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What is bothering RIL stock?Reliance is trading at 52week low with lot of delivery based selling, warrant conversion and promoter holding reclassification is also keeping it in news. The main reason why the stock is under pressure is because RIL has reclassified promoter shareholding ahead of warrant conversion.Source: Moneycontrol Top Headlines | 6 Oct 2008 | 1:26 pm Industry body can resolve RILRNRL tussle: Bombay HCOn the RILRNRL KG basin gas tussle, the RIL counsel said that since the suit is on the Memorandum of Understanding (MoU), it had to be placed before the Court to be pleaded.Source: Moneycontrol Top Headlines | 6 Oct 2008 | 12:26 pm Sensex plunge 5.78% to two-year lowsMumbai: Shares plunged 5.78% on Monday to close at two-year lows amid concerns that the global credit crunch will trigger more heavy foreign fund outflows, dealers said. The BSE benchmark 30-share Sensex index fell 724.62 points or 5.78% to 11,801.7, its lowest close since September 2006. “The markets were nervous on concerns of further overseas fund outflows. We could however see a small bounce-back in coming days,” said Harendra Kumar, head of research at Centrum Broking. As of Monday’s close, Indian shares had lost over 41% for the year on overseas fund outflows in excess of nine billion dollars. During the same period last year, overseas funds bought $13.62 billion worth of Indian equities, which had driven the Sensex up more than 41% in 2007. The US government last week cleared a plan to spend $700 billion on a bailout package aimed at easing pressure on the economy. Investors were unsure, however, whether bad news emerging from the US financial markets was over. Source: Home - Livemint.com | 6 Oct 2008 | 11:49 am SEBI revises P-note norms; lifts 40% cap in ODIs - Economic Times
Source: Google News India - Business | 6 Oct 2008 | 11:34 am Indian rupee falls to lowest vs dlr since Feb 2003 - Reuters India
Source: Google News India - Business | 6 Oct 2008 | 11:33 am Industry lobby seeks clinical trial approval in 30 daysAn industry lobby Monday sought Prime Minister Manmohan Singh's help to get approval for clinical trial of drugs within 30 days of a pharmaceutical firm fulfilling the requisite norms.Source: IndiaeNews.com: Business News | 6 Oct 2008 | 11:31 am Rupee falls to lowest vs dlr since Feb 2003MUMBAI (Reuters) - The rupee fell to its lowest since February 2003 on Monday after a 5.8 percent dive in local stocks raised worries of more foreign fund outflows, while strong dollar demand from oil firms also weighed.Source: Reuters: Money News | 6 Oct 2008 | 11:28 am BNP Paribas takes reign of Fortis in Belgium, LuxembourgBrussels: BNP Paribas announced on Sunday that it is taking control of ailing finance group Fortis’s operations in Belgium and Luxembourg, in a deal which will make Belgium the largest shareholder in the French bank. The deal, thrashed out over a weekend of intense talks, leaves the Belgian and Luxembourg governments with reduced holdings in Fortis, which they partly nationalised a week earlier, in exchange for part of BNP Paribas, which becomes the biggest bank in Europe in terms of deposits. Meanwhile, as the US-born financial crisis takes a grip in Europe, Germany sealed a public-private rescue plan for the country’s fourth biggest bank Hypo Real Estate on Sunday as the government extended a blanket guarantee for all personal bank deposits to avert panic withdrawals. The announcements came on the eve of a meeting of European finance ministers in Luxembourg, who will seek to flesh out broad plans for restoring confidence in the crisis-struck banking system, agreed over the weekend by Europe’s biggest economic powers. Under the Fortis deal, announced by Belgian and BNP officials in Brussels and official sources in Luxembourg, France’s biggest bank will take up to 75% of the company’s Belgian operation leaving the other 25%, a blocking minority on strategic decisions, in the hands of the Belgian government. On the Luxembourg side, BNP Paribas will take 66% of the shares leaving the Grand Duchy with 33%, the source said. On Friday the Dutch government totally nationalised the group’s Dutch arm. BNP paribas Managing Director Baudoin Prot, announcing the deal to reporters in Brussels, said it would be financed by BNP Paribas shares, with the Belgian state taking a stake of “around 11.7%” in the French bank, making it the largest shareholder. Prot added that Luxembourg would assume a 1.1% stake in BNP Paribas in a similar fashion. “The operation should be done without BNP Paribas having to spend cash, at least for the banking part,” a bank spokesman said. BNP Paribas put the value of the operation at euro14.7 billion. It will also take over Fortis insurance activities for euro5.7 billion. However, the French bank said it would not be taking over 10 billion of Fortis’ risky assets, which have been placed into a separate structure under the control of the Belgian and Luxumbourg governments. BNP Paribas did though pick up a network of 1,500 bank branch offices in Belgium, Luxembourg, France, Germany, Poland and Turkey, making it the “leading European bank in terms of deposits”, according to a bank statement. The moving of most of Fortis to one of Europe’s biggest financial groups is just the latest episode in the efforts to save the Belgian-Dutch banking group. Under an original, hastily arranged rescue deal a week earlier, Belgium, the Netherlands and Luxembourg announced a $15.5 billion part-nationalisation of Fortis to prevent the US-driven financial crisis from claiming another victim in Europe. Belgium made the biggest contribution, taking a 49% stake in the Belgian arm of the company, for euro4.7 billion. Then on Friday the Dutch government announced it was totally nationalising the Dutch arm of the group. That move left the Belgian and Luxembourg arms appearing weak, and there were fears of more freefall when the stock markets open on Monday. Speaking on Belgian television earlier on Sunday, Belgian Prime Minister Yves Leterme said his government was doing everything possible and was keen to reassure Fortis savers, clients and staff. However, the Belgian leader had no such words of comfort for the bank’s shareholders. “Naturally that’s different,” he told RTBF television. “A shareholder in a company takes risks.” Fortis, caught up in the US-born international financial crisis, has seen nearly 70% of its share value wiped out this year. Source: Home - Livemint.com | 6 Oct 2008 | 11:27 am Bear onslaught continues; Sensex closes below 12000 - Economic Times
Source: Google News India - Business | 6 Oct 2008 | 11:26 am SEBI eases foreign fund investment rulesMUMBAI (Reuters) – India's stock market regulator Securities and Exchange Board of India (SEBI) on Monday removed some curbs on indirect investments in Indian shares by foreign portfolio investors to revive capital inflows after sharp losses in the benchmark index.Source: Reuters: Money News | 6 Oct 2008 | 11:25 am US finance crisis not to cause major recession: GatesWashington: The richest man in America, Bill Gates, said in a television interview that the US financial crisis does not spell the end of capitalism and will not lead to a depression. “It’s a very interesting crisis,” Microsoft founder told CNN in an interview which was broadcast on Sunday, discussing the US Congress’s $700 billion bailout bill for Wall Street which was passed on Friday to stem economic jitters spreading around the world. The slump triggered by the collapse of the subprime housing market requires “some type of correction,” Gates added, “but fundamentally ... companies’ willingness to invest, right now we haven’t seen a huge disruption in that.” “It looks like the economy may go down somewhat, but nothing like a big recession or a depression,” he added. On some experts’ misgivings about the US bailout plan, Gates said: “it doesn’t look like fixing these problems is going to derail the economy in some dramatic way.” Gates, who last month topped Forbes magazine’s list of the richest men in the United States with an estimated $57 billion fortune, said the future of the US and the global economies lies in the resilience and innovative spirit of businessmen and scientists around the world. “The amount of innovation taking place, the amount of investment is actually greater today than ever,” Gates said. “Because you not only have more American companies with more scientists and engineers and innovators, but now you have ... people from all over, including lots of people in India and China, now contributing to new drug design, new software design, new energy generation design.” Source: Home - Livemint.com | 6 Oct 2008 | 11:22 am UPDATE 1-RESEARCH ALERT-FBR raises Wells Fargo price target - Reuters
