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Detailed planning seen in attacks: Ratan TataRatan Tata said the terrorist seem to know their way around the back office and the back part, the kitchen and so on very well and therefore assumes there has been a continued amount of detailed planning in this.Source: Moneycontrol Top Headlines | 27 Nov 2008 | 6:50 pm China downturn deepens, European rate cut soughtLONDON/SINGAPORE (Reuters) - China warned on Thursday its economic downturn could threaten stability and pressure grew on the European Central Bank to make a big cut in interest rates to help contain the global financial crisis.Source: Reuters: Money News | 27 Nov 2008 | 4:04 pm OPEC may go for third quick oil supply cutCAIRO (Reuters) - OPEC has not ruled out making its third supply cut in three months at a weekend meeting of the producer cartel that is hoping to put a floor under the collapse in world oil prices.Source: Reuters: Money News | 27 Nov 2008 | 3:58 pm 'IT industry won't bow down to terror' - Hindu Business Line
Source: Google News India - Business | 27 Nov 2008 | 3:54 pm ArcelorMittal to cut up to 9,000 steel jobsBRUSSELS (Reuters) - ArcelorMittal, the world's largest steelmaker, unveiled plans on Thursday to slash up to 9,000 more jobs, saving $1 billion a year in response to a global economic downturn.Source: Reuters: Money News | 27 Nov 2008 | 3:53 pm UBS says finds some US tax fraud casesLUCERNE, Switzerland (Reuters) - UBS said on Thursday it has discovered a few cases of tax fraud as part of a U.S. inquiry into whether it helped wealthy Americans dodge taxes through accounts in Switzerland.Source: Reuters: Money News | 27 Nov 2008 | 3:50 pm Metro trains to run early on Delhi polling dayDelhi Metro Rail Corporation (DMRC) Thursday announced that its train services will start from 4 a.m. instead of 6 a.m. Nov 29, the polling day in the capital.Source: IndiaeNews.com: Business News | 27 Nov 2008 | 3:32 pm Another dredger sought for clearing Haldia port channelsThe Kolkata Port Trust (KoPT) has requested the Dredging Corp of India (DCI) for an additional dredger for Haldia port, where increased siltation has choked channels and reduced navigability.Source: IndiaeNews.com: Business News | 27 Nov 2008 | 3:31 pm Tamil Nadu rains disrupt shooting, cause Rs.100 mn lossesShooting schedules of at least 35 films and over 40 television serials were disrupted resulting in losses of around Rs.100 million following heavy rains in Tamil Nadu, industry sources said Thursday.Source: IndiaeNews.com: Business News | 27 Nov 2008 | 3:30 pm Inflation falls to 8.84 pc, RBI may cut rates - Hindu
Source: Google News India - Business | 27 Nov 2008 | 3:29 pm PM Singh blames neighbours as battle ragesMUMBAI (Reuters) - Elite Indian commandos fought room to room battles with Islamist militants inside two luxury hotels to save scores of people trapped or taken hostage, as the country's prime minister blamed neighbouring countries.Source: Reuters: Money News | 27 Nov 2008 | 3:19 pm PM directs Patil to send Central team to TN - Hindu Business Line
Source: Google News India - Business | 27 Nov 2008 | 3:17 pm Mumbai attacks "will not deter British business"LONDON, Nov 27 (Reuters) - The wave of attacks on India's financial capital Mumbai has knocked confidence among British investors but businesses will not be deterred long-term, the head of the body promoting bilateral trade said on Thursday.Source: Reuters: Money News | 27 Nov 2008 | 3:12 pm Terror strike devastating: Sharmila TagoreThe entertainment industry is in a state of shock over the multiple terrorist attacks here, killing 101 people and injuring nearly 287. While superstar Amitabh Bachchan described it as a 'terrible situation', veteran actress Sharmila Tagore termed it 'devastating' and akin to her own house burning.Source: IndiaeNews.com: Business News | 27 Nov 2008 | 3:00 pm Emerging Markets - Stocks up, India shut on attackLONDON (Reuters) - Emerging stock markets rallied on Thursday following global markets, while India closed markets following militant attacks in Mumbai and Slovenia looks set to become the first emerging Eurobond issuer in months.Source: Reuters: Money News | 27 Nov 2008 | 2:51 pm Agro Tech-2008 to draw increased foreign participationThe eighth edition of the biennial agro-technology and business fair, 'Agro Tech 2008', slated to start here Nov 28 will witness an increased international participation this year, organisers said here Thursday.Source: IndiaeNews.com: Business News | 27 Nov 2008 | 2:31 pm Online social media comes alive during Mumbai attacksEven as India stayed glued to television sets all night long to get the latest news on the terror strike, people addicted to the steady stream of user-generated content around the world were busy looking at their flickering computer screens.Source: IndiaeNews.com: Business News | 27 Nov 2008 | 2:00 pm Fixed deposits to fetch lower returns from next month - Hindu
Source: Google News India - Business | 27 Nov 2008 | 1:58 pm ‘My longest night at Taj Hotel’ - witness accountI was with some friends having dinner at Taj Mahal Hotel’s Shammiana restaurant by the pool when the terrorists struck. I remember two hooded men walking in, only to fire indiscriminately at us but we ducked instinctively and then just lay on the floor…. I had arrived at the hotel in Mumbai at 6pm, along with a few government officials to hold two meetings on Thursday. I was pretty tired as I checked into suite number 376. I’d decided to retire early for the night but some friends came over and we decided to go for the unexpectedly very eventful dinner. It was a surreal experience - like facing an execution squad but without our hands tied. We could only crawl and we kept moving towards the direction of the door and as I watched my friends crawling by me, all I wanted to do was cry. But I couldn’t. One of my assistant’s shirt was drenched in blood, I thought he had been hit but still resisting the urge to cry, I looked away. He then tapped my back and explained that the blood was of two unfortunate foreigners who were at the next table and had been killed on the spot. After a while we made it crawling to the emergency door towards the pool. My secretary next to me raised his head to survey all the wails and sounds that I could only associate with what Apocalypse was all about. I called after him but my voice just drained in the noise. We finally managed to hide behind the bushes at the far end of the pool and remained there for what seemed really long. Meanwhile, I got several calls, of which I answered most, including some from my family and the media who had by then come to know of my was trapped situation. Some time after we had taken refuge, few hotel employees rushed us to a room near where some 20 people were already waiting. Then we could all hear sounds of firing and grenade blasts from outside. Amid all the confusion, I kept getting calls and it was from them did I learn that half of Bombay was burning too. It was immensely tense inside and my fear was gripping the better of me, so to calm my anxiety we kept talking to each other. Later we were taken to the first floor lobby where some 150-200 people were hurdled, many of them foreigners. Since many of us kept receiving phone calls, we were advised by the cops to switch of our phones to avoid attracting unnecessary attention of the several terrorists that were around, two of which we had already seen. Then the lights were put out and we were asked to remain silent. In the darkness, with sounds of grenades and firing coming through, it was indeed a very long night. All we prayed for was to get out safe, back to our loved ones. Funnily not once did we care for food or water, a thought that occurred only after a friend inquired over the phone, after we had been rescued at 9am. Finally the ordeal had ended but only for us fortunate few. The writer is a Lok Sabha member and chairman, parliamentary committee on subordinate legislation Source: Home - Livemint.com | 27 Nov 2008 | 1:58 pm Mumbai attacks send shockwaves among Indian diasporaNew York/London: The Indian community abroad today reacted with “shock” and “disbelief” to the audacious terror strike in Mumbai, voicing concern that it will hit the country economically and demanding strong measures by the government to combat terrorism. Click here to watch video Indian diaspora members were glued to their TV sets as the terrible events unfolded overnight. Many of them, with relatives and friends in Mumbai, were making frantic calls and checking on the internet for latest information. As a large number of foreigners and overseas Indians remained stuck in Mumbai, with many believed trapped inside the luxury hotels that were taken over by terrorists, the External Affairs Ministry opened a control room in New Delhi to answer queries from abroad. The Indian High Commission in London opened a 24-hour helpline while the Indian consulate in Dubai set up a hotline to assist relatives and friends of those in Mumbai. Strongly condemning the “heartless acts” of terrorism, the US-based Indian National Overseas Congress (INOC) called on the government to deal firmly with terrorists, their sponsors and financiers. Expressing “shock” over the attacks, Chairman of American Indians for Democracy, Sant Singh Chatwal, said they were apparently aimed at frightening foreign investors from going to India in general and the commercial capital in particular. Calling for strong measures, he said it is time for the international community to put its act together to fight terrorism as it could happen anywhere. Several Indian American Muslim leaders strongly condemned the “cowardly” terrorist attacks in Mumbai, saying the strikes constitute a crime against humanity. Source: LatestNews-Home - Livemint.com | 27 Nov 2008 | 1:57 pm Jumbo ECB cut seen as euro zone optimism hits 15-yr lowBRUSSELS (Reuters) - Euro zone economic sentiment hit 15-year lows in November and inflation expectations among companies and households fell off a cliff, boosting expectations of a bigger than 50-basis-point rate cut by the ECB next week.Source: Reuters: Money News | 27 Nov 2008 | 1:56 pm ArcelorMittal to reduce workforce by up to 9,000London: World’s largest steel producer ArcelorMittal on Thursday said it will trim its workforce by up to 9,000 by offering a voluntary separation programme. The focus would be primarily on non-production employees, particularly those in SG & A (selling, general and administrative) functions across the globe, a statement from ArcelorMittal said. “These programmes may involve up to 9,000 employees, approximately 3% of the total global workforce,” it added. Hit by global economic meltdown that has led to a steep slump in demand for steel, the LN Mittal-led firm said its move to launch a voluntary separation programme for employees is to help “achieve the company’s stated aim of reducing SG & A expenditure by $1 billion in response to the current economic situation”. The company said it is meeting its European Works Council today to present the voluntary separation programme to be launched across the group. The steel major said it would run the programmes in “close collaboration” with stakeholders and in accordance with appropriate social considerations of the respective countries involved. Commenting on the company’s move, Bernard Fontana, Executive Vice President and Member of ArcelorMittals Management Committee with responsibility for Human Resources said: “This has been a very difficult decision for the company to take as all of our employees are extremely important to us. Sadly, however, the global economic reality means that it is only sensible to adopt such measures.” Fontana added that the company’s priority is now to meet with all its stakeholders to explain the reasons for the decision and to reassure them that the process will be carried out in accordance with all social considerations. “We are very grateful for the professionalism and dedication of our employees, all of whom have played an important role in building ArcelorMittal,” he said. Reeling under the waning demand for steel amid the global economic slowdown, ArcelorMittal earlier this month announced cutting its production by up to 30% in the fourth quarter. The steel major did not also rule out reviewing changes in the size and product mix of the company’s proposed projects in India that entail an investment of about Rs80,000 crore. India-born steel czar Mittal is reported to have suffered a $50 billion decline in the value of shares he holds in the company following the global financial meltdown. In the process, Mittal’s own wealth has come down by over $50 billion to less than $15 billion. Nevertheless, ArcelorMittal reported a 29% growth in net income at $3.8 billion for the third quarter of 2008 compared with net income of $3 billion in the September quarter of 2007. Its sales for the third quarter ended 30 September increased by 38% to $35.2 billion from $25.5 billion in the same period a year ago. Source: LatestNews-Home - Livemint.com | 27 Nov 2008 | 1:48 pm India's inflation rate falls further to 8.84 percentIndia's annual rate of inflation measured on a point-to-point basis dropped marginally to 8.84 percent for the week ended Nov 15 from 8.9 percent the week before, according to fresh data released Thursday.Source: IndiaeNews.com: Business News | 27 Nov 2008 | 1:33 pm Airlines refund full fare to passengers not flying to MumbaiJet Airways and SpiceJet Thursday said passengers who could not fly into and out of Mumbai, target of terror attacks since Wednesday night, would be refunded.Source: IndiaeNews.com: Business News | 27 Nov 2008 | 1:31 pm Hong Kong launches offices to tap Indian biz tourismThe global economic meltdown might have hit Indian tourism but the focus of Asian travel trade is still on India.Source: IndiaeNews.com: Business News | 27 Nov 2008 | 1:31 pm Indian business will weather Mumbai storm: IT giants, othersIndian IT bellwethers and other corporate giants do not believe the terror attack in Mumbai will disrupt business for long or affect foreign direct investment (FDI), even though trade and commerce has been temporarily suspended in the country's financial capital.Source: IndiaeNews.com: Business News | 27 Nov 2008 | 1:30 pm BoA gets green signal from Fed for Merrill Lynch acquisitionWashington: The Federal Reserve has given formal approval to Bank of America for acquiring the troubled financial services firm Merrill Lynch. Federal Reserve said in a statement that it has given its approval to the Bank of America for the acquisition of Merrill Lynch’s savings association and industrial loan company. On completion of the acquisition, Bank of America would be the largest depository organisation in the US, with total consolidated assets of about $2.7 trillion. The bank would control deposits of about $852 billion, which represents 11.9% of the total deposits of insured depository institutions in America. Before the acquisition, Bank of America had a total consolidated assets of $1.8 trillion, and controlled deposits of around $774.2 billion, which represents 10.8% of the total amount of deposits. Further, in a statement BoA said it aims to close the transaction by the end of the year subject to shareholder and other regulatory approvals. “Combining the leading global wealth management, capital markets and advisory firm with largest consumer and corporate bank in the US creates the world’s premier financial services company with unrivalled breadth and global reach,” Bank of America Chairman and CEO Kenneth D Lewis said. The deal had been announced in September, when financial giant Lehman Brothers had filed for bankruptcy, while insurance major AIG had been given a bailout by the government. On 15 September, when the acquisition was announced, the Merrill Lynch shares had been valued at $29 each, or about $50 billion. Source: World Business - Livemint.com | 27 Nov 2008 | 1:29 pm BoA gets green signal from Fed for Merrill Lynch acquisitionWashington: The Federal Reserve has given formal approval to Bank of America for acquiring the troubled financial services firm Merrill Lynch. Federal Reserve said in a statement that it has given its approval to the Bank of America for the acquisition of Merrill Lynch’s savings association and industrial loan company. On completion of the acquisition, Bank of America would be the largest depository organisation in the US, with total consolidated assets of about $2.7 trillion. The bank would control deposits of about $852 billion, which represents 11.9% of the total deposits of insured depository institutions in America. Before the acquisition, Bank of America had a total consolidated assets of $1.8 trillion, and controlled deposits of around $774.2 billion, which represents 10.8% of the total amount of deposits. Further, in a statement BoA said it aims to close the transaction by the end of the year subject to shareholder and other regulatory approvals. “Combining the leading global wealth management, capital markets and advisory firm with largest consumer and corporate bank in the US creates the world’s premier financial services company with unrivalled breadth and global reach,” Bank of America Chairman and CEO Kenneth D Lewis said. The deal had been announced in September, when financial giant Lehman Brothers had filed for bankruptcy, while insurance major AIG had been given a bailout by the government. On 15 September, when the acquisition was announced, the Merrill Lynch shares had been valued at $29 each, or about $50 billion. Source: LatestNews-Home - Livemint.com | 27 Nov 2008 | 1:29 pm Hotel residents talk of chaos, panic and blood all over - Economic Times
