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Govt for tougher WiFi normsThe government is going full steam on calling for securing of WiFi networks. An interministerial committee had been set up as a consequence of what had happened and how private WiFi hotspot was apparently misused.Source: Moneycontrol Top Headlines | 22 Dec 2008 | 6:41 pm JP Associates okays merger of 4 cos with selfJP Associates said it will merge Jaypee Hotels, JP Entertainment, JP Cement, and Gujarat Anjan with self, reports CNBCTV 18.Source: Moneycontrol Top Headlines | 22 Dec 2008 | 6:30 pm Left trains guns on RADAG over UBS issueCPIM leader Basudeb Acharia told CNBCTV18 that he has written to the Prime Minister regarding reports Reliance ADAG misusing funds raised overseas. Acharia said that while his missive has not been acknowledged to date, raising this issue was in national interest. CNBCTV18s Siddarth Zarabi trails the story.Source: Moneycontrol Top Headlines | 22 Dec 2008 | 6:21 pm Parliament standing Committee calls for regulating TRPsTRPs or Television Rating Points have come in the crosshairs of a Parliament panel which blames them for everything that is wrong with TV today and wants regulatory oversight. But, broadcasters and advertisers have told the government they can manage on their own.Source: Moneycontrol Top Headlines | 22 Dec 2008 | 5:47 pm Corporate India reworks HR practices to survive slowdownDesperate times call for desperate measures and the slowdown is forcing corporates to tighten their belts, and extract maximum employee output. It\'s crunch time and corporate India is waking up to the fact that surviving the slowdown will mean reworking HR practises.Source: Moneycontrol Top Headlines | 22 Dec 2008 | 5:28 pm Diamond industry hit, asks for govt aidPoor global gold and diamonds sales is taking the sheen out of Indias diamondpolishing industry and this industry now wants government aid, to make the cut.Source: Moneycontrol Top Headlines | 22 Dec 2008 | 5:24 pm PG uses recession time to expand in India, BRIC nationsAt a time when the global downturn is forcing companies to go in for production cuts and layoffs, FMCG major Procter Gamble (PG) is chalking out an aggressive emerging markets growth plan.Source: Moneycontrol Top Headlines | 22 Dec 2008 | 5:04 pm KEC Int\'l sees over Rs 5K cr order book by March \'09endRamesh Chandak, Managing Director, KEC International and RPG Transmission said the current order book of about Rs 4,800 crore has to be executed in 18 months. He sees the company\'s order book over Rs 5,000 crore by Marchend.Source: Moneycontrol Top Headlines | 22 Dec 2008 | 4:13 pm eClerx Services in good position with Lehman Bro duesAnjan Malik, ED of eClerx Services said investment banking represents about 50% of companys total revenues. On the status of dues with Lehman, Malik said, We are actually in a very good position with the Lehman dues, most of them have been recovered.\"Source: Moneycontrol Top Headlines | 22 Dec 2008 | 3:59 pm Terror attacks exacerbated cash-flow problems: Tata to UK Govt - Press Trust of India
Source: Google News India - Business | 22 Dec 2008 | 2:47 pm Rupee ends at 48.01 against dollar - Economic Times
Source: Google News India - Business | 22 Dec 2008 | 2:44 pm Manager, businessman cheated PNB of Rs 5.72 crThe CBI has filed a chargesheet against a senior branch manager of Punjab National Bank and a businessman accusing them of cheating the bank of Rs 5.72 crore.Source: Daily News & Analysis: Money News | 22 Dec 2008 | 2:34 pm World jobless total could rise by 25 millionThe number of people unemployed throughout the world could rise by up to 25 million by 2010 because of the global financial and economic crisis.Source: Daily News & Analysis: Money News | 22 Dec 2008 | 2:33 pm LIC Employees' federations give one-day strike callAll India LIC Employees' Federations have given a day strike call against introduction of FDI hike bill in the Parliament to raise the limit from 26% to 49%.Source: Daily News & Analysis: Money News | 22 Dec 2008 | 2:32 pm More banks follow State Bank, cut lending ratesThree state-owned banks - Bank of India, Bank of Baroda and Canara Bank - took the cue from leader State Bank of India (SBI) to cut prime lending rates (PLR) Monday from the existing 13.25 percent to 12.5 percent from Jan 1.Source: IndiaeNews.com: Business News | 22 Dec 2008 | 2:30 pm GM equity may be wiped out: Credit SuisseReuters - General Motors Corp's equity may be largely if not entirely wiped out as it complies with the restructuring targets laid out in the federal auto bailout, an analyst at Credit Suisse said, cutting his price target to $1 and his rating to "underperform."Source: Reuters: Money News | 22 Dec 2008 | 2:28 pm JP Associates okays merger of 4 cos with self - Moneycontrol.com
Source: Google News India - Business | 22 Dec 2008 | 2:24 pm After SBI other PSBs cut PLR, deposit rates by 75 bpsMumbai: Taking cues from the country’s largest lender, State Bank of India (SBI), two more public sector banks Bank of India (BoI) and Bank of Baroda (BoB) on Monday slashed their lending and deposit rates by 75 basis points (bps) each with effect from 1 January. The prime lending rates (PLR) of BOI and BOB now stand reduced at 12.5%, the banks said in Mumbai. The reduction in PLR will provide relief to both the existing and new customers of these banks, including education, auto and home loan borrowers. The banks have also reduced their deposit rates in the range of 0.5% to 1% across various maturities. Besides, state-run lenders Union Bank of India (UBI) and Canara Bank have also reduced their rates recently. In the private sector, the country’s largest housing loan financier, Housing Development Finance Corporation (HDFC), and Bank of Rajasthan (BoR) had slashed their lending rates last week. BoR announced a cut in its deposit rates except in the 91 to 120 days maturity. For 91 to 120 days maturity deposits, customers will now get 1.25% more as interest effective from 22 December, the bank said. SBI had announced a 75 bps cut in its PLR and a 0.25% to 1% reduction in deposit rates last week. With this, SBI’s PLR now stands reduced at 12.25%. Source: LatestNews-Home - Livemint.com | 22 Dec 2008 | 2:22 pm Jaiprakash to absorb hotel, cement unitsMUMBAI (Reuters) - Jaiprakash Associates said on Monday its board has approved the acquisition of units Jaypee Hotels, Jaypee Cement and Gujarat Anjan Cement.Source: Reuters: Money News | 22 Dec 2008 | 2:15 pm Indian and Israeli firms to jointly provide advanced security systems - Economic Times
