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Export of honey expected to rise in 2009-10With the honey production in the Kashmir valley showing considerable surge, the authorities have set the target for honey export for 2009-10 to 250 metric tonnes.Source: Daily News & Analysis: Money News | 12 Oct 2008 | 1:19 pm GM Said to Seek Merger With Ford Before Chrysler - New York Times
Source: Google News India - Business | 12 Oct 2008 | 12:57 pm Expert panel on financial crisis meets Monday for solutionsAn expert panel under Finance Secretary Arun Ramanathan meets here Monday to find solutions to help India weather the global financial turmoil, which has led stocks to crash and industrial growth trip to its lowest in a decade.Source: IndiaeNews.com: Business News | 12 Oct 2008 | 12:31 pm 'Sensex cos to see 10% earnings growth in Q2'The earnings of 30 Sensex firms, excluding oil companies, are expected to grow at 10 per cent in the second quarter, one of the lowest rates in the last four yearsSource: Daily News & Analysis: Money News | 12 Oct 2008 | 12:04 pm Will 'Nano' roll-out on Tata's 71st birthday?Call it coincidence or history repeating itself, the world's least expensive car 'Nano' is likely to be rolled out around the time Ratan Tata celebrates his 71st birthdaySource: Daily News & Analysis: Money News | 12 Oct 2008 | 12:02 pm Satyam denies World Bank barred it from offshore workSatyam Computer Services, India's fourth largest software exporter, has denied reports that the World Bank has barred it from doing offshore work.Source: Daily News & Analysis: Money News | 12 Oct 2008 | 12:01 pm Investors haunted by one query...Where is the Indian securities market headed -- where will the current mayhem end?Source: Daily News & Analysis: Money News | 12 Oct 2008 | 12:00 pm Humour abounds amid financial crisisEverything about the financial crisis need not be depressing. People are finding humour in the middle of the stocks meltdownSource: Daily News & Analysis: Money News | 12 Oct 2008 | 11:55 am India - a rich nation despite poverty: MallyaIndia is an extremely rich nation endowed with a lot of natural resources and has huge potential, despite its millions of poor peopleSource: Daily News & Analysis: Money News | 12 Oct 2008 | 11:51 am 'Moody's says ICICI has no sub-prime risk'Battered by rumours casting doubts about its financial health, ICICI Bank received a shot in the arm on Sunday with global rating agencies Moody's and S&P giving it a thumbs upSource: Daily News & Analysis: Money News | 12 Oct 2008 | 11:50 am Financial crisis hits India's funds-thirsty realty sectorIndia's funds-parched realty industry, already reeling under dropping sales, high interest rates and drying up of private equity sourcesSource: Daily News & Analysis: Money News | 12 Oct 2008 | 11:47 am 'GM approached rival Ford for merger in July'General Motors, now reportedly in talks with Chrysler for a possible merger, approached its other rival Ford Motor Company first in JulySource: Daily News & Analysis: Money News | 12 Oct 2008 | 11:47 am Understanding liquidity crunch - Hindu
Source: Google News India - Business | 12 Oct 2008 | 11:43 am Europe readies action plan to avert global crisisPARIS/WASHINGTON (Reuters) - European leaders hoped to agree on a detailed plan in Paris on Sunday to prevent market panic and stave off what the International Monetary Fund warned could be a global financial meltdown.Source: Reuters: Money News | 12 Oct 2008 | 11:39 am Rare icons on sale at India's first gemstone art auctionIndia's love affair with gemstone carvings dates back nearly 5,000 years ago when Alexander the Great invaded the country. They flourished during the reign of the Mughals, though never finding a place in the genre of conventional Indian art - but they will now be available to aficionados.Source: IndiaeNews.com: Business News | 12 Oct 2008 | 11:01 am Satyam denies World Bank barred it from offshore workSatyam Computer Services, India's fourth largest software exporter, has denied reports that the World Bank has barred it from doing offshore work.Source: IndiaeNews.com: Business News | 12 Oct 2008 | 11:00 am Merkel urges coordinated financial rescueBerlin: Coordinated national rescue efforts for the financial markets are needed to restore confidence in the world economy, German Chancellor Angela Merkel said in comments published Sunday. “Only an act of the state can bring back the needed trust,” Merkel told Bild am Sonntag newspaper in an interview Saturday after meeting with French President Nicholas Sarkozy. “In doing that it is important that instead of every country acting alone we coordinate in Europe and internationally, and then implement the measures according to national needs,” she said. “We are doing this not in the interest of the banks, but in the interest of the people.” Merkel and Sarkozy on Saturday rejected the notion of creating a common financial rescue fund for Europe. Euro-zone leaders were to come together Sunday in Paris to discuss the financial-sector crisis. Merkel’s Cabinet is expected on Monday to pass a rescue package for Germany, which will then have to go to parliament for approval. The chancellor has refused to comment on reports that the government is considering a British-style rescue plan that would see it partially take over some banks. German media have reported the package could cost as much as ($543 billion), but Merkel has refused to confirm any details. Germany has helped rescue one lender and has pledged to guarantee private bank accounts, but has offered no wide-ranging financial bailout. Source: LatestNews-Home - Livemint.com | 12 Oct 2008 | 10:21 am 10151 telephones disconnected for violating NDNC norms: TRAI - Press Trust of India
Source: Google News India - Business | 12 Oct 2008 | 10:16 am Billionaire UK retailer Green shops for a bargainLONDON (Reuters) - UK retailer Philip Green has made billions by spotting bargains and putting his own money on the line. Now he is looking for a deal to take control of swathes of Icelandic investor Baugur's shopping empire.Source: Reuters: Money News | 12 Oct 2008 | 10:12 am India funds turn to RBI amid cash crunchMUMBAI (Reuters) - India's mutual funds have asked the central bank to lend them short-term cash via a repurchase facility after the global financial crisis virtually paralysed the country's money markets, fund executives said.Source: Reuters: Money News | 12 Oct 2008 | 9:53 am India to focus on time-bound projects with Russia, France and USMumbai: With the historic signing of 123 agreement with the US, India now will focus on time bound projects with that country as well as France and Russia under the technical cooperation for the expansion of its nuclear power. “The signing of 123 agreement with the US is an enabling step to move forward in the expansion of nuclear power in the country. But India along with these three countries has to carry out a lot of diplomatic and technical procedures concurrently to operationalise the agreements,” Chairman, Atomic Energy commission, Dr Anil Kakodkar, who returned from US last night said. “Several steps, including ratification of these agreements, commercial negotiations and IAEA safeguards, have to be carried out,” he said. “India will first put Tarapur units 1 and 2, Rajasthan units 1 and 2 and Koodankulam units 1 and 2 that are already under separate safeguards agreement with IAEA under the single umbrella of India specific safeguards agreement,” Kakodkar said. “Of course, before placing the