Source: Google News India - Business | 27 Nov 2008 | 1:22 pm Indo-Pak trade crosses $1.98 bn: Pak Foreign MinisterChandigarh: Economic co-operation between India and Pakistan is progressing at a “satisfactory pace” and bilateral trade between the two countries has crossed $1.98 billion, Pakistan’s Foreign Minister Shah Mehmood Qureshi said. “Bilateral trade has crossed $1.98 billion now. Informal trade is estimated to be even higher,” Qureshi said, delivering his address at an international conference on “Cooperative Development, Peace and Security in South Asia”, organised by the Centre for Research in Rural and Industrial Development (CRRID) here. Qureshi said the Commerce Secretaries of the two countries will be meeting soon for talks on “promoting economic cooperation” under the Composite Dialogue process. He said the idea of agricultural co-operation and rural development, in particular, is of “considerable importance for countries in South Asia”. “In both, Pakistan and India, rapid population rise has been accompanied by slow growth in agricultural productivity. This has resulted in inequalities in rural areas and between the rural and urban regions. This has serious implications for stability and development,” he warned. Qureshi said the key factors “hindering growth” in agriculture in both the countries included low productivity, lack of adequate access to water, inadequate infrastructure, sub-standard public service delivery, and lack of direct access to market by our farmers. “In addition, environmental issues, including water scarcity and changing weather cycles, have compounded the mounting challenges,” he noted. Qureshi said food security has emerged as a “major challenge” to the Governments, farmers, agri-scientists, economists and consumers. “Millions of people are at risk of falling below the poverty line. Poverty, hunger, illiteracy and disease accentuate this vicious cycle,” he pointed out. He said though these challenges have been studied and “plausible solutions” offered, however, owing to the “traditional mindset in our rural areas, it has been difficult to bring about a significant change at the required pace”. “The contemporary challenges, in particular climate change and food insecurity, require a drastic re-orientation of our traditional agricultural patterns,” he said, adding “we need to think innovatively and work cooperatively”. “This can be done by a right mix of policy incentives supported by investments in agriculture. We should improve the asset position of the rural poor, make small-holder farming more productive, competitive and sustainable and invest in rural non-farm economy,” he suggested. He said that in the “larger context of turning challenges into opportunities”, India and Pakistan can learn from each other’s experiences and good practices for “our common good”. Qureshi further said that a co-operative relationship between farmers and agriculture-related institutes of the two countries in the fields of research, education, and agriculture extension, can be mutually beneficial. He also invited CRRID and the farmers’ body of his country, the Farmers Association of Pakistan, to work together to identify possible areas for economic and commercial co-operation between two countries, focusing on agriculture. “Besides sharing information, knowledge and experiences, we could also explore the possibility of transfer of technology and capacity building through developing institutional linkages. We should also expeditiously consider visa liberalisation for the professionals,” he said. Source: LatestNews-Home - Livemint.com | 27 Nov 2008 | 1:12 pm Deora replies to EC, says code of conduct not violated - Indian Express
Source: Google News India - Business | 27 Nov 2008 | 1:10 pm Govt. clears 32 FDI proposal worth Rs 8.45 bn - Myiris.com
Source: Google News India - Business | 27 Nov 2008 | 1:08 pm PM says attacks plotted by overseas groupsMumbai: India’s prime minister pointed a finger on Thursday at “external linkages” for the attacks in Mumbai that killed more than 100 people, as militants holding hostages in a Jewish centre offered to hold talks. Prime Minister Manmohan Singh spoke as commandos in India’s financial capital exchanged fresh fire with suspected Islamist militants inside the Taj Hotel and at the Trident-Oberoi hotel, where scores of people were trapped and some taken hostage. Commandos had also gathered outside a Jewish centre where a rabbi is thought to have been taken hostage, but later apparently decided to hold off from an assault. A militant holed up at the centre phoned an Indian television channel to offer talks with the government for the release of hostages, but also to complain about abuses in Kashmir, over which India and Pakistan have fought two of their three wars. “Ask the government to talk to us and we will release the hostages,” the man, identified by the India TV channel as Imran, said, speaking in Urdu in what sounded like a Kashmiri accent. “Are you aware how many people have been killed in Kashmir? Are you aware how your army has killed Muslims. Are you aware how many of them have been killed in Kashmir this week?” Commandos earlier freed hostages from the Taj but battled on with the Islamist militants who had launched their audacious attack after arrived by boats in Mumbai on Wednesday. The gunmen had fanned out in the heart of the city, firing indiscriminately, and attacking luxury hotels, a landmark cafe, hospitals and a railway station. Some 18 hours after the late-evening assault, soldiers and militants were still exchanging intermittent fire and more than 100 people were trapped inside rooms of the Taj Mahal hotel, a 105-year-old city landmark. “People who were held up there, they have all been rescued,” Maharashtra state police chief A.N. Roy told NDTV news. “But there are guests in the rooms, we don’t know how many.” A senior India home ministry official said 20-30 people could still be held hostage in the Trident/Oberoi hotel. Prime Minister Singh said New Delhi would “take up strongly” the use of neighbours’ territory to launch attacks on India. “The well-planned and well-orchestrated attacks, probably with external linkages, were intended to create a sense of terror by choosing high-profile targets,” Singh said in an address to the nation. Indian governments have in the past blamed neighbouring Pakistan or sometimes Bangladesh for supporting or harbouring militant groups for these attacks. “It is evident that the group that carried these attacks, based outside the country, had come with single-minded determination to create havoc in the commercial capital of the country,” Singh said. The Pakistan-based militant group Lashkar-e-Taiba denied any role in the attacks, and said it had no links with any Indian group. Foreigners Police said at least six foreigners were killed and another 287 people were wounded in the attacks, which were claimed by the little-known Deccan Mujahideen group. “Release all the mujahideens, and Muslims living in India should not be troubled,” said a militant inside the Oberoi, speaking to Indian television by telephone. The man, who identified himself only as Sahadullah, said he was one of seven attackers inside the hotel, and wanted Islamist militants to be freed from Indian jails. Later, an explosion was heard at the hotel. At least two guests, trapped in their rooms in the Taj, also phoned TV stations. One said the firedoors were locked, and another said he had seen two dead bodies by the swimming pool. “Two of my colleagues are still in there and the last we heard from them was three hours ago and then the phone battery died,” said a German national who escaped the Taj. The attacks were bound to spook investors in one of Asia’s largest and fastest-growing economies. England and India cricket boards cancelled their last two games in a seven-match series following the attacks. [nDEL211813] Mumbai has seen several major bomb attacks in the past, but never anything so obviously targeted at foreigners. Authorities closed stock, bond and foreign exchange markets, and the central bank said it would continue auctions to keep cash flowing through interbank lending markets, which seized up after the global financial crisis. The militants struck at the heart of Mumbai’s financial and tourist centre on Wednesday, with one of the first targets the Cafe Leopold, a famous hangout popular with foreign tourists. The attackers appeared to target British and Americans as they sought hostages. Israelis were also among the hostages, a television channel reported, while police said an Israeli rabbi was also being held by gunmen in a Mumbai apartment. Witnesses said the attackers were young South Asian men in their early 20s, most likely Indians, speaking Hindi or Urdu. Television footage showed gunmen in a pick-up truck spraying people with rifle fire as the vehicle drove down a Mumbai street. Hotel staff evacuated wounded on luggage trolleys, with passers-by covered in blood after they rushed to help. Some clambered down ladders to safety. The attacks could be another blow for the Congress party-led government ahead of a general election due by early 2009, with the party already under fire for failing to prevent a string of bomb attacks on Indian cities. Strategic expert Uday Bhaskar said the attacks could inflame tensions between Hindus and Muslims. “The fact that they were trying to segregate British and American passport holders definitely suggests Islamist fervour,” he said. Police said they had shot dead four gunmen and arrested nine suspects. They said 12 policemen were killed, including Hemant Karkare, the chief of the police anti-terrorist squad in Mumbai. Schools were closed and a curfew was imposed around the Gateway of India, a colonial-era monument. But train services were running as normal taking people to work in the stunned city. (Reporting by New Delhi and Mumbai bureaux; Writing by Simon Denyer; Editing by Alistair Scrutton & Mark Williams) REUTERS Source: LatestNews-Home - Livemint.com | 27 Nov 2008 | 1:08 pm S&P sees no ratings impact from India attacksLONDON (Reuters) - Ratings agency Standard & Poor's does not believe the Mumbai attacks should affect India's sovereign rating providing they are an isolated case, it said on Thursday.Source: Reuters: Money News | 27 Nov 2008 | 12:39 pm Terrorist attacks not to impact banking system, say bankersMumbai: The deadly terror attacks, which crippled the city today, will not be able to dent the confidence of India’s banking and financial system, which, bankers feel, will bounce back to normal soon. “I don’t see any impact of the terror attacks on our bank,” Union Bank of India (UBI) Chairman M V Nair told PTI. Out of 120 UBI branches in the city, 118 are functioning normally, Nair said, adding, the impact is limited to the Nariman Point area, which is cordoned off by security forces. HDFC Bank Treasury Head Sudhir Joshi said the banking operations, except in the areas affected by terrorist attacks, remained largely unaffected. Major markets, including the Bombay Stock Exchange and National Stock Exchange, remained closed. “I don’t think that there would be an impact of terrorist attacks in Mumbai on the financial sector even in the very short term,” Joshi said. ICICI Bank Managing Director and CII President K V Kamath said while the city has a track record of bouncing back, “this is new type of attack and I am sure the city has to adjust to this attack.” Former RBI Governor Bimal Jalan said it’s time for consolidation, support and solidarity in the country and across the border. “Some people are worried if it will affect the foreign investments,” Jalan said. The city has faced several terror onslaughts including those in 1993, 1997, 1998, 2002, 2003 and 2006. Source: LatestNews-Home - Livemint.com | 27 Nov 2008 | 12:31 pm Swedish jet to airlift hurt EU citizens from IndiaStockholm: Sweden is ready to send a special ambulance plane to India to evacuate European Union citizens injured in the terror attacks in Mumbai. The Foreign Ministry says a Boeing 737-800 has been prepared following a request from the European Union. Ministry spokesman Anders Jorle says the plane is ready to take off once the EU gives the green light. Jorle said Thursday the plane is equipped with six intensive care units for severely injured patients. It also has space for 23 people with serious but not life-threatening injuries. Source: LatestNews-Home - Livemint.com | 27 Nov 2008 | 12:26 pm Mumbaikars react: Alex KuruvillaIt’s a ritual. Every time Nicholas Coleridge, managing director, Conde Nast International comes to town we meet at the Taj poolside for a coffee, before heading to the office. Last night I doubted the ritual would ever be repeated. The Taj and Oberoi are second homes for corporate Mumbai. Our guests stay there, our clients launch brands there, our families celebrate there and we don’t need an excuse to meet friends for a drink there. We know the management, the staff, the restaurants— everyone has a favourite table, a personal story. Then like a reality show gone wrong, a bad dream played out over and over again on our television screen. Cricket one minute, insanity the next. Terror struck at the heart of the known, the familiar. With disbelief and rage I watched the images that will forever stay in my mind. Smoke billowed out of the The Taj hotel—this was my World Trade Center. Juxtaposed against that image I kept seeing the face of the young terrorist, almost playing to the camera. Looked like any one of those youngsters at a mall: T shirt, track bottom, hip sneakers and cool haversack. The only give away were the glazed eyes and the automatic weapon. Many calls, smses, muster and whereabouts of Conde Nast colleagues, reassurances to family and friends with calmness I did not feel—it began. That feeling of impotent rage. In the face of the utter audacity of the attack. Just two weeks ago everyone was talking about the audacity of hope. This was the audacity of terror. Then, the total lack of communication. There was no credible spokesman. Emergency meetings as late as 16 hours after the attack. Then one knee-jerk reaction after the other. Was the counter attack a well organized, precise operation? I will reserve judgment simply because I know the TV cameras cannot tell even half the story—they too were spectators like me. There must have been moments of great heroism—split second decisions on which human life depended had to be taken, hundreds calmed, emergency medical aid provided. That I salute. Only this time don’t talk to me about the resilient spirit of Mumbaikars. Don’t insult the dazed, blood splattered men and women on the road. Don’t tell me the trains are running again and that life is back to normal. Blast after blast, attack after attack, life does not return to normal. Everything erodes. Every single thing. People get back on the trains because they have no choice; they have to earn a living. Every time I am on a boat returning to the Gateway, the beauty of the Taj dome never ceases to mesmerize me. But last night’s image of the burning dome has destroyed that. Or has it? In the middle of the carnage, the madness, Taj released a statement saying it is defiant and will rebuild the icon to its former glory. Now all we have to do is rebuild our lives. And confidence. I have just received a mail from Nicholas Coleridge on the Blackberry. He wants me to pass on a message to Raymond Bickson at the Taj. Saying that he will be back to stay. As for me? I look forward to that coffee by the poolside. Alex Kuruvilla is managing director, Conde Nast India Source: LatestNews-Home - Livemint.com | 27 Nov 2008 | 12:13 pm Fear psychosis grips India Inc - MSN India
Source: Google News India - Business | 27 Nov 2008 | 12:10 pm Mumbaikars react: Vir SanghviSometimes a single image has more impact than a hundred tragic stories. That’s how it was with the sight of the twin towers up in flames—symbols of American achievement reduced to rubble by the actions of a small group of jehadis. And that’s how I felt when I saw the dome of the Taj Mahal hotel blazing brightly in the Bombay night. That image will stay with me for as long as I live. And I think it is forever etched in the minds of anybody who has ever lived in Bombay or loves this greatest of all Indian cities. To understand the symbolism of the old Taj is to understand the ethos of Bombay. For three decades now, Bombay has been two different cities. The Bombay of the suburbs (defined as anywhere north of Worli or perhaps Parel) is the Bombay you read about: the Bombay of the film industry, the Bombay of many of the communal riots, the Bombay of the newly prosperous professional class, the Bombay of the new malls and the flashy restaurants, the Bombay of the factories and the Bombay of the new dons whose stories so fascinate novelists and the media. That Bombay lives dangerously. Three-and-a-half years ago, it nearly drowned when the Mithi river flooded its banks during a monsoon downpour and threatened to take back the land it had ceded to the suburbs. In the aftermath of that flood, the lights didn’t come on in many areas for three days, the traffic took weeks to recover and the carcasses of drowned buffaloes rotted on the roads of the suburbs. But there is another Bombay. It’s what outsiders call south Bombay but which its residents maintain is the real Bombay. It’s the Bombay of old money, of Cumballa and Malabar Hill, of the towers of Nariman Point, of the Queen’s Necklace, of the colonial clubs, of the High Court, of the University and yes, of the Taj and the Oberoi. That Bombay believed it led a charmed life. Rarely did communal riots cause blood to be spilt on its shores. Law and order was rigidly enforced. And even the gods knew when to lay off—during the great flood, the waters stopped at Worli, leaving south Bombay dry and unaffected by the mayhem. The significance of 26/11 is that it struck at the heart of old Bombay, of south Bombay, of the Bombay of corporate certainty and old money comfort. The symbol of that Bombay was the Taj, over a century old and still one of the world’s best hotels. When it went up in flames, so did the cosy assumptions of the Bombay elite. By attacking south Bombay—easily the most privileged enclave in India, on par with Lutyens’ Delhi—the terrorists served notice that nothing was sacred, and that nobody was safe. No matter what we did to protect ourselves, they could stride into centers of well-protected privilege and open fire at will. Rich Indians have always regarded deluxe hotels as their escape and refuge from the realities of India. When communal riots break out, they check into hotels, when the power fails, they move into the Oberoi and when they want a slap-up meal to cheer themselves up, they go to the Taj. But 26/11 showed us that this last bastion of comfort and privilege was no longer the haven of security that it had always been. How can any hotel guard against men armed with assault rifles who storm its lobby and shoot its security guards? How can any of us ever go to a hotel restaurant again and not wonder when terrorists will rush in and open fire indiscriminately? When the Taj went