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Mamata threatens legal action against Ratan Tata - Economic Times
Source: Google News India - Business | 19 Oct 2008 | 2:57 pm Markets at a glance - Business Standard
Source: Google News India - Business | 19 Oct 2008 | 2:57 pm Market may break support at 3050 - Business Standard
Source: Google News India - Business | 19 Oct 2008 | 2:54 pm Some Gulf projects may stall on credit crunch - bankerRIYADH (Reuters) - Financing conditions for real estate projects are worsening, and some big projects will stall as the credit crunch hits the Gulf Arab region, a leading banker said on Sunday.Source: Reuters: Money News | 19 Oct 2008 | 2:18 pm China sees growth slowing but calls economy soundBEIJING (Reuters) - China's economy is on a sound footing despite the current global economic turmoil, although growth and tax revenues are slowing, state media on Sunday cited a Cabinet meeting as concluding.Source: Reuters: Money News | 19 Oct 2008 | 2:05 pm Exports keep Indian carmakers' sales tickingCarmakers in India could be struggling to keep sales at home in high growth trajectory, but they are taking heart from the fact that exports are soaringSource: Daily News & Analysis: Money News | 19 Oct 2008 | 1:38 pm Scotch whisky makers head for IndiaA team of the Scottish Whisky Association has left for India to host an event designed to strengthen ties between India and the whisky industry.Source: Daily News & Analysis: Money News | 19 Oct 2008 | 1:36 pm Ensure safety of Bihari students, Nitish tells Deshmukh - Hindu
Source: Google News India - Business | 19 Oct 2008 | 1:09 pm Dell expects strong growth in Middle EastDUBAI (Reuters) - Dell, the world's second biggest computer maker, expects strong growth in the Middle East, as more companies and consumers demand high-end technology on the back of economic growth, a top official said on Sunday.Source: Reuters: Money News | 19 Oct 2008 | 12:46 pm S.Korea joins global rescue, crisis summit plannedSINGAPORE/LONDON (Reuters) - South Korea joined efforts on Sunday to shore up banks and markets pummelled by the biggest economic crisis since the Great Depression which world leaders said called for a coordinated global response.Source: Reuters: Money News | 19 Oct 2008 | 12:36 pm Indian banks saying no to payment guarantee from foreign peers!Indian banks have stopped accepting payment guarantees for exporters from the foreign banks on fears of the letters of credit (loC) going bust.Source: Zee News : Business | 19 Oct 2008 | 12:33 pm S Korea announces $100 bn guarantees for banks!The South Korean government on Sunday announced a package of foreign currency payment guarantees for banks worth 100 billion dollars in an attempt to stabilise financial markets.Source: Zee News : Business | 19 Oct 2008 | 12:33 pm Ban, Sarkozy calls for swift initiative to tackle eco crisis!UN chief Ban Ki-moon and French President Nicolas Sarkozy have called for a swift and concerted global initiative to address the ongoing economic crisis to avoid its impact across the world, particularly on the poor.Source: Zee News : Business | 19 Oct 2008 | 12:33 pm Indian shares on US bourses defy global gloom, gain USD 7 bn!Even as the Indian markets took a beating this week, their counterparts listed on American bourses gained nearly seven billion dollars, defying the worldwide market gloom.Source: Zee News : Business | 19 Oct 2008 | 12:33 pm Net tax revenue to be higher than budget estimates: Report!Goldman Sachs expects the Indian Government`s net tax revenue to increase by 20 percent in the current fiscal, higher than the budget estimate of 17 per cent, due to the robust direct tax collection, despite slowdown in indirect tax figures.Source: Zee News : Business | 19 Oct 2008 | 12:33 pm DoT meeting on Oct 22 over 2G-3G revenue split issue!Department of Telecom will hold a meeting on October 22 to mull over the methodologies for splitting of 2G and 3G revenue.Source: Zee News : Business | 19 Oct 2008 | 12:33 pm OPEC`s chief wants `substantial` cut in oil output!OPEC should order a "substantial" cut in oil output at next week`s emergency meeting in Vienna, Algerian Energy Minister and current OPEC chief Chakib Khelil said on Saturday.Source: Zee News : Business | 19 Oct 2008 | 12:33 pm NBC Universal plans $500 million in cuts!A trade paper reports that NBC Universal plans to cut USD 500 million in spending next year to prepare for an expected continuation of the worldwide economic slowdown.Source: Zee News : Business | 19 Oct 2008 | 12:33 pm CEOs likely to get least salary hikes!Tough times call for tough measures. As India Inc tightens its belt, top executives are likely to feel the pinch, getting lesser salary hikes than mid and lower management employees.Source: Zee News : Business | 19 Oct 2008 | 12:33 pm FDI inflows to feel pinch of global financial turmoil: Nath!Foreign direct investment into the country India will feel the heat of the global financial turmoil, Commerce and Industry Minister Kamal Nath said on Sunday.Source: Zee News : Business | 19 Oct 2008 | 12:33 pm Kashmiri shawls get GI certificationWorld-famous Kashmiri Pashmina and Kani shawls are now protected against imitation thanks to the Geographical Indication (GI) certification that will also give a boost to the handicraft industry in Jammu and Kashmir.Source: IndiaeNews.com: Business News | 19 Oct 2008 | 12:30 pm Koor denies in talks to sell MA Inds stake to UPLJERUSALEM (Reuters) - Israeli holding company Koor Industries on Sunday denied it was in talks to sell a large stake of generic agrochemicals maker MA Industries for more than $1 billion.Source: Reuters: Money News | 19 Oct 2008 | 12:20 pm Recession hit US economy not good for the world - Economic Times
Source: Google News India - Business | 19 Oct 2008 | 12:16 pm Lankan troops closing in on Kilinochchi, smash “last major defence” of cityColombo: Sri Lankan troops pierced through the “last major defence” of the LTTE in the south of its stronghold of Kilinochchi, capturing 19 heavily fortified rebel bunkers despite “poisonous gas attacks” on them, the military said today. The army admitted suffering casualties in the intense fighting with the rebels near the LTTE political capital, but did not give any figure. “The Army’s 57 division troops pierced LTTE-built earth bund in Akkarayankulam, the LTTE’s last major defence in the south of Kilinochchi build-up yesterday,” the Defence Ministry said in a statement. “According to the available information, several soldiers made their ultimate sacrifice for the nation while many others suffered injuries during this battle. Many of the own casualties were due to booby traps,” it said. The military said troops captured a three-km stretch of the rebel defence line and captured 19 bunkers during their offensive. “Troops launched the offensives last morning with two main thrusts attacking the west and the east of the Akkarayankulam