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HBOS, Lloyds TSB in merger talks: SourcesThere are reports that the British bank Lloyds TSB is in merger talks with domestic rival HBOS to create a £28 billion mortgage giant. News of the talks surfaced after shares of HBOS, Britain\'s biggest home lender, fell for a sixth consecutive day.Source: Moneycontrol Top Headlines | 17 Sep 2008 | 4:56 pm No regulatory hurdles from Australia: Gujarat NRE CokeThere are reports coming in from Australia that Gujarat NRE Coke\'s mines may be running into some regulatory hurdles. Arun Kumar Jagatramka, MD, Gujarat NRE Coke said that the Australian government wanted all mines to adhere to new mining law beyond 2010 and is very supportive of the companys mining there.Source: Moneycontrol Top Headlines | 17 Sep 2008 | 4:37 pm Pyramid Saimira to invest $5m in China opsPS Saminathan, CMD, Pyramid Saimira, said the company has invested around USD 5 million in China operations. We are raising debt in that particular company and the Chinese government is also investing. We will be investing an additionally around USD 15 million capital from the parent company in the joint venture.Source: Moneycontrol Top Headlines | 17 Sep 2008 | 3:49 pm GLOBAL MARKETS - Stocks, oil gain on AIG bailout; yen pressuredLONDON (Reuters) - Global stocks rallied on Wednesday after a bailout of cash-strapped insurer AIG halted a two-day equities fall, but interbank lending rates stayed high and U.S. share futures weakened, suggesting the recovery was transient.Source: Reuters: Money News | 17 Sep 2008 | 12:29 pm ArcelorMittal says to cut production to hold pricesLONDON (Reuters) - The world's largest steel maker ArcelorMittal said at a briefing on Wednesday it was prepared to cut production by up to 15 percent to maintain steel prices.Source: Reuters: Money News | 17 Sep 2008 | 12:21 pm Economy to grow 8 pct despite global woes - PMNEW DELHI (Reuters) - India's economy is expected to grow by more than 8 percent in the fiscal year to March despite being hurt by the global slowdown and soaring oil prices, Prime Minister Manmohan Singh said on Wednesday.Source: Reuters: Money News | 17 Sep 2008 | 12:11 pm Mkts end sharply lower; Bankex, Metal, Realty down - Moneycontrol.com
Source: Google News India - Business | 17 Sep 2008 | 12:09 pm Lehman loss exceeds that of Indian banks put togetherThe distressed US major's market value loss over the past year exceeds the same for all Indian banks put together for the same period.Source: Daily News & Analysis: Money News | 17 Sep 2008 | 12:09 pm GSPC plans IPO by January for raising $1 bn - Economic Times
Source: Google News India - Business | 17 Sep 2008 | 12:07 pm ICICI denies top management selling bank's shares - IBNLive.com
Source: Google News India - Business | 17 Sep 2008 | 12:07 pm UPDATE 1-Germany seeks explanation of KfW transfer to Lehman - Reuters
Source: Google News India - Business | 17 Sep 2008 | 11:59 am No near term relief for Ranbaxy; stock down 6.87% - Economic Times
Source: Google News India - Business | 17 Sep 2008 | 11:54 am Govt to check artificial volatility in rupee: Nath - Economic Times
Source: Google News India - Business | 17 Sep 2008 | 11:46 am RIL to commence oil production from D6Reliance Industries will start pumping crude oil from its predominantly gas-rich eastern offshore D6 block by this month end.Source: Daily News & Analysis: Money News | 17 Sep 2008 | 11:34 am Emami approaches CLB over Zandu's plan to induct 5 directors - Business Standard
Source: Google News India - Business | 17 Sep 2008 | 11:25 am Asia Pacific to surpass N America’s telecom revenue: StudyNew Delhi: Asia Pacific will surpass North America, the largest telecom market in the world, in terms of revenues in 2008, research firm Gartner Inc., predicted on Wednesday, saying that growth in the fixed voice sector and in the most developed countries has slowed or even begun to shrink. Gartner added that by 2012, the ratio of mobile to fixed connections will exceed 4:1. Research found that, “North American telecom revenue forecast is to $511.6 billion in 2008, a 4.5% increase from 2007. The telecom market in Asia/Pacific is projected to reach $513.1 billion in 2008, up 8%from 2007.” However, it said that the Middle East and Africa would be the fastest-growing region with a CAGR of 8.6% between 2007 and 2012. The worldwide telecommunications market is on pace to reach $2 trillion in 2008, a 7.6% increase from 2007 revenue of $1.8 trillion. “We forecasts that revenue in the mobile sector will top $1 trillion by 2010,” said Will Hahn, principal research analyst at Gartner. Gartner said in the report that traditional telecom service providers and equipment manufacturers were seeing convergent trends eroding their margins while rising Asian players and other entrants eat away at their share within the total market. Report cites, “Growth in legacy markets is ebbing fast and the only way to maintain it will be via the scope to offer converged solutions, to provide service in nontraditional sectors and to enter and win in emerging markets whose profile is very different from more-mature regions.” Gartner said that revenue in the telecom service segment is expected to reach $1.6 trillion in 2008 accounting for 81% of overall telecom revenue. “In 2007, total telecom service revenue was $1.49 trillion, four times higher than total telecom equipment revenue at $353 billion. Gartner forecasts that by 2012, the service segment will have a CAGR (short for compounded annual growth rate) of 4.4%, compared with 8.7% for the equipment segment. As a result, the relative proportions of the two segments will finally begin to move downward, closer to 3:1. “Revenue from telecom services has traditionally dominated the market, accounting for four out of every $5 earned in the sector,” said Hahn said. Gartner forecasts that this historic proportion will now shrink, an indication that legacy revenue is no longer sufficient for carriers to justify their investments and that the growing equipment sector is being deployed to support new and converged services. Source: LatestNews-Home - Livemint.com | 17 Sep 2008 | 11:20 am Asia Pacific to surpass N America’s telecom revenue: StudyNew Delhi: Asia Pacific will surpass North America, the largest telecom market in the world, in terms of revenues in 2008, research firm Gartner Inc., predicted on Wednesday, saying that growth in the fixed voice sector and in the most developed countries has slowed or even begun to shrink. Gartner added that by 2012, the ratio of mobile to fixed connections will exceed 4:1. Research found that, “North American telecom revenue forecast is to $511.6 billion in 2008, a 4.5% increase from 2007. The telecom market in Asia/Pacific is projected to reach $513.1 billion in 2008, up 8%from 2007.” However, it said that the Middle East and Africa would be the fastest-growing region with a CAGR of 8.6% between 2007 and 2012. The worldwide telecommunications market is on pace to reach $2 trillion in 2008, a 7.6% increase from 2007 revenue of $1.8 trillion. “We forecasts that revenue in the mobile sector will top $1 trillion by 2010,” said Will Hahn, principal research analyst at Gartner. Gartner said in the report that traditional telecom service providers and equipment manufacturers were seeing convergent trends eroding their margins while rising Asian players and other entrants eat away at their share within the total market. Report cites, “Growth in legacy markets is ebbing fast and the only way to maintain it will be via the scope to offer converged solutions, to provide service in nontraditional sectors and to enter and win in emerging markets whose profile is very different from more-mature regions.” Gartner said that revenue in the telecom service segment is expected to reach $1.6 trillion in 2008 accounting for 81% of overall telecom revenue. “In 2007, total telecom service revenue was $1.49 trillion, four times higher than total telecom equipment revenue at $353 billion. Gartner forecasts that by 2012, the service segment will have a CAGR (short for compounded annual growth rate) of 4.4%, compared with 8.7% for the equipment segment. As a result, the relative proportions of the two segments will finally begin to move downward, closer to 3:1. “Revenue from telecom services has traditionally dominated the market, accounting for four out of every $5 earned in the sector,” said Hahn said. Gartner forecasts that this historic proportion will now shrink, an indication that legacy revenue is no longer sufficient for carriers to justify their investments and that the growing equipment sector is being deployed to support new and converged services. Source: Tech News - Livemint.com | 17 Sep 2008 | 11:20 am NTPC to hike capacity by 22,430 MWPTI New Delhi: State-run power producer NTPC Ltd aims to raise its generation capacity by 22,430 