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Daiichi acquires 52.5% in RanbaxyDaiichi Sankyo has acquired a 52.5% stake in Indias largest pharmaceutical company Ranbaxy Labs, after the Ranbaxy board approved preference allotment of shares and warrants to Daiichi.Source: Moneycontrol Top Headlines | 20 Oct 2008 | 3:36 pm Asia stocks recover, but economy fears loom!Most Asian stock markets rallied on Monday, with valuations growing more attractive, and oil prices rose ahead of an expected supply cut at an emergency OPEC meeting this week, but a threat of global recession haunted investors.Source: Zee News : Business | 20 Oct 2008 | 12:34 pm Indian equities open on positive note!Indian equities opened on a positive note Monday after three successive days of losses last week that had seen a key index dip to the four-digit level for the first time in over two years.Source: Zee News : Business | 20 Oct 2008 | 12:34 pm Tata-owned Corus to cut steel production!Tata-owned steel giant Corus has announced plans to cut production in Europe by up to one million tonnes over the next three months due to slowing demand.Source: Zee News : Business | 20 Oct 2008 | 12:34 pm Tata Motors removes 300 temporary employees in Jamshedpur!Auto major Tata Motors has asked 300 temporary employees at its Jamshedpur unit not to report for duty from Monday.Source: Zee News : Business | 20 Oct 2008 | 12:34 pm Sensex regains 10K level; up 238 pts!Snapping its three-session falling streak, the benchmark Sensex on Monday regained the 10k level and gained over 238 points in opening trade on revival of buying by funds, triggered by firming Asian stock markets.Source: Zee News : Business | 20 Oct 2008 | 12:34 pm China growth slows; S Korean won lifted by bailout!South Korea`s USD 130 billion financial bailout gave its embattled currency a lift on Monday but did not dispel wider concerns about a global economic downturn as China reported single-digit growth for the first time in four years and Dutch bank ING sought government funds.Source: Zee News : Business | 20 Oct 2008 | 12:34 pm ING sells Taiwan ops after Dutch government injection!Dutch financial group ING said on Monday it will sell its Taiwan life insurance unit to Fubon Financial for USD 600 million, a day after securing a 10 billion euro (USD 13.5 billion) government cash injection.Source: Zee News : Business | 20 Oct 2008 | 12:34 pm Oil rises $2 as traders eye OPEC output cut!Oil rose over USD 2 on Monday and changed hands at USD 74 on expectations that OPEC could cut output this week to lift prices that have plunged more than 50 percent from a record high in just three months.Source: Zee News : Business | 20 Oct 2008 | 12:34 pm Rupee recovers by 11 paise in early trade!Mumbai, Oct 20: The Indian rupee on Monday recovered by 11 paise to 48.77/78 against the greenback in early trade, cutting short a three-day losing streak, following a bounce in local stocks and expectations of capital inflows.Source: Zee News : Business | 20 Oct 2008 | 12:34 pm Anil Ambani Group eyes AIG Asia unit: Report!India`s Reliance Anil Dhirubhai Ambani Group (ADAG) is looking at the Asian insurance business of American International Group (AIG.N) outside of India, a newspaper reported on Monday citing unnamed sources.Source: Zee News : Business | 20 Oct 2008 | 12:34 pm Merrill CEO sees thousands of job cuts - reportNEW YORK (Reuters) - Merrill Lynch & Co Inc Chief Executive John Thain said he expects thousands of job cuts after the company is acquired by Bank of America Corp, Bloomberg News reported on Monday.Source: Reuters: Money News | 20 Oct 2008 | 11:48 am Indian carriers cut jobs, capacity to stay afloatMUMBAI (Reuters) - Indian carriers, buffeted by softening demand, mounting losses and high jet fuel prices, are resorting to job cuts and reducing capacity to stay afloat.Source: Reuters: Money News | 20 Oct 2008 | 11:45 am BSE Sensex rises 2.5 pct, still lacks confidence - Reuters India
Source: Google News India - Business | 20 Oct 2008 | 11:43 am FOCUS-Indian carriers cut jobs, capacity to stay afloat - Reuters India
Source: Google News India - Business | 20 Oct 2008 | 11:43 am Repo rate cut not to boost mkts in short-term - Moneycontrol.com
Source: Google News India - Business | 20 Oct 2008 | 11:38 am L&T to continue with medical equipment - Daily News & Analysis
Source: Google News India - Business | 20 Oct 2008 | 11:38 am More European banks turn to bailouts, lending easesLONDON/HONG KONG (Reuters) - European banks lined up on Monday to tap state rescue packages to shore up their finances, part of measures to stem a global crisis that have begun to restore trust between institutions.Source: Reuters: Money News | 20 Oct 2008 | 11:37 am BSE Sensex rises 2.5 pct, still lacks confidenceNEW DELHI (Reuters) – The BSE Sensex snapped a three-day losing streak to end 2.48 percent higher on Monday, although it failed to hold onto gains made after the Reserve Bank of India cut its key lending rate for the first time in 4-½ years.Source: Reuters: Money News | 20 Oct 2008 | 11:32 am UPDATE 1-India govt plans $21.7 bln extra spending in 08/09 - Reuters India
Source: Google News India - Business | 20 Oct 2008 | 11:27 am Govt plans $21.7 bln extra spending in 08/09NEW DELHI (Reuters) - India on Monday sought parliamentary approval for an extra $21.7 billion in spending for the current fiscal year to March, including funds for a farm debt waiver scheme, food and fertiliser subsidies.Source: Reuters: Money News | 20 Oct 2008 | 11:25 am India PM says growth may slow due to global turmoil - Reuters India
Source: Google News India - Business | 20 Oct 2008 | 11:17 am Sebi monitoring FIIs' lending, borrowing activity - Moneycontrol.com
Source: Google News India - Business | 20 Oct 2008 | 11:11 am Future Group in JV with UAE-based Axiom for mobile retailingBy PTI New Delhi: The Future Group today said it has entered into a joint venture with UAE-based mobile retail company Axiom Telecom and plans to set up more than 1,500 outlets across India by 2009, entailing an investment of $40 million. The new JV, Future Axiom Telecom Ltd, would take charge of the 500 odd Mobile Bazaar and Mport stores in 58 cities operated by Future Group under the name of ConvergeM since the company ventured into mobile retailing in 2006. The 50:50 JV involves an initial investment of about $40 million. It will retail and distribute mobile handsets and accessories and set up service centres in India, the company said. While Future Group was on the lookout for a partner with expertise in the retailing of communication products, Axiom Telecom was keen to enter the Indian market and being a part of the Indian growth story. “Future Axiom is all set to venture in the Rs 50,000 crore mobile retail industry and set new benchmarks,” Future Axiom Telecom Ltd chief executive officer Ashy Sehgal said. He said the JV would start with the 500 stores and touch points in 58 cities under the brand names of Mobile Bazaar and Mport. Axiom Telecom is promoted by Faisal Al Bannai and has 500 odd outlets in various countries including UAE, Saudi Arabia, Bahrain, Qatar, Oman, Kuwait, Egypt and UK. Source: LatestNews-Home - Livemint.com | 20 Oct 2008 | 11:10 am Balaji says Star terminates show, seeks legal recourseMUMBAI (Reuters) - Television content provider Balaji Telefilms Ltd said it was seeking legal remedies after SGL Entertainment Ltd, a Star group unit terminated sourcing and telecasting a popular television show from Nov. 10.Source: Reuters: Money News | 20 Oct 2008 | 11:09 am Nano from Gujarat: Legitimising Moditva? - Rediff