tank. Army infantryman moving from the west of the tank scored a major success against the LTTE with capture of two-km stretch on the earth bund and the 19 terror bunkers,” it said. Troops moving from east of Akkarayankulam tank had to slow down their advance at initial stages as the LTTE launched “poisonous gas attacks at them”, it said. Source: LatestNews-Home - Livemint.com | 19 Oct 2008 | 11:47 am Economic crisis: Britain to increase public spendingBritain will boost public spending in its attempt to overcome the looming recession facing the nation, Chancellor of Exchequer Alistair Darling has said.Source: Daily News & Analysis: Money News | 19 Oct 2008 | 11:45 am Obama strikes deep into McCain’s turf as election nearsFayetteville, North Carolina: Democrat Barack Obama on Sunday pursued his audacious hunt for votes in America’s conservative heartland after rallying monster crowds in the Republican “red” state of Missouri with a rousing call for change. Just over a fortnight before the 4 November election, the White House hopeful was to campaign in North Carolina — which last voted for a Democratic presidential contender in 1976 but is now a toss-up state. And Obama’s camp was hoping for a landmark endorsement as NBC prepared to air an interview on its Sunday politics show “Meet the Press” with former secretary of state Colin Powell, a Republican military grandee. For the liberal left, Powell was tarnished by his role in promoting the US invasion of Iraq. But it would be a stern slap to Republican John McCain’s candidacy if the former chairman of the joint chiefs of staff backed Obama. McCain, fighting a rearguard offensive as his poll numbers sag, insisted that Obama’s economic plan would “kill” job creation as the United States weathers its worst financial crisis in decades. “At least in Europe, the Socialist leaders who so admire my opponent are upfront about their objectives,” he said Saturday, as his campaign bombarded voters’ telephones with “robo-calls” portraying Obama as a closet radical. But the Democrat, who is riding high in national and state polls, was buoyed by the astonishing numbers he attracted on Saturday in Missouri, which voted for Republican president George W. Bush in the last two elections. The day’s first crowd in St Louis numbered at least 100,000 — Obama’s biggest yet in the United States. An evening rally in Kansas City, Missouri’s other big metropolis, attracted more than 75,000 supporters. The 47-year-old candidate bidding to be the nation’s first black president said the enormous turnouts were proof “the winds are blowing for change across America,” as he bids to flip red states into Democratic “blue.” “They’re blowing in Kansas, they’re blowing in Missouri, they’re blowing in North Carolina, they’re blowing in Virginia, they’re blowing in Ohio,” Obama said, reeling off a list of states that all backed Bush in 2004 and 2000. The Illinois senator was ahead of McCain by 50% to 42% in Saturday’s Gallup national tracking poll. In the Rasmussen tracking poll, the Democrat was up 50% to 45. But Obama reiterated his message of recent days that supporters should not get “cocky” as he headed to North Carolina and then Florida on Monday for a joint rally with his vanquished primary rival, Hillary Clinton. “Democrats have a way of snatching defeat from the jaws from victory,” he said. “We’ve got to keep running through that finish line.” At his own rallies in North Carolina and Virginia, another red state now very much in play, McCain Saturday once again invoked Ohio plumber Samuel “Joe” Wurzelbacher, a new hero to conservatives after challenging Obama on taxes. “Joe’s dream is to own a small business that will create jobs in his community, and the attacks on him are an attack on small businesses all over the country,” McCain said as a harsh media spotlight turns on Wurzelbacher. Joe the Plumber and low taxes have become McCain’s latest campaign motifs as the Arizona senator, 72, vies to resuscitate his flagging White House hopes on the final stretch to the election. McCain intensified an offensive in swing states over Obama’s ties to former 1960s radical William Ayers. He unleashed automated phone calls that also accused Obama of supporting the killing of babies born alive in abortions. McCain himself was undermined by robo-call smears when he was up against Bush for the Republican nomination in 2000, and even party colleagues such as Maine Senator Susan Collins say the tactic smacks of desperation this time. But the McCain campaign insisted the attack calls were rooted in fact and said the Democratic contender was hoodwinking voters over his past. For his part, Obama said Americans “can’t afford four more years like the last eight.” Source: LatestNews-Home - Livemint.com | 19 Oct 2008 | 11:31 am FIIs slash stake in 18 Sensex firms in Sept quarterForeign Institutional Investors have reduced their holdings by up to 3 per cent in 18 blue-chip firmsSource: Daily News & Analysis: Money News | 19 Oct 2008 | 10:52 am FIIs slash stake in 18 Sensex firms between during Q2Mumbai: Foreign Institutional Investors have reduced their holdings by up to 3% in 18 blue-chip firms on the 30-share benchmark Sensex in the September quarter this fiscal. FIIs reduced their stake in country’s leading private lender ICICI Bank to 36.44% at the end of September quarter from 38.85% in the previous quarter, according to latest shareholding information available on the bourses. FIIs, which have sold equities worth over 11 billion dollar so far this year on Indian bourses, reduced their holdings in 18 Sensex companies by up to 3% in the reviewed quarter. “FIIs are on selling spree on Indian bourses as they have to shore up funds for deploying in their home countries like the US and Europe, which are suffering from severe credit crunch and not because they do not believe in the Indian growth story,” an analyst from a leading brokerage firms said. Steel major Tata Steel, Jaiprakash Associates and ICICI Bank saw the FII holdings in their stocks reduce by over 2% in the September quarter. Tata Steel’s foreign institutional holdings reduced to 17.65% in the three months ended September from 19.8% in the first quarter this fiscal, while in Jaiprakash Associates their holding fell by 2.78% to 21.66% in the reviewed quarter. Meanwhile, in the same quarter, FIIs have increased their stakes marginally in eight Sensex companies including Maruti Suzuki, NTPC, Reliance Infrastructure, HDFC, state-run BHEL, Aditya Birla Group flagship Hindalco, realty major DLF and Larsen and Toubro. Source: LatestNews-Home - Livemint.com | 19 Oct 2008 | 10:32 am India's wage differential worrisome: ILO reportIndia witnessed a mere one per cent hike in wages against a five per cent growth in productivity during the last two decades to employeesSource: Daily News & Analysis: Money News | 19 Oct 2008 | 10:16 am Countdown for India’s first moon mission begins tomorrowBy PTI