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Auto cos line up discounts, schemes to lure customersIf you have been planning to buy a car, this could be the best time as most auto companies are lining up discounts and schemes to lure customers.Source: Moneycontrol Top Headlines | 5 Dec 2008 | 4:26 pm Shriram Transport Fin slows down disbursements in Q3R Shridhar, Shriram Transport Finance Company said the company has been financing both new as well as used trucks. Used trucks form 75% of our loans. We have deliberately slowed down disbursements this quarter. We will get back to the original situation from January onwards.Source: Moneycontrol Top Headlines | 5 Dec 2008 | 4:00 pm As going gets tough, CEOs prefer clearspeak to rally teamsAmid panic and allround mayhem, when business is difficult and spirits are low, its a question that CEOs across India Inc are grappling with. What to say and how to say? Amidst a bleak present and uncertain future, Indian CEOs are doing what they dont do often and welltalk to their employees.Source: Moneycontrol Top Headlines | 5 Dec 2008 | 3:43 pm Reliance group, support companies ask 5,000 employees to goThe global financial crisis has hit India\'s largest private sector conglomerate. The Reliance group and its associate companies have asked about 5,000 employees to resign, according to inside sources. A significant portion of the staff reduction has come from the retail operations.Source: Moneycontrol Top Headlines | 5 Dec 2008 | 2:58 pm Experts scale back sugar crop estimates on poor yieldNarendra Murkumbi, Managing Director, Shree Renuka Sugars, said the sugar crop estimates are getting progressively downgraded as one moves into the crushing season. The main reason has been that the yield of sugarcane per hectare seems to be poorer than expected. This view is shared by Vivek Saraogi, Managing Director, Balrampur Chini Mills.Source: Moneycontrol Top Headlines | 5 Dec 2008 | 1:33 pm Markets slip into bearish modeMoving in tandem with global bourses, the benchmark Sensex on BSE lost over 260 points to once again slip into below 9,000-levelSource: Daily News & Analysis: Money News | 5 Dec 2008 | 1:17 pm Jet wants employees to take voluntary pay cut by Dec 15With losses mounting by the day, private carrier Jet Airways has reportedly asked its employees to take a voluntary pay cut and will wait till December 15Source: Daily News & Analysis: Money News | 5 Dec 2008 | 1:15 pm Petrol price cut by Rs 5, diesel by Rs 2The government cut prices of petrol and diesel by Rs 5 and Rs 2 a litre, respectively on Friday, as an interim measureSource: Daily News & Analysis: Money News | 5 Dec 2008 | 1:15 pm Govt cuts petrol, diesel prices as economy flagsNEW DELHI (Reuters) - The government cut fuel prices for the first time in nearly two years on Friday after crude oil's fall of over $100 gave the government room to expand its planned economic stimulus package to lift sagging markets.Source: Reuters: Money News | 5 Dec 2008 | 1:06 pm Petrol price cut by Rs5 a litre, diesel by Rs2New Delhi: As oil traded near four-year lows, the government on Friday cut petrol and diesel prices by Rs5 and Rs2 a litre, respectively — a move that will help tame inflation and foster easy money policy to push growth. As an interim measure, the government has decided to cut the prices with effect from midnight tonight, Petroleum Minister Murli Deora said here after a meeting with Prime Minister Manmohan Singh. Although there is no change in the prices of LPG (cooking gas) and kerosene, the government would continue to watch international crude prices before effecting further cuts. The government had in June raised the prices of petrol and diesel by Rs5 and Rs3 a litre, respectively, and that of LPG by Rs50 a cylinder to protect oil marketing firms against losses on account of a rally in crude prices. The hike had then propelled inflation to double digits and stayed so for five months. Inflation cooled to 8.40% as of 22 November, but is still above the RBI’s tolerance level. Crude oil subsequently climbed to a record high of $147 a barrel in July, but has now come to $43.5, a four- year low. Today’s decision will have a revenue implication of Rs5,798 crore for oil marketing companies this fiscal. Under-recoveries of OMCs as of today were calculated at Rs98,512 crore and this will now increase to Rs1,04,310 crore. Prior to the reduction, state-run oil firms were earning a profit of Rs14.89 a litre on petrol and Rs3.03 on a litre of diesel. However, they continue to sell kerosene at a loss of Rs17.26 a litre and Rs148.89 on every LPG cylinder. Source: LatestNews-Home - Livemint.com | 5 Dec 2008 | 12:54 pm Govt cuts petrol, diesel prices - Economic Times
Source: Google News India - Business | 5 Dec 2008 | 12:43 pm Vodafone verdict may impact M&A deals - Sify
Source: Google News India - Business | 5 Dec 2008 | 12:39 pm Jet wants employees to take voluntary pay cut by 15 Dec - Livemint
Source: Google News India - Business | 5 Dec 2008 | 12:31 pm SEBI asks exchanges to recover security deposits - Reuters India
Source: Google News India - Business | 5 Dec 2008 | 12:27 pm Chanda Kochhar, Shikha Sharma: ICICI top job forerunnersA Network18Forbes magazine project learns from sources that there are now just two candidates left in the fray to replace KV Kamath at ICICI Bank. These are Chanda Kochhar, the current Joint MD and CFO, and Shikha Sharma, the MD and CEO of ICICI Prudential Life Insurance.Source: Moneycontrol Top Headlines | 5 Dec 2008 | 12:25 pm SEBI asks exchanges to recover security depositsMUMBAI (Reuters) - India's market regulator on Friday asked the country's stock exchanges to recover immediately any shortfall in the one percent security deposit listed companies have to maintain with them.Source: Reuters: Money News | 5 Dec 2008 | 12:17 pm BSE Sensex falls 2.9 pct, awaits stimulusMUMBAI (Reuters) – The BSE Sensex fell 2.9 percent on Friday as investors were unsure how much an economic stimulus package, due to be unveiled on Saturday, would help salvage sluggish spending and falling manufacturing activity.Source: Reuters: Money News | 5 Dec 2008 | 12:01 pm Jet wants employees to take voluntary pay cut by 15 DecMumbai: With losses mounting by the day, private carrier Jet Airways has reportedly asked its employees to take a voluntary pay cut and will wait till 15 December for their response. The carrier, which fired 1,900 employees in October only to reinstate them under pressure from various quarters, has made the request to pilots, cabin crew and engineering staff, a source in the airline said on the condition of anonymity. “Chairman (Naresh Goyal in an e-mail earlier this week) has asked the employees to take a pay cut volountarily and the management has given its employees time till 15 December for a decision,” the source said. It is, however, not clear what the airline proposes to do if the employees do not agree for a voluntary pay cut. A Jet Airways spokesperson, when contacted, refused to comment on the issue. Jet operates a full-service airline as also a budget carrier - JetLite. Goyal had also announced earlier that his airline would cooperate with Vijay Mallya-promoted Kingfisher Airlines to cut costs. Source: LatestNews-Home - Livemint.com | 5 Dec 2008 | 11:59 am Malihabadi mangoes get GI statusNew Delhi: There is good news for mango growers of Malihabadi in Uttar Pradesh! The National Horticulture Board will take steps to commercialise the world-famous mangoes of the place with their new Geographical Indicators (GI) status. Recently, in a Board meeting of the National Horticulture Board (NHB), Agriculture Minister Sharad Pawar said mangoes grown in Malihabadi have got a GI identity and the NHB will take steps to commercialise the commodity with its new status. “The NHB will take steps for converting this legal status into commercial gains for producers of Dashahri mangoes in Malihabad and adjoining areas in Uttar Pradesh,” said Pawar, who is also president of the NHB. Malihabad is the mango belt in Uttar Pradesh where 90% of the people are engaged in growing the fruit. Mangoes from Malihabad are sold in various parts of the country as well as exported to the US and other nations. Pawar said: “The NHB is on its way to getting GI registration for wine produced in the Nashik-Pune-Sangali belt in Maharashtra.” “After receiving GI status, it may be named as ‘Sahayadri wine´,” he said. GI, a sign used for a product that corresponds to a specific location or origin, may certify that the commodity possesses certain qualities, or enjoys a certain reputation by virtue of its origin. Once a product is registered as a GI, producers of other varieties