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Max India Grp buys 3% in EIH, may increase stake aheadMax India Group Investment Companies has acquired nearly 3% in EIH today. Max India\'s EIH stake buy is a part of investment programme and the company may acquire further stake going forward, sources added.Source: Moneycontrol Top Headlines | 8 Dec 2008 | 3:58 pm Have ample liquidity to buy FCCBs: Jain IrrigationThe Jain Irrigation stock has declined 15% over the past seven days. The company has outstanding foreign currency convertible bonds, or FCCBs worth USD 11 million. Anil Jain, MD, said,\"It\'s a positive news and would allow us to get some benefits on our balance sheet when we buy the bonds at discount. We have ample liquidity to buy these bonds.\"Source: Moneycontrol Top Headlines | 8 Dec 2008 | 3:35 pm Great Offshore pledges 13% equity with Bharti ShipyardGreat Offshore promoters have pledged 13% equity with rival Bharti Shipyard to raise money to pay off creditors. The creditors had asked for margin money following plunge in shares pledged.Source: Moneycontrol Top Headlines | 8 Dec 2008 | 3:17 pm GE stake buy to help transformer biz ahead: Indo TechGE has bought 54% from the promoters of Indo Tech Transformers. PS Jagdish, Director, Indo Tech Transformers, said post the GE stake buy, the issues with regard to larger transformers will get resolved.Source: Moneycontrol Top Headlines | 8 Dec 2008 | 2:59 pm RBI FCCB move +ve for cos with surplus cash: 3i InfotechThe Reserve Bk has made it easier for cos to use their forex reserves to buyback their old FCCBs. Amar Chintopanth, 3i Infotech, said its definitely useful for companies having surplus cash, which is other than operating cash, to use that cash in buying back their FCCBs by which they will cancel some of the debt.Source: Moneycontrol Top Headlines | 8 Dec 2008 | 2:24 pm Govt\'s fiscal stimulus pkg: Impact on realty, OMCsThe fiscal stimulus package announced by the government seems to have an negative impact on real estate sector. Thus, demand is unlikely to pick up unless there is clarity on property prices bottoming out and confidence returning back. Meanwhile, despite a cut in fuel prices, Oil Marketing Companies or OMCs are still making losses.Source: Moneycontrol Top Headlines | 8 Dec 2008 | 1:37 pm Govt\'s fiscal stimulus pkg: Impact on auto infraThe Government of India has announced a Rs 20,000crore fiscal stimulus package. The impact of the package will be positive on auto, steel and cement wheareas it will be neutral on the infrastructure sector.Source: Moneycontrol Top Headlines | 8 Dec 2008 | 1:30 pm Rupee opens 35 paise higher against dollar!The rupee opened higher by 35 paise against the US currency on Monday on selling of dollar by banks and fresh inflow of funds as market sentiment was up after the government`s announcement for the stimulus package.Source: Zee News : Business | 8 Dec 2008 | 12:12 pm Asian stocks rise on hopes of fresh policy action!Asian stocks rose in early trade on Monday as hopes grew for fresh action by the US authorities to fight a deepening recession in the wake of massive job losses.Source: Zee News : Business | 8 Dec 2008 | 12:12 pm Oil jumps 5% after hitting 4-year low under $41!Oil jumped five percent to USD 43 a barrel on Monday, clawing back a share of the near-record decline last week when negative economic data heightened fears about the impact of a global recession on fuel demand.Source: Zee News : Business | 8 Dec 2008 | 12:12 pm Brown, Sarkozy, Barroso meet for credit crunch mini-summit!The leaders of Britain, France and the European Union meet in London Monday for a mini-summit on the world financial crisis which will also involve around 50 leading businessmen and economists.Source: Zee News : Business | 8 Dec 2008 | 12:12 pm Speculation rife over next FM!Hunt is on for a new FM with the names of SM Krishna, C Rangarajan and Kapil Sibal doing the rounds.Source: Zee News : Business | 8 Dec 2008 | 12:12 pm HSBC unveils new $5 bn global fund for SMEs!Global banking giant HSBC has set up a 5 billion US dollar fund to help small and medium sized businesses get access to credit during the global financial crisis, the bank said.Source: Zee News : Business | 8 Dec 2008 | 12:12 pm Economy to get worse before it improves: Obama!President-elect Barack Obama said on Sunday that the economy will get worse before it gets better, pledged a recovery plan "equal to the task" and warned lawmakers that the days of pork barrel spending are over.Source: Zee News : Business | 8 Dec 2008 | 12:12 pm 30,000 jobs axed in first week of DecNews of the US officially slipping into recession seems to have spurred another round of massive retrenchment, as the first week of December alone saw a stunning 30,000 layoffsSource: Daily News & Analysis: Money News | 8 Dec 2008 | 12:03 pm Global oil demand could fall in 2009 -IEAPOZNAN, Poland (Reuters) - Global oil demand may fall in 2009 if the economies of non-OECD countries slow further, the head of the International Energy Agency said on Monday.Source: Reuters: Money News | 8 Dec 2008 | 11:41 am RBI may cut rates sharply in 2009 - NomuraMUMBAI (Reuters) – The Reserve Bank of India (RBI) may cut its short-term rates sharply in 2009 to check the economic slowdown, Nomura Financial Advisory and Securities Ltd said on Monday.Source: Reuters: Money News | 8 Dec 2008 | 11:39 am BSE Sensex rises 2.2 pct on stimulus boostMUMBAI (Reuters) – The BSE Sensex climbed 2.2 percent on Monday after an economic stimulus package and strong global markets boosted sentiment, but the gains were clipped on news of a fire at Reliance Petroleum's new refinery.Source: Reuters: Money News | 8 Dec 2008 | 11:34 am Sensex trims early gains, ends 197 pts upNew Delhi: The benchmark Sensex ended up 2.28% on Monday, 8 December, slipping from its early gains after news of small fire at Reliance Petroleum’s new refinery came in. Markets had opened 400 points higher on heavy buying by funds and retailers encouraged by RBI’s announcement to infuse more liquidity and government’s over Rs30,000 crore stimulus package slowing Indian economy. The 30-share BSE index closed up 197.42 points at 9,162.62 after rising as much as 5.2%. The 50-issue NSE index ended 2.63% higher at 2,784.60. The bullish trade began after the Reserve Bank of India cut key short-term lending and borrowing rates by 100 basis points each and pumped in Rs11,000 crore for housing and mirco industries to accelerate economic growth. Major gainers of the day’s trade are from capital goods and realty sector. Top on gainers list was the largest realty developer DLF, which rose by 8.90% to Rs 221.55, followed by Tata Steel that surged 7.40% to Rs196. The day opened with all companies trading green and maintained the positive trend. Other gainers were Unitech (7.32%, Rs33), Ambuja Cement (7.01%, Rs58), Cairn India (6.72%, Rs142.85) and Tata Communications (6%, Rs435.65). Investor confidence was also up by strong rupee and firm Asia trading. Asia rally was high on economic plans announced by US President-elect Barack Obama and dropping oil prices. Hong Kong share prices closed 8.7% higher and Nikkei at 5.2% closed its highest in a week. Source: Home - Livemint.com | 8 Dec 2008 | 11:29 am Congress wins Delhi, Mizoram, Rajasthan; BJP retains Madhya Pradesh, ChhattisgarhNew Delhi: The Congress on Monday stormed back to power in Mizoram and was on its way to wresting Rajasthan while scoring a hat-trick in Delhi as BJP was well on course to retaining power in Madhya Pradesh and Chhattisgrah. The BJP, which tried to capitalise on the terror card especially after the 26 November Mumbai attacks, suffered a shock in Rajasthan when Chief Minister Vasundhara Raje failed to deliver the state for the party. Riding an anti-incumbency wave, the Congress was back in power in north-eastern state of Mizoram after a decade when it got a majority routing the Mizo National Front. The party secured 21 of the 23 seats