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BSE Sensex rises 0.4 pct; Mahindra, Hindalco upMUMBAI (Reuters) – The BSE Sensex climbed 0.4 percent on Wednesday in choppy trade, with investors unsure whether an expected U.S. rate cut would halt a foreign sell-off and revive inflows.Source: Reuters: Money News | 29 Oct 2008 | 1:08 pm Russia: ONGC buy of Imperial could limit competitionMOSCOW (Reuters) - Russia's antitrust watchdog said on Wednesday it needs more time to review Indian Oil and Natural Gas Corporation Ltd's (ONGC's) bid to buy Imperial Energy because it believes the deal could limit competition.Source: Reuters: Money News | 29 Oct 2008 | 1:06 pm Rupee climbs as stocks reboundMUMBAI (Reuters) – The rupee strengthened on Wednesday on hopes gains in stock markets would help revive risk appetite, but dollar demand from importers kept a check on the rise.Source: Reuters: Money News | 29 Oct 2008 | 1:02 pm Bharati Shipyard Q2 net up 29 pc at Rs 33 cr - Economic Times
Source: Google News India - Business | 29 Oct 2008 | 1:01 pm Unitech sells 60 pc in telecom arm for Rs 6120 cr to Telenor - Hindu
Source: Google News India - Business | 29 Oct 2008 | 12:59 pm U.S. Fed set to cut rates, others poised to followLONDON (Reuters) - China cut its interest rate for the third time in six weeks on Wednesday, a measure the United States, Japan and European Central Bank are expected to follow by the end of next week to bolster economies facing recession.Source: Reuters: Money News | 29 Oct 2008 | 12:57 pm India likely to face diesel shortage in Nov-March - Hindu Business Line
Source: Google News India - Business | 29 Oct 2008 | 12:55 pm NTPC to form JV with NPCIL - Economic Times
Source: Google News India - Business | 29 Oct 2008 | 12:53 pm Aviation formula gone sour - Sify
Source: Google News India - Business | 29 Oct 2008 | 12:49 pm UP sugar mills may commence operation next fortnight - Business Standard
Source: Google News India - Business | 29 Oct 2008 | 12:40 pm Patni buys back shares worth Rs 237 cr - Business Standard
Source: Google News India - Business | 29 Oct 2008 | 12:40 pm China cuts interest rates again as outlook darkensBEIJING (Reuters) - China cut interest rates on Wednesday for the third time in six weeks to help the world's fourth-largest economy ride out the reverberations of the global financial crisis.Source: Reuters: Money News | 29 Oct 2008 | 12:38 pm NTPC to form JV with NPCILNew Delhi: State-run power producer NTPC said that it would form a joint venture (JV) with Nuclear Power Corporation of India Ltd (NPCIL) for setting up a nuclear power project. “NTPC board has approved the formation of a joint venture company with NPCIL to set up a nuclear power project,” company said in a statement to the Bombay Stock Exchange (BSE). NTPC would hold 49% of the stake in the joint venture company and 51% would be held by NPCIL. The company plans to raise up to Rs4,500 crore from domestic as well as international markets for meeting its expansion plans in the current financial year. NTPC posted a net profit of Rs2,110 crore for the second quarter ended 30 September, a jump of 9.6% from Rs1,925 crore in the second quarter of last fiscal. Total income rose by 18.94% to Rs10,406 crore for the quarter under review, from Rs8,749 crore in the same period last fiscal. The company’s net sales rose to Rs19,201 crore in the first half of the current fiscal, from Rs16,976 crore in the year-ago period. Shares of the company closed at Rs134.05, up 1.09% on the BSE. Source: LatestNews-Home - Livemint.com | 29 Oct 2008 | 12:34 pm Patni buys back shares worth Rs237 crMumbai: Software services provider Patni Computer Systems said that it has bought around 1.09 crore shares worth Rs237 crore from the open market under its buyback offer. The company purchased 1.09 crore shares, of face value of Rs2 each, at an average buy back price of Rs216.30, a company filling to the Bombay Stock Exchange (BSE) said. Patni Computers, whose Rs237 crore buy back offer opened on 10 July, said that the offer closed on 23 October. In July, the company had announced its plan to buy back shares in the company from open market at a price not exceeding Rs325 a share. As of September quarter the promoters held 46.79% stake in Patni Computers, as per data on the stock exchanges. Shares of Patni Computers closed at Rs142.45 on the BSE. Source: LatestNews-Home - Livemint.com | 29 Oct 2008 | 12:27 pm GLOBAL MARKETS - Rate hopes, bargain hunting lift world stocksBy Jeremy Gaunt, European Investment CorrespondentSource: Reuters: Money News | 29 Oct 2008 | 12:20 pm Bharat Biotech bags Rs 100-cr PPP project - Hindu Business Line
Source: Google News India - Business | 29 Oct 2008 | 12:17 pm Unitech Telenor deal: An analysisUnitech said it will sell 60% stake in its telecom arm, Unitech Wireless, to Telenor for Rs 6,120 crore via a fresh issue. Unitech Wireless will invest USD 3 billion over next three years, Unitech added.Source: Moneycontrol Top Headlines | 29 Oct 2008 | 12:17 pm India authorities meet on G20; cash rates riseNEW DELHI (Reuters) - Indian overnight lending rates jumped in a cash squeeze on Wednesday, but bond yields fell on hopes of more steps to ease liquidity after top Indian policy makers met to discuss strategy ahead of a global meeting on the financial crisis.Source: Reuters: Money News | 29 Oct 2008 | 12:14 pm FM meets top brains to finalise India's stand on meltdown - Hindu
Source: Google News India - Business | 29 Oct 2008 | 12:13 pm UPDATE 1-India authorities meet on G20; cash rates rise - Reuters India
Source: Google News India - Business | 29 Oct 2008 | 12:12 pm Global stocks soar on rate cut hopes!Asian stocks soared for a second straight day on Wednesday after a powerful rally on Wall Street as hopes mounted for further interest rate cuts to shore up the global economy.Source: Zee News : Business | 29 Oct 2008 | 12:05 pm Rupee up as stocks gain, hopes of inflows !The rupee strengthened on Wednesday as gains in the local stock market raised hopes of some fresh capital inflows but traders said month-end dollar demand from oil firms and importers was likely to keep a lid on gains.Source: Zee News : Business | 29 Oct 2008 | 12:05 pm Sensex up 290 pts, above 9,000 mark!The benchmark Sensex on Wednesday gained 290 points in opening trade on massive buying by funds as well as retail investors in heavy-weight stocks, triggered by firm global cues.Source: Zee News : Business | 29 Oct 2008 | 12:05 pm IMF and EU agree to rescue for Hungary!The International Monetary Fund, the European Union and World Bank on Tuesday agreed to a USD 25.1 billion (15.66 billion pound) economic rescue package for Hungary to bolster confidence in its economy hit by the global financial crisis.Source: Zee News : Business | 29 Oct 2008 | 12:05 pm HP launches USD 400 mini-notebook!Hewlett-Packard Co on Wednesday will unveil a new mini-notebook in a move to gain ground in the fastest-growing PC category, which until now has been dominated by its smaller rivals.Source: Zee News : Business | 29 Oct 2008 | 12:05 pm Motorola plans job cuts, focus on Google software!Motorola Inc`s (MOT.N) co-chief executive, Sanjay Jha, plans to make more job cuts and simplify how it makes devices, the Wall Street Journal reported on its website on Tuesday.Source: Zee News : Business | 29 Oct 2008 | 12:05 pm Toyota, Daihatsu eye USD 5,000 car for India: Report!Toyota Motor Corp and its mini vehicle unit Daihatsu Motor Co are developing a new car for India that will likely sell for around USD 5,000, a report said on Wednesday.Source: Zee News : Business | 29 Oct 2008 | 12:05 pm Amid volatility, Indian shares end tad higherAfter a volatile session due to weak global cues, a key Indian stock market index closed a tad higher Wednesday, even though it had logged one of its biggest gains in recent years during the traditional, hour-long Diwali-day trading a day earlier.Source: IndiaeNews.com: Business News | 29 Oct 2008 | 12:01 pm Mahindra net profit down 35 percentCar and farm equipment maker Mahindra and Mahindra (M and amp;M) posted a net profit of Rs.1.85 billion (about $41.2 million) in the second quarter this fiscal, down from Rs.2.85 billion (about $65.5 million) in the same quarter last fiscal, the company said Wednesday.Source: IndiaeNews.com: Business News | 29 Oct 2008 | 12:01 pm Himalaya International ties up with US grocery chain ALDIIndian food processing major Himalaya International Ltd has signed an agreement with the US-based grocery chain ALDI to sell its products under 'Himalaya Fresh' brand name in that country.Source: IndiaeNews.com: Business News | 29 Oct 2008 | 12:01 pm No fuel price cut for now: Oil MinistryGovernment is not considering reduction in prices of petrol, diesel and domestic LPG despite crude falling to its lowest-level in 15 monthsSource: Daily News & Analysis: Money News | 29 Oct 2008 | 11:44 am Microsoft unveils Windows 7, a fix for disappointing VistaMicrosoft released key details on Tuesday of the next generation of software