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Steel cos won\'t cut production: Ram Vilas PaswanSteel Minister Ram Vilas Paswan has ruled out a production cut by steel companies and will decide on steel import duty in seven days, reports CNBC TV18 quoting Dow Jones.Source: Moneycontrol Top Headlines | 14 Nov 2008 | 2:36 pm DoCoMoTata deal to make communication space viable: TataNTT DoCoMo Inc would pick up 26% stake in Tata Teleservices for USD 2.7 billion. Ratan Tata, Chairman of the Tata Group said, The partnership we are forging with NTT DoCoMo is going to be a longterm partnership of two likeminded organizations which I hope together will be able to give the communication space in India, a very viable enterprise.\"Source: Moneycontrol Top Headlines | 14 Nov 2008 | 1:34 pm MetLife to infuse Rs 100cr for expansion in next 5 mthsMetLife said it will infuse Rs 100 crore for expansion over the next five months and will subsequently increase the number of financial advisors from 30,000 to 60,000 over this period.Source: Moneycontrol Top Headlines | 14 Nov 2008 | 1:21 pm Reality TV: Workers strike may cost all parties dearlyThe impasse between the television producers and the workers federation has sparked off a chain reaction affecting broadcasters and advertisers. In response they have yanked the carpet from under their viewers feet. Three days on and there is still no sign of fresh programming on TV screens.Source: Moneycontrol Top Headlines | 14 Nov 2008 | 12:45 pm DoCoMo stake sale may clear TTSL debts, boost growthNTT DoCoMo has bought a 26% stake in TTSL Indias fifth largest telecom player for $2.7 billion. NTT DoCoMo has bought a 26% stake in TTSL Indias fifth largest telecom player for $2.7 billion.Source: Moneycontrol Top Headlines | 14 Nov 2008 | 12:15 pm Tata TeleNTT DOCOMO deal: What\'s it about?NTT DOCOMO Inc would pick up 26% stake in Tata Teleservices for USD 2.7 billion. The deal is a combination of fresh equity and stake sale by existing shareholders. The deal values Tata Teleservices at USD 10.4 billion. TTSL has a subscriber base of 30 million.Source: Moneycontrol Top Headlines | 14 Nov 2008 | 11:47 am Tata Tele to raise data revenues after DoCoMo dealMUMBAI (Reuters) - Tata Teleservices expects to earn more revenues from data services as it taps into the experience of its new stakeholder, Japan's NTT DoCoMo, its managing director said on Friday.Source: Reuters: Money News | 14 Nov 2008 | 11:46 am SKF CEO says automotive demand falling rapidly - Reuters
Source: Google News India - Business | 14 Nov 2008 | 11:46 am UN chief urges G20 to remember world`s poor!UN Secretary General Ban Ki-moon urged G20 leaders not to ignore the world`s poor when they meet this weekend to discuss the global financial crisis.Source: Zee News : Business | 14 Nov 2008 | 11:41 am Sensex recovers 300 pts as inflation dips!The Bombay Stock Exchange benchmark Sensex rebounded to trade over 299 points higher in early trade on Friday on increased buying by funds, triggered by a sharp fall in inflation and overnight gains in the US markets.Source: Zee News : Business | 14 Nov 2008 | 11:41 am India can weather crisis and return to decent growth: Chidambaram!Finance Minister P Chidambaram on Friday said the current global economic downturn will impact India to some extent on growth, exports and currency inflows.Source: Zee News : Business | 14 Nov 2008 | 11:41 am Rupee steady at Rs 49.33!The Indian rupee remained steady at its overnight closing level of 49.31/33 a dollar in early trade on Friday, buoyed by firm equity markets.Source: Zee News : Business | 14 Nov 2008 | 11:41 am After wobbly start for global stocks, Wall Street surges!Global stock markets saw more wobbly trade before Wall Street shot higher on a sense of relief after a successful test of last month`s lows.Source: Zee News : Business | 14 Nov 2008 | 11:41 am Prudential regulatory standards can prevent global crisis: Chidambaram!India will pitch for a common prudential and regulatory standards for all financial institutions in the world and a convergence of accounting standards.Source: Zee News : Business | 14 Nov 2008 | 11:41 am US Steel Corporation lays off 675 workers in US, Canada!United States Steel Corp has laid off about 3 percent of its production workers in North America as a global economic slowdown cuts into demand for steel used in construction, autos and appliances.Source: Zee News : Business | 14 Nov 2008 | 11:41 am Oil slightly higher at $58 in Asian trade!Oil traded slightly higher in Asia on Friday but the longer-term trend is lower despite expectations the OPEC cartel could announce another production cut late this month, analysts said.Source: Zee News : Business | 14 Nov 2008 | 11:41 am Eurozone sinks into recession: official dataAFP Brussels: The economy of the 15 nations sharing the euro has slumped into recession for the first time ever, EU data released Friday revealed, with GDP falling 0.2% in the second and third quarters. The 27-nation EU as a whole avoided the same fate only by recording zero, rather than negative, growth in the second quarter On a 12-month comparison, the eurozone economy grew 0.7% in the third quarter, down sharply from 1.7% in the previous quarter, the official Eurostat agency said. Source: Home - Livemint.com | 14 Nov 2008 | 11:37 am NTT DoCoMo to help TTSL scale up VAS revenue - Economic Times
Source: Google News India - Business | 14 Nov 2008 | 11:36 am IITF opens to visitors undaunted by economic woes - Press Trust of India
Source: Google News India - Business | 14 Nov 2008 | 11:34 am Godawari Power to reconsider share buybackMUMBAI (Reuters) - Godawari Power & Ispat Ltd said on Friday it will re-consider the proposal of a share buyback, which its board approved on Oct. 25.Source: Reuters: Money News | 14 Nov 2008 | 11:31 am World Economic Forum's India summit to discuss global meltdownNearly 700 participants from 35 countries will discuss how India's future growth can be secured despite the global economic and financial crisis at the Davos-based World Economic Forum's 24th India Economic Summit here Nov 16-18.Source: IndiaeNews.com: Business News | 14 Nov 2008 | 11:31 am ASSOCHAM moots strategy for entertainment industry - Business Standard
Source: Google News India - Business | 14 Nov 2008 | 11:31 am Sensex sheds 1.6% ahead of G-20, Infy fallsBangalore: Indian shares fell 1.58% on Friday to their lowest close in more than two weeks as the gloomy global economic outlook wilted early gains, with wary investors eyeing this weekend’s G20 meeting for some direction. Infosys Technologies dropped 3.3% to a one month closing low of Rs1,217.90 after CLSA said the tech bellwether might miss its revenue guidance in dollar terms for the December quarter on a worsening global financial crisis. Tata Teleservices (Maharashtra) gained 12.2% to Rs20.19. NTT DoCoMo Inc and Tata Sons have priced their joint open offer for up to 20% of Tata Teleservices at Rs24.70 a share. “There is unwinding happening at higher levels because investors are not feeling confident at all in carrying positions overnight,” said Amit Khurana, head of institutional equities at Colin Stewart. “Investors are not putting too much bet on any ground-breaking announcement coming out of the G20 meeting.” The 30-share BSE index closed down 150.91 points at 9,385.42, its lowest close since 29 October, with 23 of its stocks falling. It rose as much as 3.04% in opening deals and then dropped as much as 2.82% during trade. “The international outlook is not very clear at this point and, therefore, this kind of volatility will continue,” said Amitabh Chakraborty, president equities at Religare Securities. The index, which has lost more than half its value in 2008 to be one of the worst Asian performers, declined 5.8% in the week after rising in the last two consecutive weeks. Even a sharp fall in annual inflation to 8.98% as at 1 November from 10.72% a week earlier, expected to open the door for further cuts in interest rates, proved little comfort to the market. Brokerage India Infoline said in a report any rally would be short-lived as the undertone remained sluggish due to financial sector gloom and persistent concerns over the global economy. “All eyes will be fixed on G20 meeting in Washington, as leaders of top countries will talk on what needs to be done to solve the current financial crisis,” it said. The G20 summit of industrialised and emerging economies will explore ways to deal with the world’s biggest financial crisis in decades. Leaders will be reminded of the deepening economic gloom by a report expected to show the euro zone has slipped into recession. Economists have lowered their forecasts for India’s economy, with many now expecting growth to slow to 7% or less in the year to March 2009, sharply