of the same products cannot use the registered name. In India, the Geographical Indications of Goods (Registration And Protection) Act, 1999, provides for the registration and better protection of geographical indications. Source: LatestNews-Home - Livemint.com | 5 Dec 2008 | 11:43 am Ashok Chavan will be the new Maharashtra CMMumbai: Ashok Chavan’s choice as Maharashtra Chief Minister once again drives home the clout of political inheritance in Congress. Fifty-year-old Chavan inherited the poitical legacy of his late father and former Chief Minister S.B. Chavan, becoming the first father-son duo in the state’s history to adorn the chief ministerial chair. The senior Chavan was a loyalist of the Nehru-Gandhi family. Chavan also hails from Marathwada, the region to which his predecessor Vilasrao Deshmukh and former Union Home Minister Shivraj Patil belong. Ashok was the youngest contender for the post of chief minister with Union ministers Sushil Kumar Shinde and Prithviraj Chavan having crossed the age of 60. Congress leader Balasahib Vikhe Patil, another aspirant, is passed 60. When big names like Shinde, Narayan Rane (63), and Balasaheb Vikhe Patil were doing the rounds, Ashok Chavan emerged as a frontrunner, with his one-time friend Vilasrao Deshmukh, putting his might behind him. Ashok Chavan began his political career, riding piggyback on his father’s political clout in 1987 when he was elected to Lok Sabha from Nanded. In 1999, he was elected as a Member of Legislative Assembly from Mudkhed constituency and inducted as a cabinet minister for Revenue and Protocol. In 2003, he became minister for Transport, Ports, Cultural Affairs and Protocol. In November 2004, Chavan became Minister for Industries, Mining, Cultural Affairs & Protocol. Prior to joining the government, Chavan was was General Secretary of Maharashtra Pradesh Congress Committee from 1995 to 1999. Source: LatestNews-Home - Livemint.com | 5 Dec 2008 | 11:37 am Indian rate swaps little changed, rate cut eyed - Reuters India
Source: Google News India - Business | 5 Dec 2008 | 11:34 am India commodity turnover up 39 pct so far in FY09 - Reuters India
Source: Google News India - Business | 5 Dec 2008 | 11:34 am Tourism ministry asks states to beef up security at hotelsIn its bid to ensure that tourists feel safe in the wake of the terror attacks on Mumbai's Taj and Oberoi Trident hotels, the tourism ministry has written to all state governments to provide stringent security at hotels.Source: IndiaeNews.com: Business News | 5 Dec 2008 | 11:33 am Chidambaram wants compensation paid by Dec 31Home Minister P. Chidambaram Friday urged the Maharasthra government to pay compensation to victims of the Mumbai terror attack by Dec 31.Source: IndiaeNews.com: Business News | 5 Dec 2008 | 11:32 am Tamil Nadu is India's best e-governed state: StudyTamil Nadu has emerged the best e-governed state in India in 2008-09, according to the findings of a study by a leading information technology market tracker, IDC India.Source: IndiaeNews.com: Business News | 5 Dec 2008 | 11:32 am Microsoft ropes in Yahoo's Qi LuSoftware giant Microsoft Corp has appointed former Yahoo Inc executive Qi Lu to head its online services group, overseeing internet offering for consumers, advertisers and publishers.Source: Daily News & Analysis: Money News | 5 Dec 2008 | 11:32 am Equities slip again, key index ends below 9,000After finishing in the green Thursday, Indian equities markets again slipped into the red Friday with a key index shedding more than 264 points to again go below the psychologically important 9,000 mark by the close of trading.Source: IndiaeNews.com: Business News | 5 Dec 2008 | 11:31 am India to pump prime economy with 'substantial' packagePrime Minister Manmohan Singh is expected to announce a multi-billion rupee package here Saturday to pump prime the economy, with sector-specific measures to help India Inc overcome the impact of global slowdown.Source: IndiaeNews.com: Business News | 5 Dec 2008 | 11:30 am Merrill Lynch says oil could fall to $25LONDON (Reuters) - Oil prices are likely to keep falling until well into next year and could reach $25 a barrel before recovering, U.S. bank Merrill Lynch has said.Source: Reuters: Money News | 5 Dec 2008 | 11:30 am Banks’ loans up 27% in two weeks to 21 NovMumbai: Bank loans rose 27% year-on-year in the two weeks to 21 November, the central bank’s weekly statistical supplement showed. Deposits were up 20.5% from a year earlier. Outstanding loans fell Rs21.93 billion to Rs26.3 trillion in the two weeks to 21 November. Non-food credit fell by Rs90 million to Rs25.8 trillion in the two weeks, while food credit fell by Rs21.83 billion to Rs493.91 billion in the same period. Banks’ deposits rose by Rs26.16 billion to Rs35.2 trillion in the two weeks to 21 November. Source: LatestNews-Home - Livemint.com | 5 Dec 2008 | 11:25 am GM India to hire 500 peopleBangalore: “Even as companies are giving pink slips to employees as a result of the global meltdown, GM India is increasing its employee strength from the present 4,000 to 4,500 by 2009,” a top official of the company said. “We will be increasing the number of our employees from 4,000 to 4,500 by 2009,” GM India Vice-President P Balendran said. “The 500 include 300 for the car plant in Talegaon, 200 for the powertrain facility, also in Talegaon, and the engineering centre in Bangalore,” he said. On slashing prices, Balendran said that the firm, which had been offering discounts ranging from Rs2,000 to Rs50,000, besides a discount of Rs3,000 to Rs5,000 to government and PSU employees during the festival season, would continue them (discounts) till the end of this month. “However, the firm is planning a price hike of 2-3% in January 2009,” he said. “The market was sluggish and the usual sales growth during the festive season, which used to be in the range of 25-30%, had come down to 5-7% this season,” he said. “The main reason for the sluggishness is there is no liquidity in the market. 85% of GM’s vehicles are financed, of which 70% are by private banks,” he said. On the Talegaon plant, Balendran said: “The capacity of the plant, which commenced operations in September 2008, can go up from 1.40 lakh units now to 3 lakh units.” Source: LatestNews-Home - Livemint.com | 5 Dec 2008 | 11:18 am India and Russia sign deal for new nuclear plantsNEW DELHI (Reuters) - Russia President Dmitry Medvedev on Friday signed agreements to develop new nuclear plants in India as the countries sought to deepen ties beyond their historic defence and weapon sales relationship.Source: Reuters: Money News | 5 Dec 2008 | 11:13 am GM India on a hiring spree - Hindu
Source: Google News India - Business | 5 Dec 2008 | 11:11 am Fuel prices may be cut SaturdayThe government may cut retail fuel prices Saturday, a move that would help rein in inflation and allow RBI to go for deeper policy rate cuts to push economic growth.Source: Daily News & Analysis: Money News | 5 Dec 2008 | 11:02 am Foreign carmakers in India cut prices to lift salesMUMBAI (Reuters) - Foreign car makers in India have slashed prices as the once booming industry struggles to prop up falling sales amid tight credit conditions, high interest rates, and a slowing economy.Source: Reuters: Money News | 5 Dec 2008 | 11:00 am Indo-Pak trade put off as political ties turn sourNew Delhi: With India-Pakistan relations touching a new low after terror attacks on Mumbai, bilateral exchange of trade and ministerial delegations as a part of the political composite dialogue has been put off indefinitely. Minister of State for Commerce Jairam Ramesh who was to visit Islamabad and Karachi either in the first or second week of January, has “more or less” cancelled the tour. India had earlier given two sets of date for Ramesh’s visit which was to take place before the secretary-level talks. “It was either 5-9 January or 13th onward,” he said. While the Commerce Ministry would be approaching the Ministry of External Affairs on the issue, an official said, “I don’t think the MEA would give a go-ahead for the next few months.” Besides, the commerce secretary-level talks which were due in Islamabad are in a jeopardy. “Things are in the hands of MEA now,” the official said. Several trade opening issues had been discussed in the previous rounds of talks. India has blamed Pakistani elements for the terror attacks on Mumbai last week which took over 200 lives and held the financial capital of India to ransom for over three days. New Delhi was engaged in modernising the customs clearance facilities at the Wagah border. A 140-acre warehouse on this border was also planned. It was only a few months ago that the two countries opened trade across the Line of Control in Kashmir. The bilateral trade in 2007-08 was $1.67 billion, which jumped substantially from $869 million in the previous year thanks to improvement in relations. Source: Home - Livemint.com | 5 Dec 2008 | 10:53 am BMW sales plunge, Honda quits Formula OneFRANKFURT/TOKYO (Reuters) - Global sales at BMW, the world's top premium carmaker, plunged by a quarter in November, and Honda backed out of Formula One racing on Friday as the economic downturn exacted a mounting toll on automakers.Source: Reuters: Money News | 5 Dec 2008 | 10:41 am Sensex closes below 9000; IT, realty plunge - Economic Times
