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Is Escorts Group\'s arm under major restructuring plan?Escort Group\'s 100% owned subsidiary Farmtrac US is under major restructuring plans, reports CNBCTV18, quoting sources. The Escorts is in the process of reviewing a relationship with an established tractor business partner; currently in dialogue for the same, said sources.Source: Moneycontrol Top Headlines | 5 Nov 2008 | 5:17 pm North America to continue to be largest dominant mkt: iGatePhaneesh Murthy of iGate believes North America will continue to be the largest dominant market. \"About 65% of the Indian industry still comes from North America. It is the market which responds most quickly to pressures and to innovative solutions. it is the market which rewards its people for taking risk.\"Source: Moneycontrol Top Headlines | 5 Nov 2008 | 4:51 pm RComm GSM rollout by Dec, Satyam FY09 outlook bleakReliance Communication at a presentation at the CLSA Forum said it is not averse to the destructive strategies to grab the market share. It further said that there is nothing to lose from the mobile number portability. While, Satyams presentation at the CLSA Forum gave a negative message for the short to mediumterm.Source: Moneycontrol Top Headlines | 5 Nov 2008 | 4:01 pm Falling demand: HCV makers cut productionTata Motors will shut down its Jamshedpur plant for three days between November 6 and 8. The company says the closure is to align production with demand.Source: Moneycontrol Top Headlines | 5 Nov 2008 | 3:31 pm Oil falls 3 pct ahead of inventory reportLONDON (Reuters) - Oil fell 3 percent to below $69 a barrel on Wednesday, reversing some of the previous day's surge, ahead of the release of a U.S. inventory report expected to show rising stockpiles.Source: Reuters: Money News | 5 Nov 2008 | 2:30 pm Jaypee Group to set up cement plants in GujThe Jaypee Group, a diversified infrastructure industrial house, will set up two new cement plants in Gujarat with a total installed annual capacity of six million tonnes.Source: Daily News & Analysis: Money News | 5 Nov 2008 | 2:22 pm Deora meets Putin, seeks stake in Sakhalin-3 oil field - Press Trust of India
Source: Google News India - Business | 5 Nov 2008 | 2:17 pm India Inc hails Obama's victoryLeaders of Indian industry, including those in the IT and IT-enabled services, on Wednesday hailed election of Barack Obama as the US President.Source: Daily News & Analysis: Money News | 5 Nov 2008 | 2:16 pm United Bank cuts PLR by 50 bps - Business Standard
Source: Google News India - Business | 5 Nov 2008 | 2:12 pm Reliance says has not shut polyester unitsMUMBAI (Reuters) - Reliance Industries Ltd, India's largest private sector firm, on Wednesday denied a newspaper report that it had shut five polyester and petrochemical plants due to lower demand.Source: Reuters: Money News | 5 Nov 2008 | 2:05 pm Ford's investments on schedule despite retarded growthFord India has decided to go ahead with its investment and diversification plans, including a $500 million outlay despite the ongoing credit crunch that has led to retarded growth in the automobile sector, a top company official said here Wednesday.Source: IndiaeNews.com: Business News | 5 Nov 2008 | 2:03 pm Bill Gates has full faith in Indian pharma companiesThe US Food and Drug Administration (FDA) might doubt some Indian pharmaceutical majors' quality parameters but Microsoft founder and philanthropist Bill Gates has full faith in them and would continue to do business with them.Source: IndiaeNews.com: Business News | 5 Nov 2008 | 2:03 pm Syndicate Bank to cut deposit rate by 50 basis pointsSyndicate Bank will cut its deposit rate by 50 basis points from Dec 1, a top company official said here Wednesday.Source: IndiaeNews.com: Business News | 5 Nov 2008 | 2:02 pm UPDATE 1-India sugar extends gains on demand, crushing delay - Reuters India
Source: Google News India - Business | 5 Nov 2008 | 2:02 pm Gujarat Road Transport Corp earns record single-day incomeGujarat State Road Transport Corp earned a record single day income of Rs.55.4 million Nov 3 on La Pancham, the fifth day of the new year, according to the Hindu calender.Source: IndiaeNews.com: Business News | 5 Nov 2008 | 2:02 pm Nasscom to work with Obama for mutual benefitIndian software industry body Nasscom Wednesday said it looked forward to working with the US president-elect Barack Obama and his administration on mutually beneficial policies to boost the economies of the two nations.Source: IndiaeNews.com: Business News | 5 Nov 2008 | 2:01 pm Coal India assessing airport project's impact on coal reserveState-owned Coal India Ltd (CIL) Wednesday said it will soon submit a report to the West Bengal and central governments, evaluating the impact of a proposed private airport project on its existing underground coal reserve in the Durgapur-Asansol industrial belt.Source: IndiaeNews.com: Business News | 5 Nov 2008 | 2:00 pm Now private banks promise to cut interest ratesA day after India's state-run commercial banks said they will look at lowering interest rates, the private sector banks too have promised similar steps in a bid to reduce the cost of credit for households and industry.Source: IndiaeNews.com: Business News | 5 Nov 2008 | 2:00 pm U.S. private sector cuts 157,000 jobs in OctNEW YORK (Reuters) - U.S. private employers cut a larger-than-expected 157,000 jobs in October, a report by a private employment service said on Wednesday.Source: Reuters: Money News | 5 Nov 2008 | 1:53 pm Sensex sheds 511 pointsSnapping its five-day winning streak, the stock market benchmark Sensex on Wednesday dropped by over 500 points.Source: Daily News & Analysis: Money News | 5 Nov 2008 | 1:53 pm Indian IT sector welcomes Obama as US president - Economic Times
Source: Google News India - Business | 5 Nov 2008 | 1:35 pm Toyota to invest $711 mn in IndiaToyota Motor Corp of Japan will invest Rs.32 billion (about $711 million) in India as part of its capital expansion plan for Toyota Kirloskar Motors' (TKM) new plant.Source: IndiaeNews.com: Business News | 5 Nov 2008 | 1:33 pm Govt says Deora, Putin to discuss Sakhalin-3NEW DELHI (Reuters) – Oil Minister Murli Deora, will meet Russian Prime Minister Vladimir Putin on Wednesday to discuss India's interest in the Sakhalin-3 project, an Indian government statement said.Source: Reuters: Money News | 5 Nov 2008 | 1:32 pm India to contribute wheat for SAARC food bankDespite banning wheat exports, India will contribute 153,000 tonnes of the grain to set up a food bank for tackling food crisis in certain SAARC countries, the government announced here Wednesday.Source: IndiaeNews.com: Business News | 5 Nov 2008 | 1:32 pm Jaypee Group to set up two cement plants in GujaratThe Jaypee Group, a diversified infrastructure industrial house, will set up two new cement plants in Gujarat with a total installed annual capacity of six million tonnes, a group official said Wednesday.Source: IndiaeNews.com: Business News | 5 Nov 2008 | 1:31 pm ArcelorMittal signals tough times for steel sectorBRUSSELS/FRANKFURT (Reuters) - ArcelorMittal, the world's largest steelmaker, on Wednesday forecast a weaker final quarter, slashed output and froze growth plans in the face of a global slowdown, driving down sector shares.Source: Reuters: Money News | 5 Nov 2008 | 1:26 pm Now private banks promise to cut interest ratesA day after India's state-run commercial banks said they will look at lowering interest rates, the private sector banks too have promised similar stepsSource: Daily News & Analysis: Money News | 5 Nov 2008 | 1:23 pm Govt asks hotels to slash room rentHoteliers will consider taking government suggestion on slashing room tariffs by 10-15 per cent in the face of difficult situations for the tourism industrySource: Daily News & Analysis: Money News | 5 Nov 2008 | 1:13 pm Gates says crisis could last 2-3 yearsNEW DELHI (Reuters) - Microsoft founder Bill Gates on Wednesday said he was worried the global financial crisis could last two to three years might drive rich countries to cut back spending on health aid for the developing world.Source: Reuters: Money News | 5 Nov 2008 | 1:11 pm Karnataka to unveil new industrial policy by month endKarnataka's new Industrial Policy 2008-13 will be unveiled by this month end outlining its initiatives for boosting investment climate and industrial growthSource: Daily News & Analysis: Money News | 5 Nov 2008 | 1:03 pm No sellers in India, focus on projects to continue: MittalNRI steel tycoon L N Mittal said valuation of steel companies in India had come down significantly but there were no sellers.Source: Daily News & Analysis: Money News | 5 Nov 2008 | 1:02 pm ICICI to watch cash conditions before slashing ratesICICI Bank, played its cards close to the chest on lending rate cuts and said it would assess the liquidity conditions in the next few days before taking a call.Source: Daily News & Analysis: Money News | 5 Nov 2008 | 1:00 pm Mahindra & Mahindra appoints Sanghi, SahaMahindra & Mahindra (M&M), on Wednesday announced the appointment of Vinay Sanghi as Chief of New Business Development for the After-Market