that it hopes will run the world's computers.Source: Daily News & Analysis: Money News | 29 Oct 2008 | 11:44 am Telenor makes bold India move, buys stake in Unitech telco armOSLO/NEW DEHLI (Reuters) - Norwegian telecoms group Telenor announced a bold move to enter the Indian mobile market through a $1.1 billion deal financed by a rights issue, sending its shares down sharply on Wednesday.Source: Reuters: Money News | 29 Oct 2008 | 11:40 am SC order a boost to shop owners who want to evict tenantsNew Delhi: In a major boost to owners of rented shops and commercial properties, the Supreme Court (SC) has ruled that a landlord can evict a tenant from the premises for ‘his own use’ which would include requirements of his son and daughter. In other words, a tenant do not have the option of taking the plea that he can be evicted only if the landlord is able to prove that he or she requires the premises back for using it himself or herself. The apex court passed the ruling while setting aside an order passed by the Punjab and Haryana High Court which had quashed the eviction proceedings ordered by the appellate court in Punjab against the tenant. The rent control court and the appellate court had ruled in favour of the owner Ajit Singh as he required the premises for his own use and directed the eviction of tenant Jit Ram. The high court, however, took a contrary view and on an appeal filed by Jit Ram and quashed the eviction proceedings on the reasoning that the plea for ‘his own use’ could not be justified, as the disputed premises was sought to be occupied by Singh’s son and not by him. Aggrieved by the high court’s reasoning, Ajit Singh and his son filed the appeal in the apex court. Interpreting section 13 of the East Punjab Urban Rent Restriction Act, 1949, the apex court said the landlord can seek eviction of a tenant form a commercial premises for his own requirement as long as he or she is not alternatively occupying in the said urban area any other commercial building or land on rent. Referring to the word ‘his own use’ used in the Act, the apex court, citing its earlier judgement in the Joginder Pal case, said the phrase should receive a wide, liberal and useful meaning rather than a strict or narrow construction. “The expression — landlord for his own use — is not confined in its meaning to actual physical use by the landlord personally. The requirement not only of the landlord himself but also of the normal ‘emanations’ of the landlord is included therein,” a bench of Justices Tarun Chatterjee said quoting the earlier judgement. According to the apex court all the cases and circumstances in which actual physical occupation or use by someone else would amount to occupation or use by the landlord himself, cannot be exhaustively enumerated. It will depend on a variety of factors such as inter-relationship and interdependence between the landlord and the person for whose sake he or she is seeking the premises. Such relationship would depend on various factors like social, socio-religious, local customs and obligations of the society or region to which they belong, the apex court said. In the present case since father (landlord) has been able to prove that he required the premises for the use of his son, there was no embargo under the act to seek eviction of the tenant, the apex court. However, since Jit Ram has been using the said commercial premises, the apex court granted him nine months to vacate it. Source: LatestNews-Home - Livemint.com | 29 Oct 2008 | 11:35 am Oil above $64 after US stock market surgeLondon: Oil firmed well above $64 a barrel on Wednesday, boosted by a 10% surge in US stock markets that reflected expectations the Federal Reserve was poised to cut interest rates to spur economic growth. US light crude for December delivery was up $2.23 at $64.96 a barrel by 1010 GMT. London Brent crude was up $2.30 a barrel to $62.59. “Energy is still very much in the orbit of the US equity market and has yet to decouple from it,” said Edward Meir, analyst at broker MF Global. “If equities continue to gain ground, we would not be surprised to see crude push higher in what could be an eventual test of the $70 level,” he said. Oil and other commodities have tracked stock markets closely, using them as a gauge of investor sentiment on the global economy and demand for raw materials. European and Asian stock markets rose strongly on hopes the Bank of Japan and other central banks would follow the US Fed and cut rates. Oil has fallen more than 50% from a record peak of $147.27 in July, as the credit crisis has spilled over into the real economy dampening demand for oil in industrial countries. Prices continued to fall last week, despite a cut in production by the Organization of the Petroleum Exporting Countries, agreed at an emergency meeting to try to defend prices. Investor selling of commodities to move into safe-haven assets such as government bonds and cash has contributed to the price slide. The market is focused on falls in demand across the world, particularly in top consumer the United States, where gasoline demand fell by 6.4 % last week versus year-ago levels, data from MasterCard Advisors released on Tuesday showed. US government data due at 1435 GMT is expected to show a rise of 1.3 million barrels in crude stocks last week, a Reuters poll showed. Distillate stocks are seen up 900,000 barrels while analysts forecast a rise of 1.2 million barrels in gasoline stocks. (Additional reporting by Maryelle Demongeot in Singapore; editing by James Jukwey) Oil prices dipped below $63 a barrel on Tuesday as concerns about faltering demand offset Opec comments suggesting the producer group could throttle back output again to support prices. US crude settled down 49 cents at $62.73 a barrel, before rising to $64.10 in post-settlement trade. London Brent crude settled $1.12 lower at $60.29 a barrel. Oil demand in the United States and other large consumer nations has dropped this year due to the slumping economy, dragging crude off record highs above $147 a barrel in July. Gasoline demand fell by 6.4% last week versus year-ago levels, according to data from MasterCard Advisors released on Tuesday. The losses in oil prices came despite a rally in US stocks as investors scoured the market for bargains. Oil has tracked global stock markets at times over the past month as the financial crisis deepened. “Seems oil is finally detaching itself from the stock market. At least for today,” said Tom Bentz, an analyst at BNP Paribas Commodity Futures Inc. Crude prices found support early on evidence the Organization of Petroleum Exporting Countries would act on last week’s decision to cut production as the United Arab Emirates state oil company reduced volumes to term customers. Opec ministers will take further steps to prop up the oil market, and could call another meeting before their next scheduled talks in December, officials of the producer group said on Tuesday. The credit crisis that began with failing US mortgages has widened into a worldwide rout, with investors dumping stocks and commodities, shunning higher-risk emerging markets and seeking out the safest government bonds and currencies. Source: Home - Livemint.com | 29 Oct 2008 | 11:26 am Govt to introduce new ‘market-driven’ vocational programmesNew Delhi: Under-graduate students will have more choices now as the government has proposed new market-driven vocational programmes under the revised ‘career oriented programme´ scheme. Sources in the Ministry of Human Resource Development said that the fresh programmes range from ‘refrigeration´ and ‘applied psychology´ to ‘foreign trade exchange´. The modified ‘career oriented programme´ scheme in the Eleventh Plan Period will allow the institutes to pick up from the wide range of programme identified. Some of the indicated course for the science stream include Refrigeration, hospital waste disposal management, sericulture and biotechnology. For social science and humanities stream, the courses proposed are inter-disciplinary in nature such as applied sociology, applied psychology, tourism, fashion designing, translation proficiency, television and video production. The official said that the programmes have been approved by UGC. For the commerce stream, the courses are insurance, banking, e-commerce, world trade, foreign exchange trade, retailing etc. During the last financial year, the government had released about Rs46 crore for the running of vocational programmes in colleges and a year before that about Rs26 crore. Source: LatestNews-Home - Livemint.com | 29 Oct 2008 | 11:20 am Sensex closes 36 pts up ahead of US Fed rate cutMumbai: Mood swings on the bourses amid expectations of a rate cut announcement by the US Federal Reserve lead to a volatile trading session, and the Bombay Stock Exchange benchmark Sensex ended over 36 points higher. The Sensex, which commenced the Samvat year 2065 on a cheerful note on Tuesday, remained volatile by swinging between 9,297.76 and 8,894.34, before