MW during the 11th Five-Year Plan (2007-2012). “NTPC plans to add 22,430 MW of power by 2012,” a company release said. This capacity addition will be 60.83% of the central sector contribution during the period. “Out of the 11th Plan target, 2,490 MW has already been added, 16,180 MW is under construction, including 3,750 MW in joint venture companies. Orders for the remaining capacity are scheduled to be placed by November this year,” the release said. The company plans to add 2,820 MW during 2008-09. NTPC is planning to go for standardisation and bulk ordering of units. Standardisation would reduce engineering time for the projects and thereby reduce project execution time. It would also help in reduction of spares inventory optimisation of cost. NTPC has also become a member of North America Electric Reliability Corporation (NERC) to obtain database of more than 5,000 generating units around the world. Source: LatestNews-Home - Livemint.com | 17 Sep 2008 | 11:09 am Car bomb at US embassy in Yemen kills 16Sanaa: A car bomb set off a series of explosions outside the heavily fortified U.S. embassy in Yemen on Wednesday and a Yemeni security source said at least 16 people, including six attackers, were killed. A US embassy official confirmed that the blasts were caused by a car bomb and that there were reports of casualties. “This morning a car exploded at the main gate of the embassy in Sanaa. There was an initial explosion and several secondary explosions,” a US embassy spokesman told Reuters by telephone. “We do have reports of casualties. Right now, I cannot confirm the number, nor the nationality nor the severity of the casualties.” A group calling itself Islamic Jihad in Yemen claimed responsibility for the bombing and threatened attacks on other embassies including those of Britain, Saudi Arabia, and the United Arab Emirates. It had threatened in a previous statement on Tuesday to launch a series of attacks unless the Yemeni government met its demands for the release of several members from jail. “We, the organisation of Islamic Jihad in Yemen declare our responsibility for the suicide attack on the American embassy in Sanaa,” the statement read. “We will carry out the rest of the series of attacks on the other embassies that were declared previously, until our demands are met by the Yemeni government.” Smoke was seen rising from the heavily fortified US compound in Sanaa and ambulances and fire engines raced to the scene, which was cordoned off by police, witnesses said. The security source said that six attackers and four bystanders were killed, while the rest were Yemeni security forces. Yemen, the ancestral home of Osama bin Laden, has grappled with a spate of Al-Qaeda attacks this year, including one on the US embassy, another near the Italian mission and others on Western tourists. An Al-Qaeda-affiliated group claimed responsibility in March for a mortar attack that missed the US embassy but wounded 13 girls at a nearby school. The United States ordered non-essential staff to leave Yemen in April, a day after an attack on a residential compound. The Yemeni government joined the US-led war against terrorism following the 11 September attacks on US cities in 2001. It has jailed dozens of militants in connection with bombings of Western targets and clashes with authorities, but is still viewed in the West as a haven for Islamist militants. The government of the poor Arab country has also been fighting Shi’ite rebels in the northern province of Saada since 2004 and faced protests against unemployment and inflation. Source: LatestNews-Home - Livemint.com | 17 Sep 2008 | 11:04 am India to help Zambia in energy, mining sectorIndia will help Zambia in infrastructure development in sectors such as energy, mining and agriculture, said Commerce and Industry Minister Kamal Nath here Wednesday.Source: IndiaeNews.com: Business News | 17 Sep 2008 | 11:01 am Now PepsiCo global to have annual conclave in IndiaIndia will play host to the top guns of PepsiCo global for an annual conclave to be chaired by their Chennai-born chief executive Indra Nooyi, emulating similar high-profile meetings in the country by Arcelor-Mittal, Suzuki and Bata.Source: IndiaeNews.com: Business News | 17 Sep 2008 | 11:01 am Markets slip, recover but still end in redIndian equities markets Wednesday opened flat, fell sharply and then recovered somewhat -- but still ended in the red at close of trading.Source: IndiaeNews.com: Business News | 17 Sep 2008 | 11:00 am Sensex falls 1.9 pct; ICICI, Ranbaxy slideMUMBAI (Reuters) – The BSE Sensex fell 1.9 percent on Wednesday, taking losses to more than a tenth over seven consecutive sessions, with the slide led by financials as sentiment weakened for the sector globally.Source: Reuters: Money News | 17 Sep 2008 | 10:59 am Tata in talks over alternative Nano plant - Economic Times
Source: Google News India - Business | 17 Sep 2008 | 10:59 am TCS signs 5-year contract in SwedenNew Delhi: Tata Consultancy Services (TCS) announced that it has signed a five-year global contract with Ericsson, the world-leading supplier in telecommunications, to deliver application maintenance and development services for Ericsson’s internal IT operations. TCS said in a release has been selected as one of the two strategic partners that will deliver application maintenance services to Ericsson and a preferred supplier for application development services. Amit Bajaj, director–Nordic region, TCS said: “Nordic companies are increasingly looking to service providers such as TCS to create a compelling value and deliver consulting, IT services & product engineering synergistically through a single global service standard using TCS’ Global Network Delivery Model (GNDMTM).” Nils Molin, managing director, Sweden at the analyst firm IDC added: “This contract signifies the trend of increased acceptance of Indian headquartered IT companies delivering complex projects in the Nordic region. TCS has been spearheading this trend by investing heavily in localizing its Nordic operations, expanding its services portfolio and aggressively adding new clients.” He added, ”We expect Nordic companies to continue to add deliveries from off- and nearshore centres to their sourcing strategies for IT Services.” Source: Tech News - Livemint.com | 17 Sep 2008 | 10:56 am TCS signs 5-year contract in SwedenNew Delhi: Tata Consultancy Services (TCS) announced that it has signed a five-year global contract with Ericsson, the world-leading supplier in telecommunications, to deliver application maintenance and development services for Ericsson’s internal IT operations. TCS said in a release has been selected as one of the two strategic partners that will deliver application maintenance services to Ericsson and a preferred supplier for application development services. Amit Bajaj, director–Nordic region, TCS said: “Nordic companies are increasingly looking to service providers such as TCS to create a compelling value and deliver consulting, IT services & product engineering synergistically through a single global service standard using TCS’ Global Network Delivery Model (GNDMTM).” Nils Molin, managing director, Sweden at the analyst firm IDC added: “This contract signifies the trend of increased acceptance of Indian headquartered IT companies delivering complex projects in the Nordic region. TCS has been spearheading this trend by investing heavily in localizing its Nordic operations, expanding its services portfolio and aggressively adding new clients.” He added, ”We expect Nordic companies to continue to add deliveries from off- and nearshore centres to their sourcing strategies for IT Services.” Source: LatestNews-Home - Livemint.com | 17 Sep 2008 | 10:56 am Lehman domain names rake in big cashNew Delhi: Many find business opportunities even in a crisis. The collapse of Lehman Brothers into the world’s biggest-ever bankruptcy has led to hundreds of internet domain names related to the 158-year investment banking major being sold for a few hundred dollars. Some domain names currently on the block at various web auction sites for prices ranging from $100 to $1,000 are FallOfLehman.com, CrashOfLehman.com, TheLehmanCollapse.com, LehmanBankruptcy.com and DestructionOfLehman.com. Not to be left behind, others are seeking to cash in by selling domain names like MerrillLynched.com and even a full package of Lehman, AIG and Washington Mutual bailout websites. The scramble for selling these websites began when Lehman was filing for bankruptcy protection and Merrill Lynch was being bought over by Bank of America in a distress sale, while names like AIG and Washington Mutual started doing rounds as probable victims of a deep financial crisis. There are also those who are seeking to cash on the already-announced and expected merger and takeover deals as a fallout of the current crisis. The websites on offer