Indian reactors under IAEA safeguards as per the separation plan, it is important to kick-start the nuclear cooperation and that is very crucial,” he said. Meanwhile, the American and the French companies are expected to begin their serious discussions shortly with Nuclear Power Corporation of India Limited (NPCIL), a government of India undertaking that deals with nuclear power. Source: LatestNews-Home - Livemint.com | 12 Oct 2008 | 9:49 am Foreign vs Desi: Publishing cos fight to tap booming marketPTI New Delhi: Demands periodically crop up from trade bodies to impose anti-dumping measures to ensure that the country does not become a dumping yard for substandard goods. The latest body to join the chorus is the Federation of Indian Publishers (FIP). The Federation feels the government’s policies are encouraging foreign publishing houses dump unsold books in the country. Anti-dumping duties should be imposed on the books published in Special Economic Zones (SEZs) by foreign companies, say Indian publishers, blaming the former of selling these books in the domestic market at prices far cheaper than in other countries. It also leads to an unfair competition for domestic companies who pay all duties, they add. “We want anti-dumping duties to be imposed on the books that they say are being sold here at prices far cheaper than other countries. They also dump their unsold books in Indian market and sell at 85-90% discount. They are flooding booming Indian market with these books without paying any custom duty,” says R C Govil, President, FIP. “They are also grossly misusing the various facilities and other subsidiaries available in SEZs (Special Economic Zones) and EPZs (Export Processing Zones), which were meant to promote and facilitate exports from India. Foreign publishers, instead of physically exporting books printed in EPZs are selling these in domestic market itself, defeating the very purpose of proving special facilities,” he adds. Foreign companies, however, refute these allegations claiming they provide the local industry with greater avenues of employment and revenue generation and also pay huge sums as royalties to Indian writers which their local counterparts had been avoiding for years. Source: LatestNews-Home - Livemint.com | 12 Oct 2008 | 9:22 am European leaders seek bank plan as IMF warns of meltdown - Business Standard
Source: Google News India - Business | 12 Oct 2008 | 9:17 am DoT may face dilemma to workout for 2G-3G revenue splitNew Delhi: The Department of Telecom (DoT) may find it difficult to work through the segregation of revenues between 2G and 3G due to complex splitting methods. Even as Ministry of Finance (MoF), TRAI and CDMA operators feel the separation is tough and can give rise to revenue loss, GSM operators had told DoT that such a plan was workable, but it now appears that even COAI is finding it difficult to cite successful example for such a split. Hong Kong, France, Greece have found the exercise quite difficult. In a letter to its member companies, COAI Director General T V Ramachandran is believed to have said that the Hong Kong model of segregation followed by OFTA (regulator in Hong Kong) was very complex and ‘nobody appears to be happy about it’. He even told the members that Hong Kong telcos ‘are probably going to go away from the system’. The visiting chairman of the French Regulatory Authority (ARCEP), Paul Champsaur, told representatives of the Indian telecom industry recently that France never implemented a differential system because of the complications involved in segregation of 2G and 3G revenues. He, however, preferred to implement a uniform 1% charge for both 2G and 3G. This is despite the policy makers in France proposing a differential system. Greece is yet another country, which had a system of differential charges, but implemented only a uniform rate across 2G and 3G. A COAI official said in India the gap between 2G and 3G revenue share is too wide. While in other countries the difference is hardly 1-2%. In India, it is large enough. For metros and the A circle cities the revenue share is 10% and B circles it is 8%. Recently, DoT amended its 3G telecom guidelines and stipulated that telcos must pay 1% of their 3G revenues annually as spectrum usage charge to the government, after a moratorium in the first year. Source: LatestNews-Home - Livemint.com | 12 Oct 2008 | 9:06 am Financial crisis hits India's funds-thirsty realty sectorIndia's funds-parched realty industry, already reeling under dropping sales, high interest rates and drying up of private equity sources, has to grapple now with credit squeeze wrought by an unexpected quarter: the global financial tsunami.Source: IndiaeNews.com: Business News | 12 Oct 2008 | 9:03 am Overseas lending to blue-chip firms only, safe: ICICINew Delhi: Asserting that its overseas lending was insulated from defaults, ICICI Bank on Subday said a majority of its $12 billion loans abroad are to blue-chips like RIL, L&T, Tata and Birla group entities. “These loans have been actually extended to the overseas subsidiaries of large Indian blue-chip companies and are fully secured,” ICICI Bank Joint Managing Director Chanda Kochhar said over phone from Mumbai when asked if the bank’s overseas exposure is vulnerable to global meltdown. The advances extended account for about one-fourth of loan book, Kochhar said, emphasising that the bank was well within its prudential norm. “Loans have been disbursed to companies like Reliance, Tatas and Wockhardt and these are fully secured loans,” she said, adding that these also include those like L&T and Birlas. Asked about reports that its overseas loans were not fully secured, she said, “The exposure is largely to blue-chip companies...nothing is unsecured out of that.” “We have different collaterals in different companies. Most of them have underlined cash flow in every companies. Over and above we have taken additional collaterals like cash margin, shares etc,” she added. Hit by rumours about the bank’s high exposure to distressed global firms like Lehman Brothers, ICICI Bank’s shares have plunged sharply over past few weeks and fell by about 20 per cent on Friday to Rs 364.10. Kochhar said the credit profile of even its subsidiaries abroad was very good and stable and bank’s position have been vindicated by global rating agencies like Moody’s and S&P. While assigning a strong credit profile for ICICI Bank’s UK subsidiary, credit rating agency Moody’s has said that it “has robust asset quality ratios with no loans classified as impaired, a rather conservative investment policy and no sub-prime assets.” The balance sheet size of the UK subsidiary is USD 9 billion and USD 4.5 billion is the size of the Canadian arm, Kochhar said. She noted that the bank’s foreign subsidiaries are well capitalised and they are in good shape. The capital adequacy ratio of its British arm is over 17%. The bank’s financial position remains strong and this fact has been already endorsed by RBI, Finance Ministry and now even global credit rating agencies, she added. Asked about the mark-to-market losses as of 30 September, Kochhar said, it is a listed company and at this point of time accounts are being finalised. As of June 30, the bank had MTM losses of about $93 million. Of this, the UK arm contributed $60 million and remaining came from Canadian subsidiary. Source: Home - Livemint.com | 12 Oct 2008 | 9:02 am NKorea off US blacklist "regrettable": JapanTokyo: Japan’s finance minister branded a US