up in flames, so did a vision of Indian privilege. It showed us that terrorism is the great equalizer. There maybe two Bombays, two Indias even. But there is only one kind of terrorism. And it affects us all. Mint Lounge columnist Vir Sanghvi is the advisory editorial director of Hindustan Times Source: LatestNews-Home - Livemint.com | 27 Nov 2008 | 12:08 pm Panasonic to slash profit forecast: Source!Panasonic Corp is likely to cut its annual operating profit forecast by 30 percent or more, a source said.Source: Zee News : Business | 27 Nov 2008 | 12:05 pm BSE, NSE shut after Mumbai attacks!BSE and NSE markets will remain closed on Thursday in view of the Mumbai attacks.Source: Zee News : Business | 27 Nov 2008 | 12:05 pm SKorea to make use of US currency swap deal!The Bank of Korea said on Thursday that local banks will have their first chance to utilize a currency swap deal with the US Federal Reserve.Source: Zee News : Business | 27 Nov 2008 | 12:05 pm Wall Street jumps on tech rebound!Stocks climbed on Wednesday as investors snapped up tech stocks trading.Source: Zee News : Business | 27 Nov 2008 | 12:05 pm HDFC to reduce rates once cost of funds comes down: Parekh!The country`s largest home loan lender HDFC Ltd on Thursday said it will cut interest rates once the cost of funds comes down.Source: Zee News : Business | 27 Nov 2008 | 12:05 pm Oil drops as recession raises concerns of falling fuel demand!Crude oil fell after the latest economic reports in the US showed a deepening recession that may cut fuel demand in world`s largest oil user.Source: Zee News : Business | 27 Nov 2008 | 12:05 pm Mumbai attacks will not slow investment: Kamal Nath!Trade Minister Kamal Nath said on Thursday the attacks on high profile targets in the country`s commercial capital would not slow investment into an economy already under strain.Source: Zee News : Business | 27 Nov 2008 | 12:05 pm Philippine economy slows to 4.6% in 3rd quarter!The Philippine`s economy grew a sluggish 4.6 percent in the third quarter, slumping from 7.1 percent last year, after being "damaged but not quite ravaged" by the global financial crisis, the government said on Thursday.Source: Zee News : Business | 27 Nov 2008 | 12:05 pm Mumbaikars react: Lindsay ClintonYou never think it will happen to you. The conductor checks some other woman’s ticket. The guy next to you catches the stray ball. The man across the platform falls under the train. He didn’t think it could happen to him. We didn’t think it would happen to us. Major landmarks and normal people were besieged by terrorists in Mumbai on Wednesday night. Gun shots and grenade blasts continued throughout the night, shaking native Mumbaikers and foreigners alike. I moved here a year ago from New York City, and have always felt, in most senses, secure. Although I stick out because of my skin and height—I’m tall and white—most people here seem to be more interested in catching the bus or buying their vegetables than they are in me. Things feel different today. Gloria Jeans, my local coffee shop, is a ghost town. The roads are bright and empty. And, today my skin marks me as a target. Word is that the terrorists hunted for American and British visitors. I hold both passports. If the perpetrators are trying to hurt the economy (the markets shut Thursday) or cow Westerners, they have succeeded. Fortunately, my friends and I holed up in the suburbs, away from most of the attack sites. On any other night we might have been there—for a meeting at the Taj, a drink near Leopold’s, an event at the Oberoi. Instead, we answered emails and fielded phone calls from friends and family in Texas, New York, Dubai, Nairobi and closer to home in Hyderabad, Delhi and Pune. Amidst the worry was longing: a fellow American living in Mumbai who is away in Boston phoned to register his concern, saying, “I wish I was there.” Am I glad I’m here? We would never wish these attacks on anyone, but one thing they can do is create community and foster acceptance and understanding. It happened in New York after 9/11, and it can happen here. That’s what my absent American friend was missing, I think. That is we all hope for. Although the perpetrators were targeting Westerners, all Mumbaikers—whether we are temporary or permanent—will feel the repercussions, but also, hopefully, the benefits of uniting. As the attacks continued Thursday morning, I left my house to head to a friend’s to get a dose of CNN. On the way I asked the rickshaw driver what he thought about it all. “There’s no one on the road,” he said nonplussed, “and I heard there was a blast.” Another friend’s “massage-guy,” Neeraj, sent a text: “Hi sir. Good mor. Everything is ok. R.U.O.K. Take care.” When I asked my friend’s maid what she thought, this budding conspiracy theorist suggested, “India won the cricket match and it was over at 10:15 PM, and then the attacks started. So that’s there,” she continued, “and there’s Raj Thackeray, of course.” All politics is local, I guess. Unfortunately, this invasion threatens the delicate pH balance of our little town. This frenetic, odorous, tumescent place relies on all its people to keep the equilibrium in balance, the engines running, wings flapping. As crowded as we may feel, we must lean into one another, not away—if we don’t, our fragile island will founder. My mother, doing her job, wants to know if I plan on coming home. Where is home now? The sweaty embrace of the city has become like the comfort of my boyfriend’s worn t-shirts. I rave about how safe we are here. Perhaps, after this, it is best not to get too complacent. But, I can’t leave now. Lindsay Clinton is the editor of Microfinance Insights magazine, and blogs regularly about her personal and professional experiences at http://IndiaRevisited.blogspot.com. Lindsay is from Austin, Texas, but calls Mumbai home. Source: LatestNews-Home - Livemint.com | 27 Nov 2008 | 12:05 pm India Inc condemns Mumbai terror attackTerror revisited Mumbai, Indias financial capital, again on Friday leaving over 100 dead and scores injured. Deepak Parekh, Chairman, HDFC, said the Mumbai terror attack will hurt investor sentiment.Source: Moneycontrol Top Headlines | 27 Nov 2008 | 11:20 am Ratan Tata calls for national unity against terrorNew Delhi: Strongly condemning the terrorist attacks in Mumbai, business conglomerate Tata Group’s head Ratan Tata on Thursday urged the nation to remain united to beat the divisive forces. “We must show that we cannot be disabled or destroyed, but that such henious acts will only make us stronger. It is important that we do not allow divisive forces to weaken us. We need to overcome these forces as one strong unified nation,” Tata said in a statement. Condoling the loss of life in separate terror attacks, including on the Taj Hotel, owned by the Tata Group, he said, “We cannot replace the lives that have been lost and we will never forget the terrifying events of last night. But we must stand together shoulder-to-shoulder as citizens of India and rebuild what has been destroyed.” He also said the “terrible wanton” attacks on innocent people and destruction of prominent landmarks in India deserve to be condemned. “My sympathy and condolences go out to all those who have suffered, being injured and those who have lost their loved ones in this terrible act of hatred and destruction,” Tata said. The Taj Hotel in Mumbai was one of the targets of terror attacks in which over 100 people were killed and as many were taken as hostages. Source: Home - Livemint.com | 27 Nov 2008 | 11:19 am Question marks over future of Haldia port - Economic Times
Source: Google News India - Business | 27 Nov 2008 | 11:18 am Domestic flights on schedule, international services disrupted - Economic Times
Source: Google News India - Business | 27 Nov 2008 | 11:18 am Tough to say when Taj operation gets over: Tata hotels VPMumbai: In an interview to CNBC 18, vice chairman of Tata Group’s Indian Hotels, which owns the under-terror-attack Hotel Taj Mahal at Apollo Bunder, R K Krishna Kumar said it is tough to say when the operation to flush out the terrorists would get over. At least 101 people, including a foreign tourist and a top counter-terror officer, were killed and about 287 injured as terrorists struck in the heart of Mumbai in planned and synchronized attacks. Terrorists were reported to be holding people hostage in two five-star hotels, the Taj and Trident (formerly Oberoi) facing the waterfront across the Arabian Sea, and the Madam Cama Hostel. Kumar said they have not been able to able to determine exact casualty but it could be in the region of 50–60 people, adding that the army now has control of the hotel. ”The first attack took place on the heritage wing [of the Taj Hotel] and then on the tower block,” Kumar said. Kumar added that the family of the hotel’s senior management was caught in the fire and some of the hotel’s staff including five chefs lost their lives. Kumar said he has been in touch with Tata Chief Ratan Tata. ”He is standing by to visit,” he said. Source: Home - Livemint.com | 27 Nov 2008 | 11:09 am World leaders condemn Mumbai attacksNew Delhi: World leaders condemned overnight terror attacks in the commercial hub of the country, Mumbai. There were