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Need Rs 1.2Kcr in funding over 2 years: Maytas InfraVV Raju, CFO, Maytas Infra, said the company does not have adequate equity capital for their Hyderabad metro project. \"We require Rs 1,2001,300 crore equity over the next twothree years. The construction business requires working capital and longterm funds for projects.\"Source: Moneycontrol Top Headlines | 17 Dec 2008 | 4:34 pm Vishal Retail eyes 4050% topline growth in FY09Manmohan Agarwal, CEOCorporate Affairs, Vishal Retail said that in spite of the slowdown on expansion of retail space the company still maintains a reasonable 4050% growth on the topline on yearonyear (YoY) basis for the year March 09.Source: Moneycontrol Top Headlines | 17 Dec 2008 | 3:30 pm Govt to look into violations in SatyamMaytas imbroglioMinister for Company Affairs PC Gupta has said he will ask for a report for the SatyamMaytas imbroglio and would study it. As of now, no official communication has been sent out to the Satyam management, he said, adding that once he gets once he gets the companys feedback, he would look into any possible violations.Source: Moneycontrol Top Headlines | 17 Dec 2008 | 3:23 pm Promoter shareholding in Maytas still unclearWhile everyone on the street knows that promoter holding in Satyam Computers is around 8.6%, but when it comes to promoter holding in Maytas Infra and Maytas Properties, the picture is very unclear. When one digs into the DRHP of the company, many questionable names appeared in the public shareholding list.Source: Moneycontrol Top Headlines | 17 Dec 2008 | 3:22 pm Satyam board must clarify stance on Maytas deal: HeliosSamir Arora, Fund Manager, Helios Capital said the financial Community would not have allowed the Satyam deal. According to him, some \'high profile\' directors of Satyam should resign or give explanation. He believes that now scrutiny of cash on the companies books will become high.Source: Moneycontrol Top Headlines | 17 Dec 2008 | 3:20 pm Reports of Rs 1K cr order cancellation untrue: ABG ShipyardABG Shipyards is running the risk of cancellation of orders worth Rs 1,000 crore. Dhananjay Datar, Chief Financial Officer, ABG Shipyard clarified that the company has not received order cancellation from Norwegian company yet and assured that not a single order has been pulled out.Source: Moneycontrol Top Headlines | 17 Dec 2008 | 1:56 pm Ferrari buck trend with Tata sponsorshipROME (Reuters) - Ferrari have bucked the global economic crisis squeezing Formula One by agreeing a sponsorship deal with carmaker Tata.Source: Reuters: Money News | 17 Dec 2008 | 1:47 pm Why did Satyam call off Maytas deal?Satyam called off Maytas deal largely because there was lot of shareholders anger and a lot of discontentment coming in, once the deal was announced.Source: Moneycontrol Top Headlines | 17 Dec 2008 | 1:45 pm India copper down 3 pct on demand worries - Reuters India
Source: Google News India - Business | 17 Dec 2008 | 1:42 pm Delhi HC agrees to hear PIL alleging unfair spectrum auctionNew Delhi: The Delhi High Court has agreed to hear PIL alleging unfair auctioning of 3G spectrum by the Centre. The petition filed by an NGO, Society for Awareness and Development, said that the decision of the Department of Telecommunications not to auction the whole spectrum at one go is arbitrary and it was done to benefit some companies. “The auction is being conducted in a completely non-transparent and an unfair manner only with a view to favouring certain identified parties,” the petition said. The information memorandum on auction suppresses the total available spectrum and only gives the figures of the spectrum proposed to be alloted, the petition said, adding that the decision is unfair, arbitrary and against public interest. A bench comprising Chief Justice A.P. Shah and Justice S. Muralidhar, however, refused to stay the procedure for the 3G spectrum auction, scheduled to be held in January 2009. The petitioner also pointed out the government’s decision is contrary to the TRAI recommendation that on 8 December had suggested that the spectrum should be auctioned at one go. “The government should be directed to disclose the availability of present and future 3G spectrum and auction the entire spectrum available at one go,” the petitioner said. The Ministry of Communications, however, opposed the petition and advocate Sanjay Hegde argued that the plea should be dismissed. The Court, after hearing their arguments, posted the matter for further hearing on 7 January. Source: LatestNews-Home - Livemint.com | 17 Dec 2008 | 1:42 pm Infosys says India IT to see slow growth for a whileBANGALORE (Reuters) - Infosys Technologies, India's second largest software services exporter, sees the Indian IT industry going through a slow phase of growth for some time, its chief executive said on Wednesday.Source: Reuters: Money News | 17 Dec 2008 | 1:36 pm Rediff to offer facility to communicate in 22 regional languagesAhmedabad: Nasdaq listed Rediff will offer its customers the facility to communicate in 22 different regional languages, from January 2009, company officials said. “After extensive study we found that regional languages are coming up on the internet in a big way. We will also be offering our customers the facility to communicate in 22 different regional languages soon,” Founder and CEO Rediff Ajit Balakrishnan told reporters on sidelines of 8th International Entrepreneurship Forum at MICA. “For traffic signals one uses English language as per the US convention, but to communicate with friends people use multiple languages,” Balakrishnan said, adding atleast two new portals of Rediff offering facility to communicate in Gujarati language are in the pipeline. Talking about paradigm shift of internet users towards mobile, Balakrishnan said “Out of the 2 million customers in the US 80% have moved to mobile phone version of Rediff.” Speaking on emerging challenges in digital enterpreneurship, Balakrishnan said “In this era, algorithim based voice to text conversion technology is a big challenge to understand.” “The voice to text conversion technology will be there all over in another 3 to 7 years. An accuracy level of 90% using algorithim based voice to text technology has been achieved for news readers, while 70% for other kinds of dialects,” Balakrishnan said. The call centre business will face stiff competition from this technology, he added. Source: Tech News - Livemint.com | 17 Dec 2008 | 1:30 pm Rediff to offer facility to communicate in 22 regional languagesAhmedabad: Nasdaq listed Rediff will offer its customers the facility to communicate in 22 different regional languages, from January 2009, company officials said. “After extensive study we found that regional languages are coming up on the internet in a big way. We will also be offering our customers the facility to communicate in 22 different regional languages soon,” Founder and CEO Rediff Ajit Balakrishnan told reporters on sidelines of 8th International Entrepreneurship Forum at MICA. “For traffic signals one uses English language as per the US convention, but to communicate with friends people use multiple languages,” Balakrishnan said, adding atleast two new portals of Rediff offering facility to communicate in Gujarati language are in the pipeline. Talking about paradigm shift of internet users towards mobile, Balakrishnan said “Out of the 2 million customers in the US 80% have moved to mobile phone version of Rediff.” Speaking on emerging challenges in digital enterpreneurship, Balakrishnan said “In this era, algorithim based voice to text conversion technology is a big challenge to understand.” “The voice to text conversion technology will be there all over in another 3 to 7 years. An accuracy level of 90% using algorithim based voice to text technology has been achieved for news readers, while 70% for other kinds of dialects,” Balakrishnan said. The call centre business will face stiff competition from this technology, he added. Source: LatestNews-Home - Livemint.com | 17 Dec 2008 | 1:30 pm Cadila Healthcare buys remaining stake in US ventureMumbai: Cadila Healthcare Ltd on Wednesday said it has acquired the remaining 30% in its US-based joint venture company, Zydus Pharmaceuticals USA Inc. As a result, Zydus Pharmaceuticals has become a wholly owned subsidiary of Cadila, it said in a statement to the stock exchange. Cadila was holding 70% in the joint venture through an Irish subsidiary, it added. Source: LatestNews-Home - Livemint.com | 17 Dec 2008 | 1:21 pm Sensex snaps 3-day gaining streak, Satyam tanks 30 per centHeavy selling in last two hours of trading pulled down the benchmark Sensex on the BSE by over 260 points. IT major Satyam Computer too lost a mammoth 30 percent.Source: Daily News & Analysis: Money News | 17 Dec 2008 | 1:21 pm Honda to cut 10% salary of its top brassJapanese automaker Honda has decided to cut monthly remuneration of its managers by 10 per cent from January 2009.Source: Daily News & Analysis: Money News | 17 Dec 2008 | 1:11 pm Citigroup to delay Japan units merger until 2010Tokyo/New York: Citigroup Inc. said it will push back the merger of two Japanese units until 2010 to delay integration costs, as the US bank cuts costs worldwide after suffering heavy losses from the global credit crisis. The decision comes after a person briefed on the matter said Citigroup was combining its corporate and investment banking businesses in a bid to become more efficient and reduce costs. The New York-based banking giant is also the focus of increasing scrutiny from