ending higher 36.43 points at 9,044.51. Similarly, the wide-based National Stock Exchange index Nifty rose by 12.45 points at 2,697.05, after touching the day’s high of 2,781.25 and a low of 2,631.90 points. Marketmen said trading sentiment remained extremely volatile on expectations that the US Federal Reserve might cut interest rate, a measure to control troubled financial markets. They said the market also remained jittery on reports of the Finance Minister meeting Reserve Bank of India and Security Exchanges of India chiefs later in the day. Short-covering was provided support to the market, which dropped nearly 37 per cent this month, ahead of expiry of October month derivative’s segment, they added. Major support to the market came from metal, oil and gas, auto and information technology segment stocks. Metal segment index gained the most by rising 298.19 points at 4,870.87 followed by oil and gas sector by 153.81 points at 5,678.33 as segment major Reliance Industries recorded a handsome gain of 12.07% at Rs 1204.40 All wholesale commodity markets, including bullion, steel, metal and chemical closed across the board on Tuesday and will remain so on Wednesday on account of Vishwakarma Pooja and Bhai Dooj. The bullion market in Mumbai, will be closed for two days, 29 October and 30, on account of Diwali. Bombay Stock Exchange, National Stock Exchange and forex will also be closed tomorrow on account of ‘Bhaudeez´ and reopen on Friday. However, the commodity futures markets - MCX, NCDEX and NMCE would open late Wednesday in the evening for special trading session, beginning at 5pm. Source: Home - Livemint.com | 29 Oct 2008 | 11:18 am LittleBigPlanet players help build video gameReuters Raleigh: Sony Computer Entertainment America’s “LittleBigPlanet” game, released in North America on Tuesday, lets players create characters and scenarios for the PlayStation 3, taking the Internet’s embrace of community-created sites to video games. The new game has 50 levels of play in a universe of castles and mountains where customizable sackcloth puppets must navigate obstacles and puzzles to proceed. What separates it from the pack is a suite of tools, which allows players to create their own game challenges and share them with others online via Sony Corp’s PlayStation Network. Kareem Ettouney, art director for “LittleBigPlanet,” said recently in an interview in New York the whole idea behind the game is that one person can create everything from characters to worlds within the game. “The three pillars of the game are equal: play, create, and share,” said Ettouney, who co-founded the game’s development studio, Media Molecule. Electronic Arts Inc has proven that empowering gamers is a good business decision these days. Gamers have populated the new “Spore” universe with over 25 million creatures, vehicles and buildings of their own creation. “Spore” PC and Nintendo DS games sold over 1 million copies worldwide in the first three weeks. Billy Pidgeon, video game analyst for IDC, believes “LittleBigPlanet” will help Sony drive sales of its PS3. The PS3 lags Microsoft’s Xbox 360 and Nintendo’s Wii in total sales, but new games made by Sony exclusively for its machine may help it gain ground. It’s a mass market game that will appeal to non-gamers, new gamers and also to gaming enthusiasts,“ said Pidgeon. “Sony can use ‘LittleBigPlanet´ to build a larger online PlayStation Network audience, which will give the PlayStation Store more customers.” The game will be sold both through traditional retail channels on a $60 Blu-ray disc and also will be available as a digital download through the PlayStation Store. Sony has said it has big plans for this new game franchise with “LittleBigPlanet” spin-offs like comics, cartoons, and action figures in the works. Pidgeon believes the online-focused game could open up sponsorship opportunities for Sony, as well as new revenue streams. “Global online downloadable game-related content is expected to grow from $493 million in 2007 to $7.2 billion in 2011,” said Pidgeon. “Game-related downloadable content revenue from online consoles has already surpassed online console subscription revenue.” Players are going beyond the game itself. Scott Rohde, vice president of product development at Sony Computer Entertainment America, said that during the current private test of the game, gamers have created in-game blogs and photo slide shows. According to Sony Computer Entertainment Europe Chief Executive Officer David Reeves, who spoke to gaming website PS3 Fanboy, gamers may be able to sell their creations in the near future. “What we’re trying to do with ‘LittleBigPlanet´ is almost iTunes meets eBay in the sense that once an individual or a developer has qualified by producing certain levels or certain add-ons, they will then be able in the future to exchange these and make money out of them,” Reeves told the site recently. Sony, which trails both Nintendo and Microsoft in the current global console battle, has a lot riding on “LittleBigPlanet,” but the game has already received numerous awards at big trade shows like E3. The company says the game ships in North America on Tuesday, Japan on 30 October, and in the UK, Europe, Middle East, Australia and New Zealand the week of 3 November. Source: LatestNews-Home - Livemint.com | 29 Oct 2008 | 11:18 am LittleBigPlanet players help build video gameReuters Raleigh: Sony Computer Entertainment America’s “LittleBigPlanet” game, released in North America on Tuesday, lets players create characters and scenarios for the PlayStation 3, taking the Internet’s embrace of community-created sites to video games. The new game has 50 levels of play in a universe of castles and mountains where customizable sackcloth puppets must navigate obstacles and puzzles to proceed. What separates it from the pack is a suite of tools, which allows players to create their own game challenges and share them with others online via Sony Corp’s PlayStation Network. Kareem Ettouney, art director for “LittleBigPlanet,” said recently in an interview in New York the whole idea behind the game is that one person can create everything from characters to worlds within the game. “The three pillars of the game are equal: play, create, and share,” said Ettouney, who co-founded the game’s development studio, Media Molecule. Electronic Arts Inc has proven that empowering gamers is a good business decision these days. Gamers have populated the new “Spore” universe with over 25 million creatures, vehicles and buildings of their own creation. “Spore” PC and Nintendo DS games sold over 1 million copies worldwide in the first three weeks. Billy Pidgeon, video game analyst for IDC, believes “LittleBigPlanet” will help Sony drive sales of its PS3. The PS3 lags Microsoft’s Xbox 360 and Nintendo’s Wii in total sales, but new games made by Sony exclusively for its machine may help it gain ground. It’s a mass market game that will appeal to non-gamers, new gamers and also to gaming enthusiasts,“ said Pidgeon. “Sony can use ‘LittleBigPlanet´ to build a larger online PlayStation Network audience, which will give the PlayStation Store more customers.” The game will be sold both through traditional retail channels on a $60 Blu-ray disc and also will be available as a digital download through the PlayStation Store. Sony has said it has big plans for this new game franchise with “LittleBigPlanet” spin-offs like comics, cartoons, and action figures in the works. Pidgeon believes the online-focused game could open up sponsorship opportunities for Sony, as well as new revenue streams. “Global online downloadable game-related content is expected to grow from $493 million in 2007 to $7.2 billion in 2011,” said Pidgeon. “Game-related downloadable content revenue from online consoles has already surpassed online console subscription revenue.” Players are going beyond the game itself. Scott Rohde, vice president of product development at Sony Computer Entertainment America, said that during the current private test of the game, gamers have created in-game blogs and photo slide shows. According to Sony Computer Entertainment Europe Chief Executive Officer David Reeves, who spoke to gaming website PS3 Fanboy, gamers may be able to sell their creations in the near future. “What we’re trying to do with ‘LittleBigPlanet´ is almost iTunes meets eBay in the sense that once an individual or a developer has qualified by producing certain levels or certain add-ons, they will then be able in the future to exchange these and make money out of them,” Reeves told the site recently. Sony, which trails both Nintendo and Microsoft in the current global console battle, has a lot riding on “LittleBigPlanet,” but the game has already received numerous awards at big trade shows like E3. The company says the game ships in North America on Tuesday, Japan on 30 October, and in the UK, Europe, Middle East, Australia and New Zealand the week of 3 November. Source: Tech News - Livemint.com | 29 Oct 2008 | 11:18 am High provisions