decision to remove North Korea from a terrorism blacklist as part of a nuclear disarmament deal “extremely regrettable,” Japanese media reported. The State Department announced yesterday the United States had taken North Korea off its list of state sponsors of terrorism, saying an agreement had been reached on steps to verify Pyongyang’s nuclear disarmament. “It’s extremely regrettable, and I believe abductions amount to terrorist acts,” Shoichi Nakagawa told Japanese reporters in Washington at the Group of Seven meeting of finance ministers. “I don’t think the United States made the decision after a close consultation with its ally Japan,” he said. Japan had urged the United States not to delist North Korea, pressing first for more information on the fate of Japanese civilians kidnapped by the North in the 1970s and 1980s to train the communist regime’s spies. Japan has taken the hardest line in the six-party talks aimed at ending North Korea’s nuclear programmes, negotiations that also involve the two Koreas, Russia and host China. Chief Cabinet Secretary Takeo Kawamura told reporters “the Japanese government will work determinedly” to avoid the abduction issue being left out of future six-party talks in the wake of the delisting. The deal announced by the US State Department was aimed at reviving the six-party disarmament negotiations that were threatened with collapse just months before US President George W Bush leaves office on January 20. Source: LatestNews-Home - Livemint.com | 12 Oct 2008 | 8:50 am Indian IT firms eye deals worth $20 mn at GitexDubai: Indian IT companies expect to sign deals worth about $20 million during IT fair Gitex 2008, as 36 firms showcase their capabilities in hardware, software, services and infrastructure, a media report has said. The deals closed last year during the same event were worth $10 million. An official of Electronics and Computer Software Export Promotion Council (ESC), an autonomous body under the Ministry of Communications and IT, Government of India, told the Gulf News that Indian IT exports are growing at more than 30% annually and are expected to touch $100 billion by 2012. “ESC has been encouraging Indian IT companies, particularly small and medium enterprises [SMEs], to participate at Gitex by offering special packages since Middle East markets hold tremendous potential for Indian companies,” said Kamal Vachani, regional director of ESC for the Middle East. “IT exports from India to the Middle East, particularly to the UAE, have increased substantially in recent years,” he said. “India’s IT exports to the Middle East have reached $980 million in 2007-08 and the region continues to maintain its fifth-place standing with respect to exports of electronics, computer software and services from India.” “The region was fast emerging as an important export market for the Indian IT industry predominantly because of the booming UAE market and its business-friendly atmosphere,” he said. Source: LatestNews-Home - Livemint.com | 12 Oct 2008 | 8:45 am Indian IT firms eye deals worth $20 mn at GitexDubai: Indian IT companies expect to sign deals worth about $20 million during IT fair Gitex 2008, as 36 firms showcase their capabilities in hardware, software, services and infrastructure, a media report has said. The deals closed last year during the same event were worth $10 million. An official of Electronics and Computer Software Export Promotion Council (ESC), an autonomous body under the Ministry of Communications and IT, Government of India, told the Gulf News that Indian IT exports are growing at more than 30% annually and are expected to touch $100 billion by 2012. “ESC has been encouraging Indian IT companies, particularly small and medium enterprises [SMEs], to participate at Gitex by offering special packages since Middle East markets hold tremendous potential for Indian companies,” said Kamal Vachani, regional director of ESC for the Middle East. “IT exports from India to the Middle East, particularly to the UAE, have increased substantially in recent years,” he said. “India’s IT exports to the Middle East have reached $980 million in 2007-08 and the region continues to maintain its fifth-place standing with respect to exports of electronics, computer software and services from India.” “The region was fast emerging as an important export market for the Indian IT industry predominantly because of the booming UAE market and its business-friendly atmosphere,” he said. Source: Tech News - Livemint.com | 12 Oct 2008 | 8:45 am RNA Corp mulls Rs2,000 cr investment in hospitality sectorPTI Mumbai: Realty player RNA Corp is planning to foray into the hospitality sector by setting up three hotels with 800-rooms capacity with an investment of Rs800 crore, a company official said here. The company has earmarked an investment of around Rs2,000-crore in the next five years for the sector, RNA Corp Vice President Corporate Planning Manoj John said. “Our foray into the hospitality sector is aimed at diversification in the real estate segment. We will be investing Rs400 crore for two hotels in suburban Andheri and Chembur and another Rs400 crore for a luxury hotel in central Worli,” John said. The projects would be ready in the next two years, John said adding that funds would be sourced from internal accruals as well as from various private equity players. The proposed 100-150 room business hotel at Andheri will have the twin advantage of being located near the Andheri-Powai business district and the airport, while the 200 room mixed-use hotel in Chembur will target domestic travellers. The company is also planning to foray into lifestyle resorts targeted at the premium leisure segment at various locations across the country. It is considering the option of engaging ‘hotel chain operators´ to manage properties on the ‘management contract´ model. “There is an evident demand-supply gap that we foresee and there’s a tremendous opportunity for business and budget hotels in micro-markets,” John said. RNA Corp is engaged in development of 15 million sq ft of real estate. This includes a township in Chembur, residential towers in Bandra and 1,000 apartments in residential towers at suburban Kandivali and Sewri. Source: Home - Livemint.com | 12 Oct 2008 | 8:44 am India may escape worst effects of crisis - RBIMUMBAI (Reuters) - India may escape the worst consequences of the global financial crisis due to its strong internal drivers for growth but money, debt and credit markets may be impacted indirectly, its central bank chief said.Source: Reuters: Money News | 12 Oct 2008 | 8:34 am Overseas lending to blue-chip firms only: Kochhar - Economic Times