Source: Google News India - Business | 22 Dec 2008 | 2:12 pm `Tata gives Jaguar cash boost pending bail-out decision`!India`s Tata Motors, which owns Jaguar Land Rover, has agreed to inject "tens of millions" of pounds into the British car company to tide it over while London considers a bail-out, reports said Monday.Source: Zee News : Business | 22 Dec 2008 | 2:09 pm India lifts ban on cement exports!With a significant increase in both the production and off-take of cement in India, the government has lifted the export ban on the commodity with immediate effect, a senior commerce ministry official said on Monday.Source: Zee News : Business | 22 Dec 2008 | 2:09 pm PM to hold meeting on eco slowdown!Prime Minister Manmohan Singh has scheduled a meeting with all Apex chambers on Monday.Source: Zee News : Business | 22 Dec 2008 | 2:09 pm Oil prices higher above USD 43!World oil prices were higher above 43 dollars on Monday.Source: Zee News : Business | 22 Dec 2008 | 2:09 pm Japan`s recession deepens!Japan`s exports and business sentiment tumbled, offering more evidence of a deepening recession, while Ireland became the latest nation to pump cash into banks crippled by the worst financial crisis in eight decades.Source: Zee News : Business | 22 Dec 2008 | 2:09 pm Sensex gains 40 points!The Bombay Stock Exchange benchmark Sensex rose on Monday by over 40 points.Source: Zee News : Business | 22 Dec 2008 | 2:09 pm Greek Parliament votes 2009 budget!Parliament early monday approved Greece`s 2009 budget, which aims to keep the fiscal deficit within the limits prescribed by the European Union, even as the economy is slowing down.Source: Zee News : Business | 22 Dec 2008 | 2:09 pm `Brown pledges to create 100,000 new jobs`!Prime Minister Gordon Brown pledged to create at least 100,000 new jobs through a 10-billion-pound investment on infrastructure, in a newspaper interview published on Monday.Source: Zee News : Business | 22 Dec 2008 | 2:09 pm Gasoline down to $1.66 per gal!The average national price of gasoline fell 9 cents in the past two weeks, bringing it to its lowest point in nearly five years, according to a national survey released on Sunday.Source: Zee News : Business | 22 Dec 2008 | 2:09 pm Companies sign contract for oil, gas explorations at 44 locations!Oil and Natural Gas Corp (ONGC), BHP-Billiton-GVK Power combine and Reliance Industries-BP Plc on Monday signed contracts for exploring for oil and gas in 44 oil and gas areas, committing USD 1.5 billion in investment.Source: Zee News : Business | 22 Dec 2008 | 2:09 pm Airlines unwilling to reduce faresIndian air operators are unwilling to cut fares until the government brings aviation turbine fuel (ATF) under the 'declared goods' category, a spokesperson of Kingfisher Airlines said Monday.Source: IndiaeNews.com: Business News | 22 Dec 2008 | 2:00 pm Hexaware announces new organisation structure - Hindu
Source: Google News India - Business | 22 Dec 2008 | 1:54 pm 'UPA govt. hasn't taken any lesson from financial meltdown' - Hindu
Source: Google News India - Business | 22 Dec 2008 | 1:54 pm BOI, BOB reduce lending, deposit rates by 75 basis points - Economic Times
Source: Google News India - Business | 22 Dec 2008 | 1:50 pm HLCC on financial markets meets in New DelhiMumbai: A High Level Coordination Committee (HLCC) on Financial Markets reviewed the impact of the global financial turmoil on the country’s financial sector and the action taken to address emerging issues. The meeting, chaired by the Reserve Bank Governor, D. Subbarao, held in New Delhi also reviewed the developments in the domestic financial markets and policy agenda on the way forward, a statement said. The committee is a high-level forum for interface among financial sector regulators. Finance Secretary Arun Ramanathan, Secretary, Economic Affairs, Ashok Chawla, Sebi Chairman C.B. Bhave, IRDA Chairman J. Hari Narayan, PFRDA Chairman D Swarup and senior officials of the Finance Ministry, RBI, Sebi and IRDA attended the meeting, the release said. Source: LatestNews-Home - Livemint.com | 22 Dec 2008 | 1:43 pm Wireless Broadband firms seek parity with 3G playersNew Delhi: A body representing firms offering wireless broadband connectivity has hit out at the government alleging discrepancies in the spectrum auction policy for Broadband Wireless players and 3G operators and demanded a level-playing field. Pointing out that there is “unjustified” anomalies in the 3G and BWA in information memo released by the Department of Telecom, WiMax Forum (India) Chairman CS Rao said, “We want a level-playing field between the 3G and the Broadband Wireless Access players.” 3G and BWA are platforms for providing high-speed internet on mobile, enabling video calls, movie downloads and other multimedia applications on mobiles. Rao said there are inconsistencies between the auction policies for both the services released by the DoT. “While the right to use spectrum allotted in 2.1 GHZ band would be valid for 20 years, for the BWA the right to use the spectrum allotted in the 2.3 GHz and 2.5 GHz bands would be valid for 15 years,” he pointed out and added that for the latter also, it should be extended to 20 years. Rao further said the roll-out obligations for the BWA are more stringent. For 3G spectrum, the licensee would have to ensure that at least 50 per cent of the district headquarters in the service area would be covered, out of which at least 15 per cent should be in rural areas within five years of the effective date of commissioning the services. For BWA, however, the licensee would have to see that at least 50 per cent of the rural areas are covered within five years of the effective date, he said. Source: Tech News - Livemint.com | 22 Dec 2008 | 1:39 pm Wireless Broadband firms seek parity with 3G playersNew Delhi: A body representing firms offering wireless broadband connectivity has hit out at the government alleging discrepancies in the spectrum auction policy for Broadband Wireless players and 3G operators and demanded a level-playing field. Pointing out that there is “unjustified” anomalies in the 3G and BWA in information memo released by the Department of Telecom, WiMax Forum (India) Chairman CS Rao said, “We want a level-playing field between the 3G and the Broadband Wireless Access players.” 3G and BWA are platforms for providing high-speed internet on mobile, enabling video calls, movie downloads and other multimedia applications on mobiles. Rao said there are inconsistencies between the auction policies for both the services released by the DoT. “While the right to use spectrum allotted in 2.1 GHZ band would be valid for 20 years, for the BWA the right to use the spectrum allotted in the 2.3 GHz and 2.5 GHz bands would be valid for 15 years,” he pointed out and added that for the latter also, it should be extended to 20 years. Rao further said the roll-out obligations for the BWA are more stringent. For 3G spectrum, the licensee would have to ensure that at least 50 per cent of the district headquarters in the service area would be covered, out of which at least 15 per cent should be in rural areas within five years of the effective date of commissioning the services. For BWA, however, the licensee would have to see that at least 50 per cent of the rural areas are covered within five years of the effective date, he said. Source: LatestNews-Home - Livemint.com | 22 Dec 2008 | 1:39 pm DoT to hold 3G pre-bid meet on Tuesday - Livemint