slower than rates of 9 percent and higher clocked up in the past three fiscal years. Shares in Bharti Airtel rose 3% to Rs650.15. Citigroup said it had a “buy” rating on India’s top mobile operator with a price target of Rs900 on expected stable revenue share despite the entry of new players. In the broader market, 1,593 losers outpaced 934 gainers on normal volume of 286 million shares. The broader 50-issue NSE index fell 1.34% to 2,810.35. Source: Home - Livemint.com | 14 Nov 2008 | 11:30 am RBS mulls axing 3,000 investment bank jobs -sourceLONDON (Reuters) - Royal Bank of Scotland is considering cutting 3,000 jobs in its investment banking arm, a person familiar with the matter said on Friday.Source: Reuters: Money News | 14 Nov 2008 | 11:25 am RILRNRL gas imbroglio: Govt submits fresh affidavitThe government has submitted a fresh affidavit with respect to gas pricing in the Reliance IndustriesReliance Natural Resources, or RNRLRIL, case. The court will hear the case on November 27.Source: Moneycontrol Top Headlines | 14 Nov 2008 | 11:24 am Infosys may miss upperend Q3 dollar guidance: CLSAAs per a CLSA report that came out today, Infosys Technologies may post a sequential fall in dollar terms in Q3 and is likely to miss upperend Q3 dollar revenue guidance. The crosscurrency moves may hit the companys OctoberDecember dollar earnings by 2.4%, the report said.Source: Moneycontrol Top Headlines | 14 Nov 2008 | 11:19 am IIT Madras team wins top awards at iGEMPTI Bangalore: A team of undergraduate students from IIT Madras picked up two of the top awards at the International Genetically Engineered Machines (iGEM) Competition held at the Massachusetts Institute of Technology in the US. The IIT Madras team was judged to have made the “Best Foundational Advance” at this extremely competitive event held on 9 November, while also winning a special prize for the “Best Engineered Biological Device”, according to a National Centre for Biological Sciences (NCBS) release. The team from Slovenia was awarded the Grand Prize, as well as a prize for the “Best Health or Medicine Project”, while the Harvard team won the “Food and Energy” category. Freiburg and Caltech were runners up for the Grand Prize. At the iGEM, undergraduate teams from around the world compete to build innovative genetic devices in living cells. Seventy-seven teams representing 22 countries participated in iGEM 2008, working to solve problems in areas such as environment, energy, health and foundational research. The IIT Madras student team, led by Dr Guhan Jayaraman (IIT Madras) and Dr Mukund Thattai (NCBS Bangalore). The team’s prize-winning project involved a new method to turn on genes in bacteria, using a combination of chemical inputs and heat. In 2007, the NCBS team lead by Dr Thattai was the first from India to win a prize at iGEM. “This year’s outstanding showing by IIT Madras builds on that achievement, sending a signal that India will be a force to reckon with at future iGEM competitions,” the release said. Source: LatestNews-Home - Livemint.com | 14 Nov 2008 | 11:18 am BSE Sensex sheds 1.6 pct ahead of G20, Infy fallsBANGALORE (Reuters) – The BSE Sensex fell 1.58 percent on Friday to its lowest close in more than two weeks as the gloomy global economic outlook wilted early gains, with wary investors eyeing this weekend's G20 meeting for some direction.Source: Reuters: Money News | 14 Nov 2008 | 11:09 am 2.5 lakh students to take CAT 2008 - Hindu Business Line
Source: Google News India - Business | 14 Nov 2008 | 11:08 am Euro zone in recession, world leaders head for summitLONDON (Reuters) - Recession has hit much of Europe, data showed on Friday, confirming a widespread economic downturn that world leaders hope to tackle at a weekend summit in Washington.Source: Reuters: Money News | 14 Nov 2008 | 11:03 am Steel cos won't cut production: Ram Vilas Paswan - Moneycontrol.com
Source: Google News India - Business | 14 Nov 2008 | 11:02 am Multiplexes warm up to 'Dostana', single-screens coldFilmmaker Karan Johar's much-hyped Gen-Next movie "Dostana" was released Friday, but industry experts said it got a mixed response in terms of bookings because of its humorous take on male sexuality.Source: IndiaeNews.com: Business News | 14 Nov 2008 | 11:01 am British company faces protest in Orissa's KalahandiHundreds of people, mostly tribals, Friday staged a protest and blocked roads in Orissa's Kalahandi district against British company Vedanta Resources for allegedly not taking care of local interest after setting up a refinery in the area, the police said.Source: IndiaeNews.com: Business News | 14 Nov 2008 | 11:01 am Sensex ends 150 points in the redDespite opening strong, Indian equities markets fell once again Friday on weak global cues and a key index finished with losses of more than 150 points.Source: IndiaeNews.com: Business News | 14 Nov 2008 | 11:00 am Lohia Group forays into auto sector; launches e-bikesPTI New Delhi: Diversified business house Lohia Group today announced its foray into automobile sector with launch of two electric bikes, both priced at Rs31,000 (ex-showroom, Delhi), thus expanding the fleet of eco-friendly vehicles in the country. The company is also planning to launch electric three-wheeler in the next three to four months even as it gears up to introduce three more two-wheeler models in 2009. “High fuel prices, degrading environment and depleting fossil fuel resources are major concerns for the society. These eco-friendly electric vehicles are developed keeping in mind these aspects and we have priced it in such a way that common people can also afford it,” Lohia Auto Industries (LAI) Chief Executive Officer Ayush Lohia told reporters here. The prices of the two models -- Oma and Fame -- were kept same and it was before the tax rebate being offered by the Delhi government, he added. LAI, part of the Rs500 crore Lohia Group , has set up a 30-acre greenfield manufacturing facility at Kashipur in Uttarakhand with an installed capacity of two lakh units per annum. For future capacity expansions, it would set up a new plant in the same campus. The company aims to sell 20,000 units in this fiscal, which it hopes to increase to one lakh units during 2009-10, Lohia said. The company targets to export about 20,000 units to some neighbouring countries, he said, adding “We are on the verge of finalising dealers in two Asian countries”. Source: LatestNews-Home - Livemint.com | 14 Nov 2008 | 10:55 am ArcelorMittal's India project in for a delayThe global financial downturn may delay steel behemoth ArcelorMittal's India plans of setting up two greenfield steel projects with an investment of about Rs 80,000 crore.Source: Daily News & Analysis: Money News | 14 Nov 2008 | 10:50 am Citi reiterates full support to board chairmanCitigroup's board of directors has reiterated their full support to the firm's Chairman Sir Win Bischoff, amid reports saying that the board and directors are mulling to replace him.Source: Daily News & Analysis: Money News | 14 Nov 2008 | 10:49 am RIL-RNRL gas imbroglio: Govt submits fresh affidavit - Moneycontrol.com
Source: Google News India - Business | 14 Nov 2008 | 10:45 am Will economy make crowds shun gloomy Oscar flicks?AP Los Angeles: Not long before he’s assassinated, Sean Penn’s Harvey Milk proclaims his key precept for social change: “You gotta give ‘em hope.“ Hope is often lacking in Academy Awards contenders such as “Milk,” films that tend toward bleak, serious subjects that scream “Oscar” but can spell box-office poison to audiences looking for something light and relaxing. With gloom and doom in the real-world economy, will moviegoers be even more reluctant to catch dark, dreary Oscar heavyweights and head instead for the happy place that a “Beverly Hills Chihuahua” can take them? “In this atmosphere, what the country does want to see isn’t the stuff that they normally nominate for Oscars,” said John Wilson, founder of the Razzies, an Oscar spoof that honors the year’s worst movies. “Who needs to go get more depressed right now and spend 10 or 12 bucks to do so? If that’s your idea of a good time, watch CNN, especially when they’re covering the financial stuff,” adds John. Most likely top contenders for the 22 February Oscars hit theaters in late November and December, among them “Milk,” with Penn as the slain gay-rights pioneer; “Revolutionary Road,” with Leonardo DiCaprio and Kate Winslet in a failing marriage; “Frost/Nixon,” featuring Frank Langella as President Richard Nixon after his fall from grace; and “Doubt,” starring Meryl Streep and Philip Seymour Hoffman in a drama about a priest accused of abusing a boy. Not necessarily the kind of stories to soothe people’s worries over their deflated retirement accounts amid recent stock-market turmoil. “Escapism comes in many forms, but clearly it doesn’t come in the form that most Oscar contenders take,” said Paul Dergarabedian, president of box-office tracker Media By Numbers. Source: LatestNews-Home - Livemint.com | 14 Nov 2008 | 10:43 am Stocks end lower on global economic concerns - Economic Times