Bangalore/Chennai: The 52-hour countdown for Chandrayaan-1 -- India’s first unmanned moon mission -- will begin at Sriharikota spaceport early tomorrow for Wednesday’s historic launch. The integrated launch vehicle has already been moved into the second launch pad (umbilical tower) and launch rehearsals are underway, sources in India Space Research Organization (Isro)at Bangalore said. “All the preparatory work is going ion as per schedule and the formal countdown begins tomorrow morning at 0400 hrs,” Satish Dhawan Space Centre (SDSC) associate director, Dr M Y S Prasad told PTI at Chennai. SDSC officials said if the weather turns out to be good, the PSLV-C11 would take off from the second launch pad on 22October, at 0620 hrs. Chandrayaan-1 is the first spacecraft mission of Isro beyond Earth orbit. It would be followed by Chandrayaan-2 which features a lander and rover. India and Russia would jointly participate in this project. However, there might be a provision to accommodate payloads from other space agencies as happened in Chandrayaan-1. Studies are being conducted by Isro on sending unmanned spacecraft to planet Mars as well as to asteroids and comets. Through such programmes, Isro intends to undertake the exploration of space besides its primary mission of developing and utilzing space technology for the overall development of the country. Source: LatestNews-Home - Livemint.com | 19 Oct 2008 | 9:59 am Countdown for India’s first moon mission begins tomorrowBy PTI Bangalore/Chennai: The 52-hour countdown for Chandrayaan-1 -- India’s first unmanned moon mission -- will begin at Sriharikota spaceport early tomorrow for Wednesday’s historic launch. The integrated launch vehicle has already been moved into the second launch pad (umbilical tower) and launch rehearsals are underway, sources in India Space Research Organization (Isro)at Bangalore said. “All the preparatory work is going ion as per schedule and the formal countdown begins tomorrow morning at 0400 hrs,” Satish Dhawan Space Centre (SDSC) associate director, Dr M Y S Prasad told PTI at Chennai. SDSC officials said if the weather turns out to be good, the PSLV-C11 would take off from the second launch pad on 22October, at 0620 hrs. Chandrayaan-1 is the first spacecraft mission of Isro beyond Earth orbit. It would be followed by Chandrayaan-2 which features a lander and rover. India and Russia would jointly participate in this project. However, there might be a provision to accommodate payloads from other space agencies as happened in Chandrayaan-1. Studies are being conducted by Isro on sending unmanned spacecraft to planet Mars as well as to asteroids and comets. Through such programmes, Isro intends to undertake the exploration of space besides its primary mission of developing and utilzing space technology for the overall development of the country. Source: Tech News - Livemint.com | 19 Oct 2008 | 9:59 am Global economy in recession: Most fund managersSeven out of 10 fund managers believe the global economy has entered a phase of recession, says a survey.Source: Daily News & Analysis: Money News | 19 Oct 2008 | 9:53 am Delhi airport to get 30,000 smoke detectorsBy PTI New Delhi: Nearly 30,000 smoke detectors and sensors will be installed at the new terminals of the Indira Gandhi International Airport where a massive modernization plan is underway. These detectors, being purchased from a US-based company, would automatically send a signal to the fire control panel upon detecting smoke and thereafter to the alarm hooter prompting security officials to activate safety and evacuation operations. “The bids have been finalized for employing 30,000 smoke detectors and sensors for the Delhi airport. This will cost a few lakhs of rupees,” president, Fire and Safety Association of India, Arun Khazanchi told PTI. The alarm hooter and detectors at the Delhi airport, which is being currently spruced up to adhere to international standards, will alert people in the building, including air passengers and employees. “Fire safety has become an important and crucial aspect in airport modernization plans. Predominantly big players are involved in the business of ensuring fire secure environments,” Khazanchi said. Since 2002, the market for security and fire protection products has grown up by around 47%. Source: LatestNews-Home - Livemint.com | 19 Oct 2008 | 9:36 am Two killed, 17 injured as Metro rail bridge collapseBy PTI New Delhi: Two persons were killed and 17 injured when a portion of an underconstruction bridge of the Delhi Metro collapsed and fell on passing vehicles, including a bus, here today.  Metro mishap: A portion of an underconstruction bridge of the Delhi Metro collapsed early this morning, killing 2 and injuring 17 people. Photo: Ramesh Pathania / Mint The incident took place on Vikas Marg in east Delhi’s Lakshmi Nagar locality at about 7:05 am when workers were lifting a 400-tonne concrete span of the bridge with the help of a crane. The launching system developed some mechanical fault leading to the collapse of the 34-metre-long span which fell on a blueline bus, crushing the driver Surender Kumar to death, a senior police officer said. Two trailers, which were being used for launching the span, and two cars were also damaged in the accident which blocked the two-way traffic on Vikas Marg. “It is a big shock to us. We are taking it seriously and we are for an independent high-level inquiry into the incident,” Delhi Metro spokesperson Anuj Dayal told reporters. According to Dayal, a 28-year-old bus driver and 25-year-old Chotte Lal, a labourer were among those killed. Seven of the injured were rushed to Lok Nayak Jai Prakash hospital while two others are being treated at the Hedgewar hospital at Karkadooma. “I was sleeping and woke up hearing a huge sound. I thought it was an earthquake and rushed outside only to see the bus under the debris,” said Anand Kumar, who lives near the accident site. Delhi Metro announced a compensation of Rs5 lakh for the family of the deceased, Surender Kumar, and Rs50,000 for the injured, besides medical treatment. Source: Home - Livemint.com | 19 Oct 2008 | 8:53 am Bankers expect more policy measures to boost growth - Hindu Business Line
