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Top bankers meet Finance SecretaryThe Indian Bankers Association had called a meeting of bankers. The Finance Secretary Arun Ramanathan was present at the meeting The Ministry of Financer Joint Secretary Banking, Amitabh Verma, also present at the meeting.Source: Moneycontrol Top Headlines | 11 Dec 2008 | 5:20 pm Govt withdraws affidavit in RILRNRL caseCrossexamination was expected to be the flavour of the day during the RILRNRL case hearing at the Bombay High Court. But proceedings took a complete Uturn of sorts. The government has withdrawn its affidavit from RILRNRL case to ease the vacation of injunction and to protect the interest of consumers, reported CNBCTV, quoting sources.Source: Moneycontrol Top Headlines | 11 Dec 2008 | 4:26 pm Govt should consider reduction in other taxes also: Dish TVSalil Kapoor, COO, Dish TV, said the government should look more into the multiple taxation issue because the taxation issue is huge. \"We have about four types of taxes including the service tax, the VAT, entertainment tax and so on and if some ease is given on this front as well, this will help the industry grow.\"Source: Moneycontrol Top Headlines | 11 Dec 2008 | 4:12 pm MTNL to commercialise 3G spectrum by JanendRSP Sinha, CMD of MTNL expects the 3G network to go commercial and to launch in Mumbai by the end of January. He plans to launch the 3G spectrum free of cost for the first month to the companys CIP customers. He added that the spectrum would be given to customers at reasonable prices.Source: Moneycontrol Top Headlines | 11 Dec 2008 | 3:42 pm See newsprint prices dropping by 25%: HT MediaRajiv Verma, CEO of HT Media, says, I expect prices to come down by at least 25% between 20%30% but there will be some time before you see this kicking in because of the large inventories, he said.Source: Moneycontrol Top Headlines | 11 Dec 2008 | 3:40 pm Hope to launch 3G by 2009 end: Bharti AirtelManoj Kohli, President and CEO, Bharti Airtel, on MTNL launching its 3G services, said that the government has announced 3G auction process for private players and it should take place in January. We hope to launch commercial 3G services by end of 2009.Source: Moneycontrol Top Headlines | 11 Dec 2008 | 2:49 pm Reports of Mumbai land sale incorrect: Jet AirwaysJet Airways is looking to sell two plots of 4 acres at the BandraKurla Complex in Mumbai, reports CNBCTV18\'s Priyanka Ghosh, quoting sources. However, reacting to these reports, a Jet Airways official said that the report of land sale in Mumbai is \'incorrect,\' according to NewsWire18.Source: Moneycontrol Top Headlines | 11 Dec 2008 | 1:55 pm You'll be missed, Yang tells sacked Yahoo staffJerry Yang, the Yahoo Chief Executive who has put in his papers, has told thousands of sacked employees that they would be "missed".Source: Daily News & Analysis: Money News | 11 Dec 2008 | 1:01 pm Corus workers ready to forego 10% pay: ReportTata Group-owned steel maker Corus has been offered by its worker unions to carry out 10 per cent cut in pays for six months in a last ditch effort to save a factory in WalesSource: Daily News & Analysis: Money News | 11 Dec 2008 | 12:58 pm Situation in dry bulk grim: SCIS Hajra, CMD, Shipping Corporation of India, said there is a complete loss of trust and faith in the banking industry. He said the situation in dry bulk is grim.Source: Moneycontrol Top Headlines | 11 Dec 2008 | 12:57 pm See prices falling another 510%: Ambuja CementsAL Kapoor, MD, Ambuja Cements, said the company has cut cement prices by Rs 59 per bag, as prices have gone down by Rs 79 a bag across regions. Going forward, prices will go down by another 510%.Source: Moneycontrol Top Headlines | 11 Dec 2008 | 12:48 pm GMR to secure Rs2,500 cr road projects from NHAIChandigarh: “Bangalore-based infrastructure company, GMR Group, expects to secure Rs2,500 crore worth road projects from National Highways Authority of India (NHAI) within a year,” a senior official of the company said. “We are very upbeat on the future of highway development in the country and are interested in the new projects which are being awarded by NHAI in phase III and V of NHDP. We have been shortlisted for a number of these projects and are currently evaluating them,” GMR Group Adviser and Director P.B. Vanchi said. The company would soon be submitting its request for proposals (RFPs) for six road projects invited by NHAI for four or six laning of roads in one each in Rajasthan, Gujrat, Maharashtra, Tamil Nadu (TN) and two in Andhra Pradesh (AP). The total cost of these projects is Rs8,000-10,000 crore. Currently, GMR is undertaking road development projects worth Rs2,000 crore in AP and TN and hoping to commission them within the current financial year. Giving details regarding the ongoing projects, Vanchi said: “These projects are four laning of the 107 km stretch between Adloor and Pochanpalli on NH-7 in AP at a cost of Rs690 crore.” Another project which is being set up in Hyderabad on NH-7 is 58 km stretch between Shivrampalli / Faruknagar and Jadcherla, with the total outlay of Rs490 crore. “This road will be the main corridor for people commuting between Hyderabad city and the new Greenfield Rajiv Gandhi International Airport, which also developed by GMR Group,” he informed. Source: LatestNews-Home - Livemint.com | 11 Dec 2008 | 12:44 pm PM for security agencies, industry to combat tech misuseNew Delhi: Warning that modern technology can be a powerful instrument in the hands of terrorists, Prime Minister Manmohan Singh has said that there was a need for cooperation between telecom industry — operators and equipment makers and the security agencies to combat the menace. “As I have been briefed about the havoc in Mumbai, I also discovered that modern technology and also the way powerful instruments in the hands of anti social elements like terrorists, and how they could make use of this advanced technology like Internet, “Singh said. “So it is very important that there should be effective cooperation and coordination between the agencies whose responsibility is to safeguard security efforts and the producers and all those who are in the industry,” Singh said at India Telecom 2008, organised by industry chamber FICCI. The telecom industry currently provides real-time support through legal intercepts and monitoring mechanism. Terrorists involved in the Mumbai attacks had managed to secure SIM cards and maintain a communication network out of the country — a matter of concern for security agencies which, as a matter of fact, have the power and ability to intercept the data and calls. Telecom Secretary Siddartha Behura said that DoT has a security wing specially to have useful coordination between intelligence agencies, industry and the licensor (DoT) itself. Speaking on the contribution of telecom sector, Singh said that it was quite clear that communication has been the major propeller of India’s economy but it has to be a sustainable communication. Singh called for more effective, objective and impartial regulation, especially in the infrastructure sectors like telecom which have been thrown open to increased competition both by the domestic and global investors. Lauding the role of technology in the economic progress, he said that it is a powerful force in any process of growth and development. “India has no option but to operate on the frontiers of modern knowledge and imbibe the latest technology,” he said. Source: Tech News - Livemint.com | 11 Dec 2008 | 12:39 pm PM for security agencies, industry to combat tech misuseNew Delhi: Warning that modern technology can be a powerful instrument in the hands of terrorists, Prime Minister Manmohan Singh has said that there was a need for cooperation between telecom industry — operators and equipment makers and the