hit Central bank’s Q2 net profitMumbai: High provisions and a sharp fall in its non-interest income have hit the second quarter numbers of public sector lender, Central Bank of India as its net profit for the quarter fell to Rs96 crore. The lender had reported a net profit of Rs124 crore in the year-ago period, Central Bank said today. Total income of the bank during the period rose marginally to Rs2,769 crore as against Rs2,107 crore in the same period last year, the bank said in a statement. During the period, non-interest income of the bank dipped to Rs95 crore as compared to Rs188 crore in the year-ago period. The bank’s total deposits during the period rose to Rs1,16,365 crore as on 30 September from Rs90,845 crore a year back, while advances grew to Rs80,827 crore from Rs53,971 crore, the bank said. The lender made a total Rs198 crore in provisions during the quarter, as compared to Rs123 crore in the corresponding period in the previous year, the bank said. For the half-year ended 30 September, Central Bank posted a net profit of Rs155 crore, down from Rs222 crore in the same period last year. Total business of the bank as on 30 September stood at Rs1,97,192 crore up from Rs1,44,816 crore in the same period in the last fiscal. Gross non-performing assets (NPAs)of the bank during the period stood at 2.79% from 4.81% last year. Similarly, net NPAs improved to 1.17% from 1.41% in the previous year, the bank said. The bank’s capital adequacy ratio fell to 9.85% from 12.38% in the year-ago period. Source: LatestNews-Home - Livemint.com | 29 Oct 2008 | 11:14 am Europe stock futures jump after US, Asia soarLondon: European stock index futures rose sharply on Wednesday, after US and Asian stocks soared and investors bet on a US rate cut later in the day. Futures for the DJ Euro Stoxx 50 and for France’s CAC added about 5%, and for Germany’s DAX gained 3.4%. Wall Street marked its second best day ever on Tuesday, with major US stock indexes surging about 10%. The US Federal Reserve is set to announce its rate verdict at 1815 GMT. In a Reuters survey, primary dealers expect the Fed funds rate will be cut to 1% from 1.5%. Japan also signalled on Wednesday it could follow the US in cutting interest rates this week. Tokyo’s Nikkei average soared 7.7%. Source: Home - Livemint.com | 29 Oct 2008 | 11:03 am Chidambaram holds meeting on financial turmoilAhead of a meeting among world leaders in Washington next month on the global financial crisis, Finance Minister P. Chidambaram met with key policy makers and monetary experts here Wednesday to formulate India's position on the subject.Source: IndiaeNews.com: Business News | 29 Oct 2008 | 11:02 am Bharat Biotech to develop pharma-IT park in OrissaThe Orissa government has selected the Hyderabad-based Bharat Biotech International Ltd (BBIL) to set up the first biotech-pharma-IT park in the state.Source: IndiaeNews.com: Business News | 29 Oct 2008 | 11:02 am Punjab National Bank to consider rate cut 31 OctoberNew Delhi: Punjab National Bank Ltd (PNB) will consider a lending rate cut on 31 October, its chairman said on Wednesday. The Reserve Bank of India (RBI) on 20 October cut the repo, its key lending rate, by 1% to 8%, reversing a four year tightening cycle, to shield the slowing economy from the global financial crisis. Analysts expect more rate cuts to come. “The PNB board is meeting on 31 October and it will consider whether interest rates can be further cut,” K.C. Chakrabarty said. PNB had hiked its benchmark prime lending rate by 1% to 14% in July, a day after the Reserve Bank of India (RBI) had raised the repo by a similar amount. “We are expecting a further cut in the repo rate by the RBI.” Chakrabarty said adding: “If inflation is down, the RBI can cut the repo.” Source: LatestNews-Home - Livemint.com | 29 Oct 2008 | 10:56 am Himalya International signs pact with US coPTI New Delhi: Agricultural export firm Himalya International todays aid th company has signed an agreement with US-based grocery chain ALDI to sell its products under “Himalya Fresh” brand name in America. Under the agreement, ALDI grocery stores would sell Himalya Fresh products like frozen vegetables, baby potatoes and breaded appetisers through 1,000 retail stores across the US, company Chairman Manmohan Malik said in a statement here. The company is expecting exports to the US to grow by 60% and touch $10 million during the current financial year, Malik said. He added that, the Delhi-based company is looking to capitalise economic slow down in the US by offering time saving and inexpensive food products to the middle-class customers. The company’s products would be 25% cheaper than other products available in the US markets, he added. Shares of the company was trading at Rs15.95, up 13% in afternoon trade on Bombay Stock Exchange. Source: LatestNews-Home - Livemint.com | 29 Oct 2008 | 10:48 am Hungary to get $25.1 bn aid from IMFBudapest: Hungary’s currency and stock market are rising after the International Monetary Fund said the country is getting an aid package of up to $25.1 billion (20 billion euros) to rescue its economy hit hard by the global financial crisis. The IMF will provide a 17-month standby loan of $15.7 billion (12.5 billion euros), the European Union is ready to lend Hungary $8.1 billion (6.5 billion euros), and the World Bank will provide $1.3 billion (1 billion euros). The access to the IMF-led funds should allow Hungary to attenuate investors’ fears about its ability to meet debt payments. Hungary’s currency _ the forint _ and the Budapest Stock Exchange’s benchmark BUX index were both significantly higher Wednesday after slumping for weeks. Source: Home - Livemint.com | 29 Oct 2008 | 10:39 am Subex Q2 net loss widens at Rs71.69 crMumbai: IT firm Subex Ltd said that its consolidated net loss for the second quarter ended 30 September stood at Rs71.69 crore, whereas it had a net loss of Rs34.82 crore over the corresponding period a year ago. Consolidated net sales rose to Rs142.08 crore for the quarter under review from Rs102.98 crore for the same period last year, Subex Ltd said in a filing to the National Stock Exchange (NSE). For the six months ended 30 September, it posted a consolidated net loss of Rs137.32 crore, while it had a consolidated net loss of Rs13.26 crore for the same period a year ago. While, the firm’s consolidated net sales rose to Rs278.02 crore for the six months ended 30 September from Rs234.64 crore for the same period last year. On a standalone basis, Subex registered a net loss of Rs64.46 crore for the September quarter, whereas it had a net loss of Rs1.52 crore for the same period last fiscal. Shares of the company closed at Rs33.45, up 5.19% on the Bombay Stock Exchange (BSE). Source: LatestNews-Home - Livemint.com | 29 Oct 2008 | 10:33 am Bharti Q2 net seen up a third, Reliance seen mutedNEW DELHI (Reuters) - India's top mobile operator, Bharti Airtel, should report on Friday that quarterly profit rose almost a third on record subscriber additions, but No. 2 Reliance Communications will see muted growth as its borrowing costs climbed.Source: Reuters: Money News | 29 Oct 2008 | 10:28 am Global stocks up on rate cut hopesHong Kong: Asian stocks and government bonds rallied on Wednesday, on hopes the Bank of Japan and the Federal Reserve will cut interest rates this week to spur growth, while credit markets continued to show signs of recovery. Oil prices also rose as investors latched on to the upward momentum in global equities, hoping for a sustained revival in willingness to take risks for higher returns. Attractive valuations in almost every industry inspired the stock market rally, taking place after a brutal sell-off that has seen Japan’s Nikkei index fall as much as 40% in the past month. Central banks around the world were expected to lower benchmark interest rates further to support growth in coming days. The Fed is widely expected to cut its key rate for the ninth time since September 2007 later on Wednesday, and the Bank of Japan will consider lowering its policy rate at a meeting on Friday, according to sources familiar with the matter. The Bank of England and the European Central Bank were both forecast to lower borrowing costs as well next week. How much any of these actions will turn around near-term prospects for major economies is unclear, especially since the US labour market is forecast to have lost nearly 180,000 jobs this month and economists from JPMorgan to UBS see the global economy sliding into recession. The Nikkei rose 6.4%, after plumbing its lowest since 1982 on Tuesday. The index is still down 21% in October, causing speculation that Japanese banks have likely taken big hits on their domestic portfolios. Nomura Holdings Inc, Japan’s largest brokerage, posted its third consecutive quarterly net loss on Tuesday and warned of potential losses on exposure to crisis-hit Iceland and further write-downs on its stake in Fortress Investment Group. Asia-Pacific stocks outside Japan climbed 5% after touching a 