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Terror cover premium likely to be hikedThe insurance terrorism pool will shell out from its reserves for the damages on Taj Mahal and OberoiTrident hotels. However, the low premiums for the terror cover are now expected to move upwards.Source: Moneycontrol Top Headlines | 2 Dec 2008 | 6:00 pm Realty bodies write to PM; demand norms relaxationWith the Prime Minister taking charge of the Finance Ministry, real estate developers are hoping for some quick reforms. CNBCTV18s Pranshu Sikka reports.Source: Moneycontrol Top Headlines | 2 Dec 2008 | 6:00 pm Eco slowdown hits UB wines\' capex plansThe board of United Breweries has approved the amalgamation of Balaji Distilleries. Meanwhile, things are not looking rosy for the wine division of the UB group, UB wines. The slowdown is hitting its premium brands and the company is slowing down its expansion plans.Source: Moneycontrol Top Headlines | 2 Dec 2008 | 4:26 pm Foreign and domestic airlines seek tie-ups with ParamountInternational and domestic airlines have sought tie-ups with Paramount Airways and the company is evaluating the offers, Managing Director M Thiagarajan saidSource: Daily News & Analysis: Money News | 2 Dec 2008 | 2:57 pm Unilever to slash 250 R&D jobs globallyConsumer goods major Unilever Plc has announced slashing of 250 research jobs across the world as a part of its restructuring plan.Source: Daily News & Analysis: Money News | 2 Dec 2008 | 2:56 pm See robust future for power sector: GMR EnergyRaaj Kumar, CEO, GMR Energy, sees a robust future for the power sector. \"Demand for power will continue and that will ensure that all plants in the country operate at optimum capacity. Also, newer capacities will keep adding up, so there is robust opportunity for the power sector.\"Source: Moneycontrol Top Headlines | 2 Dec 2008 | 2:53 pm Road Blocks For Tata Motors - Forbes
Source: Google News India - Business | 2 Dec 2008 | 2:42 pm Infy seeks suggestions from employees to cut costS Gopalakrishnan, CEO and MD, Infosys, in an internal circular to employees said, \"Each of you as stakeholders in the company should help in cutting operating costs and controlling expenditure. The company has set up a portal for employees to send ideas.\"Source: Moneycontrol Top Headlines | 2 Dec 2008 | 2:39 pm Bhopal gas tragedy: 24 years on, the trauma continuesTwenty-four years have passed since the world's worst man-made disaster - Bhopal gas tragedy - occurred. But despite the passage of time the trauma continues for the survivors of that fateful night of Dec 2-3, 1984, when over 40 tonnes of methyl isocyanate (MIC) spewed out of the now defunct Union Carbide's pesticide plant here.Source: IndiaeNews.com: Business News | 2 Dec 2008 | 2:33 pm Railways announce compensation for Mumbai terror victimsThe ministry of railways Tuesday announced a compensation of Rs.1 million each for the families of all passengers and railway staff who died in the Nov 26 terror attack at the Chhatrapati Shivaji Terminus (CST) in Mumbai.Source: IndiaeNews.com: Business News | 2 Dec 2008 | 2:31 pm British Airways in merger talks with QantasLONDON (Reuters) - British Airways is in merger talks with Australia's Qantas, it said on Tuesday, adding to various attempts at consolidation in an industry desperate to cut costs in the global economic downturn.Source: Reuters: Money News | 2 Dec 2008 | 2:26 pm Europe looks to galvanise banks, Japan helps firmsBRUSSELS (Reuters) - European ministers sought to push lending banks back into action, Japan moved to help its cash-strapped companies, and global markets endured mixed fortunes as the financial crisis swirled onwards on Tuesday.Source: Reuters: Money News | 2 Dec 2008 | 2:24 pm Nokia takes on rivals with $700 touch-screen phoneBARCELONA (Reuters) - Nokia Oyj launched a flagship phone to update its ageing high-end offering, but analysts said the device would not be enough on its own to help the world's top cellphone maker recover lost market share.Source: Reuters: Money News | 2 Dec 2008 | 2:21 pm Tata Steel Group Earnings Exceed Estimate on Sales (Update1) - Bloomberg
Source: Google News India - Business | 2 Dec 2008 | 2:11 pm Tumbling vehicle sales prompt more output cutsLONDON (Reuters) - The car industry reeled from another day of grim headlines on Tuesday, with further news of production cuts and tumbling vehicle sales in Europe, Asia and Africa.Source: Reuters: Money News | 2 Dec 2008 | 2:01 pm Airport security gaps leave Australians 'wide open' to terrorism - The Australian
Source: Google News India - Business | 2 Dec 2008 | 1:51 pm Impact on insurance cos post Mumbai terror strikeAshwin Parekh, Ernst Young sees a twopronged impact on insurers. There will be a direct loss due to loss of life, which will be directly billed to respective firms. While there is a terrorism risk mechanism for assets. The loss will be assessed and the impact will be on 24 insurers. Somasekharan, Reliance General said the loss will be huge.Source: Moneycontrol Top Headlines | 2 Dec 2008 | 1:20 pm How have MF AUMs fared in Nov? - Moneycontrol.com
Source: Google News India - Business | 2 Dec 2008 | 1:13 pm Tata Steel Sept qtr consolidated net up 213 pctMUMBAI (Reuters) - Tata Steel Ltd, the world's sixth-largest steel maker, said on Tuesday its consolidated quarterly net profit rose 213 percent, boosted by its Anglo-Dutch unit Corus.Source: Reuters: Money News | 2 Dec 2008 | 12:57 pm Govt to keep futures ban on wheat, rice for nowMUMBAI (Reuters) - India's commodity futures exchanges could soon resume trading in 4 commodities banned in May, but others in which trade was halted in 2007 may have to wait longer.Source: Reuters: Money News | 2 Dec 2008 | 12:55 pm Caste on campus - Frontline
Source: Google News India - Business | 2 Dec 2008 | 12:54 pm India to keep futures ban on wheat, rice for now - Economic Times
Source: Google News India - Business | 2 Dec 2008 | 12:51 pm The Essential Guide to setting up home in DelhiSetting up home in Delhi involves a number of aspects - beginning with the decision on what to bring with you to India  Read the Blog post for more details on the places we mention in the show. Source: LatestNews-Home - Livemint.com | 2 Dec 2008 | 12:50 pm Rupee rises on RBI intervention - India Infoline.com
Source: Google News India - Business | 2 Dec 2008 | 12:45 pm Metro history to be showcased at Patel Chowk museum - Hindu
Source: Google News India - Business | 2 Dec 2008 | 12:42 pm Taylor and Shroff targets Rs250 cr turnoverPTI New Delhi: Eyeing a turnover of Rs250 crore (35 million pounds) by 2012, UK-based wine maker Taylor and Shroff (T&S) is foraying into the Indian market with a diverse portfolio including beer, rum, wines and whiskey. “We are looking at India as a major opportunity even if wine consumption, currently, is very low. A target of 35-37 million pounds in next four years is what we think we can achieve,” T&S Managing Director Nainaz Shroff told PTI. In the first phase, T&S will launch five wines -- White, Apricot, Red, Cherry and Ginger -- in Delhi (priced at Rs1,622 per bottle), Mumbai (Rs2,427 per bottle) and Bangalore (Rs2,012 per bottle) and in second phase from December 2009, the company would increase its portfolio to over 120 brands. The company claimed that the wines have been developed especially for the Indian platter, which comprises spicy food. “T&S has partnered Mumbai-based Aspri Spirits for marketing and distribution across 5,800 outlets including bars, liquor shops and hotels across the country,” she said. T&S, whose primary offering is in the premium category, is looking at touching sales volume of 1.5 million wine bottles in the next two years before it sets up production base in the country. “Post this volume, we would look at getting an Indian partner to start production in the country,” Shroff said. “Once, we start production here, India will work as a hub for the company to cater to the Middle East, Hong Kong, Singapore, Thailand and China market,” T&S Chairman David Carr Taylor said. Source: World Business - Livemint.com | 2 Dec 2008 | 12:38 pm Taylor and Shroff targets Rs250 cr turnoverPTI New Delhi: Eyeing a turnover of Rs250 crore (35 million pounds) by 2012, UK-based wine maker Taylor and Shroff (T&S) is foraying into the Indian market with a diverse portfolio including beer, rum, wines and whiskey. “We are looking at India as a major opportunity even if wine consumption, currently, is very low. A target of 35-37 million pounds in next four years is what we think we can achieve,” T&S Managing Director Nainaz Shroff told PTI. In the first phase, T&S will launch five wines -- White, Apricot, Red, Cherry and Ginger -- in Delhi (priced at Rs1,622 per bottle), Mumbai (Rs2,427 per bottle) and Bangalore (Rs2,012 per bottle) and in second phase from December 2009, the company would increase its portfolio to over 120 brands. The company claimed that the wines have been developed especially for the Indian platter, which comprises spicy food. “T&S has partnered Mumbai-based Aspri Spirits for marketing and distribution across 5,800 outlets including bars, liquor shops and hotels across the country,” she said. T&S, whose primary offering is in the premium category, is looking at touching sales volume of 1.5 million wine bottles in the next two years before it sets up production base in the country. “Post this volume, we would look at getting an Indian partner to start production in the country,” Shroff said. “Once, we start production here, India will work as a hub for the company to cater to the Middle East, Hong Kong, Singapore, Thailand and China market,” T&S Chairman David Carr Taylor said. Source: LatestNews-Home - Livemint.com | 2 Dec 2008 | 12:38 pm Sensex ends off lows as realty, power recover - Economic Times
