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ULIP charges to get simplerFinally consumers may not be caught in the maze of ULIP charges. Life Insurance Council is almost ready and is set to submit the proposal for standardisation of charges to IRDA.Source: Moneycontrol Top Headlines | 16 Dec 2008 | 5:59 pm Satyam buys stake in Maytas Infra, Maytas PropertiesSatyam Computer will acquire 51% stake in Maytas Infra and a 100% stake in Maytas Properties, reported NewsWire18. The company said the acquisition of Maytas\' two companies will cost it USD 1.6 billion. It added that it will buy 31% stake from Maytas Infra\'s promoters at Rs 475 per share.Source: Moneycontrol Top Headlines | 16 Dec 2008 | 5:57 pm IIFCL applies for proposed taxfree bondsIndia Infrastructure Finance Company Limited (IIFCL) has applied to the Department of Financial Services for proposed taxfree bonds, reported CNBCTV18, quoting sources. Tax treatment of IIFCL bonds is under Section 10 (15) i of IT Act, 1961.Source: Moneycontrol Top Headlines | 16 Dec 2008 | 5:46 pm COAI offers ideas for allotting 3G to waitinglist biddersThe Cellular Operators\' Association of India (COAI) has suggested two approaches to the Department of Telecommunications (DoT) for allotting 3G spectrum to bidders in waiting list. The COAI has asked the DoT to allot spectrum at bidders final prices.Source: Moneycontrol Top Headlines | 16 Dec 2008 | 4:44 pm See 25% hit due to terror strike, eco slowdown: Thomas CookMadhavan Menon, MD, Thomas Cook India believes the economic slowdown and the increase in air fares are temporary and expects the situation to be back to normal. he said that once fares are rationalised again, he sees domestic tourism picking up substantially.Source: Moneycontrol Top Headlines | 16 Dec 2008 | 4:12 pm Crompton Greaves eyes 1820% rev growth in FY09SM Trehan, Crompton Greaves, said the company operates in three segments, two of which are unaffected by the financial slowdown. He expects revenues to grow at 1820% for FY09. Trehan added the company was eyeing acquisitions to the tune of 100300 million euros.Source: Moneycontrol Top Headlines | 16 Dec 2008 | 3:32 pm HCLAxon deal: An analysisThe HCLAxon deal has been done at a lower deal rate. Earlier based on the pound to dollar conversion, it was working out to Rs 785 million. At present, the deal has been done at Rs 651 million because of currency movements and interest rates having substantially reduced.Source: Moneycontrol Top Headlines | 16 Dec 2008 | 3:19 pm Sintex\'s German acquisition Geiger Technik goes bankruptSintex\'s German acquisition Geiger Technik has filed for bankruptcy. Amit Patel, MD of Sintex Industries said that his companys investment of USD 10 million is lying in Escrow account.Source: Moneycontrol Top Headlines | 16 Dec 2008 | 3:16 pm SuzlonMartifer revise payment schedule for REpower stakeSuzlon has put out a revised payment schedule. This looks like more helping for Martifer than Suzlon because Suzlon had the window to go ahead and repay Martifer till May. The 91% will be consolidated only when the payment schedule is finished.Source: Moneycontrol Top Headlines | 16 Dec 2008 | 2:26 pm ED probes UBS transactionsThe Enforcement Directorate is investigating misuse of UBS accounts belonging to RNRL (Reliance Natural Resources) and Reliance Energy for FEMA (Foreign Exchange Management Act) violations and money laundering.Source: Moneycontrol Top Headlines | 16 Dec 2008 | 2:16 pm Fed set to halve rates; Japan looks beyond zeroWASHINGTON/LONDON (Reuters) - The U.S. Fed appeared set to halve interest rates on Tuesday and bring them within sight of zero and Japan was weighing steps to ease funding when borrowing costs have been cut to the bone.Source: Reuters: Money News | 16 Dec 2008 | 1:30 pm Satyam buys stake in Maytas Infra, Maytas Properties - Moneycontrol.com
Source: Google News India - Business | 16 Dec 2008 | 1:26 pm ONGC loses over Rs1,570 cr in revenuesPTI New Delhi: Oil and Natural Gas Corp, India’s largest oil and gas producer, lost over Rs1,570 crore in revenues on sale of natural gas at price lower than its cost of production during 2007-08. ONGC produces more than 40% of total production of natural gas in the country. Of the 32.405 billion cubic meters of gas produced in 2007-08, 22.334 bcm was produced by ONGC. “ONGC is having economic loss in gas business. In 2007-08 ONGC made (loss) of Rs1,570.76 crore from gas business,” Minister of State for Petroleum and Natural Gas Dinsha Patel said in a written reply to a question in Rajya Sabha here today. The company’s average cost of production of gas during 2007-08 was Rs3,426 per million standard cubic meters (mmscm) but it realised only Rs3,147 per mmscm on sales. ONGC lost Rs279 per mmscm, he said. To another question, he said ONGC has withdrawn from the proposed refinery project at Kakinada in Andhra Pradesh as it found it economically unviable. ONGC’s “financial appraisal indicated that the project would not provide appropriate returns, even with enhanced capacity of 15 million tons per annum,” he said. Separately, Patel said there was no proposal before the government to levy windfall profit tax on private refineries. Reliance Industries posted profits of Rs7,722.59 crore and Rs10,372.76 crore on refining crude oil in 2006-07 and 2007-08 respectively. Essar Oil posted losses of Rs54.55 crore and Rs44.09 crore in the same period. “At present, no such proposals (to levy WPT) are under consideration,” he said. Source: Home - Livemint.com | 16 Dec 2008 | 1:21 pm Economic recession happening in India: Azim Premji - Hindu
Source: Google News India - Business | 16 Dec 2008 | 1:12 pm Closing: Sensex rally 1.47% higher; ends at 9,832Mumbai: Indian shares benchmark Sensex closed 1.47% higher on Tuesday, 16 December as buying revived among local investors near closing. Markets had commenced the day with negative trading and most of the day remained choppy with weak cues from Asia markets, which later surged with news that US Federal Reserve was to cut interest rates to 0.5%. The 30-share BSE index ended 144.59 points higher at 9,832.39 points, led by gains in Reliance Industries, Oil and Natural Gas Corp (ONGC) and PSU banks. The broad based 50-issue NSE index rose to 3,051.75 points, higher by 60.55 points. Initial sentiment reflected the overnight losses of Wall Street as Senate remained deadlocked over $15 billion auto industry bailout package. The alleged fraud by New York investment manager Bernard Madoff also caused negative sentiments in world markets as his exposures hit top banks worldwide. Reports of likely cut in fuel prices by government came in early afternoon after which Sensex regained to make up for initial losses. ONGC topped profits for the day by rising 6.07% to Rs713.15 followed by Grasim Industries Ltd (4.59%, Rs1,227.60), ACC Ltd (4.34%, Rs535.65) and Tata Motors (4.33%, 164.95). Among the banking sector HDFC Bank Ltd rose by 4.10% to Rs984, State Bank of India followed close at Rs1,238.15, a rise by 2.80%. Meanwhile, Hong Kong’s Hang Seng index ended 1% higher and Japan’s Nikkei ended in red, lower by 1.12%. Source: Home - Livemint.com | 16 Dec 2008 | 1:11 pm Emerging technologies meet to be held in BangaloreA two-day meet on innovations and research developments in the Internet, data-centre networking, wireless, social networking, and enabling technologies such as silicon design and manufacturing begins here Thursday.Source: IndiaeNews.com: Business News | 16 Dec 2008 | 1:02 pm BSE Sensex rises 1.5 pct as Dec rally runs onMUMBAI (Reuters) - The BSE Sensex rose 1.47 percent on Tuesday on late buying in frontline stocks such as Reliance Industries and covering of short positions by domestic institutions ahead of an expected cut in U.S. interest rates.Source: Reuters: Money News | 16 Dec 2008 | 1:02 pm Delhi housing agency allots 5,238 flatsAnxiety, anger, sadness and happiness - emotions changed by the minute on the faces of a sea of applicants as the Delhi Development Authority (DDA) Tuesday drew lots for allotting over 5,000 flats under its Housing Scheme 2008.Source: IndiaeNews.com: Business News | 16 Dec 2008 | 1:02 pm Pakistan journalist wins Golden Pen of Freedom awardBy KC New Delhi: Noted Pakistani journalist Najam Sethi has been selected for the 2009 Golden Pen of Freedom for his outstanding