Source: Google News India - Business | 22 Dec 2008 | 1:35 pm India's next energy asset auction in March qtrNEW DELHI (Reuters) - India aims to launch its next auction of oil and gas assets in the March quarter, Oil Minster Murli Deora said on Monday, and hopes falling exploration costs will trigger stronger interest from overseas oil firms.Source: Reuters: Money News | 22 Dec 2008 | 1:35 pm India loses Rs.1.5 trillion due to logistical loopholesIndia loses around 3 percent of its total gross domestic product (GDP) or Rs.1.5 trillion because of supply chain inefficiencies, according to a survey done by a business consulting firm.Source: IndiaeNews.com: Business News | 22 Dec 2008 | 1:31 pm Meeting on affirmative action deferredThe Prime Minister's Office Monday deferred a meeting with apex chambers scheduled here Monday to discuss how the interests of workers from socially backward sections can be protected in the wake of lay-offs by the corporate sector due to economic slowdown.Source: IndiaeNews.com: Business News | 22 Dec 2008 | 1:31 pm Malayala Manorama moves SC against Mumbai-based IPRSNew Delhi: Media firm Malayala Manorama Co Ltd has moved the Supreme Court seeking to restrain Mumbai-based Indian Performing Rights Society Ltd from claiming any royalty or licence fee on broadcast of any sound recordings on its four FM radio stations in Kerala. It has also sought the transfer of a petition pending before the Delhi High Court to a civil court in Kerala for a joint trial. The district court is also hearing a similar suit between the same parties. A bench headed by Justice Arijit Pasayat had earlier issued notice to IPRS. According to Malayala Manorama Co Ltd (MMCL), Indian Performing Rights Society Ltd (IPRS) had been claiming to be the exclusive owner of copyright on public performing rights in respect of all literary and musical works in India. The suit filed in the Delhi High Court is to harass and cause loss and inconvenience to the petitioner, whose activities are in Kerala. The filing of the suit in Delhi ... is with the “oblique motive of prejudicing a fair trial” and a pressure tactic, the petition stated. It further said that IPRS was in “the habit of filing false suits in Delhi claiming royalty from companies and persons in other states as a means of harassment and thereby coercing them to enter into agreements and settlements”. According to MMCL, IPRS had in 2007 threatened to initiate legal proceedings for infringement of its (IPRS’) copyright on playing Malayalam film and folk music on its (MMCL’s) four FM radio stations in Cochin, Thrissur, Kozhikode and Kannur in Kerala under the name Radio Mango Broadcasts. The district court, on MMCL’s plea, in November 2007 had restrained IPRS from interfering with or obstructing the broadcast of such recordings for non-payment of royalty or licence fee. However, IPRS had filed a counter suit in the High Court seeking to restrain MMCL from broadcasting any public, literary and musical work without obtaining a licence. It had also sought more than Rs 20 lakh as damages. Source: LatestNews-Home - Livemint.com | 22 Dec 2008 | 1:29 pm Jaiprakash Associates to absorb hotel unitMumbai: The board of Indian construction firm Jaiprakash Associates has approved the acquisition of its unit Jaypee Hotels, the group said in a statement to the stock exchange. Under the absorption scheme, Jaypee shareholders will get one share in Jaiprakash Associates for every share held. The merger will be effective retrospectively from 1 April, 2008. Jaiprakash Associates held 72.18% in the hotel unit as on 30 September. Ahead of the announcement, Jaypee Hotels shares ended 4.56% up at Rs84.85 in a weak Mumbai market. Shares in Jaiprakash Associates, which has a market cap of $2.3 billion, closed down 2% at Rs87.40. Source: LatestNews-Home - Livemint.com | 22 Dec 2008 | 1:28 pm Crude at $75/bbl good price for upstream investment: ONGCONGC Head believes that crude at USD 75 per barrel is a reasonable price for upstream investment and current crude prices are severely straining margins. He also said that the company has not put any investment plans on hold, reports CNBCTV18 quoting NewsWire18.Source: Moneycontrol Top Headlines | 22 Dec 2008 | 1:26 pm Petron Civil Engg bags Rs352 cr orderMumbai: Construction firm Petron Civil Engineering has said that it has bagged an order worth Rs352 crore from Hindustan Petroleum Corporation-Mittal Energy joint venture (JV). The total order stands at Rs600 crore and is meant for the Guru Govind Singh Refinery Project at Bhatinda (Punjab), a company statement said. “With this contract we hope to continue our growth exponentially, towards achieving our goals of making the company a $1 billion company in the next three years,” Petron Civil Engineering Managing Director N.K. Taori said. The contract work would include civil, structural, underground piping and pavements for units, it said. Source: LatestNews-Home - Livemint.com | 22 Dec 2008 | 1:16 pm DoT to hold 3G pre-bid meet on TuesdayNew Delhi: The department of telecom (DoT) will hold the pre-bid conference with the prospective private bidders on Tuesday for providing clarifications and details about the online 3G auction, the first ever in the country, slated for 16 January. DoT member (finance) R Ashok will preside over a day-long session on Tuesday with the possible bidders in which he will give them details on auction rules, spectrum, qualification criteria, payment mode, process among others. The consultant to the government on 3G spectrum auction, N M Rothschild, will also make its presentation to the bidders. Other senior officials, who will attend the meet, include joint secretary, joint wireless advisor, senior DDGs and officials from finance ministry, department of information technology and department of industrial policy and promotion (DIPP), ministry of commerce. The pre-bid meet is crucial from the point of view that for the first time in India’s telecom sector, 3G spectrum will be auctioned. The all-India reserve price for a 3G spectrum is Rs2,020 crore. According to an information memorandum, DoT will start accepting applications from 26 December with the final submissions to enter the auction being due till 5 January. The list of shortlisted bidders will be announced on 9 January followed by a “mock-auction” to test the systems a few days later. The two telecom public sector units (PSUs), BSNL and MTNL, will not participate in the meeting as they will not have to bid for the spectrum, they only have to pay the highest bidding amount in a circle. Source: Tech News - Livemint.com | 22 Dec 2008 | 1:14 pm DoT to hold 3G pre-bid meet on TuesdayNew Delhi: The department of telecom (DoT) will hold the pre-bid conference with the prospective private bidders on Tuesday for providing clarifications and details about the online 3G auction, the first ever in the country, slated for 16 January. DoT member (finance) R Ashok will preside over a day-long session on Tuesday with the possible bidders in which he will give them details on auction rules, spectrum, qualification criteria, payment mode, process among others. The consultant to the government on 3G spectrum auction, N M Rothschild, will also make its presentation to the bidders. Other senior officials, who will attend the meet, include joint secretary, joint wireless advisor, senior DDGs and officials from finance ministry, department of information technology and department of industrial policy and promotion (DIPP), ministry of commerce. The pre-bid meet is crucial from the point of view that for the first time in India’s telecom sector, 3G spectrum will be auctioned. The all-India reserve price for a 3G spectrum is Rs2,020 crore. According to an information memorandum, DoT will start accepting applications from 26 December with the final submissions to enter the auction being due till 5 January. The list of shortlisted bidders will be announced on 9 January followed by a “mock-auction” to test the systems a few days later. The two telecom public sector units (PSUs), BSNL and MTNL, will not participate in the meeting as they will not have to bid for the spectrum, they only have to pay the highest bidding amount in a circle. Source: Home - Livemint.com | 22 Dec 2008 | 1:14 pm Sonata Software declares special interim dividend - Sify