security agencies to combat the menace. “As I have been briefed about the havoc in Mumbai, I also discovered that modern technology and also the way powerful instruments in the hands of anti social elements like terrorists, and how they could make use of this advanced technology like Internet, “Singh said. “So it is very important that there should be effective cooperation and coordination between the agencies whose responsibility is to safeguard security efforts and the producers and all those who are in the industry,” Singh said at India Telecom 2008, organised by industry chamber FICCI. The telecom industry currently provides real-time support through legal intercepts and monitoring mechanism. Terrorists involved in the Mumbai attacks had managed to secure SIM cards and maintain a communication network out of the country — a matter of concern for security agencies which, as a matter of fact, have the power and ability to intercept the data and calls. Telecom Secretary Siddartha Behura said that DoT has a security wing specially to have useful coordination between intelligence agencies, industry and the licensor (DoT) itself. Speaking on the contribution of telecom sector, Singh said that it was quite clear that communication has been the major propeller of India’s economy but it has to be a sustainable communication. Singh called for more effective, objective and impartial regulation, especially in the infrastructure sectors like telecom which have been thrown open to increased competition both by the domestic and global investors. Lauding the role of technology in the economic progress, he said that it is a powerful force in any process of growth and development. “India has no option but to operate on the frontiers of modern knowledge and imbibe the latest technology,” he said. Source: LatestNews-Home - Livemint.com | 11 Dec 2008 | 12:39 pm MRPL says refinery project delayedMUMBAI (Reuters) - Mangalore Refinery & Petrochemicals Ltd said on Thursday its plans to expand refining capacity would be delayed by more than a year to October 2011 due to adverse market conditions and high costs.Source: Reuters: Money News | 11 Dec 2008 | 12:37 pm GM, Chrysler Short of Time as Senate Debates Rescue (Update2) - Bloomberg
Source: Google News India - Business | 11 Dec 2008 | 12:35 pm US House OKs USD 14 bn auto bill!A $14 bn rescue package for auto industry sped to approval in the US House on Wednesday.Source: Zee News : Business | 11 Dec 2008 | 12:35 pm Global telecoms eye stake in Rel Comm!Foreign telecom firms are talking to Reliance Communications about taking a stake of 20 to 26 percent in India`s second-largest mobile operator.Source: Zee News : Business | 11 Dec 2008 | 12:35 pm Post-economic package, bankers to review rate cut for housing, SME sector!the Indian Bank Association is meeting on Thursday to review interest rate cut for housing and SME sector.Source: Zee News : Business | 11 Dec 2008 | 12:35 pm Wall Street rises in choppy day on resource boost!Stocks rose in a choppy session on Wednesday as a rebound in oil prices and other commodities lifted energy, mining and materials shares.Source: Zee News : Business | 11 Dec 2008 | 12:35 pm Sensex pares gains, down 95 pts!Volatility gripped the bourses on profit-taking, forcing Sensex to the negative zone.Source: Zee News : Business | 11 Dec 2008 | 12:35 pm SBI to review interest rates soon!SBI said that it would review interest rates soon following monetary measures taken by the RBI last week.Source: Zee News : Business | 11 Dec 2008 | 12:35 pm Rupee, bonds end higher - Moneycontrol.com
Source: Google News India - Business | 11 Dec 2008 | 12:33 pm PM expects telecom users to touch 700 mnPrime Minister Manmohan Singh expects the telecom subscriber base in the country to touch 700 million by 2012, going by the massive number of monthly addition of new usersSource: Daily News & Analysis: Money News | 11 Dec 2008 | 12:33 pm ‘Eco-friendly’ algae to enhance sugarcane yield: CSMCRIAhmedabad: The ‘eco-friendly´ algae cultivation technology pioneered by Bhavnagar based Central Salt and Marine Chemical Research Institute (CSMCRI) is emerging as a booster dose to enhance sugarcane yield. “Using the thicking agent derived from this unique algae (Kappaphycus alvarezi) cultivation technology, sugarcane yield in a 1000 acre field shot up by 30% during first field trials conducted in Karnataka,” CSMCRI Director Pushpito K. Ghosh said. “The second field trials are slated to start on 5,000 acres of land each in the state of Tamilnadu and Uttar Pradesh,” Ghosh said. “Also commercial skilled production of bio-fertilizer using this algae will kick start soon. The production volumes of bio-fertilizer will be as large as 20,000 tonnes,” he added. Presently, this unique algae is being cultivated in Tamilnadu in a big way, after CSMCRI licensed the technology to Pepsico Food. “Pepsi has transferred the whole cultivation interest to another firm Aqua Agri, and the new firm will soon be signing an agreement with the institute,” Ghosh said. “This algae came from one strand we imported years back from Japan in 1994-95, from which it has multiplied,” Ghosh said. Source: LatestNews-Home - Livemint.com | 11 Dec 2008 | 12:32 pm Pakistan targets group linked to Mumbai attacksKarachi: A Pakistani official says security agencies have closed nine offices of a charity linked to the militant group suspected in the Mumbai attacks. The provincial home secretary of southern Sindh province said that on Thursday, 11 December, authorities there were “sealing” the offices of Jamaat-ud-Dawa in the main city of Karachi. A Security Council panel on Wednesday declared Jamaat-ud-Dawa a terrorist group subject to UN sanctions including an asset freeze, travel ban and arms embargo. US officials say the group is a front for Lashkar-e-Taiba, a banned militant group accused of carrying out and planning the Mumbai terror attacks last month. Source: LatestNews-Home - Livemint.com | 11 Dec 2008 | 12:31 pm Sweden praises India for restraint after Mumbai attackPraising India for the way it showed restraint after the Mumbai terror strikes, Sweden Thursday called for greater cooperation between New Delhi and Islamabad in tackling the menace of terrorism.Source: IndiaeNews.com: Business News | 11 Dec 2008 | 12:30 pm More stimulus measures next week: Kamal NathThe government will announce more stimulus measures next week to help sectors like engineering, textiles and agriculture beat the global downturn, Commerce Minister Kamal Nath said here Thursday.Source: IndiaeNews.com: Business News | 11 Dec 2008 | 12:30 pm Top British law firms outsourcing back office to IndiaPTI London: In a dramatic shift, ten of England’s top 30 law firms have outsourced back office functions or legal work to India, a consulting firm claimed in a report today. The RSG India Report 2008, a definite 200-page analysis of the current legal market in India, showed that this market is evolving at break-neck speed. India now has its own “magic circle” of leading law firms with senior corporate lawyers earning incomes comparable with those of partners in medium to large-sized London firms, a report in The Times said today. But as the study noted, there is a dearth of experience and attrition rates are high. RSG emphasised the increasing purchasing power of general counsel in Indian companies, most of whom favour liberalisation of the legal market - unlike the Bar Council of India and many of the top law firms. Only 40% of the latter actively support liberalisation. The report noted that, since the start of this year, there has been a dramatic shift in attitude towards outsourcing among top English firms, with initial resistance weakening considerably. The Law Process Outsourcing (LPO) companies employ Indian legal graduates with starting salaries of about $7,000 a year, while top Wall Street firms pay their newly qualified associates about $160,000 for the same duration. As RSG showed, clients too are outsourcing legal work. Deutsche Bank, BT, Sun Microsystems among others, are presented as case studies. LPO businesses incur reduced labour costs in delivering routine and repetitive legal work. In turn, the result can be a cheaper legal service. Source: LatestNews-Home - Livemint.com | 11 Dec 2008 | 12:11 pm Top British law firms outsourcing back office to IndiaPTI London: In a dramatic shift, ten of England’s top 30 law firms have outsourced back office functions or legal work to India, a consulting firm claimed in a report today. The RSG India Report 2008, a definite 200-page analysis of the current legal market in India, showed that this market is evolving at break-neck speed. India now has its own “magic circle” of leading law firms with senior corporate lawyers earning incomes comparable with those of partners in medium to large-sized London firms, a report in The Times said today. But as the study noted, there is a dearth of experience and attrition rates are high. RSG emphasised the increasing purchasing power of general counsel in Indian companies, most of whom favour liberalisation of the legal market - unlike the Bar Council of India and many of the top law firms. Only 40% of the latter actively support liberalisation. The report noted that, since the start of this year, there has been a dramatic shift in attitude towards outsourcing among top English firms, with initial resistance weakening considerably. The Law Process Outsourcing (LPO) companies employ Indian legal graduates with starting salaries of about $7,000 a year, while top Wall Street firms pay their newly qualified associates about $160,000 for the same duration. As RSG showed, clients too are outsourcing legal work. Deutsche Bank, BT, Sun Microsystems among others, are presented as case studies. LPO businesses incur reduced labour costs in delivering routine and repetitive legal work. In turn, the result can be a cheaper legal service. Source: World Business - Livemint.com | 11 Dec 2008 | 12:11 pm BSE Sensex edges down, Reliance brings some cheerMUMBAI (Reuters) – The BSE Sensex ended a seesaw session down 0.1 percent on Thursday, as market talk Reliance Industries was close to settling a gas dispute offered some cheer to gloomy investors worried by a deepening global downturn.Source: Reuters: Money News | 11 Dec 2008 | 12:06 pm Indian consumers favour eco-friendly products: studyIndians believe that environment is not in crisis but an overwhelming majority is still ready to pay more for eco-friendly products, a news survey revealed Thursday.Source: IndiaeNews.com: Business News | 11 Dec 2008 | 12:01 pm Government looking into BlackBerry matter: RajaThe government Thursday said it was looking into the security concerns surrounding BlackBerry phones and would soon come up with some solution.Source: IndiaeNews.com: Business News | 11 Dec 2008 | 12:01 pm Railways signs long-term coal transportation agreement - Livemint
Source: Google News India - Business | 11 Dec 2008 | 12:01 pm Equities markets close marginally lowerDespite inflation rate cooling off, Indian equities markets Thursday could not sustain the rally that started Monday and a key index closed 9.44 points or 0.1 percent lower than its previous close.Source: IndiaeNews.com: Business News | 11 Dec 2008 | 12:00 pm Swedish auto industry gets 2.65 billion euro aid packageStockholm: The Swedish government on Thursday announced a 28-billion-kronor (2.65-billion-euro, $3.5-billion) package to help the country’s beleaguered automotive sector, including carmakers Volvo and Saab. The measures “will take the form of increased investment in research and development and state credit guarantees for raising loans (from) the European Investment Bank,” the government said in a statement. The announcement came just hours after the US House of Representatives approved a $14-billion lifeline for the teetering US auto industry. Volvo Cars is owned by struggling US automaker Ford while Saab Automobile is owned by General Motors which has warned it could run out of money in the next few months without state aid. The government, which had previously said it would await a US decision on a rescue package before announcing any measures, reiterated it would not take over the struggling Swedish companies. “We should not own companies,” Finance Minister Anders Borg stressed. But, “with the financial woes that we have, we must meet the concerns in the car industry ... and create conditions for them to be able to operate on the market,” he added. The car industry accounts for 15% of Sweden’s exports and, with some 700 companies and suppliers, employs about 140,000 people. The three-part Swedish package unveiled Thursday includes state credit guarantees totalling a maximum of 20 billion kronor “to companies in the automotive cluster for raising loans (from) the European Investment Bank for conversion to green technology.” The government will also provide three billion kronor for the creation of a limited company to conduct research and development in the automotive sector. Finally, the government will provide rescue loans of up to five billion kronor for companies in the sector “that find themselves in financial crisis.” The proposal will be presented to parliament for approval, although no date for that was disclosed. The government proposed that all three parts of the package enter into force on the same day parliament approves the bill. Source: LatestNews-Home - Livemint.com | 11 Dec 2008 | 11:57 am Mkts end flat; midcap, small cap outperform - Moneycontrol.com
Source: Google News India - Business | 11 Dec 2008 | 11:52 am Indian, global firms plan to import wheat -sources - Reuters India
Source: Google News India - Business | 11 Dec 2008 | 11:52 am Japan graduates scramble for jobs as economy coolsTOKYO (Reuters) - University students in the world's second-largest economy could face a rude awakening as the global financial crisis hits Japan, prompting firms to cut graduate recruitment.Source: Reuters: Money News | 11 Dec 2008 | 11:49 am Paper manufacturers pass duty cut benefits to consumersPTI New Delhi: Paper manufacturers have decided to cut prices of their products to bolster sales volume following the government slashing CENVAT by 4%, Indian Paper Manufacturers Association (IPMA) said today. “IPMA member mills have decided to pass on the full benefit of the excise duty reductions to customers. IPMA firmly believes that passing on the benefits will lead to an increase in demand of paper,” IPMA Secretary General R Narayan Moorthy said in a statement. “We are passing the benefit to the consumers despite of the fact that there is no reprieve to the paper industry in terms of assured supply of quality raw materials at affordable cost and other critical inputs such as coals and power,” Moorthy said. Paper consumption is poised for a big leap forward in sync with the economic growth and is estimated to touch 13.95 million tonnes by 2015-16. Source: LatestNews-Home - Livemint.com | 11 Dec 2008 | 11:48 am PM expects telecom user base to touch 700 mn by 2012 - Hindu