also include BankOfLehman.com and BarclaysBrothers - the first targeted at a less-likely deal of Bank of America buying Lehman, while the second stands a better chance to get a good price as British banking major Barclays has agreed to acquire some assets of Lehman Brothers. In a ongoing auction at eBay, a package of five domains - AMerrillBank.Com, AMerrillBank.Org, AMerrillBank.Net, AMerrillBank.Mobi and AMerrillBank.Info - is on offer with a starting bid of $150 . No bids have come so far. Among more successful auctions, BankOfMerrill.com has received three bids since September 14, with the latest being for $2,050. Source: LatestNews-Home - Livemint.com | 17 Sep 2008 | 10:51 am Lehman domain names rake in big cashNew Delhi: Many find business opportunities even in a crisis. The collapse of Lehman Brothers into the world’s biggest-ever bankruptcy has led to hundreds of internet domain names related to the 158-year investment banking major being sold for a few hundred dollars. Some domain names currently on the block at various web auction sites for prices ranging from $100 to $1,000 are FallOfLehman.com, CrashOfLehman.com, TheLehmanCollapse.com, LehmanBankruptcy.com and DestructionOfLehman.com. Not to be left behind, others are seeking to cash in by selling domain names like MerrillLynched.com and even a full package of Lehman, AIG and Washington Mutual bailout websites. The scramble for selling these websites began when Lehman was filing for bankruptcy protection and Merrill Lynch was being bought over by Bank of America in a distress sale, while names like AIG and Washington Mutual started doing rounds as probable victims of a deep financial crisis. There are also those who are seeking to cash on the already-announced and expected merger and takeover deals as a fallout of the current crisis. The websites on offer also include BankOfLehman.com and BarclaysBrothers - the first targeted at a less-likely deal of Bank of America buying Lehman, while the second stands a better chance to get a good price as British banking major Barclays has agreed to acquire some assets of Lehman Brothers. In a ongoing auction at eBay, a package of five domains - AMerrillBank.Com, AMerrillBank.Org, AMerrillBank.Net, AMerrillBank.Mobi and AMerrillBank.Info - is on offer with a starting bid of $150 . No bids have come so far. Among more successful auctions, BankOfMerrill.com has received three bids since September 14, with the latest being for $2,050. Source: Tech News - Livemint.com | 17 Sep 2008 | 10:51 am Fed acted correctly on Lehman, AIG: O(x)us Invt - Moneycontrol.com
Source: Google News India - Business | 17 Sep 2008 | 10:44 am ICICI denies rumours of selling bank's sharesCountry's second largest lender, ICICI Bank on Wednesday said its top management members have not sold any shares of the bank during the current year.Source: Daily News & Analysis: Money News | 17 Sep 2008 | 10:44 am Kids Media inks licensing agreement with WWEKids Media India said it has signed a licensing agreement with World Wrestling Entertainment for sale and distribution of the latter's products in the country.Source: Daily News & Analysis: Money News | 17 Sep 2008 | 10:44 am TCS signs 5-year IT contract with EricssonTata Consultancy Services has signed a five-year global contract with Swedish company Ericsson to deliver application maintenance and development services.Source: Daily News & Analysis: Money News | 17 Sep 2008 | 10:43 am SanDisk rejects Samsung's hostile takeover bidSanDisk, has rejected a hostile takeover bid from South Korean major Samsung Electronics proposing to purchase the US major's shares for USD 26 each in cash.Source: Daily News & Analysis: Money News | 17 Sep 2008 | 10:43 am Cyber squatters seek to cash on Lehman crashThe collapse of Lehman Brothers into the world's biggest-ever bankruptcy has led to hundreds of internet domain names related to the company being sold for a few hundred dollars.Source: Daily News & Analysis: Money News | 17 Sep 2008 | 10:37 am Brother-in-law of deposed Thaksin elected Thai PMBangkok: Lawmakers elected a brother-in-law of deposed leader Thaksin Shinawatra as the new Prime Minister of Thailand on Wednesday, setting up a showdown with protesters determined to tear down his political legacy. Somchai Wongsawat, a 61-year-old bureaucrat who is married to Thaksin’s sister, won a firm majority of votes in the Lower House of Parliament, backed by the governing six-party coalition. Lawmakers voted 298-163, with five abstentions. “I would like to thank everyone for your confidence. I will carry out my duty to the best of my ability,” Somchai said, standing from his seat in Parliament after the house speaker read out the final tally. He then walked over to Opposition leader Abhisit Vejjajiva and shook his hand. The arrival of a new Prime Minister marked a small step forward in Thailand’s tumultuous political crisis, but not one likely to defuse it. The vote, which still needs formal approval by Thailand’s king, drew immediate objection from anti-government protesters who have occupied the Prime Minister’s compound for over three weeks. Somchai “might have a gentlemanly nature, a soft-spoken style and he might have a better reputation than everyone else (in the ruling party), but blood is thicker than water,” said Somsak Kosaisuk, a protest leader, to loud cheers from protesters camped on the grounds of Government House. Source: LatestNews-Home - Livemint.com | 17 Sep 2008 | 10:37 am Govt keeps base prices of edible oils unchanged - Business Standard
Source: Google News India - Business | 17 Sep 2008 | 10:33 am Realty summit to focus on planned urban developmentAbout 300 delegates from India and abroad have descended on this picturesque coastal city to draw up a blueprint for planned urban development and healthy growth of realty sector in the country.Source: IndiaeNews.com: Business News | 17 Sep 2008 | 10:31 am Kerala protests centre's demand to split electricity boardKerala Chief Minister V.S. Achuthanandan said Wednesday that his government will call an all party meeting and a trade unions' meeting to discuss the central government's demand to immediately split the Kerala State Electricity Board (KSEB) into four different companies.Source: IndiaeNews.com: Business News | 17 Sep 2008 | 10:31 am IndusInd Bank to expand overseasLeading Indian private bank IndusInd Bank will expand its operations to strategic markets across the world, including the Middle East, with significant expatriate Indian population.Source: IndiaeNews.com: Business News | 17 Sep 2008 | 10:31 am Sensex ends down 256 pointsNew Delhi: The markets continued their slide on heavy selling by funds with the BSE benchmark ending down 1.9% or 256 points at 13,263 levels. The Sensex touched a low of 13,127 levels in intra-day deals. Among Sensex scrips, continuing its slide for the second consecutive day was ICICI Bank that tanked 5.3% or Rs31 on fears of a loss due to exposure to Lehman Brothers. As part of its treasury operations, the bank undertook transactions with Lehman Brothers entities as counter-parties. The exposure constitutes less than 1% of ICICI Bank UK PLC’s total assets and less than 0.1% of the consolidated total assets of the ICICI Group. The management expects 50% recovery and the additional provision required would be about $28 million. Ranbaxy Laboratories lost 6.6% by close after the US FDA issued two warning letters against the company and also notified an import alert against its generic drugs produced from Dewas and Paonta Sahib plants in India. HDFC Bank, ITC Limited, State Bank of India, Sterlite Industries, Reliance Industries, TCS Limited, Reliance Communications and Bhel were some of the other key losers in the Sensex pack. Profit booking was also visible in realty scrips with Unitech Limited closing 8.8% lower at Rs128 levels. Sobha Developers, HDIL, Orbit Corporation, DLF Limited, Indiabulls Real Estate and Omaxe Limited also lost considerable ground. Source: Home - Livemint.com | 17 Sep 2008 | 10:28 am Oil rebounds in broad market rally after AIG rescueLONDON (Reuters) - Oil rebounded on Wednesday after the $85 billion U.S. government rescue of insurer American International Group appeared to reassure global financial markets.Source: Reuters: Money News | 17 Sep 2008 | 10:27 am Barclays may buy Lehman\'s brokerdealer biz: SrcsBritish bank Barclays has agreed to buy Lehman Brothers core US brokerdealer business for roughly USD 2 billion, a source familiar with the matter said on Tuesday. The deal for the Lehman\'s brokerdealer business includes equity, fixed income, MA (merges and acquisitions) advisory and other parts.Source: Moneycontrol Top Headlines | 17 Sep 2008 | 10:22 am India approves Goldman, IFC foreign investment plansNEW DELHI (Reuters) - India has approved 12 foreign direct investment proposals worth 14.15 billion rupees ($306 million), including