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Realty cos eye asset sales to address liquidity woesEven as the Reserve Bank is looking to boost credit allocation for real estate developers, several companies are now looking at asset sales as a measure to raise funds. So, are we likely to see a flurry of asset sales in the next few months in the real estate space?Source: Moneycontrol Top Headlines | 12 Dec 2008 | 4:50 pm US auto bailout: Impact on Indian auto ancillaries, IT cosThe US Senate failed to reach a compromise to bail out General Motors, Chrysler, and Ford. Earlier, the big three US auto makers had asked for a USD 34 billion bailout package. CNBCTV18s Raja Rajeshwari and Swati Khandelwal explain the impact of this failure on the Indian auto ancillaries and IT companies.Source: Moneycontrol Top Headlines | 12 Dec 2008 | 3:58 pm Rico Auto expects 20% revenue growth in FY09Rico Auto is a supplier of ancillaries to some of the big three US auto companies. Arvind Kapur, Rico Auto expects growth of about 20% over last year. \"Depending on the downturn in exports, which have taken place till November, and whatever projections are left for the next 34 months, we expect a growth of about 20% over the last year.Source: Moneycontrol Top Headlines | 12 Dec 2008 | 3:46 pm Addl 2% administrative fee won\'t impact 3G bid: TRAINripendra Misra, Chairman of TRAI said the levy of administrative fee is not likely to depress the auction bid because there is enough competition. He feels the allocation of 3G spectrum must in some ways contribute to the country\'s revenue on a longerterm basis.Source: Moneycontrol Top Headlines | 12 Dec 2008 | 3:43 pm Economic woes may end by 200910: Videocon IndVenugopal Dhoot, Videocon said demand from the US has gone down. \"Industrial output in India is also going down because a lot of engineering and automobile industries depend on US exports, which has fallen. The unemployment problem is also looming large in India.\" However, he was quick to add that by 200910 all these problems would be solved.Source: Moneycontrol Top Headlines | 12 Dec 2008 | 3:16 pm Edelweiss wealth management unit head quitsMUMBAI (Reuters) - Edelweiss Securities wealth management unit's head Anurag Mehrotra has quit, a spokeswoman for the firm said on Friday.Source: Reuters: Money News | 12 Dec 2008 | 12:50 pm Citizen Watches to invest Rs 30 crore in IndiaJapanese watchmaker Citizen Watches is planning to invest Rs 30 crore by March 2010 in setting up more stores and introducing models.Source: Daily News & Analysis: Money News | 12 Dec 2008 | 12:42 pm Moody’s blames RBI policy for negative IIP figuresBy PTI New Delhi: Blaming RBI’s earlier tight monetary policy for contraction in India’s industrial growth, Moody’s today said deceleration in manufacturing output is a concern for overall economic growth. “Despite a global market turmoil, India’s central bank continued to tighten monetary policy until July. The moderation in demand is a result of the tight monetary policy settings in the first nine months,” said Moody’s Economy.com, a subsidiary of Moody’s group. Pointing out that loosening cycle of monetary policy by RBI began only in October, Moody’s said, “it might not have led to an immediate rebound in domestic consumption.” “As such, manufacturing orders from the domestic sector likely remained modest in November and December,” it said. However, the RBI had yesterday stated that monetary measures taken by it were “appropriate”. Industrial growth turned negative in October for the first time in 15 years, as manufacturing, which comprises around 80% of the industry, shrank to 1.2% growth in October from a whopping 13.8% a year ago. “Although the Indian economy depends largely on the services sector, a contraction in the manufacturing sector is still of concern to its overall growth outlook,” Moody’s said. Indian economy grew by 7.8% in the first half of the current fiscal from 9.3% a year ago. Linking contraction in Industrial growth to decline in both domestic and external demand, Moody’s said, “India’s export outlook is dismal. Outbound shipments declined in October, but the worst is yet to be seen. Losing support from external orders, India will unlikely see a rebound in manufacturing output any time soon.” India’s exports dipped by over 12% in October and initial reports suggest it would fall by another 10% in November. Source: LatestNews-Home - Livemint.com | 12 Dec 2008 | 12:37 pm StanChart acquires additional 25.9% stake in securities armMumbai: Global banking major Standard Chartered (StanChart) has increased its stake holding in Standard Chartered-STCI Capital Markets to 74.9% by acquiring an additional 25.9% stake for an undisclosed amount. StanChart had acquired a 49% stake in the former UTI Securities Ltd, from Securities Trading Corporation of India (STCI) in January this year for a consideration of $36 million. “This strategic initiative is a reflection of our long-term commitment to the Indian market despite the current economic slowdown,” StanChart’s Regional CEO Neeraj Swaroop said. The acquisition is in line with the original plan between both parties according to which StanChart will acquire 100% stake in the company in stages by 2010. StanChart has secured the necessary regulatory approvals for the acquisition of the additional stake and change in the controlling stake in the brokerage, the statement said. The lender also plans to invest an additional capital of $4.5 million in the brokerage in line with the FDI guidelines. StanChart has nearly 90% of its operating income and profits from Asia, Africa and the Middle East, generated from its wholesale and consumer banking business. The financial group has 1,750 branches and outlets in 70 countries and employs about 75,000 people across the globe. Source: LatestNews-Home - Livemint.com | 12 Dec 2008 | 12:30 pm Auto bailout collapses in Senate - CNNMoney.com
Source: Google News India - Business | 12 Dec 2008 | 12:12 pm IIP dips by 0.4 per cent in October - Business Standard
Source: Google News India - Business | 12 Dec 2008 | 12:05 pm US jobless claims touch 26-yr high at 5,73,000!In signs of a strained American labour market, the unemployment claims shot up to 5,73,000 for the week ended December 6, reportedly the highest in 26 years.Source: Zee News : Business | 12 Dec 2008 | 12:02 pm 7 million GSM users added in November!The country added over 7 million GSM mobile users in November, with the Bharti Airtel taking the lead with an addition of 2.7 million users.Source: Zee News : Business | 12 Dec 2008 | 12:02 pm Air India to seek Rs 25 bn from government: MD!Air India will soon approach the government for funds worth Rs 25 bn to finance its integration with Indian Airlines and other expansion plans.Source: Zee News : Business | 12 Dec 2008 | 12:02 pm US auto bailout talks collapse !A USD 14 billion emergency bailout for US automakers collapsed in the Senate on Thursday.Source: Zee News : Business | 12 Dec 2008 | 12:02 pm US stocks mostly flat in early trade!US stocks were almost unchanged in morning session on Thursday amid jobless claims touching a 26-year high in the first week of December.Source: Zee News : Business | 12 Dec 2008 | 12:02 pm Former Nasdaq chairman Bernard Madoff arrested on fraud charge!A Wall Street advisor and former chairman of the Nasdaq stock market was arrested on Thursday for fraud after allegedly admitting to running a "giant" pyramid scheme, prosecutors announced.Source: Zee News : Business | 12 Dec 2008 | 12:02 pm INR depreciates 32 paise against USD!The Indian rupee on Friday depreciated by 32 paise against the US currency in opening trade.Source: Zee News : Business | 12 Dec 2008 | 12:02 pm Ukraine passes laws to battle financial crisis!Ukrainian lawmakers on Thursday backed severe restrictions on public spending and a government-wide hiring freeze to help the economy