideen terrorist group, which says it has carried out several major attacks in recent months, sent an email to local television stations saying it was responsible for the blasts. Police and witnesses said two went off in dustbins in and around Connaught Place, a shopping and dining area popular with tourists and locals in the centre of the city. Others exploded in busy markets around the city, within minutes of each other. Hundreds of people have been killed in a wave of bombings in India in recent years, with targets ranging from mosques and Hindu temples to trains. Police say the Indian Mujahideen is an offshoot of the banned Students’ Islamic Movement of India, but say local Muslims appear to have been given training and backing from militant groups in neighbouring Pakistan and Bangladesh.
One bomb exploded in a newly constructed park in the centre of the Connaught Place roundabout, built above one of the main stations of the Delhi Metro. Bomb in a dustbin Another went off in a dustbin near a metro station entrance on a main arterial road leading into the area, housing the offices of several foreign banks and multinational companies. “Around 6:30 pm we heard a very loud noise, then we saw people running all over the place,” said Chanchal Kumar, a witness whose shirt was soaked in blood of several victims he had helped shift into ambulances. “There were about 100-200 people around this place,” he said, adding the blast site was crowded.  An injured being taken for treatment at RML hospital after serial blasts in New Delhi on Saturday. PTI “It was a huge blast,” said another witness, Sanjeev Gole. “I was around the corner from the road. I came running down and I saw at least four to five people lying on the road.” Broadcasts showed the aftermath of the explosion in the Ghaffar Market area of Karol Bagh, which is a busy area full of electronics shops and is packed at weekends. Badly damaged cars with windows shattered and mangled motorbikes could be seen along with personal belongings, some of them bloodstained, and abandoned shoes. Police controlled crowds of onlookers, some people angry that they had failed to prevent the explosions. Wounded people were shown being carried away by rescuers at one site, one leaving a trail of blood on the ground. Hundreds of people milled around the site of the explosions as police tried to cordon off the area. In July, at least 45 people were killed after a series of bombs ripped through Ahmedabad. The attack came a day after bombs killed one woman in the IT hub of Bangalore. Blasts mindless act of violence: Prez New Delhi: President Pratibha Patil said the serial blasts in the Capital were a “mindless act of violence” and appealed to the people to maintain peace. Patil condoled the loss of lives in the explosions and described the incident as a “mindless act of violence”, a Rashtrapati Bhavan statement said. The President has been grieved by the tragic turn of events, it said. Patil also wished the speedy recovery to those injured in the blasts. (PTI) Security beefed up New Delhi: Security was tightened across the Capital which was rocked by a series of explosions, with police personnel fanning out in large numbers to railway and Metro stations, hospitals, bus terminals and airport. Gun-toting security personnel were deployed at sensitive points after explosions in a span of 45 minutes ripped through the city. Barricades were put up at several places to regulate traffic. There was chaos on the roads as people who were outside rushed back home following the blasts. Security was stepped up at railway and Metro stations, inter-state bus terminals, airport, cinema halls, shopping malls and other sensitive points. Extra personnel have been deployed at religious places, besides keeping an extra vigil on the borders. Police have asked cyber cafe owners and dealers to be on alert and keep a tab on their customers.(PTI) Source: Home - Livemint.com | 14 Sep 2008 | 7:58 am Federal Reserve likely to hold rates steadyBy Rob Lever / AFP Washington: The Federal Reserve is likely to maintain its stimulative interest rate policy on Tuesday in the face of renewed market turmoil and signs that the US economy remains in a funk, analysts say. The Federal Open Market Committee (FOMC) headed by chairman Ben Bernanke is widely expected to maintain the federal funds rate at 2%, where it has been since 30 April, even though that is below the pace of inflation. The panel also is expected to shift gears, backing away from a pledge to lift interest rates at some point soon, despite hints since June that inflation is its main concern. “The Fed clearly cannot raise rates — that would send the economy and financial markets into a tailspin,” said Sal Guatieri, senior economist at BMO Capital Markets. “The market is pricing in a minimal chance