Sector.Source: Daily News & Analysis: Money News | 5 Nov 2008 | 12:50 pm Will the Congress learn from Obama’s victory? Equally, what lessons can political parties at home, facing their own elections in the weeks and months to come, learn from the Obama landslide? The general impression in Delhi has been that since Prime Minister Manmohan Singh “deeply loves” outgoing President George W. Bush, the enormity of the emotion has somewhat constrained the foreign office from making any significant overtures to the Democrat president-elect. Moreover, it has been argued, the Democratic Party’s traditional non-proliferation credentials and Obama’s particular interest in self-correcting America’s aggressive nationalism in the rest of the world (read Iraq) will persuade the Obama administration to play a much more active role in a resolution of the Kashmir dispute with Pakistan. Also Read Jyoti Malhotra’s earlier columns The contrary view is that the Indian establishment had quietly been making inroads into the Obama campaign for some time, but hadn’t wanted to talk about it. More’s the pity. Not wanting to discuss your connections with the most powerful man in the world is either a sign of extreme confusion or extreme shyness. Of course, even as the US president-elect and his team were savouring the moment on Wednesday, Prime Minister Manmohan Singh sent a message of congratulations to Obama. The message was said to be “among the first” to land on Obama’s desk. President Pratibha Patil sent a message, too, and so did Congress party chief Sonia Gandhi. Truth is, the Prime Minister had very much wanted to meet Obama when he travelled to the US in September to participate in the UN General Assembly session and meet Bush. A message was sent to the Obama camp. But he was out of New York, preparing for the first of his foreign policy debates with Republican candidate John McCain. Instead, Obama sent a letter to the Prime Minister, later released by the Rediff.com website on 3 October (begging the question why Delhi didn’t find it fit to share it with the media). An extremely warm missive, it condemned the terrorist attacks in New Delhi and on the Indian embassy in Kabul, and suggested, very significantly, that “as a starting point, our common strategic interests call for redoubling US-Indian military, intelligence, and law enforcement cooperation.” Obama expressed his “great admiration for the courage you showed in shepherding the civil nuclear cooperation agreement” through Parliament, the International Atomic Energy Agency and the Nuclear Suppliers’ Group, adding, “I was pleased to vote by proxy for the agreement in (Senate Foreign Relations) Committee today…” (that is, on 23 September.) For a man who had voted in favour of a killer amendment to the nuclear deal-related Hyde Act in December 2006, along with Hillary Clinton and others, Obama had come a long way in changing his mind. Even more significant, the Prime Minister wrote back to Obama, thanking him for his letter and stressing his deep appreciation and intent in continuing the strategic partnership between India and the US. Surprisingly, this letter, too, was never released to the media. Worse, few people were even told the Prime Minister had even written such a letter. Still, as Obama hysteria settles and the world returns to being a more normal place, it is hoped that Delhi will deal with the changing world order with pragmatic caution as well as a certain degree of enthusiasm. The first emotion is well and truly in place; it’s the absence of the second that is disturbing. Truth is, Obama’s dramatic victory will have far-reaching implications not only for the US, but also across the world, including India. Considering Mahatma Gandhi led the freedom struggle on the theme of inclusiveness (even with the retreating British), and modern India was founded on Jawaharlal Nehru’s belief that minorities, irrespective of caste, creed and religion, must find a special place in the new country, Indians at large have an instinctive understanding and compassion not only for the underdog, but also for values such as egalitarianism and fraternity. The empowering of Mayawati’s Bahujan Samaj Party is, in many ways, of course the classic comparison between the less-privileged Dalit and African-American communities, but the similarity doesn’t end there. It is the Congress party, which has always been in the vanguard of the idea of India, that is the true counterpart of Obama’s version of Democrat-ness. Question is, as the Congress prepares to fight the coming elections in the states and nationally, can it take a leaf out of Obama’s campaign? That would require a thorough understanding of the manner in which the Obama machinery painstakingly created a massive organization across the US (over 700 offices, compared with about 300 on McCain’s side), through which Obama supporters registered and enrolled the disinterested and the disenchanted, thereby significantly enlarging the voter base. If the Congress wants to remain relevant in a fast-changing India, it needs to change itself. Studying the Obama phenomenon would be a good start. Jyoti Malhotra is Mint’s diplomatic affairs editor and writes every week on the intersection of foreign policy, trade and politics. Comments are welcome at betweenthelines@livemint.com Source: LatestNews-Home - Livemint.com | 5 Nov 2008 | 12:48 pm GAIL India may be able to sell gas from RILState-run gas utility GAIL India Ltd may be nominated as the sole agency to sell natural gas from Reliance Industries' eastern offshore KG-D6 block to fuel-starved fertilizer units.Source: Daily News & Analysis: Money News | 5 Nov 2008 | 12:46 pm GMR Infra clarifies on Indonesia acquisition - India Infoline.com
Source: Google News India - Business | 5 Nov 2008 | 12:38 pm BSE Sensex snaps winning run, Reliance leads fallNEW DELHI (Reuters) – The BSE Sensex fell 4.81 percent on Wednesday, snapping a five-day winning run on heavy losses in Reliance Industries and as investors locked in gains on a surge that had lifted the market 40 percent off a three-year low.Source: Reuters: Money News | 5 Nov 2008 | 12:26 pm Tata Motors to shut Jamshedpur CV plant for 3 days - India Infoline.com
Source: Google News India - Business | 5 Nov 2008 | 12:22 pm UPDATE 1-Indian cash rates end lower ahead of reporting day - Reuters India
Source: Google News India - Business | 5 Nov 2008 | 12:21 pm Haier Mobile forays into the designer phones marketMumbai: Haier Mobile announced its foray into the designer phones market with the launch of its Icon series of CDMA handsets. The ‘Sumukha´ phone, launched today, uses ancient iconography for the device. The Color FM phones come with a wallpaper of Ganesha with dedicated ring tones and power up tones pertaining to Ganesha. “We are amongst the first CDMA handset manufacturers to have launched designer phones. The dedicated design centre based in Delhi allows us to feel the pulse of the market and rapidly convert the insight into great phones, which follows the Haier Mobile maxim of providing state-of-the-art phones, which are value for money for the consumer,” Arun Khanna, MD and VC of Haier Telecom India said. “‘Sumukha´, which is priced at Rs1,899, is aimed at mass markets and will be initially launched in Maharashtra,” he said. To a query whether the phone could face competition from high-end mobiles, Khanna said: “‘Sumukha´ is just the beginning of the journey. We are going to launch a series of phones in the designer series in the near future.” On the company’s future plans, he said: “We have launched four handsets in the GSM market, which will be available from next week.” “The company is also launching a high-end multi-media phone at Rs3,299 soon,” he said. Source: LatestNews-Home - Livemint.com | 5 Nov 2008 | 12:14 pm Raja wants stricter laws to stop outright sale of licencesNew Delhi: Under attack over alleged undervaluation of 2G spectrum leading to controversy over stake sales of Swan and Unitech, Telecom Minister A. Raja Wednesday directed DoT to examine the possibility of strengthening laws to rule out any direct sale of licences by telecom companies. “In order to remove suspicion, Telecom Commission may deliberate over this issue to restrict outright sale of licences and selling of stakes by promoters to second parties for money,” Raja said in a letter to Telecom Secretary Sidhharth Behura, who is also the Telecom Commission Chairman. Senior DoT officials said the minister’s direction spells abundant caution to plug loophole in the laws, if any. At present, outright sales are not allowed. But Indian licencees can dilute equity stake to foreign companies, up to 74% of foreign direct investment, which is not same as direct sale or trade of licences. “However, there is a perception that these (the stake sale by Unitech and Swan Telecom) are outright sales and the minister wants to distinguish between such a sale and dilution of shares, which is permissible. Any necessary amendment in the licence would be carried out if it is required to restrict outright sale,” an official said. There are a lot of misgivings and misleading views that