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Maha Govt drags ICICI Lombard to consumer courtThe Maharashtra State Government has dragged India\'s largest private general insurer to the national consumer court for rejecting claims of Vidharba farmers. ICICI Lombard will now have to shell out claims of Vidarbha farmers worth 8 crore rupees which the company had earlier rejected.Source: Moneycontrol Top Headlines | 18 Sep 2008 | 5:11 pm How will AIG\'s cash crisis hit Indian insurance cos?Rating agencies SP, Moody\'s and Fitch have slashed AIG\'s credit ratings. This move has got Indian general insurers worried because many of them have business associations with AIGs reinsurance arms. What\'s the possible fallout of AIG\'s cash crisis on its business in India?Source: Moneycontrol Top Headlines | 18 Sep 2008 | 4:52 pm Unitech may raise $350 m to build 15 hotelsDow Jones has said that Unitech will raise USD 350 million shortly to build 15 hotels from twothree PE players. Unitech will also finalise European company as partner for telecom joint venture (JV).Source: Moneycontrol Top Headlines | 18 Sep 2008 | 2:50 pm Satyam bullish on hiring despite US financial crisis!Amid fears that the US financial crisis will effect hiring plans of outsourcing companies, India`s fourth largest software firm Satyam on Thursday said it is bullish on hiring and has no plans to recast its recruitment targets.Source: Zee News : Business | 18 Sep 2008 | 12:52 pm Rupee plunges by 40 paise against US dollar in early trade!The Indian rupee fell by 40 paise to 46.74 against the US dollar in early trade on Thursday due to capital outflow by foreign funds following a plunge in the Asian bourses.Source: Zee News : Business | 18 Sep 2008 | 12:52 pm Lehman jitters continue: Tracking global cues Sensex tanks by 700 pts !The ongoing turmoil in the American banking system and the fears that the financial crisis is spinning out of control continued to wreak havoc on equity markets across the world. After Nikkei and Hang Seng, the BSE Sensex also crashed by more than 700 points in early trade on Thursday. The worst effected were the banking, real estate and commodities stocks.Source: Zee News : Business | 18 Sep 2008 | 12:52 pm Nano trouble: Tata Motors officials to meet Yeddyurappa!Tata Motors, whose cheap car plant has been dogged by protests, is to hold talks about making the vehicle in Karnataka. A senior team from Tata was due to meet Thursday with Chief Minister BS Yeddyurappa to discuss shifting the making of the Nano from West Bengal, sources said.Source: Zee News : Business | 18 Sep 2008 | 12:52 pm Lloyds TSB agrees to take over HBOS for $50 bn !British bank Lloyds TSB has agreed to buy rival HBOS Plc to create a 28 billion pound (USD 50 billion) mortgage company, reports said on Wednesday, the latest troubled bank to be forced into the arms of a better-funded rival.Source: Zee News : Business | 18 Sep 2008 | 12:52 pm Another nightmare on Wall Street: Dow Jones hit 3-yr low!The stock market took another nosedive on Wednesday as the American banking system appeared even shakier and investors worried that the financial crisis is spinning so far out of control that even government rescues can`t stop it. The Dow Jones industrial average, which only two days earlier had suffered its steepest drop since the days after the September 11 attacks, lost another 450 points.Source: Zee News : Business | 18 Sep 2008 | 12:52 pm Google CEO won`t delay Yahoo deal any further !Google Inc`s chief executive said on Wednesday the Internet search leader won`t delay its proposed advertising partnership with rival Yahoo Inc even if government regulators need more time to assess whether the alliance will diminish competition.Source: Zee News : Business | 18 Sep 2008 | 12:52 pm Ranbaxy hires Giuliani as adviser!Indian generic drugmaker Ranbaxy Laboratories Ltd has hired former New York City Mayor Rudolph Giuliani as an adviser, the company said on Thursday, one day after regulators banned the US sale of dozens of its drugs.Source: Zee News : Business | 18 Sep 2008 | 12:52 pm No panic withdrawal from ICICI Bank: Chanda KochharChanda Kochhar, Joint MD CFO of ICICI Bank confirmed that ICICI Bank is financially safe and sound. She added that there is no panic or substantial withdrawals from their branches, and that the disbursals via branches and ATMs are normal.Source: Moneycontrol Top Headlines | 18 Sep 2008 | 12:37 pm Gates regains richest American title from BuffettSoftware czar Bill Gates has regained his position as America's richest person with a networth of USD 57 billion after losing this place for a few monthsSource: Daily News & Analysis: Money News | 18 Sep 2008 | 12:29 pm Foreign cos can bid for 3G: DoTThe telecom secretary said that 3G documents will be out within a week, and that foreign companies can bid for 3G on their own. However, foreign companies require to induct an Indian partner before starting operations.Source: Moneycontrol Top Headlines | 18 Sep 2008 | 12:14 pm Rupee trims losses as stx rebound, RBI seenMUMBAI (Reuters) - The rupee trimmed losses to close at the day's high on Thursday helped by dollar selling by the Reserve Bank of India (RBI) and a recovery in the local share market, which slumped more than 5 percent in early trade.Source: Reuters: Money News | 18 Sep 2008 | 12:13 pm Reforms to continue: ChidambaramFinance Minister P Chidambaram said Indian economy will grow close to 8 per cent, while the govt will go ahead with financial sector reforms without fear of any negative fallout.Source: Daily News & Analysis: Money News | 18 Sep 2008 | 12:12 pm Tata Steel targets 30% ROC in 5 yrsKoushik Chatterjee, Group CFO of Tata Steel said that external capital will be tough to raise. Chatterjee feels that spot steel prices have softened a bit. Raw material metal spread is still at comfortable levels, he said. The company is targeting combined return on capital of 30% in five years.Source: Moneycontrol Top Headlines | 18 Sep 2008 | 12:10 pm Govt ready to take more steps for easy cash - ChidambaramNEW DELHI (Reuters) - India's financial markets would feel some impact from the turmoil in global markets, but authorities were ready to counter any tightening of cash conditions, the finance minister said on Thursday.Source: Reuters: Money News | 18 Sep 2008 | 12:08 pm Lloyds TSB confirms HBOS bidLlyods TSB has confirmed its bid for HBOS, which it has valued at £12.2 billion. This deal marks another chapter in a dramatic shakeup of the global financial landscape.Source: Moneycontrol Top Headlines | 18 Sep 2008 | 11:59 am Bharti Airtel still desires big acquisitionNEW DELHI (Reuters) - Bharti Airtel, which failed to seal a deal with South Africa's MTN Group earlier this year, is still looking for big acquisition targets outside India, a top official at its parent company said on Thursday.Source: Reuters: Money News | 18 Sep 2008 | 11:56 am Emirates airline offers special seasonal faresDelhi is among the list of destinations Emirates airline is offering special seasonal fares from Dubai over the coming few weeks, the carrier said here on Thursday.Source: Daily News & Analysis: Money News | 18 Sep 2008 | 11:56 am India Infoline plans offshore, onshore AMC biz in 6 monthsNirmal Jain, Chairman and Managing Director of India Infoline said that his company plans to launch offshore as well as onshore asset management (AMC) business. He is trying to get a license in Singapore to start an AMC there. Jain plans to build good asset base in this business in three to five years.Source: Moneycontrol Top Headlines | 18 Sep 2008 | 11:53 am Lloyds TSB confirms HBOS bid - Moneycontrol.com
Source: Google News India - Business | 18 Sep 2008 | 11:52 am RIM steps up pace in Asia amid U.S. slowdownMUMBAI (Reuters) - Research in Motion Ltd will add new carriers in fast-growing emerging markets, and does not yet see an adverse impact from a widening global financial crisis, its co-chief executive said on Thursday.Source: Reuters: Money News | 18 Sep 2008 | 11:50 am Morgan Stanley in talks as fear grips financialsHONG KONG/LONDON (Reuters) - Morgan Stanley topped the list of major financial firms scrambling to find a buyer, while central banks rushed in $180 billion of extra liquidity to bring some calm to panicked stock and money markets.Source: Reuters: Money News | 18 Sep 2008 | 11:47 am Inida copper reverses losses on dipping dollar - Reuters India
Source: Google News India - Business | 18 Sep 2008 | 11:38 am How will AIG's cash crisis hit Indian insurance cos? - Moneycontrol.com
Source: Google News India - Business | 18 Sep 2008 | 11:37 am Lupin buys SAfrican firm, eyes JapanMUMBAI (Reuters) - Lupin Ltd has bought a 60 percent holding in South African marketing firm Pharma Dynamics, its third acquisition in as many months as it expands overseas, its chairman said on Thursday.Source: Reuters: Money News | 18 Sep 2008 | 11:37 am India's Lupin buys SAfrican firm, eyes Japan - Reuters