Source: Google News India - Business | 11 Dec 2008 | 11:47 am Sensex ends flat; TCS, Infy Wipro take a hitThe benchmark Sensex on the Bombay Stock Exchange on Thursday ended almost unchanged after recovering over 200-point mid-session losses.Source: Daily News & Analysis: Money News | 11 Dec 2008 | 11:45 am Railways signs long-term coal transportation agreementBy PTI New Delhi: Aiming to beat the economic slowdown, the Railway Ministry today signed a long-term coal transportation agreement with GVK Power (Goindwal Sahib) Ltd, for transportation of coal for the 540-MW power plant in Punjab. Railways will get a committed coal traffic of 2.528 million tonnes per year for a period of 25 years, as per the agreement, Railway Board Chairman K C Jena said. The agreement assures the supply of coal to the Rs 3,000-crore Goindwal Sahib power plant as per the monthly and annual scheduled quantity. The plant is slated to be commissioned in mid 2011. Describing the agreement as a win-win situation for both, Jena said the present one “is part of our plan to sign long-term service-level agreements with railway’s major customers”. Chief Traffic Planning Manager, East Central Railway Subrata Mukherjee on behalf of Indian Railways and general manager Debasis Ghosh on behalf of GVL Power (Goindal Sahib), signed the agreement in the presence of senior officials from both sides. Indian Railways will supply open-type wagons for handling this traffic. The monthly requirement of rakes is expected to be between 50 to 55 to transport coal from Tokisud coal mine in Jharkhand to the plant, a distance of about 1,600 km. Coal is the single largest commodity transported by railways accounting for over 42% of its freight traffic. Last year the railways carried 338 million tonnes of coal and this will increase in the current year to over 350 million tonnes, Jena said. Source: LatestNews-Home - Livemint.com | 11 Dec 2008 | 11:41 am Jet’s Indian pilots firm that before pay-cuts, expats must goPTI Mumbai: The stalemate between the Jet Airways management and its domestic pilots continues with the latter firm in their stand that the airline must first terminate the services of its expat pilots before discussing any pay-cut proposals with them. “We are firm in our stand. We will not accept any pay cut, voluntary or otherwise, unless the management does away with expat pilots whose pay packets are much higher than ours,” a Jet Airways pilot told PTI here today. “We (pilots) also wish that the company remains financially stable and are willing to negotiate with the management on salary cuts, but it (management) should also meet us half way. The management must accede to our demands on the expat pilots issue,” he said. Jet Airways Chairman, Naresh Goyal, had recently requested the airline’s staff to take a voluntary pay-cut in view of the financial turbulence worldwide. He had also told the employees that the airline’s top management had already agreed to take a 25% cut in its salaries. Subsequently, the airline fixed 10 December as the date by which the employees should respond to the management’s proposal. “We have sought a meeting with the management on the issue as we have had no formal communication with the management ever since Goyal met us on 23 November,” the pilot said. Alongside the pay-cut issue, the pilots also oppose what they termed as the “management’s unilateral decision” to lower their allowances. “The management has reduced our variables without taking us into confidence which is not acceptable,” the pilot said. Source: LatestNews-Home - Livemint.com | 11 Dec 2008 | 11:40 am SpiceJet chalks out fog-management programme - Hindustan Times
Source: Google News India - Business | 11 Dec 2008 | 11:37 am Fuel price cut to cost HPCL Rs 1300crArun Balakrishnan, CMD, HPCL, said the government\'s fuel price cut on December 5 will impact the company by almost Rs1,300 crore.\" Post the price cut, HPCL may have to borrow for a much longer period.\"Source: Moneycontrol Top Headlines | 11 Dec 2008 | 11:33 am Kerala opposition seeks probe into port work awardThe Congress-led opposition in Kerala Thursday demanded a judicial probe into the tendering process of the proposed Rs.53.48-billion port at Vizhinjam, near the famed tourist destination of Kovalam.Source: IndiaeNews.com: Business News | 11 Dec 2008 | 11:31 am Exports decline for second month in rowPTI New Delhi: India’s exports declined by around 10% in November, showing a negative trend for the second month in a row this year, following a recession in the US and several other European markets. Although the government is yet to officially release the November figures, exports showed a almost a double-digit decline on lack of demand in most of the buying markets, sources said. Following the global financial meltdown, the country’s exports for the first time after a gap of seven years dipped by over 12% in October. India has been facing the ripple effects of the global financial turmoil, which has resulted in slowdown of country’s exports. Several developed markets including the US, the UK, Japan and other countries in the Eurozone, which are India’s major export destinations, are officially in recession. The government and the RBI have taken several steps including making available cheap credit to exporters, to boost the sector. Source: LatestNews-Home - Livemint.com | 11 Dec 2008 | 11:17 am India Inc’s deal making spree suffers 37% dip: ThorntonPTI New Delhi: India Inc’s deal making spree has witnessed significant traction till November with nearly 37% decline in merger and acquisition as well as private equity transactions in the country, a latest report said. The M&A space has witnessed a slump of 37.09% till November end, while in the case of private equity it was 35.72%, according to the latest issue of global consultancy major Grant Thornton’s Deal Tracker. “The total number of M&A deals during the first 11 months of this year stood at 433, with an announced value of $31.95 billion as against 635 deals amounting to $50.79 billion during the corresponding period in 2007,” Grant Thornton added. The report further highlighted that “total number of PE deals during the first 11 months of 2008 stood at 295, with an announced value of $10.11 billion as against 366 deals amounting to $15.73 billion during the corresponding period in 2007. “We saw record levels of M&A in 2007 but 2008 has also been a good year for merger and acquisition inspite of the global turmoil and the financial crisis. ‘Indian M&As have touched $32 billion with 433 deals in the first 11 months which is a sign of maturity in the market,” Grant Thornton Transaction Advisory Services Partner Harish HV said. For the month of November only there were 26 M&A deals with a total announced value of $3.40 billion. Meanwhile, as many as 21 PE transactions were announced during last month with an announced value of $449 million. Source: Home - Livemint.com | 11 Dec 2008 | 11:09 am MALCO Temporarily Suspends Aluminum Production - TopNews
Source: Google News India - Business | 11 Dec 2008 | 11:06 am RBI assures more steps to stimulate growthThe central board of the Reserve Bank of India (RBI) Thursday decided to provide refinance facility to the National Housing Bank and Export-Import Bank as part its measures to boost the ailing economy.Source: IndiaeNews.com: Business News | 11 Dec 2008 | 11:03 am Economy needs more incentives: SBI chairmanIndia's largest bank State Bank of India (SBI) Thursday said the economy needed more incentives to weather the downturn than interest rate cuts and the government's fiscal stimulus package.Source: IndiaeNews.com: Business News | 11 Dec 2008 | 11:02 am Infrastructure output grows 3.4 percent in OctoberIndia's infrastructure sector grew 3.4 percent in October this year over the year-ago period, while the growth rate in September was 4.8 percent, government data showed Thursday.Source: IndiaeNews.com: Business News | 11 Dec 2008 | 11:01 am Economic stress affecting teeth, causing gum diseaseIt may sound far fetched but stress due to economic recession is harming dental structure and causing gum diseases, doctors in the national capital said Thursday.Source: IndiaeNews.com: Business News | 11 Dec 2008 | 11:00 am Volatile trading grips Sensex, ends 9 pts lowerNew Delhi: Volatile trading forced benchmark Sensex to remain in the negative zone on Thursday, 11 December as it ended 0.01% lower. The 30-share BSE index opened 90 points up but quickly slipped to negative on leads from weaker Asia markets that reeled under uncertainty of US automakers bailout bill. Sensex ended 9.44 points lower at 9,645.46. The broad based 50-issue NSE index slipped by 8.10 points to end at 2920.15. Government data released on Thursday showed that inflation index slipped to 8% for week ended 29 November from previous week’s 8.4%, but this positive indicator failed to boost buying sentiment. Speculators had expected profit-trading on Thursday keeping in mind stimulus package announced on Sunday and bearish trend of the previous days. Information Technology and capital goods sector were the major losers of the day. TCS toped the list by falling 6.17% to Rs507.65, followed by Satyam Computers (5.14%, Rs224.45), Gail (4.87%, Rs208.50) and Hindalco (4.65%, Rs51.25). Meanwhile Asian markets that opened low on investor worry of uncertain market trends surged slightly later in the day as Hang Seng ended 0.23% higher and Nikkei 0.70% up. Source: Home - Livemint.com | 11 Dec 2008 | 10:58 am RBI assures more steps to stimulate growth - Economic Times