survive the global financial turmoil.Source: Zee News : Business | 12 Dec 2008 | 12:02 pm Sensex tanks 363 pts, Nifty down by 108 pts!Sensex plunged by over 363 pts in early trade on Friday on heavy selling of heavyweight stocks.Source: Zee News : Business | 12 Dec 2008 | 12:02 pm Oil prices slip to below USD 46 in Asia!Oil prices retreated to below USD 46 a barrel Friday in Asia after a strong rally overnight.Source: Zee News : Business | 12 Dec 2008 | 12:02 pm Markets prove resilient despite gloomy newsThe Indian equities markets rode over depressing sentiments from different quarters with a key index of the Indian stock market registering some strong recovery during the day.Source: IndiaeNews.com: Business News | 12 Dec 2008 | 12:00 pm Coal exploration licences for 166 blocks to be cancelledLicences for coal exploration in 166 blocks will be cancelled as allottees have not executed promised exploration plans, the government said here Friday.Source: IndiaeNews.com: Business News | 12 Dec 2008 | 12:00 pm HSBC lays off 193 staff in IndiaHSBC has decided to cut 193 jobs in its Indian consumer assets business segment after it reviewed its portfolio in the prevailing economic conditions.Source: Daily News & Analysis: Money News | 12 Dec 2008 | 11:45 am BSE Sensex up 8 pct on week as foreign funds returnMUMBAI (Reuters) – The BSE Sensex ended a volatile session up 0.46 percent higher on Friday, with foreign fund buying of stocks such as Reliance Industries negating the fallout of the collapse of the U.S. auto bailout package.Source: Reuters: Money News | 12 Dec 2008 | 11:40 am Sensex rebounds to close up by 44 points; realty stocks surge - Hindu
Source: Google News India - Business | 12 Dec 2008 | 11:39 am Govt turns down Dunlop's plea for loanThe West Bengal government has turned down Dunlop India's plea for a 100 crore soft loan.Source: Daily News & Analysis: Money News | 12 Dec 2008 | 11:36 am Is RILRNRL tussle headed for outofcourt settlement?There have been rumours that the RRILRNRL case may be headed for an outofcourt settlement. SP Tulsian of sptulsian.com said based on the adjournment decision of the case for more than a month and also market gossip, there is a possibility of settlement talks between the brothers.Source: Moneycontrol Top Headlines | 12 Dec 2008 | 11:33 am Ban on future trading on rice, wheat to be liftedThe ban on futures trading of rice, wheat, tur and urad will soon be lifted, a senior official of the commodity market regulator said here Friday.Source: IndiaeNews.com: Business News | 12 Dec 2008 | 11:31 am Bhel to invest Rs.200 bn on expansion, diversificationPower equipment major Bharat Heavy Electricals Ltd (Bhel) will pump in around Rs.200 billion (Rs.20,000 crore) on brownfield expansions and joint ventures, said a top company official.Source: IndiaeNews.com: Business News | 12 Dec 2008 | 11:30 am Russia has entered recession: ministerMoscow: The Russian economy has entered recession, a deputy minister of economic development said on Friday, according to the Interfax and RIA Novosti news agencies. “The recession in Russia has begun. There will be two quarters” of economic contraction, the minister, Andrei Klepach, was quoted as saying by RIA Novosti. A recession is defined as at least two consecutive quarters of economic contraction. Klepach said Russian growth for 2008 would fall short of the previously forecast 6.8%, citing setbacks in industrial production and the wider economy that began in October, along with the full onset of the global financial crisis. “A major drop began in October and there will also be in November-December,” he said, according to RIA Novosti. The Russian economy has been hit hard by the global economic crisis despite initial claims by officials that it would be an island of stability amid the turmoil. Moscow’s stock markets have lost more two-thirds of their value since posting record highs in May and the central bank has spent tens of billions of dollars in recent weeks to contain a slide in the value of the ruble. Fallout from the global crisis and a plunge in the price of oil are expected to sharply cut the rapid growth that Russia has enjoyed in recent years. The country’s economy grew 8.1% in 2007 and 7.4% in 2006. Source: Home - Livemint.com | 12 Dec 2008 | 11:29 am News broadcasters agree to form emergency protocolBy PTI New Delhi: Criticised for their coverage of Mumbai terror attacks, news broadcasters gave their assent for formation of an “emergency protocol” to cover emergency situations like terror attacks or any special operation of the armed forces. The protocol, which could be one of the several amendments to the existing Cable Television Network (Regulation) Act 1995, includes proposals to delay live coverage of sensitive incidents and to expunge information on operational details. The News Broadcasters Association (NBA) however, rejected the idea of an authority - that will formulate the emergency protocol - to be set up under the chairmanship of any of the three service chiefs or any official from the Information and Broadcasting Ministry. The broadcasters suggested that they themselves would take the initiative to set up such an authority. NBA secretary general Annie Joseph in a statement said that the “authority set up by the NBA under the chairmanship of Retd Chief Justice of India J S Verma would work towards creating an emergency protocol for all news channels in 26/11 like situations”. The idea of setting up the protocol emerged during a meeting held here between the minister of state for I&B Anand Sharma and the news broadcasters, who were present under the aegis of NBA. Representatives of channels like Times Now, NDTV, India TV, CNN-IBN among others were present at the meeting. According to ministry sources, the broadcasters were also asked to refrain from airing content that could be disturbing to children’s minds. Source: LatestNews-Home - Livemint.com | 12 Dec 2008 | 11:28 am JSW Steel withdraws bid for United Coal - Economic Times
Source: Google News India - Business | 12 Dec 2008 | 11:14 am Banks bad loans up 22.8 pct in FYO8: jr finminNEW DELHI (Reuters) - Unprovisioned bad loans of Indian banks rose 22.8 percent in the fiscal year 2007/08, the junior finance minister told parliament on Friday, and most of such loans were to the industrial, service and retail sectors.Source: Reuters: Money News | 12 Dec 2008 | 11:11 am Growth fall jolts Indian economy - BBC News
Source: Google News India - Business | 12 Dec 2008 | 11:10 am Markets end flat on weak global cuesNew Delhi: The benchmark Sensex rebounded from opening losses to end flat, gaining only a minor 0.51% on Friday, 12 December as foreign fun bargains began near closing. Markets had fell over 363 points in the morning on weak leads from Asia stocks that dipped as US Senate failed to pass $14 billion bailout for Detroit automakers. The 30-share BSE index ended 44.61 points higher at 9,690.07 points. The 50-share National Stock Exchange index Nifty, which had lost 107.60 points at opening ended 1.20 points higher at 2,921.35. For the second day markets ended flat as bearish sentiment failed to grip after investors learnt of the 0.4% dip in India’s industrial production in October, the first fall reported since April 1995. Top gainers in the week’s closing trade were IRB Infrastructure (16.21%, Rs106.45), Balrampur (11.92%, Rs40.85), Spice Telecommunications (10.43%, Rs36) and Bajaj Auto ( 10.39%, Rs393). Information technology sectors were the main market losers with HCL losing by 7.37% to Rs107.15, TCS dipped by 5% to Rs482.25 and Wipro to Rs238.75 less by 4.52%. Asian markets failed to surge from worries of economic uncertainties. Stocks plunged further as US auto rescue bill to revive General Motors, Ford and Chrysler failed to get Senate approval. Hong Kong’s index Hang Seng ended lower by 5% and Japan’s Nikkei by 5.56%. Source: Home - Livemint.com | 12 Dec 2008 | 11:07 am Moody's blames RBI policy for negative IIP figuresMoody's said on Friday that deceleration in manufacturing output is a concern for overall economic growth.Source: Daily News & Analysis: Money News | 12 Dec 2008 | 11:06 am India banks bad loans up 22.8% in FYO8Reuters New Delhi: Unprovisioned bad loans of Indian banks rose 22.8% in the fiscal year 2007/08, the junior finance minister told parliament on Friday, and most of such loans were to the industrial, service and retail sectors. Net non-performing assets of the 79 banks in India rose to Rs246.75 billion by end March 2008, equal to 1% of their total loans, Pawan Kumar Bansal said in reply to a question. The total bad loan portfolio of banks stood at Rs566.7 billion on 31 March 2008, Bansal said. Banks had lent Rs23.62 trillion in that period. Bad loans of the industries, services and retail sectors made up Rs469.4 billion, Bansal said, while the remaining 17% was to the agricultural sector. The banks wrote off Rs116.61 billion of loans in 2007/08, which amounted to 0.5% of lending, Bansal said. Source: LatestNews-Home - Livemint.com | 12 Dec 2008 | 11:02 am As unemployment grows so does the beardThe stress of financial turmoil is literally showing on the faces of Americans, with many unemployed individuals growing a beard in the country.Source: Daily News & Analysis: Money News | 12 Dec 2008 | 11:00 am Alcatel-Lucent to cut 1,000 jobs; to reduce 5,000 contractorsTelecom major Alcatel-Lucent will cut 1,000 managerial posts and remove 5,000 contractors as part of its cost-saving initiatives, informed a statement on Friday.Source: Daily News & Analysis: Money News | 12 Dec 2008 | 10:56 am Cash crunch to bite into Indian fin cos Oct-Dec netMUMBAI (Reuters) - Indian finance firms may report flat-to-negative growth during the October-December quarter as tight liquidity conditions hurt loan disbursements, industry officials and analysts said.Source: Reuters: Money News | 12 Dec 2008 | 10:52 am RPL denied permission to export LPGPTI New Delhi: The government has declined Reliance Petroleum permission to export LPG from its under- construction only-for-exports refinery at Jamnagar in Gujarat, as the nation continues to face deficit in cooking gas production. RPL, a unit of Reliance Industries, had sought nod to export the entire liquefied petroleum gas (LPG) production in the six months to fully commissioning its 580,000-barrels per day refinery in the Jamnagar Special Economic Zone. “Petroleum Ministry, in a letter dated 11 November, 2008, declined RPL’s request citing prevailing LPG deficit in the country,” a government source said. RPL, in which US energy major Chevron Corp has 5% stake, is likely to start producing fuel from the unit being set up adjacent to parent firm’s existing 660,000 bpd refinery at Jamnagar in the next few weeks. The source said RPL had sought permission to export 30,000 tons a month of LPG from the new unit for first 3-4 months from start. Further, an additional 5,000 tons a day of LPG was sought to be exported after four months from start till all major units are commissioned -- which may take a period of over 3 months. Petroleum Ministry, he said, wants RPL to sell the fuel to state-run retailers to meet domestic demand. Reliance Industries’ existing unit, which was converted into an only- for-export unit last year, too is not allowed to export LPG. All other products from the refinery as well as the new unit can be shipped to markets overseas. Source: Home - Livemint.com | 12 Dec 2008 | 10:42 am HBOS takes 8 bln stg hit as UK economy worsensBIRMINGHAM, England (Reuters) - HBOS Plc warned its bad debts and other losses this year had jumped by two thirds in just two months to 8 billion pounds ($11.9 billion) as corporate and home loans soured, just hours before a vote on the British bank's takeover.Source: Reuters: Money News | 12 Dec 2008 | 10:40 am India's external debt is lowest, says ChidambaramHome Minister P. Chidambaram Friday said in parliament that India's external debt is the lowest among the world's 57 biggest economies, including the US and Britain.Source: IndiaeNews.com: Business News | 12 Dec 2008 | 10:30 am Failed US auto bailout: Impact on Indian cosJagdish Khattar believes the auto bailout package may be reworked as the sector is too big an industry for the US economy to ignore. Indian auto parts makers will be impacted by US auto problems, he said. However, Michael Boneman of Ford does not expect the bailout failure to impact India, AsiaPacific, and African regions.Source: Moneycontrol Top Headlines | 12 Dec 2008 | 10:28 am Addl 2% administrative fee won't impact 3G bid: TRAI - Moneycontrol.com
Source: Google News India - Business | 12 Dec 2008 | 10:27 am PM calls for more rural connectivity - IT Examiner
Source: Google News India - Business | 12 Dec 2008 | 10:24 am EU leaders to back climate, stimulus goals-draftBrussels: European leaders are set to back a $264 billion economic stimulus pact and a climate change plan amended to ease its impact on industry and poorer EU states, according to a draft text. The text, obtained by Reuters before a final review by EU leaders on the second day of a Brussels summit, committed the bloc to reaching a target of cutting greenhouse gas emissions by 20% by 2020, despite concessions. However diplomats say the final shape of the climate package is still uncertain, and ecology groups fear it could emerge from the talks in a much watered-down version of its original form. The draft approved the headline goal of an EU-wide programme of measures aimed at wrenching the 27-nation bloc’s economy out of recession, despite some differences between EU member states about how to handle the worst economic downturn in 80 years. “The plan provides a common framework for the efforts to be made by member states and by the EU with a view to ensuring consistency and maximising effectiveness,” the draft said of measures offering temporary support to the economy, including the auto and construction sectors. The US Senate’s refusal overnight to back a rescue plan for the auto sector raised the spectre of collapse in the key sector and will have raised concern in European capitals. The crisis continued to eat into the banking sector, origin of the crisis now sweeping the globe. The bank JPMorgan predicted a ‘terrible´ fourth quarter. Sceptics say the EU plan rests largely on national stimulus plans already announced by individual governments. It includes an extra €30 billion of funding by the EU’s lending arm, the European Investment Bank, to help industry in projects such as green energy over the next two years. In wording which appeared to reflect the reluctance of countries such as Germany to cut value added tax (VAT), the text noted the possibility of reducing VAT on labour-intensive services only in those states that wished to do so. It said recent deep rate cuts by the European Central Bank and other central banks were supporting growth and urged commercial banks to pass on those reductions to borrowers. It also urged EU governments to “return swiftly” to mid-term budgetary targets - a reference to the goal of obtaining balanced budgets or nearly balanced budgets. The climate discussions took on a special significance, some six weeks before Barack Obama takes over the US presidency holding out the prospect of closer transatlantic co-operation in matters of global warming. Green groups warned the EU, seen as vital in global talks next year to seek a successor pact to the Kyoto climate change treaty from 2012, could forfeit its credibility if it watered down its own efforts. Coal Power According to the draft text, poorer east European nations will be offered two tiers of funding worth billions of euros to win their support for measures to tackle climate change that will ramp up costs for their highly-polluting