Source: Google News India - Business | 18 Sep 2008 | 11:36 am Obama takes lead over McCain: PollNew York: The run for White House has seem to have roughly come back to square one with Democrat nominee Obama taking a lead of 5% over the Republican rival, according to a latest survey. The poll by the New York Times/CBS News reveals that Obama have support of 48% of registered voters, compared with 43% for McCain, a difference within the poll’s margin of sampling error. While McCain leads Obama among white women, 44% to 37%, among other groups, Obama had a slight edge among independents, and a 16-percentage-point lead among voters aged 18 to 44. Meanwhile, McCain was also leading by 17 points among white men and by the same margin among voters 65 and over, the survey revealed. It also showed that while before the convention, voters 65 and older were closely divided, after it, middle-age voters, 45 to 64, were almost evenly divided between the two. On selection of the vice-presidential candidate, 75% said they thought McCain had picked Palin more to help him win the election than because he thought that she was well qualified to be president. By contrast, 31% said they thought that Obama had picked Biden more to help him win the election, while 57% said it was because Biden was well qualified for the job. During the poll, more than 6 in 10 said they would be concerned if McCain could not finish his term and Palin had to take over. In contrast, two-third of voters surveyed said Biden would be qualified to take over for Obama, a figure that cut across party lines. Source: LatestNews-Home - Livemint.com | 18 Sep 2008 | 11:34 am Chennai firm, Beijing launch theatre in ChinaIndian entertainment company Pyramid Saimira Theatre Ltd has joined hands with China's ministry of culture to launch a theatre there.Source: IndiaeNews.com: Business News | 18 Sep 2008 | 11:32 am Lupin acquires South African pharma companyPharmaceutical major Lupin Ltd has completed the acquisition of a majority stake in South Africa-based Pharma Dynamics.Source: IndiaeNews.com: Business News | 18 Sep 2008 | 11:32 am Jai Balaji plans new steel plant in West BengalSteel manufacturer Jai Balaji Industries hopes to start work on a new integrated steel, cement and power plant in Purulia in November if the West Bengal government releases the required land soon, a top company official said here Thursday.Source: IndiaeNews.com: Business News | 18 Sep 2008 | 11:31 am Lupin acquires South African pharma companyPharmaceutical major Lupin Ltd has completed the acquisition of a majority stake in South Africa-based Pharma Dynamics.Source: Daily News & Analysis: Money News | 18 Sep 2008 | 11:30 am Sensex recovers over 750 points to end firmLivemint.com New Delhi: The markets recovered lost ground to end in positive turf with the BSE benchmark index settling 53 points or 0.4% higher at 13,315 levels on bargain hunting and positive global developments. The Sensex recovered over 750 points in intra-day deals led by a strong rebound in banking, oil and gas, capital goods counters. Indian bourses joined a fresh sell-off across Asia at open due to the financial turmoil in the United States following collapse of Lehman Brothers and Merrill Lynch. Meanwhile, the US Federal Reserve has said it would authorize $180 billion expansion of temporary foreign currency swap arrangements. Back home, banking scrips registered strong gains with Bank of Baroda surging 5.8% or Rs18 to close at 327 levels. Axis Bank, Kotak Mahindra Bank, State Bank of India, ICICI Bank, Karnataka Bank and HDFC Bank also ended in the green. “Going forward, the markets are likely to remain choppy. Nifty faces resistance at 4,140 - 4,160 levels,” said PK Agarwal, President – Research, Bonanza Portfolio Limited Reliance Industries at Rs1,932 levels moved up 3.2% or Rs59 and was among the top gainers in the oil and gas pack. PSU oil refining and marketing companies — HPCL, BPCL and IOC also ended in positive turf. Ranbaxy Laboratories, however, continued its journey south post US FDA issuing warning letters against the company. The counter tanked 10% or Rs38 to Rs340 levels. Bharti Airtel, Tata Power, Tata Motors, Satyam Computer, Reliance Communications and Infosys Technologies also lost considerable ground. Profit booking was also visible in realty counters with Anant Raj Industries slipping 9.3% by close. Indiabulls Real Estate, Mahindra Life, Peninsula Land, Unitech Limited, Sobha Developers and DLF Limited were some of the other key losers in this pack. Source: Home - Livemint.com | 18 Sep 2008 | 11:29 am Gates regains richest American title from BuffettNew York: Software czar Bill Gates has regained his position as America’s richest person with a networth of $57 billion after losing this place for a few months to his friend and legendary investor Warren Buffett. In its latest list of the 400 Richest Americans, US business magazine Forbes has ranked Bill Gates on the top, followed by Buffett at the second position with a networth of $50 billion. The list includes at least four persons of Indian origin - Kavitark Ram Shriram (ranked 281st with $1.7 billion), Amar Bose (ranked 321st with $1.5 billion), Bharat Desai and family (321st with $1.5 billion) and Vinod Khosla (355th with $1.4 billion). The last list of the world’s richest billionaires, published in March this year, Forbes had ranked Buffett on the top with a networth of $62 billion, followed by Mexican telecom tycoon Carlos Slim Helu at the second and Gates at the third positions with fortunes of $60 billion and $58 billion respectively. While Slim has not been included in the latest list for being a Mexican citizen, both Gates and Buffett have seen their networth taking a dip from the worldwide list. However, the fall is much larger for Buffett at $12 billion compared to $1 billion for Gates. Source: LatestNews-Home - Livemint.com | 18 Sep 2008 | 11:27 am Sensex snaps 7-day slide, banks recoupMUMBAI (Reuters) – The BSE Sensex rebounded from sharp early losses on Thursday and snapped a seven-day losing streak, as domestic funds stepped in to pick bargains but the outlook remained shaky on deepening global financial woes.Source: Reuters: Money News | 18 Sep 2008 | 11:25 am AIG India insurance ventures well capitalised - firmNEW DELHI (Reuters) - A life insurance venture between India's Tata Group and American International Group said it is well capitalised and does not expect any material impact from the turmoil in global financial markets.Source: Reuters: Money News | 18 Sep 2008 | 11:24 am Livni close to succeeding Olmert as Israeli PMJerusalem: Foreign Minister Tzipi Livni eked out a victory on Thursday in a surprisingly tight race to replace Prime Minister Ehud Olmert as head of Israel’s governing party, and said she would immediately turn to the task of trying to cobble together a new government. Official results gave Livni, a political moderate, 43.1% of the vote in the Kadima Party primary elections, compared with 42% for Shaul Mofaz, a hawkish former military chief and defense minister, in a contest with far-reaching implications for peacemaking with the Palestinians and Syria. The results were much closer than the double-digit victory predicted by exit polls Wednesday night. A fast-rising star in Israel’s political firmament, Livni is Israel’s lead negotiator in peace talks with the Palestinians and a rare female power figure in a nation dominated by macho military men and a religious establishment with strict views on the role of women. A lawyer and former agent in the Mossad spy agency who entered politics nine years ago, she is eager to continue the low-decibel diplomatic efforts. She also says she hopes international diplomatic efforts to halt Iran’s nuclear program will prevail, though she says all options are on the table. Livni’s victory puts her in a strong position to become Israel’s prime minister, though that is not guaranteed and the process could take weeks. Olmert, who is being forced from office by a corruption scandal, must formally resign, a move that would dissolve the current coalition government. President Shimon Peres must then ask her to put together a new coalition. Livni says she wants to keep the coalition intact, but doing so will likely require tough negotiations over budget funds and Cabinet posts. Olmert’s spokesman, Mark Regev, said the outgoing prime minister called Livni to congratulate her. He said Olmert would resign after the weekly meeting of his Cabinet Sunday, though he declined to discuss specific timing. New Beginnings Livni said she would get a head start and launch informal coalition talks on Friday. Once she is formally assigned the task, she will have 42 days to form a new ruling coalition. If she succeeds, she will become Israel’s first female prime minister since Golda Meir stepped down in 1974. If she fails, the country will hold elections in early 2009, a year and a half ahead of schedule. Olmert will remain as a caretaker leader until parliament approves a new Cabinet. With opposition leader Benjamin Netanyahu’s hardline Likud Party polling well, neither Kadima nor its coalition partners appear eager for a new election. But with the Shas party, a key coalition partner, making tough demands, Livni will have to perform some deft political maneuvering to put together a government. The ultra-Orthodox Shas has declared its opposition to sharing control of Jerusalem _ the holy city claimed by Israel and the Palestinians. As lead peace negotiator, Livni is committed to discussing all the outstanding issues between Israel and