|
|
|
|
Sony Ericsson seeks India patent for headsetSony Ericsson Mobile Communications has filed a patent application in India for its new audio headset, which can be connected with various devices using bluetooth technology.Source: Daily News & Analysis: Money News | 9 Oct 2008 | 12:11 pm Dollar may touch Rs 50 in two months: ExpertsIndian currency may lose further ground and dollar is likely to touch Rs 50 in the next two months in the wake of global financial crisis, say exporters and economists.Source: Daily News & Analysis: Money News | 9 Oct 2008 | 12:07 pm Airline bankruptcies set to double over winter - ERAMANCHESTER, England (Reuters) - Airline bankruptcies around the world this year are set to double over the winter to at least 70, the director general of the European Regional Airlines (ERA) industry body said on Thursday.Source: Reuters: Money News | 9 Oct 2008 | 11:50 am India becomes less competitive, drops to 50th rankIndia has dropped in its global competitiveness ranking to the 50th place, while neighbouring China has improved its ranking to the 30th spot.Source: Daily News & Analysis: Money News | 9 Oct 2008 | 11:48 am Pressure on G7 after muted response to rate cutsLONDON (Reuters) - Finance ministers from the world's top economies faced calls on Thursday for united action after an emergency round of interest rate cuts and government support for ailing banks won only muted market support.Source: Reuters: Money News | 9 Oct 2008 | 11:24 am UniCredit says could sell B&C profit-sharing rightsVIENNA (Reuters) - UniCredit's Bank Austria said in a statement on Thursday that it could conceive selling profit sharing rights in a vehicle that owns stakes in Austrian industrial firms including fibre-maker Lenzing.Source: Reuters: Money News | 9 Oct 2008 | 11:20 am 'SBI ranks low in employees productivity'SBI may be the largest bank of the country in terms of capital reserve, but in terms of employee productivity, it ranks abysmally low, especially when compared with the private banks.Source: Daily News & Analysis: Money News | 9 Oct 2008 | 11:17 am No global M&A plans, better opportunities in India: ICICIICICI Bank has said that only Japanese banks have the necessary financial muscle to acquire US and European banks in current scenario and it would look only at Indian opportunities for now.Source: Daily News & Analysis: Money News | 9 Oct 2008 | 11:16 am ArcelorMittal confident of improved profitsArcelorMittal on Thursday said it expects improved profits in the second half of this year, despite the global financial crisis and slump in demand from China.Source: Daily News & Analysis: Money News | 9 Oct 2008 | 11:16 am Audi to drive in R8 at Rs 1.17 crAudi will launch its sports car 'R8' in India this November, with a price tag of Rs 1.17 crore, even as the company gears up to clock an overall sales of around 1,000 cars in the country this year.Source: Daily News & Analysis: Money News | 9 Oct 2008 | 11:15 am Wall Street panic rolling over consumers worldwideCHICAGO (Reuters) - A London businessman may have to put off his wedding. A Hong Kong housewife is too worried to make investments. A student in Slovenia sees an automobile loan fall out of reach. And a real estate agent in Chicago says she's just plain scared.Source: Reuters: Money News | 9 Oct 2008 | 11:11 am Financial crisis weighs on executives' mindsNEW YORK/SINGAPORE (Reuters) - The most serious financial crisis in decades has caused business executives and government officials around the world to rein in their expectations for short- and long-term growth and warn that business volatility will be around for some time.Source: Reuters: Money News | 9 Oct 2008 | 11:03 am Bank bailouts: cost of inaction far greater, says IMF official - Economic Times
Source: Google News India - Business | 9 Oct 2008 | 11:02 am Singur will not be repeated in Sanand: Modi - NDTV.com
Source: Google News India - Business | 9 Oct 2008 | 11:01 am Soyameal exports double to Rs7,000 cr in 2007-08New Delhi: India’s soyameal exports have more than doubled in value terms touching a record Rs7,332 crore during 2007-08 season ending September, according to the latest data of Soyabean Processors Association. The country had exported soyameal worth Rs3,619 crore during 2006-07 season (October-September). “There has been a quantum jump in the soyameal exports in quantity terms. And because of tightening global market, the export realization was also much higher in 2007-08 season,” Sopa coordinator Rajesh Agrawal said, while attributing the reasons for significant jump in overseas sales. The average realization of soyameal was Rs15,000 a tonne from export. The average exports price increased to $485 a tonne in August 2008 as compared with $350 at the start of the season in October last year. In terms of quantity, exports have surged 39% at a record 4.89 milion tonnes in 2007-08 season against 3.53 million tonnes the previous year. Agrawal noted that the soyameal exports achieved a record in both quantity and value terms. The data does not include exports made to Pakistan, Nepal and Bangladesh through rail and road, which is expected to be about 3.5 lakh tonnes. During last season, Malaysia, Japan, China, Vietnam and Thailand were the major destinations for Indian soyameal. The shipments to Malaysia rose by more than two-folds at 122,000 tonnes in 2007-08 compared with 49,705 tonnes in the previous year. Exports to Japan rose 72% to 857,000 tonnes from 497,000 tonnes while shipments to China were up 54% to 205,000 tonnes. Vietnam imported 1.24 million tonnes during 2007-08 against 892,000 ltonnes in 2006-07. Exports to Thailand advanced to 426,000 tonnes from 307,000 tonnes. Source: LatestNews-Home - Livemint.com | 9 Oct 2008 | 10:52 am India Inc appeals for Rs.1,000 bn liquidityLeading industry lobbies appealed to policymakers to inject Rs 1,000 billion into the system.Source: Daily News & Analysis: Money News | 9 Oct 2008 | 10:28 am India Inc finalises $26 bn overseas M&AsIndia Inc has finalised overseas mergers and acquisitions worth $26 billion till September-end this year, notwithstanding a sluggish domestic economy and the global meltdown.Source: Daily News & Analysis: Money News | 9 Oct 2008 | 10:28 am PE hit by crisis, suffers lowest quarter since 2005 New Delhi: Fund raising activity through private equity route across the world has dampened by the ripple effect of the global financial turmoil as $82.3 billion capital was raised during July-September, the lowest ever in a quarter since 2005. “The troubles affecting the global financial markets have taken their toll on private equity fund-raising, with fund-raising figures for Q3 2008 are at the lowest they have been since Q1 2005,” according to research done by Preqin, an alternative-asset information provider. There were total 117 funds which achieved a final close worldwide in the third quarter of this year, raising an aggregate $82.3 billion in capital. While, during the same quarter in 2007, as much as $118.7 billion was raised through 213 deals. “Private equity fund-raising is set to enter its most challenging era of all time... Many of the less experienced mid-sized and smaller funds that constitute a higher risk in the eyes of investors will find conditions to be extremely tough,” Preqin spokesman Tim Friedman said. Firms may shelve their fund-raising efforts until the market becomes more settled and investors become more receptive to making new investments. “Although there is no evidence that investors are turning away from the sector, there is a strong suggestion that the current situation is serious enough to lead to new investment decisions being delayed until the long-term global outlook becomes clearer,” Friedman added. An analysis of the 12-month rolling fund-raising for the global private equity industry says that over a longer time frame fund-raising is now beginning to decline after reaching a peak in Q1 2008, Preqin said. The industry was growing rapidly up until 2008, with quarterly figures regularly exceeding those of the previous year. However, the situation is now changing, and in 2008, we are seeing fund-raising falling below that of the previous