Source: Google News India - Business | 19 Oct 2008 | 8:42 am On Srinagar's 'freedom road', a hot favourite pizza outletWalls awash in colour, wacky posters, anti-skidding ceramic floors, upholstered furniture and uninterrupted pop music. The first pizza outlet in Srinagar offers all this - with a dash of 'freedom'.Source: IndiaeNews.com: Business News | 19 Oct 2008 | 8:33 am Costly firecrakers may dampen Diwali in BangaloreWith firecrackers priced around 40 percent higher than last year, the sound and sparkle of Diwali may be missing here this time, both traders and customers fear.Source: IndiaeNews.com: Business News | 19 Oct 2008 | 8:31 am SKorea announces $00 bn guarantee for banksBy AFP Seoul: South Korea has announced a government guarantee of up to $100 billion on foreign borrowing by its banks in a bold move to stabilize turbulent financial markets. Separately, it will supply $30 billion from foreign reserves as soon as possible to local banks and exporters to ease a dollar shortage. The Strategy and Finance Ministry said in a joint statement with the central bank and the regulatory Financial Services Commission that the measures were in line with global efforts to fight the international credit crisis. “As other major economies start providing guarantees to interbank loans, the Korean government will take similar measures to avoid placing domestic banks at a comparative disadvantage in terms of overseas funding and to allay fears in the financial markets,” the statement said. The package includes a three-year government guarantee for interbank foreign currency loans, the additional liquidity supply by the central bank to the banking sector, tax incentives and other measures. “When Korean banks or their overseas branches take on external debt from 20October to 30June, 2009, the government will offer guarantees to the debt for three years,” the statement said. Despite foreign reserves of almost $240 billion, South Korea was seen as vulnerable to the current turmoil because of a surge in short-term foreign borrowing by its banks in the past year as US interest rates fell. The global credit crunch was complicating efforts to roll over those loans, causing a scramble for dollars and a plunge in the won’s value. As of Friday the won had fallen some 40% against the dollar this year, making it Asia’s worst-performing major currency. The government said it would provide tax incentives for long-term holdings for funds, to stabilize the stock market and asset management companies. It said it would also invest $750 million in the state Industrial Bank of Korea to support cash-strapped small businesses. But the statement said Asia’s fourth-largest economy remains in good shape. Source: LatestNews-Home - Livemint.com | 19 Oct 2008 | 8:29 am Uttar Pradesh ups minimum sugarcane price by 12% Reuters Lucknow: India’s northern state of Uttar Pradesh has raised the minimum price for sugarcane by 12%, to be paid to farmers in the year ending September 2009, the state chief minister said late on Saturday. The government asked sugar mills to pay Rs140 per 100 kg of sugarcane procured by farmers in 2008-09. Uttar Pradesh is the country’s second largest sugar producer, behind Maharashtra and the minimum price for cane has been a contentious issue between the state and private millers, who procure and crush the cane to produce sugar. The minimum price last year was fixed at Rs125 per 100 kg, which millers are currently contesting in courts.“We have revised the sugarcane purchase price for all sugar mills in the state from Rs125 to Rs140 per quintal,” state chief minister Mayawati said at a press conference. “The fixation of price was done after an exhaustive study of various factors and in consultation with all the parties involved,” she added. This is for the first time that all stakeholders including farmers, millers and industry experts commonly agreed upon a price, state chief secretary Atul Gupta told Reuters. Source: LatestNews-Home - Livemint.com | 19 Oct 2008 | 8:06 am Nissan to launch next generation small car by 2010 - Livemint
Source: Google News India - Business | 19 Oct 2008 | 7:42 am Uttar Pradesh ups minimum sugarcane price by 12 pctLUCKNOW (Reuters) - Uttar Pradesh has raised the minimum price for sugarcane by 12 percent, to be paid to farmers in the year ending September 2009, Chief Minister Mayawati said late on Saturday.Source: Reuters: Money News | 19 Oct 2008 | 7:42 am DoT may charge more for extra spectrum in metrosBy PTI New Delhi: Department of Telecom is likely to impose higher one-time fee for operators seeking above 6.2-MHz spectrum in metros and Category A circles. Senior DoT officials said any licencee seeking additional spectrum beyond 6.2 MHz in existing 2G bands will have to pay extra per mega hertz charge in Delhi, Mumbai and Category A circles than those in Chennai, Kolkata, and B and C category circles. While the charge is being worked upon at present, sources said it would be not less than Rs150 crore per mega hertz in Delhi, Mumbai and A circles. DoT is facing flak from the finance ministry, which has accused that it is giving spectrum at throwaway price to new operators. Whatever the fee, the proposal of fee for spectrum beyond 6.2 MHz may again put the government on the edge of controversy. The one-time fee will be accompanied by 1% annual usage charge, sources said. Finance Ministry has already communicated to DoT to charge Rs375 crore per MHz as additional fee. But sources said DoT may not charge that high, as operators, who would qualify to get over 6.2 MHz of spectrum, may find applying for a fresh all-India licence cheaper at Rs1,651 crore than to apply for extra spectrum. Source: LatestNews-Home - Livemint.com | 19 Oct 2008 | 7:41 am DoT may charge more for extra spectrum in metrosBy PTI New Delhi: Department of Telecom is likely to impose higher one-time fee for operators seeking above 6.2-MHz spectrum in metros and Category A circles. Senior DoT officials said any licencee seeking additional spectrum beyond 6.2 MHz in existing 2G bands will have to pay extra per mega hertz charge in Delhi, Mumbai and Category A circles than those in Chennai, Kolkata, and B and C category circles. While the charge is being worked upon at present, sources said it would be not less than Rs150 crore per mega hertz in Delhi, Mumbai and A circles. DoT is facing flak from the finance ministry, which has accused that it is giving spectrum at throwaway price to new operators. Whatever the fee, the proposal of fee for spectrum beyond 6.2 MHz may again put the government on the edge of controversy. The one-time fee will be accompanied by 1% annual usage charge, sources said. Finance Ministry has already communicated to DoT to charge Rs375 crore per MHz as additional fee. But sources said DoT may not charge that high, as operators, who would qualify to get over 6.2 MHz of spectrum, may find applying for a fresh all-India licence cheaper at Rs1,651 crore than to apply for extra spectrum. Source: Tech News - Livemint.com | 19 Oct 2008 | 7:41 am Top 10 cos lose Rs 94kcr in a week; SBI defies trend - Economic Times