federal banking regulators, The Wall Street Journal reported on Wednesday, since the government became Citigroup’s largest shareholder last month in a bid to rescue the struggling firm. Regulators are becoming involved in discussions with the company about its strategic direction, including possible acquisitions, the newspaper reported. In Japan, Citigroup had intended to bring together brokerage Nikko Cordial Securities and investment bank Nikko Citigroup by March 2009, but it said this month it would delay the merger. The combination will now likely take place in 2010, Douglas Peterson, Citigroup’s top executive in Japan, said on Wednesday. There are reasons from a “technology point of view” and a “cost point of view” for “delaying and spreading out this project”, he said. The merger “was not the most important priority for the technology team in the next six-nine months”, he said. The bank still plans an initial public offering for Nikko Asset Management Co., its majority owned Japanese fund management business, Peterson said. Citigroup is trying to become more efficient—the bank was created over two decades through a series of acquisitions—but has been struggling to break down divisions between businesses. It has suffered more than $50 billion (Rs2.36 trillion) of credit losses and writedowns since the credit crunch began last year. Citigroup has also said it will cut 52,000 jobs globally, or about 15% of its workforce, by early next year to reduce costs. Source: LatestNews-Home - Livemint.com | 17 Dec 2008 | 1:09 pm Asian stocks climb on Fed rate cut; European markets slide - Economic Times
Source: Google News India - Business | 17 Dec 2008 | 1:04 pm Markets plummet amid profit bookingIndian equities markets Wednesday plunged amid heavy selling with a key index ending trade 2.62 percent lower than its previous close.Source: IndiaeNews.com: Business News | 17 Dec 2008 | 1:04 pm Motor racing-Ferrari buck trend with Tata sponsorshipRome: Ferrari have bucked the global economic crisis squeezing Formula One by agreeing a sponsorship deal with Indian carmaker Tata. “For the first time an Indian brand will appear on the Ferrari,” president Luca di Montezemolo told Italian media. “It’s historic.” A Ferrari spokesman confirmed a deal had been reached and said the details and duration would be announced shortly. Tata and Ferrari’s parent company Fiat have a joint venture in the Indian state of Maharashtra to produce cars. Formula One approved a package of cost-cutting measures last week to help the sport after the economic crisis led to Honda’s withdrawal. Source: LatestNews-Home - Livemint.com | 17 Dec 2008 | 1:03 pm Indian BPO firm opens delivery centre in PhilippinesMotif Inc., a leading provider of business process outsourcing (BPO) services here, formally inaugurated its new 450-seat delivery centre in Quezon City in the Philippines Wednesday, the company said here.Source: IndiaeNews.com: Business News | 17 Dec 2008 | 1:01 pm Maytas Properties\' investor declines to comment on calloffInfinite Investment Management, a fund that has invested Rs 600 crore in Maytas Properties, declined to comment on the SatyamMaytas deal calloff. Infinite India Investment Management is a fund managed by JM Financial.Source: Moneycontrol Top Headlines | 17 Dec 2008 | 1:00 pm Investors flock to debt schemes of MF - Hindu Business Line
Source: Google News India - Business | 17 Dec 2008 | 12:57 pm Honda to cut 10% salary of its top brass from next yearTokyo/New Delhi: Japanese automaker Honda has decided to cut monthly remuneration of its managers by 10% from January 2009 as the auto industry is reeling under pressure due to the global economic slowdown. “Bonuses for directors, corporate auditors and operating officers will be reassessed based on the business results of the current fiscal year ending 31 March, 2009. In addition, monthly remuneration of directors, corporate auditors and operating officers will be cut by 10% for all directors starting January 2009,” Honda said in a statement. The abrupt change involving the global automobile industry from mid-September this year was triggered by the financial crisis, which forced all the automakers to change various plans over a very short period of time. Honda has also revised its forecast for consolidated financial results for the fiscal year ending 31 March, 2009. According to the new forecast, the automaker expects a net sales and other operating revenue of 10,400 billion Japanese yen, a fall of 13.4% from previous fiscal year. Other major controlling measures adopted by the company include the reassessment of the priorities of all investment/development projects, new production facilities and capacity expansions. Among other steps, the company has decided to withdraw from all Formula One activities, making 2008 the last season of participation. Besides, Honda has decided to make an additional production adjustment of 54,000 units of automobiles in Japan during the current fiscal year. “As we face the next year, while hoping for the earliest recovery of the global economy and the market situation, Honda will develop business plans based on an assumption that the situation will worsen next year and will navigate the company through this challenge,” the statement added. Source: Home - Livemint.com | 17 Dec 2008 | 12:56 pm Air India owes a whopping Rs 739.5-cr to AAINational air-carrier, Air India, owes a whopping Rs 739.5-crore to the Airports Authority of India (AAI) on account of landing and parking charges.Source: Daily News & Analysis: Money News | 17 Dec 2008 | 12:54 pm Air travel levy to adapt climate change: IIEDMumbai: The UK-based International Institute for Environment and Development (IIED) has suggested an air travel levy could provide a multi-billion dollar boost to countries and communities that need to adapt to climate change now. The authors of the paper “Fairer flying: an international air travel levy for adaptation” of IIED Muyeye Chambwera and Benito Muller, argue that an air travel levy on international air passengers could contribute significantly to existing adaptation funding without burdening national budgets. “A small per-trip payment by passengers could contribute $8 billion to $10 billion a year towards adaptation,” they said. Similar schemes in France and elsewhere show that this kind of ethical solidarity and polluter pays approach would be simple to implement in practical and institutional terms. “Given that wealthier people travel most by air while the poor bear the brunt of the impacts, redressing the balance is key, both ethically and practically,” they said. As aviation grows, so does its impact on climate change. As planes release carbon dioxide and other warming gases such as water vapour at high altitude, the impact of aviation emissions is amplified. Taking into account these multiplier effects, aviation will contribute about 5% of the total warming effect by 2050. Known as the International Air Travel Adaptation Levy (IATAL), this proposal is a distinct win-win solution. The IATAL concept demonstrates two key principles: solidarity and polluter pays. “It is an innovative way for relatively wealthy international air passengers to show their solidarity with the poorest, most vulnerable countries and communities and compensate those countries and communities for the climate impacts they generate through international air travel,” they added. The funding to help poor countries and communities adapt to climate impacts does not match projected needs. Oxfam has estimated that at least $50 billion will be needed to support adaptation in developing countries each year. This figure will be even higher if greenhouse gas emissions are not cut soon. In any case, it is many billions over what’s actually available. The last decade has seen air travel grow by 45%. In the European Union, aviation emissions of greenhouse gases rose by an average 4.3% a year from 1990 to 2003. Greenhouse gas emissions from all aviation now account for about 1.6% of the global total. Meanwhile, the International Air Transport Association (ATA) forecasts that international passenger demand is expected to rise from 760 million in 2006 to 980 million in 2011 and overall demand will grow by 620 million to 2.75 billion passengers by that year. This forecast growth and the limited options to drastically cut emissions indicate that aviation emissions will increase in absolute terms. Greenhouse gas emissions from aviation are excluded from the Kyoto Protocol, as the international nature of aviation and the complexity and rules of the industry make the choice of appropriate carbon tax instruments difficult. Source: LatestNews-Home - Livemint.com | 17 Dec 2008 | 12:49 pm Satyam blames investors, media for exaggerating the issueNew Delhi: Satyam Computers on Wednesday criticised investors and media for blowing out of proportion the family ties between its chief and promoters of Maytas, and asserted there would be no issue with the government or regulator on corporate governance front. “We have not violated any of the established regulations. The entire thing got blown out of proportion because the other party (target parties Maytas Properties and Maytas Infra) they being related to our Director. “Now it is more of a corporate governance issue projected by the investor community and the media. Whatever we have done, is well within the powers of the Board of Directors,” NYSE listed Satyam CFO Srinivas Valdamani said. The company on Wednesday called off an $1.6 billion deal to acquire Maytas Properties and Maytas Infrastructure, firms promoted