the issuance of new licences were spectrum allocation specially in case of Swan Telecom and Unitech Wireless, as these companies allegedly got unlawful enrichments,“ said the official. In the meeting with Prime Minister Manmohan Singh Tuesday, Finance Minister P. Chidambaram clarified that dilution of shares to attract foreign investment for business expansion did not amount to sale of licence, and as such these companies did their share dilution as per corporate laws,” the minister said in the letter. Telecom Commission will send a clear message that outright sale is not possible. Since some doubts are coming frequently, the ministry wants explicit clarity on this, according to another official said. Recently, Unitech sold 60% in its telecom arm to Norway’s Telenor for Rs6,120 crore and earlier Swan had sold 45% stake to Etisalat for $900 million. Both these deals raised the issued of loss of revenue to the Government on the argument that by just paying up to Rs1,651 crore as licence fees, the company had made fortunes by selling stakes. DoT had earlier stated that the valuations are enterprise values not just spectrums. Telecom Commission will send a clear message that outright sale is not possible. Since some doubts are coming frequently, the ministry wants explicit clarity on this, according to another official said. Recently, Unitech sold 60% in its telecom arm to Norway’s Telenor for Rs 6,120 crore and earlier Swan had sold 45% stake to Etisalat for USD 900 million. Both these deals raised the issued of loss of revenue to the government on the argument that by just paying up to Rs1,651 crore as licence fees, the company had made fortunes by selling stakes. DoT had earlier stated the valuations are enterprise values not just spectrums. Source: LatestNews-Home - Livemint.com | 5 Nov 2008 | 12:12 pm We are guarded against aircraft repossession by GE: Kingfisher - Hindu
Source: Google News India - Business | 5 Nov 2008 | 12:08 pm Syndicate Bank may raise Rs500 cr from bondsKolkata: Syndicate Bank said that it may raise about up to Rs500 crore through subordinated bonds to meet business growth and capital requirement. The bank was also looking at 20% growth in credit and advances during the current fiscal. “The bank would raise Rs300-500 crore if required,” Syndicate Bank Chairman and Managing Director George Joseph said. He said that the bank had plans to float a follow-on offer and go for qualified institutional placement (QIP) to raise funds, but had to abandon the plans due to market conditions. “The bank is looking at 20% growth in credit and advances during the current fiscal,” he said on the sidelines of Banking 2008 organised by CII. “With a capital adequacy ratio of 11.55%, the liquidity position of the bank was comfortable,” Joseph said. The bank yesterday lowered PLR by 75 basis points to 13.25%. Source: LatestNews-Home - Livemint.com | 5 Nov 2008 | 12:05 pm Court stays Kingfisher aircraft repossessionMUMBAI (Reuters) - Kingfisher Airlines Ltd, has secured ad-interim relief from the Karnataka High Court to prevent the repossession of four A320 aircraft by lessor American GE Commercial Aviation Services (GECAS), it said on Wednesday.Source: Reuters: Money News | 5 Nov 2008 | 11:57 am Elections 2.0It’s not just the fact that an African American is the next US President that has made this election special. It is also the unprecedented level of public participation, largely facilitated by the tools of web 2.0 –blogs, twitter feeds (tweets), interactive websites, and social bookmarking sites like delicious and Stumbleupon. In the last fevered hours before the results came out, the online community was working at frenetic pace. Blog posts were churned out in the thousands, twitter feeds came in a continuous stream, a few more enterprising people made last ditch youtube videos urging people to vote one way or the other (or vote at all), and news websites also pulled out all the stops to facilitate interactivity and social participation. “Goodmorning America: don’t you think it’s time for a change? Vote OBAMA!! Yes you must” said one tweet on Twitter, which had an election feed on elections.twitter.com. “Another said: If Obama wins are Democrats going to cry when for the next four years he is dragged through the mud?” The rest of the world has also become more involved in the whole process and are now able to voice their opinions to voters. “If I was an american I would vote Obama” said one user. People also updated early poll results on their blogs, and some participated in an initiative to “donate their status messages” on facebook asking others to go out and vote. The internet and web 2.0 technology have played a critical part in this US election from the very inception of campaigning. This played out most prominently during the bitterly contested Democratic nominations with both candidates fielding sophisticated interactive websites. Republican Candidate John McCain is also known to be an early pioneer of the internet to raise funding. He utilized his website to feature a number of videos that focused on his military credentials, courage and pledge to turn America around. But it was Democratic candidate Barack Obama who really utilized the full potential of the digital age and internet. When he entered the race he was a relative unknown and trailed Senator Hilary Clinton by a huge margin. But what he had, was a complete website that among other things, enabled visitors to volunteer and donate money to his campaign, especially in caucus states. And he has carried this momentum even after securing the nomination. Obama has successfully used social networking sites like Facebook and MySpace. His website featured supportive user generated content from blogs, and sites such as youtube while also giving people space to express their support and leave comments on issues that were most relevant to them. What this has done, among other things is showcase the importance and relevance of web 2.0. Although blogs have been moving towards the mainstream, with many media organizations embracing the platform, many simply did not realize what a powerful tool the net is in terms of garnering mobilization, support and funding. And even as many internet users move away from blogs in the belief that they are no longer the spaces for independent anonymous voices they once were, microblogging sites like Twitter, social networking sites and collaborative publishing sites such as Wikipedia still reflect individual ideas and opinions to a wider audience. And their voices and opinions are counting. Never before have politicians been subject to public scrutiny and approval - the power really is with the people. And for this reason, many young people (who have a much greater awareness facilitated through these very tools) are taking part and making sure others do too. Faith in public participation has been renewed. And for this reason, to quote a publicity (youtube) video on Obama’s website “This was no ordinary time – this was no ordinary election” Source: LatestNews-Home - Livemint.com | 5 Nov 2008 | 11:57 am Community watersheds for rural livelihood needed-GovtNew Delhi: Government called for harmonisation of the various watershed programmes in the country with other ongoing projects of rural development to ensure all-round benefit to the rural population. Secretary in the department of land resources, Ministry of Rural Development, Rita Sinha said that the ministry in order to achieve this objective has taken a number of initiatives to speed up implementation of watershed projects. Sinha while addressing a national workshop on the comprehensive assessment of watershed programmes and their impact on rural lives said: “The ministry has always been stressing the importance of community watersheds for rural livelihoods.” Sinha said that the ministry undertook a comprehensive assessment of various case studies on watershed management. Conducted by a consortium of 15 institutions, led by ICRISAT (International Crops Research Institute for the Semi-Arid Tropics) and co-sponsored by agriculture ministry, the assessment found that only 1% of the watershed projects in India were not beneficial. Overall, the assessment shows a benefit to cost ratio of 2:1 and an internal rate of return of 21.43%. The comprehensive assessment combined quantitative and qualitative analysis of more than 600 case studies. It also noted that watershed projects enhance rural incomes by 58% and agricultural productivity by 35%. There remains, however, scope for further improvement, the analysis said. Additional secretary in the agriculture ministry, N K Das, who was also present on the occasion, emphasised the huge potential of improved watershed projects to enhance agricultural productivity. “Watershed programmes can indeed ensure food security and add to the sustainability of natural resources when these projects are executed based on scientific knowledge and with the participation of the rural population,” Das said. ICRISAT released the final report of the Comprehensive Assessment at the workshop for the implementation of watershed projects. ICRISAT