Source: Google News India - Business | 12 Oct 2008 | 8:23 am 90% mobile users avoid changing their operator: StudyPTI New Delhi: As the country prepares to ring in mobile number portability that allows mobile subscribers to switch operators without changing numbers, a new survey claims that nearly 90% users prefer to stay with their existing telecom service provider. A study by a research firm Strategy Analytics revealed that close to 90% of country’s mobile subscribers do not want to change their operator for at least a year. “In the last 12 months 81% of the users have not changed their operators and 89% of the users are not going to switch between operators in the next 12 months,” the study said. The study also said that consumers expressed high satisfaction with operators and are unwilling to change their operator in the coming years. The department of telecommunication (DoT) had announced the MNP policy in August this year. The policy would offer subscribers a choice to change their operators while retaining the existing mobile number. According to DoT, MNP would be implemented in the four metros by mid 2009 for which the department is in the process of finalising an agency which would execute its implementation in the country. Source: Tech News - Livemint.com | 12 Oct 2008 | 8:18 am 90% mobile users avoid changing their operator: StudyPTI New Delhi: As the country prepares to ring in mobile number portability that allows mobile subscribers to switch operators without changing numbers, a new survey claims that nearly 90% users prefer to stay with their existing telecom service provider. A study by a research firm Strategy Analytics revealed that close to 90% of country’s mobile subscribers do not want to change their operator for at least a year. “In the last 12 months 81% of the users have not changed their operators and 89% of the users are not going to switch between operators in the next 12 months,” the study said. The study also said that consumers expressed high satisfaction with operators and are unwilling to change their operator in the coming years. The department of telecommunication (DoT) had announced the MNP policy in August this year. The policy would offer subscribers a choice to change their operators while retaining the existing mobile number. According to DoT, MNP would be implemented in the four metros by mid 2009 for which the department is in the process of finalising an agency which would execute its implementation in the country. Source: LatestNews-Home - Livemint.com | 12 Oct 2008 | 8:18 am NDTV Lumiere plans launches in SAARC nationsPTI New Delhi: Media conglomerate NDTV plans to introduce its newly launched 24-hour movie channel NDTV Lumiere in SAARC countries within the next one and half years. “We are talking with various SAARC countries like Bangladesh, Pakistan, Sri Lanka as of now. We plan to launch there within the next 12-18 months,” NDTV Imagine President Dhruvank Vaidya told PTI. The company had recently launched its movie channel in India and aims to acquire a “significant” portion of the international film viewership in the next three-to-five years. “It is important for us to reach out to the right audiences. We are here to stay for long. We hope, in the next three-to-five years, we will be occupying a significant portion, may be, about 20% of the international film viewership,” he said. At present, the channel has a library of 400 films from all across the world in 35 languages, including Spanish, French, Turkish and Korean. However, it is yet to include Hindi movies. “We have a strong library of 400 films. We have a wide range of movies from across the world of around 35 languages. We will continue to build and add more movies in the near future,” he said, adding, the company was working with international production houses like Cellular Dreams, Wild Brunch and Pate to source movies from them. Vaidya said almost 75% of the movies in NDTV Lumiere’s library were post-2000 releases and “contemporary award winning movies”. Source: LatestNews-Home - Livemint.com | 12 Oct 2008 | 8:07 am Australia guarantees bank deposits to combat crisisCANBERRA/WELLINGTON (Reuters) - Australia and New Zealand gave a blanket guarantee to all bank deposits on Sunday in a move likely to raise pressure on other economies to do the same, amid a crisis of confidence in the global financial system.Source: Reuters: Money News | 12 Oct 2008 | 7:57 am UK to launch 35 bln pound banking rescue - paperLONDON (Reuters) - Britain will launch its biggest retail bank rescue on Monday when the four largest, HBOS, Royal Bank of Scotland, Lloyds TSB and Barclays, ask for a combined 35 billion pounds ($60.5 billion) lifeline, the Sunday Times reported.Source: Reuters: Money News | 12 Oct 2008 | 7:55 am Scramble to save banks as IMF warns of meltdownWASHINGTON/CANBERRA (Reuters) - Rich nations rushed to shore up the global financial system after the International Monetary Fund warned of meltdown, with Australia and New Zealand guaranteeing bank deposits and newspapers reporting plans for Britain's biggest retail bank rescue.Source: Reuters: Money News | 12 Oct 2008 | 7:46 am Reliance Power tops list of shareholder exitsMumbai: As bourses witness a stocks meltdown, Anil Ambani-led Reliance Power and PSU energy giant ONGC are among those seeing the maximum flight of investors from their books. The stock market’s latest entrant from Anil Ambani group is accompanied by two other private sector firms, Orchid Chemicals and Tech Mahindra, among the top ten companies with maximum decline in the number of their shareholders during the latest quarter ended 30 September. However, this league is heavily dominated by the public sector with as many as seven entries, led by the country’s most valued PSU firm ONGC and includes Bank of Baroda, NTPC, BPCL, Union Bank, Indian Oil and LIC Housing Finance. In contrast, there is not a single PSU entity among the top ten firms in which has noted increase in the number of shareholders during the same period. This league is led by Vedanta group’s Sesa Goa and comprises of IDFC, L&T, Mukesh Ambani-led Reliance Industries, Tata Motors, Mercator Lines, Axis Bank, Nagarjuna Fertilisers and Chemicals, Development Credit Bank and Indian Hotels. However, the total number of companies where number of shareholders went down during the July-September quarter is still below the number of those having registered an increase in the number of their shareholders. While 190 companies witnessed an increase in the number of their shareholders during the quarter, another 131 firms took a dip on this front among the entities whose latest quarter shareholding pattern is available with the bourses. Reliance Power, which debuted on bourses earlier this year after India’s biggest ever IPO of about three billion dollars, saw the number of its shareholders plunging by 63,931, while ONGC was a distant second at 25,611. Source: Home - Livemint.com | 12 Oct 2008 | 7:46 am Moody’s says ICICI has no sub-prime riskNew Delhi: Battered by rumours casting doubts about its financial health, ICICI Bank today received a shot in the arm with global rating agencies Moody’s and S&P giving it a thumbs up saying its overseas arms have no significant sub-prime risks. “ICICI Bank’s UK subsidiary has no high risk sub-prime securities and enjoys robust asset quality and liquidity,” Moody’s said in its latest credit report. Separately, another leading rating agency Moody’s said the Indian lender’s credit fundamentals remain sound and any mark-to-market loss would not have any significant impact on its credit profile. These ratings assume importance in the wake of reports that it was over-exposed to risk caused by the global meltdown and that the bank’s loan profile was not fully secured and credible. Interestingly, Morgan Stanley in one of its recent reports had said that among Asian banks, ICICI Bank has the largest exposure to weak global markets. Moody’s reaffirmed its rating on ICICI Bank UK Plc with a “stable outlook” in its latest credit opinion, which was released after a sharp plunge of about 20 per cent in ICICI Bank’s share price on Indian bourses. Moody’s also said that ICICI continues to have highest rating for senior debt among Indian banks and it has “no high risk sub-prime securities in ICICI Bank UK investment book.” At the same time, S&P’s