blasts at landmark places and firing by gunmen in which at least 86 people were killed and 250 others wounded. US President George W Bush: President Bush offers his condolences to the Indian people and the families of the innocent civilians killed and injured in the attacks in Mumbai,” the White House said in a statement. US President-elect Barack Obama: President-elect Obama strongly condemns Wednesday’s terrorist attacks in Mumbai,” said a statement by Brooke Anderson, Obama’s spokeswoman on national security. “These coordinated attacks on innocent civilians demonstrate the grave and urgent threat of terrorism. The United States must continue to strengthen our partnerships with India and nations around the world to root out and destroy terrorist networks.” “We stand with the people of India.” British Prime Minister Gordon Brown: “These outrageous attacks in Mumbai will be met with a vigorous response. I have sent a message to Prime Minister Singh (Manmohan Singh) that the UK stands solidly with his government as they respond, and to offer all necessary help. Urgent action is underway to offer every possible protection to British citizens in the region,” Brown said in a statement by his office. Bristish foreign secretary David Miliband: “Today’s attacks in Mumbai which have claimed many innocent victims remind us, yet again, of the threat we face from violent extremists. I condemn these attacks unreservedly. Our thoughts are with the families and friends of those killed and injured. The UK and India will continue their joint efforts to counter the actions of terrorists,” said a statement released on the Foreign Office website. Acting Australian Foreign Minister Simon Crean: “This is a cowardly act, it’s indiscriminate, it’s a terrorist act, it’s insulting democracy, and it takes as victims and casualties innocent people,” Crean told reporters. Russian President Dmitry Medvedev: “We are concerned about the loss of life and consider that acts of terrorism of this type are harmful to the whole international order and are a challenge to humanity,” Medvedev said through a translator during a visit to Venezuela. European Union: The European Union condemned the series of attacks in Mumbai. “The French Presidency of the European Union equally condemns the hostage-taking which is continuing in a hotel,” France, which holds the rotating presidency of the 27-member bloc, said in a statement. Pakistan President Asif Ali Zardari: He condemned the attacks in Mumbai and stressed the need for taking “strict measures to eradicate terrorism and extremism”. Pakistan Prime Minister Yousuf Raza Gilani: He sought “concerted efforts” to make the region a peaceful place to live in. Pakistan Foreign Minister Shah Mehmood Qureshi: “I am shocked and horrified at the Mumbai incidents,” he said. United Nations chief Ban Ki-moon: He condemned the coordinated terror attacks in Mumbai, saying “such violence is totally unacceptable.” Ban said that no cause or grievance can justify indiscriminate attacks against civilians and called for the perpetrators of the attacks to be brought to justice. Source: Home - Livemint.com | 27 Nov 2008 | 10:43 am Oil demand falls first time in a generation: analystsLondon: Global oil demand is expected to decline slightly in 2008 and 2009, the first drop in a generation, as the most severe economic crisis since the 1930s slashes consumption across the developed world. Worldwide demand will decline by 20,000 barrels per day (bpd) in both 2008 and 2009 to 86.03 and 86.01 million bpd respectively, according to a Reuters poll of 11 analysts, banks and industry groups. The slight fall is a large shift from a Reuters poll of experts in August, which forecast demand would increase by nearly 1 million bpd next year. Demand has not declined since the early 1980s, following the 1979 oil crisis and a severe recession in the United States. “Global GDP growth is the main driver of oil demand, and with the economic slowdown we see global GDP rising by just 1.2% next year,” Michael Lewis, head of commodities research at Deutsche Bank, said. “Oil demand growth tends to lag world GDP growth by about 2%, so we think we’ll see demand falling.” The fall in demand is expected to come primarily from members of the Organisation for Economic Co-operation and Development (OECD), where recessions are predicted to be most severe, and which were heavily exposed to the record rise in oil prices this year. OECD demand is predicted to fall by 1.39 million bpd to 47.80 million bpd in 2008, the poll showed, before declining to 46.95 bpd in 2009. Oil demand is expected to be supported in the developed world by the near $100 drop in crude prices since they touched an all-time peak above $147 a barrel in July, but analysts said that recessions across the OECD would still crimp consumption. “When prices were rising, demand in OECD Europe and Asia did not fall nearly as much as in the United States - where taxes are a much smaller component of the price - but it has dropped in the fourth quarter of this year,” Societe Generale analyst Michael Wittner said. Since the collapse of US investment bank Lehman Brothers in September, which heralded a sharper downturn in the global economy, analysts have further slashed their predictions for world oil demand growth. Emerging economy growth slows Consumption from emerging economies such as China and India, which ignited a six-year rally in commodities that sent oil up sevenfold at its peak, is expected to continue to grow into 2009, but at a slower rate than before. Demand growth in non-OECD economies is expected to total 840,000 bpd in 2009, compared with 1.33 million bpd in 2008. The World Bank said on Tuesday it expects China’s gross domestic product to grow at its slowest rate since 1990 next year, cutting its growth forecast to 7.5% from 9.2%. The International Energy Agency said in its latest monthly report that as China’s main export markets in Europe and the US are expected to slow sharply in 2009, “oil demand is expected to be somewhat weaker”. The agency - adviser to 28 industrialised nations - said that should Chinese GDP growth fall to just 7 percent in 2009, it would only see 220,000 bpd of oil demand growth. Source: Home - Livemint.com | 27 Nov 2008 | 10:36 am Markets remain closed after terror strikeAll commodity markets including the bullion and stock exchanges Thursday remained closed following a terror strike in the commercial capital last night.Source: Daily News & Analysis: Money News | 27 Nov 2008 | 10:26 am 17 hours later, terror still grips Mumbai, forces in actionMumbai: Indian commandos freed hostages from Mumbai’s Taj Mahal hotel on Thursday but battled on with gun-toting Islamist militants who launched an audacious attack across India’s financial capital, killing more than 100 people. The gunmen arrived by boats in Mumbai on Wednesday, before fanning out and attacking luxury hotels, a landmark cafe, hospitals and a railway station, firing indiscriminately. Some 17 hours after the late-evening assault, soldiers and militants were still exchanging intermittent fire and more than 100 people were trapped inside rooms of the Taj Mahal hotel, a 105-year-old city landmark. “People who were held up there, they have all been rescued,” Maharashtra state police chief A N Roy told the NDTV news channel. “But there are guests in the rooms, we don’t know how many.” Roy said some people were still apparently being held hostage at the nearby Trident/Oberoi Hotel. “That is why the operation is being conducted more sensitively to ensure there are no casualties of innocent people.” Police said at least six foreigners were killed and another 287 people were wounded in the attacks, which were claimed by the little-known Deccan Mujahideen group. “Release all the mujahideens, and Muslims living in India should not be troubled,” said a militant inside the Oberoi, speaking to Indian television by telephone. The man, who identified himself only as Sahadullah, said he was one of seven attackers inside the hotel, and wanted Islamist militants to be freed from Indian jails. Later, an explosion was heard at the hotel, a Reuters witness said. At least two guests, trapped in their rooms in the Taj, also phoned TV stations. One said the firedoors were locked, and another said he had seen two dead bodies by the swimming pool. The attacks were bound to spook investors in one of Asia’s largest and fastest-growing economies. Mumbai has seen several major bomb attacks in the past, but never anything so obviously targeted at foreigners. Authorities closed stock, bond and foreign exchange markets, and the central bank said it would continue auctions to keep cash flowing through interbank lending markets, which seized up after the global financial crisis. Young men shooting indiscriminately Many of the militants arrived by boat on Wednesday, before fanning out to attack luxury hotels, hospitals, a railway station, and the Cafe Leopold, a famous hang-out popular with foreign tourists. They fired automatic weapons indiscriminately and threw grenades before settling in for a long siege at the Taj and the Trident/Oberoi. “There could be 100-200 people inside the (Trident/Oberoi) hotel, but we cannot give you the