and partners propose to integrate activities and projects that focus on the livelihoods of the rural population, especially marginalised groups and landless, in watershed programmes. Scientific institutes that provide the knowledge on agriculture, livestock and water management should support this convergence, the assessment said. It further suggested continuous capacity building measures in order to hand over the responsibility of the watersheds to the main stakeholders the rural population, and thus guarantee the sustainability of watershed interventions. Source: LatestNews-Home - Livemint.com | 5 Nov 2008 | 11:57 am Great Offshore acquires Andhra firms for Rs160 crMumbai: Great Offshore, integrated offshore service provider said that it has acquired Andhra Pradesh based companies KEI-RSOS Maritime and Rajmahendri Shipping and Oilfield Services for Rs160 crore. “The company on 5 November, completed all procedural formalities and acquired 100% equity stake in two companies,” Great Offshore Ltd said in a filing to the Bombay Stock Exchange (BSE). KEI-RSOS Maritime and Rajmahendri Shipping and Oilfield Services are in the maritime services business providing offshore support, single point mooring operations and port management services. The companies have a strong presence on the East Coast of India. Being wholly-owned subsidiaries of Great Offshore, the companies will add to EPS accretion on a consolidated basis for this fiscal, which ends on 31 March, 2009, the company said. In the first week of September, the company had announced that it would acquire both firms for Rs160 crore in an all cash transaction. “The decision to acquire an existing running business is with a view to broad base earnings without diversifying core business risks and ensuring sustainable cash flows and earnings,” Great Offshore Vice Chairman cum Managing Director Vijay K Sheth said. Earlier in July, KEI received a contract for providing comprehensive marine operations services for the Gangavaram Port for a period of 12 years. In a separate filing to the BSE on 2 September, Great Offshore had announced that the existing management of both companies would continue to manage the day-to-day business. Source: LatestNews-Home - Livemint.com | 5 Nov 2008 | 11:56 am Coal India keen to partner global cos to revive abandoned minesKolkata: State-run Coal India Ltd Wednesday said it is keen to partner global mining companies for commercial production at abandoned mines on mutually gainful terms of business. Coal India has floated a global expression of interest for developing 19 abandoned mines with estimated reserves of about 1.6 billion tonne through the JV route, CIL Chairman Partha S. Bhattacharyya said at the inaugural ceremony of the International Mining and Machinery Exhibition (IMME). The mining companies which were in a position to offer reciprocally similar opportunities in their respective countries of operation would be given priority in selection. Bhattacharyya said coal in the country was high in ash content and low heat value, which was supplied to consumers without ‘beneficiation’. CIL, he said, has decided to wash thermal coal before supply to consumers as part of efforts to maintain consistent quality. Tenders were being floated for setting up 19 washeries with a total capacity of 100 million tonne on a build-operate-maintain basis, he said. An important pre-requisite for the programme to succeed was to have a coal pricing structure in place as the present pricing system did not meet the requirement. Action has been initiated in this direction, Bhattacharyya said. Source: LatestNews-Home - Livemint.com | 5 Nov 2008 | 11:36 am ADB to fund Rs2500 cr urban development in UttarakhandDehradun: Uttarakhand government has inked an agreement for a Rs2500 crore urban development project with Asian Development Bank (ADB) to improve the civic facility in the hill state. “The Uttarakhand Urban Sector Investment Programme, would get Rs1750 crore as loan from ADB to improve civic facilities in the state while the remaining amount of Rs750 crore would be contributed by the state government,” Urban Development Minister Diwakar Bhatt said. “The loan from the ADB would be provided to the state through the central government,” he said. “However, Uttarakhand would get 90% of the amount as grant and 10% as loan as the state enjoys the special category status,” Bhatt added. The minister said that the project, which would be implemented in 31 towns including Dehradun, Nainital and Haridwar will improve the civic facilities like drinking water, solid waste management, slum development, transport and sewage system and would be executed by Urban Development Department through a society called ‘Uttarakhand Urban Sector Development Agency. “The project would be completed in four phases till the year 2016,” Bhatt said, adding that ADB has already released Rs300 crore for the Rs428.5 crore first phase of the project. “Besides, the centre has alloted Rs205 crore under Jawahar Lal Nehru National Urban Renewal Mission to improve basic facilities in Dehradun, Nainital and Haridwar,” Bhatt added. Source: LatestNews-Home - Livemint.com | 5 Nov 2008 | 11:31 am PLRs to dip by 75 bps, deposit rate by 50 bps: BoBMD Mallya, CMD, Bank of Baroda, said prime lending rates, or PLRs, will come down by 75 bps and the deposit rate by 50 bps. SMEs, or small and medium enterprises, will get adequate credit, and lending to them will be up 20%. The MoF or Ministry of Finance meet is focused on need to ensure credit for productive sectors, Mallya said.Source: Moneycontrol Top Headlines | 5 Nov 2008 | 11:26 am Posco’s mining lease decided by November end: Orissa govtKolkata: “Finalisation of the mining lease of the Khandadhar iron ore block for Posco India by the Orissa government and emergence of a clear picture about its raw material security will happen by November end,” an Orissa minister said. “Currently, scrutiny of mining lease applications for the Khandadhar iron ore block is being done for which Posco is pitching for. We are expecting to send our recommendation to the Centre by end of November,” Orissa Steel and Mines Minister Pradip Kumar Amat said. Interacting with the Indian Chamber of Commerce members, he said that 227 applications, including from Posco, were filed for the iron ore block which has an estimated reserve of 204 million tonnes spread over 1056 hectare. Earlier, the Centre had recommended to the Orissa government to hear all the cases before deciding on allotting mines. Posco had applied for other blocks to meet its total demand of 600 million tonnes of iron ore to produce 12 million tonnes of steel per annum. The decision for the other mining blocks would be taken later. Amat said that the government would decide on offering Khandadhar and other mining licences based on criteria such as early movers, reputation of the group and amount of investment the company has made toward the project and value addition a project would make in the state. “We desire that at least 25% of the total project cost be spent for priority in mining lease. But, this is not the sole criterion,” Amat said. Posco has failed to get 4004 acre to build its 12 million tonnes integrated steel plant and a port since the MoU was signed in June 2005 with Orissa government because of protests by locals. The initial production target is 2009. The company would require some 600 million tonnes of iron ore over a period of 25 years. Source: LatestNews-Home - Livemint.com | 5 Nov 2008 | 11:22 am New President, Old Problems for India? - CXOToday.com
Source: Google News India - Business | 5 Nov 2008 | 11:10 am Markets tank, Sensex sheds over 500 pts - Indian Express
Source: Google News India - Business | 5 Nov 2008 | 10:56 am Obama is not bad news for your IT stocksA McCain victory may have been preferred by India Inc, as compared to the outsourcing backlash in the run up to the elections from Obama. Ironically, post the Obama win, experts feel there will be no negative impact on Indian IT outsourcing.Source: Moneycontrol Top Headlines | 5 Nov 2008 | 10:20 am View on Election: David Wessel, Economics Editor for the WSJThe historic presidential elections in the United States have happened in the backdrop of a global financial meltdown that originated on Wall Street. It has undoubtedly played a key role in determining the magnitude of Barack Obama’s blow-out victory, if not the entire outcome. To set out and understand the economic challenges ahead of the incoming President, especially at a time when all signals point towards a recession, Mint spoke to David Wessel, the Economics Editor for the Wall Street Journal. Source: Home - Livemint.com | 5 Nov 2008 | 10:18 am Friedman’s view: The Civil War is over; time to wake up to a different countryAnd so it came to pass that on 4 November, 2008, shortly after 10p.m. Eastern time, the American Civil War ended, as a black man — Barack Hussein Obama — won enough electoral votes to become President of the US.  