senior director, financial institutions ratings, Asia, Ritesh Maheshwari, said that “credit fundamentals of ICICI Bank continue to remain sound despite the reports on its exposure to Lehman Brothers or the Bakerie group.” Source: LatestNews-Home - Livemint.com | 12 Oct 2008 | 7:33 am Iran to seek OPEC oil output cut - ministerTEHRAN (Reuters) - Iran will push for a cut in oil output at an OPEC emergency meeting in November, its oil minister said in comments published on Sunday, after a week of falling crude prices.Source: Reuters: Money News | 12 Oct 2008 | 7:14 am Global bailout packages near $3 trillionPTI New Delhi: As the financial turmoil continues to batter world economies, triggering the collapse of more number of financial institutions, the bailout packages from different governments globally is nearing the $3-trillion mark - about three times the size of Indian economy. Continuing a spate of billion-dollar rescue plans, the UK administration last week came up with a mammoth 500 billion pounds bailout package (about $876 billion) primarily to shore up the fortunes of the nation’s banking sector. Earlier, the US government had moved the historic $700 billion rescue plan, in response to the deepening credit crisis which has seen the fall of Wall Street icons like Lehman Brothers, Washington Mutual and the distressed sale of Merrill Lynch. Till date, the Bush administration alone has announced bailout packages to the tune of over $990 billion. Further, joining the likes of US and UK, Russia has approved a host of measures estimated to be worth $86 billion to salvage the country’s banks hit by the credit squeeze. Recent media reports said the Lower House of Russian Parliament Duma has given the green signal for the billion- dollar rescue plan. It would entail making about $50 billion available to banks and firms which have to refinance foreign debt, the remaining amount would be given as loans to banks. Besides, a handful of European countries have also already announced packages worth a similar amount in efforts to save their troubled financial entities. There are expectations for more such instances of helping hands coming from the governments in Europe as the crisis is said to be fast spreading in the region after a full-blown blast in the US. Source: Home - Livemint.com | 12 Oct 2008 | 7:07 am Emerging market economies less affected by financial crisis: IndiaSaying that the global monetary crisis holds important lessons for emerging market economies like India, Finance Minister P. Chidambaram said India's challenges lay in reining in inflation without hurting the growth momentum, preserving financial stability and moving more vigorously on fiscal consolidation.Source: IndiaeNews.com: Business News | 12 Oct 2008 | 7:01 am India weighing political impact of tough economic decisionsThe tsunami like financial crisis engulfing the globe has flooded India as well, virtually drowning the stock and currency markets. The response of the Indian government has so far been somewhat slow. It has set up a committee to study the problem of liquidity as late as Friday, while the central bank has yet to announce a cut in interest rates.Source: IndiaeNews.com: Business News | 12 Oct 2008 | 7:00 am Inflation at single digits in Q4: EconomistsMumbai: Economists see inflation dipping below the psychological 10% level by end-December and falling further to hover around the 7-8% mark by March next year. However, notwithstanding the declining trend being witnessed presently, they warn that inflationary pressures still exist in the economy and the Reserve Bank would continue targeting inflation in the medium-term. “I see inflation at sub-10% levels by end-December or January. Going by present trends, it should be in single digits in Q4 FY’09,” Bank of Baroda (BoB) Chief Economist Rupa Rege Nitsure said. Inflation declined to 11.80% for the week ended 27 September from 11.99% in the previous week. “It is a volatile period we are going through. Oil prices are declining but the Rupee is (simultaneously) weakening. We will have to see what the net impact will be. Things are still uncertain but by the year-end, I think inflation will fall to the 10 per cent level,” IDBI Gilts’ Economist Amol Agrawal said. Though on a downward curve, economists warn of inflationary pressures still existing in the system which might prevent the Reserve Bank from going in for rate cuts over the next 3-months. “The RBI is targeting an inflation level of 5-5.5%. If, however, it continues to remain in double-digits till January, then the tight monetary policy would continue,” Crisil Director and Principal Economist D K Joshi said. Source: LatestNews-Home - Livemint.com | 12 Oct 2008 | 6:55 am Tatas plan to hire 5,000 for rural BPOPTI New Delhi: Tata Business Support Systems (TBSS), a Tata group subsidiary engaged in the business of providing back-end support to the group companies, is planning to recruit around 5,000 persons for its rural BPOs in the next five years. “As the Tata Group companies are present in various places across the country, TBSS plans to provide call centre support to the other group companies. Gradually, in the next five years, the total number of people employed in these rural call centres would go to five thousand,” Tata Chemicals Vice-President and Tata Sons Executive Director R Gopalakrishnan told PTI. As a pilot project, the company has taken an initiative of engaging rural masses by setting up one BPO in Mithapur, Gujarat in the vicinity of Tata Chemicals’ manufacturing unit. Recently, it has also inaugurated another one in Babrala in Uttar Pradesh, which is also located adjacent to Tata Chemicals’ manufacturing plant. Currently, TBSS provides back-end support such as call centres and centralised accountings to various companies of the group, including Tata Indicom, Tata Sky and Virgin mobiles. It is now looking at replicating the initiative in other parts of the country, particularly in the areas where the group company’s manufacturing units are located. Source: Home - Livemint.com | 12 Oct 2008 | 6:43 am RBI may delay further liberalization for foreign banksNew Delhi: The global financial crisis may force the Reserve Bank of India to delay the roadmap for further liberalizing the banking sector by six to eight months from the scheduled date of April 2009, a finance ministry official said. “Opening of the banking sector to foreign players could be delayed by 6-8 months due to present uncertain global times,” the official on the condition of anonymity said. The RBI is slated to review its policy on the foreign banks in April 2009, which now could be delayed. RBI had earlier stated, “The second phase will commence in April 2009 after a review of the experience gained and after due consultation with all the stakeholders in the banking sector. The review would examine issues concerning extension of national treatment to wholly-owned subsidiary, dilution of stake and permitting mergers/acquisitions of any private sector banks in India by a foreign bank in the second phase, RBI had said. As per the World Trade Organisation agreement, India has committed 12 branches of foreign banks in a year. However, RBI has been more liberal than the commitments. Between 2003 to October 2007, the central bank gave approval to about 75 new foreign bank branches. Sources said foreign banks should be ready to open branches in tier-II cities. “Unless they are ready to go to tier-II cities, it is difficult to provide licence,” the sources said. The