Source: Google News India - Business | 20 Oct 2008 | 11:00 am PM says growth may slow due to global turmoilNEW DELHI (Reuters) - India's economic growth may decelerate to 7.5 percent in 2008/09, as the country experienced "ripple effects" of the global financial crisis and liquidity crunch, Prime Minister Manmohan Singh said on Monday.Source: Reuters: Money News | 20 Oct 2008 | 10:56 am Jharkhand villagers protest against steel plantRANCHI, India (Reuters) - Thousands of villagers marched in Jharkhand on Monday to protest against a proposed Arcelor Mittal steel plant, police said, the latest in a series of confrontations over industry on farmlands.Source: Reuters: Money News | 20 Oct 2008 | 10:52 am No takers for two-day LAF auction of RBIMumbai: Signalling the improving liquidity conditions in the system, the daily liquidity adjustment facility auction conducted by the Reserve Bank on 20 October had no takers despite the fact that it was for two days in view of the strike called by the RBI employees tomorrow. The central bank received no bids under the daily repo auctions. “This might be signal of improving liquidity in the banking system, mainly owing to the infusion of around Rs 1.2 trillion cash into the system by the apex bank,” a treasury official with a private sector bank told PTI here. Besides slashing its cash reserve ratio by 2.5% from 11 October and opening a special window for mutual funds, RBI cut its short-term lending rate by 1% to 8%. Through its recent measures, the apex bank has infused nearly Rs 1.2 trillion into the system, while another Rs25,000 crore will be delivered to the banks to compensate the farm-loan waiver. At present, the CRR and repo rates stands at 6.5% and 8% respectively. Till Friday, banks have bought Rs7,005 crore under the special repo window, which has been kept open everyday by the RBI until banks cumulatively avail Rs20,000 crore. The one-day ‘mass casual leave’ called by the Reserve Bank employees on Tuesday is likely to affect the operations of the central bank. Source: Home - Livemint.com | 20 Oct 2008 | 10:51 am RBI cuts repo rate by 100 basis pointsMumbai: After shoring up the banking system with Rs1.45 trillion, the Reserve Bank on 20 October paved the way for cheaper home, consumer, corporate and personal loan rates by slashing its key short-term lending rate (repo) by 100 basis points. The cut in repo, the first since 2004, would allow banks to immediately borrow short-term funds from the apex bank at a cheaper 8% as against 9% till now. Finance Minister P Chidambaram told reporters in New Delhi that this move “will enthuse investors to continue to take forward their investment proposals.” “It is a welcome step and clearly shows that the interest rate regime is now on a descent curve,” HDFC Bank’s Deputy Treasurer, Ashish Parthasarathy, told PTI here. Earlier, RBI cut the mandatory cash deposits that banks must keep with it (CRR) by 250 basis points after five years, along with other measures to inject a total of Rs1.45 trillion into the system. “It is a pro-growth measure,” IDBI Bank’s chairman and managing director, Yogesh Agarwal, said. The bank said in the announcement that comes ahead of the scheduled review of its monetary policy stance on 24 October. The global financial situation continued to be uncertain and unsettled, the Reserve Bank, said, adding that despite action by regulators abroad, “confidence and calm is yet to be fully restored in the financial markets.” “With softening of global crude and commodity prices and inflation declining, growth has emerged as a bigger issue. The repo rate cut is designed to push up growth,” HDFC Bank’s Parthasarathy said. Source: Home - Livemint.com | 20 Oct 2008 | 10:51 am RBI slashes repo rate to shield economyMUMBAI (Reuters) – The Reserve Bank of India (RBI) unexpectedly slashed its key lending rate for the first time in more than four years on Monday, in a fresh attempt to shield the economy from the global financial crisis.Source: Reuters: Money News | 20 Oct 2008 | 10:49 am Governor was partial on Nano row: CPM - Times of India
Source: Google News India - Business | 20 Oct 2008 | 10:49 am United Phosphorus Q2 net up 38%Agrochemicals company United Phosphorus on 20 October announced a profit after tax (with income from associate companies) of Rs122.04 crore for the second quarter ended 30 September, a 38.25% growth over the same period a year ago. The company had a PATof Rs88.27 crore for the second quarter, United Phosphorus informed the Bombay Stock Exchange. The total income of the company rose to Rs1,156.75 crore in the quarter under review, from Rs885.01 crore in the corresponding period a year ago. For six months ended 30 September, the company reported a PAT (with income from associate companies) of Rs269.72 crore, while its total income rose to Rs2,456.06 crore. IL&FS Investment Q2 net doubles at Rs14 cr IL&FS Investment Manager on 20 October announced a net profit of Rs14.41 crore for the second quarter ended 30 September, a two-fold jump over the corresponding period a year ago. The firm had a net profit of Rs4.42 crore in the second quarter of 2008-09, IL&FS Investment said in a BSE filing. The income from operations rose to Rs39.36 crore in the current quarter under review, from Rs15.14 crore the same period a year ago, IL&FS Investment. For the six month ended 30 September, it reported a net profit of Rs27.48 crore, while the income from operations ratcheted to Rs71.62 crore. The board at the meeting, elevated Shahzaad Dalal to look after the international operations of the company. Dalal would head the company’s subsidiary IL&FS Investment Advisors LLC as Chairman and CEO, the filing said. Dalal would continue as a non-executive director and vice-chairman, while Archana Hingorani would be designated executive director and CEO. Source: LatestNews-Home - Livemint.com | 20 Oct 2008 | 10:48 am HT Media Q2 net dips 49% at Rs6.28 crBy PTI Mumbai: HT Media today announced a net profit of Rs16.28 crore for the second quarter ended 30September, a 49% dip over the corresponding period a year ago. The company had a net profit of Rs31.94 crore for the same quarter in FY’08, HT Media said in a filing to the Bombay Stock Exchange. Its total income rose 18.17% to Rs334.17 crore for the quarter under review, from Rs282.77 crore in the year-ago period. For the six months ending 30September, the media house reported a net profit of Rs53.98 crore, a decline of 18% compared with the year-ago period. It had a net profit of Rs66.10 crore in the same period a year ago. The total income during the six-month period rose to Rs661.40 crore, from Rs559.11 crore in the same period last fiscal. Founded in 1924, HT Media operates 19 printing facilities across India. Besides Hindustan Times and Hindustan, the company publishes Mint. It also has a presence in electronic media through its subsidiary HT Music and Entertainment Company Ltd. During the quarter, the company had pumped in Rs12.50 crore by way of equity shares and advances in its subsidiary company Firefly-O-Ventures. It also gave Rs5 crore loan to another subsidiary -- HT Music and Entertainment Ltd. The company had changed its accounting policy from 1April, 2008 to adjust the foreign exchange fluctuation on borrowings, the filing added. HT Media was trading at Rs84, up 3.07% in the late afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 20 Oct 2008 | 10:42 am L&T to continue with medical equipmentEngineering firm Larsen and Toubro said it will continue with the operations of Medical Equipment & Systems (MED) business unit.Source: Daily News & Analysis: Money News | 20 Oct 2008 | 10:40 am India feeling ripple effects of global financial crisis: FinMin - Business Standard
Source: Google News India - Business | 20 Oct 2008 | 10:38 am UP Govt to fix SAP at Rs 140/qtl: Experts reactVivek Saraogi of Balrampur Chini said the UP Government has announced SAP as against Supreme Court rule casing and the company will be challenging the governments decision to hike SAP to Rs 140, reports CNBCTV18. The new SAP is effective from current crushing season, he added.Source: Moneycontrol Top Headlines | 20 Oct 2008 | 10:35 am Trucks for cross LoC trade begin journeyFragrant apples, saffron and almonds were part of the goods that made their way Monday to a trade facilitation centre in the Kashmir Valley, the first step in a historic journey across the Line of Control (LoC) that divides Kashmir between India and Pakistan.Source: IndiaeNews.com: Business News | 20 Oct 2008 | 10:31 am Mallya hints at more job cutsKingfisher Airlines head Vijay Mallya on Monday indicated that if the slump in the market continues, more job cuts and lay-offs may take place in the aviation industry.Source: Daily News & Analysis: Money News | 20 Oct 2008 | 10:28 am Catholic Syrian Bank to open 40 branchesKerala-based Catholic Syrian Bank proposed to open 40 more branches by the end of this year, a top official said on Monday.Source: Daily News & Analysis: Money News | 20 Oct 2008 | 10:26 am Jet chief meets FM, seeks rationalization of taxes on ATFNew Delhi: Jet Airways Chairman Naresh Goyal met Finance Minister P Chidambaram on 20 October to seek tax concessions on aviation turbine fuel as part of measures to overcome the crisis that has hit the Indian civil aviation sector. According to sources, Goyal met Chidambaram at North Block this morning and drew attention of the finance minister to the problems that airlines in the country were facing. Goyal is understood to have asked Chidambaram to consider the demand of airlines to rationalise taxation and levies on