Source: Google News India - Business | 6 Oct 2008 | 11:14 am ITC commissions 14 MW wind energy project in TNPTI New Delhi: Diversified conglomerate ITC today commissioned a 14 MW wind power project in Tamil Nadu at an investment of about Rs90 crore and would use the output to meet energy requirement at its packaging and printing plant in the state. “ITC will now utilise wind energy in its packaging and printing business as part of its commitment to progressively use renewable energy to further consolidate its carbon positive status,” a company statement said here. As part of the project, ITC would install four windmills in Theni district near Madurai and five windmills in Radhapuram Taluk in Tirunelveli district at a capital cost of about Rs90 crore, it added. Power generated from these mills would be used for captive consumption of its packaging and print plant at Tiruvottiyur, Chennai. “The project will not only result in cost savings but will also enhance ITC’s positive environmental footprint,” it said. Wimco, an ITC subsidiary, is already using four turbines of 250 KW each feeding into the Tamil Nadu Electricity Board grid at Muppandal at Tirunelveli. The company also plans to invest in developing more of clean energy projects in the country for creating economic, environmental and social capital for the nation. Source: LatestNews-Home - Livemint.com | 6 Oct 2008 | 11:11 am Indian realty sector attracts $6bn PE investmentNew Delhi: The current global financial crisis might have cast a shadow on the Indian property market, but the country’s real estate sector witnessed an inflow of about $6 billion from global private equity players during the last one year. According to a report by global realty consultant Cushman & Wakefield (C&W), PE funds struck 79 deals in the country during August 2007-August 2008 amounting to $6 billion, a rise of 100% over the same period a year ago. The amount received has been evenly distributed among SPV and portfolio level attracting a total investment of Rs10,000 crore each, while that of entity level was at about Rs6,970 crore, the report ‘The Metamorphosis - Changing dynamics of the Indian Realty Sector´ said. “The commitments by the PE funds clearly indicate investor confidence in the Indian market scenario. While we have seen a dip in total amount committed in the second quarter of 2008, the wait and watch approach by the PE funds scouting for the opportune partner will force Indian developers to re-work their valuations and construction timelines to make them more reasonable,” C&W India Joint Managing Director Sanjay Dutt said. “PE players have also increased their internal rate of return (IRR) expectations from projects to cater to the increase risk,” he added. The report said residential sector was the most preferred area of investment for PE players, accounting for about 41% of total inflow in the year. Township developments received about 21% of the total commitment. “Commercial real estate sectors (office, retail, SEZ and mixed-used) have attracted significant investment to the extent of approximately Rs 5,760 crore, which forms 28% of the total investment in SPV’s (Special Purpose Vehicles),” it added. In terms of regional distribution, the study pointed out that western and southern zones accounted for almost 70% of the total investments, followed by northern region 26%. South zone saw 24 deals - the maximum - but the average size of deals in this zone was significantly lesser than the northern and western zones. “This is largely on account of southern cities showing definite market trends and rationalised valuations. Higher valuations in Mumbai and Delhi (NCR) have contributed to a large extent to the higher average size of the deals in this region,” C&W said. The eastern zone (primarily West Bengal) was not able to evince significant interest among investors, the report added. Bangalore and Hyderabad were the hot favourite of the PE investors attracting nine and six SPV level deals each, followed by Mumbai and NCR with eight and seven deals respectively. Source: LatestNews-Home - Livemint.com | 6 Oct 2008 | 11:10 am Arcelor Mittal to curb prod on softening steel prices: SrcsThere are reports that Arcelor Mittal has taken steps to control its production owing to softening steel prices. It has also been reported that the company has stopped mining in Kazakhstan and Uzbekistan, and that it has asked its workers to go on a paid holiday for 15 days.Source: Moneycontrol Top Headlines | 6 Oct 2008 | 10:59 am 20 Microns ends below issue price - Moneycontrol.com
Source: Google News India - Business | 6 Oct 2008 | 10:58 am PepsiCo aims to double share in fruit juice marketBy PTI New Delhi: In tune with its plans to triple revenues in India after announcing a $500 million investment, global food and softdrinks company PepsiCo is relaunching the Tropicana brand aiming to double share in the estimated Rs1,500 crore Indian branded fruit juice market. “The top-end branded juice market is growing around 15-20% annually. Tropicana currently has around 5% share in the domestic branded fruit juice market. We are looking at doubling our overall share in the fruit juice segment in two years,” PepsiCo India executive director, marketing, Punita Lal told PTI. The company has relaunched its Tropicana Premium Gold as Tropicana 100% Fresh. It has two other fruit juice brands in the Indian market -- Twister and Slice. Last month PepsiCo chairperson and CEO Indra Nooyi announced that the company would invest $500 million in India over the next three years to triple revenues in the country with a focus on healthy products. Lal said the company relaunched the Tropicana brand as part of a “journey to transform its portfolio and offer more choices to satisfy each customer segment” in the estimated 80-million-cases-per-year fruit juice market. To push the brand, PepsiCo is looking for a new 360 degree campaign involving a change in packaging style, besides launch of a website, television commercial, print advertising and out-door campaign. The new Tropicana would be available in apple, orange and grape varieties with price range of Rs 80 (one litre pack) and Rs 18 (200 ml pack). Source: LatestNews-Home - Livemint.com | 6 Oct 2008 | 10:56 am SBI to finalise JV structure with IAG in few weeksPTI New Delhi: State Bank of India will finalise the terms of general insurance venture with Insurance Australia Group (IAG) in the next few weeks, Bank’s Chairman O P Bhatt said. “It (general insurance joint venture) is at the final stages and we are seeking RBI approval,” he told PTI. Once a mutual agreement is reached, the joint venture will approach the Insurance Regulatory and Development Authority (IRDA) for necessary approval, Bhatt said. The approval from IRDA usually takes three to six months. Both parties signed an agreement in May this year to form a new company for the proposed insurance business. Under the pact, SBI will hold a 74% stake in the entity while remaining 26% will be with the Australian partner. SBI had appointed Ernst & Young as the consultant for its general insurance foray. SBI’s entry into non-life insurance with a massive network of about 10,000 branches is expected to pose significant challenge to about 20 existing players. In the country’s general insurance industry, there are four major public sector companies -- United India Insurance, New India Assurance, Oriental Insurance and National Insurance, besides over a dozen private sector players. The country’s largest lender, which has a customer base of above 13 crore, is already operating in the life insurance business through its subsidiary SBI Life. Source: LatestNews-Home - Livemint.com | 6 Oct 2008 | 10:56 am GLOBAL MARKETS - Stocks plunge, yen leaps as credit fears dominateLONDON (Reuters) - World stocks plunged to three-year lows on Monday as investors fled to government bonds, gold and the low-yielding yen, fearing policymakers' efforts to contain the credit crisis might not be enough to prevent a recession.Source: Reuters: Money News | 6 Oct 2008 | 10:54 am Oil falls to 8-month low below $90 a barrelLONDON (Reuters) - Oil fell below $90 a barrel on Monday to its lowest in eight months, pressured by expectations that the global credit crisis will bring a sharp fall in oil demand.Source: Reuters: Money News | 6 Oct 2008 | 10:52 am BSE Sensex provisionally falls 5.4 pctMUMBAI (Reuters) – The BSE Sensex provisionally ended 5.42 percent lower on Monday as concerns grew of an acceleration in foreign fund withdrawals amid fears the credit crisis could lead to a global recession.Source: Reuters: Money News | 6 Oct 2008 | 10:50 am Nomura to acquire Lehman's India operations - Business Standard
