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ICICI Bank: The fall and recoveryWhen the markets were in shambles on September 29 the ICICI Bank stock was down 11.97% on rumours that the banks UK operations had exposure to the bankrupt Lehman Brothers. The banks UK subsidiary has an exposure of around USD 80 million, against which there are provisions of USD 12 million.Source: Moneycontrol Top Headlines | 13 Oct 2008 | 6:48 pm Ban on short selling likely, CRR cut seen on Oct 24With the global financial crisis which originated in the US and Europe engulfing markets across the world, India was not to be left out. Abhjit Neogy shares his comments amid a meeting which is underway in New Delhi and after Finance Minister said that more liquidity could be pumped into the system.Source: Moneycontrol Top Headlines | 13 Oct 2008 | 5:49 pm Kingfisher, Jet to tieup for local, int\'l routes: SourcesVijay Mallya and Naresh Goyal are meeting at the Jet Airways headquarters in Mumbai, reports CNBCTV18 quoting sources. A major deal is expected between Jet Airways and Kingfisher.Source: Moneycontrol Top Headlines | 13 Oct 2008 | 4:51 pm JV with ICICI Bk intact; rumours unfair: PrudentialMark Tucker, Prudential Plc said that the relationship with ICICI is strong and the rumour that there is a trouble with the joint venture is unfair. He further stated that longterm commitment to India will remains key to their growth story.Source: Moneycontrol Top Headlines | 13 Oct 2008 | 4:45 pm Why has Core Projects stock fallen? Management answersPrakash Gupta, CEO of Core Projects said that the promoters holding in the company was intact and that no margin calls had been triggered. He attributed the fall in share prices to the unwinding of HNI positions.Source: Moneycontrol Top Headlines | 13 Oct 2008 | 3:15 pm Pyramid Saimira buys 24.9% investor stake at Rs 200/shThe promoters of Pyramid Saimira have bought Ravichandran and Nirmal Kotecha\'s 24.9% stake at Rs 200 per share. Commenting on this stake buy, PS Saminathan, CMD, Pyramid Saimira, said the promoters have bought the stake way above the current market price, as the current price is not a reflection of the company\'s worth.Source: Moneycontrol Top Headlines | 13 Oct 2008 | 1:40 pm Oil near $82, Goldman cuts price forecastsLONDON (Reuters) - Oil rose above $82 a barrel on Monday after governments around the world acted to boost confidence in the global banking system, spurring a rally in European and Asian stock markets and commodities.Source: Reuters: Money News | 13 Oct 2008 | 1:21 pm Paul Krugman wins Nobel in economics - Business Standard
Source: Google News India - Business | 13 Oct 2008 | 1:18 pm UK bank bail-out to take big stakes in top banksLONDON (Reuters) - Britain waded in with 37 billion pounds ($64 billion) of taxpayers' cash to bail out three major banks on Monday, in a move that could make the government their main shareholder.Source: Reuters: Money News | 13 Oct 2008 | 1:06 pm IBSA nations set trilateral trade target of $15 bnNew Delhi: Reflecting their growing economic ties, India, Brazil and South Africa (IBSA) have set an ambitious trade target of $15 billion between the three countries by 2010. “We have established a target of $15 billion in intra-IBSA trade by 2010,” External Affairs Minister Pranab Mukherjee said, inaugurating the Second IBSA Editors’ Forum here. Mukherjee noted that economic and commercial relations among IBSA nations are flourishing and investments in all three directions are on the upswing. “IBSA is now recognised as a grouping with enormous potential for political, economic and people-to-people cooperation,” he said. “IBSA countries have taken rapid strides in building on synergies and forging trilateral linkages in a number of key areas including health, agriculture, education, transport, energy, science and technology and IT,” the minister said. Mukherjee said India greatly appreciated the strong and proactive support of Brazil and South Africa to the proposal to enable full civil nuclear cooperation with India at the International Atomic Energy Agency and the Nuclear Suppliers’ Group meetings, which enabled New Delhi to get the historic waiver from the NSG. The minister noted that the similarity in the IBSA nations’ approach to many global issues, including UNSC reforms, have led to fruitful cooperation at various fora such as the UN, IAEA, WTO, G-77, G-20 and G-8 plus five outreach nations. Source: LatestNews-Home - Livemint.com | 13 Oct 2008 | 1:06 pm Indian bond yields rise, more policy measures eyed - Reuters India
Source: Google News India - Business | 13 Oct 2008 | 1:05 pm Morgan Stanley secures investment - BBC News
Source: Google News India - Business | 13 Oct 2008 | 1:04 pm Hindalco rights: Promoters, underwriters forced to chip inThe issue was subscribed at about 48% till the closing date on Friday. Sources say promoters have subscribed over 40% of the issue. As per regulatory norms, subscription by promoter and promoter group cannot exceed 50%. So, merchant bankers will have to underwrite the balance so that subscription is at least 90%.Source: Moneycontrol Top Headlines | 13 Oct 2008 | 1:01 pm India PE deals drop 28pct in Sept qtr - tracking firmMUMBAI (Reuters) - The value of private equity deals in India fell 28 percent in September as the size of transactions shrunk because of the global markets turmoil, an independent industry tracking firm said on Monday.Source: Reuters: Money News | 13 Oct 2008 | 12:59 pm Kingfisher, Jet to tie-up for local, int'l routes: Sources - Moneycontrol.com
Source: Google News India - Business | 13 Oct 2008 | 12:55 pm FACTBOX - What India's policy makers could do nextMUMBAI (Reuters) - Finance Minister Palaniappan Chidambaram said on Monday policy makers were working on more measures to infuse liquidity into the financial system and he hoped to be able to announce them shortly.Source: Reuters: Money News | 13 Oct 2008 | 12:51 pm Mallya, Goyal discuss Kingfisher, Jet futureReeling under a financial crisis, both Kingfisher Airlines as well as Jet Airways broached a possible alliance to overcome their problems, largely generated by mounting fuel bills.Source: Daily News & Analysis: Money News | 13 Oct 2008 | 12:51 pm India now consumes two Indias: reportIndia's consumption of natural resources is now almost double of what the country's land, air and water can provide.Source: Daily News & Analysis: Money News | 13 Oct 2008 | 12:48 pm AP Paper Mills plans Rs291 crore expansion programHyderabad: Hyderabad-based Andhra Pradesh Paper Mills Ltd (APPM), part of the Kolkata-based LN Bangur group, has chalked out an expansion program involving an investment of Rs291 crore to add 70,000 tonnes a year capacity, said its director-corporate, Shreeyash Bangur. Currently having a capacity of 1,81,000 tonnes a year, the company plans to complete the latest expansion by second quarter of fiscal 2009-10. Of the Rs291 crore capital outlay, around Rs50 crore would go in for cold-fired boiler that would produce nearly 15MW of power, enabling the company to utilize about 10MW and supply the balance to the grid. The company, which reported Rs628 crore revenue for year to March 2008, has obtained a loan of $40mn for the expansion from the International Finance Corporation or IFC, which also holds around 9% equity in the company. The balance would come from internal accruals, said Bangur. As at the end of March 2008, the company has Rs390 crore of reserves. The APPM stock gained 8.07% on 13 October at Rs 64.30 on BSE, the day that saw its benchmark indices gain 7.42% at 11,309 points. The stock reported a year’s highest price of Rs123.70 and a lowest of Rs55 on BSE. Source: LatestNews-Home - Livemint.com | 13 Oct 2008 | 12:48 pm CAG plans to expand auditing domain to cover PPP projectsNew Delhi: The