year, especially in terms of the number of funds raised, which is currently down almost 50%. Interestingly, funds focusing the US raised the highest levels of capital in Q3 2008, with 61 vehicles gathering $57.9 billion, while 31 Europe-focused funds raised $11.9 billion, 25 funds focused on Asia and the rest of the world raised $12.5 billion. “This represents an especially inactive quarter for European fund-raising, with funds focusing on Asia and the Rest of World exceeding the total capital raised for Europe for the first time in the history of the industry,” Preqin said. In terms of type, buyout funds were most popular, with 35 funds raising an aggregate $43.2 billion. A total of 23 real estate focused funds raised an aggregate $23.7 billion, a total of $9.3 billion was raised by 38 venture funds, significantly down from the $21 billion raised by the sector in the corresponding period a year ago. Meanwhile, fund-raising has become increasingly competitive, and with investors currently reluctant to make new investments as a result of the global financial climate, it is becoming harder than ever for fund managers to raise capital. A recent piece of Preqin analysis indicates that fund-raising is now taking an average of 14.2 months to complete, up from 12 months in 2007, and 11.1 months in 2006. Source: Home - Livemint.com | 9 Oct 2008 | 10:18 am IMF predicts 7% growth for India in 2009The global slowdown will affect India too, but with a projected growth rate coming down to a "still strong" 7% in 2009, the IMF sees the Indian economy continuing to perform well.Source: Daily News & Analysis: Money News | 9 Oct 2008 | 10:05 am India Inc finalises $26 bn overseas mergers, acquisitionsIndia Inc has finalised overseas mergers and acquisitions (M and amp;As) worth $26 billion till September-end this year, notwithstanding a sluggish domestic economy and the global meltdown, according to a leading consultancy firm.Source: IndiaeNews.com: Business News | 9 Oct 2008 | 10:00 am No global M&A plans, better opportunities in India: ICICI - Business Standard
Source: Google News India - Business | 9 Oct 2008 | 9:55 am GLOBAL MARKETS - Stocks climb back after steep losses, rate cutsLONDON (Reuters) - Many stock markets rose strongly on Thursday and winners during the recent turmoil, such as the yen and gold, slipped as at least temporary calm returned to markets a day after coordinated global interest rate cuts.Source: Reuters: Money News | 9 Oct 2008 | 9:54 am Business optimism index witnesses decline - TopNews
Source: Google News India - Business | 9 Oct 2008 | 9:48 am Rice procurement crosses 24 lakh tonnes in PunjabBy PTI Chandigarh: Rice procurement by six government agencies and traders has crossed 24 lakh tonneS in Punjab, an official spokesperson said here today. By 8October Pungrain had procured 5,49,096 tonnes of paddy, Markfed 4,91,046 tonnes and Punjab State Warehousing Corporation had procured 2,92,477 tonnes among the state government agencies. The Food Corporation of India had procured only 31,483 tonnes of rice and the millers procured 2,97,268 tonnes, the spokesperson said. The mandis in Amritsar Division recorded 9,07,669 tonnes of rice with Tarn Taran recording maximum paddy by Wednesday to the tune of 2,26,407 tonnes. The Punjab Food Supply had set up 1,622 procurement centres across the state to ensure smooth paddy procurement. Farmers of the state have been assured payment of rice procured by the government agencies within 48 hours of lifting of rice from the procurement centres, he said. Source: LatestNews-Home - Livemint.com | 9 Oct 2008 | 9:46 am Oil edges up, OPEC mulls November meetingLONDON (Reuters) - Oil edged up towards $90 on Thursday after a steep slide this week in response to expectations that demand will fall sharply if the global economy slides into recession.Source: Reuters: Money News | 9 Oct 2008 | 9:44 am Central banks on rate cutting spree! - Sify
Source: Google News India - Business | 9 Oct 2008 | 9:37 am US drops motion against Ranbaxy laboratories - TopNews
Source: Google News India - Business | 9 Oct 2008 | 9:33 am April-August FDI inflows grow by 124 pc - TopNews
Source: Google News India - Business | 9 Oct 2008 | 9:33 am P Chidambaram: Country maintains good financial health - TopNews
Source: Google News India - Business | 9 Oct 2008 | 9:23 am India Inc appeals for $22 b liquidity - Sify
Source: Google News India - Business | 9 Oct 2008 | 9:19 am Asian markets close on mixed sentimentsShangai: Asian markets were mixed on Thursday as investor enthusiasm over rate cuts around the world gave way to persisent fears over the severe strains in credit markets and the prospect of a global recession. South Korea, Hong Kong and Taiwan lowered their interest rates, joining a series of cuts Wednesday in the US, Europe and China aimed at stabilizing global markets that have plunged sharply this week. But lower interest rates alone are unlikely to cure the crisis in confidence, analysts said. “Short-term selling pressure is still strong,” said Lorraine Tan, director at Standard & Poor’s equity research in Singapore. “I don’t think interest rate cuts alone are going to help improve confidence all that much.” Investor reaction in Asia to the string of moves mirrored that in the US and Europe: an initial recovery in several markets faded amid deep concerns about the depth of the crisis. Tokyo’s benchmark Nikkei 225 index rose more than 1% but fell back to close down 0.5% to 9,157.49, a five-year low. That followed a 9.4% plunge Wednesday, its biggest one-day drop since the 1987 market crash. Hong Kong’s Hang Seng index was up 2.1% in late afternoon trading at 15,779, and South Korea’s key index rose 0.6 percent after earlier rising as much as 2.9%. Mainland China’s main index fell 0.8 percent after its central bank lowered rates Wednesday evening. China’s move came as six other central banks, including the US Federal Reserve and European Central Bank, joined to lower rates to contain the spreading financial crisis. Japan’s central bank, constrained by already-low rates, said it backed the moves. On Wall Street, the Dow Jones industrial average ended a volatile session down 2 % disappointing, but a milder decline than in previous days. Wavering investors in the US were shaken by US Treasury Secretary Henry Paulson’s comment on Wednesday that it would be several weeks before the government’s $700 billion financial rescue package makes its first purchases of banks’ troubled mortgage-backed assets. Joining the worldwide efforts to ease the crisis, Taiwan’s Central Bank reduced its key interest rate for the second time in two weeks. The Taiwan share benchmark nonetheless fell 1.5%, to 5,130.71. “Our economy has come under pressure for a slowdown,” Governor Perng Fai-nan said. “We hope the rate cut can stimulate consumption to spur economic growth.” In Indonesia, trading on the Jakarta Stock Exchange was canceled Thursday after the benchmark JSX index sank 10.4% on Wednesday before trading was suspended by late morning. Authorities ordered the market to stay closed, possibly through Friday, following a late night Cabinet meeting. Source: LatestNews-Home - Livemint.com | 9 Oct 2008 | 9:15 am Google to tap into online computer games marketSan Francisco: Google said on Wednesday that it is expanding its advertising kingdom to include the booming online computer game market. AdSense for Games software that lets website operators weave video, text, or picture advertisements into online games is being tested in the United States. Industry statistics indicate that more than a quarter of Internet users, approximately 200 million people, play games online and that their ranks are growing at a rate of 17% annually. “AdSense for Games gives game developers a new way to monetize their games and advertisers additional tools to reach their audiences,” Google said in a message announcing the software’s debut. “With this program, advertisers can now reach the growing number of gamers who are engaged in online play.” Ad revenue is split between Google and game developers or publishers. Google said it is working with games from Konami, Playfish, Zynga and