contribution to freedom of the press under difficult circumstances and constant personal danger. Sethi, editor of Friday Times and Daily Times in Pakistan, will be conferred the award next March in Hyderabad when the city hosts the World Newspaper Congress and World Editors Forum, the global summit meetings of the world’s press. The award has been constituted by World Association of Newspapers (WAN). “Sethi, whose newspapers advocate liberal and secular ideas in a country too often torn by religious extremism, was honoured for his outstanding defence and promotion of press freedom under difficult circumstances and constant personal danger,” a statement said. Due to the editorial policies of his newspapers which condemn autocracy and religious fundamentalism, it said, Sethi has been at odds with both Pakistani authorities and religious groups for many years. He has been threatened with death by the Taliban and other radical Muslim groups, and has been jailed and beaten for offending the government. “Sethi has chosen, in a region fraught with such dangers, to brave them. His commitment to providing truthful and independent coverage in this region, despite great personal danger and sacrifice, is in the best traditions of journalism,” the statement said. Source: LatestNews-Home - Livemint.com | 16 Dec 2008 | 1:02 pm Rajan Raheja group gets nod for general insurance ventureThe Insurance Regulatory and Development Authority (IRDA) has given the green signal to the Mumbai-based Rajan Raheja Group to enter the general insurance segment.Source: IndiaeNews.com: Business News | 16 Dec 2008 | 1:00 pm UCO Bank may cut lending rates by 100 basis pointsState-owned UCO Bank may cut its benchmark prime lending rate (BPLR) by 100 basis points, a top company official said here Tuesday.Source: IndiaeNews.com: Business News | 16 Dec 2008 | 1:00 pm State Bank to raise Rs.180 bn by March 2010India's largest state-owned bank, the State Bank of India (SBI), will raise Rs.180 billion by March 2010 to meet its capital requirement, it announced Tuesday.Source: IndiaeNews.com: Business News | 16 Dec 2008 | 1:00 pm Sensex tests 10k, Nifty closes above 3000 - Economic Times
Source: Google News India - Business | 16 Dec 2008 | 12:59 pm Satyam to acquire stake in Maytas InfraMUMBAI (Reuters) - Software firm Satyam Computer Services Ltd said on Tuesday its board had approved buying 51 percent in Maytas Infra and the buy out of Maytas Properties.Source: Reuters: Money News | 16 Dec 2008 | 12:51 pm Govt tables bill to set up National Investigating Agency - Times of India
Source: Google News India - Business | 16 Dec 2008 | 12:48 pm Existing stimulus may not suffice, says German ChancellorMannheim, Germany: Germany knows its existing economic stimulus plan may be insufficient but will not take any further steps until US President-elect Barack Obama takes office, Chancellor Angela Merkel said on Tuesday. A package of measures the German government says is worth about €31 billion (Rs2.03 trillion) is already due to come into effect in January, but Merkel has faced pressure from European Union peers such as France to do more. “We know that alone might not suffice,” Merkel said of the first package in a speech in Mannheim in western Germany. “If it’s enough to launch a big (economic) programme in America when the new president takes office, it will also be right to put together a second programme in Germany at a similar time,” she added. Obama’s inauguration is due on 20 January. Economy minister Michael Glos said on Monday the government still has scope to increase its economic stimulus package. Glos, a member of the Christian Social Union (CSU), sister party to Merkel’s Christian Democrats (CDU), has repeatedly argued in favour of cutting taxes to bolster Germany’s response. Merkel has so far said she believes there will be scope for tax cuts only after a federal election in September. Highlighting the bleak outlook the economy is facing, the BdB commercial banks’ association said earlier on Tuesday that Germany will suffer its deepest recession since World War II next year. The BdB forecast Europe’s largest economy would contract by “at least one percent” in 2009. It had previously forecast the German economy would stagnate next year. A contraction in gross domestic product of 1% would be the worst showing since the war. Reuters Source: LatestNews-Home - Livemint.com | 16 Dec 2008 | 12:41 pm Toyota Kirloskar opens Lucknow outlet - Hindu Business Line
Source: Google News India - Business | 16 Dec 2008 | 12:36 pm Govt introduces Bill for national investigation agencyNew Delhi: Gearing up to fight terrorism in a more effective manner, the Union government on Tuesday introduced a Bill in the Lok Sabha to set up a national investigation agency (NIA) and another legislation to strengthen law against terror. The Unlawful Activities (Prevention) Amendment Bill aims at strengthening the arrangements for speedy investigation, prosecution and trial of cases related terrorism while at the same time guarding against any possible misuse of such provisions. The national investigation agency Bill provides for setting up an agency at the central level with powers to probe terrorism and other crimes having national ramifications across the country. The two bills were introduced by home minister P. Chidambaram, a day after Union Cabinet cleared these in the wake of Mumbai terror strikes. The agency is being sought to be established in a concurrent jurisdiction framework with provisions for taking up specific cases under specific Acts for investigation, the Bill said. It also envisages provisions for setting up of special courts to try terror-related cases. The Bills have been brought forward as the “country has been the victim of large-scale terrorism sponsored from across the border,” Chidambaram said. “There have been innumerable incidents of terrorist attacks, not only in the militancy and insurgency-affected areas and areas affected by left wing extremism but also in the form of terrorist attacks and bomb blasts in various parts of the hinterland and major cities,” he said. Soon after the 26 November terror attacks in Mumbai, Prime Minister Manmohan Singh had said that the government would set up a federal agency and tighten laws to combat the menace more effectively. Singh had also convened an all-party meeting to evolve a consensus on the issue. In the statement of objects and reasons of the NIA Bill, Chidambaram said a large number of such incidents are found to have complex inter-State and international linkages and possible connections with other activities. These include smuggling of drugs and arms, pushing in and circulation of fake Indian currency and infiltration from across the borders. “Keeping all these in view, it has for long been felt that there is need for setting up an agency at the central level for investigation of offences related to terrorism and certain other acts, which have national ramifications,” he said. The Unlawful Activities (Prevention) Amendment Bill has been brought about as various facets of terrorism and terrorist activities, including financing of terrorism, are not fully covered in the present law. The home minister noted that the Unlawful Activities Prevention Act 1967 was earlier amended to make provisions to deal with terrorism and terrorist activities. However, he said, “there have been significant developments since then at the national and the international level. Terrorist incidents and activities sponsored from across the borders, in various parts of India and elsewhere, continue to cause concern”. Chidambaram said the Administrative Reforms Commission in its report “Combating Terrorism - Protecting by Righteousness” has also made various recommendations including setting up of such an agency. The two bills have come within less than a month of the Mumbai terror strikes which had shocked the nation. Last week the Prime Minister said that the government cannot allow citizens of the country to be targeted by terrorists and would utilise all means and measures to combat terrorism. Source: Home - Livemint.com | 16 Dec 2008 | 12:36 pm Spectrum should be allotted to all successful bidders: OperatorsReinforcing the argument for equal opportunities during spectrum allocation, cellular operators Tuesday requested the government to allocate third generation (3G) spectrum simultaneously to all successful bidders.Source: IndiaeNews.com: Business News | 16 Dec 2008 | 12:30 pm Diamond industry demands bailout from imminent crisisAn apex body representing 5,500 manufacturers and exporters of gems and jewellery, Tuesday warned of 'an imminent crisis' looming over the industry in the face of the global economic meltdown.Source: IndiaeNews.com: Business News | 16 Dec 2008 | 12:30 pm Bet against dollar may be dicey, monetary base gives false signal - Economic Times