Comptroller and Auditor General (CAG) plans to expand its auditing ambit to include greenfield areas such as public-private partnerships (PPP) and may approach the government for additional powers for undertaking enforcement activities. “Possible areas include PPP, environment, e-governance, social audit, and regulators. We plan to monitor the expenditure by civic bodies, how money was spent and whether benefits were generated,” said deputy CAG Bharti Prasad on the eve of the 24th Accountants General conference. President Pratibha Devi Singh Patil would inaugurate the three-day biennial conference of Accountant Generals on Tuesday. Prime Minister Manmohan Singh will deliver the valedictory address at the conference which would be attended by AGs from across the country. “Among other things, the conference would discuss the issue of seeking powers from the government to undertake audit of PPP projects and check misuse of government funds,” Prasad said. On further expansion of its auditing work, Prasad said: “We are trying to track the money released from the Consolidated Fund of India (CFI) to its end, even when it goes outside the ambit of government account such as in NGOs. In these cases, we plan to monitor whether the money reached its end, utilised well or still in pipeline.” Source: LatestNews-Home - Livemint.com | 13 Oct 2008 | 12:41 pm BSE Sensex rises most in four years; ICICI jumpsBANGALORE (Reuters) – The BSE Sensex rose 7.6 percent on Monday, snapping a five-day losing run with its biggest rise in more than four years as the government sought to reassure investors it was working to shield India from the global crisis.Source: Reuters: Money News | 13 Oct 2008 | 12:38 pm Fin secy says liquidity panel to meet in a weekNEW DELHI (Reuters) - Finance Secretary Arun Ramanathan said on Monday a committee set up to assess liquidity in the banking system was looking at ways to improve cash conditions and will meet again in a week's time.Source: Reuters: Money News | 13 Oct 2008 | 12:34 pm Rupee strengthens as stocks reboundMUMBAI (Reuters) - The rupee rose on Monday following hefty gains in the stock market, but traders were wary on demand for dollars from importers and oil refiners.Source: Reuters: Money News | 13 Oct 2008 | 12:28 pm Lloyds TSB revises offer for HBOS; to raise £5.5 bnBritish banking major Lloyds TSB said it has revised its offer to acquire troubled mortgage lender HBOS and has decided to raise fresh capital.Source: Daily News & Analysis: Money News | 13 Oct 2008 | 12:21 pm Hero Honda to launch 7 new bikes; targets 6 lakh unit sales this month - domain-B
Source: Google News India - Business | 13 Oct 2008 | 12:16 pm IBSA can push global financial reforms: India - Economic Times
Source: Google News India - Business | 13 Oct 2008 | 12:08 pm Soni leaves for Spain for UN meet on tourismTourism Minister Ambika Soni Monday left for Madrid to attend the meeting of the United Nations World Tourism Organisation (UNWTO) during which the impact of global meltdown on tourism would be dicussed.Source: IndiaeNews.com: Business News | 13 Oct 2008 | 12:03 pm Markets rally on European action to strengthen banksAfter suffering a blood bath last week, Indian equities markets staged a smart recovery Monday on strong global cues from both European and Asia-Pacific markets as well as a pep talk from Finance Minister P. Chidambaram just before markets opened.Source: IndiaeNews.com: Business News | 13 Oct 2008 | 12:02 pm Axis Bank plans asset management company in joint venturePrivate lender Axis Bank Monday said it may enter into a joint venture agreement with the Geneva-based private banking group LCF Rothschild to form an asset management company.Source: IndiaeNews.com: Business News | 13 Oct 2008 | 12:02 pm BSNL, MTNL to roll out 3G services by DecemberState-run telecom operators Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) will roll out third generation (3G) mobile services in the national capital by December, Telecommunications Minister A. Raja said here Monday.Source: IndiaeNews.com: Business News | 13 Oct 2008 | 12:02 pm UK PM extends £37 bn lifeline to 3 banks - Moneycontrol.com
Source: Google News India - Business | 13 Oct 2008 | 12:01 pm Dish TV, TataSky plan to roll out DVR technologyNew Delhi: With competition hotting up in the direct-to-home television segment after the entry of Reliance Big TV and Bharti Airtel DTH, market leader Dish TV and TataSky are planning to introduce Digital Video Recorder (DVR) technology around Diwali time to stay a step ahead. The DVR, which allows viewers to record programmes in one channel while watching another and play according to convenience, is being billed as the next big thing in the evolving Indian DTH market. “This, of course, will be a premium product and we plan to announce the launch of DVR technology platform for our DTH service very soon. It will be a Diwali gift to our customers,” TataSky Chief Marketing Officer Vikram Mehra said. Similarly, market leader Dish TV is also readying to roll out its DVR platform. “Our launch of DVR is expected around Diwali and our offer will have 140 hours of recording time,” Dish TV Chief Operating Officer Salil Kapoor said, adding that the set top boxes for the DVR were expected to cost around Rs10,000 each. Their new rivals Bharti and Reliance Big entertainment are also readying DVR platform. While an RCom official said soon the company would unveil DVR, industry sources said Bharti DTH may also launch the same thing. Asked if they were compelled to bring the new technology due to increased competition, both TataSky and Dish TV denied. “We have been planning for it over the last eight months doing pilot studies. Now we are ready to roll-out,” Mehra said. Source: Tech News - Livemint.com | 13 Oct 2008 | 12:01 pm Dish TV, TataSky plan to roll out DVR technologyNew Delhi: With competition hotting up in the direct-to-home television segment after the entry of Reliance Big TV and Bharti Airtel DTH, market leader Dish TV and TataSky are planning to introduce Digital Video Recorder (DVR) technology around Diwali time to stay a step ahead. The DVR, which allows viewers to record programmes in one channel while watching another and play according to convenience, is being billed as the next big thing in the evolving Indian DTH market. “This, of course, will be a premium product and we plan to announce the launch of DVR technology platform for our DTH service very soon. It will be a Diwali gift to our customers,” TataSky Chief Marketing Officer Vikram Mehra said. Similarly, market leader Dish TV is also readying to roll out its DVR platform. “Our launch of DVR is expected around Diwali and our offer will have 140 hours of recording time,” Dish TV Chief Operating Officer Salil Kapoor said, adding that the set top boxes for the DVR were expected to cost around Rs10,000 each. Their new rivals Bharti and Reliance Big entertainment are also readying DVR platform. While an RCom official said soon the company would unveil DVR, industry sources said Bharti DTH may also launch the same thing. Asked if they were compelled to bring the new technology due to increased competition, both TataSky and Dish TV denied. “We have been planning for it over the last eight months doing pilot studies. Now we are ready to roll-out,” Mehra said. Source: LatestNews-Home - Livemint.com | 13 Oct 2008 | 12:01 pm India hopes to attract over $35 bn foreign investmentForeign direct investment in India will top $35 billion this fiscal despite the current global financial turmoil, commerce minister Kamal Nath said.Source: Daily News & Analysis: Money News | 13 Oct 2008 | 12:00 pm Markets end green, key index up 7.7%After suffering a loss of 16 percent last week, Indian equities markets rallied smartly and by close of trading a key index recovered