Mochi Media and lists advertisers including Esurance, Sprint, and Sony Pictures. Source: Tech News - Livemint.com | 9 Oct 2008 | 9:03 am Google to tap into online computer games marketSan Francisco: Google said on Wednesday that it is expanding its advertising kingdom to include the booming online computer game market. AdSense for Games software that lets website operators weave video, text, or picture advertisements into online games is being tested in the United States. Industry statistics indicate that more than a quarter of Internet users, approximately 200 million people, play games online and that their ranks are growing at a rate of 17% annually. “AdSense for Games gives game developers a new way to monetize their games and advertisers additional tools to reach their audiences,” Google said in a message announcing the software’s debut. “With this program, advertisers can now reach the growing number of gamers who are engaged in online play.” Ad revenue is split between Google and game developers or publishers. Google said it is working with games from Konami, Playfish, Zynga and Mochi Media and lists advertisers including Esurance, Sprint, and Sony Pictures. Source: LatestNews-Home - Livemint.com | 9 Oct 2008 | 9:03 am Property can still bruise Asia's banks and economyHONG KONG (Reuters) - Asian banks have largely escaped the worst of the global debt crisis but housing market downturns, especially in China and India, still threaten to pile up bad loans and slow the region's economy.Source: Reuters: Money News | 9 Oct 2008 | 8:52 am Sun outage ends, BSE to trade in normal timings from tomorrow - Press Trust of India
Source: Google News India - Business | 9 Oct 2008 | 8:48 am ONGC, Imperial to close deal in days: SourceAlmaty: Indian state-run oil producer ONGC will seal its deal to buy Russia’s Imperial Energy “any day now”, a source close to negotiations told Reuters on Thursday. In late August India’s biggest oil producer agreed a takeover of the mid-sized, London-listed Russian oil producer for $2.6 billion. “It’s ongoing. We should expect the deal to finalise any day now,” said the source, who spoke on condition of anonymity. In early September India’s oil minister Murli Deora said the deal was expected to be completed by the end of this week. The deal will mark ONGC’s second investment in resource-rich Russia. The Indian company is a partner in the Sakhalin-1 oil and gas consortium headed by US major Exxon. Imperial, which owns a number of licences in the west Siberian region of Tomsk, hopes to produce 35,000 barrels per day (bpd) by the end of 2009 and 80,000 bpd by 2011. Separately, at an oil and gas conference in Kazakhstan’s financial capital Almaty, ONGC confirmed its interest in taking a stake in a Kazakhstan-based oil producer, and said it would also soon begin exploring the Caspian shelf. Source: LatestNews-Home - Livemint.com | 9 Oct 2008 | 8:38 am India Inc appeals for Rs.1,000 bn liquidityA day after the Indian government admitted that the global financial meltdown had caused liquidity problems in India, leading industry lobbies appealed to policymakers to inject Rs.1,000 billion ($22 billion) into the system to help tide over the cash crunch.Source: IndiaeNews.com: Business News | 9 Oct 2008 | 8:30 am US turmoil may slow down India’s steel productionNew Delhi: Steel industry may face a further slow down and could be forced to bring down prices on account of global turmoil in tandem with dip in domestic demand. Industry would be forced to cut down production if the prevailing conditions prevail, industry expert said, adding that the growth targets are being revised from double digit to single digit. “The production growth in the steel sector is likely to decline to 8-9% this year from the expected 12-13% due to global economic slowdown,” JSW Group Chief Financial Officer Sheshagiri Rao said. Indian steel companies would have to cut prices to survive, else market will be flooded with cheaper imports, he said. Globally, steel prices have softened by about $350 per tonne in the last couple of months, the reason why large-scale consumers are heading for cheaper imports from countries like China and Ukraine. “The global turmoil has affected demands and put pricing pressure in the US. These would have a ripple effect on Indian market too,” an Essar Group spokesperson said. British steel giant Corus, part of Indian conglomerate Tata group, has already said it is taking steps to optimise production as per the changing demand scenario. Amidst the changing dynamics in the global markets, the domestic steel firms, however, don’t see any impact on their long-term expansion plans. “We have secured finances for our projects lined up till 2010. In this scenario, however, raising capital from abroad will not be easy,” Rao said. India’s largest steel producer SAIL too said the crisis would not affect its expansion plans as it has enough financial resources. Source: LatestNews-Home - Livemint.com | 9 Oct 2008 | 8:27 am 53% working women in India fear for their safety: AssochamNew Delhi: About 53% working women feel insecure, especially during night shifts in all major hubs of economic activity across the country. Most of them are employed in the BPO/ITeS, hospitality, civil aviation, medical and textile space. Their concern is that safety norms set up by their respective establishments are not adequate and given the increase in crime, their insecurities and fears are only going up. According to the Assocham Social Development Foundation (ASDF), an assessment was carried out revealing that 48% of women who are engaged in the small-scale sector are extremely worried about their safety and nearly 26% in the medium sector and 23% in the large-scale establishments are scared to step out after the sun sets. . Key Findings * 34% women in the low skilled category are worried about their well being; 29% in the moderately skilled section and 8% among high skilled workforce *The fast growing BPO/ ITeS, hospitality, civil aviation industry has generated parallel employment for cab drivers who have often been responsible for rash driving, accidents, eve teasing, rape and even murder * 86% women on night shifts face commuting problems because of lack of adequate transport arrangements by employers. Those working in Kolkata, Mumbai and Pune face maximum commuting hurdles while those in Delhi, Hyderabad and Ludhiana the least * In Bangalore, 75,000-95,000 women work in night shifts. There are around 2,200 IT firms in Bangalore, of which 1,600 are registered with the Department. In Bangalore, around 56% women respondents in a survey carried out amongst women working in night shifts in the IT, aviation, hospitals and BPO sector feel unsafe. Delhi topped the list with 65% of women followed by 35% in Hyderabad, 28% in Chennai and 26 % in Mumbai * BPO/ITeS is not the only sector with post-sunset shifts. Women nurses have been doing night rounds as also those working in media, airlines, hotels and other service industries Recommendations * Companies to have an internal code to ensure security of women employees and to take measures to ensure they discharge their job in a secure atmosphere * Governments to make it mandatory for companies to install Global Positioning System (GPS) in cabs, not only in call centres and BPO’s but all industries which engage women in night shifts * Other measures that can be taken include providing self defense training to women; installing safety devices at the work place; undertaking police verification of cab drivers, security guards and peons who are deputed on night shifts and setting up efficient complaint redressal systems Source: LatestNews-Home - Livemint.com | 9 Oct 2008 | 8:13 am ECB pumps $100 bn back into money marketsFrankfurt: The European Central Bank said on Thursday it would pump $100 billion back into interbank money markets in one-day loans, raising the daily amount by $30. The operation has become a daily event aimed at keeping cash flowing through the key financial pipeline, but the increased sum, which followed a raise of $20 billion on Wednesday, suggested tension remained at very high levels in the eurozone markets. Results of the ECB’s offer, including demand and the rate at which the dollars are lent, were to be released later in the day. By raising the amount of dollars it lends to eurozone banks, the ECB appeared to be taking another step in a global effort to calm heightened tension on the crucial financial markets. On Wednesday, the ECB and other central banks on two continents announced exceptional coordinated interest rate cuts to help fight a tenacious international financial crisis. The money markets determine the availability of credit for vast numbers of people around the globe, from managers trying to fund their businesses to families and students seeking personal loans. 