Source: Google News India - Business | 2 Dec 2008 | 12:37 pm Sensex down 101 pts, auto stocks hit - Indian Express
Source: Google News India - Business | 2 Dec 2008 | 12:34 pm Transafe Services profit up 130 percentLogistics equipment provider Transafe Services Ltd posted a growth of 55 percent in turnover and 130 percent in profit after tax (PAT) in the first six months this fiscal compared to the year-ago period, the company announced here Tuesday.Source: IndiaeNews.com: Business News | 2 Dec 2008 | 12:31 pm Rupee climbs after hitting record lowMUMBAI (Reuters) - The rupee climbed on Tuesday after hitting an all-time low during trade, helped by Reserve Bank intervention and dollar sales by private and foreign banks as the stock market trimmed sharp early losses.Source: Reuters: Money News | 2 Dec 2008 | 12:29 pm Dabur freezes retail expansionPTI New Delhi: FMCG major Dabur India has decided to hold back the expansion plan of its newly launched retail arm with an aim of capitalising more from further downslide in retail rentals that the company is expecting. While the company was earlier looking at having 12 to 15 stores by the end of fiscal 2008-09, it has now temporarily halted the ramp up for three-four months and hopes that retail rentals would fall further. “The real estate crash is a golden opportunity for retail businesses like our’s which are based on rentals. We are holding on to our investment plans for the moment as we believe that rentals would be going down further,” the Dabur spokesperson said. The company’s retail arm H&B Stores inaugurated its first beauty and health segment retail outlet in March this year and currently operates seven such stores across various cities. Meanwhile, the company today confirmed that H&B Stores Chief Executive Officer Peter Baker had left the company about a week ago. “Baker was hired specifically for starting our retail arm and he successfully accomplished the job. The company is now being temporarily run by its management committee and it would announce the name of Baker’s replacement in due course,” a Dabur India spokesperson told PTI. According to a Future Group official, Baker has taken up an assignment with Kishore Biyani promoted group. “Baker would be joining the company’s health and wellness segment in a senior position and we would soon make an announcement in this regard,” the official said. Dabur, meanwhile, said that it would be adding between 10,000-15,000 sq ft of retail space by middle of the next year and would add another seven-eight stores. Source: LatestNews-Home - Livemint.com | 2 Dec 2008 | 12:28 pm Sensex down by 101 pointsStock markets recouped in late afternoon trade on government's ruling out an armed conflict against Pakistan and the benchmark Sensex closed the day downSource: Daily News & Analysis: Money News | 2 Dec 2008 | 12:26 pm Bharti AXA sees yields fall, to launch bond fundReuters Mumbai: Bharti AXA Investment Managers will launch a short-term bond fund on 3 December, eyeing an expected fall in bond yields as India relaxes monetary policy to prop up a slowing economy, the fund house said on Tuesday. “G-Sec yields are expected to fall due to decline in growth momentum, demand for money and reduced corporate issuance,” said Chief Executive Sandeep Dasgupta in a statement, adding the cetral bank could cut interest rates as inflation moderates. Bharti AXA Short-Term Income Fund will invest at least 30% of its assets in debt and money market instruments with maturity of up to 370 days and the rest in papers with higher maturities. The firm, in which French insurer AXA has a 75% stake, held an average assets of about Rs4 billion through one equity and three fixed income funds end-November, data from the Association of Mutual Funds in India showed. Source: LatestNews-Home - Livemint.com | 2 Dec 2008 | 12:23 pm MFs assets drop 7%, UTI MF pips ICICI Pru for 3rd slotPTI New Delhi: Amid volatility in stock markets, country’s fund houses witnessed a nearly seven per cent decline in assets in November, while UTI Mutual Fund has bucked the trend to become the third biggest fund in terms of assets under management, replacing ICICI Prudential. The average assets under management (AUM) of the country’s oldest fund house --UTI MF-- has increased about Rs74 crore and stood at Rs8,358.14 crore at November-end. “We have been able to increase our AUM in such an uncertain time mainly because of investors’ interest in fixed income product and rust factor,” UTI Mutual Fund Chief Marketing Officer Jaideep Bhattacharya told PTI. “We expect out positioning to improve further. In addition to this, the market share of ours is expected to be in double digits in days to come,” he said. At present, the market share of the fund house stands at 9.54% against 8.86% last month. UTI MF has raised about Rs300 crore from the New Fund Offer last month. The money raised from UTI Wealth Builder Fund would be reflected in the AUM figure of the next month. On other hand, the combined average AUM of the 35 fund houses in the country saw an erosion of over Rs29,831 crore and dropped to Rs4,02,030 crore for the period under study. Last month, the average AUM had been at Rs4,31,901.42 crore, dropping below the Rs5 trillion-mark for the first time this year, according to the data released by the Association of Mutual Funds in India. Top fund house Reliance MF suffered a sharp decline of Rs3,278 crore or 4.61% in its AUM, which fell below Rs70,000 crore. Its average AUM stood at Rs67,816 crore, down from Rs71,094 crore at the end of October. Source: LatestNews-Home - Livemint.com | 2 Dec 2008 | 12:14 pm Fitch upgrades credit rating of BhartiFitch on Tuesday upgraded Bhrati Airtel's long-term foreign currency rating that will help the company raise funds in the overseas market.Source: Daily News & Analysis: Money News | 2 Dec 2008 | 12:12 pm India's GDP to grow at 7.1 pct in FY10 - KotakMUMBAI (Reuters) - India's economy could grow 7.1 percent in the fiscal year 2009/10 beginning in April, backed by creation of new capacities, and helpful fiscal and monetary policies, Kotak Institutional Equities said in a client note on Tuesday.Source: Reuters: Money News | 2 Dec 2008 | 12:09 pm BSE Sensex trims fall to 1 pct as U.S. futures riseMUMBAI (Reuters) – The BSE Sensex clawed back from sharp early losses of more than 4 percent on Tuesday and ended down 1.1 percent after a rise in U.S. stock futures eased selling pressure.Source: Reuters: Money News | 2 Dec 2008 | 11:47 am Mumbai studio partially damaged in fireA studio in a western suburb of Mumbai, where a number of television serials are shot, was partially damaged in a fire that broke out in an adjacent industrial unit, officials said Tuesday.Source: IndiaeNews.com: Business News | 2 Dec 2008 | 11:31 am Indian equities recover after US recession drags indicesA key Indian market index recovered ground Monday after it fell over 3.5 percent during intra-day trading Tuesday, with sentiments dampened by the US officially confirming a recession in the world's largest economy.Source: IndiaeNews.com: Business News | 2 Dec 2008 | 11:30 am Sensex down 101 pts, auto stocks hammeredMumbai: The Bombay Stock Exchange benchmark Sensex on Tuesday recovered most of its early losses but still closed the day lower by over 100 points amid a plunge in global markets following a US panel officially acknowledging that the world’s biggest economy is in recession. After dropping hefty 325 points in early trade, which was attributed to heavy losses over night in the US markets, the BSE barometre regained losses to a great extent before settling the day down by 100.63 points at 8739.24. Marketmen said trading sentiment has taken a severe jolt after it became official that the US, the world’s largest economy is in recession. A panel of economists of US National Bureau of Economic Research has noted that the nation entered into recession in December last year after 73 months of economic expansion since November 2001. The committee’s word is regarded as final on the question