those of a unit of Goldman Sachs and the International Finance Corp, the finance ministry said.Source: Reuters: Money News | 17 Sep 2008 | 10:19 am Rupee sheds gains as stock losses weighMUMBAI (Reuters) - The rupee shed gains in afternoon trade on Wednesday, tracking a more than 2 percent fall in the stock market, which led to heavy dollar demand from custodial banks.Source: Reuters: Money News | 17 Sep 2008 | 10:15 am Gujarat NRE to float rights issuePTI Kolkata: The promoters of Gujarat NRE Coke will float a rights issue with differential voting rights (DVR) to ward off any takeover threat from companies seeking to secure coking coal assets. “The decision to float a DVR rights issue was to raise voting rights of the promoters to ward off any takeover threat,” Gujarat NRE’s Vice-Chairman and Managing Director Arun Jagatramka told reporters. “This is merely a preventive action,” Jagatramka said after the company’s annual general meeting. He said after the rights issue voting rights of the promoters, whose existing holdings stood at 41%, would go up to over 51%. The promoters’ holdings at 41% would remain unchanged. Jagatramka said since the rights issue had been priced at Rs1,000 per share, with premium of Rs900, it is felt that the minority shareholders would not participate in the float. The current share price of the firm is hovering around Rs160. Institutions investors together hold 41% stake in the company, while the remaining 18% was public float. He stated that coking coal, primarily used for steel making, was a scarce commodity, adding that many steel firms were trying to secure coking coal assets abroad, but without success. Source: LatestNews-Home - Livemint.com | 17 Sep 2008 | 10:10 am AIG in trouble; Indias Tata AIG policy safe: SrcsTata AIG life and Tata AIG general, AIGs largest business operations in India, have more than required solvency margins in Indian insurance joint ventures reports CNBCTV18 quoting sources. The Tata AIG insurance joint venture together, has nearly 1500 crores in capital. Tata AIG policyholders and employees are safe and secure.Source: Moneycontrol Top Headlines | 17 Sep 2008 | 10:09 am Ranbaxy shares drop 10 pct as U.S. bans drugsNEW DELHI (Reuters) - Shares in Ranbaxy Laboratories, India's top-selling drug maker, fell more than 10 percent on Wednesday after the U.S. banned dozens of its drugs, raising concerns over revenues in a major market.Source: Reuters: Money News | 17 Sep 2008 | 10:04 am Govt acquires 2,000 hectares for renewable energy SEZNew Delhi: Government on Wednesday said it has acquired 2,000 hectares of land to develop a special economic zone for renewable energy in Nagpur, which would become operational within 2-3 years. “2,000 hectares of land has been acquired for the Renewable Energy SEZ in Maharashtra and it would become operational in 2-3 years time,” Union Minister for New and Renewable Energy Vilas Muttemwar told reporters here. This SEZ is being developed by the Maharastra Industrial Development Corporation (MIDC) and Indian Renewable Energy Development Agency (IREDA). A European firm is understood to have committed investment worth Rs 22,000 crore in the SEZ. Government is focussing on non-conventional energy sources, including wind and solar power. Various tax benefits have been given for investments in the renewable energy area. India has emerged as a major supplier of equipment for wind power, led by Pune-based Suzlon Energy. Source: LatestNews-Home - Livemint.com | 17 Sep 2008 | 10:01 am Retail special | Coming up: new formats, specialities During the next couple of months, we will see new retail formats emerging in the Indian retailing landscape. Retailers will discover and experiment with new customer segments and design innovative formats. At the same time, more product categories will come under the fold of modern retail, providing a large impetus to speciality retailing in the country. The market for luxury retail is finally gaining critical mass here, and this category is expected to see significant growth. Another segment that will see a lot of activity is business-to-business retailing. Most retailers are aiming for bigger play in the wholesale segment, and one will notice large wholesale retail formats being launched to cater to small and medium business houses. Specialized wholesale formats such as office stationery retailing will also make their debut in the Indian market. Existing formats such as departmental stores, hypermarkets and convenience stores, too, will go through a constant process of evolution, keeping pace with the changing needs and expectations of the Indian consumer. Within retail stores, the advent of consumer finance and retail media are already playing a major role in shaping customer aspirations and catalyzing consumption.  At Future Group, within the next few months, we will be offering life and general insurance products within our retail outlets through our joint venture partnership with Italy-based Generali. By 2010, it is expected that there will be around 500 shopping malls covering more than 250 million sq. ft. A significant amount of supply in the retail real estate space is expected to come in during 2009. While the impact of the large real estate supply coming on-stream on prices is yet to be fully ascertained, 2010 will provide the answers for the long term growth of the modern retailing sector in India. Answers to questions on whether the Indian consumer market can sustain such a large growth in modern retail, whether more and more people will join the consuming class, and what the real market size is in small cities will become clearer. We believe that, by 2010, we will be able to reach a conclusion on the consumption potential in India, the scope for inclusive growth in modern retail and the role of modern retail in driving economic growth. By then, it also won’t be surprising to find a few retailers far less enthusiastic about the business. Even as modern retail enters the next phase of growth, the competitive landscape in the years ahead will start to unfold in the year 2008 itself. Kishore Biyani is CEO, Future Group Source: LatestNews-Home - Livemint.com | 17 Sep 2008 | 9:55 am Reliance to set up solar power project in RajasthanJaipur: Reliance Industries is setting up its first solar power project of 5 MW capacity at Khimsar in Nagaur district of Rajasthan. The project is set to be commissioned next year, according to an official statement. An MoU for purchase of the power by Rajasthan government for 10 years was signed on 16 September by Managing Director of Rajasthan Vidyut Vitran Corporation R G Gupta and President of Reliance’s solar energy division Ravindra Satpathy. After signing the MoU, Gupta said this was a significant step as there is tremendous potential for solar power projects in the state. Source: LatestNews-Home - Livemint.com | 17 Sep 2008 | 9:52 am Colombia announces major oil discoveryIn what could be its most important hydrocarbons find in 10 years, Colombia has announced the discovery of a huge oil reserve in the eastern plain region.Source: Daily News & Analysis: Money News | 17 Sep 2008 | 9:43 am Infrastructure investment may slow, won't stopMUMBAI (Reuters) - A widening global financial crisis does not pose a threat to infrastructure funding in India, although risk-averse investors are likely to be more selective in the short to medium term, CRISIL Research said on Wednesday.Source: Reuters: Money News | 17 Sep 2008 | 9:34 am ArcelorMittal announces cost cuts & job lossesParis: ArcelorMittal, the world’s leading steelmaker, announced a cost-cutting programme on Wednesday to save $4.0 billion over five years, and including unspecified job losses. The plan would involve productivity gains and job cuts via redundancy packages and voluntary retirement, normal departures and rationalisation, it said. A spokesman said that he had no additional information on the scale of job cuts. The group employs 320,000 people in about 60 countries. The company, which was meeting investors in London on Wednesday, said that the cuts were intended to raise productivity, reduce energy consumption and lower production costs. Source: Home - Livemint.com | 17 Sep 2008 | 9:34 am 'Proposed IFRS to lure more students to CA'The proposed setting up of an International Financial Reporting Standard in Indian companies by the ICAI would lure a large number of students to take up chartered accountancy.Source: Daily News & Analysis: Money News | 17 Sep 2008 | 9:32 am Equities markets slide on signs of continuing weaknessAfter opening flat, Indian equities markets Wednesday showed signs of continuing weakness and fell despite good news that the US central bank had agreed to bail out insurance giant American Insurance Group (AIG).Source: IndiaeNews.com: Business News | 17 Sep 2008 | 9:31 am UTV denies paying Akshay Kumar Rs.710 mnUTV, one of the