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. Source: LatestNews-Home - Livemint.com | 9 Oct 2008 | 7:52 am Belgium, France, Luxembourg to cover Dexia loansBrussels: The governments of France, Belgium and Luxembourg say they are giving struggling lender Dexia SA a yearlong bank guarantee. The guarantee follows three days when Dexia’s shares fell even after it received a $8.79 billion cash injection from the three governments last week. Belgian Prime Minister Yves Leterme said the guarantee would cover all new agreements with international lenders, new interbank deposits and new institutional loans of up to three years. Luc Frieden, the Luxembourg budget minister, said Thursday the deal shows Belgium, France and Luxembourg “have very firm support for Dexia.” The French-Belgian bank specializes in lending to local governments. Source: LatestNews-Home - Livemint.com | 9 Oct 2008 | 7:40 am Asia cuts rates, U.S. looks at bank stakesLONDON/BEIJING (Reuters) - The United States signalled it could consider buying into debt-laden banks to help get funds flowing through the financial system again after the IMF warned the world was on the brink of recession.Source: Reuters: Money News | 9 Oct 2008 | 7:36 am M&M to launch green SUVs in the US by 2009Mumbai: Cashing in on the growing fad for green vehicles, Mahindra and Mahindra plans to launch its fuel-efficient SUVs in the United States by early 2009. “We are planning to launch our commercial vehicles in the United States but we are not ready yet to share the exact date of launch,” Mahindra Group Vice-Chairman Anand Mahindra told reporters. The Mahindra diesel SUVs have already cleared the tests and fulfilled the stringent emission norms in the US, he said, adding the announcement of the launch would be made shortly. M&M already sells tractors in the US. To a question if people there prefer smaller vehicles, Mahindra said Americans are not against large vehicles but are increasingly averse to fuel guzzlers that are not eco-friendly. “They want fuel efficiency so that they can be guilt-free” of not polluting the environment, Mahindra said. He said the company was also gearing up to introduce vehicles that could run on bio-diesel, diesel-electric hybrids and other green vehicles. “We are ready to launch bio-diesel vehicles in India,” he said, adding, “whenever the government gears itself to make available bio-diesel, we will be ready with our vehicles.” Mahindra said that it is not true to say that diesel vehicles cause pollution but it is the quality of fuel used that is critical. Source: Home - Livemint.com | 9 Oct 2008 | 7:28 am Microsoft backs using videogames as teaching toolsAFP San Francisco: Microsoft’s research arm and a set of US universities are creating a first-of-its-kind institute devoted to using videogames to teach math, science and engineering to school children. A Games For Learning Institute (G4LI) is being established at New York University in Manhattan and has guaranteed funding for at least three years. G4LI research will focus on the potential of videogame as tools to teach sciences and other technology-related subjects to middle school children, particularly girls and minorities, according to Microsoft. “Technology has the potential to help reinvent the education process, and excite and inspire young learners to embrace science, math and technology,” Microsoft chief research and strategy officer Craig Mundie said Tuesday. “The Games for Learning Institute at NYU is a great example of how technology can change how students learn, making it far more natural and intuitive.” Microsoft is providing $1.5 million to fund the institute and an equal amount of money is being provided Columbia University, Dartmouth College, Parsons, Polytechnic Institute of NYU, and other colleges. “Middle school is a critical stage for students, a time when many are introduced to advanced math and science concepts, according to an NYU computer science professor Ken Perlin, who will direct G4LI. He feels that many students become discouraged or uninterested and pour their time at home into gaming. Gaming then had the potential to draw them into math, science and technology-based programs. Educators are hoping that by adding videogames to their education arsenals they will be able to win over the Internet generation students whose math and science skills are on a disturbing decline. “While educational games are commonplace, little is known about how, why or even if they are effective,” said John Nordlinger, senior research manager for Microsoft Research’s gaming efforts. The G4LI will evaluate game prototypes and test them in New York City schools. Results will be shared with researchers, game developers and educators, Microsoft said. A Microsoft Gaming Initiative has invested more than $3 million in educational game kits, studies and academic events since 2004. Source: Tech News - Livemint.com | 9 Oct 2008 | 7:25 am Microsoft backs using videogames as teaching toolsAFP San Francisco: Microsoft’s research arm and a set of US universities are creating a first-of-its-kind institute devoted to using videogames to teach math, science and engineering to school children. A Games For Learning Institute (G4LI) is being established at New York University in Manhattan and has guaranteed funding for at least three years. G4LI research will focus on the potential of videogame as tools to teach sciences and other technology-related subjects to middle school children, particularly girls and minorities, according to Microsoft. “Technology has the potential to help reinvent the education process, and excite and inspire young learners to embrace science, math and technology,” Microsoft chief research and strategy officer Craig Mundie said Tuesday. “The Games for Learning Institute at NYU is a great example of how technology can change how students learn, making it far more natural and intuitive.” Microsoft is providing $1.5 million to fund the institute and an equal amount of money is being provided Columbia University, Dartmouth College, Parsons, Polytechnic Institute of NYU, and other colleges. “Middle school is a critical stage for students, a time when many are introduced to advanced math and science concepts, according to an NYU computer science professor Ken Perlin, who will direct G4LI. He feels that many students become discouraged or uninterested and pour their time at home into gaming. Gaming then had the potential to draw them into math, science and technology-based programs. Educators are hoping that by adding videogames to their education arsenals they will be able to win over the Internet generation students whose math and science skills are on a disturbing decline. “While educational games are commonplace, little is known about how, why or even if they are effective,” said John Nordlinger, senior research manager for Microsoft Research’s gaming efforts. The G4LI will evaluate game prototypes and test them in New York City schools. Results will be shared with researchers, game developers and educators, Microsoft said. A Microsoft Gaming Initiative has invested more than $3 million in educational game kits, studies and academic events since 2004. Source: LatestNews-Home - Livemint.com | 9 Oct 2008 | 7:25 am Experts question safety of Jammu's Baglihar projectGeologists in Jammu and Kashmir have questioned the safety of the 900-MW Baglihar hydroelectric power project across the Chenab river that is to be inaugurated Friday, as 'it is built over an