ATF, which has become one of the biggest issues of carriers in India. Jet Airways alone had a total outstanding fuel bill of Rs859 crore, of which it had defaulted on payment of bills which were due on 25 September and 5 October. Similarly, Kingfisher owed Rs110 crore to IOC of which Rs60 crore remained unpaid after expiry of the credit period. National Aviation Company Ltd, the holding company of Air India, has an outstanding Rs606 crore as on 8 October and has a monthly fuel bill of Rs337 crore. Goyal’s meeting with Chidambaram also comes days after the former had decided to reinstate 1,900 sacked employees. Jet and Kingfisher had recently entered into an alliance seeking synergies in operations as they try to cut costs together. Source: LatestNews-Home - Livemint.com | 20 Oct 2008 | 10:14 am FM hopes repo cut will spur investmentNew Delhi: Describing RBI’s move to cut its key short term rate, Repo, by one percentage point as beneficial for many sections, Finance Minister P Chidambaram on 20 October expressed the hope that the step would enthuse investors to see through their investment plans. “The cut in repo rate will be beneficial for many sections of the people, especially borrowers as well as investors. This is our hope (it) will enthuse investors to continue to take forward their investment proposals,” he told reporters immediately after the central bank announced a cut in the short-term lending rate to 8%. He said the repo rate reduction is consistent with the objectives of moderating inflation as well as ensuring satisfactory growth rate. This is the first cut in repo rate by the RBI since March 2004. In between, the RBI has been raising the rate to rein in inflation, which is still in double digits despite reduction. Chidambaram described the RBI’s move as the part of the steps taken since 6 October. The RBI has since then cut the mandatory deposit requirements for banks, CRR, by 2.5% to inject Rs1 trillion into the cash-strapped system. Besides, RBI is releasing a sum of Rs25,000 crore for banks, RRBs and cooperative lending institutions as the first installment against their outgo on the farm debt waiver scheme. RBI is slated to come out with mid-term monetary review on 24 October. Source: LatestNews-Home - Livemint.com | 20 Oct 2008 | 10:07 am Indian-born ex-NASA engineer launches U.S. financial rescueWASHINGTON (Reuters) - Neel Kashkari, the man charged with launching the U.S. government's unprecedented $700 billion bank rescue, knows a thing or two about getting complex apparatus off the ground.Source: Reuters: Money News | 20 Oct 2008 | 10:04 am Indian equities go up and down, but stay in greenThe Indian equities markets opened strong, rallied for some time and again lost ground in volatile trading Monday after three successive days of losses last week that had seen a key index dip to the four-digit level for the first time in over two years.Source: IndiaeNews.com: Business News | 20 Oct 2008 | 10:03 am India's anti-monopoly body to probe Kingfisher-Jet allianceIndia's trade practices watchdog has decided to investigate whether Kingfisher Airlines and Jet Airways are violating anti-trust laws through their code-sharing and operational alliance, a government official said here Monday.Source: IndiaeNews.com: Business News | 20 Oct 2008 | 10:03 am Govt probing frauds by 28 corporate housesBy PTI New Delhi: Government’s investigation arm Serious Fraud Investigation Office (SFIO) is probing into fraudulent activities of 28 corporates and has filed prosecution proceedings against various companies, including Usha India, Malavika Steel and Morepan Laboratories. “The Ministry has referred 28 cases to inspectors drawn from SFIO or otherwise during the last three years for investigations into alleged frauds,” Minister of Corporate Affairs Prem Chand Gupta told Lok Sabha today. Action is being taken against employees who were found to be involved in fraudulent action, he said in a written reply, adding “wherever corporate fraud is detected, concerned revenue authorities are also intimated about the findings of the investigation for taking action as warranted.” The important companies against whom prosecution proceedings have been filed by the government include Usha India, Malavika Steel, Koshika Telecom, Morepan Laboratories and Shonkh group companies. In addition, Gupta said, instructions have also been issued for filing of prosecution proceedings against Verma Steel and Wires, Sporting Pastime India and Prabhat Forging. The investigations, the minister said, is also on against several corporates including JVG group companies, Stock Holding Corporation of India (SHCIL), Systems India (America), Krishi Export Commercial Corporation and Leafin India. Pointing out that frauds diminish the value of the shareholders and increase the risk of the creditors, he said, “Various government agencies are taking action as per the existing statutory framework dealing with various types of fraud.” The government, he added, reviews the action taken by such agencies from time to time and takes appropriate measures for their effective functioning. Source: Home - Livemint.com | 20 Oct 2008 | 10:03 am Canara Bank second quarter net up 32 percentCanara Bank has posted a net profit of Rs.5,294.3 million for the quarter ended Sep 30, compared to Rs.4,015.70 million for the same quarter last fiscal, registering a growth of 32 percent, it announced Monday.Source: IndiaeNews.com: Business News | 20 Oct 2008 | 10:02 am Gujarat Industries Power to set up two more unitsVadodara-based Gujarat Industries Power Co Ltd (GIPC) will set up two more lignite-based thermal power projects, each with 250 MW capacity, taking its total power generation capacity to 1,000 MW, a top official said.Source: IndiaeNews.com: Business News | 20 Oct 2008 | 10:02 am Ending 'Kyunkii...': Balaji charges STAR with breach of contractTelevision serial production company Balaji Telefilms has accused the STAR group of breach of contract after being told to end the long-running serial "Kyunkii Saas Bhi Kabhi Bahu Thi" on the STAR Plus channel.Source: IndiaeNews.com: Business News | 20 Oct 2008 | 10:00 am Novartis reports 19% rise in profit and 12% in salesAFP Basel: Swiss pharmaceutial company Novartis has reported 19% growth in its nine-month profit on Monday, saying it would end the year with record sales and earnings despite volatile economic conditions. It also announced that it was slashing 550 sales jobs in the United States, in a reorganization that is expected to save the group $80 million yearly from 2010. “Despite economic uncertainty in world markets, Novartis is on track for another year of record results in 2008, continuing to build momentum by focusing on innovation and performance,” said Daniel Vasella, chairman and chief executive of the group. The Basel-based group’s nine-month net profit soared 19% to $6.7 billion while sales were up 12% to $31.4 billion. For the third quarter alone, net profit was up 32% to $2.08 billion, the group said in a statement. Novartis, which makes drugs such as hypertension medication Diovan, said it was pushing for expansion in high growth emerging markets, and that emerging markets now make up about a quarter of total sales. In its seven priority markets of Brazil, China, India, Mexico, Russia, South Korea and Turkey, net sales for the nine months rose 17% to $3.3 billion. Analysts at Bank Vontobel described the results as “in line with expectations,” but said that investors were “more likely” to go for profit taking, thereby holding down the stock price, which rose by nearly 12% on Friday. But Novartis shares were showing a fall of 1.18% to 58.80 Swiss francs while the overall Swiss market was up 1.43%. Source: World Business - Livemint.com | 20 Oct 2008 | 9:35 am Novartis reports 19% rise in profit and 12% in salesAFP Basel: Swiss pharmaceutial company Novartis has reported 19% growth in its nine-month profit on Monday, saying it would end the year with record sales and earnings despite volatile economic conditions. It also announced that it was slashing 550 sales jobs in the United States, in a reorganization that is expected to save the group $80 million yearly from 2010. “Despite economic uncertainty in world markets, Novartis is on track for another year of record results in 2008, continuing to build momentum by focusing on innovation and performance,” said Daniel Vasella, chairman and chief executive of the group. The Basel-based group’s nine-month net profit soared 19% to $6.7 billion while sales were up 12% to $31.4 billion. For the third quarter alone, net profit was