topline production houses in Bollywood, has denied a media report that it has paid Rs.710 million to actor Akshay Kumar for their next film.Source: IndiaeNews.com: Business News | 17 Sep 2008 | 9:31 am Exim Bank to reply on Ethiopian sugar contract ThursdayThe Export Import Bank of India (Exim Bank) will file a reply in the Bombay High Court Sep 18 after the court stayed it from releasing funds to the Ethiopian government through lines of credit.Source: IndiaeNews.com: Business News | 17 Sep 2008 | 9:31 am India to help Nepal in expanding its manufacturing sectorIndia has promised full support in expanding Nepal's manufacturing sector to boost its industry, it said here Wednesday.Source: IndiaeNews.com: Business News | 17 Sep 2008 | 9:30 am ICICI says management did not sell sharesMUMBAI (Reuters) - ICICI Bank, India's second-largest lender, said on Wednesday its top management had not sold the bank's shares after the stock tumbled more than 10 percent by afternoon.Source: Reuters: Money News | 17 Sep 2008 | 9:26 am Barclays to buy Lehman parts for $1.75 bnLondon: Barclays said on Wednesday it had reached a deal to acquire the North American investment banking and capital markets businesses of beleaguered US investment giant Lehman Brothers for $1.75 billion. The bank said it would acquire trading assets with an estimated value of $72 billion dollars and liabilities worth $68 billion for a cash consideration of $0.25 billion. In addition, Barclays will acquire Lehman’s New York headquarters and two data centres in the state of New Jersey for a combined near market value of $1.5 billion, with the total deal worth about 1.75 billion. The acquisition would cover operations employing about 10,000 Lehman staff, and remains subject to approval by regulators and New York’s bankruptcy court, after Lehman went bankrupt on Monday. “The board of Barclays announces that Barclays has agreed, subject to US Court and relevant regulatory approvals, to acquire Lehman Brothers North American investment banking and capital markets operations and supporting infrastructure,” it said in a statement issued in London. Barclays, Britain’s third biggest bank, had at the weekend walked away from a merger deal with the 158-year-old Lehman, saying that such a tie-up would not have been in the best interests of Barclays’ shareholders. Lehman’s collapse has plunged the financial system into turmoil, although the announcement by the US Federal Reserve that it was loaning up to 85 billion dollars to save teetering insurance giant AIG brought some reprieve. The massive Lehman bankruptcy filing in US federal court in New York listed $639 billion in assets and $613 billion in debt. Barclays said the acquisition had the potential to create “significant value” for its shareholders, as the bank increased its presence in the United States. And it said some of its shareholders had expressed an interest in increasing their shareholdings in the bank, to a value of at least $1billion. Source: Home - Livemint.com | 17 Sep 2008 | 9:24 am ArcelorMittal announces $4 billion cost saving planArcelorMittal, the world's largest steel producer, on Wednesday said it will save about USD 4 billion over a period of five years by employing a "management gains" plan.Source: Daily News & Analysis: Money News | 17 Sep 2008 | 9:05 am Ranbaxy sore about US FDAs ban on its 30 drugsThe US Food and Drug Administration banned imports of more than 30 generic drugs made by Ranbaxy, citing concerns about the safety of the company\'s production practices. The ban affects lowcost versions of popular medicines such as the anticholesterol drug Zocor, Acyclovir, which treats herpes and the heartburn pill Zantac; and aids drugs.Source: Moneycontrol Top Headlines | 17 Sep 2008 | 9:00 am Air travel could become more expensiveAir travel could become more expensive in the coming days, following discussions between travel agents and the representatives of various airlines including Jet Airways, Kingfisher and Air India in Mumbai last Friday.Source: Moneycontrol Top Headlines | 17 Sep 2008 | 8:55 am TCS to provide technology for Europes LCH.ClearnetTCS has won a contract to provide technology for Europes largest clearing house LCH.Clearnets derivatives clearing platform.Source: Moneycontrol Top Headlines | 17 Sep 2008 | 8:53 am Wipro unfazed by exit of executives from tech bizWipro Ltd is unfazed by the recent exit of its key executives from its technology business after the management restructuring in April.Source: Moneycontrol Top Headlines | 17 Sep 2008 | 8:52 am Norways Rocksource to partner ONGC in Cauvery blockNorwegian exploration and production company Rocksource ASA has signed an agreement with public sector major ONGC to pick up 10 per cent stake in latters Cauvery block.Source: Moneycontrol Top Headlines | 17 Sep 2008 | 8:51 am OVL sees drop in production from Sakhalin oilfieldPTI New Delhi: ONGC Videsh Ltd’s (OVL) Sakhalin I oilfield in Russia will see production declining to 160,000 barrels per day (bpd) next year from 190,000 bpd, a company official said. “The field is witnessing a drop in production since last year, due to declining reserves,” he said. OVL, the overseas arm of state-run ONGC, has 20% stake in the Sakhalin I field, where second phase of development will result in rise in production from 2010. The company is looking at bidding for exploration blocks in Angola and has been shortlisted by Iraq for award of discovered oilfields, the official said. Its Sudan properties have also seen a drop in production to 210,000 bpd from 300,000 bpd. Source: Home - Livemint.com | 17 Sep 2008 | 8:04 am Japanese shares end up 1.21%AFP Tokyo: Japanese share prices closed up 1.21% on Wednesday, climbing back from a sharp drop the previous day as a US bailout of insurer AIG eased concerns about the global financial system, dealers said. But the market lost some of its early gains as concerns re-emerged about the health of the US and domestic economies following the collapse of US investment giant Lehman Brothers. The Bank of Japan has pumped ¥5.5 trillion ($51.6 billion) into the money markets since Tuesday, hoping to provide investors with enough cash as Wall Street undergoes a major restructuring. The Tokyo Stock Exchange’s benchmark Nikkei-225 index — which had plunged a day earlier to a more than three-year low — closed up 140.07 points at 11,749.79. The Nikkei paired early gains, ending the morning session up more than 2%. The broader Topix index of all first-section shares rose a more modest 3.86 points or 0.35% to 1,121.43. Bailout package The US Federal Reserve said it was offering an $85 billion loan to ailing American International Group and — in an unprecedented intervention in a private company — the US government would take nearly 80% of the insurer’s stake. Dealers said however deep concerns remained. “It would be reasonable for investors to think that if a huge institution like AIG is suffering this much, there must be many other smaller firms that have yet to reveal their problems,” Akira Ishida, head of the equities department at Chuo Securities, told Dow Jones Newswires. Insurers gained, with Sompo Japan Insurance up 2.1% at ¥867 and Tokio Marine Holdings jumping 5.3% to ¥3,400. Banking stocks ended mixed. Mitsubishi UFJ Financial Group rose one percent to ¥800, while Mizuho Financial Group lost 0.7% to ¥415,000. Source: Home - Livemint.com | 17 Sep 2008 | 7:15 am US lawmakers seek quick passage of N-dealWashington: With the Bush administration racing against time to get a Congressional nod for the Indo-US civilian nuclear agreement, a group of lawmakers cutting across party lines have circulated a letter pressing for a quick passage of the deal. The ‘Dear colleague´ letter, circulated to all the 435 members of the US Congress, has stressed that the expedient approval of the agreement will be beneficial to both the countries and it should be passed by the Congress before going for recession on 26 September. “As past and present co-chairs of the Congressional Caucus on India and Indian Americans, we are asking you to support this agreement which provides for peaceful nuclear cooperation between the two democracies,” five Republican and Democratic law makers have said in their letter addressed to their colleagues. “Passage of this measure in an expedient manner will be beneficial to both the countries” they said. Signatories to the letter among the Democrats were Gary Ackerman and Joseph Crowley from New York and Frank Pallone from New Jersey while the Republicans were represented by Congressmen Joe Wilson from South Carolina and California’s Edward Royce. “This historic agreement for the two nations has won approval from the International Atomic Energy Agency and the 45-nation Nuclear Suppliers Group. It would enhance US-India economic relations and assist the world’s largest democracy to successfully meet growing