4-year low on Tuesday, according to an MSCI index. Hong Kong’s Hang Seng index rose 4.7% after soaring 14.4% on Tuesday in the biggest rally in 11 years. China Mobile stock led the index higher, rising 4.7%, but a 2.8% decline in HSBC shares held its rise below the benchmark MSCI. Wall Street overnight posted its second-biggest rise ever, with the Standard & Poor’s 500 index spiking 10.8%. Beware risk The US dollar was down 0.5% on the day at 97.50 yen Still, the dollar has gained nearly 4 yen in three days as global equity markets rallied. The yen has received a powerful boost as Japanese investors close out of overseas trades and bring money back home. Thawing short-term money markets and rallying stocks - in addition to the Group of Seven warning on yen strength on Monday - have slowed the currency’s ascent, but the adverse environment for risk makes it easy to resume. The two-year Japanese government bond yield, which moves in the opposite direction to the price, hit a six-month low of 0.56 percent in anticipation of a central bank rate cut. Policymakers have bought themselves time to focus on measures to support economic growth with previous efforts to revive short-term lending markets appearing to have some success. The spread of 3-month London interbank offered rates, a benchmark in international lending, over the 3-month US Treasury bill yield narrowed to 263 basis points, down sharply from more than 450 basis points three weeks ago. This week the Fed also kicked off its commercial paper programme, which is aimed at helping companies raise short-term funding for their daily operations. The commercial paper market, the lifeblood of many blue-chip companies, virtually shut down as a result of the credit crunch. Commodity prices have been rising along with global equity markets, but rallies have been much more modest given mounting evidence the US and Chinese economies are slowing rapidly, reducing need for raw materials. The Reuters-Jefferies CRB index, a global commodities benchmark, ticked up 0.3% but was not far from the lowest levels since December 2003 hit on Tuesday. US crude futures were trading up $1.91 at $64.64 barrel after rising as high as $65.80 earlier. In the last month alone, oil has dropped $43 as a deep slowdown in demand is factored in. Source: Home - Livemint.com | 29 Oct 2008 | 10:28 am IOC, BPCL, HPCL to get oil bonds worth Rs65,942 crNew Delhi: Indian Oil (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) are likely to get oil bonds worth Rs65,942 crore this week to make up for half of their revenue loss on fuel sale during the first nine months of 2008. “Parliament has already approved (issue of oil bonds). We expect Finance Ministry to intimate of the bonds anytime now,” Petroleum Ministry Additional Secretary S Sundareshan said. BPCL is to announce tomorrow its earnings in July-September quarter, while HPCL and IOC are to do so on Friday. Without the oil bonds, the three would post huge losses. “Even with oil bonds, things are not going to be any better,” he said. The three firms would get Rs14,956.17 crore worth of oil bonds for selling petrol, diesel, domestic LPG and kerosene below cost in January-March quarter. They will get an additional Rs24,408 crore compensation for April-June quarter and the remaining will be for July-September quarter. Government compensates half of the losses resulting from its dictate to oil companies to not to raise fuel prices in line with cost, through issue of oil bonds. For 2007-08, the oil companies reported a total revenue loss of Rs70,579 crore of which Rs35,289.50 crore is to be compensated through oil bonds. The government has already issued, oil bonds worth Rs20,333.33 crore for April-December 2007 period. IOC, BPCL and HPCL in April-September lost Rs92,853 crore on fuel sales (audited figures) and are projected to lose Rs1,47,486 crore in the full fiscal. Half of the projected revenue loss is to be compensated through oil bonds. Source: LatestNews-Home - Livemint.com | 29 Oct 2008 | 10:25 am Maxsoft inks MoU with IIT Madras for establishment of COEBy PTI Bangalore: Bangalore-based MAXrad SOFTware (India) Private Limited has inked a Memorandum of Understanding with IIT Madras for establishment of IITM-Maxsoft Centre of Excellence (COE) for system simulation and smart structures. The centre will provide exposure to the multi-domain system modeling and simulation methodologies using the tool ‘Amesim’ in the curriculum and courseware for students and also corporate groups. The smart structure analyses software and hardware for articulating the scope of active material analysis and applications to the students and industries. Amesim is the simulation software for modelling and analysis of various multi-domain systems in the automotive and aerospace sectors. The colllaboration will allow Maxsoft to install 11 licenses of Amesim with all modules for two years free of cost to IITM and provide faculty training and course material for training purpose. IIT Madras will provide adequate space and basic infrastructure in support of the software. The MoU will be signed between both the parties on 31October. Source: Tech News - Livemint.com | 29 Oct 2008 | 10:07 am HP launches $400 mini-notebook as it plays catch-upSan Francisco: Hewlett-Packard Co on Wednesday will unveil a new mini-notebook in a move to gain ground in the fastest-growing PC category, which until now has been dominated by its smaller rivals. Netbooks - ultraportable, inexpensive laptops designed for Web browsing and light tasks - have taken the PC market by storm this year, with smaller computer firms such as Acer Inc and Asustek Computer Inc leading the charge. HP’s sleek new Mini 1000, costing about $400, is significantly different from the company’s first netbook release, launched last spring. It uses Intel Corp’s Atom processor, and is also substantially less expensive, signaling that the price war in netbooks that some analysts have been predicting may have begun. Although still a fraction of the overall PC market, netbooks’ popularity could lead to changes in the pecking order of PC makers and cut into margins and profitability as average selling prices come down. In the third quarter, Acer gained ground on HP and Dell Inc, with a big assist from mini-notebooks. According to industry tracker IDC, Acer’s total shipments leaped more than 50 percent, and the company’s share of the overall PC market climbed more than 3 percentage points to 12.5%. HP, although still the top-selling PC maker, saw its overall market share dip slightly to 18.8%, and was outsold in Europe by Acer. Analysts said the company was impacted by its delayed entry into the mini-notebook market. Bob O’Donnell, vice president at IDC, estimates 10.8 million netbooks will ship in 2008, out of the more than 300 million overall PC shipments forecast for the year. He expects netbook shipments to jump to 20.8 million in 2009. Carlos Montalvo, vice president of marketing in HP’s managed home business, said the Mini 1000 is a superior product to the “second- and third-tier” offerings from competitors, which he said have been “over-optimized” for size and price, and lack HP’s consistency and quality. Without releasing specific numbers, Montalvo said HP’s first netbook, which was targeted at the education market, was “phenomenally successful.” However, he said the Mini 1000 is aiming for a broader audience. The new netbook will start at $399 for a version running Microsoft Corp’s Windows XP, jumping to $549 for a fully loaded model. The company’s first netbook, the 2133, starts at $599 and tops out at $749, features a Via chip and runs Windows Vista. HP will also offer a Mini 1000 that runs Linux for $379, as well as a special edition designed by fashion designer Vivienne Tam for $699. The netbooks will all feature a keyboard that is 92% the size of a standard keyboard, and will weigh less than three pounds. Netbooks role debatable Although Montalvo views HP’s netbooks as complementary products, which a consumer would own in addition to their desktop or full-sized laptop, analysts don’t necessarily see it the same way. Jayson Noland, an analyst with Robert Baird, said last week that netbooks’ place in the PC universe is still undefined. “I don’t think any of us knows yet whether it’s a substitute product or a complementary one,” said Noland. “In some markets in a mature economy like the US or Western Europe it could be complementary, and in an emerging market it could be substitute.” Also uncertain is netbooks’ impact on the balance sheet. IDC’s O’Donnell fully expects to see a price war in netbooks, as companies try to boost sales to make up for the low price points. “If you’re down to $300, then your profit margin goes away, so you have to make it up in volume. Their goal is all about high volume, low margin, and I think that’s going to be a challenge.” Noland said both HP and Dell have been a little late to catch on to the appeal of netbooks, but he expects them to regroup without much trouble. Dell