Source: Google News India - Business | 5 Dec 2008 | 10:35 am Bhujbal to succeed R.R. Patil as Dy CMPune: Prominent OBC leader Chhagan Bhujbal was named as the Deputy Chief Minister of Maharashtra by NCP President Sharad Pawar, ending the suspense over the successor of R.R. Patil who stepped down from the post owning ‘moral responsibility’ for the Mumbai terror attacks. However, NCP’s coalition partner Congress is still finalising who will succeed Vilasrao Deshmukh who quit as the chief minister in the wake of the strikes, with state industry minister Ashok Chavan emerging as the front runner for the top post, edging past another contender Narayan Rane. Pawar said that the decision on whether Bhujbal will retain the home portfolio, that was handled by R.R. Patil, will be taken only after the new ministry is formed. “Allotment of portfolios will be decided after list of ministers is prepared by the new government,” the NCP chief, who was at Manjri, about 20 kms from here to attend a function, said. Pawar said that it is not necessary for Congress to consult with him while deciding its candidate for chief ministership as it is an ‘internal party affair’. “Both the parties take a decision on their internal matters independently,” he added. Source: LatestNews-Home - Livemint.com | 5 Dec 2008 | 10:35 am Panel to study resource use by West Bengal steel projectsThe West Bengal government has formed an expert committee to study the land, coal and water requirements of various steel projects before allocating resources, a senior government official said here Friday.Source: IndiaeNews.com: Business News | 5 Dec 2008 | 10:33 am Steel Authority plans pruning costs to tackle downturnThe state-owned Steel Authority of India Ltd (SAIL) is planning to curtail material handling costs and production facilities to tide over the present economic downturn, a senior company official said here Friday.Source: IndiaeNews.com: Business News | 5 Dec 2008 | 10:31 am Equities end in red, key index dips below 9,000After finishing in the green Thursday, Indian equities markets again slipped into the red Friday with a key index shedding more than 264 points to again go below the psychologically important 9,000 mark by the close of trading.Source: IndiaeNews.com: Business News | 5 Dec 2008 | 10:30 am Sensex loses 9k mark, ends 264 pts downNew Delhi: The Bombay Stock Exchange benchmark Sensex on Friday, 5 December slipped by over 200 points on profit selling by funds in blue-chips. The 30-share barometer fell by 264.55 points at 8965.25 with stocks of SAIL, BPCL and Tata Consultancy dropping significantly. The wide-based National Stock Exchange index Nifty also dipped by 73.60 points at 2714.40. Capital manufacturing segment index suffered the most, BPCL slipping by 7.3% at Rs337.15, Sterliteinds (6.38%, Rs240.70) and SAIL (6.32%, Rs66). Expectations of an interest rate cut and an industry announcement of a stimulus package, which helped index surge on Thursday did not boost trading on Friday. Amid auto industry facing losses Nikkei closed 7% down but other Asia stocks rallied with Hang Seng ending 2% up. Source: Home - Livemint.com | 5 Dec 2008 | 10:30 am Facebook entices websites to join their social circlesSan Francisco: Google and Facebook on Thursday launched rival technology platforms that can be used to infuse websites with trendy social-networking features. A Facebook Connect service that was tested for months with selected partners is now available to anyone interested in transforming static websites into interactive communities of users. Internet colossus Google picked the same day to unveil a beta, or test, version of Friend Connect software aimed at “any webmaster looking to add a dash of social to his or her site.” Online communities and user-contributed content are core aspects of the evolution of life on the Internet and the superstar California companies are evidently jockeying to be the preferred platform for websites. Facebook Connect lets outside website operators tie into the social-networking website so its more than 130 million users can range the Internet from profile pages taking friends and data with them. “We create active communities around this content, and Facebook Connect makes it easy for our users to share their opinions, ideas and advice with their entire social network.” “We opened Facebook Platform in 2007 to enable hundreds of thousands of developers to create meaningful social experiences for users on Facebook.com,” said Facebook founder Mark Zuckerberg. Google Friend Connect provides website operators with computer codes that add social-networking features such as creating personal profiles, finding users with similar tastes, or interacting online with friends. Friend Connect lets people log into participating websites using existing Google, Yahoo, America Online or OpenID accounts instead of requiring users to set up new log-in names and passwords. OpenSocial is a set of computer applications developed by Google, MySpace and other Internet firms to serve as a common social-networking platform that breaks down walls between websites. Source: LatestNews-Home - Livemint.com | 5 Dec 2008 | 10:25 am Facebook entices websites to join their social circlesSan Francisco: Google and Facebook on Thursday launched rival technology platforms that can be used to infuse websites with trendy social-networking features. A Facebook Connect service that was tested for months with selected partners is now available to anyone interested in transforming static websites into interactive communities of users. Internet colossus Google picked the same day to unveil a beta, or test, version of Friend Connect software aimed at “any webmaster looking to add a dash of social to his or her site.” Online communities and user-contributed content are core aspects of the evolution of life on the Internet and the superstar California companies are evidently jockeying to be the preferred platform for websites. Facebook Connect lets outside website operators tie into the social-networking website so its more than 130 million users can range the Internet from profile pages taking friends and data with them. “We create active communities around this content, and Facebook Connect makes it easy for our users to share their opinions, ideas and advice with their entire social network.” “We opened Facebook Platform in 2007 to enable hundreds of thousands of developers to create meaningful social experiences for users on Facebook.com,” said Facebook founder Mark Zuckerberg. Google Friend Connect provides website operators with computer codes that add social-networking features such as creating personal profiles, finding users with similar tastes, or interacting online with friends. Friend Connect lets people log into participating websites using existing Google, Yahoo, America Online or OpenID accounts instead of requiring users to set up new log-in names and passwords. OpenSocial is a set of computer applications developed by Google, MySpace and other Internet firms to serve as a common social-networking platform that breaks down walls between websites. Source: Tech News - Livemint.com | 5 Dec 2008 | 10:25 am GM-Chrysler to consider merger, admit failuresWashington: The chief executives of General Motors Corp and Chrysler LLC said they would consider restarting merger talks if needed to win their slice of up to $34 billion in emergency US government aid. “I would be very willing to look at it seriously,” GM CEO Rick Wagoner told the Senate Banking Committee on Thursday, adding that merger talks earlier this year were dropped on concerns GM did not have the financing to merge with Chrysler. Chrysler CEO Robert Nardelli said his job would likely be the first to go in a merger with GM, but if that would save Chrysler and its workers “I would do it.” Leaving their corporate jets in Detroit and driving to Washington, the chiefs of the Big Three automakers, including Ford Motor Co CEO Alan Mulally, pledged to refocus on higher fuel efficiency vehicles