Source: Google News India - Business | 11 Dec 2008 | 10:51 am OVL submits feasibility report for oil discovery in IranBy PTI New Delhi: After receiving approval for the commercial viability of natural gas production from the Farsi block in Iran, the overseas arm of Oil and Natural Gas Corporation, OVL, has now submitted a feasibility report for the oil discovery it made in the block two years ago. OVL, which holds 40% interest in the 3,500 sq km offshore block, found oil in the BB structure in 2006 when it drilled three wells, Minister of State for Petroleum and Natural Gas Dinsha Patel told Lok Sabha in a written reply to a question today. Though Patel did not state the oil reserves OVL had discovered in Farsi, officials said the discovery may hold about a billion barrels of inplace oil reserves. “Feasibility report of the field has been submitted to National Iranian Oil Company, Iran, on November 26, 2008.” Indian Oil Corporation (IOC) holds 40% stake in the block while the remaining 20% is held by Oil India Ltd. Iran had in September approved the commercial viability of natural gas production from the same Farsi block and the consortium of Indian firms were preparing a plan to developing the gas find that may cost over $3 billion. Tehran is likely to decide by mid-2009 on awarding the development rights for the field to Indian firms. The Indian firms had submitted a gas commerciality report to Iranian authorities last December, and would invest about $3 billion to develop the gas field if Tehran gives the go-ahead. The block is estimated to hold recoverable gas reserves of 12.8 trillion cubic feet. Source: World Business - Livemint.com | 11 Dec 2008 | 10:49 am Ruia Meets Trinmool Congress Leader Mamta Banerjee - TopNews
Source: Google News India - Business | 11 Dec 2008 | 10:37 am China blacklists 74 websites selling fake herbal drugsAFP Beijing: China’s traditional medicine watchdog has issued a blacklist of 74 Beijing-based websites suspected of selling fake herbal medicines online and warned consumers not to buy their products. “During the past year, following reports from citizens and investigations by our administration, we have discovered a lot of websites selling fake herbal medicines,” the State Administration of Traditional Chinese Medicines said. “In order to safeguard the health interests of the people and protect the image of traditional Chinese medicine... we are publicising the names of the websites,” the administration said in a statement on its website. Among the websites selling fake herbal concoctions were organisations claiming to be affiliated with real institutes such as the China Research Centre for Chinese Medicine, it said. The websites sold a range of drugs claiming to treat ailments such as high blood pressure, skin diseases, diabetes and tumours, press reports said. Most of the listed websites appeared to have been shut down on Thursday. The state Chinese medicine administration said all traditional Chinese medicine sellers needed licences to sell such drugs online. So far only 10 companies have been licensed by the administration to sell over-the-counter traditional Chinese medicines on the Internet, it added. Herbal medicine is a huge industry in China with sales in the first 11 months of 2007 totalling 118 billion yuan ($17.1 billion), according to the Hong Kong-based consulting firm China Commodity Marketplace. Up to one billion dollars in sales were overseas sales, it said. Source: World Business - Livemint.com | 11 Dec 2008 | 10:16 am India may grow at 7 pct-plus in 08/09 - RBI adviserMUMBAI (Reuters) - India's slowing economy should still grow at more than 7 percent in the fiscal year ending March 2009, but could slow to 6 percent in 2009/10, a member of the central bank's monetary policy advisory board said on Thursday.Source: Reuters: Money News | 11 Dec 2008 | 10:14 am ICICI to launch interactive online bankingMumbai: Private sector ICICI Bank plans to launch a new interactive internet banking concept to give customers the touch and feel of a real branch, a top company executive said on Thursday. “The power of the internet has not been unleashed completely. Internet banking has been a passive transaction tool. We are planning to launch a new concept which would make Internet banking more interactive for customers,” ICICI Bank Executive Director V Vaidyanathan told reporters on the sidelines of a CII summit on retail here. The concept would have a virtual teller, branch manager and receptionist, among others, which would give customers a touch and feel of a real branch with the help of navigational tools, he said. The country’s largest private sector lender has not yet chosen a name for the new initiative, but it would be launched by the year-end, Vaidyanathan said. ICICI Bank is also running a campaign asking customers to ‘Just Step In´, which would help it deal with customers in a better way, he said. “Through Just Step In, we are asking customers to walk into the bank. This concept will help us to deal with them better.” The lender is expecting an increase in footfall with this concept, he added. Source: Home - Livemint.com | 11 Dec 2008 | 10:09 am Indian economic outlook uncertain - SubbaraoKOLKATA, India (Reuters) - The near-term outlook for the Indian economy remains uncertain, and the Reserve Bank of India (RBI) is ready to follow up last weekend's aggressive rate cuts if needed to boost the economy, Governor Duvvuri Subbarao said on Thursday.Source: Reuters: Money News | 11 Dec 2008 | 9:22 am Bharti sees 3G launch in 6 mths of allocationNEW DELHI (Reuters) - Bharti Airtel, India's leading mobile firm, said on Thursday it expected to launch third-generation wireless services within six months of the spectrum being allocated.Source: Reuters: Money News | 11 Dec 2008 | 9:05 am ITC mulls acquiring hotelsPTI New Delhi: Diversified business group ITC today said it is considering to acquire hotels as there are attractive valuations as a result of the current global economic downturn. “We are looking for operations to buy assets, particularly in hotel area. We will buy where asset prices are feasible and we are looking at all categories ranging from 3 to 7 star hotels,” ITC Chairman Y C Deveshwar said on the sidelines of CII summit here. He said that the company has cash surplus and will take the opportunity of economic slowdown to acquire assets as asset value at present is very attractive. Regarding capital expenditure plans, he said that the company is not revisiting it. “We will stick to our capex plan,” he said. Last year, the company had said it plans to invest about Rs15,000 crore in the next five to seven years in areas such as hotels, agri-business and FMCG. Source: Home - Livemint.com | 11 Dec 2008 | 8:51 am Govt withdraws affidavit in RIL-RNRL caseIn an unusual development, the government withdrew its affidavit in the Bombay High Court against Reliance Industries.Source: Daily News & Analysis: Money News | 11 Dec 2008 | 8:40 am Govt unveils security overhaul after Mumbai siegeNew Delhi: India announced a massive overhaul of its security and intelligence agencies Thursday in the wake of the Mumbai terror attacks that left 171 dead and provoked a public outcry over the government’s response. Among the new measures, the government will seek to create an FBI-style national investigative agency, beef up coastal security, better train local police, strengthen anti-terror laws and increase intelligence sharing, said Home Minister Palaniappan Chidambaram, the country’s top law enforcement official. “Given the nature of the threat, we can’t go back to business as usual,” Chidambaram said in a speech to India’s Parliament, adding he would “take certain hard decisions to prepare the country and people to face the challenge of terrorism.” The revamp represents the government’s first detailed response to widespread public anger over security and intelligence failures in the attacks. Chidambaram has previously apologized for government “lapses” in the assault. Meanwhile, police in Mumbai backed off of plans to produce the only surviving attacker, Mohammed Ajmal Kasab, in court Thursday for a routine hearing, citing security concerns. Instead, a magistrate came to police headquarters and granted authorities permission to hold Kasab for a further two weeks, public prosecutor Eknath Dhamal said, without providing details of the decision. Under Indian law, police can extend detentions for months on end before formal criminal charges are filed. A security cordon was thrown around the downtown Mumbai building where Kasab was being held, and journalists were kept 200 yards (180 meters) away, their view blocked by a police van. Kasab, who was wounded and captured by police in the first hours of the Nov. 26 attack, has been repeatedly interrogated by authorities and reportedly offered key details about the planning of the assault and those responsible for it. Many lawyers across the city, horrified by the attacks, have said they would not represent Kasab. On Thursday, Dinesh Mota, a lawyer asked by the court to defend Kasab, said he would refuse. “I will not represent him, it is against all human values,” he said. On Wednesday, police identified two more people involved in the training of the 10 attackers. One of the trainers, identified only as Khafa and described as a senior operative in the banned Pakistani terror group Lashkar-e-Taiba, was their main handler after the men were selected for the attack, Rakesh Maria, Mumbai’s chief police investigator. The other man, another senior Lashkar militant identified as Abu Hamza, was responsible for much of the training they received while sequestered in a house in Azizabad, Pakistan, for three months to prepare for the attack, Maria said. Abu Hamza was believed to be one of two gunmen responsible for the 2005 attack on the Indian Institute of Science in Bangalore, that killed one scientist, Maria said. After that attack, Abu Hamza escaped back to Pakistan, he said. Police said Lashkar, the group investigators blame for the Mumbai siege, also kept an Indian militant as a “point man” to shepherd gunmen across India’s porous borders to stage attacks. Sabauddin Ahmed, accused of managing militant safe houses in Nepal, was being brought to Mumbai for questioning. Ahmed was arrested in February following a deadly raid on an Indian police station. Ahmed’s position in Nepal extends the reach of Lashkar and could represent another blow to Indian officials who say Pakistan-based militants were entirely responsible. “He was their main point man in Katmandu, a very trusted man by Lashkar,” Amitabh Yash, director of the police task force that arrested Ahmed, said. Also Wednesday, a U.N. Security Council panel declared Jamaat-ud-Dawa a terrorist organization, subject to U.N. sanctions, as sought by India and the U.S. It specifically designated four men connected to Jamaat-ud-Dawa and Lashkar as terrorists, including Zaki-ur-Rehman Lakhvi, the suspected mastermind of the attacks. The U.N. Security Council called Jamaat-ud-Dawa, which casts itself as a charity, a front group for Lashkar. ___ Associated Press writers Ravi Nessman and Ramola Talwar Badam in Mumbai, and Sam Dolnick and Ashok Sharma in New Delhi contributed to this report. Source: Home - Livemint.com | 11 Dec 2008 | 8:34 am ‘Smart fabrics’ to monitor healthWashington: Researchers are on track to make available low-cost ‘smart fabrics´ capable of detecting diseases, monitoring heart rates and other vital signs, a development that could provide point-of-care diagnostics to healthcare professionals and greater freedom for patients. Scientists in United States and China have shown progress toward a simple, low-cost method to make “smart fabrics,” electronic textiles capable of detecting diseases, monitoring heart rates, and other vital signs, the Science Daily online reported today. Researchers Nicholas A. Kotov, Chuanlai Xu, and colleagues point out that the “smart fabrics” are soft, flexible, and capable of transmitting electricity when woven into fabrics. In laboratory tests, the researchers showed that the new E-fibers could light up a simple light-emitting diode when connected to a battery. In the new research, which is to be published in the latest issue of ‘ACS´ Nano Letters’, scientists describe development of cotton fibers coated with electrolytes and carbon nanotubes (CNT) thin filaments 1/50,000 the width of a single human hair. According to the report, when coated with certain antibodies, the fibers detected the presence of albumin, a key protein in blood a function that could be used to detect bleeding in wounded soldiers. Tiny sensors woven into the fabric collect information about the wearers vital signs (respiration, heart rate, surface and core temperature) and movement, which can be monitored remotely using embedded GPRS transmitters. People with heart conditions or undergoing rehabilitation that require constant monitoring, athletes, newborns and people with sleep apnoea are among the potential users, the report said. The clothing could also help keep soldiers and emergency crews safe in extreme conditions. Source: Tech News - Livemint.com | 11 Dec 2008 | 8:02 am Inflation further eases to 8% from 8.4%New Delhi: Inflation rate fell further to 8% for the week ended 29 November mainly on account of declining prices of fruits and vegetables. The wholesale price-based inflation fell by 0.4% from 8.4% in the previous week. The inflation was 3.89% during the corresponding period a year-ago. In primary articles group, the prices of fruits, vegetables, barley and grams declined during the week. As far as manufactured items were concerned, unrefined oil, gur, and rapeseed and mustard oil became cheaper. The inflation rate has been declining after it touched a peak of 12.82% in August. Among other important items, the prices of cement too dropped marginally during the week, pulling down the index of Non-Metallic Mineral Products group by 0.1%. The items that became expensive include safety matches, ragi, urad, bajra, maize, and groundnut seed and oil. Paper and paper products and plastic items like PVC fitting and accessaries also became dearer. There was no movement in the index of Fuel, Power, Light and Lubricants during the week. However, the inflation data for the week ended 29 November does not capture the impact of the cut in prices of petrol and diesel by the government by Rs5 and Rs2 per litre, respectively. Besides, it also does not reflect the price reductions following 4% across-the-board