the Palestinians, and the future of Jerusalem is at the heart of the conflict. Israel and the Palestinians originally had set a year-end goal for reaching a final peace accord when they resumed talks under US auspices late last year. But both sides acknowledge that target appears unreachable. Three TV exit polls released just before the voting ended on Wednesday night showed a clear victory for Livni over Mofaz, about 47% to 37% leading to premature celebrations. But official results saw that margin shrink dramatically, to a 431-vote edge. Livni needed 40% of the vote to avoid a runoff next week. Two other candidates, Cabinet minister Meir Sheetrit and former Shin Bet security service director Avi Dichter, lagged far behind in the vote count. Source: LatestNews-Home - Livemint.com | 18 Sep 2008 | 11:19 am 'Tata-AIG policy-holders need not worry'The Tatas have assured the government that Tata-AIG, their joint venture with the troubled US insurer AIG, will meet all the payment obligations to its policy-holders.Source: Daily News & Analysis: Money News | 18 Sep 2008 | 11:16 am Reliance teams up with China's CNPCReliance Industries has for the first time teamed up with China's CNPC to win a gas block in Peru in an effort to expand its presence in Latin America.Source: Daily News & Analysis: Money News | 18 Sep 2008 | 11:15 am Bihar, Orissa to get $608 mn for development from ADBNew Delhi: Multilateral funding agency Asian Development Bank on Thursday said it will provide loan worth $608.2 million to Bihar and Orissa, for upgrading their infrastructure. Asian Development Bank (ADB) will provide 25-year loan worth $420 million to Bihar for upgrading and expansion of the state’s highway network, aimed at supporting economic expansion and alleviate poverty. The Bihar State Highways Project, with a total investment of $468 million, will improve about 820 kilometers of road under the state’s highway development programme. A $1 million-technical assistance has also been granted for reforming road sector institutions. Centre will give the remaining $48 million for the project. With the expanding economy, demand for good roads has increased as they “will improve access to socio-economic services, increase employment opportunities and improve transport services, which will reduce poverty in the region,” a senior transport specialist with ADB South Asia Department Hiroaki Yamaguchi said in a statement. Under the current programme, two roads projects have been have been undertaken for reconstruction. The funding agency will also provide a $188.2 million multi-tranche loan to help in modernising the irrigation infrastructure and management systems in Orissa. The investment will focus on four northern river basins and a part of the Mahanadi River Delta in Orissa. The irrigation systems in the target areas have deteriorated and have limited integration with agriculture support services and marketing systems. The project will ensure efficient water use, boost agricultural productivity, and accelerate economic development in the area. Of the total project cost of $268.8 million, ADB will provide $188.2 million and the balance $73.4 million will be given by the Orissa government, while beneficiaries will contribute $7.2 million in cash or kind. Source: LatestNews-Home - Livemint.com | 18 Sep 2008 | 11:08 am Nano car factory row 'to resume' - BBC News
Source: Google News India - Business | 18 Sep 2008 | 11:02 am Slower economy cools down Indian realty market: expertsIt's time for a reality check for the Indian realty market, which is coming to terms with the downturn after riding on the economic boom over the last four to five years.Source: IndiaeNews.com: Business News | 18 Sep 2008 | 11:02 am Foreign news magazines can have Indian editionsIn a further liberalisation of its media policy, the Indian government Thursday allowed foreign news magazines to have Indian editions.Source: IndiaeNews.com: Business News | 18 Sep 2008 | 11:01 am Markets recover on Chidambaram assurance, end with gainsDespite huge early losses, Indian equities markets Thursday staged a smart recovery to end the day in the green zone on strong buying by domestic institutions following assurance of adequate liquidity by the Indian finance minister.Source: IndiaeNews.com: Business News | 18 Sep 2008 | 11:01 am Apollo Hospitals Group to set up health knowledge cityThe city-based Apollo Hospitals Group will be setting up a health knowledge city in Chittoor district of Andhra Pradesh, which will have schools to train medical and paramedical staff, a company official said Thursday.Source: IndiaeNews.com: Business News | 18 Sep 2008 | 11:00 am 300 children taken hostage, freed in PakistanIslamabad: About 300 students held hostage by three would-be suicide bombers at a school in northwestern Pakistan on Thursday were freed by armed local residents who stormed the building killing two of the militants in a gun battle. The militants took control of the government-run primary school in Dir district of the North West Frontier Province and held the children hostage for several hours. Local residents rushed to the school and rescued their wards after exchanging fire with the militants, killing two of them while the third escaped, TV channels reported. The two dead militants had explosives strapped to their bodies and they blew up during the gun battle. Police and local residents were not certain whether the militants blew themselves up or had exploded after being hit by bullets. All the children were freed unhurt, the school management said. The Dir district is located near the restive Bajaur tribal region and the troubled Swat valley in the NWFP. The people in Dir have formed committees to expel the Taliban from the area. The Pakistani Taliban have been running a terror campaign to close down girls’ schools all over the tribal region. The Taliban have burnt over 100 girls’ schools in Swat valley over the past few months. Source: LatestNews-Home - Livemint.com | 18 Sep 2008 | 10:58 am Web Exclusive | Today’s MBA grads have many more choices Joint managing director, ICICI Venture, Mumbai; former Pepsi CEO in India IIM Bangalore, 1979 How do you see management education having evolved? Coming from an economics and liberal arts background without any work experience, to a fresher like me, IIM-Bangalore provided an interesting amalgam of how business could be applied to socialism and within the private and public context. Business schools were high in the pecking order. Most jobs were in the government and financial institution space and B-schools were just emerging from an economy that was still mired in socialist principles. There was a need to be ingenious in approach and methodology. Salaries were conservative and progression deliberate, albeit predictable, but things were definitely more fluid as opposed to being jerky the way it is today, where young professionals can jump start their careers within the first six to eight years of starting out. There have been some defining moments in your life—moments of elation such as creating that unforgettable Cadbury campaign and crisis management when you were in the middle of the Pepsi pesticide issue. Did B-school education prepare you for any of this? The Cadbury campaign was a combination of latent skills, technological input and intuitive ability based on life experiences in my formative years combined with a diverse and opposite set of influences, economic and people situations and industry experiences. B-school education definitely provides a foundation but one has to build on that. Also, in a crisis situation a lot of who you are comes to the fore, the external factors—such as education, life experiences et al just add to that. Any tips for the present lot of MBA pass outs entering the workplace? They are not fundamentally very different from those who passed out in the 80s. They are as bright if not brighter. Where they do have a definite edge is in the number of choices and alternatives at their command. What they do need to guard against is to not let these alternatives turn into a short-cut to success. They have to clearly lose sight of linear issues and instead build in their career not on short-term but on medium-term goals.  Managing director, Kamla Dials and Devices Ltd and CEO, Ethos Swiss Watch Studios, Chandigarh IIM Ahmedabad, 1980 The unforgettable memories of IIMA include lounging with tea at the picturesque LKP (Louis Kahn Plaza), the Sarabhai Library, the very challenging first six months, the incredible intellectual stimulation, and the wonderfully laidback second year. Two specific recollections – the first term was specifically designed to deflate intellectual egos of students, almost all toppers from leading graduate schools. The first surprise tests in Maths and Statistics saw many engineers scoring D’s while commerce and economics students scored higher; tests in finance saw B.Com’s hit the D’s while engineers landed A’s. Intellectual humility followed with a willingness to learn from scratch. Then there was the Written Analysis and Communication (WAC) course where detailed analysis of case studies had to be succinctly communicated in writing as briefly as possible. The submissions were to be made by 8 am. At 8.01 am the submission box would be taken away and non-submissions would score F without exception. Scenes of students sprinting towards the WAC submission box were common. The importance of keeping deadlines was quickly learned. Personally I wish I had at least two to three years of work experience before I did my MBA—this is now increasingly insisted by most business schools. While an MBA is valuable in today’s business environment it is by no means a necessary condition for success. An MBA imparts technical and analytical skills. Entrepreneurship, risk taking, management of people is not easily taught. An MBA can never be a substitute for the hunger to win.  