Source: Google News India - Business | 22 Dec 2008 | 1:12 pm ONGC may be partly relieved from fuel subsidiesNew Delhi: State-run Oil and Natural Gas Corp (ONGC) is likely to be exempted from subsidising domestic LPG and kerosene from this month as the steep fall in global crude oil prices has eroded the gains of the company. Upstream companies ONGC, Oil India Ltd and GAIL India Ltd give discounts on the crude oil and petroleum products they sell to retailers, sharing at least 33% of the revenue loss on fuel sales to final consumers. However, with crude oil plummeting from $147 a barrel in July to under $40 per barrel currently, ONGC has seen its fortunes decline as it sells the crude oil it produces at rates linked to internationally traded oil prices. “The Petroleum Ministry sent a letter on 18 November informing ONGC and others that they will not have to give any discounts to Indian Oil, Bharat Petroleum and Hindustan Petroleum from the third week of November,” a Government official said. ONGC, which shelled out Rs22,474 crore in the April-September period to subsidise fuel, had in October to mid-November given out discounts of another Rs3,693 crore. It, together with OIL and GAIL, gave subsidies of Rs4,282 crore in the period (October to mid-November), taking the total payout this fiscal to over Rs30,000 crore. When contacted, Petroleum Secretary R.S. Pandey said that upstream companies had petitioned the ministry against subsidy payout as their revenues had dipped steeply due to fall in international oil prices. ONGC has seen its gross realisation on crude oil sales fall to one-third to $40-42 a barrel this quarter. “Naturally the companies cannot take the Rs45,000 crore subsidy burden envisaged in June. The matter is under consideration,” Pandey said. Source: LatestNews-Home - Livemint.com | 22 Dec 2008 | 1:06 pm Warner Music pulls videos from YouTubeNew York: Warner Music Group ordered YouTube on Saturday to remove all music videos by its artists from the popular online video-sharing site after contract negotiations broke down. The order could affect hundreds of thousands of videos clips, as it covers Warner Music’s recorded artists as well as the rights for songs published by its Warner/Chappell unit, which includes many artists not signed to Warner Music record labels. The talks fell apart early on Saturday because Warner wants a bigger share of the huge revenue potential of YouTube’s massive visitor traffic. There were no reports on what Warner was seeking. “We simply cannot accept terms that fail to appropriately and fairly compensate recording artists, songwriters, labels and publishers for the value they provide,” Warner said in a statement. YouTube is hugely popular, with more than 100 million viewers in the United States alone in October, according to comScore, a Web audience measurement firm. Warner Music, home to artists including Red Hot Chili Peppers and rapper T.I., was the first major media company to negotiate a deal with YouTube in 2006. Its executives believe that deal gave the site legitimacy in the eyes of search giant Google Inc, which bought it soon after for $1.65 billion. As part of the original 2006 negotiation, Warner, Universal Music and Sony Music all took small stakes in YouTube pre-acquisition and profited when the Google acquisition closed. The music companies typically get paid a share of any advertising revenue associated with the video and a per-play payment for every video viewed. The per-play fee is usually a fraction of a penny and with millions visiting YouTube everyday it was all expected to add up to a substantial amount. But a source familiar with Warner Music’s talks said the amounts it has been receiving from YouTube were “staggeringly low”. YouTube representatives did not immediately return calls for comment. YouTube executives have spent most of 2008 stepping up efforts to develop revenue streams on the site partly in a bid to keep content partners happy. It has been in long negotiations with Warner on how best to split revenues until things came to a head in talks on Friday. “Despite our constant efforts, it isn’t always possible to maintain their innovative agreements,” YouTube said in a statement on its blog about difficulties of music licensing. “Sometimes, if we can’t reach acceptable business terms, we must part ways with successful partners.” YouTube also has agreements with Vivendi’s Universal Music Group, Sony Music Entertainment and EMI Music. Warner’s move could see them also making tough demands for higher fees. The demands could leave YouTube in a difficult position as it tries to balance the need to pay a reasonable fee to content partners, including TV and movie companies, and also generate enough return on the substantial investment needed to keep streaming millions of videos around the world. Source: LatestNews-Home - Livemint.com | 22 Dec 2008 | 1:03 pm Profit booking pulls down equities, key index below 10,000Indian equities markets Monday slumped amid profit booking, with a key index shedding 1.7 percent to close below the psychological 10,000-mark.Source: IndiaeNews.com: Business News | 22 Dec 2008 | 1:01 pm Cairn India makes oil, gas discovery in RajasthanOil explorer Cairn India has made an oil and gas discovery in Rajasthan's Barmer district, over 480 km from here, it said Monday.Source: IndiaeNews.com: Business News | 22 Dec 2008 | 1:00 pm Over 4,600 students fall ill after eating mid-day mealThe government Monday admitted that 4,620 children had fallen ill after eating mid-day-meals in the last few years, contrary to the claims that children were getting hot and hygienic food under the scheme.Source: IndiaeNews.com: Business News | 22 Dec 2008 | 1:00 pm Peerless gets regulator's nod for asset management companyNon-banking financial services firm Peerless General Finance and Investment Co. Monday announced that it has got the preliminary in-principle approval from the market regulator Securities and Exchange Board of India (Sebi) to start an asset management company.Source: IndiaeNews.com: Business News | 22 Dec 2008 | 1:00 pm Toyota sees first operating loss, "unprecedented" crisisNAGOYA, Japan (Reuters) - Toyota Motor Corp forecast a first-ever annual operating loss, blaming a relentless sales slide and a crippling rise in the yen in what it said was an emergency unprecedented in its 70-year history.Source: Reuters: Money News | 22 Dec 2008 | 12:50 pm Carlyle, TPG eye stake in Suzlon - sourcesMUMBAI/HONG KONG (Reuters) - Carlyle Group and TPG Capital are among the private equity firms looking at buying a stake in Suzlon Energy Ltd, three banking