up 32% to $2.08 billion, the group said in a statement. Novartis, which makes drugs such as hypertension medication Diovan, said it was pushing for expansion in high growth emerging markets, and that emerging markets now make up about a quarter of total sales. In its seven priority markets of Brazil, China, India, Mexico, Russia, South Korea and Turkey, net sales for the nine months rose 17% to $3.3 billion. Analysts at Bank Vontobel described the results as “in line with expectations,” but said that investors were “more likely” to go for profit taking, thereby holding down the stock price, which rose by nearly 12% on Friday. But Novartis shares were showing a fall of 1.18% to 58.80 Swiss francs while the overall Swiss market was up 1.43%. Source: Home - Livemint.com | 20 Oct 2008 | 9:35 am Summit stresses impact of finance crisis on developing worldBy AFP Quebec City: The world’s French-speaking nations, rich and poor, at a summit seized by global financial woes called for multilateral crisis talks, agreed to cut CO2 emissions and defend the French language. “It was the first north-south forum to take into account, to discuss what is actually going on in the world amid the global financial meltdown,” said co-host Quebec Premier Jean Charest. The 70-member Francophonie in its final declaration supported French President Nicolas Sarkozy’s call for talks to discuss a revamp of the banking system, with Group of Seven industrialized nations and Russia, as well as China, India, South Africa, Mexico, Brazil, the secretary general of the United Nations, and the heads of the World Bank and the International Monetary Fund. “Persuaded that no country is safe from the turmoil that has shaken world credit markets and that the unrest demands an urgent and coordinated response, we commit to support an international summit on this question,” it said. On Saturday, Sarkozy, US President George W. Bush, and European Commission chief Jose Manuel Barroso agreed at Bush’s Maryland retreat on a series of summits beginning after the 4November presidential election. But there were already signs of different visions for the summits, with European leaders pushing for a radical overhaul of the whole financial architecture while Bush said the foundations must be preserved. Crisis talks to focus on needs of developing nations The crisis talks, said the Francophonie, must keep in mind the needs of developing nations. And they must not undermine major UN efforts to eradicate poverty, fight against the effects of climate change and address a food crisis, urged member heads of state and UN secretary general Ban Ki-Moon. Canada’s Prime Minister Stephen Harper, also co-host of the summit, announced $100 million in aid for “small, insular and vulnerable” countries to help deal with climate change. Poorer countries do not have access to the financial markets, and so the meltdown has had no direct effect on them, he explained. “But since these (developed) countries are our economic partners, of course we’re concerned about its possible impact on our economies,” Compaore said. “If the global economic slowdown persists, we’ll certainly face difficulties selling our natural resources at a good price and northern nations are sure to become more protectionist, particularly in the agricultural sector,” he warned. Many southern hemisphere nations are reliant on commodities exports, delegates noted, and are bracing for a jolt from the recent plunge in metals and other natural resources prices. Pledges to help cut greenhouse gas emissions At its close, the Francophonie summit reaffirmed its backing of the United Nations Framework Convention on Climate Change and the Kyoto Protocol, and pledged to help cut global greenhouse gas emissions in half by 2050. As well, it promised a “concerted francophone position” for upcoming climate change conferences in Poznan in December and Copenhagen in 2009. Canada and its province Quebec had clashed over this proposal, with France and Quebec calling for action on climate change, while Canada preferred a broader focus on the environment, according to sources. Source: LatestNews-Home - Livemint.com | 20 Oct 2008 | 9:08 am Slowdown hits demand for prime office space in cities: CBREBy PTI New Delhi: Office space absorption in the country has gone down by 41.11% cumulatively in the three quarters ended September this year, as a fallout of the global economic slowdown, according to a study. The total office space taken up between January and September this year stood at 5.3 million sq ft as against 9 million sq ft in the corresponding period last year, according to global commercial real estate services firm CB Richard Ellis (CBRE) “The global economic slowdown has started to show early signs of impact on the offices market. The third quarter of 2008 has seen some decline in the office space take up across the country. Going forward, this is expected to keep office rentals under check,” Anshuman Magazine, chairman and managing director, CBRE said. Seven city analysis In its quarterly ‘India Office Market View´ report, CBRE covered seven cities and found that the cities showed a marked slowdown in demand and office space leasing that had moderated in the first two quarters of the year. “Many corporate occupiers, especially in the IT/ ITeS sectors have postponed or curtailed their expansion plans. Together with this, the fund availability for the sector which was already constrained due to the inflation control measures of RBI, will be further curtailed by the recent financial crisis in the US and its ripple effect on rest of the world,” it added. According to the report, rentals in the National Capital Region are likely to remain stagnant for the next few quarters. Source: Home - Livemint.com | 20 Oct 2008 | 9:05 am KPIT Cummins in pact with VaSTVaST, a player in electronics virtualisation, and KPIT Cummins Infosystems Ltd, product engineering partner to the automotive industry, have announced a partnership to deliver electronic virtualisation tools and specialised services to global automotive OEMs, and Tier1 suppliers and ODMs.Source: Moneycontrol Top Headlines | 20 Oct 2008 | 8:52 am Airlines want Govt push for fundingThe Government should play a more proactive role in infusing confidence in financial institutions about the future prospects of the domestic airline sector, rather than work on providing a bailout package for it.Source: Moneycontrol Top Headlines | 20 Oct 2008 | 8:50 am Google makes \'open offer\' to Indian developersHaving a great idea for a cool Webbased application, is the easy part.Source: Moneycontrol Top Headlines | 20 Oct 2008 | 8:47 am Sanjay Aggarwal new SpiceJet chief executiveVirtually without a chief executive officer (CEO) for over three months, low-cost carrier SpiceJet Monday appointed Sanjay Aggarwal as its CEO with immediate effect.Source: IndiaeNews.com: Business News | 20 Oct 2008 | 8:30 am India's central bank cuts key interest rateIndia's central bank Monday cut a key interest rate by 100 basis points to 8 percent with immediate effect in a bid to reduce the cost of borrowing for commercial banks.Source: IndiaeNews.com: Business News | 20 Oct 2008 | 8:30 am Larson and Toubro to retain its medical equipment businessEngineering and construction major Larsen and Toubro (L and amp;T) will expand its Mysore-based medical equipment business, it said Monday.Source: IndiaeNews.com: Business News | 20 Oct 2008 | 8:30 am RBI cuts repo rate by 100 basis pointsThe Reserve Bank on Monday reduced its key short-term lending rate (repo) by 100 basis points with immediate effectSource: Daily News & Analysis: Money News | 20 Oct 2008 | 8:21 am Reliance Infra identifies 3 sites for steel plantsBillionaire Anil Ambani-promoted Reliance Infrastructure has identified three potential sites in Jharkhand for setting up the Rs 40,000-crore greenfield steel projectSource: Daily News & Analysis: Money News | 20 Oct 2008 | 8:03 am Pak approaches IMF; seeks financial aidWith its currency hitting its lowest ever and foreign exchange reserves falling, Pakistan has approached the International Monetary Fund to seek financial aidSource: Daily News & Analysis: Money News | 20 Oct 2008 | 7:59 am Steve Gatfield moves to key role in Interpublic GroupNew York: Lowe Worldwide has announced that Steve Gatfield will be moving on from his current role of chief executive officer of Lowe Worldwide in April 2009 after his three year contract with the agency ends. He will continue as IPG’s executive vice president, Strategy and Network Operation and will focus on new ventures, emerging markets with