Source: Google News India - Business | 16 Dec 2008 | 12:30 pm Parliamentary panel pulls up petroleum ministry, ONGCBy UB New Delhi: A parliamentary panel has pulled up the petroleum ministry for not facilitating the finalization of a crude oil sale agreement (Cosa) between Oil and Natural Gas Corp. Ltd (ONGC) and refiners. An informal deal for selling crude oil by ONGC to Indian Oil Corp. Ltd (IOC) was to be replaced by the Cosa after March 2004, but the agreement could not be signed with oil marketing companies due to differences. ONGC continued to supply crude oil under the terms and conditions of the deal of 2003, which otherwise stood dissolved in March 2004. “No sincere efforts have been made either by the company (ONGC) or the ministry to have the agreement signed,” the Committee on Public Undertakings said in a report tabled in the Lok Sabha on Tuesday. The committee felt that “instead of blaming the oil PSUs (public sector units) for not reaching a final agreement mutually, the ministry of petroleum and natural gas should have played an active and decisive role to take the matter to a logical conclusion”. It recommended negotiations to narrow differences and wanted the prevailing ad hoc functioning to end. Differences are on sharing under recoveries on fuel sales by ONGC to refiners and the pricing method, which takes into account quality. The panel also pulled up ONGC for delay in upgrading facilities for reducing the presence of basic sediments and water to below 0.2% in crude oil it sells to IOC. It advised ONGC to achieve the desired basic sediments and water level uniformly in all its assets as soon as possible. Source: LatestNews-Home - Livemint.com | 16 Dec 2008 | 12:26 pm No shortage of domestic LPG in the country - GovtPTI New Delhi: The government today said there is no overall shortage of domestic LPG in the country and state-run companies are giving new gas connections on “as soon as possible” basis. “Public sector oil marketing companies (OMCs) have not stopped release of new LPG connections. New LPG connections are made available as soon as possible and in any case, within a period of 60 days,” Minister of State for Petroleum and Natural Gas Dinsha Patel said in a written reply to a question in Rajya Sabha here. At present, new LPG connections were available for “genuine” domestic customers and as on 1 November 2008, there were 10.37 crore LPG customers in the country, Patel said. “OMCs have reported that they have released 25.64 lakh new LPG connections in the country during April-October.” Patel said there was no overall shortage of LPG in the country and LPG to distributors. “Indian Oil Corp has reported backlog in LPG supplies in Kerala, Manipur and Tamil Nadu mainly because of spurt in demand due to the economic blockade in Manipur, transporter agitation and various bandhs in Kerala and heavy rains in most parts of Tamil Nadu including Chennai.” The government, he said, had advised OMCs to liquidate the backlog in the states by operating the bottling plants on holidays and during extended hours. Separately, he said there was no shortage of petrol and diesel in the country. “Government had received some complaints/reports about the non-availability of diesel in some states in the period from July to October.” Source: LatestNews-Home - Livemint.com | 16 Dec 2008 | 12:23 pm Oil prices consolidate awaiting Opec - Financial Times
Source: Google News India - Business | 16 Dec 2008 | 12:21 pm Railways earn Rs3,909 crore from e-ticketingNew Delhi: Indian Railways has added nearly four thousand crores in its coffers through e-ticketing till November 2008, which is nearly double the amount it made during last fiscal. “The Railways earned Rs3,909 crore from its e-ticketing scheme this year (till November 2008). The profit is expected to rise,” a senior ministry official said. The e-ticketing facility was launched by Railways in 2005. Under the scheme, passengers can book their tickets using internet by opting any of the two options - e-ticket and i-ticket. The profit made by Railways is more than double the amount it earned last year. In the fiscal year 2007-08, Railways earned Rs1295.74 crore from the facility. The ministry, apparently happy with the outcome of the scheme, wants to make it more user friendly to add more customers to its kitty but refrained from making any major modifications. “The ministry as of now does not plan to modify the scheme since it is yielding expected results. But we keep introducing user friendly systems in e-ticketing software system to make our services more customer-friendly,” the official said. According to officials, using e-ticket facility, passengers can book berths in trains online and get instant print out of electronic reservation ticket. While in case of i-ticket, they (passengers) can only book accommodation using internet and the tickets gets delivered to their home. However, the i-ticket facility is available at selected locations only. Railways take two to three days to deliver tickets depending on the city, official said. Source: LatestNews-Home - Livemint.com | 16 Dec 2008 | 12:21 pm J&K governor for prioritisation of developmental projectsJ&K Governor has stressed the need for creating an adequate provision in the state plan for land acquisition to ensure hassle-free execution of developmental projects.Source: Daily News & Analysis: Money News | 16 Dec 2008 | 12:18 pm Ramadoss opposes environment ministry plans for GM crops!The environment ministry might be planning to bring genetically modified (GM) crops like Bt Brinjal to your plate but Health Minister Anbumani Ramadoss has promised to "continue to oppose" GM foods.Source: Zee News : Business | 16 Dec 2008 | 12:13 pm China`s growth will help global economic recovery: World Bank!World Bank President Robert Zoellick has said that China`s efforts to deal with slowing growth, falling exports and growing unemployment would help economies across the globe weather the financial crisis.Source: Zee News : Business | 16 Dec 2008 | 12:13 pm Oil prices steady at USD 44!Oil prices were steady above USD 44 a barrel in Asia on Tuesday, a day before investors expect OPEC to announce a big production cut.Source: Zee News : Business | 16 Dec 2008 | 12:13 pm US to liquidate Madoff firm!Europe`s biggest bank, HSBC, joined a list of top names in world finance admitting huge potential losses on Monday in a suspected pyramid fraud scam run by ex-Wall Street heavyweight Bernard Madoff.Source: Zee News : Business | 16 Dec 2008 | 12:13 pm Siemens to pay $1.3 bn fine!German corporate giant Siemens AG has agreed to pay USD 1.3 billion to settle corruption cases.Source: Zee News : Business | 16 Dec 2008 | 12:13 pm BSE Sensex opens lower, turn positive!The BSE Sensex opened 0.39 percent lower on Tuesday, tracking weak Asian markets, but then turned positive.Source: Zee News : Business | 16 Dec 2008 | 12:13 pm US soft drink major PepsiCo has no drink buyout plans: CEO !PepsiCo`s CEO has said that the No. 2 US soft drink company plans no new acquisitions of North American drink manufacturers in the current economic climate.Source: Zee News : Business | 16 Dec 2008 | 12:13 pm Software firms face uncertain 18 months - NasscomBANGALORE (Reuters) - India's export-focused software sector faces an uncertain four to six quarters as deepening global economic turmoil dents technology spending and slows deals, the sector's main lobby group said on Tuesday.Source: Reuters: Money News | 16 Dec 2008 | 12:13 pm SBI to raise Rs 18,000 cr via bonds by March 2010The country's largest lender, SBI, today said it would raise Rs 18,000 crore from bonds by March 2010 in order to meet its capital requirement and fuel business growth.Source: Daily News & Analysis: Money News | 16 Dec 2008 | 12:03 pm ONGC loses over Rs.15.7 