of a rate cut, but I think that’s fairly unlikely,” Guatieri said. “The Fed will express ongoing concerns about the economy given only tentative signs of stabilization in certain pockets of the housing market. And it probably will express less concern about inflation given the turn in commodity prices and import prices.” The US central bank has been projecting weak economic growth in 2008 and into 2009 amid a horrific housing slump and related credit squeeze, despite data showing a 3.3% spurt in growth in the second quarter. The Fed’s Beige Book report earlier this month highlighted troubles facing US consumers, affecting spending that accounts for some two-thirds of economic activity. It said spending was slow consumers focused on “necessary items” and “retrenchment” in discretionary purchases. Financial sector turmoil On top of that, the troubles in the financial sector, illustrated by the government decision to take over sputtering mortgage finance giants Fannie Mae and Freddie Mac, show that the credit crisis is not over, making an economic rebound unlikely. In view of this, analysts say there is little the central bank can do. “We believe the Fed will remain on extended hold as the current level of funds is consistent with the type of economic scenario we envision, namely, negligible economic activity, rising unemployment, and declining inflation,” said Joseph LaVorgna, economist at Deutsche Bank. “Next week’s FOMC statement is likely to make a subtle nod that the inflation backdrop has improved, albeit only mildly in the collective mind of the Fed.” Cary Leahey, senior economist at Decision Economics, said a rate cut would probably do little to stimulate a flagging economy because credit is difficult and the existing low rates have failed to filter down to consumers and businesses. “Right now the Fed is pushing on a string. Given the convulsions in the market, people aren’t so sure policy is accommodative,” Leahey said. Avery Shenfeld, economist at CIBC World Markers, said a rate cut “is highly unlikely and would in any event be unhelpful” since “lingering inflation fears could negate its benefits.” “Still, the FOMC will lower its guard on inflation a bit, and will sound more worried about prospects for growth,” Shenfeld added. Inflation pressures Analysts said Fed policy has been torn between the “hawks” who fear an upsurge in inflation pressures from the low rates and “doves” who see a weak economy that still needs what Fed officials call “accommodative” rates to stimulate activity. The most recent economic reports — a 0.9% drop in wholesale prices and a 0.3% decline in retail spending — may give some ammunition to the doves. “Softer commodity prices, a firmer greenback and weak demand will likely drive producer and consumer inflation lower in the months ahead. This opens the door a crack for renewed Fed easing if the economy takes a turn for the worse,” Guatieri said. Source: Home - Livemint.com | 14 Sep 2008 | 7:48 am Record procurement of wheat, rice in Bihar - Hindu
Source: Google News India - Business | 14 Sep 2008 | 7:41 am Regulations soon to curb delivery defaults: FMCPTI New Delhi: The commodity market regulator Forward Markets Commission will shortly come out with a provision to deal with the delivery defaults at the exchanges and is expected to be more stringent than imposing a monetary penanlty, a top official said. “It’s still in the finalisation stage. Let me not comment on this. You will come to know on Monday or Tuesday,” Chairman of Forward Markets Commission (FMC) B C Khatua told PTI. “He said the regulator is basically trying to facilitate delivery of goods to an extent possible to the buyers, who have paid money. FMC is still exploring many options,” he added. Pointing out that the solution would be through a regulation, Khatua said: “I can’t surely say what solution we are going to come out with. I don’t want any solution which does not genuinely solve the problem of buyers.” Since delivery of a number of farm commodities in the futures market have been made compulsory, the regulator has received complaints from traders and exporters that low- penalty provision is encouraging defaults. Penalty charges FMC in October last year, reduced the penalty charges for delivery defaults from 8% to 2.5% of the traded contract. While 0.5% goes to the affected party and the rest 2% to the Investor Protection Fund of the exchange. Khatua said even when there was 8% penalty, still there were defaults. “And defaults have not risen significantly after the reduction,” he added. “After all, when somebody is giving a delivery assurance, he is reasonably sure of having the goods and probably he intends to give delivery. In some circumstances, either beyond his control or very rarely due to constraints, he feels tempted not to give delivery. These occasions are very few,” he noted. Source: Home - Livemint.com | 14 Sep 2008 | 7:34 am RBI asks banks to enhance credit flow to SMEs - Economic Times