close involvement in digital and new technologies. Commenting on this move, Michael Roth CEO and chairman of the Board and director Interpublic Group of Companies, Inc. said “Lowe continues to make progress and has reclaimed its place as a global creative force. We have a strong and stable senior team at the agency and we have every confidence in their ability.” During Gatfield’s tenure, Lowe Worldwide has re-established itself as one of the major communications groups in the world. Steve came to Interpublic in 2004 and in March 2006 was appointed CEO, Lowe Worldwide, where he leads the Global Management Team. In addition to strengthening Lowe’s footprint in key markets with acquisitions in France, USA, Brazil and India and new ventures in Spain, Germany and Australia, Steve led the acquisition of IPG’s outright ownership of the Lintas Group. Source: LatestNews-Home - Livemint.com | 20 Oct 2008 | 7:58 am Sanjay Aggarwal joins SpiceJet as CEONew Delhi: Low cost carrier SpiceJet on 20 October announced the appointment of Sanjay Aggarwal as its chief executive officer. Prior to this, Aggarwal was working with private air travel services provider Flight Options as CEO and chief strategy officer, a company statement said. “Sanjay has energy and passion that SpiceJet needs at this crucial time. I have no doubt that he will contribute immensely to ensure that SpiceJet flies higher than ever before,” SpiceJet director Ajay Singh said. Aggarwal succeeds Siddhanta Sharma, who resigned from the airline about three months ago. Source: Home - Livemint.com | 20 Oct 2008 | 7:53 am Cadila gets USFDA nod for depression tabletMumbai: Pharmaceutical company Cadila Healthcare said on 20 October that its parent firm Zydus Cadila has received US Food and Drug Administration approval to market Risperidone Tablets, used to treat depression. Risperidone falls in the central nervous system (CNS) segment, Cadila Healthcare said in a filing to the Bombay Stock Exchange. The Risperidone tablets would be available in 0.25, 05, 1, 2, 3 and 4 mg strengths, the company said. The group now has 41 approvals and has so far filed for 79 Abbreviated New Drug Applications (ANDA), it added. Last week, Zydus Cadila filed an Investigational New Drug application with the Drugs Controller General of India for ZYT 1, which is used to prevent heart attack and stroke. Shares of the firm were trading at Rs253, down 2.64% in afternoon trade on the BSE. Source: Home - Livemint.com | 20 Oct 2008 | 7:45 am Patel Engineering Q2 net up 20% at Rs43 croreMumbai: Construction firm Patel Engineering today announced a consolidated net profit of Rs42.58 crore for the second quarter ended 30 September, up 19.84% over the corresponding period a year-ago. The company had a consolidated net profit of Rs35.53 crore in the same quarter in 2007, Patel Engineering Ltd said in a filing to the Bombay Stock Exchange. The consolidated net sales of the company rose to Rs441.81 crore for the quarter under review from Rs338.77 crore in the year-ago period. For the six month ended 30 September, 2008, the company posted a consolidated net profit of Rs77.57 crore, against Rs 62.57 crore a year ago, up 23.97%. On a standalone basis, the company posted a net profit of Rs33.49 crore in the September quarter as against Rs32.44 crore during the same period last fiscal. The standalone net income of the engineering firm rose to Rs 309.18 crore in the Q2 of the current financial year from Rs 235.77 crore over the same period previous fiscal. Shares of the company were trading at Rs170.90, down 3.66% in the afternoon trade on the BSE. Source: Home - Livemint.com | 20 Oct 2008 | 7:38 am Sensex up 450 points at midsessionMumbai: The Bombay Stock Exchange benchmark Sensex rose by over 450 points at midsession today as investors picked up battered software and banking stocks, considering them a better buy. The 30-share index, which had been on a falling streak for the last few sessions and pierced through a psychological 10,000 mark, bounced back by 450.18 points at 10,425.53 at 1230 hrs. Similarly, the wide-based National Stock Exchange index Nifty shot up by 130.55 points at 3,204.90 at the same time as almost all the index-related stocks recorded handsome gains. Stocks of IT sector moved up by 201.40 points at 2,738.67 and banking sector index by 231.41 points at 5,778.10. Some of the heavyweight metal stocks also led to the upward movement on the bourses. Source: Home - Livemint.com | 20 Oct 2008 | 7:08 am Tata Motors removes 300 temporary employees in JamshedpurAuto major Tata Motors has asked 300 temporary employees at its Jamshedpur unit not to report for duty from Monday.Source: IndiaeNews.com: Business News | 20 Oct 2008 | 7:03 am Countdown for Chandrayaan-1 beginsChennai: Indian Space Research Organisation (ISRO) is all set to launch Chandrayaan-1, the country’s first unmanned moon mission, with the beginning of 49-hour countdown early today. “The countdown for the launch of Chandrayaan-1, which began this morning at 5:22am is progressing smoothly, SDSC associate director Dr M Y S Prasad told PTI.  The Chandrayaan-1 sits on the second launch pad of Satish Dhawan space centre at Sriharikota, about 100km north of Chennai, 11 October. Reuters All operations were progressing satisfactorily for the launch of the spacecraft. “The 49-hour countdown has number of activities including the major propellant filling of PS-2 and PS-4,” he said. Earlier the countdown was set to 52 hours. “Since all the formal activities for the launch was finished three hours earlier from the original schedule, the countdown time was set at exactly 5:22am today, Prasad said. “About 43 tonnes of propellant would be filled during the countdown period. Pressurisation of actuators (mechanisms) will also be done at the same time,” he added. Prasad said it would take about 32 hours for both filling of propellants and pressurisation. Other things, including couple of launch testing will also be done during the period. He said after the rehearsals, SDSC officials had ensured that everything was in place before the countdown. “All the preparatory works, including the checking of 11 payloads, were done successfully before the countdown,” he said. The officials were optimistic that weather would not interrupt the launch of Chandrayaan-I. “Rain does not matter for us as the spacecraft is fully rain proof. Even if it is drenched with water there is no problem. The launch would take place as per schedule,” Prasad said. However, he said if it was a cyclone threat, there was a possibility of rescheduling the launching time. According to the statistics given by the SDSC officials, Chandrayaan-I spacecraft carrying 11 payloads (scientific instruments) weighs about 1,380kg at the time of its launch and was shaped like a cuboid with a solar panel projecting from one of its sides. The eleven payloads, five entirely designed and developed in India, three from European Space Agency, one from Bulgaria and two from US, would expand various scientific knowledge about the moon, he said. The spacecraft was powered by a single solar panel generating maximum of 700 W. A 36 Ampere-Hour (AH) Lithium ion battery supplies power when the solar panel was not illuminated by the Sun. To make the spacecraft escape from orbiting the earth and to travel towards moon, its Liquid Apogee Motor (LAM) was used. Officials said the journey to Moon would take five and half days. In its two-year life, the satellite would also search for water in the Moon. Explaining about the ground segment, the officials said the ground facilities of Chandrayaan-I perform the highly important task of receiving the microwave containing the health information of the spacecraft as well as the valuable scientific information, which the spacecraft sends. It also transmits the radio commands to be sent to the spacecraft during all the phases of its mission. Source: Tech News - Livemint.com | 20 Oct 2008 | 6:49 am Countdown for Chandrayaan-1 beginsChennai: Indian Space Research Organisation (ISRO) is all set to launch Chandrayaan-1, the country’s first unmanned moon mission, with the beginning of 49-hour countdown early today. “The countdown for the launch of Chandrayaan-1, which began this morning at 5:22am is progressing smoothly, SDSC associate director Dr M Y S Prasad told PTI. The Chandrayaan-1 sits on the second launch pad of Satish Dhawan space centre at Sriharikota, about 100km north of Chennai, 11 October. Reuters All operations were progressing satisfactorily for the launch of the spacecraft. “The 49-hour countdown has number of activities