bn in revenuesState-owned energy giant Oil and Natural Gas Corp (ONGC) lost over Rs.15.7 billion (Rs.1,570 crore) in revenues during 2007-08, a union minister said here Tuesday.Source: IndiaeNews.com: Business News | 16 Dec 2008 | 12:01 pm Software firms face uncertain 18 months: NasscomBangalore: India’s export-focused software sector faces an uncertain four to six quarters as deepening global economic turmoil dents technology spending and slows deals, the sector’s main lobby group said on Tuesday. Software firms have grown used to years of scorching expansion but the global financial crisis and recession in the United States, which contributes more than half of revenues, have dented confidence. “At this point in time, we’re getting mixed signals,” Som Mittal, president of the National Association of Software and Service Companies (Nasscom), told reporters on the sidelines of a technology conference. “Very clearly, the decision-making is slow at this time.” Earlier this month, India’s No. 2 software exporter, Infosys Technologies, said it expected sector growth this year to slump by nearly half to 15%. “This is unprecedented,” Mittal said, referring to the global economic slowdown. “Consumer sentiment is low all across and that is what is impacting India.” Exports growth in the second half of this fiscal is expected to slow from the first six months, and any clarity on momentum would only be apparent in the first quarter of 2009/10, he said. Mittal reiterated that Nasscom would revise its forecast for the full year. In July, it forecast revenue growth between 21% and 24% to about $50 billion in the year to March 2009. Hiring by outsourcers would be lower in the short term. The sector recruits hundreds of thousands of middle class software professionals every year. Earlier this month, Infosys said it would freeze recruitment after meeting this fiscal year’s target. Source: Home - Livemint.com | 16 Dec 2008 | 11:57 am Govt expects further slowdown in capital flows, exportsDue to the global economic crisis, India expects further moderation in foreign capital flows and exports, Minister of State for Finance P K Bansal told the Rajya Sabha today.Source: Daily News & Analysis: Money News | 16 Dec 2008 | 11:57 am Software firms face uncertain 18 months: NasscomBangalore: India’s export-focused software sector faces an uncertain four to six quarters as deepening global economic turmoil dents technology spending and slows deals, the sector’s main lobby group said on Tuesday. Software firms have grown used to years of scorching expansion but the global financial crisis and recession in the United States, which contributes more than half of revenues, have dented confidence. “At this point in time, we’re getting mixed signals,” Som Mittal, president of the National Association of Software and Service Companies (Nasscom), told reporters on the sidelines of a technology conference. “Very clearly, the decision-making is slow at this time.” Earlier this month, India’s No. 2 software exporter, Infosys Technologies, said it expected sector growth this year to slump by nearly half to 15%. “This is unprecedented,” Mittal said, referring to the global economic slowdown. “Consumer sentiment is low all across and that is what is impacting India.” Exports growth in the second half of this fiscal is expected to slow from the first six months, and any clarity on momentum would only be apparent in the first quarter of 2009/10, he said. Mittal reiterated that Nasscom would revise its forecast for the full year. In July, it forecast revenue growth between 21% and 24% to about $50 billion in the year to March 2009. Hiring by outsourcers would be lower in the short term. The sector recruits hundreds of thousands of middle class software professionals every year. Earlier this month, Infosys said it would freeze recruitment after meeting this fiscal year’s target. Source: Tech News - Livemint.com | 16 Dec 2008 | 11:57 am Suzlon-Martifer revise payment schedule for REpower stake - Moneycontrol.com
Source: Google News India - Business | 16 Dec 2008 | 11:53 am States asked to lower tax on ATF: Praful Patel - Times of India
Source: Google News India - Business | 16 Dec 2008 | 11:52 am DDA allotted flats amid protestsPTI New Delhi: The Delhi Development Authority (DDA) on Tuesday allotted over 5,000 flats through a draw of lots from a total of 5.67 lakh applicants, amid protests by some who demanded transparency in the process. The draw of lots for 5,238 flats under the DDA’s Housing Scheme 2008 took place at its office at Vikas Sadan where a group of applicants shouted slogans demanding an open and transparent allotment mechanism. The flats range between Rs7 lakh and Rs77 lakhs and are located at areas like Dwarka, Rohini and Vasant Kunj. Total 5.67 lakh applicants had applied for the flats, which were 50% cheaper than the market rates. At the end of the lottery, a DDA spokesman said the process was totally transparent as jury for the computerised draw of lots included senior bureaucrats, professors from IIT and media professionals. However, a protester said despite promising complete transparency, the entire process was a closed door affair and that is why they were demanding an open system of draw of lots. Security personnel were deployed in and around the DDA office after the protesters started shouting slogans. “We were not allowed inside the building. That is really unfair. They held it very secretly,” said Rohini resident Rajinder Singh, whose name was not among the lucky applicants. Source: Home - Livemint.com | 16 Dec 2008 | 11:52 am IVRCL Infra gets orders worth Rs746 cr - Livemint
Source: Google News India - Business | 16 Dec 2008 | 11:49 am Mumbai’s attacked hotels to reopen this weekendMumbai: The two five-star Mumbai hotels that were attacked and held under siege last month are taking reservations and will partially reopen for business this weekend, managers said Tuesday. Images of flames leaping from the dome of the Taj Mahal hotel quickly became an icon of the three-day attack, which left 164 dead. In addition to the Taj Mahal and the Oberoi hotel, the gunmen attacked eight other sites across India’s financial capital. Nearly three weeks after the siege ended on 29 November, the Taj Mahal and the Oberoi’s Trident hotel have beefed up security and are accepting reservations for Sunday and onwards, managers said. “We dedicate our reopening to the city of Mumbai as an affirmation of the values of courage, resilience and dignity,” said Raymond Bickson, managing director and CEO of Indian Hotels Corporation Ltd., which runs the Taj Group of hotels. The Trident hotel sustained less damage than its sister hotel, the Oberoi. The two are connected by a bridge. All 550 rooms of the Trident will be available, along with the hotel’s restaurant, said Ketaki Narain, spokeswoman for the Oberoi Group. The Oberoi is still under repair. The Oberoi has upgraded its security because “we cannot depend on local law enforcement agencies,” Narain said. Ratan Tata, chairman of the company that owns the Taj Mahal hotel, criticized the government’s response to the attacks as slow and ineffective. He vowed to upgrade the hotel’s security with help from overseas. “We have decided that we would look at the protection of our assets and our people ourselves,” Tata said Monday during a panel discussion on CNBC TV18. “We’ll seek external expertise to help us.” Some 235 rooms will open in the Taj Mahal hotel Sunday, while the rooms in the older wing of the 105-year-old building are repaired. Photographs from the Taj Mahal in the days after the siege ended showed rooms with blackened walls, charred floors and gutted hallways. India blames the attacks on the Pakistani militant group Lashkar-e-Taiba and has called on Pakistan to crack down on terrorists thought to be operating from their soil. Authorities captured the lone surviving gunman during the attack, and have been repeatedly interrogating him about the operation. Source: LatestNews-Home - Livemint.com | 16 Dec 2008 | 11:45 am States demand additional Rs20,000 cr aid in 2008-09PTI New Delhi: Close on the heels of the stimulus package announced by the government, the states have asked for an additional assistance of Rs20,000 crore from the Centre to boost infrastructure and social sectors, besides more freedom