President, Mudra Max, Mumbai IIM Calcutta, 1988 I was focussed on a career in advertising mid-way through my MBA. I joined Lintas from campus, spent about five years working in Mumbai, Chennai and Kolkata before moving to O&M and returning to Lintas in Mumbai, heading most of Lowe Lintas’ non-Unilever advertising businesses. The case study system that has been used well in the IIMs should be further contemporarized with greater emphasis on developing soft skills, learnings for start-ups and entrepreneurship and issues related to globalization. While an MBA creates a conceptual foundation for a career in management with a structured problem-solving framework to manage most organizational challenges, it cannot replace practical common sense, entrepreneurial aptitude, sheer talent and ambition, which is why a fair number of non-MBAs too excel in the corporate world. My fondest memories are of the beautiful campus that was dotted with lakes, working night-long on projects, the Institute’s 25th anniversary celebrations, the annual IIMC-XLRI meet, many wonderful friendships, winning a tough-fought election for the Presidentship of the Students’ Union and my first girlfriend !  Former CEO, UTV News, Mumbai; right now in between jobs IIM Ahmedabad, 1988 My first experience was to soak in the dynamics of a mixed group – chartered accountants, economics graduates and engineers from different socio-cultural backgrounds. This created a highly collaborative study environment, coming handy when I loved to the world of advertising which is even more cross cultural. Interacting with just as brilliant professionals, never mind if they were college drop outs, was a big leveler. Ours was the last batch of the inter IIM festival where students had a blast as they participated in sports, cultural and other activities. I would seriously recommend that to recommense.  CEO, Maytas Properties IIM Ahmedabad, 1976 While at a B-School, lay equal emphasis on networking and on gaining subject knowledge. In structured programmes, you learn how to do things. If somebody asks me if regression modeling that I learnt during my econometrics classes was my most significant learning, I would say, not necessarily. But if they were to say, “was it useful?” I would most definitely say yes. Specific subjects like, valuation of a firm, managerial accounting, budgetary control systems, production planning and control may appear as a classic example of subjects that are part of a well-structured programme but they cannot replace actual experience and an individual’s basic commonsense in applying these to day-to-day tasks. Marrying these two seamlessly would be the real challenge.  Managing director, Bausch and Lomb India IIM Ahmedabad, 1989 Love them, hate them or tolerate them - MBAs are here to stay in corporate India. Their lack of experience is often just the elixir a company needs to challenge fondly held beliefs and get some fresh thinking. Their ability to infuse logic and professional rigour supplements conventional wisdom on which companies were traditionally run. Their appetite for work and hunger to create afresh pushes the pace of the entire organization a notch. Confronted with a mind no less than their own, the to-be MBAs must keep an open mind, be receptive to new ideas and be willing to accept opinions, other than their own. Forced to working in small teams, they will have to learn to retain their individuality while adding value to a team and develop a strong deadline orientation.  Country head, NRI, Wealth Advisory Services, Financial Planning, HDFC Bank, Mumbai IIM Ahmedabad, 1988 Management education must include techniques and processes that allow effective collections in the FMCG environment and financial services sectors; how to handle merger and acquisitions at senior management levels - both in the acquired and acquiring company and most importantly how to bring in change in an organization. MBA from a good B-school gives you an edge in your first job and later on helps with mentoring and networking in places where you have alumni. My experience has also shown that though an MBA prepares you to handle the rigours of the corporate world, there is enough talent available amongst non MBAs too. MALA MAYAR Director, Wholesale Bank, Standard Chartered Bank, New Delhi Faculty of Management Studies (FMS), New Delhi, 1986 Today more than ever before, B-schools need to introduce a formal mechanism that allows students to be sensitized to issues of corporate and social business responsibility. Business and ethics must go together and businesses must increasingly be governed by a strong value system. It translates into profitability at all levels - organizational, business, customer and client. It may even help address challenges of attrition/ retention by getting employees to align themselves with the company’s core philosophy and value as they see merit in the fact that money and compensation is not everything.  Senior vice-president, Asia Pacific and MD-Timex Group India Ltd IIM Ahmedadad, 1987 Looking at the present lot of young professionals, I would just say that they must enter the work place with the mind set that they have to slog. They must also make an effort to be consistently focused and positive. For those aspiring to make the cut in CAT and XAT, staying away from Facebook and other social networking sites for two months would certainly help.  Regional director, India, Sri Lanka and Bangladesh, Tandberg FMS, New Delhi, 2007 At FMS one was in the centre of what was a huge melting pot of ideas and people. This laid the foundation for a mutual respect of individual competencies, so necessary for being an effective team member. One also got an early lesson in understanding that diverse business functions like sales, marketing, finance and HR are all interdependent and contribute equally to the success of a project. The MBA gave an extra edge, in that it honed a set of analytical tools, so critical in today’s competitive global environment.  Managing director and CEO, Aokang International India Pvt. Ltd Symbiosis, Pune, 1989 The interactive sessions at Symbiosis and the thriving student atmosphere in Pune created an excellent learning ground for most of us who later went on to join leading blue chip companies. My advice to MBA students is that they should strive to retain their originality, follow their dreams and not give up as they move towards their short, medium and long-term goals.  Director, IBM Global Business Services IIM Calcutta, 1997 Think and plan your career from a long-term perspective, and then gather skills and experience that are consistent with this broad plan. I am one of the few from my batch who stuck to the job I landed during campus placement and worked towards achieving specific milestones over the last decade. I believe that changing jobs can take you to the next financial level in the short-term but it is longer stints that get the best out of both the individual and the organization. There will always be changes in the environment and opportunities that require adjustment to career plans, but having a long-term vision helps ensure that responses to these changes are coherent  Group manager, public sector, Microsoft India IIM Bangalore, 1998 Besides all the learning and knowledge gathering that happens at an IIM, it is one’s positive attitude and ability to work with different people that eventually makes the million dollar difference in how you end up getting evaluated and rewarded at the corporate workplace. The single most important thing, which many of us lose sight of is to ‘maintain work-life balance’. Long hours at work don’t mean anything: results count, not effort.  Director, affordable computing, unlimited potential group, Microsoft India IIM Calcutta, 1995 An MBA definitiely broadens your horizons and serves as a valuable tool in the short-run to ensure the fulfilment of higher goals. However, in the long run this tends to get evened out as real life experience, common sense, business acumen and individual personality traits begin to determine how you react, respond and relate to people and situations. This is more likely to happen in highly specialized vertical domains in companies such as ours. Also a one-time degree cannot be the passport to success. Constant renewal and learning is important.  Managing director & director, tourism and marketing, Indian Railways Catering and Tourism Corporation Ltd IIM Kolkata, 1987 Irrespective of whether you have an MBA degree or not, what matters is to have the courage to stick by your convictions and to know that what is good for others may not necessarily be good for you. At the end of the day, if you can follow your heart and carve out your own path, I think you have achieved success. Source: LatestNews-Home - Livemint.com | 18 Sep 2008 | 10:56 am Jindal Stainless in Rs 11000 cr plan - Sify