first phase of liberalization, which started in March 2005, permitted the foreign banks to establish presence by way of setting up a wholly-owned banking subsidiary or conversion of the existing branches into a subsidiary. To facilitate this, RBI also issued detailed guidelines. The guidelines covered the eligibility criteria of the applicant foreign banks such as ownership pattern, financial soundness, supervisory rating and the international ranking. Source: Home - Livemint.com | 12 Oct 2008 | 6:43 am Satyam to hire 15,000 people this fiscalPTI New Delhi: Country’s fourth largest software firm Satyam Computers has said it has no plans to recast its recruitment targets, despite a financial crisis in one of its key markets - the US. “We have already given guidance for the year, in terms of revenue and recruitments. We will recruit 14,000-15,000 people this year,” Satyam Computers Chairman Ramalingam Raju told PTI. However, he added that the company may postpone some of the new recruitments for the next quarter. Last year, the company had recruited 18,000 employees. But on the net basis, taking into consideration the attrition of 12.5% and people being put under the performance watch, the intake could be around 8,000, he said. Satyam currently has over 53,000 employees on its rolls. He denied any move of the company to sack people. “It (the report of Satyam firing 5,000 people) is misreported. As part of our appraisal process we identify around five per cent of our associates in the performance improvement category. Every year about five per cent of our employees leave the organisation as they fail to meet the performance expectations.” On salary trends he added that across the globe the salaries has been lower due to the slowdown. “This year the remuneration packages has been some sort of lower than last year. If I am not mistaken we have given 17-18% hike to our offsite associates and 16% to our onsite associates. This time we have given 12% offsite, about 5% onsite,” he added. Source: Tech News - Livemint.com | 12 Oct 2008 | 6:42 am Fierce new row rocks White House raceChicago: A war of words with racial undertones marked the White House race Sunday after civil rights icon John Lewis accused Republican John McCain of sowing “hatred” against Barack Obama. McCain, who has been trying to tamp down abuse of the Democratic nominee at his campaign events, reacted furiously, lashing out against Lewis, who only a few weeks ago he described as one of the Americans he most admired. The latest political turbulence came just over three weeks before the November 4 election, with Obama building a steady lead over McCain on the national level, and on the state-by-state electoral map. It also overshadowed another controversy, the legislative probe finding in Alaska that state governor and Republican vice presidential nominee Sarah Palin had abused her power in a feud with her ex-brother-in-law. Congressman Lewis, revered as one of the key figures in the 20th century US civil rights movement, ignited a political firestorm by issuing a statement about McCain’s recent searing character attacks on Obama. “As public figures with the power to influence and persuade, Senator McCain and Governor Palin are playing with fire, and if they are not careful, that fire will consume us all,” Lewis said. Republicans “are sowing the seeds of hatred and division, and there is no need for this hostility in our political discourse.” He also appeared to suggest attacks on Obama were reminiscent of late segregationist Alabama governor and presidential candidate George Wallace, whose rhetoric in 1963 was blamed for a church bombing in Birmingham, Alabama, that killed four little girls.’ McCain said in his own statement that Lewis had launched a “character attack against Governor Sarah Palin and me that is shocking and beyond the pale.” He said Lewis’ apparent reference to Wallace was “unacceptable and has no place in this campaign.” McCain called on Obama “to immediately and personally repudiate these outrageous and divisive comments.” Later, Lewis issued a second statement in an apparent attempt to defuse the row, saying he had not meant to draw a link between Wallace and McCain. “My statement was a reminder to all Americans that toxic language can lead to destructive behavior, I am glad that Senator McCain has taken some steps to correct divisive speech at his rallies,” he said. Chants of “terrorist” and “kill him” were reportedly heard at recent McCain Republican events and some commentators blamed hard-hitting negative advertisements which claimed Obama consorted with a domestic “terrorist”—1960s radical William Ayers. On Friday, McCain was forced to intervene twice at a town hall meeting in Minnesota after one voter described Obama as an Arab and another said he was “scared” of the Democratic nominee. Some political commentators have questioned whether the seething resentment at Republican events could be a security threat for Obama, who was offered Secret Service protection months before is normal for presidential candidates. Obama campaign spokesman Bill Burton said that the Illinois senator did not believe in the comparison between McCain and Wallace. But he said Congressman Lewis “was right to condemn some of the hateful rhetoric that John McCain himself personally rebuked.” Palin earlier denied wrongdoing after a probe found she had abused voters’ trust as Alaska governor. The legislative investigation found Palin had violated ethics rules by letting husband Todd pressure top officials for the firing of her ex-brother-in-law, a state trooper. Asked by a reporter in Pennsylvania if the charges were true, Palin replied: “No, and if you read the report you will see that there was nothing unlawful or unethical about it. You have to read the report.” The report said that Palin had “the authority and power to require Mr Palin to cease contacting subordinates, but she failed to act.” The probe was the latest blow to Palin, who electrified the Republican Party when she was first picked, but has seen her impact, especially among undecided voters and women diminish amid questions about her qualifications. Meanwhile, Palin described Obama as a pro-abortion radical, saying it’s not negative or mean-spirited to talk about his record. “He hopes you won’t notice how radical, absolutely radical, his ideas on this and his record is until it’s too late,” said the Republican vice presidential nominee. Source: Home - Livemint.com | 12 Oct 2008 | 6:30 am Nokia seeks India patent for multimedia sharing technologyPTI New Delhi: World’s largest mobile phone maker Nokia has filed a patent application in India for its networking solution which allows a user group to share multimedia contents during a group communication. Nokia, which is planning to launch its latest touchscreen mobile phone in India in coming days, has approached Controller General of Patents, Designs and Trade Marks for the patent. Approving authorities have published the claims made by the company in their latest Patent Office Journal, giving a public notice. In its patent application filed on 21 August this year, the company has said, “An object of the present invention is to provide a solution to how to implement sharing of multimedia contents from a media server to participants.” During a group communication all participants may take turns to speak and listen to each other and it include data calls, audio calls, video calls, multimedia calls, messaging and emails. According to Nokia, any kind of data can be shared in real-time or near real-time by using this multimedia sharing technique. Importantly, the content sharing method skips user terminal (phone network) and data reaches directly to the communication server (internet protocol medium) from media server (a device that stores and shares contents), the company said. Source: Tech News - Livemint.com | 12 Oct 2008 | 6:24 am China, India's air traffic continue to decline - Hindu