Source: Google News India - Business | 14 Sep 2008 | 7:20 am Reserve Bank Cautions On Forex Fraud - TopNews
Source: Google News India - Business | 14 Sep 2008 | 7:18 am IOC Seeks Heavy Discounts To Buy Crude From Cairn - TopNews
Source: Google News India - Business | 14 Sep 2008 | 7:18 am Excise, Customs Men Up In Arms Against Pay Panel 'Anomalies' - TopNews
Source: Google News India - Business | 14 Sep 2008 | 7:17 am Infosys To Miss Dollar Appreciation - TopNews
Source: Google News India - Business | 14 Sep 2008 | 6:51 am 'Farmers will use Sept 21 'referendum' to oppose SEZ' - Hindu
Source: Google News India - Business | 14 Sep 2008 | 5:59 am Fed's options limited if Lehman talks failWASHINGTON (Reuters) - If intense weekend talks fail to turn up a buyer for investment bank Lehman Brothers, the Federal Reserve's options for calming markets will be down to words, interest rates, or appeals to Congress to extend its powers.Source: Reuters: Money News | 14 Sep 2008 | 5:40 am Lehman fate in balance after 2nd day of emergency talksNEW YORK/WASHINGTON (Reuters) - Regulators and bankers failed on Saturday to reach a deal to end the crisis at investment bank Lehman Brothers, and emergency talks were extended to a third day as authorities seek to calm jittery financial markets.Source: Reuters: Money News | 14 Sep 2008 | 5:38 am Rolls-Royce: Luxury ride on a roll - Economic Times
Source: Google News India - Business | 14 Sep 2008 | 12:22 am DoT eases roll-out obligation for WiMax playersRevises coverage condition from 25% of rural areas in 2 years to 50% in 5 years. New Delhi, Sept. 13 At a time when the broadband penetration is growing at a dismal pace, the Government has relaxed the rural roll-out obligation for wireless ...Source: Business Line - Home Page | 14 Sep 2008 | 12:00 am Weekly News Round-upThe Employees Provident Fund Organisation, which appointed three new private sector fund managers in August, has postponed transfer of funds to the newly appointed fund managers. Senior EPFO officials told Business Line that they had been trying ...Source: Business Line - Home Page | 14 Sep 2008 | 12:00 am Rains to keep monsoon withdrawal at bayThiruvananthapuram, Sept 13 It is becoming increasingly clear that the monsoon would force another round of wet weather spanning almost the whole of the country except the southern peninsula. ...Source: Business Line - Home Page | 14 Sep 2008 | 12:00 am Serial blasts rock commercial areas in Capital, 18 deadIndian Mujahideen claims responsibility; alert sounded in Mumbai. New Delhi, Sept. 13 The national Capital was on Saturday evening rocked by a series of blasts, killing 18 people and injuring over 75. The explosions, five of them within a ...Source: Business Line - Home Page | 14 Sep 2008 | 12:00 am Fertiliser subsidy: Most payouts marked for urea importersBills of some domestic manufacturers pending for over 4 months. New Delhi, Sept. 13 Majority of the fertiliser subsidy disbursed in cash out of the Rs 22,000 crore corpus announced by the Union Government three weeks ago in August 20 has gone ...Source: Business Line - Home Page | 14 Sep 2008 | 12:00 am Importers of restricted items need to specify port upfrontNew Delhi, Sept. 13 In a bid to ensure better monitoring of imports of restricted items, the Government has now required importers to specify upfront the port through which the import of such items would take place. ...Source: Business Line - Home Page | 14 Sep 2008 | 12:00 am ‘Govt cannot return more than 70 acres from Nano plant site’Bengal to make public details of revised compensation package. Kolkata, Sept. 13 Uncertainty looms large over the future of the Tata Motors Nano plant in Singur with the ruling Left Front stating emphatically that it would not be possible for ...Source: Business Line - Home Page | 14 Sep 2008 | 12:00 am Excise collections record sluggish growth in AugNew Delhi, Sept. 13 Excise duty revenues continue to be a bugbear for the Government, with collections in August recording a meagre growth of 1.2 per cent, lower than the 9 per cent year-on-year growth registered in August last year. ...Source: Business Line - Home Page | 14 Sep 2008 | 12:00 am Exporters hope to reap benefits of weak rupeeExpect to offset some losses; rising input costs still a worry. Coimbatore, Sept. 13 Little did Mr Deepak Shah, Chairman, South India Tea Exporters Association, or Mr V. Kumar, President, Karur Exporters Association, expect the rupee to cross ...Source: Business Line - Home Page | 14 Sep 2008 | 12:00 am Variable pay causing profit & loss variationsDeepankar Sanwalka, the head of forensic services at professional services firm KPMG, and