energy needs. Congress must act quickly to ensure passage on this agreement before recessing,” the lawmakers said. Source: Home - Livemint.com | 17 Sep 2008 | 6:54 am RIL to begin D6 gas production by November-endPTI New Delhi, Sep 17 (PTI) Reliance Industries will begin production of gas from its prolific DG block by November end, with an initial output of 15 million standard cubic metres a day. “The Mukesh Ambani-run company will also start oil production from the block by the end of this month and the output is estimated at 15,000 barrels per day,” Directorate General of Hydrocarbon chief V K Sibal said. He said the gas production output is estimated to be ramped up to 40 million standard cubic metres per day three months from the initial production date. Petroleum Secretary R S Pandey had earlier that the company would begin gas production by October-end. Although the company too had initially said that it planned to begin production from D6 in the third quarter of 2008, it later stated that it actually meant the third quarter of 2008-09 fiscal. Petroleum Minister Murli Deora and his deputy Dinsha Patel had informed Parliament on several occasions that the company will begin gas production from D6 in July 2008. Mukesh Ambani-run RIL currently owns 90% stake in D6 where 18 oil and gas discoveries have been reported till date. The remaining is with Niko Resources of Canada. Source: Home - Livemint.com | 17 Sep 2008 | 6:49 am FDA warning: Ranbaxy issues clarificationNew Delhi: In response to a US Food and Drug Administration (US FDA) issuing warning letters and announcing an import alert for drugs issued to Ranbaxy Laboratories, the company has said that it is very disappointed in the action FDA has taken. “Ranbaxy is very disappointed in the action FDA has taken today. The company has responded to each concern FDA has raised during the past two years and had thought that progress was being made,” the company said in a release. “We are, however, pleased that FDA’s testing and review led the agency to conclude that there is no reason to question the safety or effectiveness of Ranbaxy’s drugs. The company has just received the warning letters that FDA has issued and has not had the opportunity to review those concerns that FDA has determined are unresolved,” the release states. “Once it has had an opportunity to review the issues, the company looks forward to continuing to cooperate with FDA to resolve the remaining issues,” it added. According to the FDA announcement, the warning letters and import alert does not apply to the Indian pharma company’s other facilities including its three manufacturing facilities in the US, Ohm’s Laboratories facilities in New Brunswick, North Brunswick, and Gloversville from which Ranbaxy delivers around 59 drug products to the US healthcare system. Source: Home - Livemint.com | 17 Sep 2008 | 5:42 am BoJ keeps rates on hold as economy dragsTokyo: The Bank of Japan kept interest rates unchanged on Wednesday and maintained its assessment on the economy, which it said was still sluggish. In a widely expected move, the central maintained its overnight call rate target at 0.5 % by a unanimous vote. “Tensions in global financial markets have increased and there are downside risks to the world economy,” the BoJ said. “While Japan’s money market has been functioning well, the bank will continue to strive to ensure smooth settlement of funds and maintain market stability taking into account the recent developments among US financial institutions and their impact.” BoJ Governor Masaaki Shirakawa will hold an embargoed news conference later in the day, with his comments expected to come out some time after 4:15 pm. The nine-member board currently has two vacancies, including one for a deputy governor. Source: Home - Livemint.com | 17 Sep 2008 | 5:33 am Rupee rises after cbank helps boost inflowMumbai: The Indian rupee rose sharply on Wednesday after posting its biggest single-day fall on Tuesday, supported by the central bank’s move to make rates on deposits by non-residents more attractive. Traders said commitment by the Reserve Bank of India (RBI) to continue intervening to support the rupee also helped the rupee to gain strength. At 10:08 am, the partially convertible rupee was trading at Rs46.35/37 per dollar, 1.2% stronger than Rs46.89/90 at close on Tuesday when it had fallen to 46.99 during trade, its weakest since 24 July, 2006. “The rupee opened stronger after the central bank move, and now the market is waiting. The fears are that if the rupee touches 46.50 and beyond, the RBI will come and sell heavily,” said Paresh Nayar, chief dealer at Development Credit Bank. “The market has been very thin, but there is some demand from foreign banks. The market will look to sell around 46.50, due to the fear of RBI,” he added. Dealers said the rupee may rise towards 46 in the near term, helped by the central bank. India’s main share index opened up 0.75%, but quickly turned negative. Foreign funds have so far sold a net $8.4 billion worth of Indian stocks, helping push the rupee down more than 15% so far in 2008. Dealers said the dollar’s strength versus other currencies overseas was also hurting sentiment for the rupee. The dollar jumped against the yen on Wednesday after the Federal Reserve rescued insurer American International Group, easing fears about a financial system crisis. Source: Home - Livemint.com | 17 Sep 2008 | 5:16 am US govt bails out AIG with $85 billion loanWashington: For the second time this month, the US government intervened to bail out a private financial company, saying the failure of the huge insurer American International Group Inc. would further disrupt markets and threaten the already fragile economy. The Federal Reserve said on Tuesday it would provide up to $85 billion in an emergency, two-year loan to rescue AIG, which teetered on the edge of failure because of stresses caused by the collapse of the subprime mortgage market and the credit crunch that ensued. In return, the government will get a 79.9% stake in AIG and the right to remove senior management. The move was similar to the government’s seizure on 7 September of mortgage giants Fannie Mae and Freddie Mac, where the Treasury Department said it was prepared to put up as much as $100 billion over time in each of the companies if needed to keep them from going broke. Both moves were bound to raise questions about the use of taxpayer money to bail out private firms. The Fed said it determined that a disorderly failure of AIG could hurt the already delicate financial markets and the economy. Although little known off Wall Street, AIG does business with almost every financial institution in the world and insures $88 billion worth of assets including mortgages and corporate loans. Its failure could also “lead to substantially higher borrowing costs, reduced household wealth and materially weaker economic performance,” the Fed said in a statement. The decision to help AIG marked a reversal from the government’s move over the weekend, when it refused to use taxpayer money to bail out Lehman Brothers Holdings Inc. Lehman, which filed for bankruptcy protection Monday, collapsed under the weight of mounting losses related to its real estate holdings. White House backing The White House said it backed the Fed’s decision Tuesday. “These steps are taken in the interest of promoting stability in financial markets and limiting damage to the broader economy,” White House spokesman Tony Fratto said. After meeting with Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke in a late-night briefing on Capitol Hill, Congressional leaders said they understood the need for the bailout. New York officials said the deal helps stave off a fiscal crisis for the state. “Policy holders will be protected, jobs will be saved,” New York Gov David Paterson said Tuesday night. The Fed’s move was part of a concerted push to help calm jittery markets and investors around the world. On Tuesday, the Fed decided to keep its key interest rate steady at 2%, but acknowledged stresses in financial markets have grown and hinted it stood ready to lower rates if needed. The central bank also pumped $70 billion into the nation’s financial system to help ease credit stresses. In emergency sessions over the weekend, the Fed expanded its loan programs to Wall Street firms, part of an ongoing effort to get credit flowing more freely. The stock market, which Monday had its worst session since the 11 September attacks, recovered on Tuesday after the Fed’s decision on interest rates. The Dow Jones industrials rose 141 points after losing 500 points on Monday. The problems at AIG stemmed from its insurance of mortgage-backed securities and other risky debt against default. If AIG could not make good on its promise to pay back soured debt, investors feared the consequences would pose a greater threat