Source: Google News India - Business | 12 Oct 2008 | 6:22 am India mulls more cash injection measures - paperMUMBAI (Reuters) - India may resort to more cuts in banks' cash reserve requirements, pare interest rates and prod banks to step up lending to top firms to tide over a severe cash crunch, the Times of India newspaper reported on Sunday.Source: Reuters: Money News | 12 Oct 2008 | 5:56 am Metro Cash & Carry finally gets license from WB Agri-Marketing Board - TopNews
Source: Google News India - Business | 12 Oct 2008 | 5:55 am Financial crisis may hit investments in farm sectorNew Delhi: The global credit crunch may hit investment flow and production growth in the agriculture sector, although consumers may get some relief in the form of lower food prices due to a demand slump. A financial crisis depresses the demand leading to lower food prices, but on the flip side credit crunch could prevent investments in farm sector and thereby affecting growth in production, says an expert. Expressing his views on the crisis in global food and financial markets, International Food Policy Research Institute (IFPRI) director-general Joachim Von Braun said in a statement that the burgeoning world financial crisis has “pushed aside the attention of policymakers from the threat of rising food prices, but the global food crisis is far from over”. “The financial crisis reduces demand and speculative activity, leading to lower food prices, and this may provide some relief to poor consumers. “At the same time, however, the credit crunch prevents accelerated flow of capital to long-term investments in sectors such as agriculture, just as this investment is urgently needed. This undermines production growth toward a more resilient global food system,” Braun said. He asserted that food crisis continues to threaten the food and nutrition security of poor people around the globe. Pointing out that the pattern of low global investment in agri-research and development has contributed to slower growth in farm productivity, he said: “Unless the world addresses these challenges, the livelihoods and food security of millions of poor people, as well as the economic, ecological, and political situation in many developing countries, will remain at risk”. Progress in achieving development goals such as cutting hunger and poverty in half by 2015 is slipping. The number of hungry people actually increased by at least 75 million from 2004 to 2007, and probably increased by even more in 2008. “Addressing these challenges will require significant increases in public spending,” Braun said, adding that studies show that investments in agricultural research have extremely high rates of return in terms of growth and poverty reduction. Source: Home - Livemint.com | 12 Oct 2008 | 5:31 am Govt to create ICAI-like institute for IPO pricingPTI New Delhi: Amid allegations of overpricing of initial public offers, the government is planning to set up an ICAI-like body to make it mandatory for companies to get their shares priced by authorised valuers before hitting the capital markets. “Rather than imposing direct or indirect conditions (on IPO pricing), we are working on professional valuation. It will be a new law on Valuation Professionals. We are working on it to get a system where valuation is done,” Minister of Corporate Affairs Prem Chand Gupta told PTI in an interaction here. The institution of valuers, being set up by the Ministry of Corporate Affairs, will be a statutory body on the lines of the Institute of Chartered Accountants of India (ICAI) and the entities engaged in valuation work will be required to registered with the proposed body. According to senior ministry officials, the structure of the proposed institute of valuers will be like that of the Institute of Chartered Accountants or Institute of Company Secretaries of India. He said at present, there is no set procedure for it and no statutory body, which supervises or regulates this profession. So, he added, the setting up of such institute will make accountability more effective. At present, such valuations are done by merchant bankers, chartered accountants, company secretaries, cost and work accountants or any other professional possessing such qualification. There were allegations that various IPOs, like that of Reliance Power, were overpriced due to which investors got swayed and suffered huge losses as the IPO traded lower than the offer price at its close on the opening day. After the issue of overpricing, the ministry had commissioned a study to ICAI for analysing the methods of pricing. These valuers will also help in fair valuation of shares or properties in case of mergers and amalgamation or allotment of shares for consideration other than cash. Gupta said now, the practice of valuation is not regulated and the ministry plans to regulate the system so that investors can take informed decisions. Source: Home - Livemint.com | 12 Oct 2008 | 5:25 am Fashion brand Tommy Hilfiger aims at 40 outlets by 2009Riding on a burgeoning middle class with deep pockets, international fashion brand Tommy Hilfiger aims to ramp up its outlets in India to 40 by next year, up from the 30 it has opened in the four years since it launched in the country.Source: IndiaeNews.com: Business News | 12 Oct 2008 | 5:00 am REC to provide INR 5612 crores for Tamil Nadu power project - SteelGuru
Source: Google News India - Business | 12 Oct 2008 | 4:25 am G20 pledges joint action to fight financial crisisWASHINGTON (Reuters) - The Group of 20 industrialized and developing countries called on Saturday for a joint response to the financial crisis that is snowballing into emerging markets.Source: Reuters: Money News | 12 Oct 2008 | 3:26 am ICICI Bank sends SMS to allay fears of depositorsMumbai, Oct. 11 Many ICICI Bank customers received SMS messages on their mobile phones on Saturday, assuring them that their deposits with the bank are safe.Source: Business Line - Home Page | 12 Oct 2008 | 12:00 am Satyam refutes reports on World Bank barHyderabad, Oct. 11 Satyam Computer Services has refuted reports in the international media that World Bank has barred it from doing offshore work. The reports said the bank had taken this decision after noticing reported intrusions into systems.Source: Business Line - Home Page | 12 Oct 2008 | 12:00 am Stocks now valued at 2005 levelEver wondered what it would have been like to buy stocks at rock-bottom prices before the recently ended bull run gained pace?Source: Business Line - Home Page | 12 Oct 2008 | 12:00 am HCL Tech does not rule out new bidder for AxonNew Delhi, Oct. 11 Even as Infosys has withdrawn from the race to acquire Axon Group, HCL Technologies —currently the sole bidder for the UK-based SAP consulting firm — is still not ruling out the possibility of a third player jumpingSource: Business Line - Home Page | 12 Oct 2008 | 12:00 am NHPC postpones IPO plan on market crisisNHPC Ltd has postponed its plans to go public due to turbulence in the capital markets.Source: Business Line - Home Page | 12 Oct 2008 | 