to borrow from the market. “We are soon going to meet Prime Minister Manmohan Singh, who is also the Finance Minister with these issues,” Chairman of Empowered Committee of State Finance Ministers Asim Dasgupta told reporters after the meeting here today. Pointing out that the revenue of the states from VAT fell 19.9% in November, he said, states would need additional resources to step up funding in basic infrastructure like irrigation and social sectors. VAT revenues of the states, which were showing an increase of 24% till October, he said, fell by about 20% in November. Dasgupta further said the states were feeling the impact of slowdown in key sectors like real estate, iron and steel, cement and petrochemical. In order to boost the sagging industry, the central government recently came out with a stimulus package, which included an across-the-board cut in excise duty by four per cent and an increase in public expenditure by Rs20,000 crore over the amount allocated in the budget for 2008-09. Replying to questions on jet fuel, Dasgupta said the VAT panel was opposed to the idea of bringing aviation turbine fuel (ATF) in the category of declared goods by the Centre. The states cannot impose more than four per cent tax on an item once it is categorised as declared goods. Dasgupta also reiterated that the Centre should bear half the burden of states towards implementation of the revised pay scales on the pattern of Sixth Pay Commission. Source: LatestNews-Home - Livemint.com | 16 Dec 2008 | 11:38 am Late rally boosts dull equities marketsIndian equity markets surged in the late afternoon trading session with a key index closing 1.47 percent higher than its close Monday.Source: IndiaeNews.com: Business News | 16 Dec 2008 | 11:30 am IVRCL Infra gets orders worth Rs746 crPTI Mumbai: Infrastructure developer IVRCL Infrastructures and Projects today said it has bagged four orders worth Rs746.26 crore from different agencies for construction related projects. The company has secured an order worth Rs550.28 crore from A P Cine Workers’ Co-operative Housing Society, Hyderabad for execution of housing project on turnkey basis in Rangareddy district of Andhra Pradesh, IVRCL Infrastructures & Projects said in a filing to the Bombay Stock Exchange. Hyderabad-based firm got an order worth Rs114.35 crore from City and Industrial Development Corporation of Maharashtra (CIDCO) for construction of an exhibition centre in Navi Mumbai, the filing said. Further, it has received another order worth Rs70.62 crore from Government of Puducherry for creating new habitation in the Union Territory (UT) for Tsunami affected people, IVRCL Infra said. In another development the company has been awarded an order worth Rs 11 crore from West Bengal Electronics Industry Development Corporation (WBEL) for construction of an IT park at Durgapur in the state, it added. IVRCL Infrastructures was trading at Rs167.80, up 2.22% in the afternoon trade on the BSE. Source: Home - Livemint.com | 16 Dec 2008 | 11:27 am Saatchi & Saatchi gets Rs120 cr lead in ad accountNew Delhi: In the latest report on advertising account movement by Spatial Access Media Solutions, Saatchi & Saatchi has won the heftiest assignment of Rs120 crore from Shyam Telelink for the period 2-15 December. Hindustan Times moved its creative business from Ogilvy and Mather to Lowe for Rs50 crore. The recently launched Bhojpuri channel Mahuaa TV also made shifts and assigned its creative & media business worth Rs15-20 crore to Meridian and Motivator from AMO & Integrid. Another big creative account was from SpiceJet for Rs25 crore that was awarded to Contract Advertising. Among other media accounts Prachar Communications won a contract worth Rs20 crore from Zandu Pharmaceutical. Click here to read detailed report Source: LatestNews-Home - Livemint.com | 16 Dec 2008 | 11:22 am Citi sees India M&A led by debt-relief dealsMUMBAI (Reuters) - Debt-burdened firms needing to raise capital by selling stakes or units and inbound buys will dominate Indian M&A deals in 2009, as slowing growth and tight credit curb local ambition, a Citigroup official said.Source: Reuters: Money News | 16 Dec 2008 | 11:10 am Uco Bank likely to cut interest rates - chairmanKOLKATA (Reuters) - State-run Uco Bank is likely to cut its prime lending rate by 100 basis points with effect from Jan. 1, a top official said on Tuesday.Source: Reuters: Money News | 16 Dec 2008 | 11:06 am Nafed invites bids for sale of imported RBD palmoleinCooperative major National Agriculture Cooperative Marketing Federation (Nafed) has invited bids from traders for sale of 2,000 tonnes of imported RBD palmolein oil. The bids will close on December 17.Source: Daily News & Analysis: Money News | 16 Dec 2008 | 11:01 am Citigroup to sell Japanese trust banking unit for $277.6 mnAP Tokyo: Citigroup Inc., as part of a global restructuring, will sell its Japanese trust banking unit to Mitsubishi UFJ Trust and Banking Corp., the US firm’s Japanese subsidiary said on Tuesday. The all-cash deal, valued at $277.6 million, is expected to close around 1 April, Nikko Citi Holdings Inc. said. The decision by Citigroup to unload NikkoCiti Trust and Banking Corp. comes as the ailing US banking giant struggles to survive the global financial crisis. The New York-based bank averted the collapse in November after Washington extended a last-minute lifeline worth $20 billion. Since then, Citigroup has said it plans to cut about 50,000 jobs worldwide, on top of 22,000 cuts previously announced. It sold off its German retail banking unit earlier in December. All current staff at NikkoCiti Trust and Banking will keep their jobs under new ownership, Nikko Citi said. The trust bank employed 136 people as of 30 September. “In addition, the parties have agreed to seek opportunities to cooperate both in Japan and across the global that will leverage MUTB’s core strength in Japan and Citi’s global expertise and footprint in transaction services,” Nikko Citi in a statement. NikkoCiti Trust and Banking was established in 1993 as Nikko Trust Banking Corp. but was renamed in 2001 after Citigroup took over. Mitsubishi UFJ Trust and Banking is a wholly-owned unit of Japan’s top banking group, Mitsubishi UFJ Financial Group Inc., with $310.9 billion in managed assets. Source: LatestNews-Home - Livemint.com | 16 Dec 2008 | 10:59 am Citigroup to sell Japanese trust banking unit for $277.6 mnAP Tokyo: Citigroup Inc., as part of a global restructuring, will sell its Japanese trust banking unit to Mitsubishi UFJ Trust and Banking Corp., the US firm’s Japanese subsidiary said on Tuesday. The all-cash deal, valued at $277.6 million, is expected to close around 1 April, Nikko Citi Holdings Inc. said. The decision by Citigroup to unload NikkoCiti Trust and Banking Corp. comes as the ailing US banking giant struggles to survive the global financial crisis. The New York-based bank averted the collapse in November after Washington extended a last-minute lifeline worth $20 billion. Since then, Citigroup has said it plans to cut about 50,000 jobs worldwide, on top of 22,000 cuts previously announced. It sold off its German retail banking unit earlier in December. All current staff at NikkoCiti Trust and Banking will keep their jobs under new ownership, Nikko Citi said. The trust bank employed 136 people as of 30 September. “In addition, the parties have agreed to seek opportunities to cooperate both in Japan and across the global that will leverage MUTB’s core strength in Japan and Citi’s global expertise and footprint in transaction services,” Nikko Citi in a statement. NikkoCiti Trust and Banking was established in 1993 as Nikko Trust Banking Corp. but was renamed in 2001 after Citigroup took over. Mitsubishi UFJ Trust and Banking is a wholly-owned unit of Japan’s top banking group, Mitsubishi UFJ Financial Group Inc., with $310.9 billion in managed assets. Source: World Business - Livemint.com | 16 Dec 2008 | 10:59 am Terror and the ExpatWhat do you do when the country you move to is attacked? How do you deal with pressure from family and friends who are now concerned for your safety?  