Source: Google News India - Business | 18 Sep 2008 | 10:55 am Unitech to finalise partner for telecom foray - India Infoline.com
Source: Google News India - Business | 18 Sep 2008 | 10:54 am Oil rises on global stocks gain, disruptionsLONDON (Reuters) - Oil rose to near $99 on Thursday as global markets rebounded and the U.S. energy sector worked to restart operations shut by Hurricane Ike.Source: Reuters: Money News | 18 Sep 2008 | 10:52 am BHEL to augment manufacturing capacity by 2011New Delhi: State-run Bharat Heavy Electricals on Thursday said it would enhance its manufacturing capacity to 20,000 MW in the next three years from the current 10,000 MW. “BHEL will increase its manufacturing capacity from the present 10,000 MW to 20,000 MW by the year 2011,” a company statement said. The company expects to reach the 15,000 MW manufacturing capacity mark by this year-end, it said. Besides, capacity augmentation of existing products, other major areas of investment include facilities for higher rating nuclear sets, 765 kV transformers and other associated transmission equipment. “Attention is also being given to rebuild and retrofit existing facilities to enhance their life, accuracy and productivity through additional investment,” BHEL CMD K Ravi Kumar said in the statement. On the partnership front, he said the company entered into an MoU with Tamil Nadu Electricity Board for forming a joint venture to set up a 2x800 MW supercritical thermal power project. An MoU was signed with MMTC for enhancing export of power plant equipment and projects leveraging counter trade and bulk buying, Kumar said. An MoU was also signed with NTPC to form a joint venture for jointly executing EPC projects and power equipment manufacturing, he added. BHEL secured the highest-ever orders worth Rs50,270 crore in 2007-08 and has an order book position of over Rs85,000 crore. The company’s turnover reached Rs21,401 crore, registering a growth of 14.2% and net profit soared 19% over the previous year to Rs2,859 crore. Source: Home - Livemint.com | 18 Sep 2008 | 10:47 am Tata-AIG policyholders need not worry: ChidambaramPTI New Delhi: The Tatas have assured the government that Tata-AIG, their joint venture with the troubled US insurer AIG, will meet all the payment obligations to its policyholders, Finance Minister P Chidambaram said. “We have received a full report from the Tata-AIG management. IRDA has spoken to them and has got a report. I have spoken to IRDA Chairman. Their (Tata-AIG) solvency margins are adequate,” Chidambaram said after briefing reporters on the decisions taken by the Cabinet Committee on Economic Affairs. The American Insurance Group (AIG), which has since been bailed out by the US Government, has two joint ventures in India. Both these joint ventures, in life and non-life insurance are with the Tatas who own 74% stake in each. “As far as Tata-AIG is concerned, it is on a sound financial basis and the Tatas have assured that every payment obligation will be met,” Chidambaram said. “Besides, AIG itself has been bailed out by the US government. AIG is not a failed financial institution,” he said, adding AIG should not be compared with the Lehman Brothers. Asked whether there was a likelihood of revision in the solvency margins, the Finance Minister said these were “provided by the regulator not government.” The existing regulator’s guidelines require the insurance firms to keep aside 150% of the uncovered liability as solvency margins. Source: LatestNews-Home - Livemint.com | 18 Sep 2008 | 10:45 am ArcelorMittal invests 80 mn in PolandArcelorMittal said it has invested 80 million euro to set up a rolling mill in Warsaw with an annual output of 650 kilo tonnes, aimed to tap the booming construction market of Poland.Source: Daily News & Analysis: Money News | 18 Sep 2008 | 10:39 am 'iGATE is India's top employer'iGATE Corporation, the integrated Technology and Operations (iTOPS) company, announced that its subsidiary iGATE Global Solutions Limited has been ranked the top IT employer in India.Source: Daily News & Analysis: Money News | 18 Sep 2008 | 10:38 am Markets crash, recover on Chidambaram assuranceDespite huge early losses, Indian equities bounced back sharply on Thursday and recovered almost completely by mid-afternoon.Source: Daily News & Analysis: Money News | 18 Sep 2008 | 10:37 am Tatas ring in Blackberry, at lastAfter a long wait, Tata Teleservices on Thursday launched the premium Blackberry mobile services that offers customers e-mail, SMS messaging and internet-based applications.Source: Daily News & Analysis: Money News | 18 Sep 2008 | 10:37 am Ranbaxy hires former NYC mayor Giuliani for adviceRanbaxy Laboratories Thursday said it had retained the services of former New York City mayor Rudy Giuliani to extend advice on the US regulator's decision to ban some 30 medicines produced at its two Indian plants.Source: IndiaeNews.com: Business News | 18 Sep 2008 | 10:31 am Maharashtra school for deprived children gets US grantA residential school for orphans and underprivileged children at Ratnagiri, around 185 kilometres from here, will be expanded by a corporate grant of $26,000 from US-based automotive interior and battery manufacturer Johnson Controls Inc., it was announced here Wednesday.Source: IndiaeNews.com: Business News | 18 Sep 2008 | 10:30 am Lupin acquires South African generic firmMumbai: Drug-maker Lupin said on 18 September it has acquired South Africa-based Pharma Dynamics for an undisclosed amount. The company has completed the acquisition of a majority stake in the generic firm, wherein its founder Paul Anley would continue as the CEO of the organisation, with significant equity holding, Lupin said in a filing to the Bombay Stock Exchange. The domestic pharma firm expects that the synergies of the two companies would help it expand its overseas presence, the filing said. “The equity acquisition by Lupin gives us increased access to international research and development which will further strengthen our local position,” Anley said. For the year ending February 2008, Pharma Dynamics had reported revenues worth Rand 118 million (over Rs66 crore). The company plans to launch about 12 new products this year, it said. Shares of Lupin were trading at Rs715, down 3.38% on the BSE. Source: LatestNews-Home - Livemint.com | 18 Sep 2008 | 10:24 am India editions of foreign news mags allowed 26% FDIPTI New Delhi: In a major decision that will inject new vigour into print media, the Government has allowed India editions of foreign magazines with news and current affairs content with 26% FDI. With this decision, foreign magazines can come with India editions with local as well as global contents at cheaper prices. As of now, foreign publications are allowed to take out only facsimile editions. For example, US’s Time, and UK’s Economist have a facsimile edition which come at high price. Earlier, only 26% FDI was allowed in Indian print media while foreign magazines were allowed through facsimile edition. “The Cabinet today gave its approval to review the Print Media Policy by allowing of Indian editions of foreign magazines publishing news and comments — periodicals falling under the news and current affairs category with 26% foreign investment,” Information & Broadcasting Minister Priya Ranjan Dasmunishi said. The Indian publisher would have to invest 74% of the equity owning the venture. “The decision will enable Indian readers to access the foreign magazines at cheaper rates compared to the same publications imported at much higher rates. The Indian reader would be benefited immensely as he/she would be able to keep abreast with the latest events and happenings on the global scale,” he said. The permission is subject to the condition that at least 3/4th of the Directors on the Board of the applicant Indian Company and all key executives and editorial staff being resident Indians. Source: LatestNews-Home - Livemint.com | 18 Sep 2008 | 10:21 am Foreign telcos can bid for 3G without Indian partnerNew Delhi: Government on Thursday said it will allow foreign telcos to bid on their own without a domestic partner for the 3G spectrum but they have to find a local player before starting services. As per the Indian laws, foreign companies can own up to 74% stake and thus they would be required to form a joint venture with an Indian company before starting the services, Telecom Secretary Siddharth Behura told reporters. “The foreign telcos can bid on their own for the 3G spectrum but before rolling out services they should find an Indian partner,” he said. The foreign players want DoT to allow them to bid as 100% foreign entities or give them a minimum of six to seven months after announcement of bidding details to enable them form JV with Indian firms before the spectrum is auctioned. This, if allowed, can derail the 3G process rolled out by the government and further delay launch of the much awaited next generation mobile services in India. However, Behura assured that the auction process would be on time. Amendments made by DoT to the guidelines on companies that can offer 3G mobile-phone services said that new entrants would have to payan additional Rs1,650 crore to acquire a basic licence in addition to the money they bid for spectrum needed to offer 3G services. The foreign telecom operators who are interested in entering India’s market to provide 3G telecom services have to shell out Rs 3,700 crore more than the existing licence holders. Source: Home - Livemint.com | 18 Sep 2008 | 10:15 am Tata says Karnataka offers home for cheap carKOLKATA (Reuters) - Tata Motors said on Thursday Karnataka had offered land for a production plant for its cheap Nano car after the firm suspended work in West Bengal due to violent protests.Source: Reuters: Money News | 18 Sep 2008 | 9:58 am ADB to help develop regional disaster risk insurance scheme - Moneycontrol.com