power sectors. The nine former communist states are seen as the final blockage to a deal, having already threatened to veto the plan if nothing is done to temper measures aimed at making coal-fired power stations uneconomical and boosting cleaner alternatives. Their power sectors were also partially exempted from paying for emissions permits under the EU’s flagship emissions trading scheme (ETS) between 2013 and 2020. However it was not clear whether eastern capitals would back the new proposals in a final planned session of talks on Friday, despite positive noises voiced earlier by Poland and others. “The prime minister (Donald Tusk) achieved everything he wanted in negotiations on the climate package,” an official told Reuters. “The deal is flexible, allowing for the modernisation of the Polish power sector.” Italian Prime Minister Silvio Berlusconi, who had threatened to veto a deal without concessions to protect key industries, emerged from the first day of a two-day summit, declaring: “We are heading towards a compromise.We are getting what we want.” The summit draft confirmed an agreement in principle by leaders on concessions to Ireland enabling Dublin to hold a second referendum by next November on the Lisbon treaty. The Lisbon Treaty - successor to the defunct EU constitution - aims to give the bloc more weight in the world by creating a long-term president and its own foreign policy supremo and needs to be ratified by all 27 EU states. Under the agreement, Ireland will be given a guarantee that all EU states will retain the right to one seat on the European Commission, over-riding the planned thinning of the executive’s top hierarchy as set out by the Lisbon Treaty. Dublin will be offered guarantees that concerns such as military neutrality and national tax policy will not be touched, as long as it commits to ratifying it by November 2009 - paving the way for a new referendum which it is far from sure to win. Source: LatestNews-Home - Livemint.com | 12 Dec 2008 | 10:24 am Nokia takes on Huawei in connecting laptopsReuters Helsinki: The world’s top cellphone maker Nokia plans to tap the surging market for connecting laptops to wireless networks taking on market leader Huawei Technologies, its senior official said. Nokia will start to ship its first Internet stick in early 2009, aiming to benefit from its know-how and experience in developing 3G technologies, Tapio Markki, vice president for hardware platform components at Nokia, told Reuters. “Leveraging these capabilities, we believe we are well-positioned to become one of the winning providers for HSPA modem solutions. The market for HSPA modems is expected to grow very rapidly during the coming years,” Markki said. Nokia declined to comment on the price of the device -- which uses HSPA, a super-fast 3G technology -- saying it would be sold mostly through operators and bundled with services. Strategy Analytics said it expects the global market for so-called “dongles” -- external USB modems and PC cards -- to grow to 26 million units next year from 20 million this year. “In particular European operators, such as Vodafone, are aggressively promoting and subsidising dongles right now, because they are seen as a secondary device that provides additional revenues for carriers beyond a traditional handset,” said Neil Mawston from Strategy Analytics. Nokia tried to enter into the business of connecting laptops to wireless networks in late 2006 when it said it had developed an embedded 3G module for notebook computers, which Intel agreed to sell as part of its next-generation Centrino Duo mobile technology platform. But in early 2007, Nokia and Intel made a joint decision to cease cooperation on the connectivity module. Source: Tech News - Livemint.com | 12 Dec 2008 | 10:15 am Nokia takes on Huawei in connecting laptopsReuters Helsinki: The world’s top cellphone maker Nokia plans to tap the surging market for connecting laptops to wireless networks taking on market leader Huawei Technologies, its senior official said. Nokia will start to ship its first Internet stick in early 2009, aiming to benefit from its know-how and experience in developing 3G technologies, Tapio Markki, vice president for hardware platform components at Nokia, told Reuters. “Leveraging these capabilities, we believe we are well-positioned to become one of the winning providers for HSPA modem solutions. The market for HSPA modems is expected to grow very rapidly during the coming years,” Markki said. Nokia declined to comment on the price of the device -- which uses HSPA, a super-fast 3G technology -- saying it would be sold mostly through operators and bundled with services. Strategy Analytics said it expects the global market for so-called “dongles” -- external USB modems and PC cards -- to grow to 26 million units next year from 20 million this year. “In particular European operators, such as Vodafone, are aggressively promoting and subsidising dongles right now, because they are seen as a secondary device that provides additional revenues for carriers beyond a traditional handset,” said Neil Mawston from Strategy Analytics. Nokia tried to enter into the business of connecting laptops to wireless networks in late 2006 when it said it had developed an embedded 3G module for notebook computers, which Intel agreed to sell as part of its next-generation Centrino Duo mobile technology platform. But in early 2007, Nokia and Intel made a joint decision to cease cooperation on the connectivity module. Source: LatestNews-Home - Livemint.com | 12 Dec 2008 | 10:15 am Indian output in first drop in 13 years as crisis bitesNEW DELHI (Reuters) - India's factory output fell for the first time in more than 13 years in October, the latest evidence of a rapid economic slowdown which could spark more interest rate cuts after aggressive monetary easing last weekend.Source: Reuters: Money News | 12 Dec 2008 | 10:08 am National Amuminium signs pact with Rio Tinto for expansionNational Aluminium Co. Ltd (Nalco), Asia's largest integrated aluminium producer, has signed a deal with Canada's Rio Tinto Alcan (RTA) for increasing its presence in India and abroad, Nalco said Friday.Source: IndiaeNews.com: Business News | 12 Dec 2008 | 10:00 am Manufacturing brings down industrial growthIndia's industrial growth fell 0.4 percent in October, compared to a growth of 12.2 percent in the corresponding month last year, according to data released by the Central Statistical Organisation (CSO).Source: IndiaeNews.com: Business News | 12 Dec 2008 | 10:00 am India to emerge as global innovation hub: studyPTI New Delhi: With India aiming to increase its research and development expenditure in the coming years, the country is likely to emerge as the next global hub for innovation and join the club of developed nations, a study has said. The country is expected to strengthen its position in the innovation space as it is targeting to increase its R&D spend to 2% of the GDP by 2012 under the 11th Five-Year Plan, from less than one per cent, as per a study conducted by global research and analytics firm Evalueserve. “The move will catapult India to the league of developed nations that spend 2.5% of their GDP on R&D, on an average,” the study titled ‘R&D Ecosystem in India´ by the British and Canadian High Commissions in India said. Angel investors and venture capitalists have an important role in the commercialisation process, given the limited availability of funding for early stage companies and innovators, the study pointed out. Further, venture capitalists are also providing a lot of late-stage funding and the number of private equity/venture capitalist deals in late-stage funding rose to 104 in 2006 from 33 in 2005. The R&D ecosystem in the country comprises of various supporting infrastructure, government departments, research organisations, funding institutions and industry