In this edition of “The Expat show” we discuss both our own and our families reactions to the Mumbai terror attacks. In an environment where nowhere in the world can really be called “safe” anymore, would you prefer to leave the home you have adopted for the home you are used to? Read more on the issue in these blog posts by Melissa and Ayeshea. And if you have an opinion on the issue feel free to post your comments. Source: LatestNews-Home - Livemint.com | 16 Dec 2008 | 10:39 am India FDI inflow down 26 pct in Oct - Kamal NathNEW DELHI (Reuters) - Foreign direct investment (FDI) into India declined by 26 percent in October from a year earlier, the federal trade minister said on Tuesday, as the global downturn started hurting emerging economies.Source: Reuters: Money News | 16 Dec 2008 | 10:33 am Yamaha Motors targeting 10 percent market share in IndiaWorld's second Largest motorcycle manufacturer Yamaha Motors has set a target to increase its market share to 10 percent in India by the next two-three years, a top official said here Tuesday.Source: IndiaeNews.com: Business News | 16 Dec 2008 | 10:31 am Management grads snub finance jobsThe job seekers are calling the shots. A stable job in the Fast Moving Consumer Goods (FMCG) sector is more desirable to a job in the finance sector.Source: Daily News & Analysis: Money News | 16 Dec 2008 | 10:19 am US promises 'right accent' at BPOsWith US lawmakers having introduced the bill to bring back jobs to America, most multinationals, which were outsourcing jobs to India, have changed their stance.Source: Daily News & Analysis: Money News | 16 Dec 2008 | 10:18 am Bangalored US now wants its jobs backSome lawmakers in the US, who share this sentiment, are now trying to make it less attractive for companies to send calls overseas by trying to pass a new law.Source: Daily News & Analysis: Money News | 16 Dec 2008 | 10:17 am India nowhere near recession: ChidambaramNowhere close to recession; yet, says Chidambaram, "we are affected by the slowdown of the economy because of tbe global meltdown".Source: Daily News & Analysis: Money News | 16 Dec 2008 | 9:52 am Markets open lower, rise marginallyA key index of the Indian stock exchange opened on Tuesday lower than its previous close, but later rose marginally.Source: Daily News & Analysis: Money News | 16 Dec 2008 | 8:49 am Update: Asia stocks drift up, dollar dips before Fed cutHong Kong: Asia stocks edged up on Tuesday and the dollar hit a two-month low against the euro, with investors eyeing what unorthodox policies the Federal Reserve may adopt along with an expected interest rate cut to 0.5% or lower. With rates approaching zero, market players are looking for clarity on what policy measures the Fed will consider using, such as outright purchases of financial assets, to help pull the economy out of a sharp recession. “While an additional rate cut by the US Fed is widely expected, market reaction to the cut is still very much uncertain, as another rate cut means the Fed is left with one less card to offer,” said Lim Tae-gun, a market analyst at Daewoo Securities in Seoul. Recent remarks from European central bankers reflect a reluctance to cut rates from 3%, contrasting with the Fed and suggesting the interest rate advantage of the euro has staying power. But Treasuries also gained as the Fed is likely to give some indication of how it will guide policy beyond interest rates, helping drive the benchmark 10-year yield back near a 54-year low hit last week. European shares were set for a mildly positive start as markets also awaited quarterly earnings from US bank Goldman, which is expected to post its first quarterly loss since going public in 1999 in a sign of the severe market conditions still slamming the financial sector. Asian shares were mixed, with Japan’s Nikkei average falling 1.1% as the yen’s strength against the dollar hurting shares of exporters. But the MSCI index of Asia-Pacific stocks outside Japan edged up 0.4%, but is still down about 54% so far this year. Foreign investors for the last several weeks have been cautiously loading their portfolios back up with Asian stocks, particularly companies with relatively low valuations and little debt on their balance sheets. The dollar has suffered a sharp turn lower in December, falling 10 cents versus the euro, and analysts say this is because the capital US investors took back home in the last several months has begun to slowly flow overseas again. Dismal economic data in both Asia and the United States kept upward pressure on government bond prices and fears high that deflation was descending over the global economy. US light crude for January delivery was steady just below $45 a barrel, ahead of what is expected to be the largest ever supply cut by Opec at a meeting on Wednesday. Source: Home - Livemint.com | 16 Dec 2008 | 8:20 am L&T gets deal worth Rs1,372 cr from steel cosPTI Mumbai: Diversified engineering firm Larsen and Toubro (L&T) on Tuesday said it has received three orders worth Rs1,372 crore from three different steel companies for engineering related works. The company has received an order worth Rs 516 crore from Vedanta Aluminium for setting up of an alumina refinery at its three-million-tonne-per-annum (MTPA) Lanjigarh plant in Orissa, L&T said in a filing to the Bombay Stock Exchange. It also said the scope of the order, which would be completed in 20 months, involves civil, structure, tanks, equipment erection, piping and commissioning assistance for the alumina refinery. The company has bagged another order worth Rs455 crore from Utkal Alumina International for setting up a green field alumina refinery at Rayagada in Orissa with a capacity of 1.5 MPTA, it stated. According to the company, the green field project would be completed in two years. While, L&T secured another order worth Rs401 crore from Bhushan Steel for engineering related works at its Angul plant in Orissa. The scope of work includes setting up of a steel melt shop and coke oven, apart from the civil, structural, equipment and piping works, the company said. It was trading at Rs829.79, up 1.14% on the Tuesday’s morning trade on the BSE. Source: Home - Livemint.com | 16 Dec 2008 | 8:11 am Pvt airlines,AI restored payment of commission to agents: GovtAir India, and several private airlines had stopped paying commission to travel agents from November 1. They have however, resumed the practiceSource: Daily News & Analysis: Money News | 16 Dec 2008 | 8:05 am Govt hints at further reduction in fuel pricesNew Delhi: The Union government on Tuesday dropped hints that petrol and diesel prices may be cut further if the downward slide in international crude prices continues. “We will watch (crude oil) prices (to see) if further reduction is possible,” home minister P Chidambaram said replying to supplementaries during the Question Hour in Rajya Sabha. Government earlier this month cut petrol price by Rs5 a litre and diesel by Rs2 per litre as crude oil prices dipped from an all-time high of $147 a barrel in July to under $45 a barrel. Chidambaram, the former finance minister who is answering questions pertaining to finance ministry on behalf of Prime Minister Manmohan Singh who now holds that portfolio, said the government would look into demands for further reduction in auto fuel prices. Even after the price cut, public sector oil firms were making a profit of Rs9.98 on sale of every litre of petrol and Rs1.03 per litre on diesel. The further softening in global oil prices has seen these profits widen to Rs11.48 per litre on petrol and Rs2.92 a litre on diesel, officials said. The oil companies, however, continue to lose Rs17.26 per litre on PDS kerosene and Rs148.38 per domestic LPG cylinder. Indian Oil, Bharat Petroleum and Hindustan Petroleum are together projected to lose Rs111,500 crore in revenues this fiscal on fuel sales, they said. Oil minister Murli Deora in a separate reply said the 6 December reduction was only an “interim measure”. “Further reduction in the prices of petrol and diesel had not been found feasible (on 6 December) in view of the continuing under-recoveries (losses) on sale of PDS kerosene and domestic LPG,” he said. Deora said public sector oil marketing companies (OMCs), IOC, BPCL and HPCL, have declared combined losses of Rs14,431 crore during the first six months of 2008-09. Their total revenue loss on the sale of petroleum products are projected to be Rs110,381 crore during 2008-09. The combined borrowings of the three firms at the end of November 2008 stood at