Source: Google News India - Business | 6 Oct 2008 | 10:44 am Rupee extends fall as share prices diveMUMBAI (Reuters) - The rupee fell to fresh 5-½ year lows in afternoon trade on Monday as the local share market dived more than 6 percent, raising worries of more foreign fund outflows while dollar demand from oil firms also weighed.Source: Reuters: Money News | 6 Oct 2008 | 10:37 am Direct tax collections up 33% in first half of FY09New Delhi: Deceleration in economic growth has not impacted revenue collections as the realisation from direct taxes have gone up by 32.54% during the first half of the current fiscal. Within the direct taxes, collections from the corporate tax went up by 35.65% taking the total direct tax realisation to Rs1,47,197 crore, compared with Rs1,11,055 crore in the year-ago period. The corporate taxes collection rose to Rs95,283 crore as against Rs70,240 crore, while Personal Income Tax (including FBT, STT and BCTT) grew by 26.94% to Rs51,701 crore, an official release said. With stock markets on southward direction, securities transaction tax registered a growth of just 2.72% growth at Rs3,182 crore during the period. Among the direct tax the Fringe Benefit Tax (FBT) shot up by 62.23% to Rs3,580 crore. At the same time, growth in corporate tax deducted at source (TDS) remained above 52% and personal income tax TDS grew at 28% despite substantial tax relief allowed to individual taxpayers in the budget 2008, it said. Corporate TDS collections stood at Rs30,810 crore as on 30 September, 2008, against Rs20,210 crore during the corresponding period last year. Income TDS stood at Rs33,276 crore as against Rs26,002 crore in the same period. Continued high growth in TDS and FBT collections indicates inherent strength of the Indian economy and continued improvement in tax administration, it added. The latest growth estimates of Indian economy reveal that the GDP is the first quarter of 2008-09 slipped to 7.9% from a high of 9.2% in the corresponding period last year. Banking Cash Transaction Tax (BCTT) posted a negative growth of 17.65% at Rs320 crore, against Rs272 crore. Self-assessment tax paid by both corporate and non-corporate taxpayers, voluntarily before filing their tax returns, registered substantial growth at 111% and 71% respectively. Higher growth in self-assessment tax indicates continued improvement in tax compliance levels, the official statement said. As per the Budget estimate, the government fixed the corporate tax collection target of Rs2,26,361 crore while the income tax realisation was pegged at Rs1,38,314 crore for the entire fiscal. Analysts said robust tax collections are expected to help the government maintain fiscal deficit at 2.5% during 2008-09 despite increase in expenditure in the election year. Finance Minister P Chidambaram has reiterated on several occasions that the Budget deficit targets would be adhered to. Source: LatestNews-Home - Livemint.com | 6 Oct 2008 | 10:35 am Chilli futures gains on festive demand - Hindu Business Line
Source: Google News India - Business | 6 Oct 2008 | 10:31 am Hitachi unveils ultra-fast search of recordingsAFP Tokyo: Japan’s Hitachi Ltd. said Monday it has developed technology that makes it possible to find a single word in 2,000 hours of recorded material through a search of just three seconds. The electronics company said it had put together several existing technologies to create the quickest search engine yet for recorded material. “With the recent boom in multimedia, a huge quantity of audiovisual data is found in databases, corporate servers and private computers,” a Hitachi statement said. “To make the best use of such data, it is necessary to have the quickest and most reliable retrieval technology,” it said. Hitachi said it would present details about the new technology in Australia this week during a convention on digital multimedia. Hitachi hoped that in the future, the technology could also be put to use by the customer service industry to wade through telephone calls. Source: Tech News - Livemint.com | 6 Oct 2008 | 10:30 am Hitachi unveils ultra-fast search of recordingsAFP Tokyo: Japan’s Hitachi Ltd. said Monday it has developed technology that makes it possible to find a single word in 2,000 hours of recorded material through a search of just three seconds. The electronics company said it had put together several existing technologies to create the quickest search engine yet for recorded material. “With the recent boom in multimedia, a huge quantity of audiovisual data is found in databases, corporate servers and private computers,” a Hitachi statement said. “To make the best use of such data, it is necessary to have the quickest and most reliable retrieval technology,” it said. Hitachi said it would present details about the new technology in Australia this week during a convention on digital multimedia. Hitachi hoped that in the future, the technology could also be put to use by the customer service industry to wade through telephone calls. Source: LatestNews-Home - Livemint.com | 6 Oct 2008 | 10:30 am Shah Rukh launches $2.2-bn real estate project in UAEShah Rukh Khan has announced the launch of his signature real estate development, Shah Rukh Khan Boulevard, to be located in the emirate of Ras Al Khaimah in the United Arab Emirates (UAE).Source: Daily News & Analysis: Money News | 6 Oct 2008 | 10:28 am Tata Nano exit shows power of state politics in IndiaMUMBAI (Reuters) - Tata Motors' exit from West Bengal after protests against a factory for its low-cost Nano car is a sign companies investing in India will need to pay heed to state politics and villagers in the large, complicated democracy.Source: Reuters: Money News | 6 Oct 2008 | 10:25 am Infotech renews contract with Bombardier TransportationBy PTI New Delhi: Infotech Enterprises has renewed its long-term contract with Bombardier Transportation to continue providing engineering, electronic design and IT- related services. According to analysts the renewed contract is valued at $30 million over three years. Bombardier Transportation is the rail division of the Bombardier group and the world’s largest company in the rail equipment manufacturing and servicing industry. The tie-up between Infotech and Bombardier Transportation started in 2003, and now the IT firm supports all Bombardier divisions across multiple technologies and projects in a real-time engineering environment. The contract includes the Delhi Metro Phase II projects, for which Bombardier will soon start to supply trains. The original relationship was executed under the Build Operate and Transfer (BOT) framework. The new contract does not have this clause which further demonstrates Bombardier Transportation’s commitment to work with Infotech Enterprises as a long term partner for their engineering outsourcing requirements, Infotech said in a statement. Bombardier Transportation chief technical officer and vice-president, project management, Josef Doppelbauer said, “together with our long operational manufacturing facility in Vadodara and the opening of a new rolling stock production facility at Savli to deliver the Delhi Metro project, this relationship will continue to further strengthen our engineering competence within our existing Indian operations.” Source: LatestNews-Home - Livemint.com | 6 Oct 2008 | 10:14 am ONGC to search for uranium in Gujarat - Sify
Source: Google News India - Business | 6 Oct 2008 | 10:12 am Tata AIG Life launches InvestAssure Health productMumbai: Tata AIG Life Insurance Company Limited (Tata AIG Life) today announced the launch of Tata AIG Life InvestAssure Health, a unit-linked health product that is designed to suit customer needs and priorities. It is a comprehensive health policy with an all-inclusive coverage to help the insured recover illness related expenses as also allow customers to create a fund to pay for high medical expenses. This would pay a lumpsum benefit for each day of stay in hospital arising out of an accident or sickness provided there is an overnight stay at the hospital. The policy covers a total of 946 surgeries up to 120 days (yearly) and 730 days (lifetime) of hospital stay. From the investment point of view, it offers six fund options for investment where the investment is a substantial portion of the premium year-on-year. Bonuses on maturity range from 2% to as high as 4% of the fund value. It also grows as a fund with the money being used for the individual/ family’s future changing health needs. Source: LatestNews-Home - Livemint.com | 6 Oct 2008 | 10:02 am Multi Commodity Exchange to start currency futures TuesdayThe Multi Commodity Exchange of India (MCX) will launch currency futures trading from Tuesday to become the third stock exchange in the country after the National Stock Exchange and the Bombay Stock Exchange to do so.Source: IndiaeNews.com: Business News | 6 Oct 2008 | 10:01 am 'Goa government playing up to special economic zone developers'The Goa SEZ Virodhi Manch (SVM), a non-political body comprising various social groups and non-governmental organisations opposed to special economic zones (SEZ) in the state, has accused the state government of helping SEZ developers make a backdoor entry into Goa.Source: IndiaeNews.com: Business News | 6 Oct 2008 | 10:00 am Online auction of jewellery starts TuesdayIndia is set to witness this October what Saffronart officials say is the first ever online auction of rare Indian jewellery and customised watches.Source: IndiaeNews.com: Business News | 6 Oct 2008 | 10:00 am Industry body can resolve RIL-RNRL tussle: Bombay HC - Moneycontrol.com