associations. The scenario becomes feasible as the government is focusing on public-private partnerships, such as knowledge parks and incubator programmes, to promote commercialisation, transfer and diffusion of technology, it added. Source: LatestNews-Home - Livemint.com | 12 Dec 2008 | 10:00 am Bank of America to cut up to 35,000 jobsBank of America Corporation will cut as many as 35,000 jobs over the next three years amid the weak economic situation.Source: Daily News & Analysis: Money News | 12 Dec 2008 | 9:53 am Industrial output contracts for first time in 15 yearsIndian industry recorded negative growth for the first time in 15 years, falling to 0.4 per cent in October as against 12.2 per cent expansion a year agoSource: Daily News & Analysis: Money News | 12 Dec 2008 | 9:52 am Pak continues crackdown, seals more JuD officesBy PTI Islamabad: Stepping up operations against terror groups, Pakistani security forces today sealed more offices of the Lashker-e-Taiba’s front organisation Jamaat-ud-Dawah across the country and reportedly rounded up dozens of its activists. The clampdown, which started after sundown yesterday, with the group’s founder Hafiz Mohammed Saeed being put under house arrest, continued today with JuD offices locked up in other parts of the country. The Pakistan government launched the operations after a UN Security Council panel designated the Jamaat a front for the LeT and placed four Lashker leaders, including Saeed, on a list of terrorists subject to sanctions like travel ban and assets freeze. Interior ministry chief Rehman Malik told reporters that the decision to crack down on the Jamaat was taken by President Asif Ali Zardari after a series of meetings with officials of the interior and foreign ministries yesterday. Special Superintendent of Police (Operations) Chaudhry Shafiq Ahmad told state-run APP news agency that Saeed had been detained at his house in Block 116-E, Johar Town in Lahore for three months. A “heavy contingent of police was posted outside his residence last night,” Ahmad said. A report said Saeed was detained under the Maintenance of Public Order Ordinance. Media reports said dozens of Jamaat activists had been detained in Punjab province, cities like Quetta and Mansehra and other places but there was no official word on this development. Source: LatestNews-Home - Livemint.com | 12 Dec 2008 | 9:46 am Debt waiver and relief to farmers exceeds Rs66,569 crNew Delhi: The amount of debt waiver and debt relief to the farmers has exceeded by over Rs6,569 crore against the original estimates of February this year, Lok Sabha was informed today. As per the provisional bank-wise data received from the lending institutions, the total amount of debt waiver and debt relief is Rs 66,569.22 crore against the initial estimate of Rs60,000 crore in February, 2008. “The final figures will be available only after the Statutory Audit of the lending institutions,” Pawan Kumar Bansal, Minister of State for Finance, said in a written reply in the Lok Sabha. On the issue of reimbursement to lending institutions, the Minister said that out of Rs25,000 crore to be reimbursed in 2008-09 as the first instalment, so far the government has released Rs15,000 crore and the balance Rs10,000 crore would be released shortly. He said that no case of attachment of properties of farmers covered under the Agriculture Debt Waiver and Debt Relief (ADWDR) scheme by the banks has been reported. Source: LatestNews-Home - Livemint.com | 12 Dec 2008 | 9:43 am NTPC holds 16.67% in National Power Exchange - Livemint
Source: Google News India - Business | 12 Dec 2008 | 9:39 am Govt initiates steps to meet tax collection targetsPTI New Delhi: Government has taken various steps including close monitoring of advance tax payments of top tax-payers and collection of arrears from defaulters to meet the targets of direct and indirect taxes during the year. In case of direct taxes (corporate and personal income tax), the government had estimated receipt of Rs3,65,000 crore during 2008-09 and net collection till November this year stood at Rs1,77,251 crore. In a written reply in Lok Sabha, Minister of State for Finance S S Palanimanickam said the government has initiated many steps to facilitate achievement of the collection targets during the remaining period of the current fiscal. Government is also planning to strengthen the tax deduction at source/tax collection at source set-up by creating 13 Commissioner-level posts and conducting effective surveys to unearth non-payment of TDS/TCS on direct tax slide. Of the indirect tax collection estimates of Rs3,20,000 crore (customs duties, central excise duty and service tax), the government has collected Rs1,62,535 crore during April-October, according to provisional figures. Government is emphasising on voluntary tax-compliance through better taxpayers’ service and multi-media campaign to encourage voluntary compliance of tax laws. Palanimanickam said the government was developing a scientific system of scrutiny of returns filed by tax payers to detect any short payment of tax or duty. Source: LatestNews-Home - Livemint.com | 12 Dec 2008 | 9:38 am World Bank to lend India infrastructure, aid fundsMUMBAI (Reuters) - The World Bank said on Friday it will lend India $14 billion by 2012 to help the country overhaul its creaking infrastructure and increase living standards in its poor states.Source: Reuters: Money News | 12 Dec 2008 | 9:16 am NTPC holds 16.67% in National Power ExchangePTI Mumbai: State-run NTPC today said its joint venture firm with NHPC Ltd, Power Finance Corp and Tata Consultancy Services has been incorporated as National Power Exchange Ltd, and it holds 16.67% in the new entity. “NTPC and NHPC contribute 16.67% equity each, Power Finance Corporation contributes 16.66% equity, while Tata Consultancy Services shall contribute 50% in the share capital of this company,” the company said in a filing to the Bombay Stock Exchange. Earlier this year, the four companies had entered into a joint venture to set up and operate a national-level power exchange. The exchange would also ensure clearing of all trades in an efficient manner, with access to all the players in the power market. The JV firm would be registered as a public limited company with an authorised capital of Rs50 crore for setting up the power exchange to provide neutral and transparent electronic platform for power trading. Source: Home - Livemint.com | 12 Dec 2008 | 9:12 am Samsung Cut Prices Of LCD TVs, Refrigerators - TopNews
Source: Google News India - Business | 12 Dec 2008 | 9:08 am Operators want 3G spectrum auctions deferred: GovernmentTelecom operators have requested the government to defer the upcoming third generation (3G) radio frequency auctions, according to a senior official.Source: IndiaeNews.com: Business News | 12 Dec 2008 | 9:00 am Indian rupee off day's low as shares pare losses - Reuters India