Rs115,000 crore with an interest burden of Rs8,100 crore during 2008-09, he said. “The financial health of the OMCs needs to be protected for ensuring the energy security of the country.” As India imports over 75% of its crude oil requirement, the international oil prices have a decisive role in the domestic pricing. The basket of crude oil India imports averaged $79.25 per barrel during 2007-08 and it went up to $142.04 a barrel on 3 July. Source: Home - Livemint.com | 16 Dec 2008 | 7:20 am Govt may further cut fuel prices on lower crudeNEW DELHI (Reuters) - India could further cut retail prices of petrol and diesel if crude oil prices continue to fall, a senior cabinet minister told parliament on Tuesday.Source: Reuters: Money News | 16 Dec 2008 | 6:49 am More layoffs in publishing, this time at MacmillanNew York: Another book publisher is cutting jobs: Macmillan, where authors include Thomas Friedman, Rick Atkinson and Janet Evanovich, is eliminating 64 positions, just under 4% of its work force. “Going forward we are tightening our belts in response to the current recession, but we are also reorganizing and rethinking our business to position ourselves for the long term,” Macmillan chief executive, John Sargent, wrote in a company memo, a copy of which was obtained on Monday by The Associated Press. Simon & Schuster, Houghton Mifflin Harcourt and Thomas Nelson also have announced layoffs in recent weeks. Staff reductions are likely at Random House Inc., which is undergoing a significant consolidation. In a move Sargent said he had been looking into for months, Macmillan will combine its seven children’s companies into a single division, the Macmillan Children’s Publishing Group, effective 1 January. Macmillan also plans reductions through a “centralized business and production group for its adult and children’s publishing companies,” according to the memo. Other changes include the increased use of digital technology and reducing Macmillan’s presence at BookExpo America, the industry’s annual national convention. Macmillan’s publishers include St Martin’s Press, Henry Holt & Co. and Farrar, Straus & Giroux. Macmillan is owned by Verlagsgruppe Georg von Holtzbrinck, based in Stuttgart, Germany. Source: Home - Livemint.com | 16 Dec 2008 | 6:48 am Toshiba to slash memory chip output due to supply glutTokyo: Japan’s Toshiba Corp said that it was slashing its production of NAND flash memory chips used in iPods and other digital music players by 30% as the economic crisis hits demand. As well as the cutbacks at its flash memory plant in central Mie Prefecture from January, Toshiba will suspend operations at its other main semiconductor factories for up to 25 days in response to a supply glut. “Recession in the global economy and the slowdown in consumer spending are having a significant impact on demand for semiconductors,” a company statement said. “This is particularly notable in NAND flash memories, where decreased demand for applications such as memory cards and MP3 players has generated excess supply,” it added. Toshiba is a leading manufacturer of the NAND flash memory chips and it has invested heavily in recent years to expand production to meet brisk demand. But the group, whose interests span electronics and nuclear energy, lost $297 million in the fiscal second quarter due to falling chip prices and a stronger yen. Toshiba plans to lay off 160 temporary workers at a factory in the southern island of Kyushu, the Nikkei business daily reported on Tuesday. Source: Tech News - Livemint.com | 16 Dec 2008 | 6:40 am Govt, RBI policy biased for growth - ChidambaramNEW DELHI (Reuters) - The policies of the Indian government and the Reserve Bank of India are biased towards growth, a senior cabinet minister told parliament on Tuesday.Source: Reuters: Money News | 16 Dec 2008 | 5:57 am U.S. could announce auto bailout by WednesdayWASHINGTON (Reuters) - The Bush administration could act as early as Wednesday to approve an automaker bailout from its bank rescue fund, with conditions likely to reflect at least those approved by the U.S. House of Representatives last week, key lawmakers and other sources said on Monday.Source: Reuters: Money News | 16 Dec 2008 | 4:55 am Alleged Madoff fraud has worldwide exposureNew York: The list of investors who say they were duped in one of Wall Street’s biggest pyramid scams is growing, snaring some of the world’s biggest banking institutions and hedge funds, the super rich and the famous, pensioners and charities. The alleged victims who sunk cash into veteran Wall Street money manager Bernard Madoff’s investment pool include a trust tied to real estate magnate Mortimer Zuckerman and a charity of movie director Steven Spielberg. The Wall Street Journal reported that the foundation of Nobel laureate Elie Wiesel also took a hit. Among the world’s biggest banking institutions, Britain’s HSBC Holdings PLC, Royal Bank of Scotland Group PLC and Man Group PLC, Spain’s Grupo Santander SA, France’s BNP Paribas and Japan’s Nomura Holdings all reported that they had fallen victim to Madoff’s alleged pyramid, scheme. The 70-year-old Madoff, well respected in the investment community after serving as chairman of the Nasdaq Stock Market, was arrested on Thursday in what prosecutors say was a $50 billion scheme to defraud investors. Some investors claim they’ve been wiped out, while others are still likely to come forward. “There were a lot of very sophisticated people who were duped, and that happens a great deal when you’ve had somebody decide to be unscrupulous,” said Harvey Pitt, a former chairman of the Securities and Exchange Commission, a regulatory agency in charge of monitoring investment funds like the one Madoff operated. The extent of the potential damage prompted a leading fund manager in London to lash out at US regulators for failing to detect the fraud earlier. “I think now it is very difficult for people to invest in things that are meant to be regulated in America, because they haven fallen down in the job,” Nicola Horlick, the manager of Bramdean Alternatives, which has 9% of its funds invested in Madoff’s scheme, told the British Broadcasting Corp. Among US investors, the Boston-based Robert I Lappin Charitable Foundation, a charity that financed trips for Jewish youth to Israel, let go of its staff after revealing that the money for its operations was invested with Madoff. New Jersey Sen. Frank Lautenberg, one of the wealthiest members of the US Senate, entrusted his family’s charitable foundation to Madoff. Lautenberg’s attorney, Michael Griffinger, said they weren’t yet sure the extent of the foundation’s losses, but that the bulk of its investments had been handled by Madoff. Lautenberg’s foundation handed out more than $765,000 to at least 100 recipients in 2006, according to the most recent listing on Guidestar, which tracks charitable organization filings. The foundation helps support a variety of religious, educational, civic and arts organizations in New Jersey and elsewhere, and its contributions range from a gift of more than $300,000 to the United Jewish Communities of MetroWest New Jersey to a $2,000 donation to a children’s program at the Hackensack Medical Center. Reports from Florida to Minnesota included profiles of ordinary investors who gave Madoff their money. Some had been friends with him for decades, others were able to invest because they were a friend of a friend. They told stories of losing everything from $40,000 to an entire nest egg worth well over $1 million. They join a list of more powerful investors that have come forward, all worried about the extent of their losses. The roster of names include former Philadelphia Eagles owner Norman Braman, New York Mets owner Fred Wilpon and J Ezra Merkin, the chairman of GMAC Financial Services, among others. Mortimer Zuckerman, the chairman of real estate firm Boston Properties and owner of the New York Daily News and US News & World Report, said his charitable trust, Mortimer B Zuckerman Charitable Remainder Trust, incurred losses of about $30 million, impacting approximately 11% of the value of the trust. Mark Levy, a spokesman for Steven Spielberg, confirmed that the director’s Wunderkinder Foundation had investments with Madoff. The Wall Street Journal reported that the Elie Wiesel Foundation for