including the major propellant filling of PS-2 and PS-4,” he said. Earlier the countdown was set to 52 hours. “Since all the formal activities for the launch was finished three hours earlier from the original schedule, the countdown time was set at exactly 5:22am today, Prasad said. “About 43 tonnes of propellant would be filled during the countdown period. Pressurisation of actuators (mechanisms) will also be done at the same time,” he added. Prasad said it would take about 32 hours for both filling of propellants and pressurisation. Other things, including couple of launch testing will also be done during the period. He said after the rehearsals, SDSC officials had ensured that everything was in place before the countdown. “All the preparatory works, including the checking of 11 payloads, were done successfully before the countdown,” he said. The officials were optimistic that weather would not interrupt the launch of Chandrayaan-I. “Rain does not matter for us as the spacecraft is fully rain proof. Even if it is drenched with water there is no problem. The launch would take place as per schedule,” Prasad said. However, he said if it was a cyclone threat, there was a possibility of rescheduling the launching time. According to the statistics given by the SDSC officials, Chandrayaan-I spacecraft carrying 11 payloads (scientific instruments) weighs about 1,380kg at the time of its launch and was shaped like a cuboid with a solar panel projecting from one of its sides. The eleven payloads, five entirely designed and developed in India, three from European Space Agency, one from Bulgaria and two from US, would expand various scientific knowledge about the moon, he said. The spacecraft was powered by a single solar panel generating maximum of 700 W. A 36 Ampere-Hour (AH) Lithium ion battery supplies power when the solar panel was not illuminated by the Sun. To make the spacecraft escape from orbiting the earth and to travel towards moon, its Liquid Apogee Motor (LAM) was used. Officials said the journey to Moon would take five and half days. In its two-year life, the satellite would also search for water in the Moon. Explaining about the ground segment, the officials said the ground facilities of Chandrayaan-I perform the highly important task of receiving the microwave containing the health information of the spacecraft as well as the valuable scientific information, which the spacecraft sends. It also transmits the radio commands to be sent to the spacecraft during all the phases of its mission. Source: Home - Livemint.com | 20 Oct 2008 | 6:49 am WTO chief sees consensus forming for financial rulesBeijing: Countries are coming round to the need for a global system of financial rules because the credit crisis has shown that purely national solutions are not enough, World Trade Organisation chief Pascal Lamy said on Monday. Speaking in Beijing, Lamy said the crisis may already have created a political will for greater global financial regulation that has hitherto been stifled by divisions between proponents of traditional regulation and advocates of self-regulation. “My sense is that nations are starting to converge around the idea of the need for greater global regulation in this area, and it is now time to think about building a consensus on a possible regulatory agenda,” Lamy, the WTO’s director-general, told a conference a Peking University. US President George Bush said on Saturday he would host the first of a series of crisis summits soon after the 4 November presidential election to focus on the “principles of reform” needed to fix the global financial system. Lamy said he would welcome the construction of what some are calling a new Bretton Woods consensus. Over 700 delegates from 44 allied nations met in Bretton Woods, New Hampshire, in July 1944 to design the post-war economic order. The meeting gave birth to the International Monetary Fund and World Bank and led to the creation of the WTO’s predecessor. It also put in place a system of fixed but adjustable exchange rates that underpinned a generation of fast growth and low inflation. Designing a new regime would be a slow and painful process, Lamy said. “The most urgent element is to restore confidence in the financial system. The signal that nations are ready to engage in an honest process of global rule-making would contribute to this,” the head of the Geneva-based trade watchdog added. The participation of developing countries was critical to forging a global consensus on regulation, which should be aimed at controlling risks not stifling financial innovation, he said. Lamy drew an analogy with train engineers: the trains they design have to be faster, lighter and smarter, but they must also meet safety standards. “What we need is a set of safety rules against world financial crashes,” he said. Source: LatestNews-Home - Livemint.com | 20 Oct 2008 | 5:57 am Tata-owned Corus to cut steel productionTata-owned steel giant Corus has announced plans to cut production in Europe by up to one million tonnes over the next three months due to slowing demand.Source: Daily News & Analysis: Money News | 20 Oct 2008 | 5:55 am Kotak keeps ACCUMULATE on MphasiS BFLThe company’s Q2FY09 consolidated operational results were above expectations. Revenues grew by about 13% q-o-q, well above estimates. Continued client traction helped. MphasiS has seen no instances of any major re-structuring at client end. It has benefited in vendor rationalization programs. EDS revenues at 40% of overall revenues, provide good visibility. The management has re-iterated delays in receiving and initiation of new projects. However, there have been no project cancellations as yet. Also, there is still no clarity on proposed reorganization of businesses between MphasiS and HP’s India operation. This is a source of concern. Going forward, we expect consolidated PAT to rise to Rs.4.26 billion in FY09 (October end). On enhanced equity, EPS expected to be Rs20. We note that revenue growth has been pretty volatile over past three quarters and may continue to be so in the next few quarters as well. Our DCF based fair price works out to Rs215, indicating decent upside of about 24%. In our opinion, there can be further upsides from the current levels in case there is an open offer from EDS at a higher price, if and when it materializes. However, pending greater clarity over demand prospects and the business allocation with HP’s captive India operations, we recommend an ACCUMULATE. We expect the stock performance to be soft till greater demand visibility emerges. A prolonged recession in user economies and a sharper-than-expected rupee appreciation are key risks to our estimates and recommendation. Source: LatestNews-Home - Livemint.com | 20 Oct 2008 | 5:37 am Nikkei up 3% as Panasonic jumps, soft yen helpsTokyo: The Nikkei average climbed 3% on Monday, buoyed by Panasonic after a report that the electronics maker was likely to beat its profit forecast, while a softer yen helped battered shares of exporters. Shares of Nippon Steel Corp and JFE Holdings Inc advanced after the Nikkei business daily said Japan’s top two steelmakers were likely to raise their annual profit forecasts due to lower costs and price hikes. Analysts said a softer yen helped push up the market, but gains were mostly due to short-covering. “The firm dollar is leading investors to pick up cyclical stocks that were sold off last week,” said Takahiko Murai, general manager of equities at Nozomi Securities. “But the gains probably won’t last. The deterioration of the real economy is happening much faster than expected. We need comprehensive counter-measures, rather than just those only for the financial system.” By 0431 GMT the Nikkei average added 262.24 points to 8,956.06, after ending the morning session up 0.5%. The broader Topix gained 2.9% to 920.18. The dollar was trading at 101.80 after hovering around 101.65 yen earlier. Investors welcome a softer yen as it helps boost exporters’ overseas profits when they are brought home. “Coupled with receding fears over the financial crisis for the time being, news about Nippon Steel and Panasonic spread the sense of relief in the Japanese market,” said Katsuhiko Kodama, a senior strategist at Toyo Securities. “The market will likely raise its downside level little by little after an extreme sell-off.” US stocks fell on Friday, with Caterpillar and United Technologies leading the Dow lower, after a report that U.S. housing starts fell to their lowest in 17-“ years last month, adding to recession fears. Panasonic jumps, exporters gain Shares of Panasonic