and lower production costs. But they encountered deep skepticism among lawmakers who are suspicious of such promises, given the companies’ past failures to ween themselves from gasoline guzzlers and to make innovative cars that consumers want to buy. Most lawmakers want to help Detroit, but existing bailout proposals are stuck in a political gridlock between administrations, with President George W. Bush a lame duck, and President-elect Barack Obama waiting to be sworn in 20 January. No action on aid is expected before next week and perhaps not even then, despite dire warnings at the hearing that GM could collapse by the end of December without aid. The CEOs will appear before the House of Representatives Financial Services Committee on Friday. With the government showering a $700 billion bailout fund on distressed banks and Wall Street, there is wide agreement among lawmakers and the Bush administration that the automakers need help too, but deep division about how to go about it. The Federal Reserve could also make a loan to automakers in some circumstances. The Fed is expected to send a letter to Dodd on Friday explaining how it must obtain sufficient collateral under law to make any emergency loans, a source familiar with the letter told Reuters on Thursday. Bailout could grow GM wants $4 billion and Chrysler $7 billion by year’s end. GM also wants another $8 billion in early 2009 and a $6 billion line of credit if its cash position erodes further. Ford says it has enough funds now but wants a $9 billion line of credit. An economist told the committee that the estimated $34 billion overall cost of the bailout cost could rise. Two weeks ago, the automakers had estimated they needed $25 billion. The industry may need $75 billion to $125 billion to avoid bankruptcy and the companies may well return asking for more money later if they get the $34 billion they want now, said Mark Zandi, chief economist of Moody’s Economy.com. The three companies submitted plans to Congress on Tuesday intended to show that they can still be viable businesses. Congress last month demanded the plans. They also vowed to reshape their business models. For instance, GM - the world’s largest automaker - plans to sell its Saab unit and drop its Pontiac and Saturn labels. All three automakers dismiss filing for bankruptcy protection, but some lawmakers are exploring the possibility of conditioning federal aid on an speedy court restructuring of one or more of the Detroit manufacturers. Source: Home - Livemint.com | 5 Dec 2008 | 10:18 am Chevron seen all but certain to drop Reliance stakeNEW DELHI (Reuters) - Chevron is all but certain to pass up its option to take a nearly one-third stake in the world's biggest new refinery in India, as the dawning of a global recession darkens the outlook for the industry's margins.Source: Reuters: Money News | 5 Dec 2008 | 10:14 am Honda exits Formula One due to industry slumpTokyo: Honda Motors said on Friday slumping car sales were behind its decision to withdraw from the prestigious Formula One, a move that reflects the automaker’s determination to adapt to survive. “Not only sales of our automobiles, but also sales of motorcycles and power products nosedived at an accelerated speed in North America and around the world in October and November,” Honda president Takeo Fukui said. “This was absolutely beyond our imagination. We had absolutely no idea what was coming,” he said. Honda, like other Japanese automakers, is reducing production and cutting hundreds of jobs in response to slumping car sales. Japanese manufacturers have expanded rapidly in recent years to meet brisk demand for their smaller, fuel-efficient cars, but they have not been immune to the financial crisis, even if they are in better shape than their US rivals. “If this situation continues for another year, the auto industry will be in a serious mess. We cannot do business with optimism alone. The situation can get worse,” Fukui said, adding that a rising yen has also battered Honda. Honda first joined the Grand Prix circuit in the 1960s out of the passion of late founder Soichiro Honda, who remains highly admired as a legendary industrialist engineer among the Japanese public. Fukui left the door open to more downsizing. “We are reviewing all areas of our business. I have nothing today ready for an official announcement,” he said. “We must ride out the crisis, find a way out, and survive. Not only that, we have to prepare ourselves for the new era so that we will have new products and technology ready to go,” he said. Honda will put renewed focus on hybrid vehicles, clean and small diesel engines, and cheap and fuel-efficient vehicles for emerging markets. Source: LatestNews-Home - Livemint.com | 5 Dec 2008 | 10:01 am Meltdown impacts Jharkhand's iron ore dispatchJharkhand's iron ore dispatch has fallen in the first six months this fiscal, as compared to the corresponding period last year, thanks to the global meltdown that has impacted demand in the steel sector.Source: IndiaeNews.com: Business News | 5 Dec 2008 | 10:00 am Security arrangements being redrawn after Delhi airport terror scareThe government Friday began the process of redrawing security arrangements for airports across the country even as the civil aviation ministry denied any security lapse at the Indira Gandhi International Airport (IGIA), where operations were disrupted for about 20 minutes following reports of gunfire.Source: IndiaeNews.com: Business News | 5 Dec 2008 | 10:00 am India Inc seeking security protectionIndia Incprivate companies, especially luxury hotels, off-shore oil exploration firms and shopping malls are now scrambling for enhanced security cover to protect their establishments.Source: Daily News & Analysis: Money News | 5 Dec 2008 | 9:33 am ACC may raise Rs 200cr via debentures to fund capexCement major ACC seems to be resorting to a bond issue to relieve pressures from equity erosion. It will issue nonconvertible debentures of Rs 200 crore for expansion. The indicative coupon rate will be of 11.3% per annum payable annually for five years.Source: Moneycontrol Top Headlines | 5 Dec 2008 | 8:57 am Base metals futures decline on demand concernsNew Delhi: Base metals futures remained in the negative zone on sustained selling by traders, influenced by weakening trend on the global front. Copper for the most-active February contract fell 1.06% at Rs168.80 per kg on the Multi Commodity Exchange (MCE). The contract recorded a business volume of 4,758 lots. For April contract, the metal declined 0.8% to Rs172.75 per kg in trading of 242 lots. Aluminium for January-month contract fell 1.91% to Rs77 per kg in trading of one lot, while its December contract shed 0.78% to Rs76.3 per kg with trading volume of 34 lots. In restricted activity, lead for December month contract traded lower by 0.10% at Rs49 per kg with trading volume of 477 lots. Trading sentiments remained weak on MCE following a slowing demand in spot market amid reports of weakening trend from major metal consuming nations on fears of a deepening global recession. Slowdown in China, the world’s largest user, eroded demand for the metal used in cars and homes. Nickel for January-month contract slipped 0.31% to Rs475.50 with trading volume of 32 lots and December by 0.17% to Rs462.30 per kg in trading of 414 lots. Nickel inventories in warehouses monitored by the London Metal Exchange increased by 810 tonnes, or 1.3%, to 64,944 tonnes, the most since February 1999. In line with general weakening trend, zinc for February tumbled 2.68% to Rs58.10 per kg in trading of 15 lots, December-month contract by 2.43% to Rs56.15 per kg in transaction of 785 lots, while January-month contract by 2.3% at Rs57.30 per kg. Its clocked a business volume of 47 lots. Source: LatestNews-Home - Livemint.com | 5 Dec 2008 | 8:47 am Hyundai, GM, Mahindra plan to launch gas variantsGreener fuels are gradually gaining ground in the automobile industry with manufacturers focusing on more gas variants.Source: Moneycontrol Top Headlines | 5 Dec 2008 | 8:40 am IT industry growth may halve to 15% this fiscal: InfosysThe countrys second largest IT services company Infosys Technologies said on Thursday that the growth rate of overall Indian IT and ITES sector may slow down to about 15 per cent this fiscal, compared with about 30 per cent notched during the previous year.Source: Moneycontrol Top Headlines | 5 Dec 2008 | 8:38 am Yamaha to roll out scooter next yearYamaha Motor India Sales Private Ltd plans to launch its first scooter next year. Since inception, the company was banking only on motorcycles despite the fact that gearless scooters account for about 15 per cent of twowheelers sold in India.Source: Moneycontrol Top Headlines | 5 Dec 2008 | 8:37 am India's SBI: reserve ratio cut needed to drop rates - Reuters