by Satyam chief Ramalinga Raju’s sons B Rama Raju and Teja Raju, after resistance from institutional investors. The deal was touted as something that would help Satyam diversify its business, especially when there was slowdown in the IT business in key markets such as the US and Europe. “We thought as long as we follow the right procedure and valuation model that would be a good corporate governance,” Valdamani said. Asked of the company is ready to face any questions from the market regulator and the government on corporate governance issue, he said: “From the government or regulator there will not be any issue. We have not violated any of the established regulations. Tuesday, Corporate Affairs Minister P C Gupta had said: “But certainly if there is a violation of the Companies Act, we are going to look into it.” Valdamani said the buy-out was an unrelated diversification to hedge our business instead of being in one business. “In terms of business case, we have done our valuation and business case evaluation and due diligence, but with the related-party manifestation with so much attention, that is where we underestimated a little bit. Many companies balance sheet speak off related party transaction.” He said a top investment banker has done the valuation of Maytas Properties, which is not listed. He declined to give the name of the firm. India’s fourth largest IT company announced that it would buy Maytas Properties for $1.3 billion and a majority 51% of Maytas Infrastructure for $0.3 billion. Institutional investors such as Reliance Mutual Fund, SBI Mutual Fund and Templeton expressed dissent over the deal soon after it was announced. Source: Home - Livemint.com | 17 Dec 2008 | 12:49 pm Rupee off 1-month high as shares fall - Reuters India
Source: Google News India - Business | 17 Dec 2008 | 12:35 pm Banks to provide 3-year relief to West Bengal potato farmersPublic sector banks have agreed to provide a three-year moratorium to potato farmers in West Bengal, permitting them temporary suspension of loan repayments as prices have fallen following bumper production, the state agriculture minister said here Wednesday.Source: IndiaeNews.com: Business News | 17 Dec 2008 | 12:33 pm Equities snap 3-day rise; Satyam plays spoilsport - Economic Times
Source: Google News India - Business | 17 Dec 2008 | 12:33 pm RBI releases report on Trend & Progress of Banking in India - Moneycontrol.com
Source: Google News India - Business | 17 Dec 2008 | 12:30 pm Markets plummet, shed Tuesday's gainsIndian equities markets took a pounding Wednesday with a key index ending trade (provisionally) 2.62 percent lower than its previous close.Source: IndiaeNews.com: Business News | 17 Dec 2008 | 12:30 pm OPEC agrees to record cut in oil output - Hindu Business Line
Source: Google News India - Business | 17 Dec 2008 | 12:24 pm Astra Microwave gets Rs1,380 lakh order from space department - Livemint
Source: Google News India - Business | 17 Dec 2008 | 12:22 pm SBI to hire 500 ATMs from external agenciesNew Delhi: The government has said that State Bank of India (SBI) is expected to hire 500 ATMs from external agencies to reduce capital expenditure and improve capital service. “It would be done on a pilot basis to reduce capital expenditure in setting up ATMs and to improve availability of ATMs to customers,” Minister of State for Finance P.K. Bansal said in written reply in Lok Sabha. “Besides, it will improve the quality of customer service,” he said adding: “The process of site identification for installation of ATMs has begun.”. As per the information available on the website of the bank, SBI has over 8,500 ATMs in India, the largest network in the country. In reply to another question, Bansal said that there is no recession in the economy. However, in the wake of the global financial crisis, the government with a view to safeguard the growth process has announced fiscal stimulus measures on 7 December. He said that there is no fiscal crisis or destabilisation of markets in India. Regarding problems faced by investors while putting money in the initial public offer, Bansal said that some of the problems and risk identified are related to disclosures in offer documents, non-receipt of shares after allotment, delayed receipt of refunds, non-receipts of refunds etc. Source: LatestNews-Home - Livemint.com | 17 Dec 2008 | 12:21 pm Slowing growth is current policy worry, says RBIMumbai: Moderation in the rate of economic growth is the current policy concern but the economy should return to its high growth trajectory once global conditions return to normal, the Reserve Bank of India (RBI) said on Wednesday. In its annual report on the banking sector for the year ending June 2008, the RBI said an industrial sector slowdown could adversely affect the profitability of the corporate sector and credit risk. “The overall long-term macroeconomic outlook continues to be favourable with moderation of growth being the current policy concern,” the central bank said in the 508-page document. Data last week showed industrial output fell in annual terms in October, the first such fall in more than 13 years. Governor Duvvuri Subbarao said last week the central bank may have to lower its 7.5-8.0% growth forecast for the fiscal year ending March 2009. The economy has grown at or above 9% for the past three fiscal years. In the report, the central bank said there were downside risks from India’s increasing global integration, such as a sustained outflow of capital, financial contagion and slowing world growth. It said active liquidity management was key to the current policy stance and the use of a combination of instruments to absorb excessive pressures had helped cushion the impact of the global crisis on local markets. Since October, the central bank has slashed key interest rates and banks’ cash reserve requirements, made more funds available at its market operations, and indirectly extended credit lines to mutual funds and non-banking companies. To reduce the probability of future crisis, the central bank said it and the government should continue to adopt global best practices for prudential supervision and regulation. “Consequently, the role of fiscal space in promoting financial stability has once again come into prominence,” the central bank said. Source: Home - Livemint.com | 17 Dec 2008 | 12:17 pm BSE Sensex falls as Satyam rattles investorsMUMBAI (Reuters) - Indian shares fell 2.6 percent on Wednesday and software major Satyam plummeted by nearly a third after it abandoned a deal for two firms and sparked concerns abroad over corporate governance.Source: Reuters: Money News | 17 Dec 2008 | 12:12 pm Apple told to end exclusive iPhone deal in FranceAP Paris: Apple Inc. must allow operators other than France Telecom’s Orange SA to sell its popular iPhone mobile handset, the French competition regulator ruled Wednesday. The decision overturns an exclusive arrangement with Apple that has allowed Orange to be the iPhone’s exclusive distributor in France since the phone was launched last year. Orange rival Bouygues Telecom SA, the No. 3 mobile operator in France, filed a complaint with the regulator over the arrangement in September. The regulator said Wednesday’s order was a protective measure while it continues an investigation into the merits of Bouygues’ complaint. Officials from Bouygues Telecom and Orange were not immediately available for comment. In a statement, the competition regulator said Apple’s exclusive arrangement with Orange posed a “serious and immediate threat” to competition in the mobile telecommunications sector and increased costs for mobile phone users who sought to change operators. Source: LatestNews-Home - Livemint.com | 17 Dec 2008 | 12:11 pm Apple told to end exclusive iPhone deal in FranceAP Paris: Apple Inc. must allow operators other than France Telecom’s Orange SA to sell its popular iPhone mobile handset, the French competition regulator ruled Wednesday. The decision overturns an exclusive arrangement with Apple that has allowed Orange to be the iPhone’s exclusive distributor in France since the phone was launched last year. Orange rival Bouygues Telecom SA, the No. 3 mobile operator in France, filed a complaint with the regulator over the arrangement in September. The regulator said Wednesday’s order was a protective measure while it continues an investigation into the merits of Bouygues’ complaint. Officials from Bouygues Telecom and Orange were not immediately available for comment. In a statement, the competition regulator said Apple’s exclusive arrangement with Orange posed a “serious and immediate threat” to competition in the mobile telecommunications sector and increased costs for mobile phone users who sought to change operators. Source: Tech News - Livemint.com | 17 Dec 2008 | 12:11 pm Financial firms profits rose higher in 2007-08: RBIReuters Mumbai: The Reserve Bank of India (RBI) said the profits of Indian non bank finance firms grew at a much higher rate in the 2007-08 despite the rise in their expenditure as their fund based and fee based income rose sharply. Profits more than tripled while expenditure went up 45.4%, the RBI said in its ‘Report on Trend and Progress of Banking in India, 2007-08,’ on Wednesday. However, while the income as a percentage of assets rose, the expenditure as a percentage of assets declined sharply, resulting in a higher net profits to asset ratio, it also said. While finance firms, as a whole, reported a drop in bad loans, equipment leasing and hire purchase firms reported an increase during the period, said the RBI. The