Source: Google News India - Business | 14 Nov 2008 | 10:33 am Slowdown forces India firms to be nifty with thriftMUMBAI (Reuters) - Indian companies, boxed in by the economic slowdown and scarce credit, are fighting their way out the old fashioned way; selling scrap, renting instead of buying premises, and leaning harder on debtors.Source: Reuters: Money News | 14 Nov 2008 | 10:33 am Italian economy slides into recessionAP Milan: Government data show that the Italian economy is officially in recession. Europe’s fourth-largest economy recorded negative growth for the second consecutive quarter in the third quarter. The ISTAT statistics office said Friday that gross domestic product in the July-September period contracted by 0.5% compared with the previous quarter and by 0.9% compared with the same quarter in 2007. The economy shrank 0.3% in the second quarter. Source: LatestNews-Home - Livemint.com | 14 Nov 2008 | 10:29 am Hyundai reworks strategies to cope with global slowdown - domain-B
Source: Google News India - Business | 14 Nov 2008 | 10:26 am Buffett’s Berkshire falls below $100,000/shareNew York: Shares of Warren Buffett’s Berkshire Hathaway Inc fell below $100,000 on Thursday for the first time since October 2006, after the company revealed large unrealized losses on derivative contracts tied to the stock market’s performance. Berkshire’s Class A shares fell as much as 7% to $96,050, before recovering along with the broader stock market. Though major stock indexes ended more than 6 percent higher, Berkshire stock closed down $533, or 0.5%, at $102,800. On Friday, Berkshire reported a 77% decline in third-quarter profit, with much of the drop attributable to falling insurance premiums and to paper losses on contracts tied to the performance of stock market indexes. Berkshire estimated that shareholder equity fell about $9 billion in October, reflecting exposure to the derivative contracts and to other investments. It ended September with $76 billion of stock and $29.6 billion of fixed-income holdings. Buffett has said the derivative contracts expire between 2019 and 2027, and that he expects them to be profitable. In the interim, Berkshire is able to invest the upfront premiums it received by entering into the contracts. Omaha-based Berkshire owns some 76 companies, and is best known for its insurance holdings such as auto insurer Geico Corp and reinsurer General Re Corp. Berkshire shares have fallen 32.2% from their record high of $151,650 set last 11 December. Source: LatestNews-Home - Livemint.com | 14 Nov 2008 | 10:17 am Citi lowers India growth forecast, sees rate cutsMUMBAI (Reuters) - Citigroup on Friday said it expects India's economy to grow at a slower pace than it had earlier anticipated for the 2008/09 and 2009/10 fiscal years, but sees more monetary easing by the authorities to bolster growth.Source: Reuters: Money News | 14 Nov 2008 | 10:15 am Mastek looking for acquisitions worth $10-$40 mnReuters Mumbai: Software services firm Mastek Ltd is looking for acquisitions worth $10-$40 million, a top company official said on Friday. The company would look to acquire the target in insurance and healthcare services, group Chief Financial Officer R S Desikan told Reuters in an interview. The company plans to fund the acquisition through internal accruals and has Rs2 billion in cash and cash equivalents, he said. “Cash is not an issue for acquisition,” he said. Mastek would also be relatively insulated from the current financial crisis as its exposure to pure banking services was under 10%, he added. Source: LatestNews-Home - Livemint.com | 14 Nov 2008 | 10:12 am Global crisis to hit India economy more in ’09: WEFNew Delhi: The global downturn will pressurise the Indian economy more next year and the government has to speed up reforms and boost investment to sustain high growth rates, a report said on Friday. The report jointly prepared by World Economic Forum and Confederation of Indian Industry also said India could see a sharp outflow of capital, and a fall in share and asset prices due to the global financial crisis. The report was released ahead of the annual India Economic Summit starting 16 November in New Delhi, where top government officials are expected to interact with heads of global firms. “India’s dependence on capital flows to finance its current account deficit is a macroeconomic risk and the global crisis could generate a sharp increase in capital outflows and a reduction in the availability of finance,” it said. “Clearly, the global economic picture will be harsher next year and there will be greater pressures on Indian economy.” The global credit crisis has rattled Indian markets as foreign investors sold shares worth more than $12.5 billion so far this year while the rupee fell by more than 20%. “It (global crisis) could also weaken the balance sheets of the financial institutions, cause a further fall in share and asset prices, and challenge the macroeconomic situation due to shrinking global growth,” WEF said. Indian policymakers expect a moderation in economic growth to less than 8% in the year to March 2009, compared with 9% recorded in 2007/08 fiscal year. Earlier this month, Prime Minister Manmohan Singh cautioned that the global financial crisis could be more severe and prolonged, and the government would take all necessary steps - monetary and fiscal - to protect growth. Source: LatestNews-Home - Livemint.com | 14 Nov 2008 | 10:05 am ‘Developed world must shield countries like India’ - Sify
Source: Google News India - Business | 14 Nov 2008 | 10:03 am Global crisis to hit India economy more in 2009 - WEFNEW DELHI (Reuters) - The global downturn will pressurise the Indian economy more next year and the government has to speed up reforms and boost investment to sustain high growth rates, a report said on Friday.Source: Reuters: Money News | 14 Nov 2008 | 10:01 am 'Developed world must shield countries like India'Countries like India that drive global economic growth today shouldn't be made to suffer the impact of the current financial crisis.Source: Daily News & Analysis: Money News | 14 Nov 2008 | 9:57 am Japan ready to lend $100 bn to IMF bailout fundAP Tokyo: Japan is ready to lend up to $100 billion to the International Monetary Fund to support nations reeling from the global financial crisis, its prime minister said Friday in a newspaper column ahead a Group20 summit in Washington. Prime Minister Taro Aso described the current turmoil as “the financial crisis of the century” and urged global leaders to “hammer out realistic yet substantive countermeasures,” according to a column in the Wall Street Journal. He called for improvements in the IMF’s role in monitoring financial markets and detecting potential crises early. “Also, the Fund’s financial resources must be increased to enable it to extend necessary assistance to emerging economies that drive world growth,” Aso wrote. “Japan is prepared to lend up to $100 billion to the Fund as an interim measure before a capital increase takes place.” Amid the unfolding crisis, Japan has been eager to boost its international clout by helping to stabilize the world’s financial system. “In the near term, Japan’s own experience with the bursting of a bubble economy, a subsequent financial crisis and a recovery process could serve as a useful guide” for other countries,” Aso said. Officials in Tokyo have repeatedly said Japan, with its nearly $1 trillion in foreign currency reserves, is ready to provide funds to the IMF if it needs more money for rescue packages. But they had previously not given an amount. A Japanese government official said that Aso will extend the $100 billion loan offer at the G-20 meeting this weekend in Washington. He asked to not to be identified, citing government protocol. The Washington-based IMF has dipped into its reserves fund to provide emergency loans to Iceland, Hungary and Ukraine worth more than $30 billion. Finance Minister Shoichi Nakagawa said last month that Japan would offer cash along with proposals about accounting standards and other regulatory changes needed to reform the international financial system. The IMF has about $210 billion but that may not be enough, he said. Aso also said in his column that he wanted to see a general capital increase for the Asian Development Bank, “which currently has limited scope for new lending.” The G20 summit this weekend will bring together leaders from 20 of the world’s biggest developed and developing economies to discuss ways to tackle the global financial crisis, including possible coordinated tax cuts or spending increases around the world. The Paris-based Organization for Economic Cooperation and Development forecast that economic output would shrink 1.4% this quarter for the 30 market democracies that make up its membership - and keep contracting until the middle of next year. That would mean the developed world has now entered a slump estimated to last at least three quarters; two consecutive quarters is a common definition of recession. For all of 2009, these countries’ economies would contract by 0.3%. Source: Home - Livemint.com | 14 Nov 2008 | 9:55 am Delhi Metro Chief clears air on fin models\' controversyThere has been some controversy over the financing models of Indian metros and a particularly an ugly spate between the Hyderabad Metro project and its consultant the Delhi Metro Rail Corporation (DMRC). Delhi Metro Chief E Sreedharan said, \"We had never recommended that so much of land should be given to a real estate developer.