introduced its first netbook in September. However, Apple has been openly dismissive of the product. Apple Inc Chief Executive Steve Jobs, on a conference call after the company’s earnings, said the iPhone does many of the things that netbooks do, and said there were markets that the company was just not interested in. Source: Tech News - Livemint.com | 29 Oct 2008 | 9:56 am Post-Diwali fortnight to register 25% job cuts: AssochamNew Delhi: The prevailing economic negativity that dampened the 2008 Diwali was expected but what was not is the post-Diwali scenario that indicates a strong slowing down. Corporate India is likely to announce lay offs of nearly 25% of its workforce within the next 10 days across seven key industrial segments, according to an analysis on ‘Jobs scenario, post-Diwali’ persented by industry chamber, Assocham. These sectors comprise steel, cement, ITeS/BPO, financial and brokerage services, construction, real estate and aviation to begin with as their promoters are no longer in a position to sustain their operations with existing manpower strength. Key Findings * HR heads of a majority of the steel, cement, ITeS/BPO, financial and brokerage services including construction, real estate and aviation have drawn up conclusive plans to curtail their workforce by 25 to 30%, announcements for which are likely to come in by early November * Most companies had wanted to start laying off employees in a phased manner much before Diwali but were advised to defer their restructuring plans * Companies are thinking of further cutting down on bonus, ex-gratia and other incentives to reward performance * Companies are also thinking of curtailing perks and perquisites of middle and senior managers as slowdown will continue and CEOs too might be expected to absorb salary cuts * Manpower recruiting firms have deferred plans of expansion that require additional influx of funds since business houses in the crisis ridden sectors have stopped requisitioning human resource requirement *The assessment suggests that negative sentiments in these sectors can be turned into an opportunity provided the Reserve Bank of India discontinues with its tight monetary policy and decreases the interest rates by at least 3% Source: Home - Livemint.com | 29 Oct 2008 | 9:40 am Unitech Wireless offloads 60 percent stake in Norwegian firmNorwegian telecom giant Telenor has picked up a controlling 60 percent stake in Unitech Wireless, the telecom arm of real estate major Unitech Ltd.Source: IndiaeNews.com: Business News | 29 Oct 2008 | 9:30 am Focus on roads, water, health will give masses feel of robust economyIn these times of uncertainty, improved access to basic infrastructure like roads, potable water, health and education will give India's poor masses the feel of a robust and expanding economy, a top economic advisor has said.Source: IndiaeNews.com: Business News | 29 Oct 2008 | 9:03 am Hiring by top 5 cos down 36%The financial crisis in the US continued to dampen hiring sentiments with net manpower addition by top 5 Indian IT companies combined tanking 36 per cent in JulySeptember quarter.Source: Moneycontrol Top Headlines | 29 Oct 2008 | 9:01 am National Aluminium slashes price fourth time in OctoberThe state-owned National Aluminium Co Ltd (Nalco), India's second largest aluminium manufacturer, has slashed basic metal prices for the fourth time this month to match international prices, a top company official said Wednesday.Source: IndiaeNews.com: Business News | 29 Oct 2008 | 9:01 am Two pilots killed as small plane crashes in PunjabTwo pilots were killed Wednesday when a six-seater aircraft of the Punjab government crashed while landing at the Sahnewal airport near here, officials said.Source: IndiaeNews.com: Business News | 29 Oct 2008 | 9:00 am Hero Honda, Andhra Bank tie up for bike loansTwowheeler maker Hero Honda Motors has entered into an agreement with Andhra Bank to offer financing support for buyers of their products.Source: Moneycontrol Top Headlines | 29 Oct 2008 | 8:57 am Finance Ministry wants 3G revenues to be separatedThe Ministry of Communications and IT has told Parliament that the decision to allow operators to pay separate spectrum charges on the revenues earned from 2G and 3G services, respectively, was based on the suggestion given by the Finance Ministry.Source: Moneycontrol Top Headlines | 29 Oct 2008 | 8:50 am Unitech sells 60% telecom stake to Telenor for Rs6,120 crPTI New Delhi: Real estate major Unitech today announced selling of 60% stake in its telecom venture for Rs6,120 crore ($1.23 billion) to Norway-based Telenor, which has mobile operations in 12 countries with 160 million subscribers. Unitech was awarded pan-India mobile telecom license for Rs1,651 crore early this year and has got GSM spectrum in 13 circles. The company plans to launch services in the first half of 2009. “This is a landmark deal. At a time when lot of foreign exchange is outflowing, this deal will bring in much needed foreign exchange into the country,” Unitech’s telecom venture Chairman Sanjay Chandra told PTI. The deal has put the enterprise value of Unitech’s telecom business at a whopping Rs11,620 crore ($2.35 billion), he said adding the company would now start the process of rolling out network through out the country. Telenor, world’s seventh largest mobile operator has operations in Europe and Asian countries, including 100% subsidiary in Pakistan. This is the second deal among the new GSM operators. Earlier, Swan Telecom with license for 13 circles had sold 45% stake to UAE-based Etisalat for $900 million. Source: Home - Livemint.com | 29 Oct 2008 | 8:22 am Posco close to getting iron ore prospecting licencePTI Bhubaneswar: South Korean steel major Posco was probably only two signatures away from getting the prospective licence (PL) of Kandahar iron ore reserve in Orissa’s Sundergarh district, official sources said today. As hearing on Kandahar reserve was complete, some formalities were left before the state government, which formally recommends the name of the company to get the PL. Spread over 6204.32 hectares, Kandahar iron reserve is known as ‘jackpot´ in the steel sector. “We will very soon send the recommendation to the Centre for the PL over Kandahar iron ore reserve,” Orissa’s Steel and Mines Minister Pradip Amat told PTI adding only some formalities were left for final recommendation. The sources said, Steel and Mines Secretary Ashok Dalwai has finalised hearing of application for PL over Kandahar a month ago and sent the department’s recommendation to the chief secretary’s office. Chief Secretary Ajit Kumar Tripathy has also signed on the dotted lines sending the files to Amat. “Two more signatures, one of Amat and another from Chief Minister Naveen Patnaik, are required to finally recommend the name of Posco for availing the PL over Kandahar,” an official said. Besides Posco-India, which proposed to set up a 12 mtpa steel plant near Paradip at an investment of Rs51,000 crore, there were as many as 289 aspirants, including Essar Steel and central PSU Kudremukh Iron Ore Ltd (KIOL) for Kandahar reserve. Source: Home - Livemint.com | 29 Oct 2008 | 8:20 am Deleted photos off your camera? get undelete 2009Mumbai: Diskeeper Corporation’s newly released Undelete(R) 2009 software instantly recovers digital photos accidentally deleted off cameras or PC hard drives. Undelete 2009 replaces the Windows(R) recycle bin with a powerful Recovery Bin, capturing all digital photos accidentally deleted off the hard drive. Further, anyone with a digital camera is familiar with these two options: “Delete photo” and “Delete all photos.” Suppose you hit the latter by accident? Undelete 2009 can recover even those photos from the camera’s drive itself. Undelete’s features extend far beyond digital photography. One can recover any data accidentally deleted off a PC--including earlier ”saved over” versions of Microsoft Word(R), Excel(R) and PowerPoint(R) files. Just right-click the file and select “View Versions” to restore the file you want. You can also preview the files before recovery to help find the right one. This is far easier than going to back up and faster too. Undelete 2009 retails for $29.95 and is available in English, French and Japanese. Source: Tech News - Livemint.com | 29 Oct 2008 | 7:44 am US Fed extends $15 bn swap line to New ZealandWashington: The US Federal Reserve said it had extended a temporary $15 billion currency “swap” line to New Zealand’s central bank to help it boost lending and unblock the global credit squeeze. “Under the reciprocal agreement, the Reserve Bank of New Zealand is authorised to swap its currency for up to $15 billion in the US currency to address ongoing, elevated pressures in US dollar short-term funding markets,” the Fed said in a statement on Tuesday. “This facility, like those already established with other central banks, is designed to help improve liquidity conditions in global financial markets,” it added. The deputy governor of the Reserve Bank of