Source: Google News India - Business | 12 Dec 2008 | 8:58 am Progress in ongoing steel projects coming to a haltThe big players of the Indian steel industry appear to have virtually given up on their target to achieve a combined capacity of over 85 million tonnes (mt) of finished steel by 201112.Source: Moneycontrol Top Headlines | 12 Dec 2008 | 8:58 am Intel to enable lowcost devices for WiMAX servicesIntel Corporation on Thursday said it is working with Indian service providers and device manufacturers to help bring lowcost WiMAXready notebooks and netbooks to the India market segment mid2009.Source: Moneycontrol Top Headlines | 12 Dec 2008 | 8:57 am Indefinite lockout at Bosch Jaipur plantAuto parts maker Bosch Ltd has imposed an indefinite lockout of all workmen from the plant operations at its Jaipur plant from Friday.Source: Moneycontrol Top Headlines | 12 Dec 2008 | 8:55 am Google releases final version of Chrome browserSan Francisco: Google on Thursday yanked the “beta” test label off Chrome, quickly putting a stamp of approval on its Web browser released in a direct challenge to Microsoft’s ubiquitous Internet Explorer. The California online search titan - known for leaving new software offerings in beta, or test, modes for what seems like ages - says Chrome proved its merits, and in a relatively brief 100 days. Google’s free web-based Gmail service still bears a “beta” label even though it was launched nearly five years ago. Chrome has gone through 15 iterations since its launch with fixes and modifications engineered based on feedback from some of the more than 10 million people worldwide that have started using the browser. “We’re excited to announce that with today’s 50th release we are taking off the ‘beta´ label,” Google engineering director Linus Upson and product management vice president Sundar Pichai wrote in an online posting. Improvements which users called for, and reportedly got, include better video viewing, faster data loading, and strict privacy and security controls. Google and Microsoft have been in an escalating war, with the Redmond, Washington-based software goliath striving to unseat Google as king of Internet search and advertising. Google, meanwhile, is striking at the heart of Microsoft’s empire by offering software free online as services supported by advertising. Source: Tech News - Livemint.com | 12 Dec 2008 | 8:32 am 240-mn-tonne steel production targeted by 2020The Indian government is targeting steel production of 240 million tonnes by 2020 - double of what was originally envisaged, parliament was told Friday.Source: IndiaeNews.com: Business News | 12 Dec 2008 | 8:31 am U.S. auto bailout crashes; stocks, dollar fallSINGAPORE (Reuters) - U.S. talks on a $14 billion rescue package for America's top auto makers collapsed, renewing fears for a global economy already facing its deepest crisis in decades and sending investors fleeing from risky assets.Source: Reuters: Money News | 12 Dec 2008 | 8:13 am India’s factory output falls for first time in 13 yrsNew Delhi: India’s factory output fell for the first time in more than 13 years in October, further evidence of a rapid economic slowdown which could spark more monetary easing by the central bank after aggressive weekend rate cuts. Industrial output declined 0.4% in October from a year earlier, the first annual drop since data in the current series became available in April 1995, and sharply below the previous month’s upwardly revised 5.5%. The figure was below a forecast for growth of 2.2% in a Reuters poll of economists. Manufacturing production in Asia’s third-largest economy fell 1.2% from a year earlier, data showed on Friday. “It is a shocking figure and only underlines the fact that the Indian economy is in a very bad situation,” said T K Bhaumik, economist at JK Industries Group. “This is a wake up call for the government.” Bhaumik called on the government to consider additional stimulus to that announced at the weekend and to use fiscal measures to lift consumer demand. Lending banks should move fast to pass on the central bank’s recent rate cuts. “Since the RBI has already done its job, now commercial banks should be fast to ease the credit line,” he said referring to the Reserve Bank of India. Central Bank Governor Duvvuri Subbarao has said India faces a period of painful adjustment after the global financial crisis froze credit markets in October, further weakening an economy struggling with high borrowing costs. Subbarao said the bank’s growth forecast for 2008/09 was likely to be cut from 7.5-8.0%. Many private economists expect it to dip below 7%. The central bank cut its main rates by 1 percentage point on Saturday - lowering its key lending rate for the third time since October - and has indicated that it was ready to act again to bolster an economy slowing much faster than expected. The government followed up with an additional $4 billion in additional spending to stimulate activity. The benchmark 10-year bond yield plunged to its lowest in more than four years after the data was published on increased expectations of further central bank action. Industrial output rose 8.1% in the 2007/08 (April-March) fiscal year, compared with 11.6% in 2006/07. Source: Home - Livemint.com | 12 Dec 2008 | 8:01 am Auto shares down as US auto bailout plan failsPTI Mumbai: Auto shares after showing some signs of recovery in the past two sessions following a 4% point cut in Cenvat rate announced by the government, faced fresh spell of selling today after the US Senate failed to reach an agreement on bailout plan for auto industry. The BSE Auto sector index fell by 4.17% at 2,278.37 points after Maruti Suzkui and Tata Motors led fall. Trading sentiments turned bearish after reports that $14-billion auto bailout plan in the US Senate collapsed, spurring selling in auto sector stocks on the domestic bourses. Stock brokers said sharp fall in sales in November by most of the car and two-wheeler makers also had a negative impact on the trading sentiments. Shares of Tata Motors fell by 5.05% at Rs152.45, while car maker Maruti Suzki lost 4.27% at Rs488.40 on the BSE. Also utility vehicle maker Mahidnra and Mahindra fell by 4.54% at Rs273.30. Bajaj Auto also turned weak and fell by 3.61% at Rs343.15, while Hero Honda by 2.42% at Rs773.90. On Sunday, as an immediate measure to encourage additional spending, the government has announced an across-the-board cut of four percentage points in the ad-valorem Cenvat rate, to be effected for the balance part of this fiscal year. Major auto companies, including market leaders Maruti and Tata Motors, already had cut prices of their vehicles to pass on the benefit to the consumers. Source: Home - Livemint.com | 12 Dec 2008 | 7:55 am Google 'hero' Nishar to join LinkedInDipchand Nishar, an Indian American engineer who helped Google start its mobile business, is joining the social networking group LinkedIn.Source: Daily News & Analysis: Money News | 12 Dec 2008 | 7:46 am Sensex rebounds to close up by 44 pointsThe Bombay Stock Exchange benchmark Sensex on Friday beat other Asain markets to close higher by more than over 40 points.Source: Daily News & Analysis: Money News | 12 Dec 2008 | 7:43 am Markets open lower as US auto bailout failsInvestors woke up to a weak stock market as sentiments plummeted with a failed bailout of the US auto industry and a key Indian market opening with a loss of 294.84 points or 3.06 percent one hour into trading.Source: IndiaeNews.com: Business News | 12 Dec 2008 | 7:02 am Kingfisher to pay 3% commission to travel agentsMumbai: Kingfisher Airlines said it would pay a 3% commission on the total ticket price to travel agents following a similar move by Jet Airways. “The commission would come into effect from Friday,” a Kingfisher spokesman said. Kingfisher has also withdrawn its transaction fee on tickets, which was introduced following the abolition of a 5% commission to travel agents. Source: Home - Livemint.com | 12 Dec 2008 | 6:35 am Govt may lift price control on petrol, diesel - paperNEW DELHI (Reuters) - India may lift controls on petrol and diesel prices but the government will continue to regulate kerosene and cooking gas prices, the Economic Times reported on Friday, quoting an unnamed senior government official.Source: Reuters: Money News | 12 Dec 2008 | 6:27 am Boeing delays 787 Dreamliner deliveries to 2010Washington: US aerospace giant Boeing on Thursday delayed the maiden flight of the 787 Dreamliner plane and pushed back first deliveries to early 2010 because of production and labour problems. The six-month-postponement was the latest setback for the Dreamliner project that was launched in 2004 with a record order from All Nippon Airways. Now the Japanese launch customer will not receive delivery until the first quarter of 2010, roughly two years later than initially