Source: Google News India - Business | 19 Oct 2008 | 7:39 am Seven-phased polls for Jammu and KashmirNew Delhi: Resolving differences within the three-member body, the Election Commission today announced a seven-phased election in Jammu and Kashmir beginning 17 November to 24 December, saying it has taken a “risk” on the issue of participation of political parties in the exercise. Announcing the poll schedule, chief election commissioner N Gopalaswami said that the snow-bound Leh and Kargil regions would go polls in the initial two phases. Against the backdrop of parties and outfits in the Kashmir Valley expressing themselves against polls at this juncture, the CEC said the Commission has taken a “risk”. This was in apparent reference to political parties in Kashmir like the PDP which said no to polls and another mainstream party, National Conference which gave its nod after having voiced initial reservation. On the issue of lack of consensus among the political parties, he said “first you need to ask if political parties are ready. We are not conducting election in a vacuum. To start with there were one no, one yes and one yes-no. After that one no became one yes. So we have two yes and we have taken a risk”. To another question whether there was a difference of opinion among the three Commission members on holding polls to the assembly with 87 seats, the CEC said “various issues need to be considered. So each one presents his views which he considers the best. There are three election commissioners and at least there may be three opinions”. Source: LatestNews-Home - Livemint.com | 19 Oct 2008 | 7:26 am Top 10 firms lose Rs94,000 crore in market capMumbai: With stock markets continuing their downslide, the country’s elite club of most valued firms lost over Rs94,000 crore in a week, though SBI defied the trend and added nearly Rs4,000 crore to its market capitalization. The combined market capitalization of the country’s top 10 firms saw an erosion of Rs94,448 crore in the past week, dropping to Rs10,44,245 crore at the end of trading on Friday last week from the previous week’s Rs11,38,734 crore. However, the country’s largest lender State Bank of India defied the losing trend and gained Rs3,923 crore to Rs89,768 crore. Last week witnessed banking stocks mostly trading in the negative territory, while SBI outperformed its peers and managed to increase its market capitalization. Analysts believe SBI’s strong fundamentals have resulted in better performance of its shares amid bearish market conditions. The largest private sector lender ICICI Bank, which slipped from the top-20 club last week and lost its position to HDFC Bank, has regained its position. While ICICI Bank’s market capitalization rose to Rs43,606 crore last week from Rs40,532 crore previously, HDFC Bank’s valuation took a marginal dip to Rs43,533.39 crore. India’s most valued firm Reliance Industries suffered the highest fall in its market capitalization of Rs34,898 crore during the past week. However, the Mukesh Ambani-led firm retained its numero-uno position with a valuation of Rs2,05,418 crore. Besides, the elite club of top-10 firms, comprising four private sector and six public sector entities, witnessed a shuffle in their rankings, with telecom major Bharti Airtel regaining the third slot from PSU firm NTPC, while ITC moved ahead of BHEL to grab the ninth rank. State-run ONGC witnessed a drop of Rs 29,933 crore last week falling to Rs1,65,954 crore at the end of trade on Friday last week. Also, power utility NTPC lost over Rs 13,000 crore in its market cap to Rs 1,23,475 crore, while MMTC lost Rs4,190 crore. Source: Home - Livemint.com | 19 Oct 2008 | 7:23 am Nissan to launch next generation small car by 2010By PTI Chennai: Japanese auto-major Nissan Motor has proposed to venture into the entry level automatic passenger car market by launching the small next generation car named ‘March´ by 2010. “It will be launched in the ‘A´ segment category in India and will have 80% of localization,” Nissan Motor India managing director Shouhei Kimura told PTI. The car which will be one of the nine Nissan models will compete with other brands in the ‘A’ category and it would be manufactured from the company’s plant situated at Oragadam, Kimura said. On the signing of an MOU with Ennore Port, from where Nissan would be exporting around 110,000 units by 2011, Kimura said exports would include this new model which would be built on Nissan’s new platform. Since Ennore Port sanctioned 1,40,000 sqmt of land for exports, the company would export this car from here as well, Kimura said. He said the development of a ´A’ platform is one of various initiatives taken as part of Nissan GT 2012, the company’s new five year business plan. Source: Home - Livemint.com | 19 Oct 2008 | 7:19 am Wadhawan Retail to invest Rs500 cr by 2013By PTI New Delhi: Mumbai-based retail food and grocery player Wadhawan Food Retail (WFRL) plans to invest Rs1,500 crore over the next four years to set up 1,300 stores across the country, The retail chain, which runs stores under four branded formats -- ‘Spinach´, ‘Sabka Bazaar´, ‘The Home Store´ and ‘Smart Retail´ -- currently has 200 stores. “Our expansion plan would cater to all the brands and we are looking at having a total of 1,500 stores by 2012-13,” Wadhawan Food Retail managing director Ashok Bhasin told PTI. He said the company is looking for a daily average footfall of 15 lakh in its stores once the expansion is over. “We have currently an average footfall of around one lakh across all our stores. We are looking at increasing our footfall by 15 times over the existing figure when all our additional 1,300 planned stores are in place,” Bhasin added. WFRL began its food and grocery retail operations in 2005 with the ‘Spinach´ and ‘Smart Retail´ brands, and subsequently acquired the Sabka Bazaar and The Home Store brands. It also runs a non-store format direct-to-home delivery business ‘Sangam Direct´ which the company acquired from Unilever India. Asked about the funding of the investments, he said it would be through debt and internal accruals. Bhasin said the company would continue to position its stores as neighbourhood stores. Source: Home - Livemint.com | 19 Oct 2008 | 7:05 am Dubai-based Splash to invest Rs75 cr, open 15 stores in IndiaBy PTI Kolkata: Dubai-based high street fashion brand Splash, part of the Landmark Group, will open 15 stores in India by 2010 with an investment of around Rs75 crore. “We have just opened our first store in Hyderabad and the next will come up in Bangalore by the end of the year. We plan to have 15 stores in India by 2010.” Splash CEO Raza Beig told PTI. Each store is expected to bring Rs12-15 crore revenue in a year. The 15,000 sq ft area allocated to each store is likely to cost around Rs5 crore. The group is not planning to bring in any partner for this venture. The stores would house fashional apparel and accessories to suit a customer’s lifestyle and cater to the middle and upper middle segments of the market, Beig said. Apart from local sourcing, bulk of the merchandise would comprise of imports from China, UK, Turkey and Bangladesh. “We are not planning to put up any manufacturing base in India as of now. Up to 60% of the apparel will be sourced from China,” he said. Since opening its first store in Dubai in 1993, Splash has a presence in seven countries with 78 stores. Source: Home - Livemint.com | 19 Oct 2008 | 6:47 am India may pip Pakistan