New Zealand, Grant Spencer, said the facility is to provide an additional source of liquidity for the US dollar funding market. “While there is no need to use the facility right now, it is useful to have this capacity if markets become dysfunctional,” Spencer said in a separate statement. The New Zealand central bank is the 10th to receive a temporary swap arrangement from the Federal Open Market Committee, headed by chairman Ben Bernanke, amid the global financial crisis that has left lending at a virtual standstill. The FOMC has previously authorised such arrangements with the European Central Bank, the Bank of England, the Bank of Japan and the central banks of Australia, Canada, Denmark, Norway, Sweden and Switzerland. The swap agreement with the US central bank comes as New Zealand is mired in recession for the first time in a decade. The economy shrank in the first and second quarters of this year, meeting the technical definition of recession as two consecutive quarters of contraction. Source: Home - Livemint.com | 29 Oct 2008 | 7:37 am Indian equities open on positive note after Diwali cheerIndian equities opened on a positive note Wednesday, after posting one of its steepest gains in recent years the day before during the traditional one-hour trading on Diwali when investors also worship the goddess of wealth.Source: IndiaeNews.com: Business News | 29 Oct 2008 | 7:30 am GM seeks $10 bn govt aid for merger: sourcesNew York: General Motors Corp has asked the US government for roughly $10 billion in an unprecedented rescue package to support its acquisition of Chrysler LLC from Cerberus Capital Management, sources familiar with the talks said. The government funding would include roughly $3 billion in exchange for preferred stock in a merged automaker, according to one of the sources, who was not authorized to discuss the matter publicly. The request for federal aid has been led by GM, a second person familiar with the matter said on Tuesday. The automaker’s chief executive, Rick Wagoner, has been in Washington in recent days to lobby administration officials. GM has been in talks with Cerberus about buying Chrysler since last month, but the discussions have been snagged by difficulty in securing investment or financing at a time when credit is tight and global auto sales are rapidly declining, others close to the talks have said. A decision by the Bush administration to provide the government’s first funding for the auto sector since the $1.5 billion bailout of Chrysler in 1980 has been widely seen as the merger’s best chance for success. The merger discussions have remained fluid and there was no guarantee the government would provide the support needed to facilitate the merger, a third person briefed on the talks said. An injection of $3 billion in equity to support a GM acquisition of Chrysler would be roughly equivalent to the current, depressed value of the top US automaker. It would also give US taxpayers a large and potentially risky stake in the turnaround of a struggling auto industry that employs more than 350,000 American workers. Analysts say GM, Chrysler and Ford Motor Co have been driven to the brink of failure by a combination of management missteps, slowing global growth and problems in credit markets. In addition to taking a stake in what would be the world’s largest automaker by volume, the U.S. government is also being asked to provide other financial support, including a credit line that would help relieve liquidity pressure that would add up to nearly $10 billion, the first source said. GM, Cerberus and Chrysler had no comment In recent days, GM has focused on detailing Chrysler’s pension obligations, sources close to the talks have said. While those considerations are reflected in its request for government aid, the automaker has not suggested a transfer of those obligations to the government, a person familiar with that aspect of the talks said late Tuesday. Chrysler said separately on Tuesday that it was offering white-collar workers up to $75,000 cash and vehicle vouchers valued at $25,000 as part of its effort to slash 5,000 jobs. Too big to fail? A combined GM-Chrysler would control roughly a third of the US auto market and would face immediate pressure to cut costs stemming from excess capacity in almost every facet of its business. Those would include a stable of 11 brands, some 10,000 dealers and 97,000 union-represented factory workers. But one of the conditions of a merger would be that GM-Chrysler spare as many jobs as possible to win broad political support for the government funding, people familiar with the merger discussions said. Many analysts are skeptical that balance can be struck. “I still think they need to make deep cuts to survive,” said IHS Global Insight analyst Aaron Bragman. A government rescue package would come at a time when investors and creditors are increasingly concerned about the ability of U.S. automakers to survive a punishing downturn in sales now expected to continue into 2010. Moody’s Investors Service cut its GM rating on Monday deeper into junk territory on the view that GM’s liquidity would continue to erode into 2009. The ratings agency also cut Chrysler for similar reasons and said it might cut Ford. In a step it said was triggered by the pressure on credit markets, GM’s affiliated finance company GMAC said it was curtailing auto financing in Europe. GMAC, 51% owned by Cerberus and 49% by GM, had already taken similar steps to limit its risk from auto financing in North America. GMAC said late on Tuesday that it had been cleared to participate in the commercial paper funding facility created earlier this month by the US Federal Reserve with the aim of easing pressure on the short-term credit markets. Chrysler’s US sales have tumbled by 25% this year, almost twice the rate of decline for the overall market. GM’s sales had dropped almost 18% through September. GM’s shares have slumped nearly 80% this year and its market value has dropped below what it was in 1929. Its shares gained nearly 15% on Tuesday, powered in part by a rally in the broad market. Source: Home - Livemint.com | 29 Oct 2008 | 6:49 am Rising digital recorder use hits DVDs, not TVBy AP Philadelphia: The rising popularity of digital video recorders had seemed to spell doom for US primetime TV because technology had allowed viewers to skip ads. But a study to be released later this week shows DVRs are probably replacing DVD viewing, not television. More than 90% of people surveyed in May by Knowledge Networks Inc., a market research firm, said they typically watch TV during the primetime hours of 8 p.m. to midnight, a rate similar to what the company found four years ago. But 19% of respondents now have DVRs, five times the proportion in 2004. “Increased DVR usage seems to come at the expense of watching purchased video,” said David Tice, director of The Home Technology Monitor at Knowledge Networks, who noted that DVD sales have been falling for several years.The market research company recruited 814 randomly selected people in the 13 to 54 age group by phone. They responded to questions in an online survey. The survey had a margin of error of plus or minus three percentage points. Key Findings *About 4% respondents said they watched TV outside their homes this year, down from 7% four years ago, perhaps due to the increase in high-definition programs and channels; 28% owned an HD TV set * More than one in 10 viewers watched an HD programme in any given primetime hour * Number of viewers who tune in during primetime for a specific show rose to 48% in 2008 from 41% in 2004 * Viewers are not as tied to broadcast programmes or schedules as before. People want to be entertained, usually having just had dinner and before going to bed, and if they can’t find anything on TV, they’ll watch video on their DVRs and from other sources * At any given hour, 8% of recorded content being viewed came from the DVR, up from 4% four years ago, the survey said. The rest of recorded content came from DVDs and video tapes * Viewers aged 13 to 29 were more likely to change channels during commercials in primetime than people in other age groups. Members of this group, known in the survey as millennials, also are more apt to watch TV outside their homes once a week * Rise in DVR viewing among consumers means networks, ad agencies and advertisers need to think of ways to keep people from skipping their ads, Tice said. Companies must embrace alternative ways of reaching viewers without neglecting their traditional audience. Knowledge Networks recruited 814 randomly selected people ages 13 to 54 by phone. They responded to questions in an online survey. The survey had a margin of error of plus or minus 3 percentage points. Source: Tech News - Livemint.com | 29 Oct 2008 | 4:47 am Authors, publishers settle suit against GoogleBy AP New York: Eager to cool the debate over copyrighted text online and anxious to make some money, Google and the publishing industry announced that they