\"Source: Moneycontrol Top Headlines | 14 Nov 2008 | 9:52 am An IIM versus a global MBANew Delhi: How many HRD Ministry appointed panel members does it take to review the functioning of the Indian Institutes of Management (IIMs)? The most efficient answer is zero. Anything more than that will create a report that is blinkered off the principles of education and only focus on some of the mechanics of admission and administration.  Two weeks ago, the R C Bhargava committee report ostensibly shocked everyone by declaring that the IIMs have not been “fair” to every meritorious candidate. Most newspapers published quotes from the report and focused on the high fee that deterred means-handicapped applicants. Media reports highlighted the committee’s unhappiness with the present schemes of financial assistance given to students. And that lies at the crux of the committee’s famous acknowledgement of the unfairness of the admission policy of the IIMs. But in discussing this dimension of fairness, I think we are ignoring several other critical matters. Over the past decade, I have been a volunteer with the admissions department at my Alma Mater, the McCombs School of Business at the University of Texas at Austin – one of the top 20 (sic) US business schools. I interview candidates and work closely with admissions officers and career services professionals at the university. The difference in the admission criteria between top US business schools and the IIMs is so stark that, despite contextual variance, I fear that one of these two has got it wrong. What makes this curiouser is the fact that despite the impressive global ranking that the IIMs brandish, I meet dozens of candidates possessing an MBA degree from the IIMs seeking a second MBA from a top US business school. Without splitting hair, here are two of the major differences: First, top US business schools admit candidates with far more years of work experience than the IIMs do. Once upon a time, few candidates applying for CAT (the admission exam to the IIMs) had many years of work experience, and the IIMs probably did not have a choice, but today that is not the case. Another major difference is that the emphasis on multiple-choice entrance exam is exceptionally high in the case of the IIMs, while top US business schools do not use the GMAT (the admission exam for US and other global business schools) as an impenetrable hurdle. The IIMs require a candidate to clear the CAT and only then move on to the stage of personality tests; group discussions and personal interviews. The much-famed, and feared, CAT, tests students in quantitative and verbal areas. It uses a healthy analytical undertone in its questions. But non-engineers are largely eliminated before the personality-testing stage as they do not clear the quantitative area. IIMs as well as the CAT coaching institute industry (of which I am a part) will cry themselves hoarse with examples that prove my conclusion inaccurate. But the fact is that the proportion of their examples should lead them to be classified as exceptions. The quantitative area of the CAT asks a large number of questions on topics such as Sequences and Series, Functions, Permutation and Combinations, Probability, Number Systems, among others. Depending on the board, most of these topics are not covered up to class 10, after which several non-science stream students do not study Maths. Unless one accepts that advanced Math is a prerequisite to effective management performance, the extreme focus on this criterion is discriminatory. The HRD ministry committee ignored the plight of the meritorious candidates who may not crunch algebraic expressions well. In a similar vein, the committee has also ignored the fact that the verbal section of the CAT tends to be so tough that students who have studied in the vernacular medium have close to no chance to clear hurdle number one: the CAT – another case of meritorious students not getting a chance at proving their management potential. CAT of Nov 2007 asked students the meaning of “flotsam and jetsam”! Despite there being a context to that, it is incorrigible to figure out the validity of that question. Of course, it can be argued that panels and committees should not be allowed to comment on admission exams. I agree with that. In fact, I strongly believe that there is no recourse to improving the quality of IIM education, short of introspection by the IIMs. But when a committee focuses on unfairness to meritorious candidates, it cannot be so blinkered in its understanding of merit. The committee in question also made recommendations for a salary hike of IIM faculty, which is curious when viewed in the context of its other recommendation of the IIMs running as businesses. Surely businesses can independently decide the remuneration structure of employees. This gets a little more worrying when one looks at specific numeric limits that the committee has recommended for the fee-split between faculty member and institute for consulting assignments and executive training programmes. This committee report will add to the general belief that committee reports mean zilch. The committee probably knows this, as one of their observations is that recommendations suggested by previous panels remained only on paper (H P Nanda IIM review committee of 1979 and V Kurien’s second IIM review of 1991). It is time that the IIMs realize that the general admiration showered on them is primarily driven by the acute 1 : 100 filter they create at the entrance exam stage, which allows them to access the crème de la crème among applicants. In the meanwhile not just will economically backward candidates lose out, but also several other candidates who do not satisfy an extremely narrow manager stereotype, as defined by the ivory towers at the IIMs. Ajeet Khurana is director, Peak Seekers, a test-prep institute in Mumbai. An ex-lecturer of the McCombs School of Business at the University of Texas at Austin, he interviews MBA applicants for admission Source: LatestNews-Home - Livemint.com | 14 Nov 2008 | 9:49 am India International Trade Fair inauguratedThe 28th edition of the India International Trade Fair was inaugurated by Vice President M. Hamid Ansari at the Pragati Maidan show grounds here Friday with Pakistan as the partner country and Orissa as the partner state.Source: IndiaeNews.com: Business News | 14 Nov 2008 | 9:32 am Equities in red, key index down 240 pointsDespite opening strong, Indian equities markets were again in free fall mode Friday on weak global cues and mid-afternoon a key index had shed more than 260 points at its lowest point before inching up a bit but still more than 240 points in the red.Source: IndiaeNews.com: Business News | 14 Nov 2008 | 9:30 am 'Haryana minister is country's richest woman'A low-profile minister in the Bhupinder Singh Hooda government in Haryana has emerged as the richest woman in the country.Source: Daily News & Analysis: Money News | 14 Nov 2008 | 9:25 am Expat Indians in UAE not hit by global meltdownExpatriates in the United Arab Emirates (UAE) do not appear to be in a similar predicament as the meltdown has had little impact on the region, Indian diplomats here said.Source: Daily News & Analysis: Money News | 14 Nov 2008 | 9:24 am HM looks at components business for revivalHindustan Motors, maker of the Ambassador, for long the iconic Indian car, is moving ahead to become more of an automobile component manufacturer than developer of new models.Source: Daily News & Analysis: Money News | 14 Nov 2008 | 9:23 am Worldwide IT spending to grow only 2.6% in \'09: IDCThe worst fears of the Indian IT and BPO industry got confirmed. Global IT research firm IDC has drastically cut its outlook for worldwide