Source: Google News India - Business | 5 Dec 2008 | 8:26 am SBI: reserve ratio cut needed to drop ratesNEW DELHI (Reuters) - India's monetary authority should lower the proportion of deposits that commercial banks must keep in reserve with the Reserve Bank to enable a reduction in lending rates, a top banker said on Friday.Source: Reuters: Money News | 5 Dec 2008 | 8:23 am Spencer's Retail scales up hypermartsRPG group company Spencer's Retail plans to scale up its hypermarts chain to 400 and is targeting a turnover of Rs 1,250 crore by March-end.Source: Daily News & Analysis: Money News | 5 Dec 2008 | 7:40 am Aurobindo Pharma gets approval for Perindopril Erbumine tab - Moneycontrol.com
Source: Google News India - Business | 5 Dec 2008 | 7:39 am Hiring plans on track: RPG groupBucking the current trend of job lay-offs and salary cuts worldwide, the RPG Group Friday said its hiring plans for this fiscal is on track and has already hired 34 interns.Source: Daily News & Analysis: Money News | 5 Dec 2008 | 7:37 am Rolls-Royce appoints India PresidentAerospace engine manufacturer Rolls-Royce has appointed Anil Shrikhande as president of its India operations.Source: Daily News & Analysis: Money News | 5 Dec 2008 | 7:35 am Stimulus package to be unveiled by PMA stimulus package for the economy to be announced Saturday by the government and Reserve Bank will not be a one-off assistance, but will help sectors hit by the global slowdown.Source: Daily News & Analysis: Money News | 5 Dec 2008 | 7:32 am Microsoft taps Yahoo exec to lead Web businessSeattle: Microsoft Corp. on Thursday tapped a former Yahoo search executive to lead its online push, adding to the intrigue surrounding a possible search partnership between the two rivals. Redmond, Washington-based Microsoft named Qi Lu president of its Online Services Group, responsible for all of the software maker’s Web-based programs and services, including search and online advertising areas where it ranks a distant No 3 behind Google Inc. and Yahoo Inc. The slot was left vacant after Kevin Johnson, a driving force behind Microsoft’s quixotic attempt to buy Yahoo, departed in July. A top internal contender to succeed Johnson, former aQuantive chief Brian McAndrews, is leaving the company, Microsoft said. Lu spent a decade working for Yahoo. He oversaw a high-profile effort, dubbed “Project Panama,” that has helped Yahoo reap more money from the ads running alongside its search results. But that project took longer than investors had hoped to complete, giving Google more time to widen its advantage over its rival. More than 100 Yahoo executives have left since January 2007, exasperated with the perceived bungling of the Sunnyvale, California, company’s leaders. The Web icon, eclipsed by Google and outmaneuvered by nimble newcomers like MySpace and Facebook, has posted sagging profits for the past three years. Lu left Yahoo in August, shortly after the company hired Google to show some of the ads next to its search results. The proposed partnership disillusioned some of Yahoo’s search engine specialists who saw the deal as a signal that the company planned to spend less time and money to improve its own technology. The alliance fell apart last month when Google backed out to avoid an antitrust battle with the Justice Department. The move to hire Lu is a new twist in Microsoft’s winding pursuit of Google’s online advertising success, which culminated with a $47.5 billion bid to buy Yahoo this spring. After Yahoo spurned the offer, Microsoft CEO Steve Ballmer Lu’s new boss attempted to buy Yahoo’s search operations a la carte for $1 billion. Yahoo again declined, but Ballmer has repeatedly said he remains interested in some kind of tie-up. Source: Tech News - Livemint.com | 5 Dec 2008 | 6:59 am Over million jobs shed in US as recession deepensWashington: With the economy sinking faster, employers are giving more Americans dreaded pink slips right before the holidays. The Labour Department releases a new report on Friday that’s expected to show the employment market deteriorated in November at an alarming clip as the deepening recession engulfed the country. After bolting to a 14-year high of 6.5% in October, the unemployment rate likely climbed to 6.8% last month, according to economists’ forecasts. If they are right, that would mark the worst showing in 15 years. Skittish employers, which have slashed 1.2 million jobs this year alone, probably cut another 320,000 last month, economists forecast. If that estimate is correct, it would represent the deepest cut to monthly payrolls since October 2001, when the economy was suffering through a recession following the 11 September terrorist attacks. The carnage including the worst financial crisis since the 1930s is hitting a wide range of companies. Just in recent days, household names like AT&T Inc., DuPont, JPMorgan Chase & Co., as well as jet engine maker Pratt & Whitney, a subsidiary of United Technologies Corp., and mining company Freeport-McMoRan Copper & Gold Inc. announced layoffs. Fighting for their survival, the chiefs of Chrysler LLC, General Motors Corp. and Ford Motor Co. will return Friday to Capitol Hill to make a pitch to lawmakers for the second straight day for as much as $34 billion in emergency aid. Worn-out consumers battered by job losses, shrinking nest eggs and tanking home values have retrenched, throwing the economy into a tailspin. As the unemployment rate continues to move higher, consumers will burrow further, dragging the economy down even more, a vicious circle that Washington policymakers are trying to break. Federal Reserve Chairman Ben Bernanke is expected ratchet down a key interest rate now near a historic low of 1% by as much as a half-percentage point on 16 December in a bid to breath life into the moribund economy. Bernanke is exploring other economic revival options and wants the government to step up efforts to curb home foreclosures. President-elect Barack Obama, who takes office on 20 January, has called for a massive economic recovery bill to generate 2.5 million jobs over his first two years in office. The United States tipped into recession last December, a panel of experts declared earlier this week, confirming what many Americans already thought. The 1981-82 recession was the worst in terms of unemployment since the Great Depression. The jobless rate rose as high as 10.8% in late 1982, just as the recession ended, before inching down. Given the current woes, the jobless rate could rise to as high as 8.5% by the end of next year, some analysts predict. Projections, however, have to be taken with a grain of salt because all of the uncertainties plaguing the economy. Source: Home - Livemint.com | 5 Dec 2008 | 6:48 am Rate cuts may be part of stimulus plan - Kamal NathNEW DELHI (Reuters) - Lowering interest rates and an interest subsidy on bank loans to exporters could form part of a stimulus package likely to be announced by the government and the Reserve Bank on Saturday, the trade minister, Kamal Nath, said.Source: Reuters: Money News | 5 Dec 2008 | 6:41 am AT&T to slash 12,000 jobsNew York: Pressured by the economic turmoil and the mounting loss of traditional phone customers, AT&T Inc. is cutting 12,000 jobs, about 4% of its work force. The Dallas-based telecommunications company, the nation’s largest, said that the job cuts will begin this month and run throughout 2009. The company also plans to lower its capital spending next year, and one analyst estimates that reduction could be as much as $2 billion. The 300,000-person company has announced layoffs several times over the past few years, including in April, when it said it would eliminate 4,600 jobs, but it has been hiring at the same time. This is the first time since the company bought BellSouth Corp. in 2006 that it said that the overall staffing would decline. The new cuts were part of a parade of layoffs tied to the recession. In addition, on 5 December, the chemicals company DuPont announced plans to lose 2,500 jobs, Credit Suisse Group slashed 5,300 and media conglomerate Viacom Inc. jettisoned 850. Yet AT&T, which provides local phone coverage in California, Texas and 20 other states, is also being pulled by another current: the long-term trend of people defecting from landline phones to wireless services or phone service from the cable company. In the last quarter, AT&T’s basic voice lines in service dropped 11%. Its wireless customer base, meanwhile, grew 14%. Reflecting that ‘changing business mix’, the company