in beef consumption: USDABy PTI New Delhi: People in India are likely to eat more beef and veal (meat of calves) in 2009 as compared to Pakistan, according to findings released in the latest US Department of Agriculture (USDA) report on ‘Livestock and poultry: World markets and trade’. India’s demand for beef and veal is expected to be about 65% more than Pakistan at 1.9 million tonnes in the coming year. Veal is the meat of calves (young cattle). People in Pakistan are projected to consume 1.1 million tonnes of beef and veal. The USDA report added that buffalo meat consumption is likely to rise by 7% in India and by just 2.28% in Pakistan. Buffalo meat consumption in India is rising as there is no religious taboo on it compared with cow beef and pork consumption. Meanwhile, production of India’s beef and veal is expected to increase by over two-fold of Pakistan at 3.1 MT in 2009. USDA data indicates that production in India is increasing on an average by 1-2 lakh tonnes year-on-year and is expected to ascend a healthy 5% to nearly 2.8 million tonnes in 2009. On exports front, it said, “India’s exports are foreseen to remain firm at 8.1 lakh tonnes, the bulk of the expansion is driven by increasing domestic consumption”. Moreover, demand for buffalo meat is gradually growing in export markets due to its price competitiveness, perceived organic nature, and proportionally less fat. European Union, Brazil and China have the maximum number of beef eaters. Source: Home - Livemint.com | 19 Oct 2008 | 6:36 am Rate cut: Banks to wait till RBI decision on interest ratesMumbai: Bankers have said they would wait till the monetary policy is declared to take a call on lending rate cuts, despite the RBI announcing a hefty 2.5% reduction in cash reserve ratio (CRR), injecting Rs1,00,000 crore into the banking system. Though leading public sector lender, Punjab National Bank announced a 0.5% cut in its home, auto and education loan rates after the CRR cut, several other banks said they would wait till the 24 October monetary policy before taking any decision. The Reserve Bank is widely expected to cut key short term rates, apart from further reduction in CRR in the mid- term policy review and banks therefore do not want to rush into the matter. “The liquidity conditions have eased following the measures from the central bank..however, we need to wait some more time before taking any decision on interest rates,” IDBI Bank chairman and managing director Yogesh Agarwal told PTI here. In a high interest rate scenario, many banks had also stopped giving loans below the prime lending rates even to high-rated corporates. If the central bank continues to infuse more liquidity in the system by way of a repo rate cut or allowing banks to borrow more through the LAF window, banks may look at re-opening the sub-PLR loan channel to corporates over the next two weeks, Kotak Mahindra Bank head of retail liabilities K V S Manian said. Source: Home - Livemint.com | 19 Oct 2008 | 6:34 am Bush plans to host a summit of world leadersBy AP Maryland: President George W. Bush, who is being pressed by European leaders to sign on to global financial market reform, will host a summit of nations in the near future to discuss the economic crisis that has shaken markets around the world, a senior administration official said Saturday. Word of the impending announcement came at the presidential retreat in Camp David where European leaders are lobbying Bush to hold a summit by the end of the year. The summit will focus on ideas to prevent a crisis from recurring and to preserve the free market system, said the Bush administration official, who spoke on condition of anonymity because the announcement has not yet been made. Bush is not expected to announce a date or site for the event. French President Nicolas Sarkozy and European Commission President Jose Manual Barroso are trying to convince Bush that now is a good opportunity to tighten and better coordinate control of the financial markets, in response to the credit crisis. The president has backed the steps European nations have taken to stem the downturn, and wants the summit to include the Group of Eight industrialized powers plus other emerging economies like China and India. The White House says Bush, who has just three months left in office, wants to listen to a broad range of ideas, not just from Europe, but from Asia and developing countries. But the US has not signed on to the more ambitious, broad-stroke revisions that some European leaders like Sarkozy have in mind for the world financial system. And with only three months left in office, reforming the global financial system likely will fall to his successor. It is unclear if the summit will be before or after the US presidential election and whether the candidates, their representatives or the winner would attend. Sarkozy and Barroso were stopping at Camp David to meet with Bush on their way home from a summit of French-speaking nations in Quebec City, Canada. On the sidelines of the Francophone summit, UN Secretary General Ban Ki-moon met with Sarkozy and offered to host an emergency expanded G8 summit at the United Nations headquarters to discuss the global financial crisis. Ban issued a statement backing Sarkozy’s appeal to act aggressively and collectively to address the economic meltdown at a summit of the world’s most influential nations by December. Source: Home - Livemint.com | 19 Oct 2008 | 6:15 am Hindujas upbeat on India, plan investments in nuclear powerLondon: Confident that India can withstand the current global economic downturn, the Hinduja group today said that they were widening the scope of their investments in India to include nuclear power plants in collaboration with foreign partners. Group chairman S P Hinduja said here that the economic strength of India or any other country should not not be measured by the performance of its stock markets. “The Indian stock market is undergoing a correction which would not impact on the solid economic foundation of the country. India’s potentiality, the market size, investment opportunities it offers and the talent and skill of its people remain undiminished,” he said in an interview. “In fact, this is the time to avail of investment opportunities in India. We are confident that prime minister Manmohan Singh, the architect of free market economy, and finance minister P Chidambaram will continue the reform process so that investors face no no hurdles,” he said. Besides continuing its investments worth several billion dollars in 10 core sectors such as infrastructure, power, finance and banking, healthcare and automotive industry, the Hinduja group was now now looking at investing in nuclear power plants against the backdrop of the Indo-US nuclear deal. The group was in discussion with potential partners in nuclear energy, Hinduja said but declined to give further details. The Hinduja group sees business