cut in excise duty announced on Sunday as part of the stimulus package to boost economy. Once the impact of these decisions is reflected in the wholesale prices, the inflation rate could decline further. The inflation rate for the week ended 4 October was revised to 11.49% from the provisional estimate of 11.44%. Source: Home - Livemint.com | 11 Dec 2008 | 7:45 am SBI says economy likely to need more helpNEW DELHI (Reuters) - State Bank of India, India's biggest bank, said on Thursday there was some concern the economy would require further stimulus beyond large interest rate cuts and extra government spending announced last weekend.Source: Reuters: Money News | 11 Dec 2008 | 7:31 am Asian shares edge up; conflicting signs on riskHong Kong: Asian shares gained on Thursday as aggressive rate cuts and government actions to revive economic growth improved confidence, but plenty of other worrisome signals remained, supporting government bonds. Oil extended the prior day’s rally on signs Saudi Arabia had slashed supplies to customers, while the US dollar, which had recently attracted strong demand due to its safe-haven perception, fell to a one-month low against the euro. Central banks are acting aggressively, helping ease some concerns about the global economy, especially as inflation drops worldwide. China on Thursday said the consumer price index fell to a 22-month low. South Korea on Thursday cut interest rates by 1 percentage point, helping Seoul shares and the won currency hit around one-month highs. But plenty of uncertainties still remain, and not all investors were willing to add on risk. Expectations for sharply slower growth through 2009 and renewed uncertainty about a US auto bailout kept regional bonds firm and European shares were seen inching lower. The MSCI index for Asia-Pacific stocks outside Japan advanced 0.4% as building on the previous day rally of 4.5%. Japan’s Nikkei average rose 0.7% to mark its fourth consecutive daily gain. However, some major indexes in Asia such as in Shanghai and Australia fell, hit by a mixture of concerns about the global economy and uncertainty about whether the US Senate will now approve a rescue for auto makers after the plan cleared the lower house of the US Congress. Corporate news has added to worries about global growth. Major companies worldwide such as Rio Tinto are announcing steep job cuts as they seek ways to cope with a crisis of a magnitude not seen in decades. Taiwan ended flat, but South Korea’s KOSPI gained 0.8% and the won currency surged 2.6% against the dollar, after the central bank cut its key interest rate by an unprecedented 100 basis points to a record low 3%. Source: Home - Livemint.com | 11 Dec 2008 | 7:24 am UNSC bans JuD as terror outfit on India’s demandUnited Nations: Heeding to India’s demand, UN Security Council has placed sanctions on Jamaat-ud-Dawa, front organisation of banned LeT, declaring it a terrorist outfit, and labelled as terrorists its chief Hafiz Muhammad Saeed and suspected Mumbai attacks mastermind Zaki-ur-Rehman Lakhvi. Besides Sayeed and Lakhvi, two other top leaders of Lashkar-e-Toiba, Haji Muhammad Ashraf and Zaki-ur-Bahaziq have also been declared as terrorists by the UNSC. Imposing the sanctions, the Council late on Wednesday asked all member States to freeze their assets and imposed travel ban and arms embargo against them. India had sought ban on JuD after LeT was suspected to be behind the terrorist attacks in Mumbai. The decision was taken by the Council’s committee on Al-Qaeda and Taliban which put JuD and the four individuals on the Consolidated List of persons and entities connected with Al-Qaeda and Taliban. The United States had sought ban on Lakhvi, operations leader of LeT who is suspected to be the mastermind behind the Mumbai attacks, Ashraf, a JuD financier, and Bahaziq, an Indian-born Saudi who was said to collecting funds for the banned organisations in Saudi Arabia. JuD defence Branded a terrorist outfit by the UN, Jamaat-ud-Dawah on Thursday sought to put up a defiant stance, claiming that it was not concerned by the international clampdown and would carry on with its activities. Reacting to the ban imposed by the UN Securtiy Council by a unanimous decision, Maulana Abdul Aziz Alvi, chief of the Jamaat in Pakistan-occupied Kashmir, said, “We don’t take permission from the UN or the Security Council for carrying out our activities”. He claimed his group was not involved in the Mumbai carnage but said his organisation would admit its mistakes provided it was proved that it was in any way linked to the attacks, which left a trail of death and destruction. At present, the Jamaat did not have any links with the LeT, he said, claiming the Lashkar had no camps in Pakistan-occupied Kashmir. Source: Home - Livemint.com | 11 Dec 2008 | 7:14 am POLL - India's 2008/09 growth to slow to 6-year lowsMUMBAI (Reuters) - India's economy is expected to grow at its slowest pace in six years in the fiscal year to March 2009 after three years of growth at or above 9 percent as the global financial crisis hits hard, a quarterly Reuters poll shows.Source: Reuters: Money News | 11 Dec 2008 | 7:06 am Bears overrun over initial gainsMumbai:Volatility gripped the bourses on profit-taking, forcing the Bombay Stock Exchange bellwether Sensex to the negative zone, as it surrendered the early gains and fell by almost 95 points at 11:30am. The Sensex, which rose by nearly 90 points in opening trade, fell by 94.98 points to 9,559.92 at 11:30am. The broad-based National Stock Exchange Nifty also fell by 31.30 points at 2,896.95, after rising by over 17 points in the opening session. Marketmen said apart from profit-taking by speculators, weakening trends on other Asian equity markets also cast its shadow over the trading sentiments on the domestic bourses. Major losers, which brought the Sensex down, included Reliance Industries, ONGC, NTPC, Infosys Technologies, Satyam Computers, Tata Consultancy, Wipro, Bharti Airtel, BHEL, Larsen and Toubro, HDFC Ltd and ITC Ltd. Sensex had gained over 89 points in the early trade, though alternate bouts of buying and selling by investors ahead of inflation data also saw some range-bound volatility on the bourse. Early gainers among banking stocks included country’s largest lender State Bank of India, which gained Rs3.65, or 0.31% at Rs1,192.85, ICICI Bank rose by Rs9, or 2.25% at Rs408.95 and HDFC Bank moved up by Rs4.15, or 0.45% at Rs929. Activity in the Mid-cap and Small-cap segments also picked up with their indices showing impressive gains. However, Asian markets were narrowly mixed in early trade today after the US stocks showed stability last night. Source: Home - Livemint.com | 11 Dec 2008 | 6:49 am Global telecoms eye stake in Rel Comm: reportMumbai: Foreign telecom firms are talking to Reliance Communications about taking a stake of 20 to 26% in India’s second-largest mobile operator, the Economic Times reported, citing a banking source with knowledge of the discussions. The unnamed banker told the paper the strategic investor would buy shares from the secondary market, and then be allocated fresh shares through a preferential allotment. The paper also cited the source as saying that the deal would be “biased” in favour of the secondary market, as Reliance Communications was not willing to dilute equity substantially, but added the deal would hinge on whether the Indian telecom could get a big premium over its current price. Shares in Reliance Communications rose 10.2% to Rs228.25 on Wednesday, their highest close in a month, although the stock is down 69.4% so far in 2008. Reliance Communications is part of the Anil Dhirubhai Ambani Group, controlled by Anil Ambani. “The promoter, who owns 67% is not selling equity and nor will he participate in the open offer,” the paper quoted the