sources close to the matter said, as the world's fifth largest wind turbine maker seeks to raise $500 million.Source: Reuters: Money News | 22 Dec 2008 | 12:49 pm OIL defers IPO to next fiscalNew Delhi: State-run Oil India Ltd’s initial public offering (IPO) has been put off to the next fiscal because of volatile market conditions. “Market is volatile and conditions bad for an IPO. We do not think we can go ahead with the plans under such a scenario,” OIL Director (Finance) S. Ananthkumar said. OIL, the nation’s second biggest state-run oil and gas explorer, was to launch its IPO of 2.64 crore equity shares on 10 November, but the reversal of fortunes on the stock markets led to its deferment by a few weeks. It now has been put back for at least a couple of months. “We are closely watching the market conditions. Whenever it appears that the market has stabilised, we will launch it,” Ananthkumar said but refused to put any date to the offering. Asked if the IPO may come only next fiscal, he said: “As of now, we can take that view.” He said that OIL has capital market regulator Sebi’s approval, valid till 10 September 10, 2009 adding: “We have in consultations with the Ministries of Petroleum and Natural Gas and Finance and Department of Disinvestment deferred the IPO for the time being.” “IPO timing will have to be reworked in consultations with the government,” he said. The government holds 98.13% stake in OIL, which produces close to four million tonnes of crude oil annually. Alongside the IPO, government is to sell 10% of its current holdings in OIL to Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum. Source: LatestNews-Home - Livemint.com | 22 Dec 2008 | 12:45 pm Pidlite Industries raises Rs750 mn via debenturesMumbai: Pidlite Industries Ltd has said that it has raised Rs750 million by privately placing debentures with banks, insurers and mutual funds. The non convertible debentures have an annual coupon rate of 10.2% for three years, the adhesive maker said in a statement. Source: LatestNews-Home - Livemint.com | 22 Dec 2008 | 12:37 pm IVRCL raises Rs 200 crore via debentures - Hindu Business Line
Source: Google News India - Business | 22 Dec 2008 | 12:17 pm World jobless total could rise by 2.5 cr: OECD chiefParis: The number of people unemployed throughout the world could rise by up to 25 million by 2010 because of the global financial and economic crisis, the head of the OECD Angel Gurria said on Monday. “We’re heading for a loss of between eight and 10 million jobs in the OECD area... and 2 to 2.5 cr in the world as a whole between now and 2010,” Gurria said on France’s BFM radio. Gurria said that the construction sector would be especially badly hit because its activities had “stopped in a brutal way,” affecting in particular countries such as Spain and Ireland. The Organisation for Economic Co-operation and Development in Paris brings together 30 countries, including all the world’s industrialised economies. The group conducts research and publishes economic forecasts. Gurria also suggested that European countries should spend more in their fiscal stimulus plans to kickstart their economies, considering the size of rescue plans in China, Japan and the United States. The European Union should “go beyond” the fiscal stimulus plans already announced, equivalent to around 1.4% of GDP, since “all the other major countries are going beyond that,” Gurria added. Source: World Business - Livemint.com | 22 Dec 2008 | 12:10 pm Consim Info to launch millionaire matrimony siteIndia's rich and celebrities will soon get an exclusive matrimony site. Consim Info Pvt Ltd, formerly known as BharatMatrimony group, Monday said it will launch a millionaire matrimony site, www.elitematrimony.com, which would help the 'elite' sections find suitable matches.Source: IndiaeNews.com: Business News | 22 Dec 2008 | 12:01 pm No compromise to reach on top: Max New YorkCompromising on certain ethics and quality is the price that one needs to pay in India to become the number one player, the private life insurance company Max New York said.Source: Daily News & Analysis: Money News | 22 Dec 2008 | 11:52 am Sensex slips from 10k level, ends 171 pts downThe Bombay Stock Exchange benchmark Sensex slipped 1.7% from its previous week’s 10,000 mark after a day of choppy trade on Monday, 22 December. Markets slipped below 100 points only after midsession on weak cues from world markets. The Sensex had opened higher by 73 points but soon dipped to negative on selling in consumer durables and realty sectors. The 30-share BSE index ended 171.56 points down at 9928.35, breaking two consecutive days of gains. The broad-based 50-share National Stock Exchange index Nifty dropped by 1.24% or 38.20 to 3039.30. Hopes of more rate cuts by the government this week in a second economic stimulus package bolstered public bank shares by 7.7% and the index was dragged by the oil and gas and private banking sector. Leading the losers were ICICI Bank Ltd that lost Rs25.90 or 5.49% to Rs446.05, followed by Reliance low by Rs64.55 or 4.78% to Rs1,284.70. There were others losers like Mahindra and Mahindra (4.55%, Rs306.60), Maruti Suzuki (3.79%, Rs528.70) and HDFC Bank Ltd (3.01%, Rs1,019.75). Cement shares rose after the government lifted a ban on exports imposed in May. Gainers for the day were Tata Motors (4.91%, Rs188.10), DLF (2.73%, Rs315.75) and Ranbaxy Laboratories (2.05%, Rs221.80). Meanwhile reports came in of Japan’s record fall in exports adding to their recession woes but not affecting much of the index as Nikkei closed 1.57% up but Hang Seng lost 3% in trading on Monday. Source: Home - Livemint.com | 22 Dec 2008 | 11:43 am BSE Sensex falls 1.7 pct; Reliance, ICICI dropNEW DELHI (Reuters) - The BSE Sensex snapped a two-day rise and fell 1.7 percent on Monday, as investors took cues from wobbly world markets but real estate firms rose on expectations for more rate cuts.Source: Reuters: Money News | 22 Dec 2008 | 11:35 am Insurance bill before parliament, timing tightNEW DELHI (Reuters) - The government introduced in parliament its much-awaited insurance reform bill on Monday, but analysts said getting it into law before general elections early next year would pose a challenge.Source: Reuters: Money News | 22 Dec 2008 | 11:08 am Markets slide in last hour, key index closes below 10,000-markIndian equities markets ended trade lower Monday, with a key index shedding 1.58 percent to close below the psychological 10,000-mark.Source: IndiaeNews.com: Business News | 22 Dec 2008 | 11:02 am Tata to inject "tens of millions" into Jaguar - reportsMUMBAI/SINGAPORE (Reuters) - Tata Motors Ltd has agreed to inject "tens of millions" of pounds into Jaguar Land Rover to prevent an immediate cash flow crisis, the Financial Times reported on Monday.Source: Reuters: Money News | 22 Dec 2008 | 10:44 am Tata to pump tens of millions into Jaguar Land RoverIndian conglomerate Tatas have agreed to inject "tens of millions of pounds" into its British car company Jaguar Land Rover.Source: Daily News & Analysis: Money News | 22 Dec 2008 | 10:21 am Cairn India says finds new oil, gas; shares rallyMUMBAI (Reuters) - Energy explorer Cairn India Ltd said on Monday it had made an oil and gas discovery