spending on information technology. IDC said worldwide IT spending in 2009 to grow only 2.6% YoY as compared to 5.9% seen earlier.Source: Moneycontrol Top Headlines | 14 Nov 2008 | 9:21 am Web tracker NebuAd sued over privacy claimsSan Francisco: Angry online subscribers who had their Web surfing habits tracked in detail are suing a Silicon Valley startup that created the technology and six Internet service providers that briefly used it. The 15 customers who filed the lawsuit in federal court here Monday demand more than $5 million in damages and are asking a judge to turn the case into a class action representing tens of thousands of Internet subscribers. The lawsuit targets Redwood City, California-based NebuAd Inc., which developed a way for Internet service providers to scan the content of their customers’ Web traffic. The idea was that the ISPs could use the technology to deliver advertisements specifically targeted to individual subscribers’ interests. “Like a vacuum cleaner, everything passing through the pipe of the consumers’ Internet connection was sucked up, copied and forwarded,” stated the lawsuit, which accuses NebuAd and the ISPs of breaking federal and state privacy laws. Several US ISPs tried the technology before withdrawing as privacy advocates and members of Congress raised concerns over the summer. The six ISPs named in the lawsuit each told Congress over the summer that it had dropped NebuAd’s technology after only a few months. The ISPs are: Bresnan Communications LLC, Cable One Inc., CenturyTel Inc., Embarq Corp., WideOpenWest and Knology Inc. Source: Tech News - Livemint.com | 14 Nov 2008 | 9:07 am Web tracker NebuAd sued over privacy claimsSan Francisco: Angry online subscribers who had their Web surfing habits tracked in detail are suing a Silicon Valley startup that created the technology and six Internet service providers that briefly used it. The 15 customers who filed the lawsuit in federal court here Monday demand more than $5 million in damages and are asking a judge to turn the case into a class action representing tens of thousands of Internet subscribers. The lawsuit targets Redwood City, California-based NebuAd Inc., which developed a way for Internet service providers to scan the content of their customers’ Web traffic. The idea was that the ISPs could use the technology to deliver advertisements specifically targeted to individual subscribers’ interests. “Like a vacuum cleaner, everything passing through the pipe of the consumers’ Internet connection was sucked up, copied and forwarded,” stated the lawsuit, which accuses NebuAd and the ISPs of breaking federal and state privacy laws. Several US ISPs tried the technology before withdrawing as privacy advocates and members of Congress raised concerns over the summer. The six ISPs named in the lawsuit each told Congress over the summer that it had dropped NebuAd’s technology after only a few months. The ISPs are: Bresnan Communications LLC, Cable One Inc., CenturyTel Inc., Embarq Corp., WideOpenWest and Knology Inc. Source: LatestNews-Home - Livemint.com | 14 Nov 2008 | 9:07 am ArcelorMittal’s India project delayed due to slowdownNew Delhi: The global financial downturn may delay steel behemoth ArcelorMittal’s India plans of setting up two greenfield steel projects with an investment of about Rs80,000 crore, a top company official has said. “If demand for steel continues to be down for two years, the pace of our proposed projects is likely to slow,” ArcelorMittal India CEO Vijay Bhatnagar told PTI on the sidelines of an international metal conference here. The L N Mittal-led company plans to set up integrated steel plants of a 12 million tonne capacity each in Jharkhand and Orissa, for which it had inked memoranda of understanding with the respective state governments about three years ago. The company had envisaged commencing the first phase of production from its Jharkhand plant by 2012, which would now be delayed in view of slackening demand for steel as also the liquidity crunch. “If it is a downturn of huge proportions, then we don’t know where are we heading towards. One has to be cautious and prudent as there is a huge liquidity crunch,” Bhatnagar said. Asked which of the two projects is expected to come up first, the ArcelorMittal top brass said the company is facing a peculiar situation in both the states. “In Jharkhand we have got iron ore mines, but don’t yet have land whereas in Orissa we are better placed in terms of land, but are yet to get mines,” he said. In both Orissa and Jharkhand, ArcelorMittal is facing stiff resistance from locals, who are not ready to part away with their land for the proposed projects. Though admitting to protests, Bhatnagar exuded confidence in resolving the matter through dialogue. Source: LatestNews-Home - Livemint.com | 14 Nov 2008 | 8:35 am Uttar Pradesh government out to woo tax-hit tradersWith an eye to the Lok Sabha polls early next year, the Uttar Pradesh government is already in an appeasement mood, and after wooing different caste groups, the ruling Bahujan Samaj Party (BSP) has now begun targeting another vote bank - the trading community.Source: IndiaeNews.com: Business News | 14 Nov 2008 | 8:00 am Developed world must shield countries like India: ChidambaramCountries like India that drive global economic growth today shouldn't be made to suffer the impact of the current financial crisis and must get more funds to ease their burden, Finance Minister P. Chidambaram has said, ahead of the G20 Summit in Washington.Source: IndiaeNews.com: Business News | 14 Nov 2008 | 8:00 am Richemont H1 net up 11%, turmoil hits Oct demandReuters Zurich: Swiss luxury goods group Richemont posted a better than expected 11% rise in first-half net profit but said turbulence in the financial markets had started to hit demand in October. Net profit rose to 543 million euros ($678.2 million), ahead of the average estimate of 511 million euros in a Reuters poll of 15 analysts, the group said on Friday. But Richemont, the world’s largest luxury goods group behind France’s LVMH, said sales in October rose 1.6% from the year-ago period as the turmoil hit demand. Sales fell 2% at constant exchange rates. “The largest decline was seen in the Americas region. Although Asian markets also continued to grow at a double-digit rate, Europe also registered a decline despite strong sales to non-European customers,” the group said. The group, which is controlled by South Africa’s Rupert family also said sales in Japan were below the prior year in yen terms but showed growth on conversion into euros. “This a good, strong set of numbers for the first-half of the year. But the outlook is much more cautious, with sales down 2% in constant currencies in October,” said Kepler Capital Markets analyst Jon Cox. “This is probably indicative of what will happen in the coming quarters,” he said. “I don’t think there will be a collapse in profitability as there was in the last downturn. But I do expect to see weaker demand. This is likely to be the worst downturn in two or three decades so I don’t believe that high-end brands will be able to hold up. I expect tough times ahead,” Cox said. The outlook for luxury goods groups is growing increasingly gloomy as consumers rein in their spending, scared by signs the financial crisis is spilling over to the wider economy. Last week, Paris-based European luxury group Hermes cut its sales growth target and said trading had worsened in October, while on Thursday Italy’s Bulgari reported a big fall in third-quarter profit and said it couldn’t make a forecast for 2009. Analysts have predicted Swiss watchmakers would suffer their first significant slowdown in half a decade in 2008 and that 2009 would be even worse. Revenue for the first half at the seller of Cartier jewellery and high-end watch brands such as Vacheron Constantin, rose 10% to 2.8 billion euros, boosted by demand in Europe and Asia Pacific regions. Richemont trades at around eight times expected 2009 earnings, a slight discount to LVMH, which is trading at around nine times, according to Reuters data. Source: World Business - Livemint.com | 14 Nov 2008 | 7:54 am Oil eases below $58 after surge on shares rallySINGAPORE (Reuters) - Oil edged down below $58 on Friday, as traders' focus returned to growing signs of a global recession and slowing demand, after prices climbed almost 4 percent the previous day on a run-up in equity markets.Source: Reuters: Money News | 14 Nov 2008 | 7:53 am Wockhardt gets USFDA nod for insomnia drugPTI Mumbai: Pharmaceutical and biotechnology major Wockhardt today said it has received approval from the US regulatory authority for marketing Midazolam injections, used in the treatment of sleeplessness and anxiety. In a filing to the Bombay Stock