nearly 40 percent of last week's losses.Source: Daily News & Analysis: Money News | 13 Oct 2008 | 11:58 am Govt may relax FI norms in banking, telecomNew Delhi: Government is considering relaxing norms for foreign investment in sectors like banking and telecom by treating portfolio FII investment outside the sectoral cap. At present, Foreign Direct Investment (FDI) and Foreign Institutional Investments (FII) are added to determine sectoral foreign investment cap in banking, credit information companies, broadcasting, commodity exchanges and telecom. But, with RBI allowing FIIs to acquire shares in companies under the Portfolio Investment Scheme (PIS), the government is now likely to mandate that sectoral caps would henceforth be for FDI investment only, official sources said. In sectors with caps, the balance equity would specifically be beneficially owned by/held with/in the hands of resident Indian citizens and Indian companies, owned and controlled by resident Indian citizens. FIIs investing under PIS shall not seek a representation on the board of directors and they will have to give a self- declaration whenever they act in concert with any of the companies that they have invested in. Sources said investments by registered FIIs under PIS are made under Schedule 2 of the Foreign Exchange Management Regulations and are distinct from FDIs, which are made under Schedule 1. FIIs are also permitted to make investments under FDI Scheme under Schedule-1. PIS cannot cross 24% in any company. At present, banking and telecom have 74% foreign investment cap (FDI plus FII), which would, after the policy is accepted by the Cabinet, be changed to 74% FDI. Similarly, 20% FDI plus FII limit in FM radio would now be 20% FDI cap, while 49% FDI plus FII in cable network, direct-to-home commodity exchange and CIC would be changed accordingly. Source: LatestNews-Home - Livemint.com | 13 Oct 2008 | 11:57 am TCS to issue passports in three days - Times of India
Source: Google News India - Business | 13 Oct 2008 | 11:55 am Max New York Insurance to have new CEO from Nov 1 - Hindu
Source: Google News India - Business | 13 Oct 2008 | 11:54 am Jet Airways-Kingfisher may align servicesMumbai: Jet Airways (India) Ltd, India’s largest private airline, may tie up with rival carrier Kingfisher Airlines Ltd, for a possible code share agreement on domestic and international routes, said an industry executive familiar with the development. The carriers will have arrangements to complement each others services. Naresh Goyal, and Vijay Mallya, who promote Jet and Kingfisher respectively, are meeting on Monday at the headquarters of Kingfisher Airlines in Mumbai. An announcement is expected later in the day. The scrip of Kingfisher Airlines Ltd today rose by 35.70% to close at Rs52.65 on the Bombay Stock Exchange or BSE while Jet Airways’ shares posted a 11.39% rise to close Rs292.50. Source: LatestNews-Home - Livemint.com | 13 Oct 2008 | 11:53 am Tata Investment Q2 net up 1% at Rs 82 crTata Sons subsidiary Tata Investment Corporation announced a net profit of Rs 81.77 crore for the quarter ended September 30, a growth of 1.22 per cent.Source: Daily News & Analysis: Money News | 13 Oct 2008 | 11:43 am COAI bats for 2G, 3G revenues segregation theoryNew Delhi: GSM operators’ group COAI strongly supported DoT proposal to have separate revenues for 2G and 3G services, adding that this model will also speed up 3G roll-out in the country. COAI Director General TV Ramachandran said that segregation of 2G revenues was not only possible but also desirable, as it would push operators to expeditiously enhance their 3G footprint (on account of lower usage charges for 3G services), thus benefiting the consumers and the country in terms of broadband availability. “This was also an excellent way for the Government to incentivise faster roll-out and availability of 3G services to deliver benefits of broadband to the Indian consumers,” he added. Ramachandran further said that since 3G spectrum was being acquired through an open bidding process, the current market value of the 3G spectrum would be correctly reflected in the final bid price. “Therefore, it is only the administrative charges for spectrum usage that are required to be recovered through the annual revenue share levy,” he clarified. COAI draws attention to the fact that the dual technology clause allowed operators to segregate revenues for CDMA and GSM revenues. Ramachandran said that revenues for 3G services, which were also run on WCDMA, can similarly be differentiated. He also gave the example of the UK where segregation of 2G and 3G services is practised. While Hong Kong too followed segregation model, it is not preferable due to the complexity involved, said COAI. COAI said the revenue break-up can be implemented in two simple ways as reference either by traffic-based approach or call data record (CDR) approach. Source: LatestNews-Home - Livemint.com | 13 Oct 2008 | 11:42 am COAI bats for 2G, 3G revenues segregation theoryNew Delhi: GSM operators’ group COAI strongly supported DoT proposal to have separate revenues for 2G and 3G services, adding that this model will also speed up 3G roll-out in the country. COAI Director General TV Ramachandran said that segregation of 2G revenues was not only possible but also desirable, as it would push operators to expeditiously enhance their 3G footprint (on account of lower usage charges for 3G services), thus benefiting the consumers and the country in terms of broadband availability. “This was also an excellent way for the Government to incentivise faster roll-out and availability of 3G services to deliver benefits of broadband to the Indian consumers,” he added. Ramachandran further said that since 3G spectrum was being acquired through an open bidding process, the current market value of the 3G spectrum would be correctly reflected in the final bid price. “Therefore, it is only the administrative charges for spectrum usage that are required to be recovered through the annual revenue share levy,” he clarified. COAI draws attention to the fact that the dual technology clause allowed operators to segregate revenues for CDMA and GSM revenues. Ramachandran said that revenues for 3G services, which were also run on WCDMA, can similarly be differentiated. He also gave the example of the UK where segregation of 2G and 3G services is practised. While Hong Kong too followed segregation model, it is not preferable due to the complexity involved, said COAI. COAI said the revenue break-up can be implemented in two simple ways as reference either by traffic-based approach or call data record (CDR) approach. Source: Tech News - Livemint.com | 13 Oct 2008 | 11:42 am 'ICICI Bank credit fundamentals sound'Global rating agency Standard and Poor's (S&P) Monday said the fundamentals of ICICI Bank continued to be soundSource: Daily News & Analysis: Money News | 13 Oct 2008 | 11:38 am Markets surge, Sensex regains 11K levelMumbai: Stock markets on Monday opened on a strong note, never looked back in the day and at close the benchmark Sensex was up by an impressive over 800 points and had regained the 11,000 level, leaving behind losses suffered last week, the toughest ever for the bourses. Asian and European markets also snapped their losing spree with key indices in the regions gaining nearly in the range of 5-10%. The Bombay Stock Exchange 30-share Sensex settled the day higher by 804.38 points, or 7.76 per cent, at 11,332.20. Similarly, National Stock Exchange’s index also gained 210.75 points, or 6.43%, at 3,490.70 and most of the index participants traded higher. Marketmen credited the surge to Finance Minister P Chidambaram’s statement that more measures are expected to be announced to improve liquidity in the system. They said announcements by G-20 