active geological fault'.Source: IndiaeNews.com: Business News | 9 Oct 2008 | 7:01 am Bank of Japan pumps record $40 bn into marketThe Bank of Japan injected a record 4 trillion yen ($39.8 billion) into the money markets Thursday amid escalating concerns over the global financial crisis.Source: IndiaeNews.com: Business News | 9 Oct 2008 | 7:00 am G7 finance chiefs head to Washington for crisis talksWashington: Finance chiefs from the world’s richest nations meet in Washington on Friday for a crucial but uncertain meeting at a time of unprecedented fear about the global financial system. The Group of Seven meeting will bring together finance ministers and central bankers from the United States, Germany, Japan, France, Britain, Italy and Canada for some collective-thinking on the credit crunch and crashing stocks. They are to be joined by counterparts from emerging markets including Brazil Russia, India and China for an impromptu gathering of the expanded so-called G20 group. The United States finds itself in a rare position of weakness, facing many allies that have been highly critical of its economic policy and regulatory system blamed for the problems. The gathering will be closely watched by investors, who are eager to see solutions and cross-border action by the world’s leading powers to help a return to normal lending practices and calm stock markets. US Treasury Secretary Hank Paulson said Wednesday the meeting would be a forum “to discuss the steps that each of us are taking to confront this crisis and ways to further enhance our collective efforts.” Treasury Under Secretary David McCormick said the meeting would be “heavily focused on current economic conditions, financial market developments and our collective and individual policy responses to recent financial market turmoil.” A final statement from the group is expected late on Saturday. Paulson played down the possibility of a one-size-fits-all response to the crisis, however, stressing the different challenges by each country. The four European members of the G7 have themselves been unable to find a common response and other countries have declined to follow the example set by the United States despite pleas from Paulson. The US approved a $700 billion rescue package for financial firms last week that will see the Treasury buy up toxic debt from banks in a bid to encourage them to continue lending. A European source told AFP at the beginning of the week that it was difficult to predict what would be in the final communique given the rapid developments in the crisis. On Wednesday, leading central banks unleashed coordinated interest rate cuts on Wednesday in their latest attempt to counter the financial problems, caused by bad debts linked to declining house prices in the United States. Japanese Prime Minister Taro Aso on Tuesday urged the G7 to send a “strong message” on the market turmoil. “If the G7 fails to send a strong message, it will have a big impact which I am concerned could spread to Japan,” Aso told reporters. “I would like them to make an effort to reach an agreement that everybody can support,” he said. Tension is expected at the meeting given recent comments by countries affected by the crisis. German officials in particular have been openly critical in the past weeks, saying the United States and Britain had delayed for years efforts to regulate financial markets that were out of control. Source: Home - Livemint.com | 9 Oct 2008 | 6:46 am IDFC raises $855 mn under India Infrastructure FundBy PTI Mumbai: The much-talked about India Infrastructure Fund set up to finance major road, port and power projects has so far garnered $855 million in multiple closures over a period of six months, a top IDFC official said. The $855 million would form a part of $2 billion equity of the $5 billion infrastructure initiative launched in early 2007, IDFC Project Equity Company’s principal Aditya S Aggarwal told PTI. Originally, $2 billion is raised as equity and $3 billion as long-term debt by India Infrastructure Finance Company (IIFCL) for financing infrastructure development in the country. So far, $855 million has been invested to acquire 26-49% stake holding by IDFC Project Equity in five domestic infrastructure projects, Aggarwal said. IDFC Project Equity, Citi Group, Global private equity fund Blackstone and Indian government had jointly launched the $5 billion Infrastructure initiative in February, 2007 with an initial corpus of around $250 million. The fund later received equity investments from above 10 domestic and international investors to fill up the $2 billion equity component, Aggarwal said. The fund managers expect to close India Infrastructure Fund, which has initially targeted $1.25 billion, over the next six months, Aggarwal said. Source: Home - Livemint.com | 9 Oct 2008 | 6:35 am PM to inaugurate Baglihar hydel project FridayEngineers at the Baglihar hydroelectric power project in the mountain-locked Chanderkot area of Jammu and Kashmir are working overtime on trial runs ahead of the inauguration of the first phase by Prime Minister Manmohan Singh Friday.Source: IndiaeNews.com: Business News | 9 Oct 2008 | 6:31 am Madhya Pradesh minister seeks probe against himselfMadhya Pradesh Food and Civil Supplies Minister Akhand Pratap Singh has sprung a surprise by walking into the office of the Lokayukta - the state's ombudsman - and seeking an inquiry into complaints levelled against him by Congress party spokesperson K.K. Mishra.Source: IndiaeNews.com: Business News | 9 Oct 2008 | 6:31 am Lehman to sell 45% stake in R3 hedge fundNew York: Lehman Brothers Holdings Inc agreed on Wednesday to sell its 45% stake in hedge fund R3 Capital Partners for $250 million in cash and a $250 million investment in another fund managed by R3. Lehman, which filed for bankruptcy protection last month, acquired the stake in May in return of a roughly $1 billion investment, according to document filed in US Bankruptcy Court in Manhattan. R3 Capital is run by Richard Rieder, a former head of global principal strategies at Lehman. Lehman owned the non-voting, minority ownership stakes in the master fund, general partner, special limited partner and management company of R3 Capital Partners, an asset manager of funds investing primarily in corporate bonds and loans. In the second quarter, Lehman sold assets and transferred derivative risk of about $4.5 billion at fair value to R3. The assets sold were primarily corporate bonds and loans. The agreement, which needs to be approved by the bankruptcy court, is the latest development in the unwinding of the failed investment bank, which has been selling various businesses. The investment bank also held minority stakes in other funds such as Ospraie Management LLC and GLG Partners. Under the terms of the agreement, the buyer will pay $125 million in cash at closing and another $125 million as a promissory note to account for the cash consideration, according to court papers. Source: Home - Livemint.com | 9 Oct 2008 | 6:10 am Fed slashes rates, but Wall Street still tumblesWashington: Even an orchestrated round of rate cuts by the world’s central banks was not enough to stem the bleeding on Wall Street. The Federal Reserve, desperately trying to jump-start the lending that keeps the US economy moving, on Wednesday dropped its closely watched federal funds rate to 1.5%. The cut from 2% took the rate to its lowest level in more than four years. In an unprecedented coordinated move, central banks in England, China, Canada, Sweden and Switzerland and the European Central Bank also cut rates after a series of high-stakes phone calls over several days between Fed Chairman Ben Bernanke and his counterparts. On Thursday, rates in South Korea, Hong Kong and Taiwan were also trimmed and Asian markets appeared to find their feet after a brutal round of selling on Wednesday. In Tokyo, the benchmark Nikkei 225 index ended morning trading up 1.25%, a day after it plummeted 9.4% in its biggest one-day drop in 21-years. Hong Kong’s Hang Seng Index gained 1.2% following the interest rate cut, while China’s benchmark Shanghai Composite Index had gained 0.8% by late morning. Wall