to the US financial system than this week’s collapse of the investment bank Lehman Brothers. New York-based AIG operates insurance and financial services businesses ranging from property, casualty, auto and life insurance to annuity and investment services. Source: World Business - Livemint.com | 17 Sep 2008 | 4:35 am IRDA seeks status report from Tata, AIG!Insurance regulator IRDA is believed to have sought status report from Tata Group and AIG, which holds 26 per cent stake in the life insurance and non-life insurance venture of Tata Group, in the wake of reports that the US firm is facing a financial crisis.Source: Zee News : Business | 17 Sep 2008 | 12:37 am Iran demands revision of IPI gas pricing formula!In a move that could lead to further delay in the USD 7.4 billion Iran-Pakistan-India (IPI) pipeline project, Tehran has demanded a revision in the gas tariff and the pricing formula agreed upon earlier.Source: Zee News : Business | 17 Sep 2008 | 12:37 am `India not immune to global crisis`!Speaking on the impact of US financial turmoil over India, Reliance Capital Chairman Anil Ambani said on Tuesday that given its economic integration, India cannot remain immune to global financial crisis and it will but naturally be affected by the global meltdown.Source: Zee News : Business | 17 Sep 2008 | 12:37 am IRDA assessing impact on AIG ventures in India!India`s insurance regulator is investigating whether American Insurance Group Inc`s financial crisis will have any impact on its two Indian insurance joint ventures, a senior official said on Tuesday.Source: Zee News : Business | 17 Sep 2008 | 12:37 am Further financial strains cannot be ruled out: IMF !Within 24 hours of US investment banker Lehman Brothers filing the largest bankruptcy in the American history, International Monetary Fund said the financial crisis may continue at least in the short run.Source: Zee News : Business | 17 Sep 2008 | 12:37 am Hiring in financial, banking sectors to slowdown!The collapse of investment banking giants like Lehman Brothers and Merrill Lynch has impacted the financial sector so much globally that hiring prospects in the sector looks bleak, though less so in India, say analysts.Source: Zee News : Business | 17 Sep 2008 | 12:37 am Indian bankers see limited impact of Lehman fallout!Indian bankers are not anticipating any tidal disruption on their balance sheets following collapse of Lehman Brothers, one of the giants of investment banking, though the ripple effect would undoubtedly touch the foreign inflows.Source: Zee News : Business | 17 Sep 2008 | 12:37 am China`s double-digit growth to dip: ADB!China`s economic growth is expected to slump to 10 per cent this year from 11.9 per cent in 2007 and dip further to 9.5 per cent next year, the Asian Development Bank (ADB) forecast on Tuesday.Source: Zee News : Business | 17 Sep 2008 | 12:37 am No fuel price cut as of now: Deora!The government on Tuesday ruled out a cut in retail fuel prices till global oil prices dips to USD 67 a barrel, saying the fall in rupee against the USD had negated the 38 percent drop in crude prices.Source: Zee News : Business | 17 Sep 2008 | 12:37 am Rel-Cap to enter banking, PE biz; to pump in Rs 2,000 cr !Announcing an investment of over Rs 2,000 crore over the next 3-5 years in its insurance business, domestic financial services major Reliance Capital`s Chairman Anil Ambani on Tuesday said the company will enter the banking, asset reconstruction, institutional broking and PE business.Source: Zee News : Business | 17 Sep 2008 | 12:37 am Rupee weakness to continueThe Indian currency took five-and-half years to appreciate from 49 to 39 between May 2002 and January 2008. But it took just nine months to retrace 70 per cent of this move as the rupee closed near the 47-mark on Tuesday. The currency is down 20 perSource: Business Line - Home Page | 17 Sep 2008 | 12:00 am Marketing schemes of car makers don’t make the cut this yearCar makers are finding that marketing schemes — the magic wand that could turn around their sales last year — are proving to be of limited benefit this year.Source: Business Line - Home Page | 17 Sep 2008 | 12:00 am RBI moves in to ease pressure on marketsMumbai, Sept 16 As a response to the developments in the global financial markets, the Reserve Bank of India has announced a series of measures aimed at increasing liquidity and attracting foreign currency.Source: Business Line - Home Page | 17 Sep 2008 | 12:00 am Rupee crashes by 90 paiseMumbai, Sept. 16 The turbulence in the global equity markets echoed not only in the domestic equity markets, but also in the currency market, with the rupee crashing by 90 paise in intra-day trade on Tuesday.Source: Business Line - Home Page | 17 Sep 2008 | 12:00 am Day Trading GuideThe near-term stance is negative for the stock. Sell the stock in rallies with stiff stop-loss at Rs 628.Source: Business Line - Home Page | 17 Sep 2008 | 12:00 am Indian banks’ Lehman exposure negligibleMumbai, Sept. 16 While the collapse of the US-based investment bank Lehman Brothers may not have a direct impact on Indian banks, some of them may face marginal losses due to their exposures to the US bank.Source: Business Line - Home Page | 17 Sep 2008 | 12:00 am 250 stocks hit new year lows on NSEChennai, Sept. 16 With the market falling sharply, the number of stocks hitting year lows has been on the rise.Source: Business Line - Home Page | 17 Sep 2008 | 12:00 am Entertainment Network (Rs 276.15): BuyWe recommend a buy in Entertainment Network India from a short-term horizon. It is evident form the charts of Entertainment Network that it has been on a long-term down trend from a high of Rs 700, its 52-week high recorded in early DecemberSource: Business Line - Home Page | 17 Sep 2008 | 12:00 am Wipro unfazed by exit of executives from tech bizBangalore, Sept. 16 Wipro Ltd is unfazed by the recent exit of its key executives from its technology business after the management restructuring inSource: Business Line - Home Page | 17 Sep 2008 | 12:00 am RBI slaps curbs on Lehman’s India armsMumbai, Sept. 16 The Reserve Bank of India has issued a notice placing restrictions on the activities of the Indian subsidiaries of Lehman Brothers.Source: Business Line - Home Page | 17 Sep 2008 | 12:00 am ICICI to set aside $28 mn on Lehman bond lossesICICI Bank today said it might need to make an additional provision of $28 million (Rs 188 crore) on its exposure to bonds issued by investment bank Lehman Brothers, which has filed for bankruptcy inSource: Business Standard | Front Page Headlines | 16 Sep 2008 | 7:16 pm Fuel price cut only when oil at $67: DeoraOil Minister Murli Deora said petrol and diesel prices would not be cut till crude oil prices fell to $67 a barrel, since the depreciation in the rupee against the US dollar had eroded gains fromSource: Business Standard | Front Page Headlines | 16 Sep 2008 | 7:15 pm RBI steps in to cool financial marketsThe Reserve Bank of India (RBI) stepped in this evening to check any potential adverse impact of the global financial turmoil on the Indian markets by announcing measures to ease the liquidity crunchSource: Business Standard | Front Page Headlines | 16 Sep 2008 | 7:14 pm Nokia adds Bharti Airtel to ad networkHelsinki: Nokia has signed up carriers Sprint and Bharti Airtel and a number of European publishing houses as partners for a mobile advertising network it is building, it said on Tuesday. The world’s biggest cellphone maker entered the market when it bought US mobile advertising firm Enpocket last year. It plans to use partnerships with carriers to push advertising to publishers’ mobile websites, with Nokia acting as an ad agency. New publishing members of the network include the International Herald Tribune Europe, Agence France-Presse France and RTL Mobile Germany, Nokia said. Existing members include Reuters and Cosmopolitan. The mobile and advertising industries are currently working out how best to exploit a market that research firm Gartner estimates will be worth more than $12 billion by 2011. Cellphone makers and carriers need new revenue streams to balance the constant pressure to cut prices for handsets and standard services like voice calls. Nokia is creating mobile campaigns for brands that include banner ads, location finders and mobile coupons. It says its media network gives advertisers access to more than 100 million consumers through its partners. Nokia said click-through rates on its network - the percentage of ads delivered that users click on - average 10%, significantly higher than the industry average. Source: Tech News - Livemint.com | 16 Sep 2008 | 6:30 pm Intel’s six-core microchip designed by India unitBangalore: Intel Corp.’s new high performance six-core microprocesser that significantly cuts back on power use was designed by the chip giant’s India unit, the company said.  