if America has entered into recession. National Stock Exchange index Nifty also dropped 25.10 points at 2657.80. Auto stocks were battered again with Tata Motors, Maruti Suzuki and Mahindra and Mahindra reporting sharp drops in sale in November. The sector also suffered a blow as most of the world’s leading auto companies showed concerns to falling sales. Auto sector index closed the day lower by 3.04 per cent, the biggest loss among all sectoral indices on Tuesday. Bourses across the globe also tumbled with US’s slipping into recession becoming official. While the Mahindra & Mahindra was the biggest loser at 8.21%, Maruti Suzuki, country’s largest car maker, was the next biggest loser at 5.24%. Source: LatestNews-Home - Livemint.com | 2 Dec 2008 | 11:21 am HSBC and Credit Suisse to lay off 1,150The banking sector continues to be hit by mass layoffs with financial service major Credit Suisse and HSBC announcing additional 1,150 job cuts, a media report says.Source: Daily News & Analysis: Money News | 2 Dec 2008 | 11:11 am Agra tourism industry takes hitAgra's tourism industry has been severely hit by the terror strikes in Mumbai and a large number of foreign tourists have cancelled their trips.Source: Daily News & Analysis: Money News | 2 Dec 2008 | 11:08 am Rs 150 cr warrants placed with TV18: IBN18Five fund houses have invested Rs 114 crore in IBN18 Broadcast. The fund raising is part of plan to repay loan taken by Network18. Sameer Manchanda, Joint Managing Director of IBN18 said the company has placed Rs 150 crore of warrants with TV18 and will suffice funding plans for now.Source: Moneycontrol Top Headlines | 2 Dec 2008 | 11:05 am Franchise India ties up with US-based FrancorpCity-based Franchise India Holdings Ltd Tuesday announced it has entered into a partnership agreement with the global franchise consultant major Francorp Inc of the US to attract more companies to India through the franchise model.Source: IndiaeNews.com: Business News | 2 Dec 2008 | 11:01 am It's official: US entered recession in Dec 2007The world's largest economy US slipped into recession almost a year ago and not now as is widely believed, the country's National Bureau of Economic Research has said.Source: Daily News & Analysis: Money News | 2 Dec 2008 | 10:46 am Francorp announces India forayUS-based global franchise consultant major Francorp International is foraying into the estimated 3.3-billion dollar Indian franchise marketSource: Daily News & Analysis: Money News | 2 Dec 2008 | 10:45 am Govt may borrow more, decision soon - sourceNEW DELHI (Reuters) - The government is likely to borrow more than budgeted for the fiscal year to the end of March and a decision is expected soon, a senior finance ministry official said on Tuesday.Source: Reuters: Money News | 2 Dec 2008 | 10:37 am Need minimum $100 bn infra investment every yr: LTAM Naik, CMD, LT, said the industry needs at least USD 100 billion investment in infrastructure every year. The governments proposed Rs 50,000 crore fund will not help the infrastructure industry as it will help only 23 big projects. So, a lot more is needed. We hope the changes at the Finance Ministry do not slowdown the relief process.\"Source: Moneycontrol Top Headlines | 2 Dec 2008 | 10:34 am US newspaper ad sales fall a record $2 bn in Q3Los Angeles: US newspaper advertising revenue collapsed by nearly $2 billion, or 18%, in the third quarter, according to the Newspaper Association of America, an industry group. Even online ad revenue made a small U-turn for the second quarter in a row. The year-on-year quarterly percentage decline is the worst since since the NAA has been keeping such records and represents an increasingly rapid deceleration that began in the third quarter of 2006, when total ad spending dropped 1.5%. The figures, updated on the day before the Thanksgiving holiday, show total ad spending at newspapers fell 18.1% to $8.94 billion, down from $10.92 billion in the third quarter last year. The last time total quarterly ad spending fell below $9 billion was in the first quarter of 1996. Print ad revenue dropped 19.3% to $8.19 billion from $10.15 billion. Online ad revenue fell 3% to $749.8 million from $773.0 million a year ago, a remarkable turnaround since the steady double-digit growth from 2004 to 2007. The 7.2% increase in online ad spending in the first quarter of 2008 was the last quarter of year-over-year gain. Source: LatestNews-Home - Livemint.com | 2 Dec 2008 | 10:24 am NTPC to switch coal import mechanism: sourcesNew Delhi: “Power producer, NTPC Ltd, has switched to linking coal imports with global indices, from an earlier fixed-price system, so as to gain from falling prices,” government and company officials said. Utilities in Asia’s third-largest economy have stepped up coal imports in the current financial year to March 2009, to overcome a domestic shortage. NTPC aims to import 8.25 million tonnes of coal this fiscal, compared to 2.5 million tonnes last year, with the bulk of this quantity yet to arrive. In October, 56 thermal power stations had less than seven days’ critical coal stocks, the Central Electricity Authority said on its website. Coal shortages forced NTPC to shut two units for a fortnight in July. Thermal plants account for two-thirds of India’s power generation capacity of 145.6 gigawatts, which lagged demand by 15% in September. “Our board on Friday approved a formula for importing 8.25 million tonnes of coal this fiscal, linking the prices with the weighted average of international indices — South African API-4 coal, the Newcastle index and the Barlow Jonker Index,” a company official said, speaking on condition of anonymity. A top government official also confirmed NTPC would import coal with linkages to its own formula, rather than fixed prices. The NTPC official also said that the new formula was suggested by the State Trading Corp (STC), which will source the coal for NTPC. In September, STC issued a tender to buy 8.25 million tonnes of coal, in which Singapore-based trader Adani emerged as the lowest bidder, quoting a price of $170-$180 a tonne. But since then the prices of 6,200-6,300 gross calorific value coal have fallen to as low as $100 a tonne. “When STC opened the bid, the market price was high but soon after that, in 10 days or so, coal prices started moving downward,” another NTPC official said. “So in the national interest we asked STC to see and explore how the prices can be brought in sync with market bring down the prices. Some shipments have already arrived but the bulk of the contracted quantity is yet to arrive,” he said, adding that the firm would pay the prices according to its formula. “NTPC was formulating its own coal import policy,” both company officials said. In its global outlook, the International Energy Agency says coal’s share of global energy demand will rise to 29% in 2030 from 26% in 2006, driven by booming power generation growth, chiefly in China and India. Coal shortages have also forced state-run monopoly Coal India Ltd to turn to global markets for the first time. Another state firm, MMTC Ltd, has floated a tender on behalf of CIL to buy up to 10 million tonnes of coal this fiscal year. India’s coal imports have risen from a few million tonnes in 2003 to a projected 50 million tonnes for 2009. Government data released on Monday show Coal India Ltd and another state firm, Singareni Collieries Co Ltd, produced 37.3 million tonnes of coal in October against a target of 37.7 million. Source: LatestNews-Home - Livemint.com | 2 Dec 2008 | 10:13 am OVL may sign pact with Iraq for Saddam allotted oil blockNew Delhi: ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corp, is likely to sign agreement in next couple of months for an oil block in Iraq that was awarded to it by the erstwhile Saddam Hussein regime. “Negotiations on the contract for Block 8 in Western Dessert have been concluded and the concession agreement is ready for signing,” a source in know of the development said. OVL had commenced seismic survey on the block that the Saddam Hussein regime awarded to it in November 2000, before the US-led war on Iraq. The block, which is on the Iraq and Kuwait border, has a reserve of about 645 million barrels, of which 54 million barrels was recoverable. The company will hold 100% interest in the block and will invest $250 million in initial exploration phase. The contract will be similar to the one China National Petroleum Corp (CNPC) signed last month for developing Al-Ahdad oilfield in central Iraq. “It will be a service contract wherein OVL will be paid about 18% rate of return on the investment it makes in finding and producing oil from Block 8,” the source said. OVL can take its fee in kind - that is in form of crude oil. “OVL can practically ship of the crude oil produced from Block 8 to India,” he said. It would act as the operator of the field until it recoups all its costs and