near its existing field in Rajasthan, sending its shares up 7 percent in a weak Mumbai market.Source: Reuters: Money News | 22 Dec 2008 | 9:42 am Toyota sees first operating loss everNagoya, Japan: Toyota Motor Corp, the world’s biggest automaker, on Monday forecast its first ever group operating loss due to a relentless global slide in car sales and a crippling rise in the yen. Toyota had been expected to issue its second profit warning in less than seven weeks, after domestic rival Honda Motor Co also took the rare step of altering its guidance outside the usual quarterly reporting season, but the downward revision was bigger than predicted. “This is very, very, very bad,” said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments. ”There’s a chance they could fall into the red in the next business year as well. “This is also not just a problem for Toyota. What is good for Toyota is good for the Japanese economy.” Automakers around the world face their toughest business environment in recent memory, caught in a sharp reversal of demand as the financial crisis spread globally, squeezing credit and consumer sentiment. Toyota, one of the fastest-growing major automakers until last year, has been particularly vulnerable after it rushed to add production capacity that quickly became redundant. Toyota has idled factories, slowed assembly lines and delayed manufacturing projects, such as the start of a new Mississippi plant under construction to build the Prius hybrid model. RECORD LOSS Toyota cut its group operating forecast to a loss of 150 billion yen ($1.7 billion) for the year to end-March, after shocking financial markets last month by slashing its group operating profit forecast by 1 trillion yen to 600 billion yen. It made a record operating profit of 2.27 trillion yen last year. Analyst forecasts on Reuters Estimates ranged from a loss of 150 billion yen at the low end, to a profit of 800 billion yen for figures not updated since conditions deteriorated in the past month. Toyota now expects group net profit of 50 billion yen instead of 550 billion yen. Toyota made the announcement at its annual year-end news conference attended by its top executives. Honda made a similar move last week, cutting its annual profit forecast by 67%, and outlined a list of counter-measures such as putting off non-urgent investments to prop up its profitability. In the United States, automakers are in even bigger trouble, with President George W. Bush throwing General Motors Corp and Chrysler LLC a lifeline of up to $17.4 billion to stave off bankruptcy. Departing from past practice, Toyota did not disclose its sales and production forecasts for the coming calendar year. In August, it cut its group-wide global sales forecast for 2009 by 7 % to 9.7 million vehicles, but that is largely expected to fall short by as much as 1 million vehicles. The figures include sales at subsidiaries Hino Motors Ltd and Daihatsu Motor Co. The company lowered its 2008/2009 vehicle sales forecast to 7.54 million vehicles from 8.24 million. It sold 8.913 million vehicles in the last year. Toyota also lowered its dollar assumption for the remainder of the year to 90 yen and its euro assumption to 120 yen . The company’s president said Toyota was undecided on ist dividend policy. Toyota shares closed down 0.2% ahead of the announcement in a firmer Tokyo market. Source: Home - Livemint.com | 22 Dec 2008 | 8:41 am Glenmark to apply for HIV-diarrhoea drug by 2010New Delhi: Drug maker Glenmark Pharmaceuticals on Monday said it is planning to submit new drug application (NDA) in the US for Crofelemer used in the treatment of HIV-associated diarrhoea. The application would be filed in consortium with Napo Pharmaceuticals and Salix Pharmaceuticals. Besides this, the company is also planning to submit its applications for the regulatory approvals in developing countries (ROW markets) and expects to get it by early 2010. “It is expected that by the first-half of 2010, the NDA for HIV-Associated diarrhoea would be filed in the US. Glenmark also plans to make regulatory submissions in ROW markets (excluding North America, Europe, China and Japan) and obtain approvals starting in 2010,” the company said in a statement. Crofelemer is a new chemical entity from Glenmark, which is currently undergoing phase III clinical trials in the US. The protocol of the study has been reviewed and approved by US health regulator Food and Drug Administrator (US FDA) as a special protocol assessment. Once Crofelemer enters the market, Glenmark expects to generate revenue of around $80 million through sales in developing countries alone. In addition, the company would be entitled to receive royalty of sales in the western markets from Napo. Source: Home - Livemint.com | 22 Dec 2008 | 8:18 am India think tank cuts growth forecast for 2008-09Mumbai: India’s economy would grow at a slower pace than expected earlier in fiscal 2008-09 due to the global credit crisis and a slowdown in some sectors, think tank Centre for Monitoring Indian Economy (CMIE) has said. CMIE now forecasts the economy grow at 7.5% in the fiscal year ending in March, lowering it from an earlier estimate of 8.2%, it said in its monthly review for December. “The global liquidity crisis is expected to hit growth significantly in the third quarter,” CMIE said. “Trade, transport, industry and finance sectors are expected to be the worst hit.” CMIE said it has lowered its forecast for industrial output to 4.5% from 6.3% earlier, as it expects the impact of global financial turmoil to remain for the next few months. It also expects inflation to ease for the rest of the fiscal year. It has forecast an average inflation of 8.6% for 2008-09, from 4.7% in the previous year. According to CMIE, lending rates are likely to ease further by 0.5 basis points by March 2009, but strong growth in bank credit and large government borrowing will pressure liquidity and discourage banks from cutting interest rates. Source: Home - Livemint.com | 22 Dec 2008 | 8:08 am Hyundai Motor cuts hours further on weak salesSeoul: South Korea’s Hyundai Motor unveiled on Monday additional measures to cut output and save costs, including shorter working hours at a plant that manufactures its core Sonata and Grandeur sedan models. Hyundai Motor and affiliate Kia Motors Corp, together ranked as the world’s No. 5 auto maker, said in a joint statement that the companies would “actively respond” to changing market conditions through flexible production schedules. “Hyundai and Kia face difficulties with this year’s combined sales estimated at 4.2 million vehicles, down from an initially expected 4.8 million, and inventory for overseas sales reaching 1.06 million,” the statement said. The automobile industry is suffering from sharply declining consumer demand worldwide and tighter auto financing. Washington extended on Friday $17.4 billion emergency loans to aid troubled U.S. carmakers while Toyota Motor Corp slashed its annual outlook. Since December, Hyundai and Kia have cut working hours including overtime work by an average four hours a day to reduce production amid weakening auto demand. Starting this week, Hyundai is halving the working hours at its Asan plant to four