A Civil War that in many ways was decided by the battle in Gettysburg, Pennsylvania in 1863, concluded 145 years later via a ballot box in the very same state. For once Barack Obama carried the critical electoral battleground of Pennsylvania, his victory as the 44th president of the US was all but assured. In his famous Gettysburg Address, president Lincoln urged every American to take on “the unfinished work which they who fought here have thus far nobly advanced.” That work remained unfinished, though, for a century and a half. For, despite decades of civil rights legislation, judicial interventions and social activism — despite Brown v. Board of Education, Martin Luther King’s I-have-a-dream crusade and the 1964 Civil Rights Act — the Civil War could never truly be said to be over until America’s white majority actually elected an African-American as president. That is what happened Tuesday night, and that is why we wake up to a different country. Yes, the struggle for equality is never done. But we can start afresh now from a whole new baseline. Let every child and every citizen and every new immigrant know that from this day forward: Everything really is possible in America. How did Obama pull it off? To be sure, it probably took a once-in-a-century economic crisis to get enough white people to vote for a black man. And to be sure, Obama’s better organization, calm manner, mellifluous speaking style and unthreatening message of “change” all served him well. But there was also the “Buffett effect,” which actually trounced the supposed “Bradley effect” — white voters telling pollsters they’d vote for Obama but then voting for the white guy. The Buffett effect was just the opposite. It was white Republicans telling the guys in the men’s grill at the country club that they were voting for John McCain, but then quietly going into the booth and voting for Obama, even though they knew it would mean higher taxes. Why? Some did it because they sensed how inspired and hopeful their kids were about an Obama presidency, and they not only didn’t want to dash those hopes, they secretly wanted to share them. Others intuitively embraced Warren Buffett’s view that if you are rich and successful today, it is first and foremost because you were lucky enough to be born in America at this time — and never forget that. So, we need to get back to fixing our country — we need a president who can unify us for nation-building at home. And somewhere they also knew that after the abysmal performance of the Bush team, there had to be consequences for the Republican Party. Electing McCain now would have, in some way, meant rewarding incompetence. It would have made a mockery of accountability in government and unleashed a wave of cynicism in America that would have been deeply corrosive. Obama will always be our first black president. But can he be one of our few great presidents? He is going to have his chance because our greatest presidents are those who assumed the office at some of our darkest hours and at the bottom of some of our deepest holes. “Taking office at a time of crisis doesn’t guarantee greatness, but it can be an occasion for it,” argued the Harvard University political philosopher Michael Sandel. “That was certainly the case with Lincoln, FDR and Truman.” Part of FDR’s greatness, though, “was that he gradually wove a new governing political philosophy — the New Deal — out of the rubble and political disarray of the economic depression he inherited.” Obama will need to do the same, but these things take time. “FDR did not run on the New Deal in 1932,” said Sandel. “He ran on balancing the budget. Like Obama, he did not take office with a clearly articulated governing philosophy. He arrived with a confident, activist spirit and experimented. Not until 1936 did we have a presidential campaign about the New Deal. What Obama’s equivalent will be, even he doesn’t know. It will emerge as he grapples with the economy, energy and America’s role in the world. These challenges are so great that he will only succeed if he is able to articulate a new politics of the common good.” Bush & Co. did not believe that government could be an instrument of the common good. They neutered their Cabinet secretaries and appointed hacks to big jobs. For them, pursuit of the common good was all about pursuit of individual self-interest. Voters rebelled against that. But there was also a rebellion against a traditional Democratic version of the common good — that it is simply the sum of all interest groups clamouring for their share. “In this election, the American public rejected these narrow notions of the common good,” argued Sandel. “Most people now accept that unfettered markets don’t serve the public good. Markets generate abundance, but they can also breed excessive insecurity and risk. Even before the financial meltdown, we’ve seen a massive shift of risk from corporations to the individual. Obama will have to reinvent government as an instrument of the common good — to regulate markets, to protect citizens against the risks of unemployment and ill health, to invest in energy independence.” But a new politics of the common good can’t be only about government and markets. “It must also be about a new patriotism — about what it means to be a citizen,” said Sandel. “This is the deepest chord Obama’s campaign evoked. The biggest applause line in his stump speech was the one that said every American will have a chance to go to college provided he or she performs a period of national service — in the military, in the Peace Corps or in the community. Obama’s campaign tapped a dormant civic idealism, a hunger among Americans to serve a cause greater than themselves, a yearning to be citizens again.” None of this will be easy. But my gut tells me that of all the changes that will be ushered in by an Obama presidency, breaking with our racial past may turn out to be the least of them. There is just so much work to be done. The Civil War is over. Let reconstruction begin. ©THE NEW YORK TIMES / 2008 feedback@livemint.com Source: Home - Livemint.com | 5 Nov 2008 | 10:04 am GAIL signs pact with Himachal PradeshGAIL (India) Ltd has signed a cooperation agreement with Himachal Pradesh Government for looking at extending the proposed DadriBawanaNangal natural gas pipeline to the region.Source: Moneycontrol Top Headlines | 5 Nov 2008 | 8:46 am Mobile operators to pay more for 2G spectrumExisting mobile operators, including Bharti Airtel and Vodafone, will have to pay more for spectrum.Source: Moneycontrol Top Headlines | 5 Nov 2008 | 8:44 am Dr Reddy\'s to focus on ecofriendly manufacturing processPharma major Dr Reddys Laboratories Ltd will focus on green chemistry to make the process of drug design and manufacture more environmental friendly.Source: Moneycontrol Top Headlines | 5 Nov 2008 | 8:40 am Ashok Leyland cuts production target for NovemberAshok Leyland is planning to reduce monthly production target for November to 1,500 units from the average of 6,800 units it clocked each month in the first six months of this fiscal. In November, the company will also work fewer days to match with the production schedule.Source: Moneycontrol Top Headlines | 5 Nov 2008 | 8:38 am Ford launches entry-level sedan ‘Ikon’ in IndiaNew Delhi: US carmaker Ford launched the new petrol and diesel variant of its entry-level sedan ‘Ikon’ in India, priced at Rs4.59 lakh and Rs5.19 lakh (ex-showroom), Delhi, respectively. “The new Ford Ikon continues to be a leader in its segment and caters to customers with a combination of superior fuel efficiency and improved engine performance,” Ford India President Michael Boneham told reporters here. The diesel variant of the new Ikon would come with a 1.4 litre DuraTorq TDCi engine, while the petrol variant would be available with a 1.3 litre RoCam engine. About the ongoing global financial turmoil, Boneham said: “The current world economy is creating some tough times for car business as a total. Credit crunch and the lack of confidence among consumers and banks have created short-term impact.” He, however, said that the company’s announced $500 million investment plan in India for the next few years would continue with a new engine plant and a car-manufacturing facility in Chennai. “Ford is confident that we will be a big part here. Our capacity-enhancement programme and the small-car project will continue as announced earlier,” he said. “The company would launch a new small car in India in 2010,” he added. Source: Home - Livemint.com | 5 Nov 2008 | 8:13 am Private banks to cut rates in 15 days - officialNEW DELHI (Reuters) - Private sector banks in India are expected to cut their lending and deposit rates in the next 15 days and will support credit lines to finance companies and mutual funds, a finance ministry official said on Wednesday.Source: Reuters: Money News | 5 Nov 2008 | 8:12 am Govt to raise annual spectrum fees for telcosNEW DELHI (Reuters) - India will charge a fee of 1-2 percent of mobile operators' revenue for using additional airwaves and will also levy a one-time charge for spectrum beyond 6.2 MHz, a telecoms ministry spokesman said on Wednesday.Source: Reuters: Money News | 5 Nov 2008 | 8:09 am ArcelorMittal to reduce steel output amid slowdownBrussels: ArcelorMittal SA, the world’s largest steelmaker, said that it would reduce output by nearly a third as a sharp economic slowdown puts the brakes on demand for the steel used to build houses and make cars. Warning of tougher times ahead, ArcelorMittal said that it needed to rebalance supply and demand, putting on hold an ambitious expansion plan that would have increased steel shipments by a fifth by 2010. The company posted third-quarter profit of $3.8 billion in the July-September period, up 29% increase from $3 billion a year ago. The company said that until recently demand had been high in markets outside the European Union and the United States. Sales surged 38% to $35.2 billion. The company did not give details of the plants where it will reduce production but French and Belgian workers have said the company told them it will freeze output for at least a month this winter. Chairman and CEO Lakshmi Mittal said that he was still optimistic about the steel industry’s medium-term growth prospects but said that it was appropriate to pause their growth strategy without having a more settled economic outlook. ArcelorMittal says that it is selling off stocks of US steel and expected the market to stabilize by the end of this year. But European prices would not calm until next year, it said, while worldwide demand for stainless steel would be flat during 2009. The company also wants to pay off $10 billion of its debt by the end of 2009. That would cut the increasing cost of servicing the debt it borrowed to help fund Mittal NV’s purchase of Arcelor in 2006. It also said it would try to save an extra $1 billion by selling more and streamlining its business costs over the next 5 years. Source: Home - Livemint.com | 5 Nov 2008 | 7:23 am Financial crisis impacts sea trade: reportPTI New York: International seaborne trade, which surged to record levels last year, is the latest victim of the ongoing financial crisis, impacting adversely countries that depend on commodities trade, a United Nations report says. The UN Review of Maritime Transport said seaborne trade surpassed eight billion tonnes last year and reached a peak at the start of this year. But the report, issued by the UN Conference on Trade and Development, highlights that the Baltic Dry Index (BDI) - an indicator that predicts future economic activity by measuring global supply and demand for the commodities shipped aboard dry bulk carriers - declined by over 90% between May 2008 and this month. Such a decline indicates that the unfolding financial crisis has gripped international trade, with negative implications particularly for developing countries trading in commodities. While a drop in freight rates would be an immediate effect of a falling BDI, which would be beneficial for exporters or importers of food and commodities, a declining index is also accompanied by reduced demand for shipping services, heightening the effects of the financial crisis and global demand for goods. The report reveals that this year, the total world merchant fleet had expanded by 7.2% to reach 1.12 billion deadweight tonnes. Likewise, the order books for new vessels in 2008 were at their highest level ever, with over 10,000 ships, marking a 28% increase on the current merchant fleet. As of mid-2008, however, evidence of cancellations for new ships emerged, a move which could have a major impact on the ship-building industries of countries such as China, South Korea and Vietnam. Source: Home - Livemint.com | 5 Nov 2008 | 7:15 am View on Elections: Consultant and former staffer of the House of Rep Beth DanielsIt is for the first time in the history of the United States that a man of colour was elected as the President. In Barack Obama, the country has found a new cause for hope and an opportunity to look beyond the bitterness that has divided the country in the last eight years. To understand what the Obama victory meant to the people of the United States of America, Mint spoke to Beth Daniels, a consultant and former staffer of the House of Representatives, the upper House of the US Congress. Source: Home - Livemint.com | 5 Nov 2008 | 7:07 am Bank of India cuts prime lending rate by 75 bpsMumbai: State-run Bank of India has cut its prime lending rate by 75 basis points to 13.25% with effect from Thursday, a senior official said on Wednesday. It also plans to cut the interest rates on deposits by 50 basis points across all maturities with effect from 1 December, Executive Director B.A. Prabhakar told Reuters. On Saturday, the Reserve Bank of India cut banks’ cash reserve requirements by 100 basis points to 5.5%, thereby releasing Rs400 billion into the banking system. Source: Home - Livemint.com | 5 Nov 2008 | 6:57 am Virtual world celebrates Obama’s winLos Angeles: From YouTube to Flickr, from Facebook to Twitter, images and sentiments from celebrations across the US began pouring in on the Internet’s media-sharing sites, just moments after Barack Obama clinched the presidential election Tuesday. Some were as simple as photos of TV screens claiming the Democrat’s win. Others were unfiltered images of jubilant celebrations captured immediately after Obama was declared the president-elect as polls closed on the West Coast. While crowds gathered at public rallies and millions of others simply glued themselves to television news coverage, many also spent election night online and they had plenty of company. Students at Navarro College in Texas posted a video of themselves reacting, screaming, jumping up and down, more screaming to Obama’s win. Another YouTuber uploaded his toast to Obama as he gulped a 2 liter bottle of soda. Elsewhere, dozens of Obama supporters clapped, danced and cheered inside the behemoth virtual world Second Life immediately after the Democratic nominee seized the electoral votes needed to win. Many avatars were left out of the virtual celebration in Obama’s unofficial Second Life headquarters because the digital enclave had reached maximum capacity Tuesday. The Straight Talk Cafe, a Second Life space supporting John McCain, was nearly a ghost town after McCain conceded the race. Volunteers for both campaigns had unofficially stumped for months inside the virtual world for the presidential and vice presidential candidates collecting donations, registering voters, building monuments and handing out virtual hats and T-shirts. Even Obama himself, whose campaign embraced the power of online networking going back to his primary race against Hillary Clinton, nodded to his tech-savvy supporters in the very moments before he took the stage in Chicago for his acceptance speech: Supporters who had signed up on his campaign Web site received an e-mail thanking them. Those who were logged on at that moment got this message: “I’m about to head to Grant Park to talk to everyone gathered there, but I wanted to write to you first. We just made history. And I don’t want you to forget how we did it. You made history every single day during this campaign every day you knocked on doors, made a donation, or talked to your family, friends and neighbors about why you believe it’s time for change.” Bloggers who had been posting about the election results in real time kept their comments brief after Obama’s win. Liberal blogger Sara K. Smith at Wonkette.com, who kept a snarky eye on the proceedings, instructed readers to: “Raise a glass to your Republican friends because it was not so long ago that you (liberals) were precisely in their position, and remember how much it sucked.” Conservative bloggers also kept their reactions concise and polite. Carol Platt Liebau at Townhall.com posted: “We are Americans first, and therefore I wish the Obamas health and happiness. It’s even possible to wish them success so long as it is in keeping with the best traditions of American liberty, virtue and prosperity.” And while Sarah Palin may not have won the vice presidential spot, she was popular as a doll. Out of the four one-of-kind Cabbage Patch Dolls crafted to look like the presidential and vice presidential candidates, her doll nabbed a $19,000 bid when the auction closed Tuesday. The lil’ Obama, McCain and Biden impersonators only earned offers of $8,400, $6,000 and $3,500, respectively. Source: Tech News - Livemint.com | 5 Nov 2008 | 6:16 am Sensex in red on profit-taking, down 234 pointsPTI Mumbai: The Bombay Stock Exchange benchmark Sensex pared initial gains and fell by 234 points at 1125 hrs on emergence of profit-taking by retail investors after strong rally in the past five sessions. The 30-share index, which rose by 314 points in early trade, was ruling 234 points, or 2.20% lower at 10,397.12 points at 1125 hrs after heavy-weight stocks such as Reliance Industries, Larsen and Toubro, Reliance Infra, State Bank of India and ICICI Bank plunged sharply. Similarly, the wide-based National Stock Exchange index Nifty fell by 71.70 points, or 2.25% at 3,070.40 after rising to 3,240.55 in early trade. Source: Home - Livemint.com | 5 Nov 2008 | 6:02 am US gets its first African-American president in ObamaWashington: Democrat Barack Obama wrote his name indelibly into the pages of