promised. Boeing pushed back the 787’s first flight into the second quarter of 2009 from the current fourth quarter. Deliveries most recently had been slated to begin in the third quarter of 2009. “The new schedule reflects the impact of disruption caused by the recent machinists’ strike along with the requirement to replace certain fasteners in early production airplanes,” the company said in a statement. Boeing indicated on 4 November it would postpone the first test flight of the Dreamliner because of problems with fasteners and a crippling 58-day machinists strike that had ended two days earlier, but at the time provided no new schedule. Separately, Boeing announced a management shuffle that moved Scott Fancher, the head of the missile defense business, in charge of the 787 program. Fancher replaces Pat Shanahan, who will lead a program for all current production and development programs, including the Dreamliner. The Chicago-based company’s announced delay sent its stock tumbling by 3.384% to $40.27 on the US stock market on Thursday. The Dow Jones Industrial Average slid 2.24% as investors fretted over a $14 billion rescue plan for the troubled US auto industry. The aerospace group said it would provide Dreamliner customers with updated delivery schedules after evaluating the impact of the delay on delivery dates. Boeing has staked its future on the Dreamliner, its first new model in more than a decade. The plane is competing with the new A380 superjumbo from European aircraft manufacturer Airbus in an aviation market reeling from the global financial crisis and falling demand. Repeated delays in the Dreamliner program leave the manufacturer vulnerable to demands for compensation from irritated customers. Boeing has 896 orders from 58 companies to date. All Nippon Airways (ANA), Japan’s second-largest carrier, was the first 787 customer, ordering 50 planes for about $6 billion in April 2004. Deliveries were initially scheduled to begin in 2008. According to Boeing, the 787 will use 20% less fuel than today’s airplanes of comparable size because it is being built with plastic composites instead of aluminum. Source: World Business - Livemint.com | 12 Dec 2008 | 6:21 am Nalco in strategic deal with Rio Tinto AlcanMumbai: State-run National Aluminium Co Ltd today said it has signed an agreement with Canada-based Rio Tinto Alcan to increase its global presence. It has signed a strategic alliance with the arm of global miner Rio Tinto for increasing its presence in India and abroad, Nalco said in a filing to the Bombay Stock Exchange. The agreement signed yesterday in Bhubaneswar, facilitates both companies to share information for identifying potential to create value for both the organisations, the filing added. “The alliance is expected to help Nalco enlarge geographical spread of the company’s operations,” Nalco Chairman and Managing Director C R Pradhan said. Rio Tinto is involved in the business of exploring, mining and processing mineral resources. Shares of the company were trading at Rs182.25, down 5.51% in the morning trade on the BSE. Source: Home - Livemint.com | 12 Dec 2008 | 6:16 am GM hires lawyers to mull bankruptcyWashington: General Motors Corp. said on Thursday it has hired legal advisers and was considering “all options,” but warned bankruptcy was not a “viable solution” for the struggling US auto giant. “The GM board of directors has discussed bankruptcy, but when it has done so has not concluded that it was a viable solution to the company’s liquidity problems,” the company said in a statement. “The board is meeting frequently and monitoring the situation very closely and is committed to considering all options - as is management - and has engaged appropriate advisors for all contingencies.” GM reiterated its position that “the company’s liquidity issues stem from current financial and credit market conditions and would only be exacerbated by the likely effect of a bankruptcy on customer sales,” it said. GM, the largest US automaker, has warned it could run out of cash as soon as January and that its failure would have a “catastrophic” impact on the US economy. The company has appealed for lawmakers to provide billions of dollars in temporary, taxpayer-funded loans, citing severe damage to revenues due to the credit squeeze and market downturn. A version of a $14 billion bailout bill passed the US House of Representatives this week but faced fierce opposition by Senate Republicans as it headed for a vote late on Thursday. The Wall Street Journal reported that people familiar with the matter acknowledged that the carmaker had decided in the “last few weeks to hire the outside advisers.” The paper described the hirings as having “both a practical and political bent,” as any such move by GM would be “one of the largest and most controversial filings in US history.” GM chief executive Rick Wagoner “still believes the company can’t and shouldn’t file” for bankruptcy, the newspaper said. The company has said it plans to cut up to 31,500 jobs by 2010 - or a third of its workforce - as part of a restructuring plan aimed at winning billions in government-backed loans. GM’s sales dropped 41% in November after falling more than 40% in October. Sales in December also are expected to be weak, according to J D Power analyst Tom Libbey. Source: Home - Livemint.com | 12 Dec 2008 | 6:06 am Bank of America to cut up to 35,000 jobsNew York: Bank of America Corp said on Thursday it plans to eliminate 30,000 to 35,000 jobs over three years, reflecting its pending purchase of Merrill Lynch & Co and weaker business activity stemming from the economic recession. The cuts could affect as much as 11.4% of the combined companies’ workforce of about 308,000 people, and are intended to help save $7 billion of annual costs. Bank of America said the cuts will come from both companies and affect all business lines, and in part reflect “the weak economic environment, which is affecting the level of business activity.” The Charlotte, North Carolina-based bank said it won’t determine the final number of cuts until early 2009, and that as many as possible will come through attrition. Bank of America employs about 247,000 people and Merrill about 61,000. The merger values Merrill at about $20.5 billion and is expected to close on 1 January, 2009, creating the largest US bank by assets. Financial companies have announced more than 250,000 job cuts this year, according to outplacement firm Challenger, Gray & Christmas Inc, as losses soared from mortgages, credit cards and securities writedowns. Bank of America announced its cuts less than four weeks after Citigroup Inc set plans to eliminate 52,000 jobs, or 15% of its workforce, by early 2009. Other financial companies to cut jobs in recent months include Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley. Bank of America previously said it would cut 7,500 jobs following the 1 July purchase of mortgage lender Countrywide Financial Corp. Bank of America spokesman Scott Silvestri said the bank would not elaborate on where the latest job cuts will come from, how many might come from attrition, or where the banks’ business activity had been hurt. One recruiter said attrition could account for most of the announced job cuts, and that more cuts may be needed to make Bank of America more competitive. Shareholders of Bank of America and Merrill approved the merger on 5 December. The transaction was originally valued at $50 billion, but the value has fallen because Bank of America shares have declined. Source: Home - Livemint.com | 12 Dec 2008 | 5:25 am Bank of America to cut up to 35,000 jobsNew York: Bank of America Corp said on Thursday it plans to eliminate 30,000 to 35,000 jobs over three years, reflecting its pending purchase of Merrill Lynch & Co and weaker business activity stemming from the economic recession. The cuts could