for which results have been declared in a House of 40. Click here to watch video (Video uploaded at 05.10 pm) Two-time chief minister Lal Thanhawla won from both Serchhip and South Tuipui seats. The MNF cut a sorry figure with Chief Minister Zoramthanga biting the dust in his Champahi North constituency where he lost to a Congress greenhorn T T Zothansanga. In Rajasthan, the Congress appeared headed for a victory gaining power after a gap of five years. The party has won 22 seats while BJP got 17 in the 200-member Assembly. BSP and JD(U) have got one seat each and independents three. While the Congress is leading in over 60 seats, BJP is ahead in 50 seats. Independents and others were leading in rest of the seats in Rajasthan. Performing a record hat-trick, Chief Minister Sheila Dikshit steered her party to victory securing 28 of the 43 results declared so far in the 70-member Assembly. The BJP was way behind with 13 seats while INLD and BSP got one seat each. In Madhya Pradesh, BJP Chief Minister Shivraj Singh Chouhan led his party for a second term in office on development plank. The saffron party has won five seats against Congress’ three and was leading in 114 seats in the 230-member Assembly. The Congress was ahead in 64 seats while others led in 20 in an election which initially appeared to be a neck and neck race. Chouhan won yet again from Budhni assembly constituency with a huge margin of more than 40,000 votes. Other BJP winners included State Assembly Speaker Ishwardas Rohani who won by more than 25,000 votes from Jabalpur Cantonment, Vijay Shah from Harsud, Raghavji from Vidisha, Tukojirao Pawar from Dewas, Kailash Vijayawargiya from Mhow and Surya Prakash Meena from Shamshabad. The Congress winners were Lakhan Ghanghoriya from Jabalpur north, Satyanarayan Patel from Depalpur and Yadvendra Singh from Tikamgarh. Singh defeated former Bhartiya Janshakti Party President Uma Bharti. Again in neighbouring Chhattishgarh, the BJP was on course to retaining power winning the first two results and having established a lead in 49 other constituencies in the 90-member House.The Congress is projected to win 34 seats. Needing 46 seats for a simple majority, the BJP banked heavily on the performance plank with its campaign being steered by Chief Minister Rama Singh. BSP and NCP are projected to win one seat each. If the trend translates into final results, the saffron party may do a shade better than its tally of 50 seats against Congress’ 37 seats in the 2003 election. Source: Home - Livemint.com | 8 Dec 2008 | 11:29 am Exchange-traded corp debt market likely in a few months: SEBI - Hindu
Source: Google News India - Business | 8 Dec 2008 | 11:19 am Stocks to watch: Maruti, ICICI Bank, Dr Reddys - Economic Times
Source: Google News India - Business | 8 Dec 2008 | 11:17 am Export duty scrap to pep Indian iron ore globally: Sesa GoaAccording to the Sesa Goa management, the removal of the 8% export duty will make Indian iron ore competitive in global market. The capacity expansion and infrastructure development plans are on track, it said. It plans to maintain 2025% volume growth target for FY09 and going forward.Source: Moneycontrol Top Headlines | 8 Dec 2008 | 11:10 am Global oil demand could fall in 2009 - IEA - Reuters India
Source: Google News India - Business | 8 Dec 2008 | 11:04 am Railways' five-year profit will cross Rs.1,000 bn: LaluRailways Minister Lalu Prasad Monday said the Railway's profit during his five-year tenure will cross Rs.1,000 billion ($20 billion).Source: IndiaeNews.com: Business News | 8 Dec 2008 | 11:01 am Equities end on sombre note, gain lower than expectedAfter a buoyant start following the fiscal stimulus package announced Sunday, the Indian equities markets slipped in intra-day trading Monday, though managing to end a little over Friday's close.Source: IndiaeNews.com: Business News | 8 Dec 2008 | 11:00 am Jet Airways agrees for 3% commission to travel agents - Business Standard
Source: Google News India - Business | 8 Dec 2008 | 10:56 am GE stake buy to help transformer biz ahead: Indo Tech - Moneycontrol.com
Source: Google News India - Business | 8 Dec 2008 | 10:53 am Realty cos say govt move not enough to spur demandMUMBAI (Reuters) - Real estate companies say the recent rate cuts and extra spending announced by the government over the weekend are not enough to spur demand.Source: Reuters: Money News | 8 Dec 2008 | 10:51 am Congress retains Delhi; Sheila Dikshit thanks people for votingNew Delhi: The Congress party on Monday retained power for the third consecutive term in Delhi, winning 40 seats in the 70-member Assembly in a keenly fought electoral battle. The BJP, which was hoping to wrest power after 10 years, was left behind by 22 seats till counting for 66 seats were completed. Chief Minister Sheila Dikshit and all six of her cabinet colleagues were among the successful candidates of Congress. Dikshit, the Chief Minister for past 10 years, got 39,747 votes defeating BJP’s Vijay Jolly, a one-time MLA, by a margin of 14,078 votes. BJP chief ministerial face V K Malhotra was among the party candidates who won. Om Prakash Chautala-led INLD sprang a surprise by winning Najafgarh seat while BSP bagged two seats, Gokulpuri and Badarpur. LJP also won one seat. “There is no anti-incumbency rather there is always pro-incumbency,” Dikshit said as Congress headed for a historic third term in power in Delhi. “I congratulate the people of Delhi and many many thanks to them for their support and affection for the Congress,” she added as jubilant party supporters danced to drumbeats and burst firecrackers. Soon after the victory, Dikshit met party chief Sonia Gandhi. Conceding defeat, BJP chief ministerial candidate Vijay Kumar Malhotra said the party’s performance in the elections to the State had not been up to expectations. “It is our defeat. The results in the Assembly polls has not been on expected lines. We will certainly review why our candidates could not win in some seats that were considered our stronghold,” Malhotra said. Source: Home - Livemint.com | 8 Dec 2008 | 10:44 am Sensex trims early gains, ends 195 pts up - Livemint
Source: Google News India - Business | 8 Dec 2008 | 10:41 am Fiat says needs partner; auto merger round eyedMILAN/TOKYO (Reuters) - Italian carmaker Fiat said it is too small to survive alone, heightening prospects of mergers in an industry battered by the economic crisis as Sweden reportedly mulled a rescue package for Volvo and Saab.Source: Reuters: Money News | 8 Dec 2008 | 10:38 am RBI rate cuts unlikely to stem slowdown - Citi - Reuters India
Source: Google News India - Business | 8 Dec 2008 | 10:27 am Unitech allotted spectrum for three service areas - Hindu
Source: Google News India - Business | 8 Dec 2008 | 10:19 am RBI rate cuts unlikely to stem slowdown - CitiMUMBAI (Reuters) – The Reserve Bank of India (RBI) weekend rate cuts are positive for the economy but are unlikely to reverse the slowdown, Citigroup said on Monday.Source: Reuters: Money News | 8 Dec 2008 | 10:17 am Fiscal package lifts key Indian market indexInvestor mood across the country was buoyed by the fiscal package and the four percent cut in excise announced by the government, lifting a key equity up up by 342 points Monday, some three hours into trading.Source: IndiaeNews.com: Business News | 8 Dec 2008 | 10:01 am 'Gandhigiri' wins over encroachers in PunjabWhat hefty fines and coercion could not achieve, flowers have done. Shopkeepers in a market in this Punjab town, 10 km from Chandigarh, have realised that going the 'Gandhigiri' way was more appropriate to get encroachments removed from their market.Source: IndiaeNews.com: Business News | 8 Dec 2008 | 10:00 am Unions oppose FDI increase in public insurance companiesOver 150,000 public sector insurance employees will strike work for a day if the government decides to raise foreign direct investment (FDI) limit to 49 percent from the current 26 percent, an employees' union said Monday.Source: IndiaeNews.com: Business News | 8 Dec 2008 | 10:00 am Indian sugar rises on lower output, overseas gains - Reuters India