nations of plans to tide over the crisis also helped boost investor sentiment. With governments worldwide assuring of steps to address the liquidity concerns, banking index surged the most at 12.51% at 5985.16 points. ICICI Bank spurted 25% at Rs453.05 during intra-day before ending the day little lower at Rs424.95. Its shares were battered in the recent past on rumours that cast doubts over its financial strengths. Source: Home - Livemint.com | 13 Oct 2008 | 11:38 am Tata Investment Q2 net up 1% at Rs82 crPTI Mumbai: Tata Sons subsidiary Tata Investment Corporation today announced a net profit of Rs81.77 crore for the quarter ended 30 September, a growth of 1.22% from that in the corresponding period year-ago. The company had a net profit of Rs80.78 crore in the same quarter of FY’08, Tata Investment said in a filing to the Bombay Stock Exchange. The total income of the company was marginally lower at Rs 89.20 crore in the quarter under review, compared to Rs 89.25 crore in the same quarter previous fiscal. For the half year ended 30 September, Tata Investment reported a net profit of Rs124.68 crore, against a net profit of Rs120.37 crore in the same quarter of the previous fiscal. The income from operations rose to Rs138.84 crore during the period from Rs132.80 crore in the same period a year-ago. Though the company realised reasonable profits on sale of shares during the six months up to 30 September, it may be noted that the stock markets have declined even further since 1 October, 2008. Therefore, the above profit figures for the half year ended 30 September should not be viewed as representing the pro-rata results for the year to end on 31 March, 2009. Tata Sons now holds 54.98% stake in Tata Investment. Shares of Tata Investments closed at Rs328.30, up 1.75% on the BSE. Source: LatestNews-Home - Livemint.com | 13 Oct 2008 | 11:37 am Asian, European stocks bounce backSnapping a string of losses, Asian and European markets bounced back with key indices gaining nearly five per centSource: Daily News & Analysis: Money News | 13 Oct 2008 | 11:37 am 'Morgan Stanley renegotiating Mitsubishi UFJ deal'US banking giant Morgan Stanley was racing to salvage a crucial investment from a big Japanese bank in an effort to allay growing fears about its futureSource: Daily News & Analysis: Money News | 13 Oct 2008 | 11:34 am Markets end green, key index up 7.7 percentAfter suffering a loss of 16 percent last week, Indian equities markets rallied smartly Monday and by close of trading a key index recovered nearly 40 percent of last week's losses.Source: IndiaeNews.com: Business News | 13 Oct 2008 | 11:31 am FM advises investors not to panic; market soarsFinance Minister P Chidambaram promised more measures to infuse liquidity and advised investors not to act in haste or panic on MondaySource: Daily News & Analysis: Money News | 13 Oct 2008 | 11:31 am Govts bail out banks, UK wants new Bretton WoodsLONDON (Reuters) - Governments across the world moved on Monday to shore up tottering global banks with multi-billion dollar bailouts and Britain called for a new Bretton Woods agreement to reshape the world financial system.Source: Reuters: Money News | 13 Oct 2008 | 11:28 am Book Review: ‘A Fortunate Life’ by Robert VaughnRobert Vaughn’s new memoir, A Fortunate Life, is smart, smooth and slyly funny enough to have been written by Napoleon Solo. As baby boomers will remember, Solo was Vaughn’s best-known role, the title character of The Man From U.N.C.L.E., a hugely popular 1964-68 TV series that Vaughn describes as ”James Bond in your living room.” But Solo was just one of hundreds of roles Vaughn, 75, has played in a lifetime as an actor, a career during which he has portrayed everything from a teenage caveman to three U.S. presidents. A Fortunate Life begins with Vaughn’s memory of being taught to recite Hamlet’s soliloquy at age 4. He didn’t understand the sense of ”To be or not to be” as a tot. ”All I knew,” he writes, ”was that the words seemed to make people smile and applaud whenever I recited them.” His mother, Marcella, taught him the speech, declaring ”Now you are an actor” once he had memorized it. (Hamlet provides the chapter headings for this book.) Vaughn’s mother, father and stepfather were all professional actors, mostly in regional theaters and radio dramas. Vaughn spent a happy childhood largely with his maternal grandparents in Minneapolis, sometimes on the road wherever his parents’ jobs took them. That upbringing seemed to lead inevitably to an acting career. By his late teens, Vaughn was in Hollywood pursuing just that, both by studying acting at several colleges and by scrambling for as many roles as he could get, on stage, film and television. It was a successful strategy that led him to an Oscar nomination in 1959 for best supporting actor in The Young Philadelphians (which starred Paul Newman), a starring role in The Magnificent Seven in 1960 and the role of Napoleon Solo in 1964. Vaughn writes hilariously of how he became Solo he showed up horribly hung over for the interview and faked his way through it, scoring the role in a few minutes. The NBC spy series became a pop culture phenomenon: Vaughn and co-star David McCallum (now in the cast of CBS’s NCIS) got 70,000 fan letters a month and had to be escorted on their personal appearance tours by police motorcades to fend off hordes of screaming teenagers. When that rocket ride ended in 1968, Vaughn had other things on his mind. By then, he had become one of the first celebrities to speak out against the war in Vietnam. His political activism grew along with his close friendship with Robert Kennedy; at one point, the California Democratic Party urged Vaughn to run for office. Kennedy’s assassination in 1968 devastated Vaughn and haunts him still. He writes movingly of the somber train ride with the slain candidate’s coffin from New York to Washington, and one of the most startling revelations in A Fortunate Life has to do with unanswered questions about Kennedy’s death. Acting and politics take center stage in the book, but Vaughn has lots of celebrity dish to serve up, too. He dated Natalie Wood when she was 17, taught an acting class whose students included a young Jack Nicholson and enjoyed long friendships with James Coburn, Steve McQueen (his co-star in Bullitt) and many other famous names. Vaughn writes about his early Hollywood days with zest; it was a fantastic time to be a young, handsome, single, successful actor, and he appreciates his good fortune. He also writes with zest but discretion about his busy sex life. Vaughn is a scholar as well as a gentleman. During the same years he was playing Solo and many other roles, he earned a doctorate in communications from the University of Southern California. His dissertation on the Hollywood blacklist of the 1950s was published as a book, Only Victims, in 1972. His fondness for research shows in A Fortunate Life, which includes quick courses on the history of the Vietnam War, acting theory and a comparison of the teachings of Krishnamurti and Eric Hoffer. Vaughn is reticent about his family life in this memoir, mentioning his wife of 34 years and his two children only in passing. And the book focuses on the 1960s and ’70s, although he maintains an active acting career in recent years he has appeared often on various iterations of Law & Order, and he is currently starring as a genteel grifter in Hustle, a BBC series seen in this country on AMC. But the years he focuses on yield a rich trove of stories. Some are thrilling, like the saga of how he and fellow actors George Segal, Ben Gazzara and Bradford Dillman had to flee the Soviet invasion of Prague, where they were filming The Bridge at Remagen. Others are self-effacingly funny, like the tale of his role in Prehistoric World, a 