set up a joint operating company with the local operator to take over once development costs have been repaid. Indonesia’s Pertamina and state Petrovietnam, who signed two contracts in 2002 for Block 3 in the Western Desert and Amara oil field in the south, respectively, are also involved in renegotiations of oil contracts with Baghdad. has also pre-qualified OVL for its tender of eight oil and gas fields. Baghdad has, however, refused the Tuba oilfield, for which OVL, in consortia with Reliance Industries and Algeria’s Sonatrach, were in negotiations before the US attack on Iraq. OVL-Reliance-Sonatrach had been shortlisted for Tuba in 2000 but the contract could not be signed. Tuba lies in southern Iraq between the Rumaila and Zubair oilfields and could reportedly yield as much as 300,000 barrels per day (bpd) of medium and heavy crude. “Iraq is renegotiating terms for all the contracts signed by the previous Saddam Hussein regime. But those like Tuba which had not been signed, the fields will be put on auctions,” he said. Exploration and development contract for Exploration Block - 8, Western Desert, Iraq was signed by OVL with the Oil Exploration Company of Iraq, on 28 November, 2000, at New Delhi. The block has a reserve expectation of about 645 million barrels. As per the 2000 contract, OVL was to reprocess and interpret existing 2-D seismic data. It was also to acquire, process and interpret 1,000 km of 2D and carry out 300 sq km of 3D seismic survey besides drilling two wells. Source: Home - Livemint.com | 2 Dec 2008 | 10:13 am Oil falls below $49 on bleak US economic newsSingapore: Oil prices fell to near a 3-year low below $49 a barrel Tuesday in Asia, as more bleak US economic news and plunging stocks markets darkened investor expectations for crude demand. Light, sweet crude for January delivery was down 57 cents to $48.57 a barrel in electronic trading on the New York Mercantile Exchange by midmorning in Singapore. The contract plummeted overnight $5.15 to settle at $49.28 after more signs of a weakening US economy sent the Dow Jones industrial average down 7.7%. Prices fell to an intraday low of $48.25 last month, the lowest since 2005. Asian markets also opened down, with Japan’s benchmark Nikkei 225 index falling 4.9%, the Korea Composite Stock Price Index sliding 3.6% and Australia’s benchmark index dropping 2.8%. Oil investors have looked to equity markets as a barometer of economic growth sentiment. The National Bureau of Economic Research reported that the US economy has been in a recession since December 2007 and the current downturn will last until the middle of 2009, the most severe slump since the 1981-82 recession. What began as a financial crisis in the sub-prime mortgage sector has spread throughout the US economy, including industrial production. The Institute for Supply Management said its gauge of manufacturing activity fell more than expected to 36.2 in November. A reading below 50 indicates the sector is contracting. The Commerce Department reported that construction spending dropped by 1.2% in October, much bigger than the 0.9% decline many analysts expected. Meanwhile, expectations of another production cut by the Organization of Petroleum Exporting Countries has failed to spark a rally in prices. Opec - Secretary-General Abdullah El-Badri said the group would likely reduce output quotas by between 1 million and 1.5 million barrels at a meeting on 17 December in Algeria, according to a report on Iranian state television Monday. Opec, which accounts for about 40% of global supply, cut output by 1.5 million barrels a day in October, bringing total cuts to around 2 million barrels a day this year. Source: Home - Livemint.com | 2 Dec 2008 | 10:13 am Twilight ‘08: Short film festival in the CapitalNew Delhi: Twilight ‘08 is a short film festival organized by the Sri Aurobindo Centre that showcases and promotes short films and documentaries made by students and budding film makers from India. These compete for prizes in different categories under the student and professional sections. Twilight provides a platform to filmmakers integrating the art and artist along with cheaper technology as they come up with imaginative stories and formats. Around the visual expression are a series of panel discussions and debates. Last year, Twilight ‘07 screened 56 films. This year there will be two separate competition sections for student filmmakers with 36 films and professional filmmakers with 20 films. These are short features of up to 20 minutes duration and non-features of up to 30 minutes duration. The jury for the professional filmmakers will be headed by filmmaker Mani Kaul and is expected to include Madan Gopal Singh and Gargi Sen. The students’ jury will have Namrata Joshi, A F Mathews, and Amit Sengupta. “Aestheshorts” is the new section that will debate and discuss about aesthetics, form, technology and marketing of the short film genre. This will be done by taking up different aspects such as content, form, technology (digital format) and marketing. Venues for the festival are Alliance Francaise and the India Islamic Cultural Centre and it is scheduled from 11-15 December 2008. Source: LatestNews-Home - Livemint.com | 2 Dec 2008 | 10:07 am Crisis prompts Credit Suisse, HSBC to axe bank jobsZurich: Switzerland’s Credit Suisse AG and Britain’s HSBC Holdings Plc are axing hundreds of banking jobs as the biggest financial crisis since the Great Depression continues to bite. The cuts are the latest in a wave of job losses in which around 90,000 jobs have been axed at major global banks since September. Of these, more than 50,000 were at US bank Citigroup. Credit Suisse said that the bank was cutting 650 jobs, equivalent to roughly 3% of its investment banking workforce of about 21,300. “The cuts will be made mainly in investment banking,” a spokesman for the Swiss bank said. The bank, which employed around 50,000 people globally at the end of September, has already slashed 1,800 jobs this year. HSBC, Europe’s biggest bank, said it was cutting 500 jobs at its UK banking business following a review of the business. The bank employs 58,000 people in Britain. “We deeply regret taking this step, but we consider it essential to ensure our business is operating as efficiently as possible and that we are best placed to deal with the economic downturn and maintain our levels of customer service,” HSBC’s UK Managing Director Paul Thurston said. Shares in Credit Suisse were 1.8% lower at 0925 GMT and HSBC shares were down 3%, against a 1.85% fall in the DJ Stoxx European banking index. Job Cull Losses at Credit Suisse’s investment banking division dragged the Swiss bank into a loss in the third quarter and analysts expect the fourth quarter to be another difficult one. Credit Suisse had already cut 500 jobs in investment banking in October. Direct competitor UBS, whose foray into risky US assets has cost it $49 billion in writedowns, announced in October it would get rid of nearly 2,000 jobs. Credit Suisse’s spokesman did not comment on which specific jobs would be shed nor the time frame for the measures. “However, usually these cuts are made very fast,” he said. Other leading banks have had to shrink their workforce in the last quarter as the financial crisis deepened and major economies were predicted to fall into an economic recession. Britain’s Barclays said in October it would lay off 3,000 people and may have to cut another 50 jobs, a source close to the bank said. In Germany, Commerzbank announced in September 9,000 job cuts while rival Deutsche Bank is expected to axe 900 jobs, a source with knowledge of the plan said last month. Source: LatestNews-Home - Livemint.com | 2 Dec 2008 | 10:04 am Agra tourism industry takes bad hit after Mumbai attacksAgra's tourism industry has been severely hit by the terror strikes in Mumbai that targetted 10 locations across the city, including two luxury hotels. A large number of foreign tourists have cancelled their trips and people visiting the Taj Mahal have nearly halved.Source: IndiaeNews.com: Business News | 2 Dec 2008 | 10:01 am Food, hospitality exhibition opens in DelhiIFE India-2008, a three-day food, drink and hospitality exhibition, opened here Tuesday with the participation of over 300 exhibitors from 24 countries.Source: IndiaeNews.com: Business News | 2 Dec 2008 | 10:01 am Unitech in dire straits with debt above 50% of MCapThe Unitech stock has plummeted by over 95% this year. The real estate major has a debt of Rs 8,500 crore in its balance sheet, which is more than half its market capitalization.Source: Moneycontrol Top Headlines | 2 Dec 2008 | 9:56 am India asks Pakistan to hand over wanted criminalsNew Delhi: Ratcheting up diplomatic pressure on Pakistan in the wake of the attacks on Mumbai, India has demanded that Islamabad hands over 20 most-wanted criminals and militants. Among the most notorious are Dawood Ibrahim, a