hours per shift and will abolish one of two working shifts at its bus production line in Jeonju, according to the statement. Hyundai and Kia will also freeze wages for managers, it said. Hyundai was earlier this month reported as targeting 3.05 million vehicle sales in 2009, up from estimated 2.8 million this year. Kia reportedly targets 1.47 million vehicle sales for 2009. The Korea Automobile Manufacturers Association forecast last week local auto makers would suffer a 5.6% fall in exports and a 8.7% drop in local sales in 2009. Shares in Hyundai Motor rose 0.99% while Kia shares fell 3.08% on Monday, compared with the wider market’s 0.12% loss. Source: World Business - Livemint.com | 22 Dec 2008 | 7:40 am Pyramid Saimira surges 10% on open offer reportsMumbai: Media and entertainment house Pyramid Saimira on Monday surged as much as 10% on the domestic bourses on reports that the promoters would make an open offer to the shareholders for acquiring a further 20% stake. The Securities and Exchange Board of India (Sebi) has directed Pyramid Saimira Theatre to make an open offer as one of the promoters has acquired more than 5% equity from the market in the year 2008, according to the media reports. Shares of Pyramid Saimira surged 9.95% in the opening trade to hit its upper circuit of Rs82.90 on the Bombay Stock Exchange. Similar movements were witnessed on the National Stock Exchange where the scrip surged to a high of Rs83, up 10% from Friday’s close. Over 29.35 lakh shares changed hands on both the exchanges. Meanwhile, in a regulatory filing to the BSE the company said it has not received any communication from Sebi so far. Under the existing regulatory rules of the country a promoter is allowed to acquire up to 5% equity every year. However, one of the promoters of Pyramid Saimira, P.S. Saminathan, has acquired more than this limit. “The company has informed that P.S. Saminathan, promoter, who is also chairman and managing director, has also confirmed that he has not received any communication from SEBI in this regard,” the filing added. Source: Home - Livemint.com | 22 Dec 2008 | 7:34 am India think tank cuts growth forecast for 2008/09MUMBAI (Reuters) - India's economy would grow at a slower pace than expected earlier in fiscal 2008/09 due to the global credit crisis and a slowdown in some sectors, think tank Centre for Monitoring Indian Economy (CMIE) has said.Source: Reuters: Money News | 22 Dec 2008 | 7:32 am Cairn India finds gas, oil reserves in RajasthanNew Delhi: Cairn India Ltd on Monday announced that it has made an oil and gas discovery adjacent to the Raageshwari oilfield in its Rajasthan block. Raageshwari East 1/1Z well encountered about 10 meters of net oil pay and 1.4 meters of gas pay, a company press statement said here. Cairn has made several oil and gas discoveries in its Rajasthan Block RJ-ON-90/1 and in the first phase is developing Mangala, Bhagyam and Aishwariya oil finds to produce 175,000 barrels per day of crude oil in the second half of 2009. “The discovery is located approximately 1.5 km east of the Raageshwari 1 well in the southern part of the Mangala, Aishwariya, Raageshwari and Saraswati development areas,” it said. “The adjacent Raageshwari field is commercial and has an approved field development plan.” The well was spudded on 21 November and reached a total depth on 24 November. The open hole drill stem test flowed 40 degree API oil at a stabilised rate of 500 barrels of oil per day plus 0.4 million standard cubic feet per day of gas. Cairn India CEO Rahul Dhir said: “The success of this well on the eastern flank of the Raageshwari structure extends the productive reservoir in a new trapping style and proved a deeper oil column. The well also demonstrates the potential for the addition of incremental reserves from the areas around the discoveries already made.” Future work on the Raageshwari East 1/1Z discovery includes field studies to determine the extent of the discovery as well as evaluate cost-effective development options, he added. Source: Home - Livemint.com | 22 Dec 2008 | 6:12 am Ohio GM plant closing to leave 1,080 workers idleMoraine: General Motors Corp.’s financial woes have GM workers around the country worrying about what life without GM might be like. The 1,080 hourly workers at the automaker’s sport utility plant in this Dayton suburb are about to find out. For them, life without GM begins on Tuesday. That’s when the automaker pulls the plug on the plant that over the past 27 years has spit out cars, trucks and SUVs, helped pay mortgages and college educations, and provided a security blanket in turbulent times. “The news was devastating at first,” said Jackie Wilson, a 39-year-old mother who has spent 15 years at the plant. “It’s all I’ve known.” GM and other US automakers are mired in a sales slump because of the economic downturn, tight or nonexistent credit and lack of consumer confidence. So far this year, GM alone has announced 11,000 US layoffs. Stress on the workers at the Moraine plant has been mounting since June, when GM announced it would close the plant because high gasoline prices were driving consumers away from the SUVs made there. Other GM plants could soon be facing a similar fate. In Janesville, Wisconsin, GM will cease making SUVs on Tuesday, putting 1,200 workers out of work. The plant will stay open until June to produce trucks along with Isuzu, but only about 50 workers will remain employed for that. The White House threw GM and Chrysler LLC a lifeline on Friday, offering $17.4 billion in rescue loans. On Sunday, Vice President Dick Cheney said the White House was forced to step in to save the companies after Congress failed to bail them out. But the automakers must prove their viability by 31 March. When their uncertain future becomes a little too much for the Moraine workers, they slip into the newly established “quiet room,” a refuge from the clatter and whine of the assembly line, fork trucks and dolly trains that will soon go silent. In the quiet room, workers can be alone with their thoughts or trade concerns with a fellow worker. And a “spiritual reflection” room enables workers to take their lunch hour to pray or meet with ministers, who troop into the plant to offer spiritual balm. Both rooms were set up by workers and management to ease the transition. For some workers, the plant is more than just a workplace. GM employed 19,000 workers in the Dayton area in 1999, before spinning off its Delphi supplier division. Tuesday’s closing of the SUV plant will leave 572 workers at a GM engine plant the automaker owns jointly with Isuzu. Source: World Business - Livemint.com | 22 Dec 2008 | 5:36 am Rupee falls 14paise against dollarBy PTI Mumbai: The Indian rupee on Monday depreciated further by 14paise against the dollar to Rs47.40/41 in early trade after other Asian currencies eased against the greenback and Asian stock markets opened weak. The rupee also came under pressure due to fresh demand for the US dollar from importers. At the Interbank Foreign Exchange (Forex) market, the domestic currency traded at Rs47.40/41 against the US currency, a fall of 14paise over the previous close of Rs47.26/27 a dollar on Friday. Dealers said dollar’s strength