Street stocks spent most of Wednesday afternoon in positive ground but succumbed to investor fears over the state of the economy in the session’s waning minutes. The Dow Jones industrial average lost 189 points, or 2%, to close at 9,258. It was the sixth straight day of losses for the Dow. The index has shed more than a third of its value, nearly 5,000 points, since its all-time high, set one year ago Thursday. The day’s losses were lighter for the Nasdaq composite index and the Standard & Poor’s 500. The Fed acted in concert with the European Central Bank to make emergency interest rate cuts after the 11 September terror attacks in 2001. But Wednesday’s cuts were unprecedented with the number of nations that participated, the Fed said. For millions of Americans, the Fed’s cut means borrowing money becomes cheaper. Home equity loans, credit cards and other floating-rate loans all fluctuate depending on what the Fed does. Bank of America, Wells Fargo and other banks cut their prime rate by half a point to 4.5%, also the lowest in more than four years, after the Fed announced its decision early Wednesday. Fed watchers believe the central bank might cut rates further when it meets later this month, and perhaps again in December, in hopes of cushioning the blow if the United States falls into recession. “Even if the financial crisis was put to bed today, that would still leave the economy in a probable recession,” said economist Ken Mayland, president of ClearView Economics. One day after a presidential debate that focused heavily on the economy, both major candidates embraced the decision. Both Democrat Barack Obama and Republican John McCain described the crisis as global. The White House welcomed the cooperation among central banks to battle the crisis. “It’s important and helpful that central banks are working in a coordinated way to deal with stress in the financial system,” spokesman Tony Fratto said. Even the coordinated action may not break the panicky mindset that has gripped investors across the world as jobs evaporate and retirement savings dry up. Banks may still be inclined to hoard cash, and until they decide to lend again the crisis is not likely to let up. If anyone needed evidence, major American retailers turned in dismal sales figures for the third quarter _ further proof that consumer spending, the lifeblood of the economy, is sputtering. An administration official said late Wednesday that the Bush administration is also considering taking ownership stakes in a number of US banks as one option it might use to deal with a serious credit crisis. The Fed’s interest rate cut was a change in course. It had held rates steady because of inflation concerns. Since the Fed had put a stop to interest-rate cuts in June, the economic outlook has deteriorated. Although inflation has been running higher, the Fed believes the recent drop in prices for oil and gas, and the weaker prospects for economic activity, have reduced the threat it poses to the economy. The credit markets, which have been remarkably tight for weeks, showed only small signs of loosening. Rates on commercial paper, the short-term debt companies issue to raise cash for everyday expenses, went down. But the rate banks charge each other for loans went up. The Fed also reduced its emergency lending rate to banks by half a percentage point, to 1.75%. Given the intense credit crisis, banks have been borrowing more under what is known as the discount window. Source: Home - Livemint.com | 9 Oct 2008 | 5:53 am World economy to slow sharply, led by US: IMFWashington: The world economy will slow sharply this year and next, with the United States likely sliding into recession reflecting mounting damage from the most dangerous financial jolt in more than a half-century. The International Monetary Fund, in a World Economic Outlook released on Wednesday, slashed growth projections for the global economy and predicted the United States the epicenter of the financial meltdown will continue to lose traction. “The world economy is now entering a major downturn in the face of the most dangerous shock in mature financial markets since the 1930s,” the IMF said in its report. The IMF now projects that the global economy, which grew by a hardy 5% last year, will lose considerable speed, slowing to 3.9% this year. It is forecast to weaken even more to just 3 % next year, marking the worst showing since 2002. In the past, the IMF has called global growth of 3% or less the equivalent to a global recession. The IMF’s projection was made before the Federal Reserve and other major central banks from around the world slashed interest rates Wednesday in an attempt to prevent a financial crisis from becoming a global economic meltdown. The Fed reduced its key rate from 2% to 1.5%, In Europe, which also has been hard hit by the financial crisis, the Bank of England cut its rate by half a point to 4.5 percent, while the European Central Bank sliced its rate to 3.75%. Also cutting rates: The central banks of China, Canada, Sweden, and Switzerland. The Bank of Japan said it strongly supported the actions. The IMF’s chief economist, Olivier Blanchard, called the orchestrated rate cuts “clearly a step in the right direction.” However, he warned that it is also clear that “there will be tough economic times ahead.” Lower rates aren’t a cure-all, he said. “By itself, it cannot solve the problem, but it is part of the solution.” Asked about the risk of the global economy getting stuck in a prolonged downturn, Blanchard responded: “I believe that the risk of a Great Depression is nearly nil.’ The financial crisis, which erupted in the United States in August 2007 and has quickly spread around the globe, entered a tumultuous new phase last month, badly shaking confidence in global financial institutions and markets, the IMF said. It has triggered a cascading series of bankruptcies, forced mergers and radical government interventions such as the United States’ unprecedented $700 billion financial bailout to stem the fallout. The new projections come before a gathering of the world’s top economic powers on Friday and the weekend meetings of the IMF and the World Bank. The jarring financial crisis is likely to figure prominently in those discussions. In the United States, the economy, which grew by 2% last year, is projected to slow to 1.6% this year. Growth would screech to a virtual halt in 2009, barely budging at just 0.1%. That would mark the worst showing since 1991, when the country was pulling out of a recession. Predictions The IMF and many private economists believe the US economy will probably contract in the final three months of this year and the first three months of next year, meeting a classic definition of a recession. The economy’s last recession was in 2001. The government’s bailout package is aimed at thawing lending by buying bad mortgage-related debt from troubled financial institutions. The idea is that the banks’ books would then be cleaner, putting them in a better position to lend and get the economy moving. The IMF said this effort should help to stabilize markets but even so “the process of balance-sheet repair will be long and arduous.” Credit availability is likely to remain constrained throughout 2009, the IMF said. Fed Chairman Ben Bernanke warned in a speech on Tuesday that the economy’s outlook for this year has darkened and the pain could last for some time. His remarks were seen as foreshadowing Wednesday’s rate cut. Looking at other countries, Germany’s growth will slow to 1.8% this year, down from 2.5% last year. France’s growth will weaken to just 0.8%, compared with 2.2% in 2007. Britain’s economy will see growth taper to 1%, down from 3% last year. Canada’s growth will tail off to 0.7% this year, from 2.7% last year. In Japan, growth will cool to just 0.7%, from 2.1% last year. Global powerhouses China and India will see growth clock in this year at a robust 9.7% and 7.9%, respectively. Even if those projections prove correct, they would still mark downgrades from their blistering performances last year. Russia’s economy should grow by a brisk 7% this year, down from 8.1% last