opportunities worth at least one trillion dollars in infrastructure in semi-urban areas, Hinduja said. Speaking of the size of the Indian market, Hinduja said with a population exceeding 1.2 billion, India could be the leader of the world’s consumer market if it develops 400 to 500 million consumers. While hailing the liberalization process in India, he said that the government needs to open the market another 35 -40%. That could enable it to overtake the world leader, the USA, which has a market of 240 million customers. Hinduja had little doubt that the Indian economy could withstand the current global problems because it had the potential of consuming four times what it produced and developed. The size of the middle class and the upper middle class with high networth was increasing. “There was no no need for anyone in India to panic about the current situation. The paper value may have dropped but the demand and the potentiality of India continues to be solid,” he said. Source: Home - Livemint.com | 19 Oct 2008 | 6:12 am Debit cards in India to touch 169 mn by 2010: reportPTI New Delhi: Driven by technological changes and growing internet access among consumers, the volume of payment cards in the country is projected to touch 210 million in the next two years, with debit cards accounting for more than half of the total. The debit cards in circulation are expected to touch 169 million by 2010, consultancy firm Celent said in a report. However, Celent said in terms of transaction value, credit cards would emerge on top as people would use the same for purchases and bill payments. Currently, the country has about 130 million payment cards including debit and credit, in circulation. As of now, the Indian card market consists 27.5 million credit cards worth $14.5 billion. The report titled ‘Payments in India Going the e-Way´ noted that credit cards would overtake debit cards by value of transactions, because customers would continue to use credit cards for purchases and bill payments. A majority of credit card purchases come from shopping, jewellery, dining and traveling, which contribute nearly 70% of credit card payments. Fiscal year 2008 saw as much as 288 million transactions being processed through card payments. According to Celent, technology changes, growing internet access and mobile subscriber base, rising consumer confidence, and convenient delivery payment models are the prime factors for the growth in e-payments. Source: Home - Livemint.com | 19 Oct 2008 | 6:07 am Indian whale sharks to be on satellite trackingBy PTI New Delhi: In a first of its kind initiative, whale sharks found along the Gujarat coast will be put on satellite monitoring which will help scientists to understand their migratory patterns and other data of the fish. Experts from Wildlife Trust of India (WTI) will start a monitoring project in which a small tag will be implanted on the dorsal fin of the fish. The tag via satellite will provide crucial information about the migration, breeding, water temperature and deep movement among other parameters of the fish and its habitat. Although satellite monitoring has been used for sea turtle and some other marine species in India, it will be used for the first time for whale sharks in the country. There is very little knowledge at global level about the largest fish, also known as “gentle giant of the sea”. The fish was discovered in 1868 and since then global efforts are on to reveal its mysterious life. The International Union for Conservation of Nature (IUCN) has listed the species as endangered. “We do not have any population specific data about the species. One of the greatest constraints of the conservation of the fish is poor knowledge about the life and biological parametres such as growth, reproduction, distribution and movement,” coordinator of the project Dhiresh Joshi told PTI. The information gathered from tracking of this fish will give vital clues about its breeding and migratory pattern. The data will help in designing conservation projects for the endangered fish which is killed for meat, liver oils, fins, frozen meat that are in huge demand in the south Asian countries. Source: Tech News - Livemint.com | 19 Oct 2008 | 6:05 am Indian whale sharks to be on satellite trackingBy PTI New Delhi: In a first of its kind initiative, whale sharks found along the Gujarat coast will be put on satellite monitoring which will help scientists to understand their migratory patterns and other data of the fish. Experts from Wildlife Trust of India (WTI) will start a monitoring project in which a small tag will be implanted on the dorsal fin of the fish. The tag via satellite will provide crucial information about the migration, breeding, water temperature and deep movement among other parameters of the fish and its habitat. Although satellite monitoring has been used for sea turtle and some other marine species in India, it will be used for the first time for whale sharks in the country. There is very little knowledge at global level about the largest fish, also known as “gentle giant of the sea”. The fish was discovered in 1868 and since then global efforts are on to reveal its mysterious life. The International Union for Conservation of Nature (IUCN) has listed the species as endangered. “We do not have any population specific data about the species. One of the greatest constraints of the conservation of the fish is poor knowledge about the life and biological parametres such as growth, reproduction, distribution and movement,” coordinator of the project Dhiresh Joshi told PTI. The information gathered from tracking of this fish will give vital clues about its breeding and migratory pattern. The data will help in designing conservation projects for the endangered fish which is killed for meat, liver oils, fins, frozen meat that are in huge demand in the south Asian countries. Source: LatestNews-Home - Livemint.com | 19 Oct 2008 | 6:05 am Satyam Q2 Net Profit Leaps 42% - TopNews
Source: Google News India - Business | 19 Oct 2008 | 4:57 am India’s central bank staff to strike - Financial Times