Big step: Intel India chief Praveen Vishakantaiah. Dibyangshu Sarkar/ AFP The new 45-nanometre chip, part of the Xeon family , which has 1.9 billion transistors, six processing cores and share cache memory, has been designed and built in Bangalore by Intel’s local research arm for use in high-end enterprise servers by vendors such as Dell Inc., International Business Machines Corp. and Wipro Ltd. “The new chip helps IT manage complex enterprise server environments, improve performance of multi-thread applications,” said Intel South Asia sales director R. Ravichandran. Servers with the new chip will reach markets in a week, the company said. Products with the new processor offer frequencies up to 2.66 GHz and consume 11W for each core, which is 50W less than quad core processors and dual core processors. The processor can be used for servers in virtualised environments, databases, business intelligence and enterprise resource planning, Intel said. The microprocessor, codenamed Dunnington, was designed and developed over two years and delivered two months ahead of schedule, said Intel India president Praveen Vishakantaiah. Intel’s local research arm, which has some 2,500 employees, has also worked in the development of other Intel chips such as the Intel Centrino mobile platforms, and the world’s first programmable processor delivering teraflops of performance. Intel has invested at least $1.7 billion in India so far. Source: Tech News - Livemint.com | 16 Sep 2008 | 5:34 pm Intel rolls out computer chip with six brainsSan Francisco: Intel on Monday rolled out its first chip with six brains, unveiling a “multi-core” microprocessor that boosts computing muscle while cutting back on electricity use. The world’s leading computer chip maker’s new Xeon 7400 series microprocessor is tailored for businesses that want to boost server performance while conserving on space and energy. Intel executives say the Xeon 7400 is part of an “incremental migration” toward chips with limitless numbers of “cores” that seamlessly and efficiently share demanding computer processing tasks. Intel and rival Advanced Micro Devices have two-core and four-core chips on the market. The six-core chip delivers 50% more performance than its quad-core predecessor while using 10% less electric power, according to Intel enterprise group vice president Tom Kilroy. Electricity and cooling expenses can account for nearly half the cost of running company computer servers. “It isn’t just performance and energy efficiency but the use models,” Kilroy said of the boon promised by increasingly powerful chips. “One of the major ones is virtualization.” Multi-core chips are boons to computing trends including high-definition video viewing online; businesses offering services applications on the Internet; and single servers running many “virtual” machines. “There is a realization that we will be able to bring things to market that weren’t feasible four years ago,” MySpace vice president of technical operations Richard Buckingham said while discussing the new chip’s potential. MySpace is among a growing number of Internet companies using “virtualization” to essentially multiply the usefulness of computing hardware with software that creates simulated computers complete with operating systems. Multi-core chips basically allow computers to divvy up tasks to work on simultaneously instead of having a single powerful processor handle a job in a linear style from start to finish. Dell, Hewlett Packard, IBM, Unisys and Fujitsu are among the computer makers building the new Xeon 7400 chips into servers designed for business networks, according to Intel. Source: Tech News - Livemint.com | 16 Sep 2008 | 2:05 pm HP to axe 25,000 staffNew Delhi: Job market seems to be turning gloomy not only in the banking space but also in the technology sector, with global IT giant Hewlett-Packard planning to slash close to 25,000 jobs across the world. However, it was immediately not clear what would be the impact in India, where HP has over 30,000 employees. “Approximately 7.5% of the combined company’s workforce, or about 24,600 employees, will be affected over the course of the program,” HP said. HP’s job cut plans come in the midst of huge layoffs in the financial services sector, where thousands of employees have already been given pink slips by firms like Citigroup. Thousands more job cuts are expected to come soon in the backdrop of Merrill Lynch’s distress sale to Bank of America, Lehman Brothers filing for bankruptcy protection and firms like AIG suffering huge losses. However, the layoffs at HP are of different in nature and are part of the integration process related to the company’s recent acquisition of EDS. HP said that nearly half of the reductions would be in the United States. HP has a considerable presence in India with over 30,000 employees working for the firm, but the company’s officials in the country declined to comment on how the Indian workforce would be impacted by the restructuring. In India, thousands of employees of Lehman and Merrill Lynch are already at risk of losing their jobs, while AIG is also said to be nearing a possible bankruptcy, which could lead to layoffs there as well. Besides, a number of IT and BPO firms in India have significant exposure to financial services majors of the US and those firms being deep in the financial crisis could lead to the Indian entities losing a number of contract, which could subsequently result into job losses. HP said in its statement that it intends to implement a restructuring program for the EDS business group that will better align the combined company’s overall structure and efficiency with the operating model that HP has successfully implemented in recent years. However, the company made it clear that it will provide employees affected by this restructuring program with severance packages, counseling and job placement services. Once completed, the restructuring program is expected to result in annual cost savings of about $1.8 billion. These savings are net of reinvestments in areas including sales coverage, delivery optimisation and emerging markets, it added. HP will be recording a charge of $1.7 billion in the fourth quarter of fiscal 2008 relating to the restructuring program. About $1.4 billion, of which will be recorded as goodwill and $0.3 billion will be recorded as a restructuring charge that will be included in HPs GAAP financial results. The company has announced it ahead of their security analyst meeting. Source: World Business - Livemint.com | 16 Sep 2008 | 11:56 am Lufthansa takes a strategic equity share in Brussels AirlinesNew Delhi: Brussels Airlines is embarking on a new future with Lufthansa. Lufthansa Chairman Wolfgang Mayrhuber and SN Airholding Chairman Eitienne Davignon have signed an agreement, which initially envisages a strategic stake in SN Airholding SA/NV and, in a second step, the full integration of the Belgian carrier in the Lufthansa Group. The agreement still requires the approval of the regulatory authorities and the Lufthansa Supervisory Board as well as the Board of Directors and shareholders of SN Airholding SA/NV. In a first step, Lufthansa is taking out a stake of 45% in SN Airholding SA/NV for €65 million via a capital increase. After securing the air traffic rights of Brussels Airlines, Lufthansa will then have an option of acquiring the remaining 55% from 2011. It would then wholly-own the Belgian carrier. The price for taking up the remaining 55% depends on performance-related factors so that the cost for complete acquisition of Brussels Airlines could amount to a maximum of €250 million. The jointly drafted integration model is shaped along the lines of the successful cooperation between Lufthansa and SWISS: It envisages that Brussels Airlines will operate as a largely independent company in the Lufthansa Group subject to its uniformly formulated targets, strategic guidelines and financial resources. It also stipulates that, after exercise of the option, Brussels Airlines should retain its headquarters and management in Brussels. It will continue operating and developing its strengths under its familiar brand with its own aircraft and crew, and expand its local advantages in the Belgian market. That includes a demand-driven route network including intercontinental connections. The Lufthansa hubs in Frankfurt, Munich and Zurich will complement the overall services offered to customers in accordance with specific market potential, customers’ preferences and cost structures. The integration is designed to enable Brussels Airlines to operate in a demanding market environment, to develop further, attain its growth targets and raise its profitability, and thereby offer customers and staff better long-term perspectives. Source: World Business - Livemint.com | 16 Sep 2008 | 11:55 am
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