year. Brazil’s booming growth is expected to cool a bit to 5.2% this year, from 5.4% last year. Mexico’s growth will slow more sharply to 2.1%, from 3.2%. Source: Home - Livemint.com | 9 Oct 2008 | 5:36 am AIG getting fresh billions from Fed, defends eventNEW YORK (Reuters) - American International Group Inc could get nearly $38 billion in fresh cash under a program announced by the Federal Reserve on Wednesday, as the insurer tried to fend off criticism of a lavish event held days after getting an initial $85 billion government loan.Source: Reuters: Money News | 9 Oct 2008 | 5:27 am IBM preannounces 3Q results, beats estimatesSan Francisco: IBM Corp. released third-quarter results ahead of schedule Wednesday that beat Wall Street’s estimates, sending the company’s stock, a component of the Dow Jones industrial average, up 6 percent in after-hours trading. The Armonk, New York-based company also reaffirmed its full-year earnings guidance, a strong sign that IBM’s core businesses are holding up well despite the deteriorating US economy. IBM’s shares have tumbled 31% since July on concerns that IBM’s exposure to the crippled financial services industry, which accounts for 30% of the company’s sales, would hurt results. The stock had been performing well for most of the year despite the ailing US economy, rising 25% and hitting a 52-week high of $130.93 on 24 July before the shares started sliding. IBM rarely reveals its quarterly results early but has done it twice so far this year. The last time was in January, when IBM reported sparkling profit for the fourth quarter typically its most prosperous period that was well above what Wall Street was expecting. In both cases, IBM’s stock price was falling and it wanted to reassure investors about the company’s financial health in tough economic times. IBM said after the market closed on Wednesday that it earned $2.05 per share in the July-September period, four cents higher than the average estimate of analysts polled by Thomson Reuters. Net income for the period was $2.8 billion, an increase of 20% over the same period last year. Sales increased 5% to $25.3 billion but fell short of Wall Street’s expectations. Excluding the effects of currency fluctuations, IBM’s sales increased 2%. Analysts were expecting sales of $26.5 billion, but analysts had started lowering their estimates before Wednesday’s announcement. They cited the deteriorating economy and a strengthening US dollar as reasons for cutting their forecasts. A strengthening dollar makes deals done in other currencies worth less when IBM accounts for the sales, which is done in dollars. IBM maintained its forecast of at least $8.75 per share in profit in 2008, a 22% improvement over last year. The results are reassuring in that they suggest that the biggest tech companies are still inking sales deals despite tightened spending, analysts said. Source: Home - Livemint.com | 9 Oct 2008 | 5:06 am Fed grants AIG additional $37.8 bn loanNorth Carolina: The Federal Reserve on Wednesday agreed to provide insurance giant American International Group Inc. with a loan of up to $37.8 billion, on top of one made to the troubled company last month. Under the new program, the Federal Reserve Bank of New York will borrow up to $37.8 billion in investment-grade, fixed income securities from AIG in return for cash collateral. These securities were previously lent by AIG’s insurance company subsidiaries to third parties. The arrangement will help AIG secure funds on an as-needed basis, the New York-based insurer said in a statement. As of Monday, about $37.2 billion of securities were available for loans under AIG’s securities lending program. On the brink of failure last month, AIG was bailed out when the government offered it an $85 billion loan during the ongoing credit crisis that saw Lehman Brothers Holdings Inc. file for bankruptcy protection and the sale of Merrill Lynch & Co. to Bank of America Corp. In return for the two-year loan, the government received warrants to purchase up to 79.9% of AIG. As of 30 September, AIG had drawn $61 billion on the credit facility, of which about $54 billion has gone toward its securities lending and AIG’s financial products area. The rest of the money has been for other liquidity needs amid an “unprecedented” freezing of credit markets, Chief Executive Edward Liddy said last week. Last week, AIG said it would sell off a number of business units to pay off its massive government loan. The company didn’t specifically disclose all the assets it would sell or the expected prices from the sales. However, the New York-based insurer said it plans to retain its US property and casualty and foreign general insurance businesses, and also plans to retain an ownership interest in its foreign life insurance operations. Shares of AIG closed down 32 cents, or 9.1%, to $3.19 in trading on Wednesday. Source: Home - Livemint.com | 9 Oct 2008 | 4:40 am Asia stocks gain after coordinated rate cutsHong Kong: Asian stocks rose and the yen slipped on Thursday after central banks from China to Europe and the United States cut interest rates to support the global economy, though investors remained fearful with credit markets still nearly frozen. In an unprecedented display of international coordination, the Federal Reserve, the European Central Bank along with several others including China’s central bank on Wednesday executed an emergency rate cut, hours after equity markets plunged in Asia and Japan’s Nikkei chalked up its biggest decline since the 1987 crash. Still, analysts said more will certainly have to be done by policymakers before the worst financial crisis since the Great Depression is over, particularly with a meeting of the Group of Seven rich nations coming up on Friday. In the meantime the historic actions have made price action more of a two-way street. “The cut last night in interest rates by the central banks around the world is an important repair step. We now believe it is time for patient, long-term equity investors to start to commit funds to those top-quality companies that have been beaten down so badly,” said Donald Straszheim, vice chairman of Roth Capital Partners in Los Angeles, in a note to clients. Tokyo’s Nikkei share average rose 1.3% after plummeting more than 9% on Wednesday to its lowest close since June 2003. The MSCI index of Asia-Pacific shares outside of Japan rose 1.3%, edging back from the prior day’s 9% drop, which was the biggest single-day tumble in at least 20 years. Hong Kong’s Hang Seng index rebounded 2% after three-days of losses had taken it to the lowest close in two years. Australia’s benchmark S&P/ASX 200 index dropped 1.5%, led by the mining and bank industries, despite a full one-percentage point cut in borrowing costs earlier this week by the Reserve Bank of Australia. The yen slipped after soaring higher overnight, with dealers unravelling some safety trades. However, many analysts say the yen will likely remain firm as long as the crisis persists because of the appeal of Japan’s current account surplus and its stable financial sector. The dollar rose 1.1% against the yen to 100.24 yen rebounding from a six-month low of 98.60 yen hit on Wednesday. The euro also recovered against the yen, up 0.9% at 136.60 yen after falling to a three-year low of 134.15 yen on Wednesday. The global actions to ease monetary policy were not taken without risks. Economists said dysfunctional short-term lending markets could mute the intended effects of such broad-based measures. Without the flow of credit, the global economy is still likely on a path to slowing sharply. “A risk for serious global recession has increased as the coordinated rate cuts are not doing much in stabilising financial markets. That would have an adverse effect on Asian economies, in which the manufacturing sector has a large share,” said Masamichi Adachi, senior economists with JPMorgan Securities in Tokyo. Base metal prices continued to fall, with Shanghai zinc prices down by their 4 percent limit on concerns about industrial demand. After more than a year of dislocations in money markets, which have spiralled in the last month, investors have become