reputed gangster with suspected militant links; Maulana Masood Azhar, the head of feared militant group Jaish-e-Mohammad; and Hafiz Saeed, founder of Lashkar-e-Taiba, the group suspected of launching the Mumbai attacks. Here is are brief profiles on the three men: Dawood Ibrahim India’s most wanted man for his part in the country’s most deadly bombings, the 52-year-old underworld boss eluded authorities for the past 15 years. He is believed to be hiding in Pakistan. In 1993, Ibrahim, and his brother Anis, allegedly masterminded India’s worst bombings, which killed at least 250 people and wounded more than 700 in Mumbai. The son of a lowly police constable, Ibrahim was a police informant from a young age. By the 1980s and 1990s, he had graduated from petty crime to become one of Mumbai’s top gangland leaders, with a billion-dollar vice empire spanning gambling, drugs and prostitution. In October 2003, the United States designated Ibrahim as a global terrorist with links to Islamist militant groups al-Qaeda and Lashkar-e-Taiba. The US Treasury froze his assets, and accuses him of drug-running to western Europe and Britain. Ibrahim was mysteriously spirited away after reportedly being wounded in gunfight at a Karachi hotel in August, 2007. Maulana Masood Azhar First came into the international spotlight in December 1999 when India was forced to free him from jail along with two other militants, in exchange for the release of crew and passengers of an Indian Airlines plane that had been hijacked from Kathmandu in Nepal and taken to Kandahar in Afghanistan. Azhar fought in Afghanistan, but really made his mark in writing propaganda and making speeches in support of the cause. Unconfirmed reports say he surfaced in Sudan, Somalia and Yemen and had contact with Osama bin Laden in the early 1990s. He became a leader of the Pakistani militant group Harkat-ul-Mujahideen. In 1994 he was captured in Indian Kashmir, and tried for terrorism. Although acquitted, he spent six years in jail until he was sprung by the hijacking. After returning to Pakistan, Azhar formed Jaish in 2000. There was considerable speculation he had the support of the Pakistani military’s Inter-Services Intelligence (ISI) agency. Jaish’s affiliated charity, al Rasheed Trust, helped raise funds. - Azhar maintained ties with the Taliban, and Jaish fighters trained at camps along with al Qaeda members in Afghanistan. In Kashmir, Jaish, like Lashkar, used “feyadeen” tactics, sending fighters on suicidal missions. In December 2001, a group of gunmen attacked the Indian parliament. India blamed Jaish and LeT. As relations deteriorated, India and Pakistan, both nuclear armed since 1998, went to the brink of a fourth war. Jaish was banned by Pakistan, along with LeT and several other groups in 2002, and Azhar was put under house arrest, only to be freed by a Lahore court 10 months later. Hafiz Saeed A professor of Islamic Studies, Saeed’s family migrated to Pakistan from Simla in northern India during the bloody Partition of the subcontinent in 1947. Saeed has headed Jamaat-ud-Dawa, the charity front for Lashkar, since publicly quitting the militant wing days before it was banned following the attack on the Indian parliament. In 1990 he founded Lashkar to fight in a separatist insurgency in Indian Kashmir, where it earned a reputation as one of the best organised and fiercest groups. Lashkar was responsible for an attack on Red Fort in Delhi in December, 2000. Lashkar, like Jaish, was based in the eastern Pakistani province of Punjab. Its headquarters, now JuD’s, was in Muridke. American commanders says Lashkar fighters are also operating in East Afghanistan. JuD activists, some carrying arms, were at the forefront of earthquake relief work in Kashmir in 2005, and in the western province of Baluchistan last month. Source: Home - Livemint.com | 2 Dec 2008 | 9:35 am Toyota to cut bonuses, productionTokyo: Toyota Motor Corp. has said that it would cut management bonuses by 10% , excluding top executives, and further reduce domestic production to cope with an industry slump. “About 8,700 managers in Japan will have their year-end bonuses reduced,” company spokeswoman Kayo Doi said, as Japan’s leading automaker seeks to cut costs in the face of plunging profits. Toyota so far has no plan to reduce the pay of its top executives. “Nothing has been decided for our board members,” Doi said. The company also will suspend a production line for its Lexus brand at the Tahara plant in Aichi prefecture for an additional two days at year’s end. “We have decided to suspend production at this factory since Lexus vehicles for both the overseas and domestic market are produced here and sales have worsened. We’re facing an inventory glut,” said Doi. The firm also plans to suspend production at its subsidiary Toyota Motor Kyushu Inc. for an additional two days. Toyota has embarked on cost-cutting measures in response to recessions in Japan and its major export markets in the United States and Europe. It has already moved to reduce production at its US, Canadian and French factories, and plans to lay off 3,000 temporary workers in Japan. The global slowdown has badly shaken Japan’s automakers, which in recent years have cashed in on worldwide demand for their cars. Japanese new auto sales fell 27.3% in November to hit the lowest since 1969, an industry group said. Source: World Business - Livemint.com | 2 Dec 2008 | 9:32 am Hyundai sales up in November on exportsBucking the current downward trend in auto sales, Hyundai Motor India, one of the leading car makers in the country, Tuesday reported 49 percent jump in November sales over the year-ago period, thanks to high exports.Source: IndiaeNews.com: Business News | 2 Dec 2008 | 9:30 am Larson and Toubro gets orders worth Rs.14.5 bnEngineering and construction giant Larson and Toubro (L and amp;T) Tuesday said its newly formed building and factories operating division has bagged orders worth Rs.14.5 billion for building offices.Source: IndiaeNews.com: Business News | 2 Dec 2008 | 9:30 am Kolkata to Mumbai via Goa in luxury trainWith an aim to boost tourism in the country, Indian Railways is planning to organise a luxurious journey from Kolkata in the east to Mumbai in the west via Goa.Source: Daily News & Analysis: Money News | 2 Dec 2008 | 9:17 am McCain to show solidarity with India visitNew Delhi: US senator and Republican party leader John McCain is stopping over in India for a couple of hours early evening today, en route from Iraq to Bangladesh, to show solidarity with the Mumbai terror attack victims. As many as 195 people were killed in the 26 November attack, including 28 foreigners, of which six were US nationals. US secretary of state Condoleezza Rice is coming to New Delhi on 3 December, straight from a Nato (North Atlantic Treaty Organization) meeting in Brussels, carrying similar messages on how the US will closely work with India in fighting the global war against terror. McCain, who lost to Democrat party leader Barack Obama in the US Presidential elections contested last month, will be accompanied by Senator Joseph Lieberman, a US embassy official in New Delhi said. The official said the two Republicans would be meeting Prime Minister Manmohan Singh and external affairs minister Pranab Mukherjee. A Western diplomat also confirmed that Washington had urged both McCain and Lieberman to stay away from India, in light of the security alert for US citizens, but both Republican leaders would not be deterred. Their visit is also a manifestation of the bipartisan nature of support within the US over assistance to India, especially on the Mumbai terror attacks. The unnamed US official also told Mint that the fact that several US nationals were killed and a few score injured means that the Mumbai terror has a personal resonance within the US. “This is our fight too,” the official said, adding, “We share India’s outrage on this issue. We are not only showing support for India, we are doing this on our behalf too.” Source: Home - Livemint.com | 2 Dec 2008 | 9:13 am Hyundai domestic sales downThe country's second largest car maker Hyundai Motor India Ltd Tuesday said its domestic passenger-car sales fell 23.34 per cent to 14,605 units in NovemberSource: Daily News & Analysis: Money News | 2 Dec 2008 | 9:07 am Nagarjuna bags Rs 484 cr ordersNagarjuna Construction Company Ltd today announced it has secured six new orders aggregating Rs 484 crore, including construction of a fivestar hotel in Hyderabad.Source: Moneycontrol Top Headlines | 2 Dec 2008 | 8:40 am Boeing engineers approve work contractNew York: Boeing Co.’s second largest union voted on Monday, 2 December, to approve the company’s four-year contract offer, avoiding a second damaging strike at the plane maker’s Seattle area plants. A majority of the more than 20,000 members of the Society of Professional Engineering Employees in Aerospace—the