Source: Google News India - Business | 18 Sep 2008 | 9:46 am India Infoline appoints heads of asset management business - Business Standard
Source: Google News India - Business | 18 Sep 2008 | 9:42 am Foreign telcos can bid for 3G spectrum without domestic partner: Govt - Times of India
Source: Google News India - Business | 18 Sep 2008 | 9:31 am AIG's India operations, banking system sound: ChidambaramThe Indian operations of the US-based financial services giant American Insurance Group (AIG) are sound and so is the case with domestic banks, Finance Minister P. Chidambaram said here Thursday, against the backdrop of the current global financial crisis.Source: IndiaeNews.com: Business News | 18 Sep 2008 | 9:31 am Morgan Stanley in talks to be acquired by CITIC: SourcesMorgan Stanley is in talks to be acquired by China\'s CITIC, reports CNBCTV18.Source: Moneycontrol Top Headlines | 18 Sep 2008 | 9:30 am Polaris sees opportunity in AIG rescue by US FedThe US Federal Reserve lending AIG up to $85 billion in emergency funds will provide tremendous business opportunity for Polaris Software Lab, according to the Executive VicePresident and CFO of Polaris, Mr R. Srikanth. We are really excited about this.Source: Moneycontrol Top Headlines | 18 Sep 2008 | 8:58 am Karnataka offers land for Tata Nano productionKolkata: India’s Tata Motors said on Thursday the southern state of Karnataka had offered land for a production plant for its cheap Nano car after the firm suspended work in West Bengal due to violent protests. The company planned to roll out the Rs100,000 ($2,380) Nano from communist-run West Bengal from October, but farmers angry over losing their land and supported by opposition politicians forced work to be halted. “Karnataka has offered 1,000 acres of land and incentives for setting up the Nano plant in the state,” a Tata Motors spokeswoman told Reuters after Ravi Kant, the firm’s managing director, had met the state’s chief minister. Kant later told TV channels the company was considering its options: “We are watching the situation and actively looking at alternatives.” Tata Motors had said it would look for alternative locations for a plant for the Nano, dubbed the world’s cheapest car, after calling a halt to work in West Bengal. Many farmers in Singur, an hour’s drive from West Bengal’s capital, Kolkata, and where Tata Motors was building its factory, say they were forced off their land without adequate compensation. Some said their consent was not sought and land was seized by authorities. They want their land returned and have been backed by the local Trinamool Congress party, which has been spearheading the protests. Hopes for a resolution grew after the state government and Trinamool formed a panel to identify land within the project site which could be handed back to farmers. But after state officials and Tata Motors said no compromise could be reached, Trinamool rejected offers of 50% more compensation for farmers who have lost land, throwing the project into further uncertainty. The dispute reflects a larger standoff between industry in India and farmers unwilling to part with land in a country where two-thirds of the billion-plus population depend on agriculture. Source: Home - Livemint.com | 18 Sep 2008 | 8:54 am Lloyds TSB announces 12.2 bn pounds HBOS takeoverLondon: British bank Lloyds TSB announced on Thursday it was taking over distressed rival Halifax Bank of Scotland (HBOS) in a £12.2 billion deal. The share deal comes after HBOS shares plummeted in recent trading following days of global economic turmoil, but marks yet another point of distress in the global financial crisis. Sir Victor Blank, chairman of Lloyds TSB, said the deal offered a “good deal for customers and shareholders” while his HBOS counterpart Dennis Stevenson said it was “the right transaction for HBOS”. HBOS shares were down 19.2% at the close of trading on 17 September, against the backdrop of the dramatic collapse of US investment bank Lehman Brothers, nationalisation of US insurance giant AIG, and shock after shock in financial markets. Heavy losses on 17 Seotember prompted the Financial Services Authority (FSA) to issue a statement saying HBOS was well-funded, in an attempt to avoid a flood of savers trying to withdraw their money. Prior to the reports of the takeover talks, HBOS shares had nosedived 52% to a low of 88 pence, as investors took fright at the state of the global banking sector despite news of the rescue for AIG, which was on the verge of bankruptcy. News of takeover talks for HBOS had helped push the bank’s stock back into the black, at one point rising to 220 pence. But at the close of trading, HBOS was down 19.2% at 147.1 pence, its third day running of heavy losses. Lloyds TSB shares were unchanged at 279.75 pence. Source: Home - Livemint.com | 18 Sep 2008 | 8:31 am Rupee falls as Asian stocks tumbleMumbai: The Indian rupee on Thursday traded sharply lower by 41 paise against the US dollar as foreign banks and oil companies stepped up dollar purchases amid growing concerns about capital outflows after a turmoil in global financial markets. At 10: 30 am, the domestic currency opened sharply lower at Rs46.75/76 against the greenback, cheaper by 41 paise from its previous close of 46.34/35 a dollar, before being quoted at Rs 46.74/75. Forex dealers said foreign banks and oil refiners heavily bought dollars amid low crude oil prices, which traded around $95 a barrel in Asian trade. They said the rupee sentiment was adversely affected due to growing fears of unceasing portfolio outflows from equity after a global stocks turmoil. The BSE Sensex fell nearly 700 points in early trade. Asian markets tumbled today tracking declines on the Wall Street as investors feared more companies could succumb to the global financial meltdown that forced the US Federal Reserve to bailout troubled insurer American Insurance Group. Yesterday, Commerce Minister Kamal Nath had said that the government is not interfering with the rupee movement but will have to “step in” if it finds “artificial” volatility in the exchange rate. Source: Home - Livemint.com | 18 Sep 2008 | 8:10 am Top central banks join to ease global funding squeezeBy Krista Hughes and Yoko Nishikawa / Reuters Frankfurt/Tokyo: The Federal Reserve and the world’s top central banks offered to pump billions of dollars into global money markets on Thursday in a coordinated effort to ease a funding squeeze triggered by the upheaval on Wall Street. The European Central Bank said it joined forces with the Fed and central banks of Canada, Switzerland, Japan and Britain to boost liquidity in global financial markets. The ECB and the Bank of England said they would each offer up to $40 billion in overnight funds. The Fed said it would authorise $180 billion expansion of temporary foreign currency swap arrangements and Bank of Japan announced it would launch dollar-supply operations as part of the worldwide effort to tackle the dollar shortage. “The central banks continue to work together closely and will take appropriate steps to address the ongoing pressures,” the ECB said in a statement. The concerted action follows a rout in financial markets, roiled by fears of more Wall Steet failures after a week that saw Lehman Brothers file for bankruptcy, Merrill Lynch lose its independence and a $85 billion US government bailout of insurer AIG. Funding costs Overnight US dollar funding costs fell to 2% after the central bank action, compared with around 5% the previous day in Europe and as high as 8.5% in Asian trading on Thursday. “Obviously it does not tackle the underlying root causes of the problem, but it does help to release some of those immediate tensions that have been building up in the money market,” Ian Stannard, senior currency strategist at BNP Paribas. Earlier on Thursday central banks in Japan, Australia and India pumped a further $28 billion into money markets while China relaxed its policy for the second time this week. South Korea sold dollars in the swap market and said it would try to halt the slide in bond prices, the Philippines intervened to support the peso, and Taiwan warned it could use a state fund to prop up stocks as markets whipsawed across the region facing it toughest test since the Asian financial crisis of 1997. Overnight, news emerged of takeovers involving No. 2 US investment bank