American history Tuesday, engineering a social and political upheaval to become the country’s first black president-elect in a runaway victory over Republican John McCain. The 72-year-old Arizona senator quickly called his opponent to concede defeat and congratulate his rival in the longest and most costly presidential campaign in American history. The 47-year-old Illinois senator, son of a white mother from Kansas and an African father from Kenya, mined a deep vein of national discontent, promising Americans hope and change throughout a nearly flawless 21-month campaign for the White House. Obama stepped through a door opened 145 years ago when Abraham Lincoln, a fellow Illinois politician, issued the Emancipation Proclamation that freed African-Americans from enslavement in the rebellious South in the midst of a wrenching civil war. The powerful orator lays claim to the White House on 20 January, only 43 years after the country enacted a law that banned the disenfranchisement of blacks in many Southern states where poll taxes and literacy tests were common at the time. With victories in Florida, Ohio, Pennsylvania, Virginia and other battleground states, Obama built a commanding lead over McCain after surging in the polls in the midst of a national financial crisis. He and his fellow Democrats sought to link McCain to the unpopular George W. Bush. Obama soared into the national spotlight with his electrifying speech at the 2004 Democratic National Convention, when he was making his first run for the Senate and polishing his message of unity in a country that was mired in partisan anger. Democrats also were expanding their majorities in both chambers of Congress. Source: Home - Livemint.com | 5 Nov 2008 | 5:47 am Barack Obama: from a low-paid community worker to PresidentWashington: From a small-time community worker to the most powerful man in the world, Barack Obama’s victory in the US Presidential polls marks a huge political transformation in a country with a racist past that will have a Black occupy the top post for the first time.  Biggest leap: Barack Hussein Obama is set to be the 44th President of the United States. Jason Reed / Reuters A votary of strong ties with India, the 47-year-old Harvard-educated lawyer and a Democrat reached the White House exactly 45 years after the Black civil rights leader Martin Luther King challenged Americans to embrace his “dream” of equality. Barack Hussein Obama, whose father was a Kenyan and mother a White American, himself has had no misgivings on the herculean task he faced in getting elected as President because of his race and name. This was reflected by his recent comment that getting elected to the White House would be a “leap”. Undertaking his campaign with a catchy slogan — ‘The Change We Need´ — Obama presented himself to America as a fresh face with the knowledge and mettle needed for the White House. He emerged victorious after a gruelling and bitter 21-month-long campaign in which he overcame the challenge from high-profile fellow Democrat Hillary Clinton and Vietnam War veteran Republican nominee John McCain. Born on 4 August 1961, in Hawaii, Obama will be the first Black President, a development that demonstrates a major change in America, which has witnessed bitter racism for centuries before the social evil was abolished about 200 years ago. Obama’s first tryst with power came in 1996 when the low-paid community organiser on Chicago’s south side was elected to the state Senate of Illinois. He made it to the federal Senate in 2004 after a landslide electoral victory. While many have scoffed at Obama’s experience as a community organiser saying community work experience does not count in the making of a US President, analysts feel that it has helped the black American leader to reach out to individual voters during his campaign. Obama became a media darling and one of the most visible figures in Washington, with two best-selling books to his name — The Audacity of Hope and Dreams From My Father. For the Democrats, who were out to wrest the Presidency from the Republicans after eight years, Obama’s nomination was a gamble. But Obama defeated Arizona Senator McCain handsomely in the election which was dominated by frequent controversies, mostly related to his race and religion. Obama, whose first name Barack in Arabic means ‘the blessed’, was hard pressed to fend off rumours that he is a Muslim and said he is a practising Christian. During the campaign, the advocate of strong partnership with India has made a number of comments and gestures, including lending support to the civil nuclear deal though he initially had reservations on it. He has also made it clear that India posed no threat to Pakistan and that the latter rather faced the danger from militants within. At the same time, he also talked about discouraging outsourcing, a move, if implemented, could have an adverse impact on India. “....Unlike John McCain, I will stop giving tax breaks to companies that ship jobs overseas, and I will start giving them to companies that create good jobs right here in America,” he said during campaigning. Obama, who broke all records for fund-raising, had said that his victory would be a “defining moment” for the nation which abolished slavery 200 years ago but was still battling the scourge of racial discrimination. An early critic of the Iraq war, the Democrat, who spoke out against the prospect of an invasion several months before the March 2003 move by the Bush administration, expressed willingness to talk to Iranian leaders without preconditions, a desire criticised as reckless by his Republican rival McCain. Obama rallied huge crowds with inspiring words and vowed to bring change to the calcified ways of Washington, even as critics tried to cast him as a celebrity whose oratorical sizzle concealed a thin resume. In a series of debates — including three with McCain — Obama proved adept and skilled at answering questions and offering proposals about health care, the financial bailout and Iraq, among other issues. On countering the threat of terrorism, Obama said he will do this by building new partnerships and would send troops into war zone only with a clear mission. “As commander-in-chief, I will never hesitate to defend this nation, but will only send our troops into harm’s way with a clear mission,” he had said. “I will build new partnerships to defeat the threats of 21st century: terrorism and nuclear proliferation, poverty and genocide, climate change and disease,” he had promised. His approach to dealing with the Wall Street meltdown earned endorsement from the former Joint Chiefs of Staff chairman Colin Powell, who praised Obama’s “steadiness ... (and) depth of knowledge.” Obama is married to lawyer Michelle and the couple have two daughters, 10-year-old Malia and seven-year-old Sasha. Source: Home - Livemint.com | 5 Nov 2008 | 4:54 am Day Trading GuideIn the last trading session, the stock breached the resistance level Rs 450. The outlook remains positive as long as the stock trades above Rs 445. We recommend a buy.Source: Business Line - Home Page | 5 Nov 2008 | 12:00 am Mixed outlook for winter weatherInternational weather models have come out with varying outlooks with respect to the unfolding wintry weather over India.Source: Business Line - Home Page | 5 Nov 2008 | 12:00 am Aviation stocks soar on fuel price cutMumbai, Nov. 4 Aviation stocks were flying high on Tuesday as the State-run oil retailers cut the price of aviation turbine fuel (ATF) for the second time in a week.Source: Business Line - Home Page | 5 Nov 2008 | 12:00 am RBI gives banks long rope on home loans portfolioMumbai, Nov. 4 Anticipating possible deterioration in home loan portfolios of scheduled commercial banks (SCBs), the Reserve Bank of India has extended the guidelines pertaining to restructuring that is currently available to industrial units,Source: Business Line - Home Page | 5 Nov 2008 | 12:00 am Amara Raja Batteries (Rs 52.90): BuyWe recommend a buy in Amara Raja Batteries from a short-term perspective. It is clearly evident from the charts of Amara Raja Batteries that it has been on a long-term downtrend from its February high of Rs 183. The stock has been forming lowerSource: Business Line - Home Page | 5 Nov 2008 | 12:00 am IT shares track US elections, end in redMumbai, Nov. 4 Failing to participate in the relief rally of the equity market on Tuesday were the IT shares, which appeared to track the US elections more than the marketSource: Business Line - Home Page | 5 Nov 2008 | 12:00 am Banks get set to cut lending ratesChennai, Nov. 4 Public sector banks are cutting their lending rates. Following a meeting with the Finance Minister, Mr P. Chidambaram in New Delhi, bank chairmen said that they would slash their prime lending rates by about 0.75 percentageSource: Business Line - Home Page | 5 Nov 2008 | 12:00 am Tariffs may increase: COAINew Delhi, Nov. 4 GSM industry on Monday said that they may have to increase the mobile tariffs as result of the additional levies being imposed on them.Source: Business Line - Home Page | 5 Nov 2008 | 12:00 am ‘Pricing of