Source: Google News India - Business | 8 Dec 2008 | 9:54 am Pakistan arrests suspected Mumbai planner: sourceIslamabad:One of the suspected planners of last month’s attack by gunmen on Mumbai was arrested by Pakistani security forces in a raid on a militant camp, an official with a charity linked to the militant group said on Monday. The Jamaat-ud-Dawa (JuD) official, who requested anonymity because of the sensitivity of the subject, said Zaki-ur-Rehman Lakhvi was taken into custody following Sunday’s raid on a camp used by Lashkar-e-Taiba fighters outside Muzaffarabad, the capital of Pakistani Kashmir. “Yes, Lakhvi is among four or five people arrested in a raid on Sunday,” said the official, whose JuD charity is regarded as front for the feared militant group. Pakistani intelligence officers said six men have been arrested, but gave no names, and there has been no official confirmation of the raid. Lakhvi, one of Lashkar’s operations chiefs, was named as a ringleader in the Mumbai plot by the lone surviving gunman captured in India, according to Indian officials. He and Yusuf Muzammil, the head of Lashkar’s anti-India operations, gave orders by telephone to the 10 militants who killed at least 171 people in the attack on Mumbai, Indian officials say. Pakistan has asked for proof that attackers came from Pakistan, while saying it will cooperate with India in the investigation, but tensions between the two nuclear-armed rivals have risen. The United States has exerted diplomatic pressure on Pakistan to match words with deeds swiftly to stop the crisis worsening, while asking India to exercise restraint. “I think there’s no doubt that Pakistani territory was used, by probably non-state actors,” US Secretary of State Condoleezza Rice told CNN’s “Late Edition” on Sunday. What next? If Lakhvi’s arrest is officially confirmed, it will raise the question of what the Pakistani authorities will do with him, and whether it will satisfy India. President Asif Ali Zardari has said that anyone arrested in Pakistan will be tried there too. The Pakistani military’s Inter-Services Intelligence (ISI) agency had ties in the past with Lashkar and other jihadi organisations fighting Indian rule in Kashmir, according to analysts, which could reduce the Pakistani authorities’ readiness to be transparent in its handling of the situation. Laskhar was officially banned by Pakistan in 2001, after it was blamed along with Jaish-e-Mohammad, for a raid on the Indian parliament that almost sparked a fourth war between the two countries. The militants say Lashkar relocated its base to Kashmir, while its founder Hafiz Saeed quit the organisation, but remained head of the charity. Analysts say there is evidence of Lashkar fighters cooperating with Al-Qaeda, and fears that these jihadi organisations have become uncontrollable. The JuD charity, which has thousands of followers, was also designated a militant organisation by the United States, but Pakistan has only put it on a watchlist. Source: Home - Livemint.com | 8 Dec 2008 | 9:54 am RPL to commission Jamnagar unit by March - NDTV.com
Source: Google News India - Business | 8 Dec 2008 | 9:46 am Agra's Eid fervour dampened by terror, financial crisisThe customary Eid fervour in Agra is clearly missing this time around with the terror attacks in Mumbai and the recessionary trends casting a shadow over the festivities.Source: IndiaeNews.com: Business News | 8 Dec 2008 | 9:33 am Govt stimulus may not be effective - JPMorganMUMBAI (Reuters) - JPMorgan said on Monday it was sceptical about the government's ability to boost spending in the remaining months of the 2008/09 fiscal year, given its preoccupation with elections.Source: Reuters: Money News | 8 Dec 2008 | 9:32 am Railways' profit will cross Rs.1,000 bn: LaluIndian Railways' profits in the current fiscal will cross Rs.1,000 billion ($20 billion), Railways Minister Lalu Prasad said here Monday.Source: IndiaeNews.com: Business News | 8 Dec 2008 | 9:31 am People voted for Congress’ development agenda: DikshitNew Delhi: With the Congress appearing set to make a hat-trick in the Delhi assembly elections, Chief Minister Sheila Dikshit on Monday said the people of the national capital voted for the party’s development agenda. “I congratulate the people of Delhi and many many thanks to them for their support and affection for the Congress,” the 71-year-old leader said at her residence as jubilant party supporters danced to drumbeats and burst firecrackers. “We went to the polls on the development ground with honesty and unity, and people have voted for that,” Dikshit said. The party has won five seats and leading in 31 others so far. On BJP’s poll campaign on the issue of terrorism, Dikshit said, “Nobody should play politics over terror attacks and all parties should join hands in defeating terrorism.” She said improving the lives of people would be the first priority of her government besides continuing the development of Delhi. When asked to give some statements on her rival and BJP’s Chief Ministerial candidate Vijay Kumar Malhotra, she simply said, “No comment please”. Source: LatestNews-Home - Livemint.com | 8 Dec 2008 | 9:31 am More issuances likely by Indian corporates as costs fallMumbai: Indian companies are likely to step up their fund-raising plans as borrowing costs ease after the Reserve Bank of India slashed rates over the weekend. But fresh federal bond supplies to the tune of Rs45,000 crore between now and late-February are expected to dim appetite for government paper, resulting in narrower spreads between corporate and sovereign debt. RBI slashed its main lending and borrowing rate by 100 basis points each and the government separately announced $4 billion of extra spending targeted towards battered sections of the economy. The increase in government borrowing over the next few months will lead government bond yields to fall more slowly than corporate debt yields, compressing spreads, said Nirav Dalal, country head - debt capital markets at Mumbai-based YES Bank. Analysts expect the central bank to cut rates further to boost sagging growth and revive investor appetite. Over the last two months, the central bank has lowered its short-term lending rate by 250 basis points and slashed banks’ reserve requirements by 350 basis points. State-run Power Grid Corp of India plans to raise at least Rs1,000 crore through a private placement bond issue likely to open from Monday. Banks may also take advantage of the current dip in yields because of the rate cuts to raise money for lending, after the government on Sunday announced a package of measures to boost sagging economic growth, merchant bankers said. The yield on Reuters’ benchmark five-year corporate paper was at 10.16%, sharply lower than 11.15% in the previous week. The spread between the five-year corporate and government debt was at 327.15 basis points compared with 389 the previous week. Source: Home - Livemint.com | 8 Dec 2008 | 9:22 am Auto parts makers see limited impact from GM, Ford woesDespite auto and auto component stocks being bogged down by fears of global auto giants General Motors, Ford and Chrysler going belly up, Indian component makers remain sanguine about their own prospects.Source: Moneycontrol Top Headlines | 8 Dec 2008 | 8:52 am Regulator gives DoT data on RComThe Telecom Regulatory Authority of India has given the Department of Telecom, a set of data and records relating to revenue reporting by Reliance Communications (RCom).Source: Moneycontrol Top Headlines | 8 Dec 2008 | 8:51 am BJP concedes defeat in Delhi, Jaitley accepts responsibilityNew Delhi: The BJP on Monday conceded defeat in the Delhi assembly elections and said that the electorate had given a “clear vote in favour of the Congress”. “It is a clear victory for the Congress in Delhi,” Arun