jumped 7.3% to 1,609 yen after the Nikkei business daily reported that the electronics maker, which had predicted a drop in operating profit for the first half, is now seen beating its forecast by more than 20 billion yen ($196.9 million). Nippon Steel rose 1.6% to 321 yen and JFE Holdings gained 4% to 2,315 yen. The weaker yen helped exporters climb, with Toyota Motor Corp rising 4.7% to 3,580 yen and Sony Corp jumping 5.3% to 2,570 yen. Still, so-called defensive stocks such as drugmakers continued to be popular amid worries about the global economy. Takeda Pharmaceutical Co climbed 2.5% to 4,600 yen. “That defensive stocks are up means no one is buying proactively. We are not seeing buying other than short-covering,” said Yutaka Miura, a senior technical analyst at Shinko Securities. Asahi Breweries fell 0.7% to 1,666 yen, weighing on the overall market. Japan’s largest beer maker denied a report on Monday that it was close to completing due diligence for a possible offer for Belgian brewer InBev’s South Korean division. Source: LatestNews-Home - Livemint.com | 20 Oct 2008 | 5:32 am Sensex regains 10k levelSnapping its three-session falling streak, the benchmark Sensex regained the 10k level and gained over 238 points in opening tradeSource: Daily News & Analysis: Money News | 20 Oct 2008 | 5:31 am Banks charging higher rates, say mutual fundsMumbai, Oct. 19 Though the Reserve Bank of India is providing funds at nine per cent to banks for on-lending to mutual funds, some banks are understood to be demanding as high as 14 to 15 per cent interest from mutualSource: Business Line - Home Page | 20 Oct 2008 | 12:00 am IMD sets up watch for Bay ‘low’Thiruvananthapuram, Oct 19 The India Meteorological Department (IMD) has set up a watch for a ‘low’ over the southwest Bay of Bengal as an easterly wave trained its focus towards the southeast coast of India.Source: Business Line - Home Page | 20 Oct 2008 | 12:00 am General insurers make large profits thru sale of equitiesBangalore, Oct. 19 Bucking the turbulent trend in the financial markets, the four public sector insurance companies have made large profits in equity trading in the first six months of the currentSource: Business Line - Home Page | 20 Oct 2008 | 12:00 am Day Trading GuideThe analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. The stop-loss level provided with the recommendation is important. The original view would stand negated if theSource: Business Line - Home Page | 20 Oct 2008 | 12:00 am Google makes ‘open offer’ to Indian developersBangalore, Oct. 19 Having a great idea for a ‘cool’ Web-based application, is the easy part.Source: Business Line - Home Page | 20 Oct 2008 | 12:00 am Rolta India (Rs 170): BuyWe recommend a buy in Rolta India from a short-term perspective. It is apparent from the charts of Rolta India that after encountering significant resistance at around Rs 340 in early September, it began to decline and has been on a medium-termSource: Business Line - Home Page | 20 Oct 2008 | 12:00 am Outlook continues to be grimWeekly outlook continues to be grim as what is happening on Dalal Street is increasingly reflecting depressing events outside. Last week, high profile US hedge fund Citadel Investment Group reported its flagship fund eroded it worth by 26 perSource: Business Line - Home Page | 20 Oct 2008 | 12:00 am Cell to study why diesel use is risingThe Petroleum Planning and Analysis Cell, intrigued by the constant rise in consumption of diesel, despite the fluctuations in crude oil prices, plans to undertake a study on the consumer pattern of theSource: Business Line - Home Page | 20 Oct 2008 | 12:00 am US nuclear players press India for liability frameworkNew Delhi, Oct. 19 The US private sector firms, which do not have their national government guarantee for accident claims, are lobbying hard with the Indian Government to lay down a policy framework on the issue of nuclear liability - or theSource: Business Line - Home Page | 20 Oct 2008 | 12:00 am Gold: Seasonal buying holds the keyMumbai, Oct. 19 Global growth concerns and financial market turmoil continue to batter the commodity market even as investors turn cautious and constantly look for avenues that are not only safe but also bring returns.Source: Business Line - Home Page | 20 Oct 2008 | 12:00 am FBT, equity plunge ends Esop fableEmployee stock option plans (Esops) have been a big motivator for employees particularly in the banking and the information technology sectors.Source: Daily News & Analysis: Money News | 19 Oct 2008 | 10:52 pm 'Forget inflation. It's time to push consumption, reforms'Ever since the collapse of Lehman Brothers in September, the dominant mood in world markets has been fear: fear that more banks will collapseSource: Daily News & Analysis: Money News | 19 Oct 2008 | 10:36 pm Govt mulls policies to counter global crisisThe government is discussing a number of policy measures to insulate India from the impact of the global financial crisis including further banking reform, industrial de-control, auctioning allSource: Business Standard | Front Page Headlines | 19 Oct 2008 | 6:41 pm Thinning Q2 margins cloud buoyant salesSales of 137 firms up 29.7%, but operating margins dip.Source: Business Standard | Front Page Headlines | 19 Oct 2008 | 6:39 pm Sebi changes tack, says 'options open' on short sales banIn a key change in its stance, the Securities and Exchange Board of India (Sebi) said it is keeping its options open on banning short sales, which a section of brokers believes are responsible for theSource: Business Standard | Front Page Headlines | 19 Oct 2008 | 6:38 pm Putting technology to greater public goodThis was the first year that the awards, now in their fifth year, were extended to seven South Asian countries. For a complete list of the Manthan awards, which were also supported by Mint and the government of India’s Centre for e-Governance this year, visit manthanaward.org. Math becomes fun via satellite Category: e-Content for Learning & Education Winner: Centre for Child Development & Disabilities, Bangalore Every morning, Sumana Sumuk walks into a room in Bangalore to teach mathematics to 420 children, none of whom are actually in the room. They’re in 14 schools across rural Karnataka, beamed into Sumuk’s classroom daily via satellite for 60 minutes, so that she can show them that math doesn’t have to be difficult, and that it’s no reason to leave school. Two years ago, when Nandini Mundkur participated in a survey of Karnataka schools, she discovered that the dropout rate in rural areas was abnormally high: between 40% and 50%.  Empowerment: Screen grabs of some of the winning entries—from advice on cancer to medical training. When she mentioned her concerns at a dinner, she was taken aback when someone offered the satellite time. It was to be the start of a programme titled: Learning is Fun. Mundkur emphasizes that Sumuk’s lessons complement the school curriculum. “We want to make the learning process enjoyable, so that the kids aren’t daunted by the subject,” she says. Sumuk recently conducted a World Cup of Book Cricket for her wards. Sumuk’s classroom consists of a video camera and a large screen with a view of one of her 14 classrooms. There is a “hand-raise” facility, so she can switch to that particular classroom. “Just to start my day looking at these kids, all eager to learn something, is completely worth it,” says Sumuk. Medical training from a box Category: e-Content for Learning & Education Winner: MEdRC EduTech, Hyderabad On a television screen at the MEdRC stall at the Manthan conclave, a man is intently studying a bone, a femur, judging by its appearance. He rotates it meditatively this way and that, and then he turns to a detailed, three-dimensional schematic of the bone on his computer. That schematic is one minuscule element of MEdRC’s hugely ambitious project—to digitise and virtually deliver the theory component of the entire Indian undergraduate medical curriculum. “We found that medical lecturers spend 70% of their time just delivering the same didactic facts over and over,” says Neeraj Raj. “By digitising these lectures, we can reverse the figures; students can now use that same 70% of their time to practise their skills.” The digitised curriculum consists of detailed lectures by nationally known teachers, captured in video and accompanied by bright graphic models to illustrate the theory. “The advantage is that students can rewind these lectures, or return to them at any time to revise their studies,” says Dr Raj, the director of MEdRC. A pilot programme, at the NTR