Source: Google News India - Business | 19 Oct 2008 | 4:53 am Bush sets financial summit, more to comeWASHINGTON (Reuters) - U.S. President George W. Bush announced on Saturday he would host the first in a proposed series of global summits on the financial crisis as the world grapples with the biggest economic debacle since the Great Depression.Source: Reuters: Money News | 19 Oct 2008 | 3:04 am India will move up to 4th place in investment league: KPMG studyBangalore, Oct. 18 India might perceive the current global economic turmoil as a dampener in its march towards a stronger economy, but a report prepared by KPMG for the Confederation of Indian Industry highlighted an interesting perception thatSource: Business Line - Home Page | 19 Oct 2008 | 12:00 am Let Reliance pay us difference in gas price, RNRL tells courtMumbai, Oct. 18 The Anil Ambani Group company Reliance Natural Resources Ltd (RNRL) has asked Reliance Industries Ltd to pay RNRL the difference between the price at which RIL will sell gas to other buyers and $2.34 per mmbtu (million BritishSource: Business Line - Home Page | 19 Oct 2008 | 12:00 am UltraTech posts 12% fall in net profitMumbai, Oct. 18 Signalling a slowdown in earnings of cement companies in the days to come, UltraTech Cement Ltd, an Aditya Birla Group company, recorded a 12 per cent drop in net profit at Rs 164 crore in the second quarter ended September 30,Source: Business Line - Home Page | 19 Oct 2008 | 12:00 am WorldSpace files for bankruptcy in USChennai, Oct. 18 Digital satellite radio broadcasting company, WorldSpace Inc, has filed for bankruptcy protection in a US court after failing to obtain new financing.Source: Business Line - Home Page | 19 Oct 2008 | 12:00 am Depreciation, tax nibble away Indian Bank’s profitsChennai, Oct. 18 A 47 per cent growth in advances helped Indian Bank turn in an operating profit of Rs 532 crore for the quarter ended September – 55 per cent more than in the corresponding quarter of last year.Source: Business Line - Home Page | 19 Oct 2008 | 12:00 am ‘Flight to safety’ sparked rupee fallBL Research Bureau One surprising sidelight to the recent market mayhem is the sharp depreciation in the rupee relative to the dollar, with the domestic currency sliding by 14 per cent in a short span of three months.Source: Business Line - Home Page | 19 Oct 2008 | 12:00 am Weekly News Round-upJet Airways announced on Wednesday that it planned to terminate the services of 1,100 more employees. The airline announced that 800 flight attendant probationers had been told to leave. Mr Wolfgang Prock Schauer, Chief Executive of Jet Airways,Source: Business Line - Home Page | 19 Oct 2008 | 12:00 am Banks cut rates on loans as part of ‘festive offer’Mumbai, Oct. 18 Despite banks talking about acute fund crunch, some of them are offering festive discounts on loan products.Source: Business Line - Home Page | 19 Oct 2008 | 12:00 am Opec may decide to cut output next weekThe Organization of Petroleum Exporting Countries (Opec) will probably agree to reduce oil output at its meeting next week, Venezuelan Finance Minister Ali Rodriguez said.Source: Business Standard | Front Page Headlines | 18 Oct 2008 | 7:13 pm IMF probes MD in alleged affairInternational Monetary Fund chief Dominique Strauss-Kahn is under investigation as to whether he abused his position by engaging in a sexual relationship with a subordinate, the Wall Street JournalSource: Business Standard | Front Page Headlines | 18 Oct 2008 | 7:12 pm Inflation hope floats as crude oil dropsThe decision by the Union government and the Reserve Bank of India to infuse Rs 1,25,000 crore into the banking system in the last two weeks alone is unlikely to fuel inflation, say economists, sinceSource: Business Standard | Front Page Headlines | 18 Oct 2008 | 7:09 pm The day after: Kingfisher cuts trainee pilots' payVijay Mallya-promoted Kingfisher Airlines today said it had slashed salaries of its trainee pilots significantly.Source: Business Standard | Front Page Headlines | 18 Oct 2008 | 7:08 pm NBFCs' margin funding book halvedCollateral stocks sold at huge losses as defaults mount.Source: Business Standard | Front Page Headlines | 18 Oct 2008 | 7:06 pm Trepidation at top schools as regret letters trickle inThe global financial turmoil is taking its toll on placements at the Indian Institutes of Technology and Indian Institutes of Management.Source: Business Standard | Front Page Headlines | 18 Oct 2008 | 7:04 pm IMF investigates chief for abuse of power in affairWASHINGTON (Reuters) - The International Monetary Fund said on Saturday it was investigating whether its chief Dominique Strauss-Kahn abused his power in an affair with a subordinate who has since left the global institution.Source: Reuters: Money News | 18 Oct 2008 | 6:13 pm OPEC's oil supply cut must be "significant" - KhelilALGIERS (Reuters) - OPEC oil producers will cut oil supplies when they meet next week in Vienna and "the reduction must be significant," the group's president, Chakib Khelil, was quoted as saying on Saturday.Source: Reuters: Money News | 18 Oct 2008 | 5:04 pm Indian dhotis get a modern twist on rampMumbai-based fashion designer Anita Dongre went against convention to showcase contemporary white Indian dhotis for the modern woman on the fourth day of the spring/summer edition of the Wills Lifestyle India Fashion Week (WIFW) Saturday.Source: IndiaeNews.com: Business News | 18 Oct 2008 | 3:01 pm Mayawati demands Rs.50 bn package for Rae Bareli, AmethiUttar Pradesh Chief Minister Mayawati Saturday virtually put Congress president Sonia Gandhi in a bind by demanding Rs.50 billion from the central government for reviving the 'decaying' industrial units in Rae Bareli and Sultanpur districts.Source: IndiaeNews.com: Business News | 18 Oct 2008 | 3:00 pm Wills Lifestyle's contract with FDCI ends, association might continueFashion brand Wills Lifestyle is in the last year of being the title sponsor of the premier Wills Lifestyle India Fashion Week (WIFW) but it promises to continue its association with the event in a 'deeper and stronger' way even after the end of their three-year contract.Source: IndiaeNews.com: Business News | 18 Oct 2008 | 2:01 pm Kingfisher slashes salaries of trainee pilotsKingfisher Airlines on Saturday slashed salaries of its 50 trainee co-pilots as it charted ways to overcome the ongoing financial turbulence in the aviation industry.Source: Daily News & Analysis: Money News | 18 Oct 2008 | 1:51 pm Ambanis may yet go to courtReliance Industries Ltd (RIL) chairman, Mukesh Ambani's lawyer on Saturday virtually ruled out the possibility of an out-of-court settlement with younger brother Anil Ambani.Source: Daily News & Analysis: Money News | 18 Oct 2008 | 1:43 pm 2,500 employees of RIL to go on strikeAbout 2,500 employees of Reliance Industries working at its plants here will go on strike on October 24 demanding a hike in Rs 33,000 bonus offered.Source: Daily News & Analysis: Money News | 18 Oct 2008 | 1:42 pm Edifice Architecture: Cashing in on IT boomWhile some get success easily and rather quickly, others have to struggle hard to make their ideas work. Take for instance, the case of architecture design firm Edifice which did not quite takeoff for nearly 5years since inception. Oneday, the tables turned and since then there has been no looking back.Source: Moneycontrol Top Headlines | 18 Oct 2008 | 1:34 pm RBI employees say to strike on Oct 21MUMBAI (Reuters) - Employees of the Reserve Bank of India (RBI) will go on a nationwide strike on Tuesday to press for pension increases following salary revisions, a top union official said, a move that could cripple banking operations.Source: Reuters: Money News | 18 Oct 2008 | 1:32 pm
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