Source: Google News India - Business | 6 Oct 2008 | 9:58 am Gold eases, but buyers eye more fallsMumbai: India’s gold prices eased on Monday in tune with overseas markets where a firm dollar and weak crude oil erased some of the metal’s safe-haven appeal, dealers said. In the local market, demand was still thin as buyers stayed away on hopes for further fall, they added. “Another 5% fall from current levels will make people buy gold again,” said Daman Prakash, director of MNC Bullion Pvt Ltd, a wholesaler in Chennai. “Silver is seeing good demand however as it has fallen much more than gold.” Foreign gold that guides the local market slipped nearly 1% as the dollar firmed to a 13-month high against the euro and crude oil fell on a poor demand outlook. Gold generally has an inverse relation with the dollar as the two compete for funds. But the metal usually tracks crude oil as the latter signals inflation that the metal negates. Silver futures on the Multi Commodity Exchange of India Ltd (MCX) traded at 18,788 rupees per kg, down by 1.43% over the previous day compared to a negligible fall for gold futures. With Dussera this week and Dhanteras and Diwali falling later this month, retail sales are expected to increase, prompting traders to look for attractive prices to buy. “If it falls to around 12,200 rupees per 10 grams we can have a very good Diwali,” said Ghanshyam Nichani of Dhanraj Jewellers in Mumbai. Source: LatestNews-Home - Livemint.com | 6 Oct 2008 | 9:54 am RBI says state banks in robust conditionPUNE, India (Reuters) – The Reserve Bank of India (RBI) said on Monday that the country's state-run banks were robust enough to deal with the global credit crisis and private sector banks also had adequate risk management systems.Source: Reuters: Money News | 6 Oct 2008 | 9:52 am Bundesbank to provide Hypo Real with liquidity - Reuters
Source: Google News India - Business | 6 Oct 2008 | 9:49 am Mercedes-Benz India crosses 3,000-mark in salesMercedes-Benz India on Monday said it has crossed the 3,000-car sales figure so far this year, reflecting a growth of 56 percent.Source: Daily News & Analysis: Money News | 6 Oct 2008 | 9:44 am 'Organised, unorganised retailers can co-exist in India'India's organised and unorganised retail sectors can co-exist and thrive, says a top government official, who foresees bright prospects for the retail industry in the country.Source: Daily News & Analysis: Money News | 6 Oct 2008 | 9:43 am Bollywood and movie merchandising - a long way to goHindi film industry is beginning to go into film merchandising - introducing dolls, masks, key chains, school bags and T-shirts - and hopes to one day reap millions like in the West.Source: Daily News & Analysis: Money News | 6 Oct 2008 | 9:43 am Mercedes crosses 3,000 mark in sales in Jan-Sep periodPTI New Delhi: Luxury car maker Mercedes-Benz today said it has crossed 3,000-units mark in sales in India for the first time during January-September period, registering a growth of 56% over the same period last year. During the period, the German auto major sold 3,001 units of its vehicles in the Indian market, the company said in a statement. “Our impressive performance this year continues. We are delighted to cross the 3,000 sales figure mark for the first time and have already set our sights on many more,” Mercedes -Benz India Managing Director and CEO Wilfried Aulbur said. The company is confident that it would continue to grow in the coming months and years and remain competitive in an already “ultra dynamic market”, he added. During the nine-month period, Mercedes-Benz sold 524 units of S Class, 921 units of E Class and 1,450 units of C Class cars in India. Source: Home - Livemint.com | 6 Oct 2008 | 9:43 am Nomura to acquire Lehman's Indian back-office unitsTOKYO (Reuters) - Nomura Holdings, Japan's largest broker, said on Monday it would buy the Indian back-office units of collapsed U.S investment bank Lehman Brothers for an undisclosed sum.Source: Reuters: Money News | 6 Oct 2008 | 9:39 am Nomura to buy Lehman’s Indian IT operationsTokyo: Japan’s top broker Nomura Holdings said that it had agreed to acquire Lehman Brothers’ IT support operations in India, giving jobs to 3,000 more workers from the bankrupt Wall Street giant. Nomura, which is already buying Lehman’s operations in the Asia-Pacific, the Middle East and Europe, will take on the failed US bank’s India-based back office and IT support businesses for an undisclosed sum. The Japanese broker moved swiftly to buy up Lehman’s operations in Europe and Asia after the once-mighty Wall Street titan was brought down by the financial crisis that has rocked world markets. But the Indian subsidiaries, based in the financial hub of Mumbai, were not included in the earlier deal because they were under the wing of Lehman’s North American business, which is being bought by the British bank Barclays. Nomura chief executive Kenichi Watanabe described the latest acquisition as ‘an important component of our global expansion strategy.’ “It will allow us to significantly enhance our global service platform to support the business expansion that the combined talents of Nomura and Lehman will drive going forward,” he said in a statement. Japanese financial institutions, which have been relatively immune to the global credit crisis, have seized the opportunity to expand overseas, buying stakes or assets from troubled Western banks. Nomura will buy all the assets, as well as the issued and outstanding shares, of the three Mumbai-based companies — Lehman Brothers Services India Private Ltd., Lehman Brothers Financial Services (India) Private Ltd., and Lehman Brothers Structured Finance Services Private Ltd. Source: Home - Livemint.com | 6 Oct 2008 | 9:37 am Earthquake kills at least 60 in Kyrgyzstan Kyrgyzstan: A powerful earthquake struck the mountains of Central Asia, destroying a village in Kyrgyzstan and killing at least 60 people, emergency officials said Monday. The 6.6-magnitude quake near the border between Kyrgyzstan and Tajikistan hit the remote village of Nura hard, bringing down dozens of buildings and injuring more than 100 people in addition to the confirmed deaths, Emergency Situations Minister Kamchybek Tashiyev said. “What we’ve seen is terrible, the village of Nura is completely destroyed _ 100 percent,” Tashiyev said. “There are many injured and we’ve counted 60 dead so far, all of them local residents.” There were no immediate reports of damage or casualties elsewhere. Tashiyev said a helicopter was ferrying the most seriously injured to hospitals in the nearest sizable city, the southern regional center of Osh, more than 100 kilometers (60 miles) away, and would rush back for more injured after dropping them off. He said the death toll could rise. Russian President Dmitry Medvedev ordered Russian Emergency Situations Ministry to help Kyrgyzstan respond to the quake. The late Sunday quake’s magnitude was 6.6 and the epicenter was in Kyrgyzstan, the US Geological Survey said. It said a 5.1 magnitude quake followed a few hours later on Monday. The Kyrgyz Emergency Situations Ministry said the epicenter was in Tajikistan. Earthquakes are common in the mountains of former Soviet Central Asia, adding to the troubles for residents of the impoverished area. Source: LatestNews-Home - Livemint.com | 6 Oct 2008 | 9:36 am BNP Paribas scoops up Fortis assets in credit crunchPARIS/BRUSSELS (Reuters) - BNP Paribas agreed to scoop up assets in Belgium and Luxembourg of banking and insurance group Fortis for 14.5 billion euros ($20.1 billion) to become the euro zone's biggest deposit bank.Source: Reuters: Money News | 6 Oct 2008 | 9:25 am German bank HRE gets total bailout of $68 bnFrankfurt: The troubled German bank Hypo Real Estate got its second bailout in as many weeks, raising the total to $68 billion as shock waves from the US-bred international financial crisis rattled deep fault lines in Europe’s banking sector. German Finance Minister Peer Steinbrueck said Monday he would not rule out an increase in a state-backed guarantee for the country’s fourth biggest bank, in what is already the biggest financial bailout in the country’s history. It appeared that private banks and insurance companies would shoulder the burden of the latest rescue package, but asked if he could rule out the state raising its initial guarantee for HRE, Steinbrueck told public Deutschlandfunk radio: “I cannot.” The government agreed a week ago to guarantee almost $36.7 billion in credit to HRE, which specialises in property financing. On Sunday, intense talks between German banks and insurance companies resulted in a second euro15 billion guarantee for the bank, which had received guaranteed credits worth euro35 billion one week earlier. German financial institutions are struggling to keep the bank afloat as problems triggered by the international financial crisis hit banks from Iceland to Greece, with governments buying stakes in Belgian, British and Dutch banks. HRE hailed on Monday the second public-private bailout, which it said would allow it to keep functioning amidst the ongoing financial crisis. German Chancellor Angela Merkel warned however that “those who managed their company in an irresponsible way will have to answer for it,” and Steinbrueck said it was “inconceivable to be able to continue working with the present management” of HRE. On Sunday, a turbulent day in Europe’s biggest economy, the government had also extended a blanket guarantee for all personal bank deposits to avert panic withdrawals. The move aimed to shore up confidence amid a spreading