move was largely on account of the change in classification rules of NBFCs, it added. Source: LatestNews-Home - Livemint.com | 17 Dec 2008 | 12:10 pm Mandatory IPO grading to continue: SebiNew Delhi: Market regulator Sebi has decided to continue with the mandatory grading of initial public offers (IPO), amid doubts on the relevance of the present system as the gradings do not reflect in the performance of these issues in the markets. “In the absence of sufficient experience to vouch for the current system of mandatory grading or to counter it, the Sebi Board earlier this month decided to maintain the status quo,” a source close to the development said. “We have decided to maintain a status quo — that is to continue to have a mandatory grading for IPOs,” the source said. “The decision was taken as members of the Primary Market Advisory Committee (PMAC) felt that it is too early to come to a conclusion on the effectiveness of the present policy of mandatory IPO grading,” the source added. However, many analysts believe that mandatory grading requires amendment since grading does not reflect in the performance of issues in the market. “The present system of grading requires to be amended. Even the performance of nine IPOs that were given four grades out of five (highest) is worse than those graded at three points,” said Jagannadham Thunuguntla, equity head of Nexgen Capitals. “The market regulator should change the grading system suitably to help small investors take suitable decisions on investing in IPOs,” he added. Sebi had made grading mandatory for all IPOs where draft offer documents were to be filed with the regulator on or after 1 May, 2007, and made issuers responsible for the cost of grading. Since then, about 100 IPOs have been graded by credit rating agencies. It was decided that the decision would be reviewed, based on the experience gained. Source: LatestNews-Home - Livemint.com | 17 Dec 2008 | 12:10 pm Satyam shares plunge as investors revoltBANGALORE (Reuters) - Shares in outsourcer Satyam Computer Services fell by nearly a third on Wednesday after a proposed $1.6 billion deal to buy two firms management had a stake in raised corporate governance concerns.Source: Reuters: Money News | 17 Dec 2008 | 12:05 pm Piracy costing CD, DVD manufacturers Rs.5 bn annually: AssochamIncreasing sales of pirated CDs, DVDs and other software has led to manufacturers in the national capital losing around Rs.5 billion annually, said a report by an industry lobby released Wednesday.Source: IndiaeNews.com: Business News | 17 Dec 2008 | 12:03 pm Lok Sabha nod for bill on welfare of unorganised sectorParliamentary approval was Wednesday accorded to a bill that aims to extend social security cover and other benefits to nearly 95 percent of the country's workforce that is said to be in the unorganised sector.Source: IndiaeNews.com: Business News | 17 Dec 2008 | 12:01 pm Need Rs 1.2Kcr in funding over 2 years: Maytas Infra - Moneycontrol.com
Source: Google News India - Business | 17 Dec 2008 | 12:00 pm Kerala moots law to regulate private sector jobsThe Kerala government will introduce a law to ensure that all private sector jobs are brought under the employment exchanges in the state, Labour Minister P.K. Gurudasan Wednesday told the assembly.Source: IndiaeNews.com: Business News | 17 Dec 2008 | 12:00 pm Satyam nosedives in early trade, tanks 33%!Satyam Computer on Wednesday tanked as much as 33 percent and witnessed its 52-week-low level on bourses in early morning trade amid the company calling off its USD 1.6-billion deal to acquire two infrastructure businessesSource: Zee News : Business | 17 Dec 2008 | 11:58 am `Deal called off due to investor resentment`!Satyam Computer Services Ltd defended its initial decision to buy out Mayatas Properties and 51 percent stake in Mayatas Infra, which had to be called off on Wednesday due to investor resentment.Source: Zee News : Business | 17 Dec 2008 | 11:58 am OPEC to cut oil output: Saudi Arabia!OPEC will announce a cut in oil production, Saudi Oil Minister said.Source: Zee News : Business | 17 Dec 2008 | 11:58 am Fed cuts rates to 0.25 percent!The US Fed Reserve chopped benchmark interest rates to 0.25 percent to tackle recession.Source: Zee News : Business | 17 Dec 2008 | 11:58 am Agency failed to probe Madoff, says US Securities and Exchange Commission chairman !Securities and Exchange Commission chairman Christopher Cox said on Tuesday that his agency repeatedly failed for at least a decade to pursue allegations of wrongdoing by Wall Street figure Bernard L Madoff.Source: Zee News : Business | 17 Dec 2008 | 11:58 am Satyam bows to investors, calls of mega Maytas deal!Satyam Computer Services Ltd bowed to investor pressure and cancelled plans to spend USD 1.6 billion to buy two builders, killing the deals just 12 hours after they were announced.Source: Zee News : Business | 17 Dec 2008 | 11:58 am Stocks surge after Fed cuts rates!A surprised Wall Street bolted higher on Tuesday after the Federal Reserve`s historic decision to further slash interest rates and provide broad support to revive the troubled economy.Source: Zee News : Business | 17 Dec 2008 | 11:58 am Sensex opens above 10k mark!Sensex extended its gains by another 96 pts in early trade on Wednesday.Source: Zee News : Business | 17 Dec 2008 | 11:58 am Aurobindo gets USFDA nod for new HIV drug - Business Standard
Source: Google News India - Business | 17 Dec 2008 | 11:58 am RBI says banks need to watch bad loansMUMBAI (Reuters) - Indian banks' bad debts rose for the first time in six years in 2007/08 and the global crisis can worsen credit risks, making it necessary for lenders to have more capital, the Reserve Bank of India (RBI) said on Wednesday.Source: Reuters: Money News | 17 Dec 2008 | 11:48 am OPEC announces record cut in oil outputOran, Algeria: OPEC oil ministers met on Wednesday to remove a record 2 million barrels per day from oil markets in a race to balance supply with the world’s rapidly crumbling demand for fuel. The 12 members of the Organization of the Petroleum Exporting Countries were also aiming to build a floor under prices that have dropped more than $100 from a July peak above $147 a barrel. As the ministers convened a meeting which was expected to proceed smoothly, oil was trading just above $44 a barrel. Saudi Arabia, the world’s biggest oil exporter, has led by example -- reducing supplies to customers even before a cut has been agreed to help push prices back towards the $75 level Saudi King Abdullah has identified as “fair”. Ali al-Naimi, the kingdom’s oil minister, was first to publicly call for curbs of 2 million bpd ahead of the meeting. “The purpose of the cut is to bring the market into balance and avoid the gyrations of the price,” he said. “The cut may lead to higher prices or may not.” Others in the group that pumps more than a third of the world’s oil said at least two million barrels needed to go from daily output to prevent a massive build in inventories. “A minimum of two million we think needs to be cut so we can balance the market,” Iraqi oil minister Hussain al-Shahristani told Reuters. The expected cut, the third this year, would bring a total reduction in OPEC supply to four million bpd, nearly a 5% cut in world oil supplies. OPEC has encouraged other producers to cut back too. Russia and Azerbaijan are attending the Oran meeting as observers and have said they could rein in exports in future, but stopped short of am immediate pledge. Leading a high level delegation, Russia’s deputy prime minister Igor Sechin said in a speech to OPEC that Moscow did not plan to join in coordinated output cuts and did not want to join the group. Oil below $50 is uncomfortable for all producing nations, but especially for OPEC members Venezuela and Iran which are dependent on higher prices to fund ambitious domestic programmes. NOBLE CAUSE It is hoped that a sharp supply cut will put oil on the path towards $75. “You must understand the purpose of the $75 price is for a much more noble cause,” the Saudi oil minister said. “You need every producer to produce and marginal producers cannot produce at $40 a barrel.” “Therefore we believe that $75 is probably more conducive to marginal producers to continue so we don’t have a shortage in the market and we avoid the future sky-rocketing of prices.” Analysts said a limited recovery in prices would put a bit more strain on a recessionary global economy, but it may help pull the world back from the brink of deflation -- a growing source of concern. The influential Saudi oil minister clearly outlined the kingdom’s route to lower production. It is pumping 8.2 million bpd against 9.7 million bpd in August. “The difference is 1.5 million barrels per day -- that is what we’ve done,” Naimi said. Saudi Arabia’s implied output target is about 8.477 million bpd under existing OPEC curbs. To have a lasting price impact, any OPEC deal must to be strictly observed. According to independent observers cited in OPEC’s monthly report on Tuesday, the group’s compliance in November to existing cuts was only just over 50%. Analysts said deeper cuts would further test discipline in the group. That restraint would be needed to slim down growing world oil stocks. Source: Home - Livemint.com | 17 Dec 2008 | 11:45 am RBI: slowing growth is current policy worryMUMBAI (Reuters) - Moderation in the rate of Indian economic growth is the current policy concern but the economy should return to its high growth trajectory once global conditions return to normal, the Reserve Bank of India (RBI) said on Wednesday.Source: Reuters: Money News | 17 Dec 2008 | 11:39 am Honda defers expansion at second plantJapanese auto major Honda on Wednesday said it has decided to defer capacity expansion at its second Indian plant in Rajasthan.Source: Daily News & Analysis: Money News | 17 Dec 2008 | 11:27 am BMW achieves 100 per cent growth in car salesLuxury Car maker, BMW India Private Ltd, has achieved 100 per cent growth in its car sales this year, a top official of the company on Wednesday said.Source: Daily News & Analysis: Money News | 17 Dec 2008 | 11:25 am India funds may take $38 mln hit on Satyam's slideMUMBAI (Reuters) - Indian funds may have seen the value of their combined holdings in Satyam Computer Services Ltd drop by about 1.8 billion rupees ($38 million) as the firm's shares plunged nearly a third on Wednesday.Source: Reuters: Money News | 17 Dec 2008 | 11:20 am Tata Consultancy eyes China growthSINGAPORE (Reuters) - Tata Consultancy Services (TCS) said on Wednesday it planned to hire over 3,500 people in China over the next four years to grow its business and tap the country's large pool of IT engineers.Source: Reuters: Money News | 17 Dec 2008 | 11:09 am Yahoo lowers data retention to three monthsWashington: Search engine Yahoo! Inc will cut to three months the time it stores personal data gathered from web surfing, making its retention policy the shortest among peers, the company said on Wednesday. The company will “anonymize” the computer addresses of its users within three months in most cases, from a prior standard of 13 months. It is reserving the right to keep data for up to six months if fraud or system security are involved. Internet search companies have come under pressure from European and other data protection officials to do more to protect the privacy of users. Earlier this year, industry leader Google Inc halved the amount of time it stores personal data to nine months. Microsoft Corp has said it will cut the time to six months if its rivals did the same. “Google first went to 18 months and started this competition,” said Ari Schwartz, vice president at the Center for Democracy and Technology, a privacy advocacy group. Yahoo’s pledge “is more significant because they are getting rid of some data after 90 days and they actually have an implementation plan to get this done,” he added. The European Union has recommended that companies keep data no more than six months and urged the sector to adopt an industry-wide standard. “This was our attempt to put a stake in the ground” on the issue, Yahoo vice president of policy and privacy chief Anne Toth said. Internet search engines get their revenue by matching advertisements to searches, so advertisers can peg their ads to what is on the searcher’s mind. Once the companies make commitments on data retention, they are enforceable under federal and state laws in the United States, Schwartz added. Source: Tech News - Livemint.com | 17 Dec 2008 | 10:48 am Honda slashes forecast again, outlines counter-movesTOKYO (Reuters) - Japan's Honda Motor Co issued its third profit warning this year, slashing its operating forecast by two-thirds as the global recession batters car sales and sends the yen soaring.Source: Reuters: Money News | 17 Dec 2008 | 10:44 am Closing: Sensex drops from 10k level to end 262 pts downNew Delhi: The benchmark Sensex closed down 2.62% on Wednesday, 17 December as foreign funds sold stocks on doubts arising from Satyam’s now-dropped Maytas acquisition deal. Markets opened above 10,000 level but later shed off gains in choppy trade slipping into negative zone after noon. The 30-share BSE index ended 261.69 points lower at 9,976.98 points and broad based 50-issue NSE index closed down by 87.40 points at 2,954.35 points. Index was dragged by Satyam Computer shares that ended down 30.11% at Rs158.05. This was the result of resentment among company investors over the plan to buy Maytas’ construction and real estate firm for $1.6 billion. Satyam stocks continued to fall despite the company calling off the deal. Marketmen said reversal in early profit trend was also because Asian bourses shed their gains owing to plunging auto industries. Other sectors that lowered the Sensex into negative territory were capital goods, metals, oil and gas and mid-cap. Reliance Infrastructure followed close to Satyam in incurring losses (13.73%, Rs549.15), then were losers like Reliance Communications (13.36%, Rs202.70), Jaiprakash Associates (12.11%, Rs76.95) and ACC Ltd (9.21%, Rs486.30). Meanwhile, losing much of earlier profits, Japan’s Nikkei ended 0.5% higher and Hong Kong’s Hang Seng ended climbed 1.5% on property-related shares. Source: Home - Livemint.com | 17 Dec 2008 | 10:44 am Chouhan's seven resolutions for developing Madhya PradeshMadhya Pradesh Chief Minister Shivraj Singh Chouhan, who steered the ruling Bharatiya Janata Party (BJP) to a win in the recent assembly polls, has outlined 'seven resolutions' to develop and turn it into a 'golden state', officials said here.Source: IndiaeNews.com: Business News | 17 Dec 2008 | 10:31 am Birla Tyres shuts production at Orissa unitBirla Tyres, a unit of B.K. Birla group company Kesoram Industries, Wednesday shut down its plant in Orissa's Balasore district due to falling demand for tyres, a government official said.Source: IndiaeNews.com: Business News | 17 Dec 2008 | 10:31 am Markets turn negative in afternoon tradeIndian equities markets turned negative during the afternoon trade after touching an intra-day high of 10,073.1 points.Source: IndiaeNews.com: Business News | 17 Dec 2008 | 10:30 am Satyam to evaluate investorfriendly options to deploy cashRamalinga Raju, Chairman, Satyam, said the deal was called off as investors had reacted adversely to the Maytas buyout. He stated that the merger would no be a viable option as Satyam\'s low valuations would not help. He said that he would now evaluate other investorfriendly options to use cash.Source: Moneycontrol Top Headlines | 17 Dec 2008 | 10:11 am Satyam\'s chequered historySatyam used to trade at a much closer gap to Infosys, but has pared off. But now, with this gap, it will continue to slide lower in PE rating.Source: Moneycontrol Top Headlines | 17 Dec 2008 | 9:44 am Microsoft to launch NAVTEQ navigator in IndiaBangalore: NAVTEQ, a leading global provider of digital map data for location-based solutions and vehicle navigation, has been chosen by Microsoft Corporation, a worldwide leader in software and solutions to supply map data for Microsoft’s Live Search Map in India. Microsoft Live Search Maps is designed to let people easily find, discover, plan and share relevant local information that is important to them on the web, including maps and directions. Features include Business Lookup, Category browsing, 1-Click Directions which provides instant directions to a destination from most major routes and the capability to share maps and direction through Microsoft Office Outlook, a company press release said on Wednesday. Source: Tech News - Livemint.com | 17 Dec 2008 | 8:36 am POLL - Inflation seen at 7.49 pct on Dec 6MUMBAI (Reuters) - India's annual inflation rate is expected to have fallen sharply to a nine-month low in the first week of December after a cut in state-controlled domestic fuel prices, a Reuters poll showed on Wednesday.Source: Reuters: Money News | 17 Dec 2008 | 8:16 am Economic gloom and the silver lining for IndiaFortunately, India appears to be better off than many other countries facing the repercussions of the global financial meltdown.Source: Daily News & Analysis: Money News | 17 Dec 2008 | 7:24 am Sensex snaps 3-day gaining streak, Satyam tanks 30 per centHeavy selling in last two hours of trading pulled down the benchmark Sensex on the BSE by over 260 points. IT major Satyam Computer too lost a mammoth over 30 per cent.Source: Daily News & Analysis: Money News | 17 Dec 2008 | 7:17 am Satyam nosedives in early trade, tanks 33%Satyam Computer tanked as much as 33 per cent on Wednesday and witnessed its 52-week-low level on bourses in early morning trade.Source: Daily News & Analysis: Money News | 17 Dec 2008 | 7:16 am Under fire from investors, Satyam calls off Maytas dealHit by the adverse market reaction, homegrown Satyam Computers called off its proposed USD 1.6-billion acquisition of two companies.Source: Daily News & Analysis: Money News | 17 Dec 2008 | 7:12 am Top 10 Games for 2008So, here we are - its December of 2008, and its time for a yearly ritual in video games - your very own top 10 list. I say ritual because its almost customary practice for every magazine, newspaper and blog to churn out a end-of-year awards piece, or a top 10 list, and the practice is increasingly becoming tough because as video games expand, both in numbers and in diversity, the top 10 list is becoming less of a ’these are the 10 games you should buy’ sort-of conusmer guide to a list that really, kind of, exemplifies the kind of gamer you are and the games that attract you.  