have settled their three-year legal battle over the Internet giant’s book search program. Under an agreement reached by Google, the Authors Guild and the Association of American Publishers, librarians and the public will have an easier time tracking down millions of out-of-print books. At the same time, Google and the book business will have greater opportunities for online sales. “We’re trying to create a new structure where there will be more access to out-of-print books, with benefits both to readers and researchers and to the rights holders of those books, authors and publishers,” Richard Sarnoff, chairman of the publishers association, said in an interview. “This is an extraordinary accomplishment,” Paul N. Courant, university librarian for the University of Michigan, said in a statement. “It will now be possible, even easy, for anyone to access these great collections from anywhere in the United States.” Under the Google Print Library Project, snippets from millions of out-of-print but copyrighted books have been indexed online by Michigan and other libraries. Google has called the project, which also scans public domain works, an invaluable chance for books to receive increased exposure. But in a class-action suit filed in 2005, the Authors Guild alleged that Google was “engaging in massive copyright infringement.” Within weeks, publishers also sued, citing the “continuing, irreparable and imminent harm publishers are suffering ... due to Google’s willful (copyright) infringement to further its own commercial purposes.” The settlement expands the amount of text to be scanned, makes it available for free online at “designated” libraries, available for subscription for colleges and universities, and allows readers to pay for full online access of copyrighted works. Google is to contribute $125 million, including about $34.5 million for a nonprofit Book Rights Registry that will store copyright information and coordinate payments. Google will also pay for the millions of copyrighted books already scanned _ $60 per complete work to the rights holder and for the legal fees of the Authors Guild and publishing association. Any sales, subscription and advertisement revenue that occur through the search program will be divided 63% and 37%, respectively, between the copyright holders and Google. “This may be the biggest book deal in publishing history,” guild executive director Paul Aiken said Tuesday. If approved by the US District Court in Manhattan, the settlement will end a conflict that had been closely followed by the publishing industry as it examines how copyright law should work on the Internet and whether sales are hurt or harmed by access to digital text. Authors and publishers once strongly resisted free online books, but over the past year, they have softened. During the year, entire works have been made viewable and even downloadable for free, including Charles Bock’s novel, “Beautiful Children,” and works by Paulo Coelho and Neil Gaiman. Google, which bought YouTube for $1.76 billion two years ago, has adamantly denied the allegations and blasted Viacom for threatening to stifle free expression on the Internet. A trial date in that New York federal court case still hasn’t been scheduled. Drake said he had no news on when Brown would finish his novel, reportedly about Freemasons, and rumored for years to be near completion. “The Da Vinci Code” came out in 2003. Source: Tech News - Livemint.com | 29 Oct 2008 | 3:58 am ICICI Bank net flat on sluggish credit growthMumbai, Oct. 28 ICICI Bank reported flat growth of 1.1 per cent in net profit at Rs 1,014 crore for the quarter ended September 30, 2008, against Rs 1,003 crore last year due to lower non-interest income and sluggish growth in credit.Source: Business Line - Home Page | 29 Oct 2008 | 12:00 am Subsidiaries of pharma MNCs brace for global economic chillMumbai, Oct. 28 When the cold wind blows, one has to think of how to deal with it, says Novartis India’s chief Mr Ranjit Shahani, of efforts taken by Indian arms of multinational drug-majors, as they brace themselves to tackle the toughSource: Business Line - Home Page | 29 Oct 2008 | 12:00 am Suzlon suspends rights issue plansMumbai, Oct. 28 Suzlon Energy Ltd has suspended its plans for a rights issue to raise Rs 1,800 crore, citing the current market conditions.Source: Business Line - Home Page | 29 Oct 2008 | 12:00 am Review pacts on airport revamp: House panelNew Delhi, Oct. 28 The GMR and GVK group, which are taking up the modernisation of Delhi and Mumbai airports, could find themselves in a spot.Source: Business Line - Home Page | 29 Oct 2008 | 12:00 am Petronet looks to expand scope in Papua New GuineaNew Delhi, Oct. 28 Petronet LNG Ltd (PLL), which is into the business of importing liquefied natural gas (LNG) and setting up LNG terminals in the country, is all set to expand its horizon in the oil and gas sector by proposing to takeSource: Business Line - Home Page | 29 Oct 2008 | 12:00 am Finance Ministry wants 3G revenues to be separatedNew Delhi, Oct 28 The Ministry of Communications and IT has told Parliament that the decision to allow operators to pay separate spectrum charges on the revenues earned from 2G and 3G services, respectively, was based on the suggestion given bySource: Business Line - Home Page | 29 Oct 2008 | 12:00 am SEBI relaxes norms for promoters to up stakeMumbai, Oct. 29 Promoters can increase their stake up to 75 per cent through creeping acquisition, instead of 55 per cent earlier.Source: Business Line - Home Page | 29 Oct 2008 | 12:00 am SBI expects interest rates to softenNew Delhi, Oct. 28 State Bank of India expects interest rates to soften in the coming months. “Interest rates have peaked. You could see some moderation in the coming months,” the SBI Chairman, Mr O.P. Bhatt, told reporters here onSource: Business Line - Home Page | 29 Oct 2008 | 12:00 am After days of gloom, Diwali brings cheer to the marketsMumbai, Oct. 28 Samvat 2065 (new year) brought some sparkle to Indian stocks. The one-hour Muhurat (auspicious) trading on Tuesday saw the BSE Sensex gain nearly 500 points, after five days of spine-chilling decline that axed 20 per cent off theSource: Business Line - Home Page | 29 Oct 2008 | 12:00 am Credit crunch not coming from banking systemNew Delhi, Oct. 28 For all the talk of liquidity squeeze and credit seizures, here is an interesting statistic.Source: Business Line - Home Page | 29 Oct 2008 | 12:00 am The FM's wrong, early govts followed fiscal disciplineThe Union finance minister has been speaking about the budgetary position of the Union government both inside and outside Parliament.Source: Daily News & Analysis: Money News | 28 Oct 2008 | 10:27 pm Training in niche IT skills offers a big opportunityAs information technology companies go fast on lay-offs and slow on recruitment, one area that is witnessing huge traction is training of individuals for IT skillsSource: Daily News & Analysis: Money News | 28 Oct 2008 | 10:26 pm Defence spectrum cost rises 10-foldThe cost of getting telecom spectrum from the defence forces has risen significantly from the estimates worked out more than two years ago, it is learnt.Source: Daily News & Analysis: Money News | 28 Oct 2008 | 10:25 pm Can our banks weather the financial crisis?People today want simple and straight answers to assuage fears on the safety of their money in banks, in the wake of the US crisis.Source: Daily News & Analysis: Money News | 28 Oct 2008 | 10:23 pm Life insurers face litmus test in Q3, Q4The third and fourth quarter of the current fiscal will be critical for Indian life insurance companies. Analysts are also beginning to raise questions on valuations.Source: Daily News & Analysis: Money News | 28 Oct 2008 | 10:23 pm With financial capitalism dead & gone, it's time to get realThe current global financial and economic crisis is among the most serious the world has faced since the Great Depression of the 1930sSource: Daily News & Analysis: Money News | 28 Oct 2008 | 10:19 pm MSD mulls vaccines for lesser known illnessesMSD Pharmaceuticals, the 100% subsidiary of US-based Merck, is looking at bringing preventive vaccines for illnesses people in IndiaSource: Daily News & Analysis: Money News | 28 Oct 2008 | 10:18 pm 'RPG'll spend Rs 20K cr on power'The diversified RPG Group, with interests in power, retail, carbon black, entertainment, tyres and chemicalsSource: Daily News & Analysis: Money News | 28 Oct 2008 | 10:17 pm Expect fireworks only by next Diwali, say market playersFew market participants will stick their neck out to give a target for the Sensex during Samvat 2065, a stark change from the last year, which reflects the overall mood in the Indian equitySource: Business Standard | Front Page Headlines | 28 Oct 2008 | 6:44 pm Samvat starts on positive noteSensex sees highest rise during muhurat trading in several years, crosses 9k-mark.Source: Business Standard | Front Page Headlines | 28 Oct 2008 | 6:43 pm
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