global financial crisis, in a country in which failing banks bring up particularly bitter memories of the 1930s Great Depression, which helped the Nazis rise to power. In a bid to head off a run on banks, Steinbrueck assured German account holders they need not worry about losing a “single euro” in the crisis. Finance ministry spokesman Torsten Albig told the business daily Handelsblatt that the estimated value of the guaranteed accounts would total euro568 billion. The total euro50 billion lifeline for stricken HRE was agreed in crisis talks between the government, the Bundesbank central bank, market regulators and the banking sector. Chancellor Angela Merkel’s government had scrambled to reach an accord before Asian markets opened Monday, fearing the ultimate collapse of HRE and heavy selling pressure on all German banking shares. But in morning trading on the Frankfurt stock exchange, HRE shares shed a massive 33.69% of their value to euro4.98, while the Dax index of leading shares had dropped by 4.22% overall. Berlin’s daily Tagesspiegel said the government had had no choice but to cobble together a plan for HRE and ensure bank deposits. Source: Home - Livemint.com | 6 Oct 2008 | 8:52 am Citigroup wins court order; Wells Fargo can\'t buy WachoviaCitigroup has won a court order blocking Wells Fargo from buying the hobbled US bank Wachovia until the court rules otherwise.Source: Moneycontrol Top Headlines | 6 Oct 2008 | 8:51 am Builders bet big on festival seasonThe builder fraternity across the country appears to be banking on Diwali sales to change their fortunes.Source: Moneycontrol Top Headlines | 6 Oct 2008 | 8:50 am BPOs likely to face more shortterm painsThe Indian BPO industry, hurt by a slowing business environment due to the subprime crisis in the US, expects further pain in the shortterm due to the recent shotgun mergers of large US investment banks.The industry also expects pricing pressure and reduction in the volume of work in the near future.Source: Moneycontrol Top Headlines | 6 Oct 2008 | 8:47 am Adani group eyes nuclear power generationThe Adani group is planning entry into nuclear power. While it is not clear whether the nuclear foray will be undertaken directly by Adani Power or another subsidiary, sources said that the group is recruiting a team of nuclear power experts to plan project proposals.Source: Moneycontrol Top Headlines | 6 Oct 2008 | 8:43 am Thats IT! Freshers look at careers beyond softwareGarima Purohit, Monisha Dhanabal, Ganesh Karthik, Kulvir Singh, Prashant Venkataramana and Gnanaveerarajan, six young freshfaced trainee engineers at SaintGobain Glass India Ltd in Chennai, have a lot in common.Source: Moneycontrol Top Headlines | 6 Oct 2008 | 8:37 am RILRNRL tussle: Bombay HC hearing to resume todayIn the ongoing Ambani gas tussle, the hearing of the RILRNRL KG Basin case resumes at the Bombay High Court today. Any chance of a change in bench has been ruled out.Source: Moneycontrol Top Headlines | 6 Oct 2008 | 8:33 am ONGC marks 50 yrs of 1st oil strike in Gujarat Cambay basinOil and Natural Gas Corporation (ONGC) commemorated 50 years of its first oil strike in Gujarat Cambay basin. On the sideline, the company also gave details of its plan for uranium exploration.Source: Moneycontrol Top Headlines | 6 Oct 2008 | 8:32 am Update: Oil price falls briefly below $90/barrelSingapore: The benchmark New York oil futures contract briefly fell below $90 a barrel Monday in Asia after Wall Street’s financial meltdown extended to Europe, triggering fears of a global slowdown, dealers said. In late afternoon New York’s main contract, light sweet crude for November delivery, hit a low of $89.96 before rebounding to trade $3.43 lower at $90.45. London’s Brent North Sea crude for delivery in November had already dropped below the 90-dollar mark, on 16 September. The Brent contract traded $3.70 lower at $86.55 in late Asian trade on Monday. World oil prices first broke through the $100 level at the start of the year and touched record highs above $147 in July. But they have fallen sharply since then on concerns that demand is slowing during the global financial crisis, dealers say. “I think it’s just sort of continuing the steepening gloom you are seeing,” said Jason Feer, vice president of energy market analysts Argus Media in Singapore. He said that in the absence of weather or political factors to influence oil prices, investors “are concerned about the economic issues.” On Sunday, BNP Paribas announced it is taking control of ailing finance group Fortis’ operations in Belgium and Luxembourg, in a deal that will make Belgium the largest shareholder in the French bank. Germany also sealed a public-private rescue plan for the country’s fourth biggest bank Hypo Real Estate as the government extended a blanket guarantee for all personal bank deposits to avert panic withdrawals. The announcements came on the eve of a meeting of European finance ministers in Luxembourg. They will seek to flesh out broad plans for restoring confidence in the crisis-struck banking system, agreed to over the weekend by Europe’s biggest economic powers. “The risks of a severe international economic slowdown, possibly extending to a recession in some developed economies, have increased as a result of the recent strains in the international financial system,” said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney. “If there is a severe downturn in the international economy, oil prices could prove weaker than forecast,” he said. French leaders on Friday scrambled to reassure consumers, voters and investors after the official statistics agency warned that the eurozone’s second largest economy had slipped into recession. CFC Seymour securities said from Hong Kong on Monday that recent data from the US and elsewhere “highlight the fact that the financial crisis is turning into an economic one, and the process is so advanced that the bailout will not reverse it.” The comment referred to a bailout package that will see the US government buy up to $700 billion US worth of tainted mortgage-related assets at the root of the global crisis. Source: Home - Livemint.com | 6 Oct 2008 | 8:22 am ECB renews one-day loans of $50 billionFrankfurt: The European Central Bank said Monday it would pump $50 billion (€37 billion) into eurozone interbank lending markets in what has become a daily effort to keep cash moving in a system that has almost completely frozen up. The results of the ECB’s one-day offer, including demand and the rate at which the dollars are lent, were to be released later in the day. A little later, the ECB said it would withdraw up to €220 billion ($300 billion) from the markets at its benchmark rate of 4.25% in what it calls a fine-tuning operation. An ECB offer of dollars on Friday to tide eurozone banks over the weekend was met with very strong demand, as 59 banks sought a total of $82.9 billion, and paid 2.51% for the funds that were available, the ECB said. The response confirmed eurozone money markets remained under strong pressure, in particular with respect to the need for dollars. But when the central bank determines there is surplus cash in other parts of the interbank markets it siphons the necessary amount off to prevent the excess from fuelling inflation and to maintain rates near its benchmark levels. Last week, the ECB carried out three such transactions, which it calls fine-tuning operations, withdrawing a total of €567 billion from the interbank markets. On Monday, the central bank extended participation in its exceptional fine-tuning operations to many more financial institutions if they fulfilled certain criteria. National central banks would determine which banks would become eligible, the ECB statement said. The decision was expected to raise the number of eligible institutions from around 130 previously to some 1,700. Since the end of last week, governments in Germany, Greece and Ireland have issued guarantees to cover savings in the countries’ banks, and other European states were under pressure on Monday to bolster their financial defences as well. Commercial banks generally lend and borrow cash from each other on interbank markets but these have dried up since the US market for high-risk, or subprime, mortgages collapsed more than a year ago. The ECB and other major central banks have been pumping huge amounts of cash in the form of loans to ease turmoil stemming from the latest crisis in the US financial sector, after the investment bank Lehman Brothers went bankrupt last month. Some analysts question whether the central bank moves are working however, saying that commercial lenders soak up the extra cash but do not lend to each other or extend it as credit to businesses. They reportedly use some of the funds to buy government treasury bills because they are currently considered one of the safest investments. Source: Home - Livemint.com | 6 Oct 2008 | 8:22 am MMTC to pick up stake in logistics firm's subsidiaryIntegrated logistics major Sical Logistics Ltd will shortly rope in MMTC India as a 26 percent equity partner for its 12 million tonne iron ore terminal under construction at Ennore here.Source: IndiaeNews.com: Business News | 6 Oct 2008 | 8:01 am Mercedes-Benz India crosses 3,000-mark in salesMercedes-Benz India Monday said it has crossed the 3,000-car sales figure so far this year, reflecting a growth of 56 percent.Source: IndiaeNews.com: Business News | 6 Oct 2008 | 7:32 am India's Sensex dips below 12,000 to two-year lowAfter opening on a weak note Monday, Indian equities plummeted Monday on fears of major pullout of funds by foreign institutional investors (FIIs) even as worries escalated over recession in the US economy and an overall global slowdown.Source: IndiaeNews.com: Business News | 6 Oct 2008 | 7:32 am L&T Infotech and Astea to deliver global field service, mobility solutionsMumbai: Larsen & Toubro Infotech Ltd, an IT services and solutions provider and a wholly-owned subsidiary of the $7 billion global technology, engineering, manufacturing and construction company Larsen & Toubro Limited has signed a partner agreement with Astea International Inc. a company that specializes in service lifecycle management and mobility solutions. The partnership will enable L&T Infotech to offer added value to Astea’s service management and mobility software implementation by providing global IT application expertise that will not only streamline and accelerate large-scale implementation, but also extend Astea’s ongoing customer support capabilities. It will drive financial and operational benefits for clients. In addition to providing implementation and consulting services, L&T Infotech will become a value-added reseller, helping expand both Astea’s and L&T Infotech’s footprint in the global market. According to Sudip Banerjee, chief executive officer, Larsen & Toubro Infotech Ltd, “We are actively working on a large enterprise global deployment of this solution. There is a high level of synergy and complementary capabilities between the two organizations and we see immense opportunity for continued success and expansion.” Source: Tech News - Livemint.com | 6 Oct 2008 | 7:01 am Citi, Wells Fargo turn to courts to win battle for WachoviaAFP Washington: The battle over troubled lender Wachovia Corp. heated up late Sunday after bank Wells Fargo & Co. secured a court ruling overturning an earlier injunction halting their proposed merger. The injunction had been granted by the New York State Supreme Court to Citigroup, a rival suitor, late Saturday. Citigroup was blindsided last week in its bid to complete a tie-up after Wachovia, which originally agreed to a merger with the banking giant, took what it deemed to be a better offer from Wells Fargo. But in a statement late Sunday, Wells Fargo announced it had asked an appeals court to strike down the New York court injunction and was successful in its request. “We are pleased that the unfounded order entered yesterday has been vacated,” the bank said in a statement. “Wells Fargo will continue working toward the completion of its firm, binding merger agreement with Wachovia Corporation.” Wachovia, for its part, said earlier Sunday that it “continues to believe its agreement with Wells Fargo, which involves no government assistance, is proper and valid.” After agreeing in principle to a US government-backed deal forged last Sunday with Citi, Wachovia reversed course and announced Friday its preference for Wells Fargo. Citigroup’s share plummeted after the news, closing 18% lower at $18.35 on Friday. Some analysts suggested the loss of the deal would leave question marks over the solidity of Citigroup’s finances. The Wall Street Journal reported Monday that the US federal government was worried about the battle for Wachovia, and officials from the Federal Reserve were pushing for Citigroup and Wells Fargo to reach a compromise. The leading plan under discussion, the newspaper said, calls for Citigroup and Wells Fargo to divide Wachovia’s network of 3,346 branches along geographic lines, with Citigroup getting Wachovia’s branches in the Northeast and mid-Atlantic regions and Wells Fargo taking those in the Southeast and California. Wells Fargo would also take over Wachovia’s asset-management and brokerage units, according to the Journal’s report. Wachovia had been in danger of failure after its shares lost more than 70% of their value in a year, as investors feared a panic run on the beleaguered institution. Many thought the once fourth-biggest US bank by assets would share the fate of its rival Washington Mutual, which was seized by the government and sold to investment bank JPMorgan Chase in one of the biggest-ever US bank failures. The battle for Wachovia is part of the great redrawing of the US financial landscape as commercial and investment banks go bust or seek takeovers because of losses linked to the subprime housing market. The planned acquisition by Wells Fargo, which traces its roots to the Wild West and the Gold Rush of the 19th century, would give it the biggest network of branches in the United States. Wells Fargo has offered $15.1 billion in an all-stock deal to buy all of Wachovia and it stressed that its proposal did not have any government involvement or taxpayer risk. Citigroup offered to pay $2.16 billion in stock for Wachovia’s banking activities and some of its debts. Citigroup would assume up to $42 billion of losses from a pool of $312 billion of loans held by Wachovia; the Federal Deposit Insurance Corporation would absorb losses beyond that. The takeover was orchestrated with the Federal Reserve and Treasury Secretary Henry Paulson in consultation with US President George W. Bush. Source: Home - Livemint.com | 6 Oct 2008 | 6:47 am Jharkhand government criticised for not enticing Tatas enoughThe opposition in Jharkhand has criticised the government for not doing enough to convince Tata Motors to shift the Nano project to the state.Source: IndiaeNews.com: Business News | 6 Oct 2008 | 6:30 am Convergys to hire 2,500 new agents in IndiaCincinnati: Convergys Corporation announced today its plans of increasing the number of contact centre agents it employs in India based on client needs for an additional 2,500 people by the end of the year. The company currently operates from major facilities in cities across India including New Delhi, Hyderabad, Mumbai, Pune, and Bangalore. Employees working in these locations provide technical help desk services along with customer support for Fortune 1000 companies in financial services, communications, consumer products, and other industries. Convergys has more than 13,000 employees in India. Source: Tech News - Livemint.com | 6 Oct 2008 | 6:21 am Ask.com hopes to make search faster, more relevantAP New York: Assuming your company’s name isn’t a verb synonymous with looking things up online, how do you get Web surfers to not just try your search engine, but also frequent it? For Oakland, California-based Ask.com, part of the answer may lie in improving the speed and relevance of search results. Ask believes it has taken steps in that direction as part of a new look it expected to roll out Monday. Ask, which is owned by IAC/InterActiveCorp, encountered the repeat-visitor problem after launching a version of its search engine dubbed “Ask 3D” in June 2007. With Ask 3D, the site moved away from the traditional method of showing search results as a long list and instead sorted them into three vertical panels, one of which included photos and other multimedia content related to users’ queries. Ask 3D was well-received, Chief Executive Jim Safka said, but it was too slow at downloading visitors’ search results. “A lot of people tried the site, but they wouldn’t come back,” he said. This is not to say that Ask has been losing share in the search market. According to analyst firm comScore Inc., Ask’s network of sites, which also includes Dictionary.com, moved from fifth to fourth in the U.S. online search market in recent months, surpassing Time Warner Inc.’s AOL. Compared to the current market leaders, Google Inc. and Yahoo Inc., however, Ask’s share of searches - 4.8% in August - is quite small. And so, in a bid to get people to conduct searches through the site more often, Ask has been working on improving the speed and relevance of results since Safka’s arrival in January. It is the latest in a long line of overhauls for the search engine once known as Ask Jeeves. “It wasn’t sexy work, but it needed to be done,” Safka said. Ask sped up search result download times by 30% by doing several things, Safka said, including using an expedited delivery system from Akamai Technologies Inc. to show results for common Ask searches. Ask also has increased the number of sites it indexes content from and the amount of material it gets from those sites, Safka said. And Ask has tweaked the algorithm it uses to rank search results. Beyond these under-the-hood changes, Ask will divide pages into two panels instead of three and add features like “Ask Q&A,” which aims to give users questions and answers related to their search terms. Safka said tests of the new version of the search engine have yielded positive results, with people coming to the site more and returning more often. IAC’s chairman and CEO, Barry Diller, acknowledged in a recent interview that Google’s