University of Health Sciences in Andhra Pradesh, is already under way. The next step, however, is dauntingly large. By tying up with partners such as Cisco, Microsoft, Intel and BSNL, MEdRC wants to build Rs3 crore worth of infrastructure in every Indian medical college, a precursor to a broader delivery of its digital content. “Per student, the cost of this will work out to Rs2 lakh, which is not significantly more than the total cost of a medical education,” says Dr Raj. “We want to deliver this content end-to-end: from our servers, on the BSNL backbone, to laptops provided by us to every student.” Smart ration cards in Raipur Category: e-Governance Winner: Unified Ration Card Project In Chhattisgarh’s Naxal-affected Dantewada district, a truck carrying rice to a government rations shop in Bijapur was being diverted to a mill in neighbouring Bidam. In minutes, an anonymous call to a Raipur call centre, run by the state government’s department of food, civil supplies and consumer protection, helped the local administration seize the truck. The miller and the godown owner, who allegedly colluded to steal the rice, were also arrested. In November 2007, a Unified Ration Card Project (URCP) was launched in Chhattisgarh, with an online database of beneficiaries and ration shops. It also included a grievance redressal system for registering complaints online or through a toll-free number. In one year, 1,700 complaints have been been handled here. The tools for information dissemination and punitive action have been simple: the Internet and the call centre, run by some 1,000 operators in Raipur. “In Chhattisgarh, no one needs to apply for a ration card. As per the state database of people below the poverty line, ration cards are delivered at doorsteps and a record of beneficiaries is maintained,’’ says A. K. Somasekhar, project leader. Applying for or renewing ration cards involves furnishing minute details, to be cross-checked by the government. To check irregularities, the call centre directs complaints to collectorates across the state for action and enquiry. “Since the service is toll free, anyone—from ration shopowners to families who haven’t received their quota of grain —can inform the government about irregularities,” Somasekhar says. A part of the project is also dhaan kharidi, or rice sale. Six government agencies and village cooperatives, along with the National Informatics Centre, have collaborated to procure rice from farmers faster. Millers can register for or renew licences for their rice mills online and upload details on paddy sales and godowns in the state’s 16 districts, from where it is distributed to ration shops. Payment requests are made online, and cheques are delivered within hours. Cancer advice is a call away Category: e-Content in Health Winner: Ritu Joseph Biyani, Project HighWays Infinite, Pune In 2006, when Ritu Joseph Biyani drove around India for six months, she’d attract attention at every village where she stopped. “People would first be astonished that a woman was driving,” she says. “Then they’d be astonished that I was there to talk about cancer. And then even more astonished that I was there to talk about breast cancer.” That 30,200-km trip, named Project HighWays, was Biyani’s response to her own battle with breast cancer, which started in 2000. Biyani, an army captain and a dental surgeon, had enjoyed the robust life before her illness—paratrooping, skydiving, and cross-country drives—and she looked to the robust life after her illness, when she set out to spread the word. So Biyani bundled her 14-year-old daughter and another volunteer into a Ford Endeavour and began driving across India, stopping only to deliver extensive presentations on cancer. “There was the language barrier, so I made visually strong PowerPoint presentations, with animations and charts and patient photos,” she says. In some places, where she could get a projector, she spoke to as many as 400 people at a time. Biyani’s two-hour presentation included practical matters such as self-examination for lumps, but it also had to bust many myths. “Some people thought cancer was infectious, and wondered why I was out like this,” she says. “And I’d always get the question: ‘Why are you bald?’” Biyani has done only shorter drives since that mammoth one, but she has rapidly become an ambassador for cancer. “I give out my number freely, and I get calls from everywhere. People call me for even an hour at a time, to talk about cancer,” she says. And then she insists, more than once, that Mint publish her mobile number. “I’m happy to talk to anybody who calls.” Call her at +91 9881232744. Mobile ladies fix all, almost Category: e-Enterprise and Livelihood Winner: Jeeon-ikb Information for Life, Bangladesh Towards the beginning of 2003, mobile ladies on bicycles began touring six villages of Bangladesh. They roamed from door to door with a mobile handset, offering help for livelihood problems in the villages. This was part of non-governmental organization Development Research Network (D.Net)’s ambitious Jeeon-IKB Information for Life project. It began with six women and four rural information centres connected to a helpdesk in Dhaka, which received and responded to queries from the villagers. “The response was overwhelming. We also realized we didn’t have enough data to answer such a range of problems,’’ says Masum Billah, deputy director. So, an exhaustive digital database on a range of livelihood issues—from cattle rearing to disease prevention, and solutions was created online in 2005 with help from experts. Jomila, 55, was one of the first villagers to seek medical help for her abdominal pain from one of the mobile ladies. After having spent hundreds of takas (Bangladeshi rupee) on local doctors, she was taken to a rural information centre for help. A few calls to the helpdesk helped her find the right medicine. “We also found that 40% of our users are women, who mostly called with health-related problems. So, we developed women-friendly content and also employed two doctors at the helpdesk,’’ says Billah. Five years on, the Jeeon database, with 25,000 online pages and 106 telecentres to receive and respond to queries, has helped 75,128 villagers find solutions to their livelihood issues. Another 30,000 have benefited from its ancillary services and training programmes. Jeebika, the project’s job portal for rural youth, is now connecting the unemployed to job opportunities. The “mobile lady”, so far the human centric access point to information for villagers, has also become quite popular. Tech in Pashto for the Afghans Category: e-Content in Localization and Inclusion Winner: Rafiqullah Kakar, Font Localization in the Pashto Language, Afghanistan After nearly two years of painstaking translation of at least 3,000 English computer terms into Pashto, the first feedback Rafiqullah Kakar received was a 300-page report, listing all the bugs in his software. “We tested it extensively for two months, since it takes very little for people to get annoyed and never use our software again,” says Kakar, the country Team Leader of the Afghanistan Computer Science Association, under that country’s ministry of Communication and Information Technology. Pashto speakers account for around 40% of Afghanistan’s population, and localization converting computer software into local languages—is a complicated and nuanced task, designed to simplify the often convoluted language of computers. “It’s a slow and painful learning process—figuring out what is ‘File’ or ‘Edit’ or ‘Print Preview’,” Kakar says. His team of 11 people have, so far, translated and localised Windows XP and Microsoft Office, the free and open-source browser SeaMonkey (which doubles as an email client), and created Pashto fonts, penned by an expert calligrapher. Kakar recalls the excitement when he held an exhibition. “We showed people how this worked, and they were so amazed to see their handwritten text appear on the computer. We had long queues to buy our CD!” Kakar now wants to take this two steps forward—encouraging the use of free and open-source software. Ubuntu, a variant of the free operating system Linux, and Open Office, an alternative to the Microsoft Office suite, are up next for localization. “A genuine copy of Windows costs nearly $300,and that’s higher than our Gross Domestic Product per capita,” Kakar says. Compiled by Samanth Subramanian, Pallavi Singh and Krish Raghav Send your comments to feedback@livemint.com Source: Tech News - Livemint.com | 19 Oct 2008 | 5:16 pm
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