source as saying. Reliance Communications, which has a market capitalisation of $9.6 billion, is one of the few major telecom companies in India without a foreign partner. Earlier this year, Reliance Communications and South Africa’s MTN failed to reach a deal in tie-up talks aimed at creating a top-10 global telecoms group. The company could not be reached for comment immediately. Source: Home - Livemint.com | 11 Dec 2008 | 6:13 am Bankers to review rate cut for housing, SME sectorClose on the heels of the government announcing economic package to boost demand across the board, the Indian Bank Association is meeting to review interest rate cut for housing and SME sector.Source: Daily News & Analysis: Money News | 11 Dec 2008 | 6:11 am Auto bailout focus shifts to U.S. SenateWASHINGTON (Reuters) - A proposal to bail out the big three U.S. automakers passed the House of Representatives but its prospects looked grim in the Senate where supporters faced an uphill struggle on Thursday to keep it alive.Source: Reuters: Money News | 11 Dec 2008 | 6:09 am Rupee opens 23 paise higher against USDThe Indian rupee on Thursday appreciated 23 paise against the US currency in opening trade on dollar selling by banks amid surging trend in domestic stock markets.Source: Daily News & Analysis: Money News | 11 Dec 2008 | 5:01 am Yahoo layoffs commenceYahoo has begun dropping the axe on employees, following through on a promise to cut its workforce by at least 10 per cent in an effort to right its financially listing ship.Source: Daily News & Analysis: Money News | 11 Dec 2008 | 4:50 am Indian unit in UK pondering job cuts to face downturnFaced with economic downturn, a Wales-based aluminium roll company owned by Indian aluminium major Hindalco is likely to announce job cuts to cope with falling demand.Source: Daily News & Analysis: Money News | 11 Dec 2008 | 4:48 am Global telecoms eye stake in Rel Comm - paperMUMBAI (Reuters) - Foreign telecom firms are talking to Reliance Communications about taking a stake of 20 to 26 percent in India's second-largest mobile operator, the Economic Times reported, citing a banking source with knowledge of the discussions.Source: Reuters: Money News | 11 Dec 2008 | 4:33 am TRAI wants administrative charges to be levied on 3G operatorsNew Delhi, Dec. 10 The Telecom Regulatory Authority of India has proposed that an annual administrative charge should be collected from operators who win 3G spectrum. The regulator said that 3G operators should pay 2 per cent of the highestSource: Business Line - Home Page | 11 Dec 2008 | 12:00 am ONGC Videsh may look at domestic market to part-fund Imperial acquisitionNew Delhi, Dec. 10 The lean global credit scenario may compel ONGC Videsh Ltd (OVL), the overseas investment arm of ONGC, to look at the domestic market to partly fund its £1.4-billion (about $ 2.07 billion) acquisition of LSE-listedSource: Business Line - Home Page | 11 Dec 2008 | 12:00 am Hyundai puts off bus plans as slowdown bitesChennai, Dec 10 South Korea’s biggest automaker Hyundai Motor Company announced today that it is suspending its plans to sell buses in India.Source: Business Line - Home Page | 11 Dec 2008 | 12:00 am No change in India investment plans: ToyotaChennai, Dec. 10 Toyota Motor Corporation is reviewing all its proposed capex investments — except its plans for a second plant in India.Source: Business Line - Home Page | 11 Dec 2008 | 12:00 am Domestic auto sales plunge deeper in Nov, exports riseExports were the only silver lining in the automobile sales figures for November released on Wednesday by the Society of Indian Automobile Manufacturers. Domestic sales continued to shrink . The export growth was mainly steered by Hyundai andSource: Business Line - Home Page | 11 Dec 2008 | 12:00 am Day Trading GuideOn Wednesday, the stock conclusively penetrated its 21-day moving average by jumping up by 8 per cent accompanied with above average volume. We recommend a buy.Source: Business Line - Home Page | 11 Dec 2008 | 12:00 am ING Vysya Bank (Rs 154.90): BuyWe recommend a buy in ING Vysya Bank from a short-term horizon. It is apparent from the charts that its medium-term downtrend, which commenced from September high of Rs 275, found support at Rs 113 that was almost the stock’s 52-week low.Source: Business Line - Home Page | 11 Dec 2008 | 12:00 am Mumbai terror strike costs insurers Rs 1,400 crBangalore, Dec. 10 Terrorist strikes on Mumbai’s Taj and Oberoi-Trident hotels have dented insurance companies’ balance sheets by Rs 1,400 crore.Source: Business Line - Home Page | 11 Dec 2008 | 12:00 am Market makes further gains as FIIs turn net buyersMumbai, Dec. 10 The stock market rose sharply on Wednesday on the back of heavy buying by foreign institutional investors.Source: Business Line - Home Page | 11 Dec 2008 | 12:00 am Small shareholders flock to large steel companies in Sept quarterSmall investors have been shifting in large numbers to steel stocks while the BSE Sensex has been sliding.Source: Business Line - Home Page | 11 Dec 2008 | 12:00 am Trai for new 3G rules, auction delayedThe Telecom Regulatory Authority of India (Trai) wants the rules for 3G (third generation) telecom services changedSource: Daily News & Analysis: Money News | 10 Dec 2008 | 10:25 pm It's Khan vs Khan as Bollywood seeks a turnaround scriptPegged as the films that may rejuvenate Bollywoods declining fortunes, especially after the Mumbai terror attacks, around Rs 150 crore is riding on the years two most-awaited BollywoodSource: Business Standard | Front Page Headlines | 10 Dec 2008 | 6:48 pm Gujarat NRE Coke plans DVS rights issue at 1:450Differential voting shares (DVSes) are emerging as a legal and relatively cost-effective window for promoters to increase their holdings in their companies.Source: Business Standard | Front Page Headlines | 10 Dec 2008 | 6:47 pm 2009-10 will be a tougher year, says RBI governorReserve Bank of India Governor D Subbarao today said the next financial year could be a more difficult year.Source: Business Standard | Front Page Headlines | 10 Dec 2008 | 6:46 pm CBDT to reopen cases on group investmentsField formations may re-examine cases from 1997.??The Central Board of Direct Taxes (CBDT) has asked its field formations to reopen all cases in which companies have invested in subsidiaries or groupSource: Business Standard | Front Page Headlines | 10 Dec 2008 | 6:45 pm MCD planning to digitise all records by Sept 2009New Delhi: As part of its efforts to make its administration ‘paperless’, the Municipal Corporation of Delhi (MCD) is planning to digitise all its records by September next year. “The digitisation will help guarding against loss, theft or destruction of records and ensure a transparent and swift governance mechanism,” MCD Standing Committee Chairman Vijender Gupta said. The civic agency is fast-tracking its e-governance programme to reach the goal of ‘paperless administration’ as it shifts it headquarters to the new Civic Centre building from the Town Hall in the city. Some 37 departments, including slum and audit, are planned to be brought under the ambit of e-governance. “It will introduce online issuance of factory licenses within a fortnight,” Gupta said. The MCD has already introduced e-tendering, payment of property tax and booking of community halls online. “As a major reform, the MCD also proposes to make payment to empanelled contractors and agencies through e-governance,” the Chairman said. “The digitisation of records is expected be completed by September 2009,” officials said adding that the estimated cost of the project is Rs75 crore. “It will also help in keeping a proper record of all MCD properties, thereby preventing encroachment,” they said. Source: Tech News - Livemint.com | 10 Dec 2008 | 1:04 pm
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