said that it still plans some hiring in 2009 in parts of the business that offer cell phone service and broadband Internet access. “The shift away from landlines has accelerated because of the economic turmoil,” said Christopher King, an analyst with Stifel Nicolaus. Fewer homes bought means fewer landlines getting installed or transferred. And more are getting disconnected as people look to save money and rely only on their cell phones. AT&T spokesman Walt Sharp said that the layoffs will be across the company and across the country, but would not specify what departments and cities would be most affected. Connecticut Attorney General Richard Blumenthal said late Thursday that he would seek an immediate order to stop what he called an illegal action by AT&T to layoff workers in his state. He said that AT&T is already failing to meet service demands in the area. “We will take action before our regulatory authority to fight this,” said Blumenthal, referring to the state’s Department of Public Utilities Control. “This is the height of arrogance and insensitivity,” he said adding that he thought 500 Connecticut workers could be affected. King expects most of the lost jobs to come from the company’s landline business. But he said that some might also come from the unit of the company that serves large businesses and accounts for about 30% of AT&T’s sales. “Companies have been cutting back spending because of the recession, and this will certainly pinch AT&T’s revenue growth,” King said. AT&T, whose shares are down about 30% this year while the Dow Jones industrial average is off 35% remains profitable, and benefits from being the sole US wireless carrier for Apple Inc.’s popular iPhone. This is in sharp contrast to rival Sprint Nextel Corp., which has been hemorrhaging wireless subscribers and has seen its shares lose 80% of their value this year. Last month, Sprint said that it is offering voluntary buyout packages to an unspecified number of its 57,000 workers. Verizon Communications Inc., the nation’s second-largest phone company, has fared better than AT&T so far. Its landline business is concentrated in the Northeast, which hasn’t been as battered by the housing crisis as some of the markets AT&T serves, like Florida and California. However, Verizon figures to be more affected by a slowdown in business spending and the fallout from the financial sector’s crisis. AT&T plans to take a charge of about $600 million in the fourth quarter to pay for severance costs. The company is still finishing its capital spending plans for next year, and said that it will give more specifics on the planned reductions when it posts fourth-quarter earnings in January. UBS analyst John Hodulik estimates the layoffs will save the company about $720 million, or 8 cents per share, annually. He also expects AT&T’s reduction in capital spending to amount to about 10% of the $20 billion being spent in 2008. AT&T noted that many of its non-management employees have guaranteed jobs because of union contracts. All affected workers will receive severance in accordance with management policies or union agreements, the company said. AT&T’s shares fell 67 cents, or 2.3%, to $28.41 in afternoon trading. Source: World Business - Livemint.com | 5 Dec 2008 | 5:05 am Rupee gains as oil drops; fund flows eyedMumbai: Rupee strengthened in early trade today helped by a rise in Asian stocks, which fuelled expectations of some foreign fund inflows into the local shares, and a drop in oil prices. At 9:30am, the partially convertible rupee was at Rs49.76/79 per dollar, 0.2% stronger than Thursday’s close of Rs49.87/89. It had hit a record low of Rs50.65 on Tuesday. “The rupee opened weaker due to the Delhi airport firing rumours, but then gained tracking positive Asian markets and lower oil,” a senior dealer at a private bank said. “Operations appeared normal at New Delhi’s international airport early on Friday,” a Reuters witness said, despite media reports of a shootout there. Oil prices have fallen to their lowest since Jan 2005. Down more than $100 a barrel from a record high hit in July, the fall in oil is seen helping rupee sentiment as it would help contain India’s widening trade deficit. Indian stocks had surged 5.5% on Thursday, and Asian markets were up again on Friday. Japan’s Nikkei was up 0.5%, South Korea’s Kospi had put on nearly 2% and the Sanghai Composite index was down 0.3%. Foreign fund flows have been a key factor for the rupee’s direction in recent months. Capital outflows worth a net $13.8 billion from Indian shares so far in 2008 have helped push the rupee down 21% against the dollar. Dealers said that the market had largely factored in an interest rate cut, which is expected to be announced on the weekend. The central bank governor has scheduled a media conference for noon on Saturday. “A rate cut would be positive for the economy, so it would be positive for the rupee,” said Agam Gupta, head of forex trading at Standard Chartered Bank. “I expect the rupee to be in a Rs49.70 to Rs50.20 range today,” he said. Source: Home - Livemint.com | 5 Dec 2008 | 4:45 am Boeing may further postpone 787 deliveries: reportPittsburgh: Boeing Co. may delay the first deliveries of its of long-awaited 787 jetliner by at least six more months due to a recent strike by union workers and other production glitches, a media report said on Thursday. Boeing executives are expected to announce later this month that the first deliveries of the jet, touted for its anticipated high fuel efficiency, might not be made until the summer of 2010, The Wall Street Journal reported on its Web site. That would set back the deliveries by more than two years from the original schedule. Boeing officials have been meeting with suppliers and partners on the program in an effort to overcome challenges partly due to the volume of work outsourced by Boeing, the Journal reported, quoting unidentified sources familiar with the situation. Yvonne Leach, a spokeswoman for the 787 program, declined to confirm the report but said the Chicago-based company had not yet completed an assessment of its commercial aircraft operations after a strike shut down its factories for eight weeks. The strike ended early last month after the Machinists union, representing 27,000 workers in Washington state, Oregon and Kansas, ratified a four-year contract with the company. Even before the strike, the plane had been hampered by lengthy delays caused by production problems partly due to a reliance on overseas suppliers. Boeing has lost credibility, and billions of dollars in expected additional costs and penalties, as a result. Last month, Boeing delayed the first 787 test flight until next year, citing the strike. It had scheduled the inaugural flight of the next-generation passenger jet delayed four times already for the fourth quarter of this year. The company also said last month it was delaying deliveries of its 747-8 freighter and passenger jets due to design changes, limited engineering resources and the strike. Boeing has roughly 900 orders for the 787, which is expected to be more fuel-efficient than current jetliners because of its construction from lightweight carbon composite parts. Boeing, the world’s second-largest commercial airplane maker after Europe’s Airbus, also produces 737, 747, 767 and 777 jetliners. Source: Home - Livemint.com | 5 Dec 2008 | 3:58 am Boeing may further postpone 787 deliveries: reportPittsburgh: Boeing Co. may delay the first deliveries of its of long-awaited 787 jetliner by at least six more months due to a recent strike by union workers and other production glitches, a media report said on Thursday. Boeing executives are expected to announce later this month that the first deliveries of the jet, touted for its anticipated high fuel efficiency, might not be made until the summer of 2010, The Wall Street Journal reported on its Web site. That would set back the deliveries by more than two years from the original schedule. Boeing officials have been meeting with suppliers and partners on the program in an effort to overcome challenges partly due to the volume of work outsourced by Boeing, the Journal reported, quoting unidentified sources familiar with the situation. Yvonne Leach, a spokeswoman for the 787 program, declined to confirm the report but said the Chicago-based company had not yet completed an assessment of its commercial aircraft operations after a strike shut down its factories for eight weeks. The strike ended early last month after the Machinists union, representing 27,000 workers in Washington state, Oregon and Kansas, ratified a four-year contract with the company. Even before the