Morgan Stanley, top US savings and loan Washington Mutual and major UK mortgage lender HBOS, reflecting the seismic change in the global financial landscape. Well-oiled money markets where banks lend short term funds to each other to smooth out daily swings in their balances are crucial for the proper functioning of the financial system and the economy at large. Banks around the world have responded to the squeeze, exacerbated by investors’ flight into safe havens of gold and government bonds, by flooding markets with cash and verbal reassurances, but with only limited success. Additional reporting by Vidya Ranganathan and Kevin Yao in Singapore Source: Home - Livemint.com | 18 Sep 2008 | 8:10 am US did not warn of missile strike: PakistanIslamabad: Pakistan said on Thursday it was not warned about a suspected US missile strike in its northwest that came the same day a top American official assured Pakistani leaders of US respect for its sovereignty. The reported attack will likely fuel anger in Pakistan over a surge in cross-border operations by US forces, including a 3 September ground assault that has strained the countries’ seven-year anti-terror alliance. Washington has long been concerned about Pakistani tribal regions near the Afghan border that militants use as bases from which to plan attacks in Afghanistan. Two intelligence officials said that on Wednesday several missiles hit a compound in South Waziristan used by Taliban militants and Hezb-i-Islami, another group involved in escalating attacks on US and government troops in neighboring Afghanistan. They said informants in the area reported that six people were dead and three more wounded. Both officials spoke on condition of anonymity because they are not authorized to speak to the media. The strike came as the chairman of the US joint chiefs of staff, Adm. Mike Mullen, was in Pakistan visiting with the prime minister, the army chief and other officials. According to a statement from the US Embassy, Mullen said the US was committed to respecting Pakistan’s sovereignty and sought more cooperation in the war on terror. During a press conference Thursday, Pakistani Foreign Minister Shah Mahmood Qureshi, who was among those who met with Mullen, said Pakistani officials “were not informed” of the alleged missile strike. US Embassy spokesman Gonzalo Gallegos declined to comment on Thursday. Source: LatestNews-Home - Livemint.com | 18 Sep 2008 | 7:56 am First Marks & Spencer Reliance store to open in Jan 2009Mumbai: Marks and Spencer Reliance, the joint venture between the Mukesh Ambani-promoted retail chain and the British departmental store major, will roll out its first store here early next year, a top company official said on Thursday. “We are opening our first Marks and Spencer Reliance store in Mumbai by January next year. The store, spread over an area of 18,000 sq ft, would be set up at an investment of half-a-million sterling,” Marks and Spencer India CEO Mark Ashman told PTI. The second and the third store will come up by September 2009 and April 2010 in metros, he said. The first store will have around 40 employees and offer men’s, women’s and children’s garments besides various household items, Ashman said. Marks and Spencers Retail also plans to open 50 new large- format stores across the country in the next five years. These stores will be spread over an area of 15,000 to 20,000 sq ft. Currently, the company has identified 20 locations in various parts of the country. “We have zeroed in on 20-odd locations which includes five stores in Mumbai, five in Delhi, three in Bangalore, one or two stores in Chennai, Hyderabad, Kolkata, Jaipur, Pune, Chandigarh and Ludhiana,” Ashman said adding that all the stores would be on a stand-alone basis. Asked about the prevailing high property rates, Ashman said that higher rentals were not an issue for the company, adding, “We don’t see high rentals to be a challenge for us as today the rentals have become much more sensible than before.” Source: Home - Livemint.com | 18 Sep 2008 | 7:07 am Gold prices up by Rs1,000 in early tradePTI New Delhi: Gold prices surged by Rs1,000 to Rs12,915 per 10 gram in opening trade in the bullion market owing to firm global cues and melting stock markets. Traders said gold sparkled as an alternate investment option in global as well as in domestic markets amidst a plunge in stock markets following deepening of credit crisis in the US. Standard gold and ornaments prices shot up by Rs 1,000 each to Rs12,915 and Rs12,765 per 10 gram respectively. In global markets, gold prices posted the biggest one-day gain of 8.4% at $870 an ounce, since 1980 as fears of more credit market turmoil unnerved investors and triggered safe-haven buying in precious metal. Meanwhile, gold futures at country’s leading Multi Commodity Exchange (MCX) surged 4.22% to Rs13,133 per 10 gram for far-month February contract in early trade. Source: Home - Livemint.com | 18 Sep 2008 | 6:26 am Telecom Italia may put $2 bn in Indian telco-paperNew Delhi: Telecom Italia is close to reaching a deal to invest $2 billion (Rs9,200 crore) for a 49% holding in a telecoms venture of Indian realty Unitech, the Economic Times said on Thursday. Citing an unidentified executive of the Indian firm, the newspaper said Unitech would transfer its telecom business to a new company, in which it will hold the remaining 51%. Unitech has licences to provide telecoms services in all of India’s 22 service areas, but is yet to start operations. In July, managing director Sanjay Chandra said the firm wanted to finalize a foreign partner in two months. A spokesman for Unitech declined comment on the newspaper report. India permits foreign firms to own a maximum of 74% in a telecoms firm. Source: Home - Livemint.com | 18 Sep 2008 | 6:11 am Google ready to progess on Yahoo dealCalifornia: Google Inc plans to move ahead with Yahoo Inc in implementing its advertising search deal and believes that rival Microsoft is behind plans to derail the deal, top executives of the Internet search leader said on Wednesday. Google Chief Executive Eric Schmidt told reporters at a news conference at the company’s Silicon Valley headquarters that it anticipated objections to Google’s growing ad market power and its impact on competition. “We are quite certain that Microsoft is busy helping everyone get upset about these things,” Schmidt said in response to a reporter’s question about antitrust issues raised by rivals and industry trade groups to government regulators. Schmidt said US government regulators are doing their “proper job” in investigating his company’s contract with Yahoo. He added that Google has answered questions raised by regulators but did not know how they would respond. The executive underscored that Google believes it does not need to receive specific government approval to go ahead with its contract to supply advertising to run alongside a portion of Yahoo’s Web search results. Schmidt said Google is committed to going ahead with the Yahoo deal, as planned, in October. In response to a reporter’s question, Schmidt declined to say whether Google and Yahoo would agree to set a limit on how many ads it delivers to Yahoo. Source: Tech News - Livemint.com | 18 Sep 2008 | 5:46 am Ministry favouring international players, say highway buildersNew Delhi, Sept. 17 Indicating that the Road Ministry is further complicating the ongoing bidding process for 53 National Highways Authority of India (NHAI) projects by changing the rules of the game midway, the National Highway BuildersSource: Business Line - Home Page | 18 Sep 2008 | 12:00 am Oil India public offer plans on trackNew Delhi, Sept 17 The stock market volatility is unlikely to defer public sector undertaking Oil India Ltd’s (OIL) initial public offer (IPO) schedule of November. Sources said while the price band for the proposed IPO is expected to be inSource: Business Line - Home Page | 18 Sep 2008 | 12:00 am Shut the revolving door between investment banks and GovernmentThis is the time of greatest danger for ordinary people, cautions Ms Lila Rajiva. "Considering the way it has misled the public, the banking industry should be treated with the greatest scepticism," she adds, in an email interaction with BusinessSource: Business Line - Home Page | 18 Sep 2008 | 12:00 am Pharma sector worried over USFDA’s ‘conservatism’Hyderabad, Sept 17 The ‘conservative’ approach of US Food and Drug Administration in granting new drug approvals and quality norms can have a long-term impact on the drug industry, according to Mr G.V. Prasad, Vice-Chairman and ChiefSource: Business Line - Home Page | 18 Sep 2008 | 12:00 am US blocks 30 Ranbaxy drugsNew Delhi, Sept. 17 In a blow to Ranbaxy Pharmaceuticals Ltd, the US Food and Drug Administration has blacklisted about 30 generic drugs being manufactured by the company at its Dewas and Paonta Sahib plants in India.Source: Business Line - Home Page | 18 Sep 2008 | 12:00 am Day Trading GuideOn Wednesday, the stock has experienced selling pressure and tumbled 5 per cent on heavy volumes. We retain our sell recommendation.Source: Business Line - Home Page | 18 Sep 2008 | 12:00 am Castrol India (Rs 331.30): SellWe recommend a sell in Castrol India from a short-term perspective. It is apparent