Jaitley, BJP general secretary, who is in-charge of party affairs in the Capital, told reporters here. Jaitley said he accepted moral responsibility for the party’s defeat in Delhi. There were many issues which caused the party’s debacle and those would be deliberated upon at the parliamentary board meeting, he said. Source: LatestNews-Home - Livemint.com | 8 Dec 2008 | 8:47 am Sensex trades 400 pts up on economic stimulusNew Delhi: The benchmark Sensex on Monday afternoon, 8 December continued to surge above 400 points on heavy buying by funds and retailers encouraged by RBI’s announcement to infuse more liquidity and government’s over Rs30,000 crore stimulus package slowing Indian economy. The 30-share index, BSE shot up by 455.86 points, or 4% at 9,418.97 at 2:05pm (IST) on renewed buying of realty, capital goods, auto, metals, banking, and oil and gas sectors. The wide-based National Stock Exchange’s Nifty also rose by 142.05 points at 2,857.95 points. The bullish trend began after the Reserve Bank of India cut key short-term lending and borrowing rates by 100 basis points each and pumped in Rs11,000 crore for housing and mirco industries to accelerate economic growth. In the afternoon session capital goods and realty sector stocks were leading the rally. Tata Steel topped the gainers list by 11.10% to Rs202.75, Unitech made a comeback surging 10.41% to Rs33.95. Realty sector stocks were also the top gainers in early trading, with the sector indice rising by 6.69%, followed by capital goods index that rose 4.81%. Other gainers were Ambuja Cement (9.87%, Rs59.55), followed by communication companies IDEA (8.77%, Rs53.35) DLF and Tata Communication (8.75%, Rs448). Asia traded firmly, gaining confidence on economic plans announced by US President-elect Barak Obama. Hong Kong share prices closed 8.7% higher and Nikkei at 5.2% closed its highest in a week. Source: LatestNews-Home - Livemint.com | 8 Dec 2008 | 8:41 am Americans put off retirement plans due to crisisNew York: Blame it on the worsening financial turmoil that today Uncle Sam is worried not just for his present but for the future as well, with most Americans deferring their retirement plans at least by a year or so. However, surprisingly, despite the uncertainty staring in their face, a lot of them are yet to change the way they have been traditionally saving or investing for the future. A recent Bank of America Retirement Savings Survey showed that about 43% of people in the US are planning to work for more years than they expected a year ago. “In the light of the recent economic turbulence, many Americans (43%) believe they now face more years in the workforce than they expected to one year ago,” said the Bank of America survey, carried out by Braun Research. According to the survey, which had participation of 1,000 people, over one-third (nearly 36%) of affluent respondents pointed out that the current economic conditions had pushed back their expected retirement age. Affluent Americans are described as individuals with investable assets between $100,000 and $3 million. Ironically, despite the ravaging market conditions, more than two-thirds (68%) of respondents have not changed the way they save, invest or manage their retirement assets in the last three months, the survey found. The worst-affected community would be the “Baby Boomers” or those approaching retirement, who may not have time to recover the financial losses incurred in the recent months. Going by the survey findings, 62% of the general public and about half (44%) the affluent individuals are either behind the schedule or have not commenced their retirement planning at all. The survey pointed out that the number of Americans delaying their retirement plans would go up if the economy continues to worsen. In a clear indication that the economic crisis has threw a spanner in their retirement plans, a survey in March this year had showed that 53% of the general public and 36 % of affluent Americans were either behind schedule or had not started their retirement planning efforts. “Lack of change in the way people are saving and investing for retirement may indicate that they’re ‘staying the course´, with confidence in their long-term financial plans and investments,” Bank of America’s Personal Retirement Solutions Executive Craig Averill said in a statement. Moreover, the survey revealed that six in 10 Americans (about 60%) have cut down on their spending as compared to their expenditure three months ago. Source: LatestNews-Home - Livemint.com | 8 Dec 2008 | 8:38 am Global fund houses look to India JVs amid turmoilMUMBAI/HONG KONG (Reuters) - Global financial turmoil and recent attacks in Mumbai will likely spur foreign fund houses still looking to enter the high potential India market to hedge their risks with local partnerships rather than going it alone.Source: Reuters: Money News | 8 Dec 2008 | 8:32 am Thai opposition looks set to form new govtBangkok: Thailand’s main opposition party was seeking an emergency parliamentary session on Monday to prove its majority in a bid to form the next government and end months of political chaos. A new administration would bring some semblance of stability to this Southeast Asian nation, which has been gripped by political uncertainty since August when protesters driven by a single-minded hatred for former premier Thaksin Shinawatra and his allies seized the prime minister’s office and later overran the capital’s two airports in a bid to topple the government. The opposition Democrat Party said on Sunday it will ask the speaker of Parliament to call an extraordinary session of the lower house on Monday so that it can prove it has a majority. Both Thaksin’s allies and the opposition say they have enough support to form a government. “If the Democrat Party forms the government, I will try to boost confidence and revive the tourism industry and the image of the country,” said Oxford-educted party leader Abhisit Vejjajiva, who will become the next prime minister if his party comes to power. Thailand’s political parties are seeking to fill a power vacuum created after a court last week dissolved the pro-Thaksin People’s Power Party and two other parties in the ruling coalition for electoral fraud. The court also banned Prime Minister Somchai Wongsawat and 24 other lawmakers from politics for five years. PPP members regrouped in the new Phuea Thai (For Thais) Party, but have seen some of their coalition partners defecting to the Democrat Party or its coalition. The Phuea Thai Party appeared increasingly isolated in its loyalty to Thaksin, a former telecommunications tycoon who was thrown out of power by a 2006 military coup for alleged corruption. He fled the country in July, and three months later was sentenced to two years in prison for violating a conflict of interest law. He now lives in exile in the United Arab Emirates but maintains a heavy influence on Thai politics and is still supported by many in the impoverished countryside. The People’s Alliance for Democracy, the protest movement that accused the government of being a Thaksin puppet, forced Thailand’s main international airport to shut down for a week starting November 25, plunging the country into one of its worst crises ever. More than 300,000 travelers were stranded by the airport blockade, dealing a heavy blow to the country’s tourism-dependent economy. Thailand’s Parliament has 480 seats but 39 are vacant, leaving 441 to be divided between the two sides. One coalition must have at least 221 seats to establish a majority and form a government. Democrat Party Secretary-General Suthep Thuagsuban said his party and its new coalition partners, including defectors from the Thaksin camp, have 260 seats. Surapong Tovichakchaikul, a Phuea Thai lawmaker countered that his party could muster a coalition of at least 226 lawmakers. The contradictory claims by the two parties indicated that one or both of them was exaggerating its strength