strike, the plane had been hampered by lengthy delays caused by production problems partly due to a reliance on overseas suppliers. Boeing has lost credibility, and billions of dollars in expected additional costs and penalties, as a result. Last month, Boeing delayed the first 787 test flight until next year, citing the strike. It had scheduled the inaugural flight of the next-generation passenger jet delayed four times already for the fourth quarter of this year. The company also said last month it was delaying deliveries of its 747-8 freighter and passenger jets due to design changes, limited engineering resources and the strike. Boeing has roughly 900 orders for the 787, which is expected to be more fuel-efficient than current jetliners because of its construction from lightweight carbon composite parts. Boeing, the world’s second-largest commercial airplane maker after Europe’s Airbus, also produces 737, 747, 767 and 777 jetliners. Source: World Business - Livemint.com | 5 Dec 2008 | 3:58 am Security tightens after firing scare at IGI airportNew Delhi: The security at the Indira Gandhi International airport was thrown into a state of high alert in the wee hours on Friday following the reported hearing of gunshots. The scare followed a passenger claiming to have heard sound of two gunshots firing at around 1:15am near gate no 4, but there was no eyewitness, Udayan Banerjee, Commissioner of Security for Airports (COSA) said. However, the airport was already on a high alert following intelligence warning that there could be a terror attack or a hijack ahead of the Babri Masjid demolition anniversary on 6 December. The Quick Reaction Team (QRT) of the CISF swung into action alongwith Delhi Police immediately after the reported incident. “We received a call that some passengers heard a sound similar to two gunshots, but there were no eyewitnesses. No evidence has so far come up to suggest that it was a firing and we cannot confirm it as a gunshot,” Banerjee said. The area outside departure terminal was completely cordoned off with AK 47 and INSAS rifle toting CISF and Delhi Police commandos taking control of the entire premises. Banerjee said, while the checking was going on, a white colour Qualis car jumped the queue and sped away adding to the confusion. Police gypsy chased the car, but lost it after some time, he added. While the car sped away, the Delhi Police and the Haryana Police have been alerted for a lookout of the white vehicle. According to the police, no bullet shells were recovered during the combing operation and neither any bullet mark found in the airport area. Meanwhile, movement at the airport, including the flight operations were put on hold for nearly 45 minutes, he said adding it was resumed there after. The normal rush at the airport continued with the passengers movement on the airport going smooth, an airport official said. According to initial reports, the entire incident could have been a part of the mock drill to check the security preparedness at the airport. However, the security has been beefed up at the airport with the deployment of additional security personnels. Senior CISF officials have also arrived at the scene to take stock of the situation. CISF officials said all preventive measures have been taken and a security drill has been put in place. Airports across the country have been put on high alert in the wake of intelligence reports that terrorists from Pakistan or Afghanistan may strike using a hijacked aircraft even as the Indian Air Force said it was ready to counter a 9/11-type aerial attack on New York. Source: Home - Livemint.com | 5 Dec 2008 | 3:52 am Asian shares gain after central banks slash ratesHong Kong: Asian shares rose on Friday following record rate cuts by central banks in Europe, though risk aversion remained, lifting the dollar ahead of what is expected to be dismal US employment data. Oil prices steadied after slumping $3 on Thursday to their lowest level in nearly four years amid bleak economic data that could spell a deeper decline in global energy demand. Caution was likely to prevail in broader global markets despite the recent sell-offs, with concerns also focusing on the fate of US auto makers, which are seeking billions of dollars in government aid. The MSCI index of Asian shares outside Japan rose 0.5% as of 8:10am, though it was still en route to a weekly loss of nearly 4%. The Nikkei average was up 0.7%, while key indexes in South Korea, Hong Kong and Singapore were up between 1 and 2%. Shares in Taiwan fell, while markets in China and Australia were little changed. The overall gains followed steep rate cuts by central banks worldwide as they respond to a deepening global downturn. On Thursday the European Central Bank dropped its benchmark rate by 0.75 percentage point, while Sweden lopped 1.75 percentage points and the Bank of England cut rates by 1 percentage point. Governments are also taking action. South Korea repeated on Friday pledges to do more to keep Asia’s fourth-largest economy on tack, and listed automobile, semiconductor and petrochemical firms as those hardest hit by the global downturn. Source: Home - Livemint.com | 5 Dec 2008 | 3:40 am Oil slips below $44, lowest in 4 yearsSingapore: Oil was steady below $44 on Friday, at its lowest in almost four years, with eyes turning to the psychologically important $40 level as a widening economic slowdown gnaws into oil demand. Prices have lost nearly 20%, or almost $11, from their settlement a week ago following the release of weak US economic indicators, with lower retail sales and a 26-year high in jobless benefits rolls the latest to add pressure to prices. US light crude for January delivery fell 4 cents to $43.63 a barrel, having lost more than 6% on Thursday to settle at $43.67, the lowest since 5 January, 2005. London Brent crude dipped 8 cents to $42.20. The number of US workers collecting jobless benefits hit a 26-year high last month, data showed on Thursday, and may head higher as a growing economic slump forces a broad range of firms to cut jobs. US and European companies announced further job cuts, with US phone company AT&T Inc saying it would eliminate 12,000 jobs, while chemical maker DuPont Co planned to drop 2,500. Leading US retailers also reported dismal November sales on Thursday. Totting up the results, the International Council of Shopping Centers said sales fell by a record 2.7% compared to the same period last year. To try and ginger up their feeble economies, European central banks cut interest rates on Thursday. Sweden’s central bank cut by a record 175 basis points, the European Central Bank cut by 75 points and the Bank of England cut by 100 points. The price fall to nearly four-year lows has prompted Opec members to call for increasingly strong action when the Organization of the Petroleum Exporting Countries meets next, on 17 December in Algeria. But analysts say another Opec cut, the third since September, would need to be drastic to provoke a price reaction. Source: Home - Livemint.com | 5 Dec 2008 | 3:23 am Stimulus package hopes push Sensex up 482 pointsMumbai, Dec. 4 The benchmark indices surged on Thursday sparked by a drop in the domestic inflation rate, and expectations of a stimulus package from the Government to boost theSource: Business Line - Home Page | 5 Dec 2008 | 12:00 am Day Trading GuideThe stock outlook is positive as long as the stock trades above Rs 350. We recommend a buy with tight stop-loss at Rs 350 level.Source: Business Line - Home Page | 5 Dec 2008 | 12:00 am Rlys to use RFID for physical efficiency test during recruitmentChennai, Dec. 4 For the first time in India, the use of RFID (radio frequency identification)-based technology is being planned to replace manual conduct of ‘physical efficiency test’ in recruiting candidates for Group D posts —Source: Business Line - Home Page | 5 Dec 2008 | 12:00 am Venus Remedies (Rs 214.50): BuyWe recommend a buy in Venus Remedies stock from a short-term perspective. It is evident from the charts of Venus Remedies that it was on an accelerated medium-term downtrend from its September high of Rs 400 to its 52 week low of Rs 143 touchedSource: Business Line - Home Page | 5 Dec 2008 | 12:00 am As inflation falls, RBI is shifting focus to growthHyderabad, Dec. 4 The Reserve Bank of India (RBI) is shifting its policy focus to growth, moving away from measures directed at curbing the inflation, according to Dr D Subbarao, itsSource: Business Line - Home Page | 5 Dec 2008 | 12:00 am Ministry agrees to refund Reliance Comm Rs 112 crNew Delhi, Dec. 4 In an unprecedented move, the Communications and IT Ministry has agreed to refund about Rs 