Of course, this is a good thing, since the nearly identical, universal opinion of a few years back is being replaced by a gaggle of diverse, different opinions, and games journalism is the better for it. So, anyways. Top 10 games of 2008 - these will ofcourse cover all genres and platforms, but will restrict itself to games released in India - so sorry Fallout 3, and Guitar Hero World Tour and Rock Band 2 - which, havent so far seen indian release. There will be, I admit a slight tilt towards PC games - since it does have the largest sort-of install base here in India, but most titles, as of Dcemeber, are multiplatform (excepting a few notable ones, of course), so thats not going to be a glaring bias of any sort. But, like I said, top 10 lists are, today, purely subjective opinions informed maybe partially by notions of objectivity - so feel free to disagree or agree, and you can always get back to us at playcast@livemint.com So, at No. 10 - we have a little, free text game called Violet playable at ifcomp.org - i covered this in a previous episode of the Playcast, its a 500 kb text-based game about being stuck in your office on your birthday. Its a bittersweet, beautifully written interactive fiction story, and an example of how to get videogame romance just right. At No. 9, we have No More Heroes, an action title for the Wii. The Wii has had a pretty challengin year in 2008, with big name titles sort of drying up, and the platform itself being taken over by mediocre mini-game collections and cheap movie tie-ins. Even though its incredibly popular, the lack of titles being released for it means it might gathers dust on the shelves while the other consoles see a healthy release schedule. Thats not to say, of course, that all is not well in Wii-land - we saw WiiFit, the release of the Wii-Ware channel which has seen some great games, and our no. 9 game for the year - which is No More Heroes. No More Heroes is proof, I think, that the Wii can be a platform for this kind of quirky, off-beat stuff. You play as Travis Touchdown, who stumbles upon a ’beam katana’, which is basically a glorified lightsaber, in an online auction. It had great motion controls, a cool combat system, and some very very nice music. Okay, we’re going to go a little bit faster now. At No. 8, we have The World Ends With You, a japanese role-playing game for the Nintendo DS. This is a game that tried to cram too many ideas, broke every rule of prudent game design, and generally was an aberration haunting the traditional school of how a Japanese RPG should be played. Needlessly to stay, its quite wonderful, with an excellent plot based on the real-world Shibuya ditrict of Tokyo, good use of the DS’s two screens, and again, some lovely music. At No. 7, we have Oiligarchy, which is a free flash game playable at molleindustria.it. This one deserves special mention for dragging video games kicking and screaming into relevant, timely political commentary. You play as the chief of an oil company in the 1950s, bribing, influencing and destroying the environment to your hearts content. Also read the excellent Postmortem of the game on the site, somethig, i think we need more of for video games. At No. 6, we have our first tie - this is between Gears of War 2 for the Xbox 360 and Resistance 2 for the Playstation 3 - both exemplary, if not too revolutionary, examples of a console shooter done well. At No. 5 - we have Far Cry 2 for the PC, for its incredible world, dep deep gameplay and for essentially rebooting the first person shooter in 2008. Its an incredibly well, crafted, complex achievement, and also very very pretty to look at. At No. 4 we have, surprise surprise, Grand Theft Auto IV for Xbox, PS3 and now pC, for getting the attention of every newspaper and magazine and conservative and concerned parent in the world the way only a controversial GTA game can. Well done there. And so we reach our top three. By this time you may have realized, and I wish to reiterate - this has been an incredible year for video games, some have even called it a ’golden age’, and thats not too far off the mark - the number of polished, intelligent, timely, well-crafted titles is on the rise, and there’s so many avenues and channels to choose from. So, at this point, just a quick sort of Certificate of Participation to all the games that deserve to be in this list (Just off the top of my head, there’s Audiosurf, Hinterland, Sam and Max Season 2, Spore, Braid, Mirror’s Edge, and Left 4 Dead) - it would defeat the purpose of the list to include them, of course, but lets not be exclusionary here- and at the risk of sounding overly zealous, the idea is to just point out that games are evolving beyond being covered as mere consumer choices into a hopefully maturing, and diverse medium in their own right. At No. 3, we have Professor Layton and the Curious Village for the Nintendo DS, a point and click adventure game with some lovely hand-drawn visuals, and a fiendish set of puzzles of solve. The game is like a huge book of Shakuntala Devi puzzles - and while IM sure this ill-chosen analogy will inevitably drive you far far away from trying the game - it shouldn’t..its a wonderful experience thats get overything right - story, sound, difficulty and length. At No. 2, we have LittleBigPlanet for the PS3. Its a sort of do-it-yourself platform making game, a little hard to explin briefly, but an absolute joy to play co-op with other people. Alone, I wouldnt recommend this game...but with another person, and this could be your grandmother, or even children, and thats the brilliance of it, its absolutely a blast. And also very educational. And so, we reach No. 1 Tha game of the year was, oddly, the first game to be chosen in this list...it wasn’t a no-brainer, but anyone who played this title will defeinitely agree...and Ive talked about in previous episodes of the Playcast as well. That game is World of Goo. World of Goo is a labour of love by a small indie studio called 2dBoy, and its just brimming with humour and ideas and cleverness, that its hard not to get charmed. Please try out World of Goo - its really an exemplary example of how far independent games have come in this year, to the point where a game like World of Goo can stand head and shoulders above any money spinning, large name studio. So, thats it then. Thanks for listening - and one caveat - at the time of recording this podcast, the PC version of the new Prince of Persia was not available, and therefore has been excluded from this list. Expect a separate review of that sometime later. Source: Home - Livemint.com | 17 Dec 2008 | 6:35 am Update: Asia stocks slip on plunging auto sharesHong Kong: The US dollar dropped to an 11-week low and government bonds rose on Wednesday after the Federal Reserve slashed rates, paving the way for Asian policymakers to take more aggressive steps to support growth. Stock markets in Japan and South Korea fell, with shares of car manufacturers under fire on faded hopes of an imminent US auto industry bailout, overshadowing strength in sectors sensitive to interest rates. US Treasuries slid after a sharp rally overnight, but Japanese government bonds climbed, pushing down the 2-year yield to the lowest since February 2006, on growing speculation the Bank of Japan would cut the overnight cash rate from its current low level of 0.3% as early as Friday. Government bonds rallied after the Fed also said it would use unconventional means to revive the US economy from a deep recession, including buying long-dated Treasuries, as other central banks were expected to slash their benchmark rates, ushering in an unprecedented era of cheap money. Prospects for lower borrowing costs helped to lift the MSCI index of stocks in the Asia-Pacific region outside Japan to the highest since 11 November, up 2.3% on the day and extending its gains this month to 10.2%. However, Japan’s Nikkei share average shed early gains and slipped 0.5%, led by a 7% drop in Honda Motor Co. Strength in the yen also walloped exporter stocks already facing weak global demand. Honda, Japan’s No.2 automaker, was poised to issue its third profit warning in five months, citing huge currency losses and tanking car sales. Automakers everywhere are reeling from a sharp downturn in sales due to a global recession and tight credit, and are under pressure to delay investments and expansion plans. Hong Kong’s Hang Seng index climbed 0.9%, boosted by property-related stocks such as Sun Hung Kai Properties on hopes for lower borrowing costs. In an all-out battle to protect the US economy from profit-evaporating deflation, the Fed explicitly said it would take steps to make sure benchmark rates remain low for some time and to keep its balance sheet loaded with debt. Source: Home - Livemint.com | 17 Dec 2008 | 6:21 am Jobs and Apple bow out of Macworld expoSan Francisco: Apple said on Tuesday that its iconic chief executive Steve Jobs will not make his traditional superstar appearance at Macworld Expo in January, and that the company is dropping out of the event. Apple’s senior vice president of Worldwide Product Marketing Philip Schiller, who has routinely served as a comic sidekick during Macworld keynote presentations, will replace Jobs on stage in San Francisco on 6 January. “It will be Apple’s last keynote at the show,” the maker of trendsetting iPhones, iPods and Macintosh computers said in a terse press release. Macworld is an annual gathering of Apple Macintosh computer devotees, including users, developers and innovators pitching Macintosh-related products. Since the first Macworld was held in San Francisco in 1985, Jobs has used his keynotes to unveil world-captivating products such as iPods, iPhones, iTunes, and Macbook Air laptop computers. Tickets to Jobs keynotes at Macworld have been coveted, with hordes of Apple faithful queuing for hours to get precious seats in the audience. The decision by Jobs not to make a farewell performance at Macworld in January is rekindling speculation that his health is in trouble. The price of Yahoo stock dropped slightly in after hours trading that followed the Macworld announcement. The California company’s stock price had ended the trading day up nearly five percent. Apple