Exchange, Wockhardt said it has received nod from United States Food and Drug Administration (USFDA) for marketing preservative-free version injections containing 1mg/ ml and 5 mg/ml Midazolam. “Sterile products continue to be a priority area for Wockhardt in the US,” company Chairman Habil Khorakiwala said. This is the fourth injection Abbreviated New Drug Application approval in two months and the 12th sterile product overall. Wockhardt was trading at Rs105.60, up 1.15% in the early trade on the BSE. Source: Home - Livemint.com | 14 Nov 2008 | 7:43 am DoCoMo makes Rs949 cr open offer for 20% in Tata TelePTI Mumbai: Japanese telecom firm NTT DoCoMo Inc today announced a Rs949 crore open offer to the shareholders of Tata Teleservices (Maharashtra) Ltd for up to 20% equity at Rs24.70 per share. The open offer price represents a premium of 3.73% over TTML’s Wednesday’s closing of Rs17.99. The scrip of TTML had surged as much as 18% on the bourses in early trade. At 12.24 hrs shares of TTML were trading at Rs20.70, up 15.06% on the BSE. The open offer would be made by DoCoMo along with Tata Sons and is scheduled to begin on 8 January and close on 27 January, 2009, TTML said in a filing to the Bombay Stock Exchange. The offer is for acquiring 38,42,41,919 shares or up to 20%. On Wednesday Japan’s biggest mobile-phone operator NTT DoCoMo Inc acquired a 26% stake for $2.7 billion (Rs13,070 crore) in Tata Teleservices Ltd. The purchase of shares by DoCoMo is subject to obtaining the required approval from the Foreign Investment Promotion Board (FIPB) and the Reserve Bank of India, the filing added. Source: Home - Livemint.com | 14 Nov 2008 | 7:37 am Democrats lobby for auto bailout supportWashington: Senate Democrats pressed ahead on Thursday with plans to vote next week on a $25 billion emergency loan plan for US carmakers as the auto industry and business groups readied a lobbying onslaught to overcome Republican opposition. Senior Democrats are drafting legislation that would carve out part of the $700 billion Wall Street bailout for loans to the three major US auto companies in exchange for a government ownership stake in the companies. They hope to push the measure through during a postelection session of Congress that begins Monday. General Motors Corp., Ford Motor Co. and Chrysler LLC are lobbying feverishly for Congress to approve the aid, citing an economic downturn that has choked off sales and frozen credit. But the idea is running into resistance from Republicans and President George W. Bush, who are reluctant to back any additional money for the struggling industry. House Republicans leader John Boehner of Ohio issued a statement Thursday promising to oppose any new auto industry loans. “Spending billions of additional federal tax dollars with no promises to reform the root causes crippling automakers’ competitiveness around the world is neither fair to taxpayers nor sound fiscal policy,” Boehner said. Senate Republican leader Mitch McConnell of Kentucky - home to a General Motors and two Ford plants - has been noncommittal about new aid. His office says Congress should instead speed release of $25 billion in loans approved by Congress last month to help automakers develop more fuel-efficient vehicles. House Speaker Nancy Pelosi has yet to schedule a legislative session to consider the new loans as Democrats keep hunting for the votes to pass it. Senate Majority Leader Harry Reid rejected that idea. His office said he would press forward with a still-unwritten measure next week. With feelings still raw from the election and the public outraged about the Wall Street rescue, the auto proposal remains a tough sell. Some Senate Republicans have expressed skepticism that the aid would lead to changes for the companies that could make them viable in the long run. Still, supporters of the auto bailout hope they can snag 12 to 15 Republicans to join with Democrats in pushing it through. They are targeting lawmakers who represent states with auto plants and auto suppliers, as well as Republicans in states with high unemployment rates. Auto dealers, who have major political clout because their operations are spread across every congressional district, are preparing a major lobbying effort, as well as asking for additional help from Congress, such as new tax breaks for buying cars. Auto suppliers that employ about 800,000 workers - with a big presence in states including Michigan, Missouri, Indiana, Kentucky and Tennessee - say they should get a piece of any new emergency loan package. The legislation could set up a showdown during the president’s final days in office. Bush is open to helping the industry, the White House says, but the administration has expressed reservations about doling out more federal dollars to help the auto industry, or using the bailout money to do so. The bill Democrats are writing would insert the government squarely into the car companies’ operations. It would require that the companies submit a plan for long-term viability in exchange for the loans, share a portion of future profits with the government and reimburse taxpayers before any other shareholder, according to aides familiar with it. The car companies also would face tougher restrictions on awarding pay packages to executives and dividends to their shareholders than the financial companies that get a piece of the original bailout. Source: Home - Livemint.com | 14 Nov 2008 | 7:11 am Haryana minister is country's richest woman, says ForbesA low-profile minister in the Bhupinder Singh Hooda government in Haryana has emerged as the richest woman in the country.Source: IndiaeNews.com: Business News | 14 Nov 2008 | 7:00 am Rupee slips as rate cut expectations growMumbai: The Indian rupee was unable on Friday to mount a recovery from its sharpest one-day fall in more than 12 years as it was weighed down by expectations of rate cuts and the stock market losing some of its early momentum. A sharp fall in annual inflation to 8.98% in early November, its lowest since early May and well below market forecasts, has raised expectations of further cuts in interest rates, which could weaken support for the rupee. At 10:36am, the partially convertible rupee was at Rs49.45/46 per dollar, more than a quarter of a percent down from Wednesday’s close of Rs49.30/32 per dollar, when it fell 2.4%, its biggest daily fall since February 1996. The currency market was shut on Thursday for a holiday. Stocks rose as much as 3% in early trade but had turned negative within the first hour despite strong gains elsewhere in Asia. Foreign fund selling of shares has also been a key factor in the rupee’s weakness this year. They have so far sold a net $12.7 billion worth of shares after buying a record $17.4 billion last year. The rupee hit a record low of Rs50.29 per dollar in late October. After gaining more than 12% against the dollar in 2007, it has fallen more than 20% this year. One-month offshore non-deliverable forwards were quoting at Rs49.81/49.96 per dollar, weaker than the onshore rate. Source: Home - Livemint.com | 14 Nov 2008 | 5:38 am After a high, Amritsar airport falls on bad daysTouted till recently as competition to Delhi's Indira Gandhi International Airport (IGIA), Rajasansi Airport in this Sikh holy city has fallen on bad days and faces the threat of virtual closure with international and domestic airlines pulling out flights.Source: IndiaeNews.com: Business News | 14 Nov 2008 | 5:30 am RBI to cut rates as inflation falls - analystsMUMBAI (Reuters) - A sharp drop in inflation increases the possibility of slashing state-set local fuel prices and may prompt the Reserve Bank to cut interest rates sharply, analysts said.Source: Reuters: Money News | 14 Nov 2008 | 5:07 am Hubble captures first photos of planets outside solar systemPTI New York: The US space agency’s 18-year- old Hubble Telescope has captured for the first time visible- light snapshot of a planet circling another star outside our solar system. Estimated to be about three times Jupiter’s mass, the planet - Fomalhaut b - orbits the bright southern star Fomalhaut, located at 25 light-years away in the constellation Piscis Australis or the “Southern Fish,” the NASA said. Fomalhaut has been a candidate for planet hunting ever since an excess of dust was discovered around the star in the early 1980s by NASA’s Infrared Astronomy Satellite IRAS. In 2004, the coronagraph in the High Resolution Camera on Hubble’s Advanced Camera for Surveys produced the first- ever resolved visible-light image of the region around Fomalhaut. It clearly showed a ring of protoplanetary debris approximately 21.5 billion miles across and having a sharp inner edge. This large debris disk is similar to the Kuiper Belt, which encircles the solar system and contains a