112 crore to Reliance Communications (RCom), which the company had paid as part of the entry fee at the time of taking the approval forSource: Business Line - Home Page | 5 Dec 2008 | 12:00 am Trident to open from Dec 21; top security measures on cardsMumbai, Dec. 4 The Oberoi Group, which will throw open the Trident to the public on December 21, is taking all steps to ensure the security of its guests, employees and properties.Source: Business Line - Home Page | 5 Dec 2008 | 12:00 am HC ruling on Vodafone to enable I-T Dept to look at similar dealsNew Delhi, Dec. 4 The Income-Tax Department estimates that tax deducted at source (TDS) amounting to about $ 2 billion had not been paid to the exchequer in the $ 11.2-billion Hutch-EssarSource: Business Line - Home Page | 5 Dec 2008 | 12:00 am Terrorism, meltdown and fiscal chastityLet there be no mistake about it. India is a country at war — a war on terrorism and a war dealing with the global financial meltdown. These wars have to be fought effectively and expeditiously and there are unavoidable costs as alsoSource: Business Line - Home Page | 5 Dec 2008 | 12:00 am Cross margining may help arbitrageursThe Securities and Exchanges Board of India’s move to extend cross-margining facility to all categories of market participants across the cash and derivative segments is beneficial to arbitrageurs and brokers. But the move is not likely toSource: Business Line - Home Page | 5 Dec 2008 | 12:00 am Credit Suisse to cut 5,300 jobs !Swiss bank Credit Suisse said on Thursday it was cutting another 5,300 jobs, as it revealed it made a net loss of about 3 billion Swiss francs (USD 2.5 billion) in October and November.Source: Zee News : Business | 4 Dec 2008 | 11:39 pm Macquarie lays off 100 bankers, advisers: Report!Global financial service provider Macquarie Group has laid off about 100 investment bankers and advisers, as a part of its consolidation drive of its global workforce, says a media report.Source: Zee News : Business | 4 Dec 2008 | 11:39 pm Slump in global oil prices could cause huge losses to Lanka!Though the cost of oil hedging for the Sri Lankan exchequer could run into millions of dollars the country`s Oil Minister has defended hedging saying the measure was taken to insulate the economy against losses.Source: Zee News : Business | 4 Dec 2008 | 11:39 pm Vodafone to pay Rs 10,000 crore capital gains tax: CBDT!The income tax authorities on Thursday said telecom giant Vodafone International will have to shell out USD 2 billion (about Rs 10,000 crore) as capital gains tax following the Bombay High Court order.Source: Zee News : Business | 4 Dec 2008 | 11:39 pm FT to freeze salary hikes, introduce voluntary redundancy!With the financial turmoil causing pursue strings to be tightened worldwide, leading British daily Financial Times will not give salary hikes in the near term, in addition to introducing voluntary redundancy programmes.Source: Zee News : Business | 4 Dec 2008 | 11:39 pm BHEL bags order from Oman for supplying gas turbines!State-run Bharat Heavy Electricals Ltd (BHEL) on Thursday said it has bagged an order from Oman for supplying 126 MW gas turbine generator packages.Source: Zee News : Business | 4 Dec 2008 | 11:39 pm Punj Lloyd signs pact with US-based Thorium Power!Punj Lloyd on Thursday said it has entered into an agreement with US-based thorium Power for consulting activities in the development of nuclear power generation in India.Source: Zee News : Business | 4 Dec 2008 | 11:39 pm Govt asks RIL to allocate natural gas to Dabhol plant!The government has asked Reliance Industries to supply natural gas from the company`s eastern offshore D6 fields to the beleaguered Dabhol power plantSource: Zee News : Business | 4 Dec 2008 | 11:39 pm Govt may cut petrol, diesel, LPG prices next week!With the assembly polls in major states concluding, the government may slash petrol price next week by Rs 10 a litre, diesel by Rs 3 per litre and domestic LPG by Rs 20 per cylinder in line with fall in global oil prices.Source: Zee News : Business | 4 Dec 2008 | 11:39 pm Honda to cut 760 jobs in Japan!Honda Motor will cut 760 temporary jobs at its domestic plants by the end of January due to weak demand in North America and Europe, a spokesman said on Thursday.Source: Zee News : Business | 4 Dec 2008 | 11:39 pm Racing to downgrade GDP rate Around six months or so back, the prevailing consensus was that India would be affected by the global crisis, but growth wouldn’t slip below 7%. Now that’s more or less the official rose-tinted-glasses view. Then we thought that 6% marked the lower limit—after all, the Indian economy has gone through a structural transformation, we surely couldn’t go back to the bad old days. Now, several forecasters say GDP growth in 2009-10 will be nearer 5%, while one broker puts it at 3.5%, calling it its “base case”. The table shows some of the recent forecasts of a few research outfits. As can be seen, they cover a wide range. Also See Lowering Estimates (Graphic) Most of them predict that growth will slow further in fiscal 2010 (FY10), simply because growth in the first half of the current year, at 7.6%, has been pretty robust. A forecast of 5.5% for fiscal 2009 presumes that growth in the second half will be as low as 3.4%, which is not a call that most researchers are willing to make, although there are several telltale signs that economic conditions have worsened sharply after September, as seen from the Purchasing Managers Index reports and from the reports on sales of vehicles. The credit crunch started being felt in India only since October. The fall in exports too has just started. As Goldman Sachs Group Inc.’ Tushar Poddar has put it, “We now see further risks to the downside as problems in the financial sector feed through to the real sector… Corporates will be the most affected, and as a result, investment demand will suffer the most, followed by external demand, and finally by a slowdown in consumption.” Nomura Financial Advisory and Securities (India) Pvt. Ltd believes that fixed investment growth will slump to 2.5% in FY10. What are the differences between the optimists and the pessimists? There’s not much difference between the forecasts for agricultural growth, which is as it should be, since nobody can predict what the rains will bring. But First Global has a very low rate of growth for agriculture in the current year. And although there are differences in the range of manufacturing growth, the real difference is between those who believe that services growth will hold up relatively well and those who think that it too will follow manufacturing down into the dumps. Interestingly, India’s GDP growth rate fell to as low as 3.8% in 2002-03, during the last downturn after the dotcom bust. Since then, savings and investment rates have gone up considerably, which is perhaps why most research houses do not foresee growth rates dropping to that level. Says Ajit Ranade, chief economist with the Aditya Birla Group, “Even if the savings rate dips from 35% to around 30% due to decrease in corporate savings, lower energy and fertilizer prices will provide enough headroom for the government to provide a fiscal stimulus.” But he believes that could happen only after the next general elections. The problem is that this time it’s not only a cyclical slowdown, but also a global crisis. So far, however, almost all forecasts predict that structural improvements (like the higher savings rate) will offset the impact of the global shock. Write to us at marktomarket@livemint.com Graphics by Sandeep Bhatnagar / Mint Source: Home - Livemint.com | 4 Dec 2008 | 7:39 pm Realtors look at 'affordable' flats for cash flowsAfter launching mid-income houses, real estate companies are now targeting low-priced homes in the sub-Rs 10 lakh category to improve cash flows and beat the slump in the property market that has beenSource: Business Standard | Front Page Headlines | 4 Dec 2008 | 7:13 pm Agents, travel portals stop selling Jet ticketsMove a protest against withdrawal of commissions.Source: Business Standard | Front Page Headlines | 4 Dec 2008 | 7:11 pm Tax dept to issue notices on other Vodafone-type dealsIndias income tax department today said it would scrutinise more than a dozen cases of offshore mergers and acquisitions (M&As) in which the deal results in an ultimate change of ownershipSource: Business Standard | Front Page Headlines | 4 Dec 2008 | 7:09 pm Bhaskar in advanced talks for INX stakesINX Media has denied this story. Read the denial at the end of the article.Source: Business Standard | Front Page Headlines | 4 Dec 2008 | 4:36 pm
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