or that some lawmakers had promised support to both sides and were waiting to see which side emerged the strongest. In a last ditch effort to woo back the defectors, Phuea Thai’s new leader, Yongyuth Wichaidit, said on Sunday he was willing to give the prime minister’s job to one of them. British-born Abhisit, 44, is an articulate, sophisticated politician but critics say he is out of touch with ordinary people, particularly the rural majority, and lacks charisma. His party’s supporters include Bangkok’s middle class, influential military figures and foreign investors who see him as a stabilizing force. Although Thaksin also is a member of the wealthy elite, he is popular among the rural masses because of his populist policies. Source: LatestNews-Home - Livemint.com | 8 Dec 2008 | 8:14 am Disney raises stake to 50% in UTV SoftwareWalt Disney Company (South East Asia) has raised its stake to more than 50 percent and has become the majority shareholder of UTV Software CommunicationsSource: Daily News & Analysis: Money News | 8 Dec 2008 | 8:12 am SEBI to allow interest rate futures soon - officialNEW DELHI (Reuters) - The Securities and Exchange Board of India (SEBI) will allow exchange-traded interest rate futures in January, a senior official said on Monday.Source: Reuters: Money News | 8 Dec 2008 | 8:10 am Pakistani Taliban destroys Nato suppliesPeshawar: For a second night running, Pakistani Taliban torched dozens of containers full of supplies meant for Western forces in Afghanistan, in a brazen raid on the outskirts of Peshawar, officials and witnesses said. Having set ablaze close to 100 trucks, some carrying military vehicles, in the early hours of Sunday, 7 December, the militants struck again on Monday, this time hitting a container terminal 2km away from the first attack. “The militants came just past midnight, firing in the air, sprinkled petrol on containers and then set them on fire,” said Mohammad Zaman, a security guard at the terminal on the Peshawar ring road. “They told us they would not harm us, but they asked us not to work for the Americans.” Close to 50 containers were destroyed. Militants also fired rockets at two trucks carrying supplies for Nato (North Atlantic Treaty Organization) forces as they drove along the ring road overnight. The route from Peshawar through the Khyber Pass to the border town of Torkham is the most important supply line for US and Nato forces fighting a Taliban insurgency in landlocked Afghanistan. A spate of attacks has raised concerns both about the security Pakistan provides to the truck convoys and the spread of militancy to the Khyber tribal region and the gates of Peshawar, the most important city in the northwest. A week ago, militants destroyed 22 trucks carrying food supplies. It was unclear how many militants took part in Monday’s attack. Security guards the previous night said they were overrun by around 200 militants, who shouted “Allah-o-Akbar” (God is great) and “Down with America” as they broke into the truck terminal. They said the militants fired rockets and hurled grenades, and one guard was killed in a shoot-out between the raiding party and police. Western border boils, eastern simmers While most supplies for foreign forces in Afghanistan are trucked via Pakistan through Khyber, the other main land route runs from the southwestern city of Quetta through the border town of Chaman to the southern Afghan city of Kandahar. The growing violence has raised concern about the stability of nuclear-armed Pakistan, as its eight-month-old civilian government is also grappling with an economic crisis. Pakistan’s support is seen as vital to the West’s efforts to defeat al Qaeda globally and the Taliban in Afghanistan, and apart from the deteriorating security situation in the northwest, the government is trying to handle tension with India. New Delhi says the gunmen who killed at least 171 people in a horrific attack on Mumbai last month were Pakistan-based militants, and has demanded that the government act against these organizations. The group being blamed by India is one of several jihadi organizations fighting Indian rule in Kashmir, and the Pakistani government has previously trod softly with these groups, which are based along the eastern border. Even if it wanted to, which many analysts doubt as they believe Pakistani intelligence agencies provide these anti-India groups with covert support, the army would become stretched if it tried taking on militants on two fronts. Cities in the central province of Punjab could become targets for militant reprisals if they were threatened with a serious crackdown. Source: LatestNews-Home - Livemint.com | 8 Dec 2008 | 7:51 am Poll results no setback, says RajnathNew Delhi: Putting up a brave face, BJP president Rajnath Singh on Monday said the election results in five states were not a setback to the party which has lost just one state to the Congress. Singh did term as “surprising” the poll outcome in Delhi, where Congress set to retain power for third time in a row. “The Delhi results are surprising as we had expected a majority,” Singh told reporters. “But, overall it (poll result) is not a setback as the BJP has won in Madhya Pradesh and Chhattisgarh,” he said. “We have lost in only one state,” he said referring to Rajasthan where Congress was emerging as the single-largest party defeating the incumbent BJP. In Delhi, Congress had a government and it had succeeded in retaining power, Singh said. Singh said local issues dominated the state elections and the voters had made up their mind well in advance about their choice of leaders. The BJP chief said his party was headed for a clear majority in Madhya Pradesh and Chhattisgarh where they would form the government. Results in Rajasthan were not as per expectations, Singh said. Source: LatestNews-Home - Livemint.com | 8 Dec 2008 | 7:37 am ISI protected Mumbai attacks terrorists: reportNew York: Lashkar-e-Toiba, the Pakistan-based militant group, had the backing of the Islamic nation’s spy agency ISI, which shared intelligence with Lashkar and provided protection to it in the Mumbai terror attacks, a media report said on Monday. American intelligence and counterterrorism officials were quoted by the New York Times as saying that LeT has quietly gained strength in recent years with the assistance of Pakistan’s Inter-Services Intelligence (ISI), which has allowed the group to train and raise money while other militants have been under siege. Officials said though there is no hard evidence yet to link the spy agency to the Mumbai attacks, ISI shared intelligence with Lashkar and provided protection for it. The ISI has shared intelligence with Lashkar and provided protection for it, the officials told the paper, and investigators are focusing on one Lashkar leader they believe is a main liaison with the spy service and a mastermind of the attacks. “People are having to go back and relook at all the connections,” one American counterterrorism official, who was among several officials who spoke on condition of anonymity to the paper, was quoted as saying. American and Indian officials believe that one senior Lashkar commander in particular, Zarrar Shah, is one of the group’s primary liaisons to the ISI. “He’s a central character in this plot,” one American official said. As a result of the assault India’s financial hub, American counterterrorism and military officials say they are reassessing their view of Lashkar and believe it to be more capable and a greater threat than they had previously recognized. Pakistani officials have denied any government connection to the siege on 26-29 November, in which nearly 200 people were killed in Mumbai. Source: LatestNews-Home - Livemint.com | 8 Dec 2008 | 7:35 am Qantas CEO says BA merger faces major hurdlesSYDNEY (Reuters) - Qantas Airways Ltd warned investors its proposed $5.6 billion merger with British Airways Plc (BA) faced major obstacles over the terms of the