downplayed its decision to pull out of Macworld, saying that its popular real-world and online stores have made it easy to connect with fans without having to spend money on an expo. Macworld is run by event management firm IDG. In recent years Apple has stopped going to similar expos in New York, Tokyo and Paris. Apple’s practice of using the Macworld stage to announce innovative products put pressure on the company to have hip, new things to launch every January. That is an unsustainable position for a company to be in given product development and production cycles, Enderle said. It also created a situation in which customers might wait to see what Apple announces in January instead of of buying what the company had on store shelves during the year-end shopping season. Source: Tech News - Livemint.com | 17 Dec 2008 | 6:11 am Oil rises above $44 on Opec supply cut hopesSingapore: Oil gained some ground to above $44 on Wednesday as expectations Opec will cut supplies further moved to centre-stage, stealing the limelight from concerns about an ill-performing global economy that is weighing on fuel demand. A tumbling US dollar on the back of the US Federal Reserve’s interest rate cut to a record low also helped oil. Oil ministers from the Organization of the Petroleum Exporting Countries were near a consensus to cut output by 2 million barrels per day (bpd), the biggest reduction ever by the producer group, ahead of Wednesday’s meeting in Algeria. US light crude for January delivery, due to expire on Friday, rose 58 cents to $44.18 a barrel at 6:05am after falling to $42.56 the previous session, just off a four-year trough of $40.50 a barrel hit on 5 December. London Brent crude for February delivery was untraded at the same time. Oil prices have tumbled more than $100 from the July all-time record above $147 a barrel as financial turmoil has slowed down global economic growth and hit fuel demand. “In the current economic outlook, a push for a higher price through a deeper-than-expected cut can easily work against the cartel’s objective as it has the potential to turn sentiment on the economy even more negative,” said BNP Paribas Harry Tchilinguirian. In its monthly oil market report, Opec said on Tuesday the first drop in world oil demand in 25 years would sharply lower the need for Opec crude in 2009, opening the door for a substantial production cut at its meeting. For a breakdown on how the expected cut may look, click on Russia, the world’s largest non-Opec producer, sent a high-level delegation to observe the meeting. Its deputy Prime Minister Igor Sechin, said Russia could cut oil exports by as much as 320,000 bpd but told Reuters that cooperation with Opec would progress only “step by step” Azerbaijan said it could also contribute to any OPEC decision. Opec has already agreed to cut output by 2 million bpd at two previous meetings, but demand has fallen faster and stocks of oil are building up. Opec said 45 million barrels of crude oil are currently being stored at sea on oil tankers. Source: Home - Livemint.com | 17 Dec 2008 | 4:58 am Dollar gets breather after Fed cut, low against yenTokyo: The dollar hovered near 13-year lows against the yen and 2 -month lows versus the euro on Wednesday after tumbling the previous day as the US Federal Reserve slashed interest rates to as low as zero. In a historic move, the Fed on Tuesday cut its target for the federal funds rate to a range of zero to 0.25%, a record low, from 1.0% and said it was willing to keep rates low for an extended period. The Fed said it would use “all available tools” to support the economy, and added that it was mulling possible purchases of longer-term US Treasury debt and would consider other ways to tap its burgeoning balance sheet to support the economy. “Dollar selling pressure from the standpoint of interest rates seems likely to continue,” said Masafumi Yamamoto, head of foreign exchange strategy in Japan for the Royal Bank of Scotland. The Fed’s move brought the policy target for the federal funds rate to below the Bank of Japan’s 0.30% target for the overnight call rate. US medium- to long-term bond yields are likely to have more room to fall, Yamamoto said, adding that further declines in yield differentials with comparable Japanese bond yields could drag the dollar lower. After tumbling broadly on Tuesday, the dollar regained some ground and came off troughs hit following the Fed’s action. The dollar was little changed against the yen compared to late US trading on Tuesday at 88.90 yen, having pulled up slightly from a low near 88.60 yen hit on Tuesday. The dollar was still not far from a 13-year low of 88.10 yen hit on trading platform EBS late last week. The euro fell 0.2% to $1.4074, having retreated from a 2-month high of $1.4150 hit on EBS on Tuesday. With the Fed’s policy meeting out of the way, some market players said the euro’s rise against the dollar may start to lose some steam. Source: Home - Livemint.com | 17 Dec 2008 | 4:53 am Fed cuts US rates to record low, vows more actionNew York: The US Federal Reserve took a radical step to revive the moribund economy, slashing its key interest rate to zero to 0.25% on Tuesday, shortly after plummeting consumer prices and record-low housing starts pointed to a prolonged recession. Markets rallied on news of the larger-than-expected cut from 1%, which virtually exhausts the traditional Fed tools to battle the year-long recession. The Fed, which said it would employ “all available tools,” might take a page out of Japan’s economic playbook. Japan’s Central Bank signalled it could flood banks with zero-interest money for the second time in a decade. Japan might also see a rate cut this week, and in Europe, new data pointed to a possible cut next month. US stocks closed 5% higher after what one investor called the “extremely bold” Fed move. US Treasury debt rallied sharply, pushing the benchmark note’s yield down to five-decade lows, and the US dollar tumbled versus the Euro and yen. “It’s a highly unorthodox and creative step,” said Michael Woolfolk, senior currency strategist at the Bank of New York-Mellon in New York. “We think it’s the best possible move for the US consumer and for the financial market.” The extent of the current turmoil was all too apparent when Wall Street titan Goldman Sachs Group Inc posted its first quarterly loss since going public nine years ago. But the fourth-quarter net loss of $2.12 billion was less than the market feared and Goldman shares shot up more than 16% after losing 70% this year. Another US heavyweight, General Electric, also allayed fears of a catastrophic 2009 at the conglomerate with its announcement that profit at its industrial units would be flat to 5% higher. Shares rose nearly 6%. The US housing market, at the root of the global financial and economic crisis, showed new housing starts and permits each plunging nearly 50% in November from a year earlier to record lows. The US consumer price index also fell at a record rate for a second-straight month during November. “I think we’re in a deflationary spiral that will probably go on until sometime next year,” said Thomas di Galoma, head of US Treasury trading at Jefferies & Co. in New York. “I think it will probably go on through the majority of 2009.” AUTO RESCUE HANGING President-elect Barack Obama said that, with traditional Fed tools running out, it was important for the rest of government to pull together an economic recovery plan. In Japan, where rates are already at an ultra-low 0.3%, the finance minister urged the central bank to take unorthodox steps to ease a funding crunch. Bank of Japan Governor Masaaki Shirakawa said he was studying possible effects of so-called quantitative easing, or flooding banks with zero-interest money. Japan used that approach early this decade to spur lending and jump-start a stagnant economy. Analysts are also debating whether the biggest plunge in business confidence in three decades will prompt the Bank of Japan to lower rates again when it meets this week. Europe also presented evidence that an interest rate cut could take place next month. Manufacturing and services activity in the euro single-currency area sank to new lows in December, a survey showed, pointing to a deepening recession. European car sales dropped by a quarter in November and manufacturers scaled back production. As the impact of the sagging US auto industry spread around the world, investors hoped to see the Bush administration approve loans for carmakers with funds from the bank rescue bailout. President George W. Bush told CNN his administration was trying to get the lifeline sealed ”in an expeditious way,” but White House spokeswoman Dana Perino said, “We’re not going to be rushed into it.” “The automakers will get the money as quickly as we can prudently do it,” Treasury secretary Henry Paulson said in an interview on CNBC television. ”We need to do this but we need to do it right.” Moreover, a top Treasury official, David McCormick, told CNBC the $700 billion Troubled Asset Relief Program was meant to shore up the financial sector, not the car companies. DEMAND FOR OIL SLUMPS Wednesday promises major news on the oil front, as OPEC meets in Algeria and top producers Saudi Arabia and Iran give full backing to remove up to 2 million barrels per day of supply to address the first drop in world oil demand in 25 years. But prospects of the biggest oil supply cut ever did little to help oil prices, which have plunged $100 from their all-time high in July because of slumping demand. On Tuesday, they fell more than 3% as the