Humanity, founded by the famed Holocaust survivor and writer, was hard hit by losses, citing two people familiar with the organization’s investments. The Wiesel foundation said it was looking into the matter. The Journal also reported potential investors and firms exposed to the alleged fraud included: Carl Shapiro, founder and former chairman of women’s apparel company Kay Windsor Inc.; Bed Bath & Beyond Inc. co-founder Leonard Feinstein; Yeshiva University; EIM Group; UBS AG; Fairfield Greenwich Advisors; Tremont Capital Management; Maxam Capital Management and Ascot Partners. European losses Among those overseas confirming exposure on Monday, Banco Santander, the largest bank in the euro zone by market capitalization, said its clients have $3.07 billion in exposure with Madoff, mostly through a fund called Optimal Strategic US Equity. HSBC, Britain’s largest bank, said a “small number” of its insitutional clients had exposure totaling some $1 billion in Madoff funds. It added that it has custody clients who have invested with Madoff, but it did not believe those “custodial arrangements should be a source of exposure to the group.” Royal Bank of Scotland Britain’s second-largest bank, which is now 58% owned by the British government said it could lose around $600 million through exposure in trading and collateralized lending to funds of hedge funds invested with Bernard L Madoff Investment Securities LLC. Man Group, the world’s largest publicly traded fund manager that reported exposure of around $360 million on Monday. Japan’s Nomura Holdings said it has $306 million in exposure, but added that any losses were likely to be limited compared to its capital base. French banks foresee nearly 1 billion euros in potential losses as indirect victims of the alleged fraud. Natixis, France’s fourth-largest bank, set its maximum indirect exposure at about 450 million euros. A statement by the investment bank said it made no direct investments in hedge funds managed by Madoff. However, it said that some of its clients’ money was invested in funds managed by “first class custodians,” which in turn entrusted those securities to Madoff’s investment securities company. Both Societe Generale and Credit Agricole said they had “negligible” exposure of below €10 million each. However, the euro zone’s largest bank, BNP Paribas, has estimated its risk exposure to hedge funds managed by Madoff at up to €350 million. In a statement Sunday, BNP Paribas said it has no investment of its own in Madoff’s hedge funds, but “does have risk exposure to these funds through its trading business and collateralized lending to funds of hedge funds.” Swiss bank Union Bancaire Privee indicated it had hundreds of millions of dollars in client assets invested under the management of Madoff. UBP’s announcement Monday followed weekend disclosures by Swiss banks Reichmuth & Co. of Lucerne, Banque Benedict Hentsch & Cie SA of Geneva and Neue Privat Bank of Zurich that they had millions of dollars worth of client assets at risk in the case. Unicredit, Italy’s largest bank, said its exposure to Madoff’s company is about €75 million,representing amounts the bank invested directly and not funds belonging to its clients, said spokesman Andrea Moreschi. Unicredit has a separate, indirect exposure through Pioneer Investment, its asset management division. In Germany, Deutsche Bank AG, Dresdner Bank AG and Commerzbank AG declined to comment on the matter. On Friday, representatives from major US banks Bank of America Corp, Citigroup Inc., PNC Financial Services Group Inc. and Merrill Lynch & Co. declined to comment on whether they had exposure to Madoff’s company. BlackRock Inc., Goldman Sachs Group Inc., Comerica Inc., and US Bancorp said they had no exposure. Morgan Stanley and Wells Fargo & Co. did not return calls seeking comment. Source: World Business - Livemint.com | 16 Dec 2008 | 3:44 am Day Trading GuideICICI Bank and SBI stocks are witnessing selling pressure at higher levels; utilise rallies to sell these stocks with tight stop-loss.Source: Business Line - Home Page | 16 Dec 2008 | 12:00 am Television Eighteen India (Rs 82.10): BuyWe recommend a buy in Television Eighteen India (TV18) from a short-term trading perspective. It is clearly visible from the charts of TV18 that after encountering significant resistance around Rs 250 in august, it resumed its long-term downtrendSource: Business Line - Home Page | 16 Dec 2008 | 12:00 am Advance tax outflow infuses volatility in marketMumbai, Dec. 15 Volatility marked trading on the bourses on Monday, as advance tax payments by Indian corporates for the quarter ended December came to a close.Source: Business Line - Home Page | 16 Dec 2008 | 12:00 am Airlines non-committal on fare reductionNew Delhi, Dec. 15 Domestic flying will not become cheaper immediately despite oil companies reducing aviation turbine fuel (ATF) prices by 11.5 per cent.Source: Business Line - Home Page | 16 Dec 2008 | 12:00 am HCL Tech completes acquisition of AxonNew Delhi, Dec. 15 HCL Technologies on Monday announced the completion of the £440-million buyout of UK-based Axon Group. HCL has now merged Axon with its own SAP practice, and named the merged division HCL Axon. The division has 4,500Source: Business Line - Home Page | 16 Dec 2008 | 12:00 am Small is beautiful for retailers in gloomNew Delhi, Dec. 15 Faced with the unexpectedly sharp slowdown in economic activity, retailers have begun to opt for smaller and niche formats rather than the large and hyper formats. This means shop sizes now will be between 800 and 5,000 sqSource: Business Line - Home Page | 16 Dec 2008 | 12:00 am Bajaj Auto to shut Waluj plant for 10 daysPune, Dec. 15 Two-wheeler manufacturer Bajaj Auto Ltd (BAL) has decided to shut down production at its Waluj plant near Aurangabad for 10 days this year against the five-day annual block closure that has been the routine for the past few years.Source: Business Line - Home Page | 16 Dec 2008 | 12:00 am Fiscal stimulus: Centre trying to effect rebound in demandWith the UPA Government working on a second stimulus package after it unfurled the first last Sunday, fiscal fetishism no longer holds water in troubled times like this, despite the passage of the Fiscal Responsibility and Budget ManagementSource: Business Line - Home Page | 16 Dec 2008 | 12:00 am Bosch drive to counter slowdownBangalore, Dec. 15 The world’s largest auto parts maker Bosch will not renew contracts for up to 300 of its trainees and others in its plants in India even as it is taking steps to rejig its manufacturing operations to combatSource: Business Line - Home Page | 16 Dec 2008 | 12:00 am Public sector banks cut rates on new home loansPublic sector banks have brought cheer to small home loan seekers by cutting rates on Monday under a new package aimed at stimulating demand in the retail housing sector.Source: Business Line - Home Page | 16 Dec 2008 | 12:00 am Advance tax collections send early warning signalsMost private firms see lower pay-outs; govt banks save the day.Source: Business Standard | Front Page Headlines | 15 Dec 2008 | 7:28 pm FM radio, music industry out of tune on royaltyMatter to come before copyright board on January 28.??The battle between music companies and FM radio channels over royalty payments has come out in the open with last-minute mediation by the MinistrySource: Business Standard | Front Page Headlines | 15 Dec 2008 | 6:30 pm Progressive says to pay no 2008 dividendBy New York: Progressive Corp., the No. 3 US auto insurer, said on Monday it will not pay investors an annual dividend in 2008 because it is barred from doing so unless it meets financial targets. Progressive said because it expects to have a 2008 after-tax comprehensive loss, it will be precluded from paying a dividend. Under a variable dividend policy, the company cannot pay a dividend if after-tax comprehensive income is lower than after-tax underwriting income. As of 30 November, Progressive’s after-tax comprehensive loss totalled $860.8 million (Rs4,123 crore now) over the first 11 months of the year, the Mayfield Village, Ohio-based insurer said. Progressive said in 2009 it will follow the same policy for determining any dividend payment. Source: World Business - Livemint.com | 15 Dec 2008 | 2:38 pm
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