deal and stressed there was a reasonable chance talks would fail.Source: Reuters: Money News | 8 Dec 2008 | 7:23 am Congress set to return to power in MizoramAizawl: The Congress, riding an anti-incumbency wave, is set to storm to power in Mizoram winning 12 seats and leading in many in the 40-member Assembly. Three-time chief minister and state PCC chief Lal Thanhawla triumphed in both South Tuipui and Serchhip seats defeating his opponents J Lalchhuana and C Lalramzauva, both of the UDA, respectively. The Congress which had nine seats in the outgoing assembly was also leading in some party strongholds and Kolasib seat which is held by the ruling MNF. The ruling Mizo National Front (MNF) suffered a jolt when two-time chief minister and party president Zoramthanga was humbled by Congress opponent T T Zothansanga, a first timer, in the prestigious Champhai North seat. He is also contesting from Champhai South constituency, the result of which was yet to be declared. The victory of the Congress sparked off celebrations in the Congress Bhavan here with supporters setting off crackers and beating drums Another major player in the polls, the United Democratic Alliance (UDA) also suffered defeat with its deputy chief ministerial candidate Lalduhoma losing to his Congress opponent and a first timer R L Pianmawia. Among the other prominent losers were assembly Speaker Lalchamliana and his deputy C Lalrinsanga who were both defeated by the Congress nominees. Source: LatestNews-Home - Livemint.com | 8 Dec 2008 | 7:04 am Terror-proof security by private agencies long way offNotwithstanding the Karnataka government's suggestion that major private firms in Bangalore arrange their own security, it could remain a dream for a long time as private security providers in India's tech hub say they are ill-prepared and poorly-equipped for the task.Source: IndiaeNews.com: Business News | 8 Dec 2008 | 7:00 am Kotak Securities keeps BUY on Sesa GoaThe government has announced scrapping of export duty on iron ore fines from present 8% and export duty on iron ore lumps is reduced to 5% from present 15%. Export duty cut would substantially reduce the export duty burden on Sesa Goa and would be significant EPS accretive as more than 90% of iron ore exports are in form of iron ore fines. In view of the current sharp downturn in the global economic activity which has led to sharp cut in steel production, we are further cutting down are estimates of the iron ore sales volume by 1.5MT each for FY09E and FY10E to 14MT and 19MT respectively. The estimates are now at significant discount to the management guidance. We have also reduced the estimated contribution from contracted iron ore sales (where price realizations are substantially higher as compared to spot sales) for FY09E to 35% from earlier 45% to safeguard against any risk of early termination of annual contract agreements (though looks unlikely as of now). We now estimate an EPS of Rs21.9 for FY09E and Rs25.5 for FY10E from earlier Rs25.1 and Rs25.5 earlier. We arrive at a revised target price of Rs123 (Rs.128 earlier) based on 2.5 EV/EBITDA for FY09E. We have also done DCF valuation, which gives us fair value of Rs.169 based on 14% WACC and 0% terminal growth post FY15E. We recommend a BUY on Sesa Goa with a revised price target of Rs123. Source: LatestNews-Home - Livemint.com | 8 Dec 2008 | 6:43 am Auto shares surge on Govt's fiscal stimulusShares of auto companies advanced on the bourses on Monday after the government announced a four per cent cut in Cenvat to give a fillip to demandSource: Daily News & Analysis: Money News | 8 Dec 2008 | 6:17 am Chhattisgarh heading for a tight finishRaipur: The race for power in Chhattisgarh on Monday appeared headed for a tight finish with ruling BJP and its principal challenger Congress having established lead in 44 and 42 constituencies respectiveky in the 90-member Assembly. With a party needing 46 seats to secure a simple majority in the 90-member assembly, BJP was ahead in 44 seats while Congress in 42. Other parties were ahead in four seats - BSP in two and NCP and CPI in one each. Among the political heavyweights of the two main parties who are leading are Chief Minister Raman Singh in Rajnandgaon, his predecessor Ajit Jogi in Marwahi, Home Minister Ram Vichar Netam in Ramanujganj (ST), Speaker Prem Prakash Pandey in Bhilai city, Sports Minister Brij Mohan Agarwal (Raipur City South) and Health Minister Amar Agarwal (Bilaspur). However, state BJP chief Vishnu Dev Sahai was trailing in Pathalganj constituency after having led initially against senior Congress leader Rampukar Singh. Similarly, PCC president Dhanendra Sahu and the Leader of the Opposition Mahendra Karma were behind their BJP challengers in Avantpur and Dantewada constituencies respectively. PCC working president Satya Narayan Sharma also trailed in Raipur rural constituency. Karma was trailing behind BJP’s greenhorn Dhimaram Mandami in the Naxal-infested constituency. Ajit Jogi’s wife Renu established lead in Kota constituency against Moolchand Khandelwal of BJP. BJP led in six while Congress in two. In two seats in Jaspur, BJP and Congress was ahead in one each. Source: Home - Livemint.com | 8 Dec 2008 | 6:12 am BJP appears set to retain power in Madhya PradeshBhopal: The BJP appeared on its way to retain power in Madhya Pradesh on Monday having established leads in 125 of the 230 seats in the state assembly as per the latest available trends. The Congress was trailing behind with a lead in 67 seats while others were ahead in 23 constituencies. Factors like anti-incumbency, intra-party rivalry and challenge posed by former party leader Uma Bharti seemed to have had no impact on the ruling BJP, according to party leaders. Chief Minister Shivraj Singh Chouhan was ahead in Budhni. Uma Bharti’s Bharatiya Janshakti Party was trailing in all the 216 seats it contested, including in Tikamgarh where Bharti is in fray. State Congress chief Jamuna Devi was leading in Kukshi constituency. The state had recorded a 60%turnout of voters on November 27, just a day after the Mumbai terror attacks. Source: Home - Livemint.com | 8 Dec 2008 | 6:00 am Sensex up by over 441 pts in early tradeThe benchmark Sensex surged by over 441 points on Monday in early trade on heavy buying by funds and retailersSource: Daily News & Analysis: Money News | 8 Dec 2008 | 5:44 am Chennai entertainment group defies downturn, plans investmentDespite mounting losses in the aftermath of the global meltdown, city-based entertainment group Pyramid Saimira feels it is the right time to invest. It is planning to establish at least 800 theatres all over the country.Source: IndiaeNews.com: Business News | 8 Dec 2008 | 5:01 am Economic stimulus boost rupee by 35 paiseMumbai: The rupee opened higher by 35 paise, for the fifth consecutive session, against the US currency on Monday on selling of dollar by banks and fresh inflow of funds as market sentiment was up after the government’s announcement for the stimulus package. The domestic currency opened at Rs49.22 against the greenback, a gain of 35 paise over its previous close of Rs49.56/57, at the Interbank Foreign Exchange (Forex) market. Dealers said that rupee gained on dollar selling by banks and exporters after a surging trend in global equity markets raised hopes of a rally in domestic stocks. Asian markets on Monday opened on a positive note with Hong Kong’s Hang Seng moving up 5.95%, while Japan’s Nikkei rising 4.62% in early trade. Rupee, in its last trading session, had closed 30 paise higher against the dollar on banks selling dollar heavily amid continuous fall in oil prices. Source: Home - Livemint.com | 8 Dec 2008 | 4:31 am India's first Men's Fashion Week on, despite economic meltdownAt a time of financial crisis when the whole world is engaged in cost cutting, the Fashion Design Council of India (FDCI) has decided to go ahead with its plans of organizing the country's first Men's Fashion Week - but