exact figure as many people have locked themselves inside their rooms,” Mahararshtra state deputy chief minister RR Patil told reporters. The attackers appeared to target British and Americans as they sought hostages. Israelis were also among the hostages, a television channel reported, while police said an Israeli rabbi was also being held by gunmen in a Mumbai apartment. Witnesses said the attackers were young South Asian men in their early 20s, most likely Indians, speaking Hindi or Urdu. Television footage showed gunmen in a pick-up truck spraying people with rifle fire as the vehicle drove down a Mumbai street. Hotel staff evacuated wounded on luggage trolleys, with passers-by covered in blood after they rushed to help. Some clambered down ladders to safety. Blow for ruling party, investment The attacks could be another blow for the Congress Party-led government ahead of a general election due by early 2009, with the party already under fire for failing to prevent a string of bomb attacks on Indian cities. Strategic expert Uday Bhaskar said the attacks could inflame tensions between Hindus and Muslims. “The fact that they were trying to segregate British and American passport holders definitely suggests Islamist fervour,” Bhaskar said. Police said they had shot dead four gunmen and arrested nine suspects. They said 12 policemen were killed, including Hemant Karkare, the chief of the police anti-terrorist squad in Mumbai. Some distressed guests stood at hotel windows, although a slow trickle could later be seen leaving the Taj hotel through a back gate, surrounded by heavily armed troops and police. Schools were closed and a curfew was imposed around the Gateway of India, a colonial-era monument. But train services were running as normal taking people to work in the stunned city. Foreigners have already been heavy sellers of Indian assets in recent weeks, and a steep fall in the Indian rupee was now feared. Nerves were already clearly rattled. Credit default swaps, insurance-like contracts on the State Bank of India’s five-year bonds, widened 15 basis points to 435 basis points. Trade Minister Kamal Nath described the attacks as “an unfortunate event” but said he did not expect they would slow investment. Source: Home - Livemint.com | 27 Nov 2008 | 10:19 am Mumbai Taj hostages freed, Ratan Tata slams attacksNew Delhi: Maharashtra state police chief A N Roy said on Thursday that the hostage situation had ended at the Taj Hotel in Mumbai, but that there were still apparently hostages in the Trident/Oberoi. “People who were held up there, they have all been rescued,” Roy told the NDTV news channel. “But there are guests in the rooms, we don’t know how many.” Roy said some people were still apparently being held hostage at the Trident/Oberoi Hotel. “That is why the operation is being conducted more sensitively to ensure there are no casualties of innocent people.” Meanwhile, Ratan N Tata, Chairman Tata Sons and Chairman, Indian Hotels Co Ltd that owns the Taj group of hotels came out with a statement. “The terrible wanton attacks last night on innocent people and the destruction of prominent landmarks in India deserve to be universally condemned. My sympathies and condolences go out to all those who have suffered, been injured, and those who have lost their loved ones in this terrible act of hatred and destruction.” “We cannot replace the lives that have been lost and we will never forget the terrifying events of last night, but we must stand together, shoulder to shoulder as citizens of India, and rebuild what has been destroyed. We must show that we cannot be disabled or destroyed, but that such heinous act will only make us stronger. It is important that we do not allow divisive forces to weaken us. We need to overcome these forces as one strong unified nation,” he said. Source: Home - Livemint.com | 27 Nov 2008 | 9:55 am Sun Pharma buys US co Chattem ChemicalsSun Pharmaceutical Industries Ltd has acquired Chattem Chemicals Inc, a USbased narcotic substances producer and importer, for an undisclosed amount.Source: Moneycontrol Top Headlines | 27 Nov 2008 | 9:43 am IOC to turn cash positive in DecThanks to profits generated on sale of diesel and petrol, after a long time, Indian Oil Corporation expects to turn cash positive in December.Source: Moneycontrol Top Headlines | 27 Nov 2008 | 9:27 am Mumbai attacks will not slow investment - Kamal NathNEW DELHI (Reuters) - Trade Minister Kamal Nath said on Thursday the attacks on high profile targets in the country's commercial capital would not slow investment into an ecomomy already under strain.Source: Reuters: Money News | 27 Nov 2008 | 7:53 am Shocked industry demands tougher laws against terroristsNew Delhi: Expressing shock over the terrorist attack in Mumbai claiming about 100 lives, Indian industry has demanded tougher laws along with ‘stronger and firmer’ leadership to tackle terrorism. The industry leaders, including heads of the apex chambers, said that the country needs to be on a high alert since its institutions are becoming vulnerable to the terrorists’ attacks.  Condemning the killer attacks in India’s financial capital, HDFC Chairman Deepak Parekh said: “Blasts are bad for investor confidence.” Demanding stringent laws to deal with terrorists, FICCI President Rajeev Chandrasekhar said: “It is time we all join this debate on terrorism and demand stronger and firmer leadership and approach to this threat of terrorism, including better laws.”  He also said that the Indian business has so far been mute and very detached from this debate on terrorism and tougher approach to terrorism and terrorists, including anti-terror laws.  CII President and ICICI Bank CEO and Managing Director K.V. Kamath said: “The attacks clearly show that our institutions could be vulnerable whether institutions of commerce like hotels or any institutions doing any sort of business”. He said, “Everyone needs to be on high alert at this point of time.” However, while the city has a track record of bouncing back, Kamath said: “This is new type of attack and I am sure the city has to adjust to this attack.” Source: Home - Livemint.com | 27 Nov 2008 | 7:40 am Asia stocks up for 5th day on China rate cutHong Kong: Asia stocks rose for a fifth day on Thursday, helped by hopes that policymakers’ efforts will ultimately prevail after a surprise and aggressive rate cut from China, though US data ominously reflected a deep recession. Investor sentiment also improved after US stocks chalked up a four-day winning streak, their longest run since May, as shares in General Motors Corp and Ford Motor Co surged on expectations that Washington will bail out the car industry. While investors cheered China’s policy moves, views on India, emerging Asia’s other titan, darkened after militants killed at least 86 peple in the financial capital Mumbai. India’s stock markets were shut for the day following the attacks. Oil prices shrugged off the rise in Asian equities and fell more than $1 near $53 a barrel as investors shifted their focus back to distressed demand, after US government data showed a sharp buildup in crude stocks. Two different camps of investors were emerging as the end of a wild, volatile year for markets approaches. One group believes global equity prices have already discounted a global recession and now there is value to be found in some beaten down sectors, like financials and consumer goods companies. The other pack thinks the boost from trillions of dollars of government stimulus and aggressive central bank moves - like China’s surprising 1.08 percentage point cut in interest rates - will help down the line but the near-term drag from shrinking economies in Europe, Japan and the United States is inescapable. Stocks in the Asia-Pacific region outside of Japan were up 2.7%, set for a fifth straight day of gains, according to an MSCI index Still the index is on track for a seventh month of declines, down about 9% in November. Hong Kong’s Hang Seng index rose 2.9%, while Shanghai’s composite index rose 4.7%. Bank stocks benefited from a drop in reserve requirements, with shares of China’s biggest bank, Industrial and Commercial Bank of China Ltd, up 4%. In Japan, the Nikkei share average climbed 2.4%, supported by a rally in the technology sector, which globally has been a hard-hit because of its dependence of business and consumer spending. US markets were closed on Thursday for a public holiday, but investors would undoubtedly be on the lookout for retail sales figures for the day after Thanksgiving on Friday. That is traditionally the busiest time for retailers but desultory economic conditions may encourage consumers to temper spending. Source: Home - Livemint.com | 27 Nov 2008 | 5:31 am Oil falls to near $53 as US demand outlook worsensSingapore: Oil prices fell to near $53 a barrel on Thursday in Asia as dismal US economic data and rising crude inventories outweighed the possibility of production cuts by Opec and Russia. Light, sweet crude for January delivery was down $1.18 to $53.26 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. Prices have hovered just above three-year lows this week as bad economic news painted a bleak picture of US demand for crude. The