1958 Roger Corman-directed B movie. Vaughn played a teenage caveman who, during a brief stroll through the wilds of Griffith Park, invents both the bow and the arrow. As Vaughn writes, ”You’ve got to see it to not believe it.” ©2008/THE NEW YORK TIMES Source: LatestNews-Home - Livemint.com | 13 Oct 2008 | 11:24 am P R Dasmunsi in critical conditionPTI New Delhi: Information and Broadcasting Minister Priyaranjan Dasmunsi is in a critical condition after suffering a heart attack and has been put on life support system at the All India Institute of Medical Sciences here. Dasmunsi, 62, suffered a cardiac arrest at around 11 pm last night and was admitted to the hospital soon after, the hospital said. A multi-discipline team of doctors, led by cardiologist Dr Rakesh Yadav, was treating him. “He had a complete left ventricular failure of the heart when he was admitted,” AIIMS Spokesperson Y K Gupta said. He is currently at the cardiac intensive care unit, doctors said, adding his vital organs are functioning normally but he was in a critical condition. The minister was taken to the hospital with severe breathlessness and lung congestion and was first taken to the casualty wing. After his condition stabilised, he was admitted to Coronary Care Unit (CCU). Source: LatestNews-Home - Livemint.com | 13 Oct 2008 | 11:21 am FM, global rally lift Sensex by 804 points - NDTV.com
Source: Google News India - Business | 13 Oct 2008 | 10:50 am ICICI Bank among soundest int\'l fin institutions: KV KamathICICI Bank fell 20% on Friday. KV Kamath, Chairman and CEO, ICICI Bank, said that ICICI Bank is very wellcapitalised at 150% of the requirement. He added that the bank is among the soundest financial institutions in the world.Source: Moneycontrol Top Headlines | 13 Oct 2008 | 9:35 am Morgan Stanley to alter terms for Mitsubishi UFJ infusionMorgan Stanley is in talks with Mitsubishi UFJ Financial Group Inc about altering the terms of the Japanese bank\'s pending USD 9 billion infusion into the Wall Street firm after its stock sank 60% last week.Source: Moneycontrol Top Headlines | 13 Oct 2008 | 9:10 am Panel set up to resolve 2G, 3G revenue segregation issueThe government has set up a sub-committee to resolve the 'problem' of second generation (2G) and third generation (3G) mobile services revenue segregation, Telecommunications Minister A. Raja said here Monday.Source: IndiaeNews.com: Business News | 13 Oct 2008 | 9:02 am Oil cos issue notice to airlines on aviation fuel duesFaced with a liquidity crunch, the public sector oil retailingcummarketing companies have asked domestic airlines to clear their dues for aviation turbine fuel (ATF) already purchased, failing which supplies will be suspended. Supplies are currently available on a credit basis.Source: Moneycontrol Top Headlines | 13 Oct 2008 | 8:49 am Chidambaram says regulators consulting on stepsNEW DELHI (Reuters) - Finance Minister Palaniappan Chidambaram said on Monday he was still consulting with the central bank and market regulator on further steps to calm conditions in financial markets, and was ready to act.Source: Reuters: Money News | 13 Oct 2008 | 8:13 am TCS, MEA sign deal for passport delivery projectNew Delhi: Country’s largest software exporter TCS on Monday signed a deal with the External Affairs Ministry for a project worth little over Rs1,000 crore for passport delivery service that would ensure citizens get the travel document in three days. The project will be spread over six years and TCS will implement end-to-end service of the programme, TCS CEO S Ramadorai said. The deal, which was finalised in the presence of Foreign Secretary Shiv Shankar Menon, will ensure that passports are delivered in three working days after police verification. Maintaining that TCS was in the silent period due to its upcoming second quarter results, Ramadorai said the company is maintaining a wait and watch policy during the current financial turmoil, but specific events or incidents like the present one can change the main focus the company. “We are witnessing the change happening,” Ramadorai said. TCS shares were trading at Rs586, up 12.05%. Source: Home - Livemint.com | 13 Oct 2008 | 8:07 am Expert panel on financial crisis to meet Monday afternoonAn expert panel under Finance Secretary Arun Ramanathan meets here later Monday to find solutions to help India weather the impact of the global financial storm that has sent stocks crashing and industrial growth dip to the lowest in a decade.Source: IndiaeNews.com: Business News | 13 Oct 2008 | 8:00 am Markets rally on global cues, Chidambaram pep talkAfter a week of utter mayhem, Indian equities markets were back in the green Monday following strong global cues as well as a pep talk from Finance Minister P. Chidambaram.Source: IndiaeNews.com: Business News | 13 Oct 2008 | 8:00 am Text of Chidambaram's statement on financial crisisFollowing is the text of Finance Minister P. Chidambaram's statement here Monday, minutes ahead of the opening bell for stock markets, that sent key indices soaring after the gloom last week:Source: IndiaeNews.com: Business News | 13 Oct 2008 | 7:33 am Geojit Financial looks at joint venture in OmanBrokerage house Geojit Financial Services will strengthen its Middle East operations by forming a joint venture in the Sultanate Of Oman, a top official said here.Source: IndiaeNews.com: Business News | 13 Oct 2008 | 7:32 am Aurobindo Pharma gets US FDA nod for Fluconazole tabletsPTI Mumbai: Aurobindo Pharma today said it has received US regulatory approval for manufacturing and marketing of Fluconazole tablets, used as an anti-fungal drug. In a filing to the Bombay Stock Exchange, Aurobindo Pharma said it has received approval from the US Food and Drug Administration (USFDA) for Fluconazole tablets, in strengths of 0.25, 0.5, 1, 2, 3 and 4 mg. Fluconazole is an anti-fungal drug used in the treatment and prevention of fungal infections. This approval takes the number of Abbreviated New Drug Application approval for Aurobindo Pharma to 81, it said. Last week, the company had received approval for Fluconazole tablets in 50, 100, 150 and 200 mg variants. Shares of Aurobindo Pharma were trading at Rs 195.50, up 0.26 per cent in afternoon trade on the BSE. Source: Home - Livemint.com | 13 Oct 2008 | 7:09 am Car sales up 2.84% in September, bike sales jump 15.22%PTI New Delhi: Defying odds, domestic car sales growth returned to positive path at 2.84% in September after two consecutive months of downhill drive, even as motorcycles continued to cruise with a 15.22% jump. According to the figures released by the Society of Indian Automobile Manufacturers (SIAM), domestic passenger car sales in September stood at 1,08,823 units as against 1,05,822 units in the same month last year, while that of motorcycles was at 6,32,369 units as against 5,48,816 units last year. “The numbers are actually better than what we expected considering the fact that there was the ‘shradh´ period during September, when customers postpone purchases,” SIAM Director General Dilip Chenoy said. He said increased domestic sales were a reflection of confidence returning back to the industry after the rough ride in the previous two months, however, adding it was premature to say the worse is behind. “For the full fiscal we would keep the growth projection to around 10-12% for passenger vehicles. Companies have increased production as compared to actual sales, which is a sign of confidence,” Chenoy said. During September, market leader Maruti Suzuki India had a marginal increase in sales at 56,501 units as against 56,322 units in the same month last year. Hyundai Motor India Ltd on the other hand, riding on the back of its new hatchback ‘i10´, managed an impressive growth of 23.98% at 22,307 units compared to 17,993 units in the same