his team are investigating a dozen cases of senior management fraud at the moment.Source: Business Standard | Front Page Headlines | 13 Sep 2008 | 11:31 pm FM soothes CWC nervesCongress president Sonia Gandhi today expressed anxiety over the high rates of inflation in the run-up to the polls, even as Union Finance Minister P Chidambaram assured the party that thingsSource: Business Standard | Front Page Headlines | 13 Sep 2008 | 11:30 pm Twenty dead in Delhi blastsIslamic militant group Indian Mujahideen (IM), believed to be a front for Students Islamic Movement of India (SIMI), today claimed responsibility for the five bomb blasts in three crowded DelhiSource: Business Standard | Front Page Headlines | 13 Sep 2008 | 11:29 pm Mamata to revive Singur agitationTata's Nano project sinks back into crisis.Source: Business Standard | Front Page Headlines | 13 Sep 2008 | 11:28 pm OPEC cut decision proving ineffective - KhelilALGIERS (Reuters) - OPEC's decision to cut output is proving ineffective against speculators, its president Chakib Khelil said on Saturday, adding its next gathering in December would hopefully take more "practical" steps.Source: Reuters: Money News | 13 Sep 2008 | 6:14 pm NR Group eyes Rs 1K cr revenues in 5 yrsIt was in the sleepy town of Mysore that N Ranga Rao changed the humble agarbatti into an FMCG product. Today, the NR Group is run by the third generation of this family and has grown to great heights. Cycle now has a 30% share in the agarbatti market, which is still largely unorganised.Source: Moneycontrol Top Headlines | 13 Sep 2008 | 5:44 pm Blasts target capital's markets, business hubsThe five blasts that shook the national capital Saturday evening targeted prime business and commercial centres that were bustling with shoppers and those returning home from work.Source: IndiaeNews.com: Business News | 13 Sep 2008 | 4:31 pm Security up at Delhi airport after blasts, flights delayedThe Indira Gandhi International Airport here was put on a high alert and added security was delaying flights after six blasts shook the national capital Saturday evening, officials said.Source: IndiaeNews.com: Business News | 13 Sep 2008 | 4:30 pm Public mining cos offer better pay, homes to rein attritionThe mining industry may have rejoiced when it was opened up to the private sector and foreign investment, but the joy seems to have been short lived. Public sector mining companies are fighting a fierce battle against attrition.Source: Moneycontrol Top Headlines | 13 Sep 2008 | 4:17 pm Delhi's major market places evacuated after blastsMajor commercial areas in the capital were evacuated soon after serial terror blasts at three crowded market places killed at least nine people and injured over 80 people Saturday evening.Source: IndiaeNews.com: Business News | 13 Sep 2008 | 4:02 pm Bangalore in need of second airportOver a 100 days after Bangalore\'s new international airport became functional, the cry for a second airport refuses to die down. This time, the Karnataka government too feels that the city needs a second airport.Source: Moneycontrol Top Headlines | 13 Sep 2008 | 4:00 pm Now, the Communists call a pro-industry march to SingurAfter the 15-day siege of Tata Motors' Nano plant by the opposition Trinamool Congress, it is now the turn of the state's ruling Left coalition to launch a campaign in favour of the small car project Sep 15.Source: IndiaeNews.com: Business News | 13 Sep 2008 | 2:32 pm Fresh political battles break out over Nano project siteA fresh round of political battles has broken out over the land dispute that has stopped work at global automobiles major Tata Motors' project site at Singur in West Bengal for producing the super-cheap car Nano.Source: IndiaeNews.com: Business News | 13 Sep 2008 | 2:30 pm South India to be Indias new aviation hubInternational airlines are flocking to a new Indian aviation hubSouth India. Despite overcapacity in international skies and Aviation Turbine Fuel (ATF) price fluctuating over the last two months, international airlines are betting big on Bangalore and Hyderabad.Source: Moneycontrol Top Headlines | 13 Sep 2008 | 1:24 pm Bank recovery agents to undergo trainingDoes the term bank recovery agent remind you of a tough talking goon giving you sleepless nights? Think again. After a spate of complaints about misbehaviour with borrowers, batches of recovery agents are undergoing training on behaviour and banking as a mandated by the RBI.Source: Moneycontrol Top Headlines | 13 Sep 2008 | 12:40 pm Sony targets 30% higher turnoverSony India aims to achieve a turnover of Rs 4,000 crore this year 30 per cent higher than what it had achieved last fiscal with the launch of its new series of LCD television.Source: Daily News & Analysis: Money News | 13 Sep 2008 | 12:40 pm British tourism industry plunged