Commerce Department on Wednesday said orders to US factories for big-ticket manufactured goods plunged in October by the largest amount in two years. The 6.2% drop was more than double the 3% decline economists expected. The department also said Americans cut their spending in October by the largest amount since the 2001 terrorist attacks. Consumer spending plunged by 1% last month, worse than the 0.9% decline that had been expected. The fall in consumer spending has shown up in rising oil and gasoline inventories. For the week ended 21 November, crude stocks jumped by 7.3 million barrels, the Energy Department’s Energy Information Administration said in a weekly report Wednesday. Analysts had expected a boost of only 400,000 barrels. Gasoline inventories rose by 1.9 million barrels. Analysts expected stockpiles to rise by only 300,000 barrels. Prices have fluctuated between about $50 and $54 a barrel this week as investors grapple with the impact the global economic slowdown will have on crude demand. Expectations of a production cut by the Organization of Petroleum Exporting Countries has helped support prices. Opec, which accounts for 40% of global supply, will hold an informal meeting Saturday in Cairo and an official meeting 17 December in Algeria. Source: Home - Livemint.com | 27 Nov 2008 | 4:50 am Zee Entertainment (Rs 114.15): SellWe recommend a sell in Zee Entertainment Enterprises from a short-term perspective. It is evident from the charts that the stock has been on medium-term down trend from September high at Rs 239. Moreover, the long-term trend is also down sinceSource: Business Line - Home Page | 27 Nov 2008 | 12:00 am No hike in edible oil import duties: PawarNew Delhi, Nov. 26 The Union Food and Agriculture Minister, Mr Sharad Pawar, has ruled out any immediate hikes in edible oil import duties or relaxations in current rice exportSource: Business Line - Home Page | 27 Nov 2008 | 12:00 am Open interest plunges as markets turn erraticBL Research Bureau The unprecedented slide in equity markets has impacted the sentiment among investors as well asSource: Business Line - Home Page | 27 Nov 2008 | 12:00 am Short is sweet for FMP investorsMumbai, Nov. 26 Uncertainty over future cash flows seems to be pushing investors to park their money in short duration fixed maturity plans (FMPs), rather than in schemes of longerSource: Business Line - Home Page | 27 Nov 2008 | 12:00 am India to grow at 7-7.5% in 2008, says S&P reportGlobal credit rating agency Standard & Poor’s, in its latest outlook for the Asia-Pacific markets, has estimated that India’s real GDP growth will moderate to 6.5-7.0 per cent in 2009 even as consumer price based inflation willSource: Business Line - Home Page | 27 Nov 2008 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 27 Nov 2008 | 12:00 am Ministry to take fuel price proposal to CabinetNew Delhi, Nov. 26 Despite a dip in global crude prices, the Government is yet to take a decision on whether the prices of petroleum products will be cut, the Petroleum Secretary, Mr R.S. Pandey, said here on Wednesday.Source: Business Line - Home Page | 27 Nov 2008 | 12:00 am Aramco sees bigger role for India in oil sectorNew Delhi, Nov. 26 Even as Saudi Aramco has not made any investments in India, its President and CEO, Mr Abdallah S. Jum’ah, said that the company did make an attempt to forge an alliance, but has not been successful.Source: Business Line - Home Page | 27 Nov 2008 | 12:00 am Software exporters mull credit risk insuranceBangalore, Nov. 26 Anticipating an escalation of payment risks from troubled overseas customers, especially in the telecom sector, Indian software exporters are looking at credit risk insuranceSource: Business Line - Home Page | 27 Nov 2008 | 12:00 am IOC to turn cash positive in DecKolkata, Nov. 26 Thanks to profits generated on sale of diesel and petrol, after a long time, Indian Oil Corporation expects to turn cash positive in December.Source: Business Line - Home Page | 27 Nov 2008 | 12:00 am Gilts give best returns to dateThe best-performing asset class in the year to date is also low down the risk scale - government bonds, also known as Gilts.Source: Daily News & Analysis: Money News | 26 Nov 2008 | 10:29 pm Oil companies stand to lose Rs 14,000 cr till MarchIndia's state-run oil marketing companies will likely lose Rs 14,000 crore more by the end of the current fiscal from now, if the global crude oil prices remain at the present levelSource: Daily News & Analysis: Money News | 26 Nov 2008 | 10:27 pm SAIL's Rs 54,000 cr plan on trackSteel Authority of India (SAIL) is likely to review its long-term target of reaching production volume of 60 million tonne by 2020 because of the economic slowdown.Source: Daily News & Analysis: Money News | 26 Nov 2008 | 10:25 pm China wields the hatchet on rates, CRRChina on Wednesday announced a major reduction in its benchmark interest rates and banks' credit reserve ratio in an effort to counter the slump in growthSource: Daily News & Analysis: Money News | 26 Nov 2008 | 10:25 pm Will the US Fed's $800bn push work?The central bank is keen to see people spending, for without consumption, the US economy is nothingSource: Daily News & Analysis: Money News | 26 Nov 2008 | 10:23 pm Sun Pharma buys US firmExpanding presence in the pain management segment, Mumbai-based Sun Pharmaceuticals' wholly-owned US subsidiary has acquired Chattem Chemicals, IncSource: Daily News & Analysis: Money News | 26 Nov 2008 | 10:23 pm Grupo exit clears way for Sterlite-Asarco dealThe ways appears to be clear for Sterlite, India's third-largest copper producer, to acquire Asarco, the bankrupt copper mining firm.Source: Daily News & Analysis: Money News | 26 Nov 2008 | 10:21 pm Future Media to recast bizLooks like Kishore Biyani's media foray with Future Media has started feeling the pinch of the economic slowdown.Source: Daily News & Analysis: Money News | 26 Nov 2008 | 10:21 pm Retailers need a consumer-centric business strategyThe current global economic slowdown seems to be creating panic across industries, no less in retail. Like all other sectors, retailers also seem to be working on controlling operational costs.Source: Daily News & Analysis: Money News | 26 Nov 2008 | 10:19 pm Fuel price cut: A political decision?At the current level of crude, oil marketing companies (OMCs) are making a profit of just over Rs 8 for every litre of petrol sold and 65 paise profit for every litre of diesel sold. However, the final call on cutting fuel prices is likely to be a political decision.Source: Moneycontrol Top Headlines | 26 Nov 2008 | 8:37 pm Suzuki\'s big boys Hayabusa, Intruder enter IndiaThe two big mean machines, iconic brands from Suzuki\'s stable is finally here the Intruder 1800 cc cruiser and the much awaited 1300 cc Hayabusa. The bikes are priced at Rs 12.5 lakh exshowroom and the company hopes to sell 300 units of both bikes in a year.Source: Moneycontrol Top Headlines | 26 Nov 2008 | 8:36 pm Pvt banks shower freebies to entice depositorsThe good old savings account has become the most sought after product by bankers. Driven by the need to garner low cost deposits, private banks are showering freebies to entice depositors.Source: Moneycontrol Top Headlines | 26 Nov 2008 | 8:26 pm Bangkok airport crisis to continue till next weekTravel agents are looking at cancellations of more than 60 per cent from passengers next week, even as all 40-odd daily flights between India and Bangkok were cancelled owing to the political turmoilSource: Business Standard | Front Page Headlines | 26 Nov 2008 | 8:01 pm Anil Agarwal is E Entrepreneur of the YearAnil Agarwal, executive chairman of the London Stock Exchange-listed Vedanta Resources (pictured), is the Ernst &Young (E&Y) Entrepreneur of the Year.Source: Business Standard | Front Page Headlines | 26 Nov 2008 | 8:00 pm China cuts key lending rateChinas central bank slashed its key lending rate by the most in 11 years, giving support to a 4 trillion yuan ($586 billion) spending plan aimed at sustaining growth in the worldsSource: Business Standard | Front Page Headlines | 26 Nov 2008 | 7:59 pm Terror hits Mumbai again16 killed, over 50 injured at 8 locations.Source: Business Standard | Front Page Headlines | 26 Nov 2008 | 7:57 pm SMEs ask bankers to relax rules; may be obligedBankers are rushing to the aid of SMEs. The SMEs present bankers a list of demands to get the growth engine of the economy back on track. Over a dozen representatives of SMEs met the Indian Bank Association (IBA) today to share their concerns about availability of credit.Source: Moneycontrol Top Headlines | 26 Nov 2008 | 6:42 pm Slowdown blues: Deals in commodity industry put on holdThe global economic slowdown and a sharp fall in commodity prices has led to the calling off of mega deals in the commodity space.Source: Moneycontrol Top Headlines | 26 Nov 2008 | 6:20 pm See demand murkier than during Q2 end: SatyamSatyam said the current demand environment is murkier than what it was at the end of second quarter, reports CNBCTV18. The company said its cross currency moves till date is in line with guidance.Source: Moneycontrol Top Headlines | 26 Nov 2008 | 3:51 pm
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