credit matters’New Delhi, Nov. 4 The Finance Minister, Mr P. Chidambaram, on Tuesday called on the banking community to not only track the credit being delivered but also ensure that it is delivered at a price where “credit willSource: Business Line - Home Page | 5 Nov 2008 | 12:00 am Relief for corporate, retail borrowersChennai, Nov. 4 Corporates and retail borrowers are likely to get some relief from banks verySource: Business Line - Home Page | 5 Nov 2008 | 12:00 am IOC, HPCL, BPCL to lose Rs 1,28,135 cr in FY`09!Indian Oil, Hindustan Petroleum and Bharat Petroleum are projected to lose Rs 1,28,135 crore on fuel sales this fiscal, 13 per cent lower than previously anticipated revenue loss as a fall in international oil prices has brought some relief.Source: Zee News : Business | 4 Nov 2008 | 11:41 pm 15,000 Jeevan Bharati I policies sold in 3 months: LIC!The Jeevan Bharati I scheme, an exclusive plan for women introduced by the Life Insurance Corporation in July this year, has already attracted 15,000 customers.Source: Zee News : Business | 4 Nov 2008 | 11:41 pm MF assets slips below Rs 5 tn-mark!Mutual fund industry witnessed a 18 percent decline in its assets under management in October, plunging below the Rs 5-trillion mark for the first time this year.Source: Zee News : Business | 4 Nov 2008 | 11:41 pm Slowdown to last 15 months: Nasscom!The economic slowdown resulting from the global financial crisis is expected to last not more than 15 months. However, additional jobs will get created in India during the period, a senior official said.Source: Zee News : Business | 4 Nov 2008 | 11:41 pm Spice Mobiles promoter changes name to Spice Enfotainment!Spice Mobiles on Tuesday said its promoter group firm has changed its name to Spice Enfotainment Ltd from SpiceCorp Entertainment Ltd.Source: Zee News : Business | 4 Nov 2008 | 11:41 pm Gates pays low-key visit to tech start-up pilot projectNew Delhi: Founder and chairman of Microsoft Corp.Bill Gates is visiting India. Gates, whose visit was described by both Microsoft and his eponymous foundation as personal, paid a surprise visit to Uttam Nagar in west Delhi on Tuesday. Tech start-up Eko India Financial Services Pvt. Ltd is piloting a mobile banking project in this lower middle-class colony. Gates was accompanied by his father and two sisters “We were actually scheduled to meet the (members of) Gates Foundation today but were very surprised to find Mr Gates here in person. Mr Gates was here on a personal visit to pick up information on our pilot and spent a couple of hours with us,” said Abhishek Sinha, Eko’s chief executive officer.  Missionary: Microsoft chairman Bill Gates in New Delhi on Tuesday. Kamal Singh / PTI On Wednesday, Gates is scheduled to address a second press conference, less exclusive this time, on the public health initiatives of the Bill and Melinda Gates Foundation. Later in the day, he will participate in an event at the Indian Institute of Technology, Delhi, to launch a new initiative of Microsoft, of which little detail was immediately available. Microsoft declined comment on the Gates visit saying it was not aware of his agenda. In answer to a query whether Gates was in New Delhi to receive this year’s Indira Gandhi Prize for Peace, Disarmament and Development (announced in March), Penny Richards, a spokeswoman at the Bill and Melinda Gates Foundation, said Gates will not be receiving it on this trip because Prime Minister Manmohan Singh was not available to present it to him. This could not be independently confirmed by Mint. Source: Tech News - Livemint.com | 4 Nov 2008 | 7:19 pm United Tech looks to double earnings from IndiaBangalore: United Technologies Corp. (UTC), a US firm that makes elevators, fire safety systems, aero engines and helicopters, plans to double its revenues from India to at least $1 billion (Rs4,862 crore) in three years. It expects to earn one-third of this by selling plane engines and helicopters to the military and local firms.  Unaffected: United Technologies’ Louis Chenevert. “We have not seen a slowdown (in India)...not seen the impact of the credit crisis. I am not saying that we won’t see it, but at this point of time, we are (actually) seeing a momentum,” said president and chief executive officer Louis Chenevert. UTC employs at least 4,000 people at its India units and a few thousands more through suppliers and contractors. “We are adding more,” Chenevert said without elaborating. The firm sources information technology systems, aero engine and aircraft components from 14 firms that include Hindustan Aeronautics Ltd, HCL Technologies Ltd and QuEST Manufacturing. Tata Advanced Systems Ltd, a unit of the Tata group, makes helicopter cabins for Skiorsky. Analysts say global firms such as UTC, Lockheed Martin Corp. and Boeing Co. are building India operations for long-term commercial and military contracts. “If you take the Indian defence procurement pipeline, somebody who works now will have a steady revenue stream for the next 25-30 years,” said Ratan Shrivastava, director for aerospace and defence at the India offices of research firm Frost and Sullivan. UTC also owns 15% stake in Hyderabad-based engineering design services firm Infotech Enterprises Ltd. Source: Tech News - Livemint.com | 4 Nov 2008 | 7:18 pm Falling Re raises cost of studying in USUK, Australia numbers could pick up instead.Source: Business Standard | Front Page Headlines | 4 Nov 2008 | 6:36 pm US drug regulator raps Sun Pharma unitThe US subsidiary of Sun Pharmaceuticals, Caraco Pharmaceutical Laboratories, has received a warning letter from the Food and Drug Administration (FDA).Source: Business Standard | Front Page Headlines | 4 Nov 2008 | 6:34 pm Japan Tobacco FDI deal hits Mauritius tax controversyFinance ministry warns FIPB against treaty shopping proposals.Source: Business Standard | Front Page Headlines | 4 Nov 2008 | 6:32 pm State-owned banks agree to cut ratesTo furnish fortnightly report on credit flows.Source: Business Standard | Front Page Headlines | 4 Nov 2008 | 6:31 pm Tougher recovery norms see second-hand car prices crashSecond-hand car prices have dropped 15 to 25 per cent following the imposition of stringent Supreme Court norms over repossessing and selling cars of owners defaulting on their loans.Source: Business Standard | Front Page Headlines | 4 Nov 2008 | 6:17 pm Raja tells PM, DoT to charge for extra spectrumNew Delhi: The government is planning to charge up to 2% of the gross revenue of telecom operators for holding 8 MHz of radio frequency for 2G services, a move which would make extra spectrum costlier. In addition to this, there will also be a one-time spectrum charge levied, highly placed sources said after a meeting between telecom minister A Raja and Prime Minister Manmohan Singh in which finance minister P Chidambaram was also present. It was decided in the meeting that action on 3G will be completed on or before 15 January as scheduled. Sources said that department of telecom will levy a 1% charge on spectrum up to 8 MHz. GSM Operators get 4.4 MHz of start-up spectrum (2.5 MHz in case of CDMA players) bundled with telecom licences. Sources said that PM was apprised of the controversy over Swan and Unitech by the finance minister who told him that it was only dilution of shares of FDI and not any sale or trade. “It is well within the corporate laws since FDI is allowed up to 74% since 2000,” sources said. Source: Tech News - Livemint.com | 4 Nov 2008 | 1:16 pm IBM announces launch of new storage hardwareBangalore: IBM announced its largest launch ever of new storage hardware, software and services that it said would enable businesses, governments and other institutions to transform static data into more dynamic information that is accessible in a cloud computing environment. Backed by an investment of $2 billion over three years, the new portfolio would further strengthen IBM’s position as the world’s leading provider of information infrastructure offerings, the company said in a statement. With the proliferation of the mobile web, the average individual’s ‘information footprint’ — the digitisation of entertainment, healthcare, security, social networking, retail preferences — would grow from one terabyte (about 50,000 trees cut and printed) per year to more than 16 terabytes by 2020, according to IBM. “As India goes through a radical shift away from the decades-old client/server model to a radically more efficient Internet-style architecture, we have taken a giant leap to address foreseen customer challenges with the new information infrastructure launch. With our future investments and key acquisitions throughout the last 24 months we have cemented our strategy to provide information on demand”, said Shashi B. Mal, Director, Systems and Technology Group, IBM India/South Asia. Mal said that there is no bigger opportunity for the company’s clients than to unlock the value they have in their data centres and help them create smart, innovative offerings for their end users — the consumer. Source: Tech News - Livemint.com | 4 Nov 2008 | 1:03 pm
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