range of icy bodies from dust grains to objects the size of dwarf planets, such as Pluto. Hubble astronomer Paul Kalas of the University of California at Berkeley and team members proposed in 2005 that the ring was being gravitationally modified by a planet lying between the star and the ring’s inner edge. Circumstantial evidence came from Hubble’s confirmation that the ring is offset from the center of the star. The sharp inner edge of the ring is also consistent with the presence of a planet that gravitationally “shepherds” ring particles. Independent researchers have subsequently reached similar conclusions, NASA said. Source: Tech News - Livemint.com | 14 Nov 2008 | 4:56 am Hubble captures first photos of planets outside solar systemPTI New York: The US space agency’s 18-year- old Hubble Telescope has captured for the first time visible- light snapshot of a planet circling another star outside our solar system. Estimated to be about three times Jupiter’s mass, the planet - Fomalhaut b - orbits the bright southern star Fomalhaut, located at 25 light-years away in the constellation Piscis Australis or the “Southern Fish,” the NASA said. Fomalhaut has been a candidate for planet hunting ever since an excess of dust was discovered around the star in the early 1980s by NASA’s Infrared Astronomy Satellite IRAS. In 2004, the coronagraph in the High Resolution Camera on Hubble’s Advanced Camera for Surveys produced the first- ever resolved visible-light image of the region around Fomalhaut. It clearly showed a ring of protoplanetary debris approximately 21.5 billion miles across and having a sharp inner edge. This large debris disk is similar to the Kuiper Belt, which encircles the solar system and contains a range of icy bodies from dust grains to objects the size of dwarf planets, such as Pluto. Hubble astronomer Paul Kalas of the University of California at Berkeley and team members proposed in 2005 that the ring was being gravitationally modified by a planet lying between the star and the ring’s inner edge. Circumstantial evidence came from Hubble’s confirmation that the ring is offset from the center of the star. The sharp inner edge of the ring is also consistent with the presence of a planet that gravitationally “shepherds” ring particles. Independent researchers have subsequently reached similar conclusions, NASA said. Source: Home - Livemint.com | 14 Nov 2008 | 4:56 am Asia shares rally, but caution ahead of G20Hong Kong: Asian shares rallied and oil held on to gains on Friday as this week’s sharp losses were seen as excessive even as signals continued to flash ‘danger´ for the global economy ahead of a G20 meeting this weekend. Some regional bonds fell but, in a sign of the caution gripping markets, the yen recovered from Thursday’s sharp fall to edge up against the dollar and the euro as investors tiptoed back to the perceived safety of the Japanese currency. “In the overall market tone, the anxiety of the financial market turmoil has not disappeared. So market demand for the dollar and the yen driven by flight-to-safety will likely remain,” said Yousuke Hosokawa, senior manager at Chuo Mitsui Trust and Banking in Japan. The MSCI index of Asian stocks outside Japan was up 3% at 8:35am, marking its first gain in four sessions. The gains came despite bleak signals on the global economy, which provide a bad omen for export-dependent Asia. Leaders of the G20 industrialised and emerging nations will gather in Washington late on Friday to discuss the economic crisis. Data on Thursday showed US workers drawing jobless benefits hit a 25-year high this month, while imports to the world’s biggest economy suffered a record fall in September. Elsewhere, Germany fell into recession in the third quarter, data on Thursday showed, while the Organisation for Economic Cooperation and Development slashed its economic output forecasts for major economies and said the 30-nation OECD appeared to have entered a recession. Still, with share prices falling in the past three sessions, investors looked for beaten-up stocks. The MSCI Asia ex-Japan index fell 11.4% over the prior three sessions. Japan’s Nikkei average led gains in the region with a 4.3% advance. Hong Kong’s key index rallied 3.5%, markets in Australia and Singapore gained around 2% each, with South Korea, Taiwan and Shanghai notching gains of over 1 percent. Caution remains Oil prices held on to gains after jumping nearly 4% on Thursday as Opec seemed poised to cut production later this month, and a rebound in US stocks bolstered risk appetite. US crude was up 47 cents at $58.71 a barrel. Some metals also gained, with platinum up $16.5 to $838 an ounce, but gold fell about $6 to $728.80, giving up some of Thursday’s sharp gains. Analysts cautioned against expecting a sustained rally in global markets, after a volatile week that has included uncertainty about a US Treasury plan to forgo buying bad mortgage-related investments to buy stakes in US lenders. The dollar fell 0.6% to 97.11 yen. The euro dipped 0.8% to 123.85 yen on trading platform EBS after rising as high as 125.72 in early trade. Source: Home - Livemint.com | 14 Nov 2008 | 4:32 am Oil extends gains above $58 on shares rallySingapore: Oil extended gains above $58 on Friday after climbing almost 4% the previous day, as a recovery in equity markets countered increasing signs of a global recession and slowing demand. Expectations that Opec would cut output again late this month also lent support, but some analysts said it was premature to conclude that the market had hit a bottom, pointing to high US oil stockpiles and slowing world oil demand growth. US crude futures for December rose 33 cents to $58.57 a barrel at 8:45am, after closing $2.08 higher on Thursday. Oil is down almost $90 a barrel since its record of $147.27 in July, and touched $54.67 on Thursday, the lowest since 30 January, 2007. London Brent crude for January the new front-month, edged up 27 cents to $56.51 a barrel. Stock markets in Japan and Hong Kong led the region’s surge on Friday on the back of the more than 6% rally in US equity markets overnight, as investors snapped up beaten down shares despite more grim economic news. The US, China and Germany all provided fresh evidence of the global economic slide, while the Organisation for Economic Co-operation and Development cut its economic output forecasts for the United States, Japan and the euro zone, saying it sees all three sliding into recession. The dollar eased versus the yen on Friday after a sharp rise a day earlier, as investors returned to the perceived safe haven of the Japanese currency amid fears about the global credit crisis. Opec poised fpr more cuts Following Opec President Chakib Khelil’s comments on Thursday that the cartel would “take the right decision” at an emergency meeting on 29 November, analysts said the market had likely already discounted the eventuality of additional output cuts. Most analysts expect the Organization of the Petroleum Exporting Countries to make at least another 1 million barrels per day (bpd) cut, on top of the 1.5 million bpd members of the group have so far shown that they have started cutting after last month’s decision. US inventory data also pointed to a more bearish trend, as total product demand fell 6.6% in the past four weeks and after the International Energy Agency cut its global oil demand growth forecasts amid more evidence the world economy is far weaker than thought. US crude stocks were steady against expectations of an increase, gasoline inventories rose by a more-than-expected 2 million barrels, heating oil rose 1.3 million barrels ahead of winter, while distillates gained 600,000 barrels. Source: Home - Livemint.com | 14 Nov 2008 | 3:52 am Fall in dollar assets only part of the storyChennai, Nov. 13 Measured in dollar terms, India’s foreign currency assets declined by a hefty $38.6 billion between September 26 and October 31, 2008; 14 percentage points in a singleSource: Business Line - Home Page | 14 Nov 2008 | 12:00 am Panel calls for repo in corporate bondsNew Delhi, Nov. 13 Corporate bonds should be made repo-able. This has been recommended by the Expert Panel on Financial Stability Assessment and Stress Testing that has assisted the Committee on Financial Sector assessment set up by the FinanceSource: Business Line - Home Page | 14 Nov 2008 | 12:00 am Real effective exchange rate of rupee declinesBangalore, Nov. 13 The rupee’s sharp depreciation against the dollar since the beginning of this year has begun reflecting in the Real Effective Exchange Rates (REER)Source: Business Line - Home Page | 14 Nov 2008 | 12:00 am BHEL plans to tie up with L&T for new nuclear ordersNew Delhi, Nov. 13 State-owned Bharat Heavy Electricals Ltd (BHEL) is looking to tie up with private