month last year, SIAM said. Tata Motors, however, dipped to 3.20% at 13,265 units, while the same stood at 13,704 units in September last year. General Motors sales also declined by 5.32% to 3,596 units from 3,798 units in the year-ago period. Source: Home - Livemint.com | 13 Oct 2008 | 6:52 am Update: Asia stocks rally on hopes for bank rescuesHong Kong: Asian stocks bounced 5% from a four-year low on Monday after policymakers around the world took increasingly bold steps to rescue the financial system, including guaranteeing bank desposits and taking stakes in banks. However, the yen stayed firm against the US dollar and gold also edged up, highlighting investor caution and an unwillingness to dive back into risk-taking just yet, especially with credit markets still barely functioning. Major European stock markets were expected to open as much as 5.3% higher, according to financial bookmakers, and US stock futures rose 4.9% after the US government said it would inject capital directly into financial institutions, and European leaders hatched a plan that included buying bank debt. Global equity markets were gutted last week, and investors even liquidated positions in safe havens like government bonds for cash, on dwindling hopes that anything could be done to keep the global economy from sliding into recession. Japan’s stock market plunged 24% last week, twice what it lost in the week of the 1987 crash, while US stocks dropped 18%, their biggest weekly decline ever. “Markets are hugely technically oversold and everyone is starved of good news, so it won’t take much to trigger a relief rally. But that’s unlikely to be the end of the story,” said Geoff Lewis, head of investment services for JF Asset Management in Hong Kong. “Until we see a return of risk appetite, it’s difficult to see how Asia can outperform in line with its relatively superior fundamentals,” said Lewis, who anticipated more pressure on banks from their consumer and commercial lending arms. The MSCI index of Asia-Pacific stocks outside Japan climbed 5% after slumping by more than a fifth last week to the lowest since December 2004. Australia’s benchmark S&P/ASX 200 index ended 5.6% higher, clawing back some of last week’s 16% decline, on a blanket guarantee of all bank deposits from the Australian government. Hong Kong’s Hang Seng index climbed 3.2% after losing 16.2% last week. China Mobile shares were the biggest boost to the index, and large bank stocks rallied after dipping earlier in the session. Japan’s markets and the US Treasury market were closed for holidays on Monday. Value, Caution Last week’s flight from global equity markets hit both developed and developing markets hard, and some money managers cautioned against wading back into emerging market assets. Jennifer Tay, Asia-Pacific head of portfolio counselling for Citi Private Bank, said she is urging clients to stay invested in defensive sectors like healthcare, utilities and infrastructure. “For the next few months, anything that is emerging markets oriented, they would have a further beating,” she said at a Reuters Wealth Management Summit in Singapore. Panic last week about the fate of the global financial system also ripped apart credit spreads and sent volatility soaring. Wall Street’s best known fear gauge, the Chicago Board Options Exchange Volatility index (VIX) roared to an all-time high of 76.94, having more than trebled in the last month. The spread of 3-month London interbank offered rates, used between some large banks, over the 3-month US Treasury bill yield widened to a record 459 basis points, after blowing out 359 bps in the last month. The spread is essential to proper functioning of lending markets as it indicates perceived counterparty risk over a so-called risk-free rate. The widespread measures announced over the weekend appear to have supported confidence among investors that policymakers will coordinate their efforts to stem the worst financial crisis since The Great Depression. However, the sort of rapid damage inflicted to the financial system and the radical measures being employed to mend it will likely have deep repercussions. Source: Home - Livemint.com | 13 Oct 2008 | 6:34 am Oil climbs $3 after dive, Europe moves raise hopePerth: Oil climbed more than $3 on Monday, recouping part of Friday’s 10% dive as European leaders took bolder steps to pull the banking sector out of crisis. Countries from Europe to Australia rushed out plans on Sunday to shore up their banks, trying to stem a crash in markets, while investment bank Goldman Sachs said the financial crisis had already done more damage than it expected to commodity demand, forcing it to dramatically cut price targets. US crude for November delivery rose $2.95 to $80.65 a barrel amid cautious enthusiasm over the latest efforts to stave off a global recession. News of capital raising by Barclays Capital and Royal Bank of Scotland also helped. Prices plunged nearly $9 on Friday to their lowest since 10 September, 2007, having dumped 17% over last week, the biggest one-week loss since the 2003 war in Iraq. London Brent crude rose $2.36 to $76.45 a barrel. “The announcements from over the weekend would have some positive effects on the markets, even though it’s still in very early days at this stage to say if they would put an end to the financial crisis,” said David Moore, a commodities analyst at the Commonwealth Bank of Australia. In Europe, government leaders agreed on commitments to provide capital for banks caught short of funds because of frozen money markets and to insure or buy into new debt issues, the latest in a series of bold measures. The US Federal Reserve will consider all options in seeking to stabilise credit markets in a period that may bring negative growth, Dallas Fed President Richard Fisher said. The news lifted Asian stock markets and US stock futures on Sunday after they had plunged more than 18% last week in their worst-ever weekly fall as panicked investors dumped stocks on fears the economy was headed irreversibly into recession. Slumping demand in the United States and other developed economies have sent oil prices off their July peak of above $147 a barrel, reached after surging consumption in emerging markets such as China sent commodities on a six-year rally. Goldman turns near-term bear Goldman Sachs, once one of the foremost bulls on commodities, turned a near-term bear on Monday after conceding that global financial turmoil would take a far bigger toll on demand, warning that $50 oil was possible if the crisis deepened. “We have underestimated the depth and duration of the global financial crisis and its implications on economic growth and commodity demand,” its commodity markets research team said. The bank cut its year-end US crude oil target to $70 a barrel, down from a previous forecast of $115 a barrel, and slashed its average 2009 forecast by a third to $86 a barrel. The price fall has caused some Opec members to call for a cut in production levels, and the cartel has agreed to hold an emergency meeting in Vienna on 18 November to discuss the impact of the global financial crisis on the oil market. Iran is set to push for a cut in oil output at an Opec emergency meeting in November, its oil minister said in comments published on Sunday, adding investment conditions in the oil industry would be severely hit unless Opec acted decisively to arrest the current fall in oil prices. But Saudi Arabia, the world’s biggest exporter and Opec’s most influential member, has shown no signs of taking pre-emptive action to stem the slide in prices, telling major Asian refiners that it will maintain crude oil shipments unchanged next month, according to notices sent to refiners. Source: Home - Livemint.com | 13 Oct 2008 | 6:30 am Fed approves Wells Fargo’s