status as Internet darling makes it tough for Ask to get attention. “I think, hopefully without deluding myself, it will get easier over the next year, two, three,” he said, noting that Google’s market share might not have much more room to grow. Google already has more than half the market. However, Ask actually benefits from Google’s prowess, since Google posts ads on Ask and other IAC sites. And with the overall online advertising market still young and continuing to grow, Diller said, Ask doesn’t necessarily need double-digit market share in order to do well financially. Source: Tech News - Livemint.com | 6 Oct 2008 | 5:42 am 'Organised, unorganised retailers can co-exist in India'India's organised and unorganised retail sectors can co-exist and thrive, says a top government official, who foresees bright prospects for the retail industry in the country.Source: IndiaeNews.com: Business News | 6 Oct 2008 | 5:31 am Indian equities open lower on fears of US meltdownFears of major pullout of funds by foreign institutional investors (FIIs) pulled Indian equities down Monday, even as worries escalated over recession in the US economy and an overall global slowdown.Source: IndiaeNews.com: Business News | 6 Oct 2008 | 5:30 am Bank of America settles lawsuit over bad mortgagesIllinois: Facing a lawsuit over deceptive mortgage practices, a Bank of America Corp. subsidiary has agreed to modify tens of thousands of loans to keep people in 11 states from losing their homes, the Illinois attorney general’s office said on Sunday. Borrowers stuck with Countrywide Financial mortgages that they can’t afford could see their interest rates reduced or have the loan principal cut. Some might qualify for having to pay nothing but interest for a decade. Even people who can’t afford to keep their homes with such changes will be able to get help moving to a new home. “This is going to provide a tremendous amount of relief,” said Illinois Attorney General Lisa Madigan. Her office and officials from California negotiated the settlement. Nine other states have also joined the settlement, and other states could sign on, said Deborah Hagan, chief of Madigan’s Consumer Protection Division. If all 50 states were to join, the settlement could provide $8.7 billion in relief to 400,000 borrowers, Hagan said. In California alone, the settlement will offer $3.5 billion in relief. For Illinois, that would translate to $190 million. The total for the 11 states was not immediately available. The settlement applies to people who obtained their mortgages through Countrywide Financial Corp., which Charlotte, North Carolina-based Bank of America purchased in June, at the same time Illinois and California sued the company. “Countrywide’s lending practices turned the American dream into a nightmare for tens of thousands of families by putting them into loans they couldn’t understand and ultimately couldn’t afford,” California Attorney General Jerry Brown Jr. said in a statement Sunday. The other states joining the settlement are Arizona, Connecticut, Florida, Iowa, Michigan, North Carolina, Ohio, Texas and Washington. Bank of America will launch the new mortgage aid program in December, said Barbara Desoer, president of Bank of America’s mortgage, home equity and insurance services. In a statement, she called it “a comprehensive program that provides more solutions than ever before to assist troubled borrowers and put them back on the path to sustained home ownership.” The mortgage aid includes revising customers’ payments so they don’t exceed 34% of income. Other options include reducing interest rates and adjusting principal so that borrowers don’t wind up actually losing equity under some payment plans. Countrywide will not charge loan modification fees and will waive prepayment penalties. Madigan said she hopes the settlement could serve as a model for steps that other lenders could take to make up for misleading mortgage practices. She stressed that the agreement involves no tax money but will help people keep their homes and keep money flowing to lenders. Source: Home - Livemint.com | 6 Oct 2008 | 5:20 am 4 European nations agree to set up new body to supervise banks!Britain, France, Germany and Italy have agreed to set up within the EU a body to supervise banks as part of their joint efforts to stem the spread of the financial turmoil, triggered by the US sub-prime mortgage crisis, in Europe.Source: Zee News : Business | 6 Oct 2008 | 12:23 am JP Morgan blamed for Lehman`s collapse!US bank JP Morgan Chase stands accused of precipitating the collapse of American investment bank Lehman Brothers by freezing Lehman assets days before it filed for bankruptcy protection, the Sunday Times reported.Source: Zee News : Business | 6 Oct 2008 | 12:23 am ONGC celebrates 50 years of first oil discovery in Lunej!The Oil and Natural Gas Corporation (ONGC) on Sunday commemorated 50 years of its first oil discovery in Lunej village of Anand district here.Source: Zee News : Business | 6 Oct 2008 | 12:23 am Global bailout package nears $2 trillion!With financial institutions falling prey one after another to the global credit crisis, the bailout packages announced by various governments across the globe are inching towards two trillion-dollar mark -- an amount nearly double the size of Indian economy.Source: Zee News : Business | 6 Oct 2008 | 12:23 am SRK launches $2.1 bn project in UAE !Bollywood icon Shah Rukh Khan on Sunday teamed up with a UAE-based real estate firm to launch a USD 2.17 billion signature beachfront residential project in the gulf country.Source: Zee News : Business | 6 Oct 2008 | 12:23 am Hero Honda`s financial liabilities rise 18% at end of FY08!Country`s top two-wheeler maker Hero Honda saw its financial liabilities in 2007-08 soaring the maximum in the past four fiscals, even as the company returned to positive net profit growth in the last financial year.Source: Zee News : Business | 6 Oct 2008 | 12:23 am `India leads outsourcing industry in 08`!India, home to six of the world`s top eight outsourcing hubs, continues to be a major global IT and BPO outsourcing destination amid a determined bid by the neighbouring China to give it a tough competition in the field, according to a new study.Source: Zee News : Business | 6 Oct 2008 | 12:23 am `Wells blocked from buying Wachovia`!The fight over control of Wachovia intensified on Saturday, as a judge temporarily agreed to block the sale of the bank by Wells Fargo, Citigroup announced in a news release.Source: Zee News : Business | 6 Oct 2008 | 12:23 am Inflation will be curbed within 2-3 months: Pawar!Inflation and price rise are temporary issues which will be solved in coming months, said Union Agriculture Minister Sharad here on Saturday.Source: Zee News : Business | 6 Oct 2008 | 12:23 am India invited to major summit to tackle int`l financial crisis!European leaders have asked India to join a major economic summit to prepare a response to the global financial meltdown sparked by the US credit crisis.Source: Zee News : Business | 6 Oct 2008 | 12:23 am Tata Motors’ team visits sites in AP, KarnatakaHyderabad, Bangalore, Oct. 5 The officials of Tata Motors led by its Managing Director, Mr Ravi Kant, held discussions with the Andhra Pradesh Chief Minister, Dr Y. S. Rajasekhara Reddy in Hyderabad and the Karnataka Chief Minister, Mr B. S.Source: Business Line - Home Page | 6 Oct 2008 | 12:00 am Builders bet big on festival seasonMumbai/ New Delhi Oct 5 The builder fraternity across the country appears to be banking on Diwali sales to change their fortunes.Source: Business Line - Home Page | 6 Oct 2008 | 12:00 am Selling pressure likely to continue on Dalal StreetThis week the market is likely to come under selling pressure. Global storm and local concerns are yet to play out fully on Dalal Street. However, substantial resistance would, perhaps, limit the intensity of the downwardSource: Business Line - Home Page | 6 Oct 2008 | 12:00 am Pfizer (Rs 578.65): BuyWe recommend a buy in Pfizer from a short-term perspective. It is clearly evident from the charts of Pfizer that it was on a long-term downtrend from its 52-week high of Rs 850 (recorded on December 31, 2007) to late September low of Rs 513.Source: Business Line - Home Page | 6 Oct 2008 | 12:00 am That’s IT! Freshers look at careers beyond softwareChennai, Oct. 5 Garima Purohit, Monisha Dhanabal, Ganesh Karthik, Kulvir Singh, Prashant Venkataramana and Gnanaveerarajan, six young fresh-faced trainee engineers at Saint-Gobain Glass India Ltd in Chennai, have a lot in common.Source: Business Line - Home Page | 6 Oct 2008 | 12:00 am Domestic dairies seek restoration of 15% import duty on milk powderNew Delhi, Oct. 5 With international prices weakening considerably in recent months, the domestic dairy industry is seeking a restoration of the import duty on milk powder to the earlier 15 perSource: Business Line - Home Page | 6 Oct 2008 | 12:00 am SEBI may ease restrictions on P-NotesMumbai, Oct. 5 The board of Securities and Exchange Board of India, which is scheduled to meet on Monday, is likely to ease the current restrictions on investments by foreign institutional investors (FIIs) through