union representing white-collar engineers and technicians—voted in favour of the contract. The result is a boost for Boeing, which is still struggling to get its airplane production lines up to speed a month after its 27,000 machinists returned to work after a 58-day strike. SPEEA and Boeing negotiators reached a tentative deal almost three weeks ago, after two weeks of face-to-face negotiations. With the vote, two major Boeing contracts have been approved. The first covers 13,898 Boeing engineers and the second covers 6,576 technical workers. The contracts go into effect 2 December 2008, and expire 6 October 2012, the company said. The vast majority work at Boeing’s Seattle area plants, but some are also located in Oregon, Utah and California. Source: World Business - Livemint.com | 2 Dec 2008 | 7:45 am Boeing engineers approve work contractNew York: Boeing Co.’s second largest union voted on Monday, 2 December, to approve the company’s four-year contract offer, avoiding a second damaging strike at the plane maker’s Seattle area plants. A majority of the more than 20,000 members of the Society of Professional Engineering Employees in Aerospace—the union representing white-collar engineers and technicians—voted in favour of the contract. The result is a boost for Boeing, which is still struggling to get its airplane production lines up to speed a month after its 27,000 machinists returned to work after a 58-day strike. SPEEA and Boeing negotiators reached a tentative deal almost three weeks ago, after two weeks of face-to-face negotiations. With the vote, two major Boeing contracts have been approved. The first covers 13,898 Boeing engineers and the second covers 6,576 technical workers. The contracts go into effect 2 December 2008, and expire 6 October 2012, the company said. The vast majority work at Boeing’s Seattle area plants, but some are also located in Oregon, Utah and California. Source: Home - Livemint.com | 2 Dec 2008 | 7:45 am Virgin taps Yahoo for mobile Internet searchSan Francisco: British telecommunications titan Virgin Media announced that it will use Yahoo oneSearch to power Internet exploration for its mobile service customers. Virgin says that it plans to start using oneSearch at a new “enhanced mobile portal” beginning 8 December. “Our new Virgin Media mobile portal brings the web to consumers’ pockets,” Virgin Mobile managing director Graeme Oxby said on Monday in a release. “By integrating Yahoo! oneSearch into the portal, we are ensuring our customers have all the information they need at their fingertips.” The pioneering California Internet firm’s technology will be used to deliver news, music, video, games, entertainment and online search to people using Virgin mobile Internet connections. OneSearch content is tailored for mobile use by minimising the number of links followed to reach desired content and by delivering Internet pages formatted for screens of handheld devices. For example, a search on a name of a film will result in a page with show times at local cinemas along with reviews and details about cast members. California-based Yahoo, which has been struggling to improve its revenues in the face of daunting competition from Internet advertising colossus Google, is focusing on luring advertisers by effectively targeting mobile customers. “Together, Virgin Media and Yahoo! are enhancing the user’s mobile Internet experience in the UK while creating unique opportunities for advertisers to reach a highly-engaged audience of mobile consumers,” said Mitch Lazar, managing director of Connected Life Europe, Yahoo. Source: Tech News - Livemint.com | 2 Dec 2008 | 6:58 am Obama presents new national security teamBy AFP Chicago: Barack Obama on Monday nominated Hillary Clinton to be a “tough” secretary of state and persuaded Defence Secretary Robert Gates to stay on but gave him a new mission -- ending the war in Iraq. Debuting his national security team in Chicago, the president-elect said the decision to enlist his former bitter political foe came not in a “light bulb moment” but after a gradual realization that she was the best face for US diplomacy. “She’s an American of tremendous stature who will have my complete confidence, who knows many of the world’s leaders, who will command respect in every capital,” Obama said. Clinton commits to ‘igniting’ new momentum in US diplomacy In her new job, the latest stunning twist in the Clinton political saga, the former first lady said she would ignite new momentum in US diplomacy after the frayed alliances and recriminations of George W. Bush’s presidency. While stressing the importance of diplomacy, Obama struck hawkish notes which may discomfort some of his more dovish backers, warning the United States should keep the world’s strongest military and would chase down terrorists. “In this uncertain world, the time has come for a new beginning, a new dawn of American leadership to overcome the challenges of the 21st century,” Obama said, days after the Mumbai terror attacks sparked a new foreign crisis. Robert Gates to be allotted new charter The decision to ask Gates to stay on was meant to send a clear sign of continuity with America locked in wars in Afghanistan and Iraq. Gates said he had decided that with US troops fighting abroad, he felt obligated to stay at the Pentagon. But Obama made clear that after campaigning on a vow to end the war in Iraq, Gates must follow a new political master. “I will be giving Secretary Gates and our military a new mission as soon as I take office, responsibly ending the war in Iraq through a successful transition to Iraqi control,” said Obama, who is to be inaugurated January 20. Obama also named former Nato commander and marine general James Jones to be his national security advisor in a foreign policy line-up rich in global experience and wise in the ways of brutal back corridor Washington politics. The new team will take up the reins in January and will have to get US troops home from Iraq, deal with Iran’s nuclear drive, and mitigate deteriorating conditions in the Afghan war. France and EU upbeat about Clinton’s new role, Russia pessimistic They must confront a resurgent Russia, repair tattered US ties abroad, and target global warming efforts, while the widening financial crisis threatens to further destabilize fragile world security. France and the European Union immediately hailed Clinton’s nomination, saying they could work closely together, while Russia struck a pessimistic note. Obama introduced his foreign policy advisor Susan Rice, who has a hawkish view on using force to halt genocide, as the next US permanent representative to the United Nations and former justice department official Eric Holder as Attorney General. Arizona governor Janet Napolitano was meanwhile named Homeland Security chief, at a press conference which saw Obama flanked by his new team, against a backdrop of American flags. The president-elect was careful not to intervene in ongoing US diplomatic efforts to quell tensions in South Asia following last week’s Mumbai rampage which killed more than 170 people including six Americans. But he said he had been repeatedly briefed by Secretary of State Condoleezza Rice, who heads to India this week, and had spoken to Indian Prime Minister Manmohan Singh over the weekend. Source: Home - Livemint.com | 2 Dec 2008 | 6:45 am Bomb blast kills 2, wounds 30 in a train in GuwahatiBy PTI Diphu (Assam): Two persons, including a child, were killed on Monday and 30 others injured in a bomb blast suspected to have been triggered by a militant outfit in a passenger train in central Assam’s Karbi Anglong district. Police sources said the bomb, kept inside coach number 8209 of 901 Lumding-Tinsukia passenger train, exploded around 8 am as it entered Diphu railway station. They said they suspected militants belonging to Karbi Longri National Liberation Front (KLNLF), which has given an indefinite call for economic blockade in the Karbi Anglong region in Assam from this morning to press their 10-point demand, to have planted the bomb. The deceased have been identified as Kamal Singh Teron and Raj Devnath. Two seriously injured passengers were shifted to the army hospital in Nagaland. The sources said the bomb was kept at the entrance of the general class compartment of the local train and triggered by a timer device. Senior railway and police officers have rushed to the blast site. The KLNLF has called the economic blockade of railway tracks and National Highways 37 and 39 in the district demanding responses from political parties to their 10-point demands, which include among others, exclusion of Karbi Anglong land from ‘Dimaraji´ as demanded by another militant outfit, Dima Halam Daogah (DHD), in neighbouring N C Hills. The blast comes just over a month after the devastating serial bomb explosions in Assam on 30 October, which claimed nearly 80 lives. Source: Home - Livemint.com | 2 Dec 2008 | 6:16 am Royal Orchid Hotels to expand via management, lease contractsReuters Mumbai: Royal Orchid Hotels Ltd will expand through more leases and management contracts rather than outright property purchases, its top official said. “We have to be more cautious because of the market,” Chender Baljee, chairman and managing director told Reuters on the phone, on Tuesday, referring to slowing business travel in India. Foreign tourist traffic in India slowed to a 1.8% growth in October from a year ago from double-digit rise in the last five years as a global financial crisis took its toll. Expansion “plans are still there. We are looking at more management contracts and leases,” Baljee said. Royal Orchid will start operation service apartments in Whitefield, Bangalore this month, which will be its twelfth project, he said. A 104-room hotel, under the ‘Central´ brand name will come up in Ahmedabad in October 2009, he added. The hotelier has less that Rs2.5-3 billion of debt on its books, he added. “We have very little debt on our books so we are talking to banks. We have the capacity to raise debt.” Source: Home - Livemint.com | 2 Dec 2008 | 6:05 am Tata Motors to close Pune plant for 3 daysMumbai: India’s top vehicle maker Tata Motors Ltd said it will shut its commercial vehicle plant in the western city of Pune for three days from 5 December, as it tries to avoid a build-up in unsold stock amid falling sales. The plant was also closed for six days last month, and the company has closed other plants on a short-term basis to manage inventory levels. The Business Standard newspaper reported on Tuesday, citing unnamed sources, that the Pune plant would be shut again for three days beginning 26 December. “That is not final. I cannot say anything about that,” a Tata Motors spokesman told Reuters. Demand for commercial vehicles has been severely hit by a lack of vehicle financing, rising interest rates, higher input costs and weak demand. Tata Motors’ commercial vehicle sales dropped 40% in November from a year earlier. Shares in Tata Motors closed down 2.6% at Rs132.75 on Monday. Source: Home - Livemint.com | 2 Dec 2008 | 5:38 am Wall Street slides with economyNew York: US stocks tumbled on Monday as news pointing to the deepening economic slump around the world erased much of last week’s sharp gains, with financial services companies and retailers among Wall Street’s biggest casualties. Adding to the market’s woeful day, the arbiter of US business cycles declared that the United States entered recession in December 2007 and Federal Reserve Chairman Ben Bernanke said the US economy remained under considerable strain. Early in the session, data showed factory activity in the United States fell in November to its weakest since 1982, according to the Institute for Supply Management. The data jolted investors, who got news of weaker Chinese and European manufacturing activity earlier in the day. The Dow Jones industrial average dropped 679.95 points, or 7.70%, to 8,149.09. The Standard & Poor’s 500 Index slid 80.03 points, or 8.93%, to 816.21. The Nasdaq Composite Index lost 137.50 points, or 8.95%, to 1,398.07. Monday’s lower close snapped a five-day winning streak for the S&P 500. Shares of the largest US banks tumbled as investors feared the dramatically slowing economy will undercut their businesses as the credit crisis simmers. Citigroup sank 22.2% to $6.45 after an influential analyst forecast more losses for the major US bank. Shares of Bank of America slid 21% to $12.85. The S&P financial index shed 17%. Black Friday, the traditional start of the holiday shopping season when retailers wrack up their biggest sales, began with a whimper. Investors fear that retailers may turn in their bleakest sales in perhaps two decades. The S&P retail index declined 9.3%, as shares of department store operator Macy’s Inc tumbled 13.6% to $6.41. Consumers made repeat trips to stores and spent more on bargains this weekend, but analysts said the rush is unlikely to translate into a much needed profit boost. Adding to the sullen tone, the National Bureau of Economic Research declared that the United States entered recession late last year, ending 73 months of economic expansion. Source: Home - Livemint.com | 2 Dec 2008 | 5:30 am Gold futures decline on weak global trend!Gold prices declined in futures trading today on fresh selling in view of a weakening trend in global markets.Source: Zee News : Business | 2 Dec 2008 | 12:58 am Travel agents won`t sell Jet tickets!All major travel agents across the country today targeted Jet Airways by deciding not to sell their tickets from Thursday.Source: Zee News : Business | 2 Dec 2008 | 12:58 am Oil Cos earn Rs 15 a litre profit on petrol, Rs 3 on diesel!Public sector oil companies are making close to Rs 15 a litre profit on the sale of petrol and over Rs 3 per litre on diesel, strengthening the case for a retail fuel price cut.Source: Zee News : Business | 2 Dec 2008 | 12:58 am Sensex down 252 pts, closes at 8,840 !Markets opened strong Monday, despite staying in green throughout the morning ended deep in red.Source: Zee News : Business | 2 Dec 2008 | 12:58 am Goldman maintains India`s GDP forecast; expects repo rate cut!Financial services giant Goldman Sachs has kept its economic growth forecast for India unchanged at 6.7 percent for the current fiscal year and expects a cut in short term lending (repo) rate to propel growth.Source: Zee News : Business | 2 Dec 2008 | 12:58 am Oil falls over $1 after OPEC defers cut!Oil fell more than a dollar on Monday, toward USD 53 a barrel, after producer cartel OPEC decided to delay a decision on a third supply cut to its next meeting later in December as economic woes cripple oil demand.Source: Zee News : Business | 2 Dec 2008 | 12:58 am Air India decides to cut air fares by Rs 400 from Tuesday!Flag carrier Air India is all set to reduce fuel surcharge on all domestic flights by Rs 400 from Tuesday, making it the first airline to slash fares after a substantial cut in jet fuel prices.Source: Zee News : Business | 2 Dec 2008 | 12:58 am Tata Motors to borrow from public to fund for JLR buy!Struggling to finance its USD 2.3 bn purchase of Jaguar and Land Rover, home-grown auto major Tata Motors is looking to borrow from public.Source: Zee News : Business | 2 Dec 2008 | 12:58 am PNB slashes interest rates on non-resident deposits!Punjab National Bank on Monday slashed interest rate on Foreign Currency Non-Resident (B) Deposit Scheme in forex currency including dollar with effect from December 1.Source: Zee News : Business | 2 Dec 2008 | 12:58 am FIIs may pull out more money following terror attacks: Experts!The unprecedented terror attack in Mumbai is likely to exert additional pressure on foreign investors` sentiments, already hit by the global economic downturn, in the short-term, rating agencies said today.`Source: Zee News : Business | 2 Dec 2008 | 12:58 am Reliance Comm revenue reporting comes under Central vigilance scannerNew Delhi, Dec. 1 The Central Vigilance Commission has asked the Department of Telecom to investigate alleged irregular revenue reporting by Reliance Communications.Source: Business Line - Home Page | 2 Dec 2008 | 12:00 am HCL Technologies (Rs 135.10): SellWe recommend a sell in HCL Technologies for investors with a short-term horizon. It is apparent from the charts of HCL Technologies that it has been on a medium-term downtrend from its September peak of Rs 261, forming lower peaks and lower troughs.Source: Business Line - Home Page | 2 Dec 2008 | 12:00 am The aftermath is even more terrifyingEven as we, the citizens of India, resolve never to forget the bloody and petrifying 59-hour siege on Mumbai and take a pledge to compel those responsible for our security — not only politicians but also our intelligence agencies and othersSource: Business Line - Home Page | 2 Dec 2008 | 12:00 am Corporates re-pricing deposits with banksBangalore, Dec. 1 With short and medium-term deposit rates remaining high, corporates are beginning to terminate past deposits and reinvesting them at currentSource: Business Line - Home Page | 2 Dec 2008 | 12:00 am LIC stake in 3 public sector banks tops 5%Mumbai, Dec.1 Life Insurance Corporation of India has bought heavily into banking stocks when markets plunged sharply in October and November, data submitted to stock exchanges indicate.Source: Business Line - Home Page | 2 Dec 2008 | 12:00 am Terror strikes see news channels score over GECsMumbai, Dec. 1 News channels scored over general entertainment channels (GECs) on November 27 and 28 for their telecast of the terrorist attacks in Mumbai. According to aMap ratings, it was the Hindi news channels Aaj Tak (28.8), India TV (21.07)Source: Business Line - Home Page | 2 Dec 2008 | 12:00 am Diversified equity schemes outperform benchmark indicesMumbai, Nov. 1 Diversified equity scheme returns have outperformed the benchmarks (the BSE Sensex and the NSE’s S&P CNX Nifty) and most other category funds in the past oneSource: Business Line - Home Page | 2 Dec 2008 | 12:00 am Market opens up, ends lower on weak cuesMumbai, Dec. 1 After opening positive, the Sensex and the Nifty changed direction and closed more than two per cent lower on Monday following a spate of bad news from the domestic economy and the global equitySource: Business Line - Home Page | 2 Dec 2008 | 12:00 am Day Trading GuideOn Monday, the stock fell by 7 per cent experiencing selling pressure. Initiate fresh short-position if the stock declines below Rs 315, with tight stop-loss.Source: Business Line - Home Page | 2 Dec 2008 | 12:00 am Non-domestic LPG prices cut by Rs 240-270 a cylinderNew Delhi, Dec. 1 Private and public players in the non-domestic liquefied petroleum gas (LPG) business have passed on the benefit of reduction in international product prices to customers.Source: Business Line - Home Page | 2 Dec 2008 | 12:00 am Mumbai terror sees mass cancellations in GoaInbound travel to the balmy beaches of Goa is expected to drop a significant 60 per cent following large-scale cancellations by charter flights after last weeks terror attacks in Mumbai.Source: Business Standard | Front Page Headlines | 1 Dec 2008 | 6:56 pm Chidambaram to submit internal security revamp plan on Dec 10'I have heard the anguished voice of India,' he tells media.Source: Business Standard | Front Page Headlines | 1 Dec 2008 | 6:55 pm Govt may rethink lifting cap on directors' pay: GuptaLess than two months after introducing a new companies Bill that gives companies freedom to fix managerial remuneration, the ministry of corporate affairs (MCA) is re-thinking the issue.Source: Business Standard | Front Page Headlines | 1 Dec 2008 | 6:54 pm Automobile sales in November see record dropCar, two-wheeler and multi-utility vehicle manufacturers felt the impact of a slowing economy with domestic sales registering one of its steepest falls this November.Source: Business Standard | Front Page Headlines | 1 Dec 2008 | 6:54 pm Outlook grim as exports, auto sales plummetThe impact of the global slowdown made itself felt with Indian exports dipping for the first time in seven years owing to slackening demand from US and Europe, rupee depreciation and a high baseSource: Business Standard | Front Page Headlines | 1 Dec 2008 | 6:53 pm Microsoft is more than a Windows and Office firmBangalore: He took over as managing director of Microsoft India Pvt. Ltd (MIPL) three months ago, moving from hardware maker Dell India Pvt. Ltd, where he was country manager. Rajan Anandan says the transition was smooth. “If the Dell stint was all about getting market share, the current (work at Microsoft) is all about creating new markets, which is fundamentally a different thing.”  Confident steps: Anandan says his No. 1 challenge is to ensure that all Microsoft technologies are brought to the Indian market at warp speed. Hemant Mishra / Mint While Microsoft is primarily identified through its popular Windows and Office software, Anandan wants the company to be known as a key enterprise player too. “We have very strong offerings in Business Intelligence, ERP (enterprise resource planning), CRM (customer relationship management), HPC (high performance computing), unified communication, mobile software, search, virtualization and related areas,” says Anandan. While Windows Vista and Office packaged software are ubiquitous, piracy which is at 69%, remains a key challenge, he adds. In a wide-ranging interview, among the first since he took over, Anandan talks about his plans to reposition Microsoft more as an enterprise company in India. Edited excerpts: Could you give us an overview of where MIPL’s operations are in India? We have a very good market position in India. Over the last four-five years business has grown dramatically…by an order of magnitude, though we don’t disclose country specific (revenue) numbers. The current (tough) market conditions present us an interesting set of opportunities and challenges. Our fiscal year runs from July to June. So, we are in our second quarter. Our first quarter was terrific. Growth in the second quarter has obviously slowed down. This is already being seen in the case of hardware players. Software tends to lag a bit, but clearly the impact will be felt. However, there are certain segments, where unlike say an auto sector or real estate, the growth story continues albeit at a slower pace. We are focused on those segments. And those segments are… We see enormous growth potential in Central and state governments. The (IT) mission projects and the e-governance frameworks which have been announced are billions of dollars in spend. (Our) public sector business is the fastest growing segment, though on a small (base); 40 state-owned enterprises are going to invest heavily in IT which again is an opportunity. Many of them like Oil and Natural Gas Corp. Ltd, State Bank of India, NTPC Ltd or Punjab National Bank are very well positioned to invest even in the current economic conditions. Communications, mainly telecom, is another major growth engine focus area for us. For instance, Bharat Sanchar Nigam Ltd’s phase VI rollout includes 93 million lines. WiMax rollout will happen in January. We are seeing strength in media companies which want to grow big on the Internet. The SMB (small and medium business) space is showing a lot of resilience and our opportunity here will be through geographic expansion. Earlier, people may have wanted to invest in IT for growth, (now) it is to get savings. But several of these public sector enterprises want to opt for free software and open standards regime. Some states such as Kerala, West Bengal and Tamil Nadu have even passed laws… We want governments to be technology neutral and to focus on solutions. Microsoft today has the most interoperable platform which is a part of our ethos. We want a level playing field. It is one thing (for governments) to say we will focus on Linux but I think the key is to focus on the best technology platform and the least total cost of ownership, whether it is Unix, Linux or a Microsoft platform. Cost, scalability and user-experience are three critical issues and we clearly think, in most situations, Microsoft wins on all three counts. While others talk of open source, all we are asking is for openness. What about your enterprise strategy? Microsoft has till now been viewed as a Windows and an Office company in India. That is not completely true. We want to be seen as a strong enterprise player who offers solutions in everything from business intelligence, ERP, CRM, virtualization, HPC, sales force automation, unified communication. Our goal is to deliver business solutions that deliver breakthrough value. My No. 1 challenge is to ensure that all these technologies we have, be brought to the Indian market at warp speed. Some of them have been around. For instance, in ERP, we today have 800 installations which, after SAP (the eponymous software from the German business software firm), I believe, is the largest in India. Others, we will have to accelerate. We have a large server and tools business. Unified communication (UC) is helping companies cut down on travel costs and in India we are launching ‘roundtable’ which will turn every notebook computer into a video conferencing facility. While others might have point devices (mainly software stacks) in UC, along with Cisco Systems Inc., Microsoft is the only player who has an end-to-end solution. While Cisco come at this with a hardware point of view through their virtual presence, we come at it through a software point of view. Also ours willbe at one-hundredth the price of similar offerings in the marketplace. Our strategy is software plus services. In 10 years, India will be one of the world’s largest cloud-based computing services. This will address the issues of affordability as upfront costs are minimal and you pay as you use. That sounds suspiciously like software as a service model which didn’t take off in the past. It has not worked in the past for three reasons. Reach, affordability and availability of relevant solutions. Earlier, the reach wasn’t there. Today, we have several thousand partners. We will charge hundreds of rupees not thousands of dollars per user, which will make it affordable. About your Windows and Office business… Piracy is down by a percentage but is still at a staggering 69%. Our efforts to emphasize the benefits of having Microsoft original software continue. As net penetration rises and viruses spread, people are realizing the benefits of using genuine software. Vista has taken off well in the corporate environment as we worked with our enterprise customers on application compatibility. Consumers anyway love Vista. Source: Tech News - Livemint.com | 1 Dec 2008 | 6:52 pm
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