Wachovia buyWashington: The Federal Reserve on Sunday approved Wells Fargo’s $11.7 billion acquisition of Wachovia, removing the deal’s last major regulatory hurdle. The Fed’s move comes after federal antitrust regulators also moved swiftly to back San Francisco-based Wells Fargo’s deal to buy the Charlotte, North Carolina-based bank, approving it on Friday. Citigroup Inc. on Thursday walked away from its own efforts to buy Wachovia which was hit by a $5 billion run on deposits in late September after the failure of Washington Mutual Inc., according to court documents filed by Citigroup. In a brief statement on Sunday, the Fed said it approved Wells Fargo taking on Wachovia Corp. along with all its banking and other units. The Federal Trade Commission included the deal on a list of transactions released on Friday that received an “early termination” of their antitrust reviews. Wells Fargo & Co. has said it plans to complete the deal by the end of the fourth quarter. The acquisition still needs the approval of Wachovia shareholders. Citigroup initially agreed to buy Wachovia’s banking operations for $2.1 billion in a deal brokered by the Federal Deposit Insurance Corp. But four days later, Wells Fargo announced that Wachovia’s board had agreed to an $11.7 billion all-stock offer. Originally, the deal was valued at $15.1 billion, or $7 a share, but Wells Fargo stock has declined since it was announced. While Citigroup plans to seek $60 billion in damages for breach of contract, it has decided not to challenge the Wells Fargo-Wachovia deal in court. Source: Home - Livemint.com | 13 Oct 2008 | 6:13 am Geojit Financial to form JV in OmanReuters Mumbai: Geojit Financial Services Ltd said on Monday its board has approved forming a joint venture in the Sultanate of Oman in which it would invest Rs32 million. Geojit will hold 51% stake in the joint venture, with The Financial Corp Co. SAOJ, it said in a statement. The firm will offer investment services to the expatriate Indian population in Oman and help them invest in India and Saudi Arabia, Managing Director, C.J. George said. “There is no Indian player in Oman,” he said, adding Geojit earlier had a small setup in collaboration with a local firm where it managed the NRI desk of the firm.’ The JV, which would offer brokerage services and distribute financial products, would be operational in 2-3 months and would employ around 10 people, George said. “In this period of uncertanity, there is no point in starting off with a large setup, we will gradually increase,” he said. Separately, the company’s 58.27% drop in second-quarter profit was due to high employee costs, he said. Geojit, in which French bank BNP Paribas has a stake, reported a profit of Rs52.2 million in the second quarter against Rs125.1 million in the year-ago period. The consolidated revenue was Rs506.1 million against Rs510.3 million a year earlier. “Our revenues have been flat and the profits have been down due to high employee costs as some of the new branches were yet to reach full potential,” he said. Its average daily trading turnover has nearly halved from its peak to around 8 billion rupees now, George said. Shares in the company were trading 9.34% higher at Rs22.25 in a firm Mumbai market. Source: Home - Livemint.com | 13 Oct 2008 | 6:13 am British govt to take charge of 2 banks: ReportsLondon: The British government will on Monday announce plans to take controlling shares in HBOS and Royal Bank of Scotland (RBS), two of the banks worst affected by the global financial crisis, media reports said. Government representatives could be installed on their boards in a move so unprecedented that trading in banks on the London stock market could be suspended to allow traders to digest the news, newspapers reported. It would be the first implementation of a rescue package for banks announced last week, in which the government made available £50 billion ($87 billion) to inject cash into banks in return for shares. A banking source told four banks - RBS, HBOS, Lloyds TSB and Barclays - will announce before markets open on Monday that they are taking up the offer, leaving foreign-owned HSBC as the only fully-independent big high street bank. Finance minister Alistair Darling told the BBC on Sunday that he had spent the weekend in talks and would make an announcement “at the beginning of the week”, while Prime Minister Gordon Brown refused to comment on individual discussions. The banks also declined to comment, but reports said RBS and HBOS would be the first to accept an injection of government money. RBS, which has seen its shares plummet by about 80% since the credit crunch began, will opt to raise £20 billion this way, reports said, and could sacrifice its chief executive, Fred Goodwin, as part of the deal. HBOS is expected to raise between £10 and 12 billion, a re-capitalisation that could prompt a renegotiation of last month’s government-brokered agreement to merge with Lloyds TSB. Shareholders at Lloyds TSB - which itself is expected to raise about £5 billion through the government scheme - are reportedly concerned that, given the recent plunge in HBOS shares, the original price offered is too high. However, both Lloyds TSB and HBOS insisted on Sunday they were still in talks. Barclays is also reportedly under pressure to re-capitalise to ensure it can survive the financial crisis, and could raise up to nine billion pounds. The Times newspaper said Monday’s expected action marked the “most dramatic extension of state ownership in the British economy since the war”. “October 13, 2008, will go down in history as the day the capitalist system in Britain admitted defeat,” said the right-leaning Daily Telegraph. Re-capitalisation, which would effectively see the banks part-nationalised, was the most eye-catching feature of last week’s three-part rescue package. The plan also makes available £450 billion in cash for banks and guarantees, to encourage banks to start lending to each other again, a crucial function for the world economy. Reports said that discussions over the weekend focused on what strings would be attached to the money. It could see the government having extensive voting rights within the banks it bails out, and some change of management. Goodwin could be the first casualty, with many newspapers saying the RBS chief executive would likely quit Monday. Vince Cable, finance spokesman for the opposition Liberal Democrats, told the BBC Sunday that ministers may want to ensure “some of the top managers are removed who got the banks into this position in the first place”. The markets will be watching closely after the FTSE 100 in London plunged 21% during last week, its biggest weekly fall since the crash of 1987, with banking shares particularly hard-hit. Britain has already nationalised two smaller banks, Northern Rock and Bradford and Bingley, but Monday’s expected action would be extraordinary, particularly given that other world leaders may follow. Brown briefed leaders of the 15 eurozone countries on his plans at a meeting in Paris on Sunday. They then pledged to buy into banks to boost their finances and guarantee inter-bank lending, French President Nicolas Sarkozy said. They met after the Group of Seven leading democracies proposed an action plan at weekend meetings in Washington. Source: Home - Livemint.com | 13 Oct 2008 | 5:42 am Rupee gains after CRR cuts, cash rates easeMumbai: The Indian rupee rose and cash rates eased on Monday after a hefty cut by the central bank at the weekend in the amount of funds banks have to keep with it on deposit, which released about $12 billion into the banking system. The rupee and interbank interest rates had come under intense pressure on Friday due to a severe squeeze in the money markets, which sent cash rates up to a 19-month high of 