sector engineering major Larsen & Toubro (L&T) to jointly set up new-generation Light Water Reactor-based (LWR) capacities in the future.Source: Business Line - Home Page | 14 Nov 2008 | 12:00 am Pension option: Actuaries’ report lifts staff hopesChennai, Nov. 13 About 2.6 lakh employees of public sector banks are likely to get a second chance to opt for pension instead of a lumpsum payment at the end of the service. This likelihood emerges from the expenditure estimates submitted by theSource: Business Line - Home Page | 14 Nov 2008 | 12:00 am Thermax (Rs 280): SellWe recommend a sell in Thermax from a short-term trading perspective. It is apparent from the charts of Thermax that it has been on an intermediate-term downtrend from its August high of Rs 530. Moreover, the long-term trend is also down for theSource: Business Line - Home Page | 14 Nov 2008 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 14 Nov 2008 | 12:00 am Indian crude basket likely to fall below $50 a barrelNew Delhi, Nov. 13 Whether the winter festive season will bring cheer to buyers of petrol, diesel and cooking fuel only the next fortnight will indicate. The Indian crude basket is expected to be in the range of $48-50 a barrel on Thursday inSource: Business Line - Home Page | 14 Nov 2008 | 12:00 am IT majors prefer to stay ‘liquid’Bangalore, Nov. 13 Large Indian software exporters have begun hedging business risks by making their balance sheets more liquid, preferring to hold a bulk of their cash reserves in bank deposits.Source: Business Line - Home Page | 14 Nov 2008 | 12:00 am Inventory builds up at steel cosSteel Authority of India Ltd (SAIL) is currently holding a stock of nearly one million tonnes of finished goods in its various plants and warehouses across the country.Source: Business Line - Home Page | 14 Nov 2008 | 12:00 am Govt unlikely to claim power to price RIL gasThe government is unlikely to tell the Bombay High Court today that it has the power to decide the selling price of natural gas produced from Reliance Industries'Source: Daily News & Analysis: Money News | 13 Nov 2008 | 10:43 pm Coal linkages okayed for 35,000 mw projectsThe central government's Standing Linkage Committee has approved coal linkages to power projects with a combined capacity of 35,000 megawatt (mw)Source: Daily News & Analysis: Money News | 13 Nov 2008 | 10:39 pm Chinese economy is grinding downChina's growth engine is sputtering, and the impact of the global financial crisis is "worse than expected," according to premier Wen Jiabao.Source: Daily News & Analysis: Money News | 13 Nov 2008 | 10:38 pm The statistical chimera of inflationBut when the decline is steep -- to the tune of 174 basis points -- over a span of seven days, it would seem too good to be true.Source: Daily News & Analysis: Money News | 13 Nov 2008 | 10:37 pm Will this be the iPhone killer?New Delhi: A sleek steel body, a blackberry-like QWERTY keyboard, 3-inch VGA screen, multiple-panels, and loads of other features, that’s Sony Xperia X1, the new mobile phone from Sony Ericsson, its answer to the likes of iPhone and Nokia N96. But priced at Rs45,500 or roughly half a lakh, will this product find takers? Anil Sethi, President, Sony Ericsson India argues that it’ll, because of the value proposition it offers. He says, “If we look at the general market in India, it is reasonably priced. It’s a high price segment model. But after all, we are targeting the needs of the higher segment.” Click here to watch video But if the recent experience of the much-hyped Apple iPhone is anything to go by, the road ahead will not be easy. The company did not spell out how many units of the Xperia it plans to sell, but it is optimistic. The company will be selling the phone through its premium stores. So what’s unique about the phone? Ramanath Bhat, the man behind the phone, says it’s the pre-loaded panels. There are 9-interactive panels which sit on the touchscreen interface of the phone. “I’m doing business now, home now, the phone doesn’t adapt. We’re doing panels now. Whatever you’re doing, you can set the panel. It’s the ability for user to change the user interface of their mobile phone based on how they lead their mobile life. It’s not being addressed by any of our competitors; it’s the first time the user interface power is given to the user”. Sony Ericsson plans to expand itself in what it says is its third most important market in the world. India was just a region in the Asia Pacific till sometime back, but seeing the volume of business and future growth potential, Sony Ericsson has made India a region in itself. “Our investment is going to be more in people. We know that there is very vast pool of talented people, Xperia was created by an Indian, and we feel that we need to invest in our people here, who are superb, they are recognized the world over in software and phones are based on software. That’s the direction we are going in India”, says Anil Sethi. Source: Tech News - Livemint.com | 13 Nov 2008 | 7:11 pm Mukesh, not L N Mittal, is the richest IndianForty richest Indians have lost $212 billion in the last one year.Source: Business Standard | Front Page Headlines | 13 Nov 2008 | 6:57 pm ICICI Pru shows the way, ups exit load on FMPsIn order to plug redemptions, ICICI Prudential Mutual Fund has increased the exit load on some of its fixed maturity plan (FMP) schemes for prospective investors from two per cent to as much as fiveSource: Business Standard | Front Page Headlines | 13 Nov 2008 | 6:56 pm India wants US to foot emerging market billIndia is expected to ask the United States to come up with a $200 billion fund for emerging economies to counteract the reversal of private capital flows, at a meeting of heads of state andSource: Business Standard | Front Page Headlines | 13 Nov 2008 | 6:54 pm HCL gets licence to make defence systemsMumbai: India’s fifth largest IT vendor by revenue, HCL Technologies Ltd, has secured a licence to locally manufacture defence systems and is targeting offset orders from foreign vendors such as Boeing Co. and Lockheed Martin Corp. for arms deals they strike with the Indian military. India’s defence offset policy mandates that foreign contractors source components and systems from local vendors for at least 30% of the value of orders of more than Rs300 crore being sold to the armed forces.  Customers abroad: Lockheed Martin Corp.’s F-35 jet. Indian firms are expected to get offset orders from global military equipment makers of nearly Rs40,000 crore up to 2011. Mike Fuentes / Bloomberg The biggest of such orders will come from local sourcing in a purchase of 126 fighter aircraft, estimated to cost Rs42,000 crore. India is also the third largest arms importer in the world. “HCL has plans for defence production, especially for offsets. It is currently engaged in discussions with customers on the products,” said Ramesh Pillai, HCL’s US practice head for aerospace, in an email interview. HCL joins larger rival Wipro Ltd and firms such as Larsen and Toubro Ltd, the Tata group, Mahindra and Mahindra Ltd, Max Aerospace and Aviation Ltd and Ramoss India, to secure defence licences since India opened arms manufacturing to private firms. Airbus SAS and Boeing, both customers of HCL, are in in talks for offset orders for the 111 passenger planes they together sold to National Aviation Co. of India Ltd or Nacil, that runs Air India. HCL declined to comment about customers. The firm plans to focus on aero structures, hydraulic and landing gear systems in manufacturing, and has expertise in avionics and flight control systems. In October, HCL had announced a strategic partnership with Circor Aerospace Inc., that is into design, development and manufacture of fluid controls, landing gear and actuation systems for aerospace and defence applications. HCL will provide product research and development, information technology and engineering services to Circor worldwide as well as through a team based out of HCL’s delivery centre in North Carolina. Last month, the European Aeronautic Defence and Space Co., the parent of Airbus, said it plans to source at least €4 billion (about Rs24,600 crore) worth of aerospace components and systems as well as software from India in the next 10 years. This would be partly driven by potential offset contracts on planes and fighter jets sold to India’s Armed Forces. “We have six state-of-the-art manufacturing facilities in India... Our infrastructure offers scope for after-sales repair and maintenance service,” Pillai said. “HCL is partnering major defence companies in fulfilling their offset obligations. HCL has tied up with the major defence suppliers for discharging offsets.” Source: Tech News - Livemint.com | 13 Nov 2008 | 6:34 pm
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