12:00 am Geojit Financial net drops 58% in Q2Mumbai, Oct. 11 Thinning volumes on the stock exchanges are bringing down profits at broking firms, as the second quarter results of two brokerages indicate.Source: Business Line - Home Page | 12 Oct 2008 | 12:00 am NPCIL to go into details with 4 reactor suppliersNew Delhi, Oct. 11 Nuclear Power Corporation of India Ltd (NPCIL) is set to commence formal negotiations with the four short-listed reactor vendors - Areva NP of France, GE-Hitachi and Westinghouse Electric and Russian firm Atomstroyexport - fromSource: Business Line - Home Page | 12 Oct 2008 | 12:00 am Weekly News Round-upIn a bid to ease the current cash crunch in the financial system, the Reserve Bank of India last week effected a cut of 150 basis points in the cash reserve ratio to 7.5 per cent from 9 per cent. The first CRR cut of a 50 basis points was announcedSource: Business Line - Home Page | 12 Oct 2008 | 12:00 am Airlines brace for lower occupancy on international routesNew Delhi, Oct. 10 It will be a harsh winter for the airline industry. The slowdown in the global economy could impact both domestic and international airlines flying on several international routes. Both segments – leisure flyers andSource: Business Line - Home Page | 12 Oct 2008 | 12:00 am Lifting the gloom: More policy play needed than simple assurancesMumbai, Oct. 11 Just how deep-seated the fears about catching the credit crunch infection were in India became evident when the ICICI Bank stock fell 20 per cent at close of last week despite assurances by the Finance Minister and the JointSource: Business Line - Home Page | 12 Oct 2008 | 12:00 am Fin crisis requires global action: Bush!Calling for co-ordinated action among developed nations to tackle the ongoing financial turmoil, US President George Bush on Saturday said one country`s action should not undermine or contradict other`s.Source: Zee News : Business | 11 Oct 2008 | 11:51 pm FinMin asks DoT to speed up 3G auction process!The Finance Ministry has asked the Department of Telecom to speed up 3G spectrum auction process, so that operators can roll out services as early as possible, and avoid introducing new clauses in the guidelines, which can cause further delays.Source: Zee News : Business | 11 Oct 2008 | 11:51 pm Qwest reaches tentative agreement with union !Qwest Communications International Inc. says it has reached a tentative agreement for a four-year contract with a union representing about 20,000 employees.Source: Zee News : Business | 11 Oct 2008 | 11:51 pm Reliance Footprint inaugurates first store in Maharashtra!Reliance Footprint, a format of Reliance Retail, on Saturday launched its 10th store in the country and the first in Maharashtra at Thane near Mumbai.Source: Zee News : Business | 11 Oct 2008 | 11:51 pm Europe to meet on financial rescue package!French President Nicolas Sarkozy and German Chancellor Angela Merkel met on Saturday as European leaders moved towards a British-style plan of partial bank nationalisation.Source: Zee News : Business | 11 Oct 2008 | 11:51 pm Gold nosedives after record highs on weak global cues!After breaching Rs 14,000-mark, gold prices on Saturday tumbled by Rs 540 to close at Rs 13,460 per 10 gram on the bullion market here as investors turned frantic sellers on weakening global front amid melting equity markets.Source: Zee News : Business | 11 Oct 2008 | 11:51 pm Bush meets G-7 Finance Ministers!US President George W Bush and finance ministers from the Group of Seven rich countries opened crisis talks on Saturday, looking for unity on a remedy to the global financial crisis.Source: Zee News : Business | 11 Oct 2008 | 11:51 pm Developing countries worried about growth prospect!Developing countries have warned that the deepening global financial crisis could dampen their growth prospects and recommended a comprehensive international response to prevent "the most difficult situation in years" from deteriorating further.Source: Zee News : Business | 11 Oct 2008 | 11:51 pm Mamata and allies now seek industry and jobs at Singur!With Tata scrapping its Nano car project at Singur, the farmers` land restoration movement spearheaded by the Trinamool Congress (TMC) and SUCI is now pushing the West Bengal government to get a fresh industrial project at the Nano site.Source: Zee News : Business | 11 Oct 2008 | 11:51 pm 50,000 industrial units to down shutters on Oct 22!About half a lakh industrial units, small, medium and large, in Coimbatore district would down their shutters on October 22, protesting against the "frequent power cuts" and the increased timings.Source: Zee News : Business | 11 Oct 2008 | 11:51 pm Markets see worst weekly slide in two decades - Economic Times
Source: Google News India - Business | 11 Oct 2008 | 8:45 pm Technology: BT seeks Indian patent for CTS - Economic Times
Source: Google News India - Business | 11 Oct 2008 | 8:45 pm Companies shy away from long-term supply contractsPrefer buying raw materials from spot markets and in small quantities to keep inventories low.Source: Business Standard | Front Page Headlines | 11 Oct 2008 | 6:59 pm The big bite: Nestle, Pepsi, Coke line up Rs 4,275 cr for IndiaDespite the global meltdown in financial and stock markets, food and beverages multinationals remain bullish on India.Source: Business Standard | Front Page Headlines | 11 Oct 2008 | 6:58 pm GM talks merger with Chrysler as bankruptcy loomsGeneral Motors Corp is in preliminary talks with Cerberus Capital Management LP's Chrysler LLC about a possible merger or other partnership, a person familiar with the talks said.Source: Business Standard | Front Page Headlines | 11 Oct 2008 | 6:57 pm ICICI Bank seeks to soothe nerves at Monday meetingIt is mission damage control and ICICI Bank is pulling out all the stops.Source: Business Standard | Front Page Headlines | 11 Oct 2008 | 6:55 pm RBI governor reassures depositorsAssuring depositors that their money was safe in banks, Reserve Bank of India Governor D Subbarao today said the Central bank was geared to inject more liquidity into the countrys financialSource: Business Standard | Front Page Headlines | 11 Oct 2008 | 6:55 pm Nabard sanctions Rs.1.54 bn to Himachal PradeshThe National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs.1.54 billion ($32.7 million) to Himachal Pradesh for constructing 16,500 poly-houses - polythene-covered greenhouses - in four years, Chief Minister Prem Kumar Dhumal announced here Saturday.Source: IndiaeNews.com: Business News | 11 Oct 2008 | 3:30 pm Financial crisis, energy security to top IBSA agendaWith the world's leading powers trying to enlist emerging economies in dealing with the global financial crisis, India, Brazil and South Africa are set to focus on their role in evolving a global financial architecture at the third IBSA summit Wednesday.Source: IndiaeNews.com: Business News | 11 Oct 2008 | 12:32 pm Wills Lifestyle plans to double stores in two yearsITC's premium fashion brand Wills Lifestyle will have 100 stores in the next two years from the present 55, a top official said here Saturday.Source: IndiaeNews.com: Business News | 11 Oct 2008 | 12:32 pm Hindalco rights issue undersubscribedThe Hindalco rights issue has been undersubscribed. Promoters and merchant bankers have underwritten shares to reach 90% subscription. The DFI\'s unlikely to have subscribed given the stock price and the market conditions.Source: Moneycontrol Top Headlines | 11 Oct 2008 | 12:16 pm
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