23% and the rupee to record low of Rs49.30 per dollar. By overnight cash rates were quoting at about 9.50/10.00% compared with 15.50/16.50% at the close on Friday, just above the central bank’s main lending rate of 9%. “The CRR cut is slightly positive for the rupee and the stock market is also expected to pick up today,” said V. Kumar, chief dealer at State Bank of Travancore. The partially convertible rupee strengthened to Rs48.1150/1300 per dollar from Friday’s close of Rs48.38/43, with dealers saying improving liquidity conditions would allow the central bank to intervene by buying rupees to prop it up. At its record low, the rupee had fallen 20% so far this year, compared with a gain of more than 12% in 2007. The stock market, which fell 7.1% on Friday, was expected to open higher on Monday, lifted by gains elsewhere in Asia after regulators around the world took a slew of measures to shore up the ailing financial system. “There may be some short covering today after the sharp sell-off in the last few sessions, but nothing has changed in terms of sentiment and investors are still very nervous,” said independent consultant SP Tulsian. Shares in ICICI Bank will be watched after its chief executive said on Monday the No. 2 lender had enough cushion to absorb domestic and overseas shocks and that deposits with the bank were safe. ICICI shares plunged as much as 28% on Friday before ending down 19.7%. As a measure to ease tight liquidity, the central bank said on Friday it would make a deeper than planned cut in its cash reserve ratio (CRR) on Saturday, to release Rs600 billion into the system. Bond yields crept lower after the cash reserve cut kicked in with the 10-year bond yield at 7.755, compared with 7.79% at Friday’s close. Source: Home - Livemint.com | 13 Oct 2008 | 5:29 am Bumpy ride looms large on lack of confidenceThis week Dalal Street is unlikely to see emergence of any serious buying. The fear psychosis that has gripped the market would not let it happen. On the contrary, selling pressure may not abate until confidence is restored. A bounce back maySource: Business Line - Home Page | 13 Oct 2008 | 12:00 am Blue chips lose ‘weight’ in SensexThe pecking order of blue chips in the Sensex has undergone a change with some of the heavyweights losing their market capitalisation and weightage in the benchmark index in the last oneSource: Business Line - Home Page | 13 Oct 2008 | 12:00 am Vegoil price crash threatens Centre’s subsidised saleNew Delhi, Oct 12 The crash in open market vegetable oil prices, in line with international trends, is threatening the viability of the Centre’s newly launched scheme for subsidised sale of imported RBD palmolein and soybeanSource: Business Line - Home Page | 13 Oct 2008 | 12:00 am Oil cos issue notice to airlines on aviation fuel duesNew Delhi, Oct. 12 Faced with a liquidity crunch, the public sector oil retailing-cum-marketing companies have asked domestic airlines to clear their dues for aviation turbine fuel (ATF) already purchased, failing which supplies will beSource: Business Line - Home Page | 13 Oct 2008 | 12:00 am PSBs step in ‘cautiously’ as pvt banks trim vehicle lendingKolkata, Oct. 12 Public sector banks are planning to increase their vehicle finance portfolio in a ‘cautiously aggressive’ manner in order to fill the vacuum left by some private banks that have trimmed their exposure in this area,Source: Business Line - Home Page | 13 Oct 2008 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 13 Oct 2008 | 12:00 am ACC (Rs 541.50): SELLWe recommend a sell in ACC from a short-term trading perspective. It is clearly evident from the charts of ACC that it was on a medium-term uptrend from its July low of Rs 462 (a 52-week low) to early September high of Rs 659. However, subsequentlySource: Business Line - Home Page | 13 Oct 2008 | 12:00 am ‘Dropping load factors, a big concern’During his recent visit to India, the Chief Executive Officer and Director-General of the Geneva-based International Air Transport Association (IATA), Mr Giovanni Bisignani, met with mediapersons from a select groupSource: Business Line - Home Page | 13 Oct 2008 | 12:00 am Equity MFs look to trim their cash positionsRapidly tumbling stock prices and high volatility have prompted quite a few equity fund managers to stay on the sidelines of the market and hold sizeable cash positions in recent months. A rough calculation suggests that equity funds put togetherSource: Business Line - Home Page | 13 Oct 2008 | 12:00 am Will reservation moves bear fruit?In recent times, there has been considerable debate on reservation for OBCs in Central Universities, including the IITs. It has been reported that the HRD Ministry had issued as “Minutes” that the Standing Committee of the IIT CouncilSource: Business Line - Home Page | 13 Oct 2008 | 12:00 am Liquidity about to ease, says RBIThe tight liquidity conditions in the money markets will ease over the next 15 to 20 days, Reserve Bank of India Deputy Governor V Leeladhar said.Source: Business Standard | Front Page Headlines | 12 Oct 2008 | 7:03 pm Moody's, S also give clean chitICICI Bank today received a much-needed boost with global rating agencies Moody's and Standard & Poors (S&Ps) saying the banks overseas arms have no significant sub-primeSource: Business Standard | Front Page Headlines | 12 Oct 2008 | 7:00 pm ICICI books fine, RBI inspection showsThe Reserve Bank of India (RBI) has said its inspection of ICICI Bank and its UK subsidiary has not revealed anything to cause alarm.Source: Business Standard | Front Page Headlines | 12 Oct 2008 | 6:59 pm Indian banks have $1 bn exposure to five troubled institutionsMTM loss notional, small in relation to balance sheets, says RBI.Source: Business Standard | Front Page Headlines | 12 Oct 2008 | 6:56 pm Satyam denies reports of data theft, World Bank banHyderabad: Software services firm Satyam Computer Services Ltd questioned the validity of media reports that the company was banned by the World Bank from any future off-shoring of work for allegedly being involved in a data theft at the multilateral agency using spy software as part of its contractual work for the Bank.  Strong denial: Satyam’s chairman B. Ramalinga Raju. Fox News on Friday reported spy software was installed by the firm covertly. Jonathan Drake / Bloomberg “The story that claims Satyam was involved in an alleged security breach at the World Bank has no validity. Satyam takes this matter very seriously. We hold ourselves to the highest standards in the industry, and we take extraordinary care to develop secure networks and IT infrastructure for all our clients,” a statement released by the company on Sunday said. Based apparently on a leaked email from a senior technology manager at the World Bank, Fox News reported on Friday that following the forensic analysis of an alleged security breach of the Bank’s computer network, “investigators discovered that spy software was covertly installed on workstations inside the Bank’s Washington headquarters—allegedly by one or more contractors from Satyam, one of India’s largest IT companies”. The report also mentioned that Satyam’s five year contract, worth as much as $100 million (Rs487 crore), lapsed in September and was not renewed. While Satyam confirmed that the contract lapsed, it was not willing to disclose any further information regarding the contract as it was against the company policy of not disclosing contractual information. Following the Fox News story, a Bank spokesperson clarified that the “story is wrong and is riddled with falsehoods and errors. The story cites misinformation from unattributed sources and leaked emails that are taken out of context.” Source: Tech News - Livemint.com | 12 Oct 2008 | 4:43 pm
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