into chaosBritain's tourism industry was plunged into chaos on Saturday as XL, the country's third-largest travel firm collapsed, leaving more than 85,000 people stranded in foreign resorts and cities.Source: Daily News & Analysis: Money News | 13 Sep 2008 | 12:39 pm Murjani Group losing top brands, goes slow on capexThe Murjani Group, responsible for bringing international brands such as Gucci, Calvin Klein, Jimmy Choo and Tommy Hilfiger to India, seems to be in trouble. Murjanis have some major brands and have been forced to go slow on store addition.Source: Moneycontrol Top Headlines | 13 Sep 2008 | 12:23 pm 'Drona' makers spend a fortune on villainThe much awaited film 'Drona' will possibly give Bollywood its most expensive villain ever in the form of actor Kay Kay Menon. Nearly Rs.220 million has been spent on his character, Ritz!Source: IndiaeNews.com: Business News | 13 Sep 2008 | 12:00 pm Google buys Korean blogging s/w firm!Google Inc has bought Korean blogging software developer Tatter and Company, the two companies said on Friday.Source: Zee News : Business | 13 Sep 2008 | 11:56 am Walgreen offers to buy Longs for $3 bn!Walgreen Co said on Friday that it offered to buy Longs Drug Stores Corp for USD 75 per share in cash, or USD 3 billion including debt, countering an offer from rival CVS Caremark that had been spurned by top investors.Source: Zee News : Business | 13 Sep 2008 | 11:56 am VW workers vent anger against EU, Porsche!Tens of thousands of workers demonstrated at Volkswagen`s headquarters Saturday against what they see as threats to their jobs from Porsche`s takeover efforts and from EU regulators.Source: Zee News : Business | 13 Sep 2008 | 11:56 am Oil near $102, awaits Hurricane Ike!Oil rose to around USD 102 a barrel on Friday, underpinned by Hurricane Ike which could threaten oil refineries in the United States, the world`s biggest energy consumer.Source: Zee News : Business | 13 Sep 2008 | 11:56 am China steps up pace of FIs!China`s securities regulator, seeking to support a slumping stock market, has given approval for six more foreign institutions to invest in Chinese securities.Source: Zee News : Business | 13 Sep 2008 | 11:56 am GM to provide $10.6 bn to support Delphi!Delphi Corp said on late Friday that former parent General Motors Corp had agreed to provide an additional USD 4.6 billion in financial support to speed the auto parts maker`s emergence from bankruptcy.Source: Zee News : Business | 13 Sep 2008 | 11:56 am Fed in crisis talks over Lehman Bros!The Federal Reserve Bank of New York held an emergency meeting Friday night with top Washington policymakers and major financial institutions to discuss the future of Lehman Brothers.Source: Zee News : Business | 13 Sep 2008 | 11:56 am Mahindra interested in Italy's Malaguti - reportMILAN (Reuters) - Mahindra & Mahindra Ltd, India's top utility vehicle maker, is interested in Italian scooter maker Malaguti, an official at the Indian company was quoted as saying on Saturday.Source: Reuters: Money News | 13 Sep 2008 | 11:11 am West Bengal governor moots 'farm-factory balance' to solve Singur rowWest Bengal Governor Gopalkrishna Gandhi, who has been trying to resolve the contentious land problem over Tata Motors' Nano factory in Singur, Saturday said a 'farm-factory balance' should be reached to resolve the impasse.Source: IndiaeNews.com: Business News | 13 Sep 2008 | 9:31 am Despite NSG waiver, equity markets go downThe Indian equity markets had a mixed week as the key indices surged on the first day of trading, thanks to the Nuclear Suppliers' Group (NSG) giving a waiver to India, but then went down in the remaining four seasons due to weak global markets.Source: IndiaeNews.com: Business News | 13 Sep 2008 | 9:31 am Adani Group looking to buy palm oil plantations abroadAfter having gained sufficient strength in international trade, refining and marketing of edible oil in India, the Adani Group is now set for overseas acquisition as part of backward integration.Source: Moneycontrol Top Headlines | 13 Sep 2008 | 9:08 am How Tatas chose Singur as base for Nano plansA comprehensive package of incentives subsidy on land, concessional power, a soft loan and tax paybacks to match the benefits that Tata Motors would have got in Uttarakhand or Himachal Pradesh, was what got it to choose Singur in West Bengal for making its lowcost car Nano.Source: Moneycontrol Top Headlines | 13 Sep 2008 | 9:00 am Lanco Infratech in talks with US, European EPCs for NforayLanco Infratech Ltd is in talks with European and USbased engineering procurement contractors (EPCs) for the groups foray into nuclear power generation, according to the Lanco Group Chairman, Mr L. Madhusudhan Rao.Source: Moneycontrol Top Headlines | 13 Sep 2008 | 8:57 am
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