slowing economy outweighed any optimism over the OPEC and Fed moves. “The fact that the Fed cut rates by 75 basis points rather than the consensus of 50 points seems to indicate that perhaps the economy needs major, major overhaul that is bigger than expected earlier,” said Nauman Barakat, senior vice president at Macquarie Futures USA. “That translates into lower demand for crude oil.” Nearly a week before Christmas and amid a spate of negative news in the retail sector, top US consumer electronics retailer Best Buy posted a higher-than-expected quarterly profit. Best Buy also said it plans to offer buyouts and trim back store openings as consumers cut spending. Its shares rose nearly 17%. The US stocks rally pushed the benchmark S&P 500 index to its highest close since 10 November 10, up 5.14% to 913.18. US government debt yields slipped to historic lows. The price on 30-year Treasury bonds rose sharply, pushing its yield to lows below 2.89%. The benchmark 10-year Treasury note’s yield fell to below 2.44%. Both rates were last seen in the 1950s. Earlier in the day, European stocks closed higher on Goldman and Fed rate-cut expectations. Japanese shares fell 1.1% as the yen’s strength against the dollar hurt shares of exporters. Source: Home - Livemint.com | 17 Dec 2008 | 4:09 am Rate cuts, liquidity leave credit markets coldCentral banks all over the world are slashing interest rates as never before. America’s interest rate setting body, the Federal Open Market Committee (FOMC), is expected to cut further from an already historic low of 1 per cent before thisSource: Business Line - Home Page | 17 Dec 2008 | 12:00 am Sensex crosses 10,000 in late-hour rallyMumbai, Dec. 16 The Sensex crossed 10,000-mark in the intra-day trade while the Nifty closed above the 3,000-mark on Tuesday, as a rush of buying in the closing hours of trade led to gains acrossSource: Business Line - Home Page | 17 Dec 2008 | 12:00 am Satyam to buy Maytas Infra, Maytas Properties for $1.6 bHyderabad, Dec. 16 Satyam Computer Services, India’s fourth largest IT services provider, has proposed to acquire Maytas Properties and 51 per cent stake in Maytas Infra for a consideration of $1.6 billion (about Rs 8,000Source: Business Line - Home Page | 17 Dec 2008 | 12:00 am Tanla Solutions (Rs 91.65): BuyInvestors with a short-term trading perspective can consider buying Tanla Solutions stock. It is apparent from the charts of Tanla Solutions that it has been on a long-term downtrend from its life high of Rs 410 touched in January. The stock hasSource: Business Line - Home Page | 17 Dec 2008 | 12:00 am ADR plummets 54%In reaction to the proposed deal, the ADR of Satyam Computer in the New York Stock Exchange tumbled by over 50 per cent. At 8.45 pm IST, the ADR plummeted by about 54 per cent to trade around $6.15 against the previous day’s close ofSource: Business Line - Home Page | 17 Dec 2008 | 12:00 am Day Trading GuideWe recommend a sell in IT stocks such as Satyam, Infosys and TCS as the near-term stance is negative.Source: Business Line - Home Page | 17 Dec 2008 | 12:00 am Bharat Forge, Alstom zero in on Mundra for power forayMumbai, Dec. 16 Bharat Forge and European power equipment giant Alstom have zeroed in on the Mundra port of Adanis to set up a manufacturing facility with an annual capacity of 5000 MW.Source: Business Line - Home Page | 17 Dec 2008 | 12:00 am ‘Outlook uncertain for next 4-6 quarters’Bangalore Dec.16 The National Association of Software and Services Companies (Nasscom) expects business uncertainty for the Indian outsourcers to continue for the next four to six quarters as the global economic turmoil impacts technologySource: Business Line - Home Page | 17 Dec 2008 | 12:00 am Tanishq brings bling-bling onlineChennai, Dec.16 Tanishq is exploring a whole new realm in jewellery marketing – the virtual world of the Internet.Source: Business Line - Home Page | 17 Dec 2008 | 12:00 am Short-term strength in rupeeStability in equity markets, weak dollar and unwinding of positions in the non-deliverable forward (NDF) market spurred the rupee above 48 against the dollar. As equities stabilised, foreign institutional investors have turned net buyers in stockSource: Business Line - Home Page | 17 Dec 2008 | 12:00 am Downturn, 26/11 shrink timeshare pieThe slump in tourist arrivals in the country, on account of the global economic slowdown and the recent terror attacks, has had an impact on the timeshare business.Source: Daily News & Analysis: Money News | 16 Dec 2008 | 10:18 pm Did volcanic fumes from India put an end to the dinosaurs?San Francisco: The age of the dinosaurs ended abruptly about 65 million years ago when some catastrophic event drove them to extinction, and now a vehement controversy over their disappearance is emerging anew. Like many scientific debates, this one is hot and has been going on for years, but only one side is having its say in San Francisco this week, and the dinosaurs have no one to speak for them.  Mysterious disappearance: A file photo of a model of a dinosaur at Visweswaraya Industrial and Technological Museum in Bangalore. Hemant Mishra/ Mint The origins of the big debate began nearly 30 years ago when the geologist Walter Alvarez at Berkeley and his father, Luis, a Nobel physics laureate, proposed that a cosmic collision by an object from space at least 6miles (9.6km) wide crashed just off Mexico’s Yucatan peninsula about 65 million years ago and created what is known as the Chicxulub crater. Leaders of the Indian volcano theory held the stage on Monday at Moscone Center West in San Francisco, where some 14,000 scientists of many disciplines are gathering this week for the annual meeting of the American Geophysical Union. They agree with the Alvarez argument about the general time frame of the mass extinction, saying it occurred about 65.7 million years ago at a crucial period in earth’s history called the Cretaceous/Tertiary boundary. They also agree it wasn't only the dinosaurs that went extinct but the vast majority of plants and other life forms on earth died along with them. And when the mass extinction was over, the mammals of the world finally had their opportunity to thrive and evolve and dominate the earth. But Gerta Keller of Princeton University and her colleagues part ways with the Berkeley scientists on the cause. Keller, joined by Vincent Courtillot of the University of Paris and Sunil Bajpai , of the Indian Institute of Technology, Roorkee,delivered their findings at a press conference on Monday and will present detailed scientific reports all this week. At the press conference, Keller insisted that the impact crater was formed at least 300,000 years before the great extinction and “caused no species extinctions”—certainly not to the dinosaurs. She came to her conclusion, in part, by age-dating clusters of mineral spherules that presumably spewed out of the Chicxulub crater and landed in Texas, where Keller said she gathered and tested them. Instead, she argued, the extinction coincided with three or four waves of volcanism in a region of north-west India known as the Deccan traps. She said both fossilized plankton and even dinosaur eggs covered with lava found in the Deccan area bore still more testimony to back her theory. The mass extinction, she said, “was complete by the fourth eruption”. Keller’s theory of Deccan volcanism as the cause of the dinosaurs’ extinction “has been vastly underestimated”, she said, while “the crater's importance as evidence has been vastly overestimated”. “This impact caused no extinctions.” Walter Alvarez, who was not at this week's meeting of scientists and whose father died 10 years ago, rejected the idea that volcanism in India was the sole cause of the mass extinction. In a phone interview and an email exchange he insisted on Monday that the arguments by Keller and her colleagues “have been examined in detail by other scientists and generally rejected”. “Few experts on the mass extinction would agree with Keller that the Chicxulub impact is older than the mass extinction,” he said. ©2008/The New York Times Source: Tech News - Livemint.com | 16 Dec 2008 | 7:45 pm Govt may ask banks to share derivative lossesCommerce ministry sends its finance counterpart note on 50:50 split with exporters.Source: Business Standard | Front Page Headlines | 16 Dec 2008 | 6:58 pm Stimulus is adequate: AhluwaliaPlanning Commission Deputy Chairman Montek Singh Ahluwalia today said the fiscal stimulus package unveiled by the government was adequate and the next package should aim at creatingSource: Business Standard | Front Page Headlines | 16 Dec 2008 | 6:57 pm Consumer trends on the webIn the past two years, the use of the Internet in India has expanded beyond metros to tier II and tier III cities and become central to the daily life of close to 49 million people. And it is only going to get bigger in the near future. Also See List of top sites, profile of Internet users (Graphic) According to industry estimates, there will be 80 million Internet users in India by 2010 and 100 million by 2012. And these users will comprise different population, age and income groups. This makes the Internet a potential medium for advertisers, specially those looking at segmenting and targeting specific consumer groups. Mint, in association with Mumbai-based digital advertising and technology company Komli Media Pvt. Ltd, presents qualitative and quantitative data on online consumer trends in 2008. Graphics by Sandeep Bhatnagar Source: Tech News - Livemint.com | 16 Dec 2008 | 4:02 pm
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