from the charts that the medium-term uptrend of the stock, which began in early July from the support level of Rs 235 had encountered resistance at Rs 355 duringSource: Business Line - Home Page | 18 Sep 2008 | 12:00 am FIIs invest record $2.2 b in debt on September 16Mumbai, Sept. 17 Net investments in Indian debt instruments made on September 16 by foreign institutional investors amounted to a staggering $2.2 billion (Rs 8,904 crore), the combined data provided by custodians to SEBI showed.Source: Business Line - Home Page | 18 Sep 2008 | 12:00 am Markets give thumbs down to AIG rescueMumbai, Sept. 17 Convulsions on Wall Street eased a bit on Wednesday, feeding on the announcement by US Federal Reserve of a bail-out of the embattled American International Group (AIG) that may help the US insurer from capsizing the LehmanSource: Business Line - Home Page | 18 Sep 2008 | 12:00 am ‘No plans to review import duty on farm items’New Delhi, Sept. 17 The Centre has no plans as of now to re-impose customs duties on agricultural products, many of which are currently importable at nil duty. This comes even as harvesting of the standing kharif crop is just about under waySource: Business Line - Home Page | 18 Sep 2008 | 12:00 am BCCI transfer rules to see high-scoring pay-outs for IPL talentA day after the Board of Control for Cricket in India (BCCI) announced that players can be transferred for the second edition of the DLF Indian Premier League (IPL) team, owners are already drawing upSource: Business Standard | Front Page Headlines | 17 Sep 2008 | 7:02 pm Ranbaxy tanks on FDA rulingIndias largest drug maker Ranbaxy Laboratories, which derives roughly a quarter of its annual revenues from the US, faces the strong possibility of taking a hit on earnings as a result of theSource: Business Standard | Front Page Headlines | 17 Sep 2008 | 7:00 pm Barclays, BNP Paribas eye Lehman's India assetsBarclays and BNP Paribas are considering the acquisition of Lehman Brothers' investment banking and brokerage businesses in India.Source: Business Standard | Front Page Headlines | 17 Sep 2008 | 6:59 pm Hi-tech start-ups in Massachusetts brace for chill windsThe cold wind blowing from Wall Street is sending shivers through Massachusetts’ hi-tech industry, as start-up companies and their venture backers brace for a slowdown in spending on technology and a prolonged freeze on initial public offerings (IPOs). Amid fears of deepening turmoil in the financial markets, the businesses that buy everything from computer software to networking gear—staples of the Massachusetts technology sector—are expected to reduce their spending.  “Financial services firms are going to be cutting back their technology spending the hardest, but we’re looking at a global economic downturn across many sectors,” said Rob Hegarty, managing director for the securities and investments practice at Tower Group. Some vendors have found the spending pull back has already begun, especially at finance firms tied to Wall Street. “The reality is that information technology budgets in the financial companies are in a flux,” said Charley Lax, managing general partner at GrandBanks Capital, which bankrolls start-ups that sell software and other products. “If I’m talking to the vice-presidents of sales at my companies, I say don’t spend much time on Wall Street in the next six months. Why bother hitting your head against the wall?” Lax added. Meanwhile, the mounting uncertainty in financial markets threatens to extend the IPO drought that has prevented start-ups from going public and venture capital firms from cashing out on their investments this year. IPOs are considered a key measure of health for technology entrepreneurs. There have been only six public offerings in the US so far in 2008, and none for Massachusetts start-ups, according to the Thomson Reuters research house in New York. Even before the collapse of Lehman Brothers Holdings Inc. and the sale of Merrill Lynch and Co. Inc. this week, 130 start-ups, including three in Massachusetts, had withdrawn IPO registrations filed with the Securities and Exchange Commission. The cash squeeze at American International Group Inc. and other developments could put new pressure on the start-ups remaining in the IPO pipeline—316 nationally, eight in Massachusetts—to put on hold their plans to go public. “It’s more likely to be next year some time,” conceded Albert A. Luderer, president and chief executive at BioTrove Inc., a maker of biological research tools that registered to go public last April. “In terms of market conditions for an IPO, they just don’t exist now. We’re going to take a conservative approach and wait for the market to come back,” Luderer said. But the financial crisis and the frozen IPO market aren’t preventing some early-stage companies from pulling in financing. That is because venture firms are still flush with cash from limited partners—such as pension funds and university endowments— scrambling for higher returns. Late on Monday afternoon, just as the Dow Jones Industrial Average was completing a plunge of 504.48 points, start-up Punchbowl Software Inc. was closing on a $2.1 million (Rs9.7 crore today) investment from Contour Venture Partners. “We closed our round of funding on the worst financial day of the decade,” said Matt Douglas, chief executive of Punchbowl, which operates the MyPunchbowl.com party and event-planning website. “Were we worried something irrational could happen? Of course. But we were working with seasoned investors, who don’t get spooked.” Entrepreneurs said the flagging economy could force them to husband cash, stockpile more capital and hire more carefully as they look to a longer time horizon before going public, or being acquired. But the greatest employment impact may be felt at more established companies, as they adjust to declines in orders from businesses and consumers. Computer firm Hewlett-Packard Co. (HP) said on Monday it plans to eliminate 26,400 jobs worldwide following its acquisition of Electronic Data Systems Corp. HP, which employs thousands of workers at former Digital Equipment Corp. sites in Massachusetts, wouldn’t break down where it will cut jobs. Some serial entrepreneurs said a weak economy presents hi-tech start-ups with an opportunity to establish a foothold in the marketplace just in time for a recovery. “I’ve found that starting companies in bad times is better,” said Bill Warner, founder of Avid Technology Inc., which makes digital media tools. “You can make good hires, and people are more open to new ideas.” What will be harder for the majority of technology companies in Massachusetts, which sell into business rather than consumer markets, will be persuading customers to buy their products in the coming months, as the Wall Street crisis spreads into the broader economy. “The softness in the economy is going to hurt information technology spending,” said Lax at Grand Banks Capital. “Information technology spending is done as a percentage of a company’s revenue. So, as the revenue declines, the spending will decline.” ©2008/The Boston Globe Source: Tech News - Livemint.com | 17 Sep 2008 | 6:17 pm Lamy proposes fresh negotiations to revive Doha RoundWashington: The director general of the World Trade Organization (WTO) proposed a new round of negotiations aimed at reviving efforts to cut tariffs and farm subsidies worldwide. Talks to craft a deal fell apart in July, the third time in as many years that negotiators failed to reach an agreement. WTO director general Pascal Lamy on Wednesday proposed another meeting of trade ministers in the next few weeks, an unusually short time between ministerial summits. “There is now far too much on the table, particularly for developing countries, to give up on these negotiations,” Lamy said in a speech to a United Nations group. “I am ready to call ministers to Geneva to try and close the issues, which remain open.” The Doha Round of talks in WTO began in 2001 with a plan to cut farm subsidies in rich nations, and tariffs on industrial and farm goods worldwide. Since then, the talks have moved in fits and starts, with a series of meetings of trade ministers from the US, the European Union, China, India and other nations ending in failure. Lamy called ministers to Geneva in July for what he called a last chance effort to wrap up a deal before US President George W. Bush leaves office next January. While ministers from all sides said they made progress, the talks failed again. The main sticking point, highlighted in a divide between the US and India, was the trigger for a mechanism to allow developing countries to raise agricultural tariffs to protect their farmers from a surge in imports. Lamy said he thinks ministers may now be able to resolve this and other outstanding issues on what is called the Doha development agenda (DDA). “I have also been encouraged by the expressions of political commitment to a successful conclusion of the DDA made by leaders across the globe,” he said. Still, “while I believe there is scope for renewed engagement over the coming weeks, it is clear that we are coping with a fragile situation”. Source: World Business - Livemint.com | 17 Sep 2008 | 6:00 pm
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