affect as much as 11.4% of the combined companies’ workforce of about 308,000 people, and are intended to help save $7 billion of annual costs. Bank of America said the cuts will come from both companies and affect all business lines, and in part reflect “the weak economic environment, which is affecting the level of business activity.” The Charlotte, North Carolina-based bank said it won’t determine the final number of cuts until early 2009, and that as many as possible will come through attrition. Bank of America employs about 247,000 people and Merrill about 61,000. The merger values Merrill at about $20.5 billion and is expected to close on 1 January, 2009, creating the largest US bank by assets. Financial companies have announced more than 250,000 job cuts this year, according to outplacement firm Challenger, Gray & Christmas Inc, as losses soared from mortgages, credit cards and securities writedowns. Bank of America announced its cuts less than four weeks after Citigroup Inc set plans to eliminate 52,000 jobs, or 15% of its workforce, by early 2009. Other financial companies to cut jobs in recent months include Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley. Bank of America previously said it would cut 7,500 jobs following the 1 July purchase of mortgage lender Countrywide Financial Corp. Bank of America spokesman Scott Silvestri said the bank would not elaborate on where the latest job cuts will come from, how many might come from attrition, or where the banks’ business activity had been hurt. One recruiter said attrition could account for most of the announced job cuts, and that more cuts may be needed to make Bank of America more competitive. Shareholders of Bank of America and Merrill approved the merger on 5 December. The transaction was originally valued at $50 billion, but the value has fallen because Bank of America shares have declined. Source: World Business - Livemint.com | 12 Dec 2008 | 5:25 am Bank of America to cut up to 35,000 jobsNEW YORK (Reuters) - Bank of America Corp said on Thursday it plans to eliminate 30,000 to 35,000 jobs over three years, reflecting its pending purchase of Merrill Lynch & Co and weaker business activity stemming from the economic recession.Source: Reuters: Money News | 12 Dec 2008 | 1:09 am PM urges closer cooperation between telecom operators, security agenciesNew Delhi, Dec. 11 The Prime Minister, Dr Manmohan Singh, on Thursday said that the Government was working on a number of policy initiatives for taking the telecom sector to the next level of growth.Source: Business Line - Home Page | 12 Dec 2008 | 12:00 am Infrastructure growth slows down to 3.4% in OctNew Delhi, Dec. 11 The infrastructure sector slowed down further in October with the index for the six core sector industries posting a growth of 3.4 per cent against 4.6 per cent in the corresponding period lastSource: Business Line - Home Page | 12 Dec 2008 | 12:00 am MRPL (Rs 37.65): BuyWe recommend a buy in Mangalore Refinery and Petrochemicals (MRPL) from a short-term trading perspective. It is evident from the charts of MRPL that it had been on an intermediate-term downtrend from its April peak of Rs 109 to the December lowSource: Business Line - Home Page | 12 Dec 2008 | 12:00 am PE funds turn their back on new infrastructure projectsBangalore, Dec. 11 Debt funding for new infrastructure projects is facing bottlenecks with private equity (PE) funds exiting from investmentSource: Business Line - Home Page | 12 Dec 2008 | 12:00 am Day Trading GuideFresh long-position can be initiated if the stock exceeds above Rs 800 level, with tight stop-loss.Source: Business Line - Home Page | 12 Dec 2008 | 12:00 am PSU banks set to offer cheaper, easy home loansNew Delhi, Dec 11 Home loan borrowers looking for finance of up to Rs 20 lakh are likely to see a slew of concessions coming their way in the next few days. State-owned banks are close to finalising a package to give a boost to the housingSource: Business Line - Home Page | 12 Dec 2008 | 12:00 am Heinz waves study report to prove ‘superiority’ over HorlicksMumbai, Dec. 11 Taking the malted drinks battle between Horlicks and Complan to the next level, Heinz, the makers of Complan, has conducted an independent research to prove the superiority of its brand over Horlicks to justify its premiumSource: Business Line - Home Page | 12 Dec 2008 | 12:00 am Banks to fund large wind farm projects based on cash flowsChennai, Dec. 11 With more multi-national companies looking at setting up large wind farms, banks are now prepared to fund these projects based on their cash flows rather than take recourse to the parent company’s balanceSource: Business Line - Home Page | 12 Dec 2008 | 12:00 am MRPL 3rd phase to be delayed by 15 monthsMangalore, Dec. 11 The phase III expansion project of Mangalore Refinery and Petrochemicals Ltd (MRPL) will now cost Rs 4,469 crore more and will be delayed by 15 months.Source: Business Line - Home Page | 12 Dec 2008 | 12:00 am Reliance-RNRL case: Govt withdraws 4 affidavitsMumbai, Dec. 11 The Union Government’s stand on the pricing of gas from Reliance Industries’ KG basin at $4.20 per mmbtu remains unchanged, said the Additional Solicitor General, Mr Mohan Parasaran, shortly after theSource: Business Line - Home Page | 12 Dec 2008 | 12:00 am Only 50% staff buy Jet's pay cutA little over half of private carrier Jet Airways 13,000 employees have accepted the managements November offer of a voluntary, graded salary-cut, the airline confirmed today.Source: Business Standard | Front Page Headlines | 11 Dec 2008 | 6:48 pm Govt steps back from Ambani war on K-G basin gas priceWithdraws affidavit, but says it will 'assist' the court.Source: Business Standard | Front Page Headlines | 11 Dec 2008 | 6:47 pm Govt considering allowing mobile number portability: PMBy PTI New Delhi: The government is actively considering allowing mobile number portability - wherein users switch operators without changing numbers - and mobile virtual network operators that lets another operator piggyback on someone else’s network in the country. “The government is working on many more initiatives to further improve the telecom sector. Mobile Number Portability is around the corner, which will enable subscribers to change their operators while retaining their number. “This will not only give more choice to customers but also lead operators to further improve their services to retain their customers. The possibility of Mobile Virtual Network Operators (MVNOs) is also being considered”, Prime Minister Manmohan Singh said at the India Telecom 2008 here. MVNOs neither own infrastructure nor spectrum. They have business arrangements with traditional mobile operators to buy Minutes of Use (MOU) in bulk for sale to their own customers. Utilising mobile telecommunications as a means to interact with the end-user, the MVNO can create significant additional brand-value and optimized customer experience for the intelligent virtual operator. However, counter arguments to MVNO entry in India are begging a hard look. According to COAI, MVNO will not suit the Indian telecom market in view of constantly reducing tariffs, falling ARPU and low margins. Many international MVNO players have been approaching the Indian government asking the DoT to take a re-look at the many benefits it promises. Giving green signal to the MVNOs, TRAI recommended an entry fee of Rs5 crore for Metro/Category ‘A´, Rs3 crore for Category ‘B´ and Rs1 crore for Category ‘C´ service areas. UK based MVNO Virgin Mobile has partnered with Tata Teleservices (TTSL) in order to enter the Indian market but under a franchise agreement to offer innovative service. Source: Tech News - Livemint.com | 11 Dec 2008 | 2:11 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 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
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