convinced any solution will take time to work. Moments before the coordinated rate cuts, London interbank offered rates were fixed notably higher, leading to the biggest spread of 3-month LIBOR over overnight index swap rates -- essentially where central bank rates are expected to be headed -- since the credit crisis began. Even after the central bank action, the Chicago Board Options Exchange Volatility index, better known as the VIX, shot up to a record high of 59.06, having risen more than 36 points in the last month. Japanese government bonds fell as equity markets edged up. The 10-year JGB future was down 0.6 point to 138.98 US Treasury debt prices were flat after a sharp decline overnight after a poor auction for on older 10-year note issue. The benchmark 10-year yield which moves in the opposite direction of the price, was unchanged from late on Wednesday in New York, at 3.66%. Like other developed bond markets, the difference of the 10-year yield over the 2-year yield - also called the yield curve - has been growing sharply over the last month as dealers anticipated a cut in the Federal Reserve’s target rate. Even after the half-percentage cut by the Federal Reserve overnight, the curve steepened to 208 basis points, the most since June 2004. Source: Home - Livemint.com | 9 Oct 2008 | 4:23 am Asian, European markets crash, Japanese stocks at 20-yr low!Asian and European stocks went into a tailspin with Japanese shares hitting the lowest levels in the past two decades, as fears of economic slowdown gripped global markets despite various governments coming up with huge bailout packages.Source: Zee News : Business | 8 Oct 2008 | 11:43 pm RBI gives go ahead to mobile banking!Customers will now be able to credit and debit money from mobile phones sitting at their homes as the Reserve Bank of India on Wednesday approved mobile banking norms for the banks with immediate effect.Source: Zee News : Business | 8 Oct 2008 | 11:43 pm `India strong, can tide over crisis`!Bloodbath at the bourses is not a reflection of Indian economy that remains on a sound footing with the help of regulators, which are role models for the world, said Commerce and Industry Minister Kamal Nath on Wednesday.Source: Zee News : Business | 8 Oct 2008 | 11:43 pm Iceland teeters on the brink of `national bankruptcy`!This volcanic island near the Arctic Circle is on the brink of becoming the first "national bankruptcy" of the global financial meltdown.Source: Zee News : Business | 8 Oct 2008 | 11:43 pm Business optimism dips 28% amid global market turmoil!India Inc`s business optimism in the last three months has reported a decline of 28 per cent, largely due to the turbulence in the global financial markets and growing concerns over slowdown in domestic growth, a report says.Source: Zee News : Business | 8 Oct 2008 | 11:43 pm US Fed seeks Canada`s help to recapitalise fin institutions!The US Federal Reserve has approached Canada`s major banks and insurers to explore the possibility of participating in its efforts to recapitalise the US financial institutions hit by over 500 billion dollars in losses and credit crunch.Source: Zee News : Business | 8 Oct 2008 | 11:43 pm Russian bourses crash, trading suspended till Friday!Despite an additional bailout package announced by the government, Russian bourses crashed on Wednesday forcing the authorities to suspend the trading till Friday.Source: Zee News : Business | 8 Oct 2008 | 11:43 pm No inquiry against NTPC for violating clause 49 norms: SEBI!Providing a major relief to power giant NTPC, market regulator SEBI on Wednesday said the company will not have to pay any penalty for alleged non-compliance with norms relating to appointment of independent directors under much-talked about clause 49 of listing agreement.Source: Zee News : Business | 8 Oct 2008 | 11:43 pm Sensex recovers partially after sliding to sub 11,000 levels !With mounting fears that the global economic downturn is here to stay, Indian stock markets crashed heavily on Wednesday with both the key indices Sensex and Nifty down in the red before recovering partially.Source: Zee News : Business | 8 Oct 2008 | 11:43 pm Oil dips to $89 on economic fears!Oil prices fell to USD 89 a barrel Wednesday in Asia on investor concerns that the credit crisis that began in the US will trigger a prolonged global economic slowdown and hurt crude demand.Source: Zee News : Business | 8 Oct 2008 | 11:43 pm Mkt crash: Insurance industry sees slowdownThe seemingly resilient Life Insurance industry has become the latest victim of the market crash. The industry which has so far been dominated by the market linked ULIPS have now launched guaranteed return products to attract customers.Source: Moneycontrol Top Headlines | 8 Oct 2008 | 8:21 pm Venture investors hold & 'Come to Jesus' meetVenture capital investments will probably fall this year for the first time since 2003 as the financial crisis cripples the markets for acquisitions and initial public offerings.Source: Business Standard | Front Page Headlines | 8 Oct 2008 | 6:54 pm Benchmark rates cut in concerted moveThe Federal Reserve, European Central Bank (ECB) and four other central banks lowered interest rates in an unprecedented coordinated effort to ease the economic effects of the worst financial crisisSource: Business Standard | Front Page Headlines | 8 Oct 2008 | 6:52 pm Govt may ease ECB norms furtherAfter two rounds of relaxations in external commercial borrowing (ECB) rules for infrastructure firms, the finance ministry may ease norms for Indian non-infrastructure companies, especially those inSource: Business Standard | Front Page Headlines | 8 Oct 2008 | 6:51 pm Domestic funds help market recover from early crashStock markets fell sharply with the Bombay Stock Exchanges benchmark Sensitive Index, or Sensex, falling to its lowest level since August 2006 on concerns that the credit crisis would toppleSource: Business Standard | Front Page Headlines | 8 Oct 2008 | 6:50 pm Indian economy capable to weather storm: ChidambaramThe Indian government Wednesday night reviewed the situation arising out of the global financial crisis even as Finance Minister P. Chidambaram sought to allay investors' fears and said the Indian economy has the capacity to weather the storm.Source: IndiaeNews.com: Business News | 8 Oct 2008 | 6:30 pm Tirupati airport gets international statusThe government Wednesday granted the internation status to the domestic airport at Tirupati in Andhra Pradesh.Source: IndiaeNews.com: Business News | 8 Oct 2008 | 3:30 pm Anil Ambani group produces pact copy in courtPart of the much talked about Memorandum of Understanding (MoU) between the Ambani brothers was placed in the Bombay High court Wednesday.Source: IndiaeNews.com: Business News | 8 Oct 2008 | 2:03 pm After mayhem, Indian equities recover on global interventionsA key Indian stock market index crashed by over 950 points Wednesday, but staged an impressive recovery following regulatory interventions across the globe to cushion the financial crisis that has gripped international financial markets.Source: IndiaeNews.com: Business News | 8 Oct 2008 | 2:03 pm TCS buys Citigroup Global Services for $505mSoftware major Tata Consultancy Services, or TCS, has acquired Citigroup Global Services, which is the Indiabased captive BPO arm of Citigroup, for USD 505 million in an allcash deal, reports CNBCTV18. The former will get nineandhalf year contract from Citigroup amounting to USD 2.5 billion.Source: Moneycontrol Top Headlines | 8 Oct 2008 | 1:30 pm US govt withdraws motion against Ranbaxy: An analysisThe US Food and Drug Administration (FDA) has responded to subpoenas issued against Ranbaxy in July and not against the 30 drugs, CNBCTV18 reports. FDAs move can have a positive impact on restrictions on 30 drugs.Source: Moneycontrol Top Headlines | 8 Oct 2008 | 1:22 pm We are not yet a shareholder of Ranbaxy: DaiichiDaiichi Sankyo claims that is not a shareholder of Ranbaxy yet, CNBCTV reports quoting agencies. Daiichi believes that there is a gap in the companys versus markets valuation for Ranbaxy, the agencies said.Source: Moneycontrol Top Headlines | 8 Oct 2008 | 11:26 am
|