ParticipatorySource: Business Line - Home Page | 6 Oct 2008 | 12:00 am IT now competes with automotive, electronics sectors for talentThe IT industry has a different view on why bright young engineers are looking beyond software for careers. Mr Lakshmi Narayanan, Vice-Chairman, Cognizant Technology Solutions, points out that the gap in the demand-supply ratio has reducedSource: Business Line - Home Page | 6 Oct 2008 | 12:00 am NTPC suit against RIL coming up for hearing todayLong pending NTPC’s suit against Reliance Industries Ltd (RIL) will once again come up for hearing on Monday at the Bombay High Court. At stake in the dispute is a ruling on whether NTPC can bind RIL to a specific performance of supply ofSource: Business Line - Home Page | 6 Oct 2008 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 6 Oct 2008 | 12:00 am Future Logi eyes Rs 1k cr from brand distributionFuture Logistics is targeting a business of Rs 1,000 crore from sales and distribution of other brands apart from those of the group.Source: Daily News & Analysis: Money News | 5 Oct 2008 | 10:46 pm Foreign airlines seek Indian wingsAirlines offer code-share, lollies to get hold of the Indian passengerSource: Daily News & Analysis: Money News | 5 Oct 2008 | 10:45 pm Govt mulls pricing coal-liquid blocksThe government is contemplating asking a price for coal blocks to be awarded for India's first coal-to-liquid project to get returnsSource: Daily News & Analysis: Money News | 5 Oct 2008 | 10:44 pm Say farewell to festival discountsConsumer durables companies are pruning freebies, hiking pricesSource: Daily News & Analysis: Money News | 5 Oct 2008 | 10:37 pm 'Extending beyond search an error on Google's part'How do you build a brand? "You narrow the focus," says legendary marketing guru Al Ries.Source: Daily News & Analysis: Money News | 5 Oct 2008 | 10:37 pm Q2 set to signal a longer slowdownSevere margin pressure. That's one statement which will be heard with great frequency in the next three weeks as companies start showing second-quarter hand.Source: Daily News & Analysis: Money News | 5 Oct 2008 | 10:31 pm Hindalco promoters forgo conversion of warrantsLikely to subscribe to additional shares in rights issue instead.Source: Business Standard | Front Page Headlines | 5 Oct 2008 | 6:49 pm FIIs can invest in IDRs: RBIThe Reserve Bank of India (RBI) and finance ministry have cleared the participation of foreign institutional investors (FIIs) in Indian depository receipts (IDRs).Source: Business Standard | Front Page Headlines | 5 Oct 2008 | 6:48 pm Karnataka, Andhra roll out red carpet for Tata MotorsRavi Kant-led team does a recce of alternative sites for Nano project.Source: Business Standard | Front Page Headlines | 5 Oct 2008 | 6:48 pm FinMin says no to trade deal with MauritiusHaving made no headway to amend a 26-year-old double taxation avoidance agreement (DTAA) with Mauritius, the finance ministry has hardened its stance against broadening Indias economicSource: Business Standard | Front Page Headlines | 5 Oct 2008 | 6:47 pm CSIR looks to profit from patents stockIn a significant policy change and an ambitious attempt to monetize its inventory of patents, the Council of Scientific and Industrial Research, or CSIR, India’s largest publicly funded research and development body, plans to transfer at least 3,000 patents to a separate, professionally managed company. The proposed holding company will monetize the patents in a variety of ways—spinning off subsidiary joint ventures and licensing intellectual property, or IP, to professional firms such as Intellectual Ventures Llc., that buy and trade patents, said CSIR director general Samir Brahmachari. The inventory, the country’s single largest stockpile of patents, has a potential commercial value of $1 billion, Brahmachari claimed. It was unclear how CSIR arrived at this valuation. Also seePatenting profits Though CSIR has 3,016 patents in force (1,770 foreign, and 1,246 Indian patents), a single patent can be counted more than once, depending on the number of countries where it is granted. A patent filed in the US may have a different royalty structure than the same patent in India and, as a result, the revenue streams on it vary between countries. “Individually, the number might be around 1,000,” said a CSIR official who didn’t want to be identified. The Union cabinet on Friday discussed the proposal when it took up a report by R. Kumar, an emeritus scientist at the Bangalore-based Indian Institute of Science, on how CSIR could better monetize its patent stockpile and prevent other entities from infringing it. Union minster for science, technology and earth sciences Kapil Sibal said the cabinet had only discussed the report and not cleared any suggestions made by it. “But...we need to look at new approaches for it to maximise its IP profitability. For example, we have to cut down expenditure on filing patents that will not add value. We need professional strategies for that,” Sibal said. Kumar, who had submitted that report to then CSIR director general R.A. Mashelkar in 2006, said he was “unaware of subsequent decisions on it”. Though a prolific patentee, CSIR doesn’t generate much revenue from its patents. In 2004-05, the latest period for which data is available, CSIR filed 50 patents and generated Rs4 crore in royalties and licensing. However, it also spent Rs10 crore in filing for the new patents and in maintaining existing ones. In 2007, it filed 98 patents, but no figures on revenue and expenses were available. CSIR technologies include a process to manufacture baby food from buffalo milk. Its anti-malarial patented drugs Elubaquine and Arteether are exported to 48 countries and the organization has also patented a technology for oral delivery of insulin and a Hepatitis B vaccine. “CSIR, being a publicly funded body, also has a lot of intangible wealth, say, a vaccine developed by it that may be distributed free—and save millions in health care—in spite of the R&D (research and development) expense incurred,” said Sujith Bhattacharya, a professor at Jawaharlal Nehru University and principal author of a 2003 report that analysed patent trends in India. “So, it’s hard to put a number down, and anyone who does that would throw himself open to several questions on that valuation.” Sibal said international IP companies, which buy patents as well as advise on the underlying value of an organization’s patent portfolio, such as Intellectual Ventures and Iceberg Transactions Ltd, a UK-based company, were in the process of examining CSIR’s patent portfolio. It is for the first time that such an evaluation of CSIR’s patent portfolio is being carried out. While Mint has reported on Intellectual Ventures’ interest in CSIR’s patent portfolio, it didn’t get an immediate response from Iceberg Transactions to queries about its assessment of the patent stockpile. “We are ready with the document (detailing how CSIR plans to implement the proposal) and will present it to the prime minister later this month for discussion,” said Brahmachari. Prime Minister Manmohan Singh is the president of CSIR. The proposed holding company to which the patents will be transferred will likely be called CSIR Tech, said the CSIR official who didn’t want to be identified but is familiar with discussions around the plan. “It’s a very good idea, but good only if well managed,” this official added. “The National Research Development Corp., another government enterprise, was specifically mandated to commercially manage CSIR patents. But go through its track record and it hasn’t been a money spinner.” Though CSIR already has an IP management cell, Brahmachari said a much bigger, separate entity was necessary to effectively manage the patent inventory. “The current set-up guides scientists in the procedure for filing patents as well as giving a broad direction to what research sectors should scientists be trawling for attractive IP. We need a bigger, professionally managed entity, and even hire CEOs who can turn the IP into successful joint venture companies,” said Brahmachari. Rather than merely invent a product or a process, and spend money filing for patents and paying maintenance fees, companies prefer to buy patenting in a strategic manner. That involves buying smaller patents held by other companies, which could add substantially more value to the primary patent. For instance, a phone company that that holds patents on software that integrates email services in a mobile phone could also buy design patents from another firm that restrict the size and shape of handsets that enable application of the software, and thus have a virtual monopoly on such a product. “I think it’s a promising initiative. From what I gather, this will possibly free CSIR from a lot of government restrictions,” said N. Balakrishnan, associate director at the Indian Institute of Science. “The government can’t take risks beyond a point, with its investments in R&D, but a separate company will be far more flexible and, hence, could bring in much better returns.” Source: Tech News - Livemint.com | 5 Oct 2008 | 6:22 pm
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