with slight changes in the dates.Source: IndiaeNews.com: Business News | 8 Dec 2008 | 3:31 am Oil jumps 4% after hitting 4-year lowTokyo: Oil jumped 4% to above $42 on Monday, clawing back a share of the near-record decline last week when negative economic data heightened fears about the impact of a global recession on fuel demand. With few signs of immediate economic improvement, traders said the best chances for a rebound in oil prices more than $100 off their peaks rested with a US auto sector bailout and next week’s Opec meeting in Algeria. US crude for January delivery rose $1.59 to $42.40 a barrel by 7:35am, after closing on Friday at $40.81, the lowest settlement since 10 December, 2004. Oil shed a quarter of its value last week, the sharpest weekly fall since January 1991. London Brent crude rose $1.71 to $41.45 a barrel. Friday’s steep losses came after a US report showed the heaviest job losses in 34 years in the world’s top energy consumer, adding to concerns that we have not yet seen the full extent of the damage being wrought on the economy. But battered US equity markets managed to squeeze out 3-4% gains by Friday’s close thanks to a late rally, aided in part by low oil prices. That positive feedback loop came full circle to boost sentiment in crude on Monday, traders said. “People are now buying back short positions after the rebound in US equities last Friday,” said Tetsu Emori, a commodities fund manager at Japan’s Astmax Co. Ltd. In the week to 2 December, just as prices had begun the latest leg down, crude oil market speculators pared their tiny net long positions marginally, data showed on Friday. White House and congressional negotiators worked on Sunday to iron our remaining differences over an emergency rescue for the struggling auto industry in a move that Emori said should provide a sentiment boost for financial markets. Just five months after oil hit a high of over $147, analysts are now slashing their price and demand forecasts. Merrill Lynch said oil could drop to $25 a barrel if the global recession extends to China, while the International Energy Agency cut its forecast for average annual oil demand growth to 2013 to 1.2% from 1.6%. The rapid, steep retracement of oil prices has prompted many Opec members to call for increasingly strong action when the cartel meets on 17 December in Algeria. Opec has already agreed to cut about 2 million barrels per day (bpd) of production, although not all members appear to be contributing their share of the cut-backs. Source: Home - Livemint.com | 8 Dec 2008 | 3:16 am Asia stocks climb on oil dropHong Kong: Asia stock markets rose on Monday, with investors taking heart from a rescue plan for US automakers and hopes that the sharp drop in oil prices will ease some of the pain for households facing mounting layoffs. Oil prices rose more than a dollar, but the plunge to a four-year low near $40 a barrel is providing some relief to the bleak landscape of tightening credit and job losses that are hitting consumers around world. Shares of oil producers fell, with Nippon Oil losing 5%. The dollar slipped as stocks posted gains despite Friday’s dismal US jobs report showing 533,000 jobs were lost in November, the most in 34 years and one of the biggest drops ever in the government data. But a late rally on Wall Street on Friday, led by retail shares, suggested some investors believe the worst may be over after the plunge in stocks this year and a rush to safe-have bonds that has driven benchmark US Treasury yields to half-century lows. The MSCI index of Asia-Pacific stocks outside Japan rose 4.3% but remains down 57% as 2008 comes to a close, what would be by far the biggest yearly slide in its 20-year history. But in a sign that investors are regaining some resolve to put money to work, data from EPFR Global showed Asia ex-Japan funds recording a third straight week of inflows in the week through last Wednesday. Japan’s Nikkei average climbed 2.6% on gains in domestic shares after the US S&P 500 rose 3.7% on Friday. For the year, the Nikkei has tumbled 48% and the S&P 40%. More rescue packages Around the world, policymakers kept up their efforts to try and revive their economies. US President-elect Barack Obama said over the weekend that he plans the biggest increase in infrastructure investment since the 1950s with the goal of creating at least 2.5 million jobs. India launched $4 billion of extra spending to support the economy, while Xinhua news agency reported that Chinese economic leaders were meeting this week on measures to keep growth above 8%. Also over the weekend, the White House and congressional negotiators sought to resolve the remaining difficulties over an emergency rescue for the struggling US auto industry. Many assets have shuffled sideways in the past several weeks despite the relentless array of bleak news, giving some analysts reasons to think the worst may be over after central banks slashed interest rates and authorities put together spending packages to revive growth. Source: Home - Livemint.com | 8 Dec 2008 | 3:02 am Govt cuts excise duty, offers sops for key export sectorsNew Delhi, Dec. 7 In a bid to minimise the impact of the global economic slowdown on the Indian economy, the Government on Sunday unveiled a “multi-dimensional” fiscal stimulus package that is expected to help boost output acrossSource: Business Line - Home Page | 8 Dec 2008 | 12:00 am Tech cos beef up security; conduct evacuation drillsHyderabad, Dec. 7 “Got a pass? Wear it. Don’t let other’s sneak into your office.” This message, prominently displayed on the campus of a leading IT major here, conveys the increased focus on security by IT companies inSource: Business Line - Home Page | 8 Dec 2008 | 12:00 am Bartronics India (Rs 66.10): BuyInvestors with a short as well as medium-term perspective can consider buying the shares of Bartronics India. It is evident from the charts of Bartronics that after penetrating its key support level of Rs 140 during early October, its long-termSource: Business Line - Home Page | 8 Dec 2008 | 12:00 am 3 booster doses: Will the economy respond?Mumbai, Dec. 7 The timing couldn’t have been better. A dispirited economy whose financial heart was savaged by 10 youths, filled with irrational hate for people they did not know, needed comforting. First, the reshuffle in Mumbai and NewSource: Business Line - Home Page | 8 Dec 2008 | 12:00 am Auto parts makers see limited impact from GM, Ford woesBL Research Bureau Despite auto and auto component stocks being bogged down by fears of global auto giants – General Motors, Ford and Chrysler – going belly up, Indian component makers remain sanguine about their own prospects.Source: Business Line - Home Page | 8 Dec 2008 | 12:00 am Benchmarks could see a boost in sentimentDalal Street key indices may go up on sentiment boosts and short coverings early this week, reacting to reduction in retail petroleum products’ prices and monetary signals from the central bank.Source: Business Line - Home Page | 8 Dec 2008 | 12:00 am Hardware sector to pass on tax relief gainsNew Delhi, Dec. 7 The IT hardware industry said on Sunday that it is awaiting the detailed notification of Government’s announcement on Cenvat rate cut, to assess its impact on prices of computers and notebooks.Source: Business Line - Home Page | 8 Dec 2008 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 8 Dec 2008 | 12:00 am Cars, 2-wheelers likely to get cheaperMumbai, Dec. 7 Cars, trucks and two-wheelers are set to become cheaper following the four percentage point cut in Cenvat announced by the Government on Sunday.Source: Business Line - Home Page | 8 Dec 2008 | 12:00 am IOC-BRPL merger may be approved soonKolkata, Dec. 7 After IBP it is now the turn of the Assam-based Bongaigaon Refinery & Petrochemicals Ltd (BRPL) to be merged with parent company IndianOil. According to senior officials of both the companies, the Department of CompanySource: Business Line - Home Page | 8 Dec 2008 | 12:00 am We've stopped supply to some retailers: Adi GodrejThe credit for steering the family enterprise into a conglomerate of significant proportions is given to the 66-year-old, well-spoken, MIT-educated Adi Godrej.Source: Daily News & Analysis: Money News | 7 Dec 2008 | 10:43 pm Aggressive equity play takes tollBirla Sun Life MIP II-25 is an open-ended monthly income plan that aims to generate regular income through investment in fixed income securitiesSource: Daily News & Analysis: Money News | 7 Dec 2008 | 10:28 pm Good draft, but constraints loomClose on the heels of the monetary measures unveiled by the Reserve Bank of India, the government has come out with a stimulus package of its own.Source: Daily News & Analysis: Money News | 7 Dec 2008 | 10:28 pm Balance lost in mid-cap crashBalanced funds contain a mix of stocks, debt and money market instruments to provide income and capital appreciation while keeping volatility in check.Source: Daily News & Analysis: Money News | 7 Dec 2008 | 10:27 pm Economic stimulus packageFinancial markets were buffeted by grim macroeconomic data from around the world last week.Source: Daily News & Analysis: Money News | 7 Dec 2008 | 10:25 pm Realty holdings hammer returnsTax-saving schemes or equity-linked savings schemes (ELSS) allow investors to claim benefits under Section 80C of the Income Tax Act on investment of up to Rs 1 lakh.Source: Daily News & Analysis: Money News | 7 Dec 2008 | 10:25 pm Exports dip in Nov too, commerce for more sopsQuick estimates available with the commerce ministry show that exports dipped 12 per cent in November, almost the same as October.Source: Business Standard | Front Page Headlines | 7 Dec 2008 | 7:26 pm Slowdown, approval delays hit Unitech's IT SEZsSix infotech special economic zone (SEZ) projects of the Unitech Group, which owns the countrys second-biggest real estate company, have been delayed by as much as three years owing to slowingSource: Business Standard | Front Page Headlines | 7 Dec 2008 | 7:26 pm Govt bets on tax cuts, spending for growthThe government today slashed Central value added tax (Cenvat) by four percentage points across the board to boost demand and announced Rs 20,000 crore additional non-plan expenditure as part of aSource: Business Standard | Front Page Headlines | 7 Dec 2008 | 7:25 pm New clients haven’t made up for the lost revenuesBangalore: Despite holding $3 billion in cash, Sun Microsystems Inc. now has a market capitalization of just $2.58 billion (about Rs12,822.6 crore). This captures the struggle faced by the the world’s fourth largest maker of computer servers, despite having in its portfolio brands such as the Java technology platform, Solaris operating system, the UltraSPARC processors for its high-end servers and MySQL database management system.  Bright spot: Anil Valluri says India continues to be a good market for the world’s fourth largest manufacturer of computer servers. In an interview, Valluri outlined problems Sun was facing and how India continues to be a good market for the company. Edited excerpts: Your market cap today is lower than the cash you have in hand. What is happening? If you look at the portfolio of Sun’s offerings in the marketplace, traditionally it has (been) a lot on the enterprise side with high-end servers and storage. That has been our strength. With market dynamics undergoing a change, the high-end market has virtually been depleted, not just for us but for everybody. Also See Declining Market Share (Graphic) Sun has been a strong supplier in the telecom, banking and large retail segment. The way things have panned out is that a lot of high-end systems market has shrunk and precisely in the banking, telecom and retail segments, which have been our areas of strength. Not in India so much but telecom abroad is almost stagnant. So this has had a direct bearing on Sun’s growth and market share. However, we have had a lot of new customers, whether it is Facebook, Google, Second Life... (But) the revenues new customers dialled in haven’t exactly compensated for the revenues that some customers dialled out. In servers, storage, software and services, what surprised me was you actually have shrunk in software and services. Only storage has grown. No. I wouldn’t agree with that... It has grown... We have had strong focus on services in the last one, one-and-a-half years. But that is what the latest numbers reflect... I think we should not look at things only on the basis of a few quarters. Our services strategy is not based on people numbers, rather we do services around technology. Like professional services, managed services. I agree that it has not compensated for (the fall in revenues from other segments). Again on software...some of the work we have done around MySQL, Solaris, Java stack, we have not been able to monetize at the speed we would have liked. There is tremendous number of downloads—11.5 million plus of MySQL downloads, 12 million-odd open Solaris downloads. There is tremendous interest. We have to think of upselling services to those who download our free software, cross-sell additional services and try and sell some licences for our other offerings. Turning on the switch between the downloads and increasing our revenue is the key. If you are not able to monetize something, why be bullheaded? Why not focus on just other areas? The counter-argument to this is, do you want to say, I don’t want to be open source, that I want to be closed and proprietary? In the industry landscape, only Microsoft apart from Sun has the ability to impact a developer when he starts developing a code. You want to develop, say an ERP (enterprise resource planning) or a customer application, Sun is one of the two choices the developer has. Can an HP, a Dell or an IBM claim to be in that position? Sun is uniquely placed. In India alone, there are 75,000 MySQL users. They are all not mickey mouse names, they are all large enterprises. But can Sun do more to link user base and increase revenues? Absolutely. But given Sun’s position then, would one such player like an IBM or a Fujitisu acquire you? I am not the right person to comment but in the past 10 years, has there been anytime when there hasn’t been speculation about such moves? Right from Apple, Dell, HP, IBM to Fujitisu. There are cogent arguments made for such an (Sun) acquisition to be made. Except for Jonathan (Schwartz) and Scott (McNealy), everybody seems to have agreed (laughs). Are such acquisition speculations impacting you in the marketplace? Do customers ask you about this? The irony of the matter is apart from media and some analysts, no customer says this. They are very happy that Sun exists, that there is competition in the marketplace and the value we provide. We continue to spend close to $1.8 billion in R&D (research and development). Some have said we should cut that as it would add to our bottom line. We haven’t done that. Unlike, say a Dell, we are not into supply chain optimization. We want to innovate and grow. What about Sun India? In the top end of the Unix server market, we are the market leaders in India. Storage and services have been growing well. We are growing our x86 (server) share. Telecom, banking and government sectors continue to grow and do well in the Indian market. Sun India also has the largest development centre for the company outside the United States. We work on a collaborative engineering model. Sun Application server version 6.0, for instance, was largely developed out of India development centre. Graphics by Ahmed Raza Khan / Mint Source: Tech News - Livemint.com | 7 Dec 2008 | 6:30 pm Banks to cut ratesTaking a cue from the Reserve Bank of India, banks are likely to lower lending rates by 50-75 basis points and deposit rates by up to 100 basis points in the coming weeks.Source: Business Standard | Front Page Headlines | 7 Dec 2008 | 6:21 pm
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