against some other Asian currencies and subdued trend in Asian equity markets pulled down the rupee for the second straight day. Traders were awaiting the Indian bourses to open for cues on foreign fund flows. Among Asian markets, Hong Kong’s Hang Seng was down almost 1.44% in early trade. Meanwhile, Sensex ended the session on Friday with a modest gain of 23.48 points at 10,099.91. Source: Home - Livemint.com | 22 Dec 2008 | 5:12 am Tata gives cash boost to Jaguar: FTSingapore: Tata Motors Ltd has agreed to inject “tens of millions” of pounds into Jaguar Land Rover to prevent an immediate cash flow crisis, the Financial Times reported on Monday. The move by Tata, which bought the luxury carmaker earlier this year for $2.3 billion from Ford Motor Co, comes on top of a “hundreds of millions” of working capital it has provided to the British firm, the paper said citing sources close to Tata. Car makers around the globe have been hit by a collapse in demand as the economic slowdown spreads and access to credit is choked off by the financial crisis. The Times reported on Monday that the prospect of British government assistance worth “tens of millions” of pounds to help keep Jaguar Land Rover afloat had helped the company’s owners to secure last-minute funding from the banks. It quoted senior figures in the British civil service as saying that British Prime Minister Gordon Brown, Chancellor (finance minister) Alastair Darling and Business Secretary Peter Mandelson had agreed that assistance for Jaguar would be necessary to prevent its collapse. A spokesman for Britain’s Department for Business, Enterprise and Regulatory Reform told Reuters: “The government stands ready to help companies in the current difficult economic circumstances but does not have an open cheque book. “The government has been in regular contact with Tata over Jaguar.” Last week Mandelson confirmed that he had held talks with Jaguar Land Rover, which he said was under “particular strain”. He said the government, which has added billions of pounds to the national debt by nationalising or taking stakes in several banks, did not have an open cheque book. Brown said on Friday the government wanted to help the car industry through the economic downturn but the main responsibility lies with the carmakers’ owners. Trades unions have called on the government to step in to save an industry employing tens of thousands directly and indirectly through suppliers. The United States last week announced a $17.4 billion loan package to rescue its stricken auto makers. The Canadian government put up an additional $3.3 billion in emergency loans a day later. Source: Home - Livemint.com | 22 Dec 2008 | 4:41 am Oil gains above $43 as dollar weakensPerth: Oil rose more than $1 to above $43 a barrel on Monday, buoyed by a weaker US dollar and tough talk from top Opec producers of compliance with their record output cut, while US data showed speculators betting on a bounce. US light crude for delivery in February, when cuts in Opec production were expected to take hold, rose 93 cents to $43.30 a barrel by 6:55am. The January crude contract expired on Friday, when it traded at a deep discount to February as key mid-continent storage tanks filled to near overflowing. London Brent crude gained 69 cents to $44.69. “The US dollar has weakened after the sharp rebound on Friday. That’s one of factors pushing oil higher,” said Toby Hassall, chief analyst at Commodities Warrants Australia. A surge in net speculative investment in the crude complex to its highest since mid-May, as of 16 December data, also fed the emerging view that markets may have hit bottom for now, although fears over the outlook for demand tempered hope for a bounce. Speculators increased their net length to 64,120 lots during the week to last Tuesday, a surge from 10,807 the previous week, Commodity Futures Trading Commission data showed. “I suspect in the last couple of weeks we probably saw a bottom in the oil market and that is also attracting some buying interest,” said Hassall. The US dollar fell against the euro on Monday, giving up some of its gains made after the US government offered a lifeline to US carmakers, as investors remained concerned over the deepening economic recession. Oil prices have fallen more than $100 from their peak of above $147 in July as a global economic crisis slashes global oil demand. Pledges by Opec last week to cut output by 2.2 million barrels per day (bpd) - its deepest ever supply cut - have failed to stem the slide in January oil prices, which expired on Friday at $33.87 a barrel, the lowest since February 2004. Opec kingpin Saudi Arabia moved to scotch doubts on Sunday on the cartel’s pledge to cut oil production to stabilise world oil markets, while Kuwait’s oil minister also said separately on Sunday that he was confident that Opec members will comply with latest output cuts decided by the group. In Opec member Nigeria, where production has been hindered for years by repeated militant attacks, gunmen in speedboats attacked three oil services ships and kidnapped at least two Russians in separate incidents in the Niger Delta, sources said on Saturday. Source: Home - Livemint.com | 22 Dec 2008 | 3:40 am Taj Tower, Trident re-openedMumbai, Dec. 21 The glittering lights were up and guests in all their finery were back, as the Taj and the Trident officially threw open their doors to the public on Sunday, in a brave effort to put behind them, the 60-hour terror-siege thatSource: Business Line - Home Page | 22 Dec 2008 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 22 Dec 2008 | 12:00 am Gold futures to test support levelsGold futures ended sharply lower on Friday as the dollar rebounded and oil futures declined as global recession curbed demand decreasing the precious metal’s allure as a hedge against inflation. The recessionary fears are yet to show any signsSource: Business Line - Home Page | 22 Dec 2008 | 12:00 am Sen and Singh: Peas of podAmartya Sen and Manmohan Singh have sat together on a dais many times. But the last time I saw them together was in early 1971 at a Delhi School of Economics (DSE) seminar. It was a January evening, the room was as cold as such rooms can get, andSource: Business Line - Home Page | 22 Dec 2008 | 12:00 am Focus shifts to Q3 results, moves of promotersThe last week of the calendar year, truncated by holiday, may not throw up a negative surprise. This week the near-term futures and options contract settlement is also expected to not cause any hiccups in the cash segment. But if rupee trends toSource: Business Line - Home Page | 22 Dec 2008 | 12:00 am ‘Contract logistics’ gaining groundThe consolidation in the global logistics industry continues to influence the market structure, according to the Unctad Review of Maritime Transport 2008, published recently. Over the past 10 years, as the report points out,Source: Business Line - Home Page | 22 Dec 2008 | 12:00 am Small, medium IT cos take a harder knockNew Delhi, Dec. 21 Stung by the global downturn, small and medium (SME) IT companies operating in India are not only keeping a hawkish eye on purse-strings, but have also slammed the brakes on expansion plans and newSource: Business Line - Home Page | 22 Dec 2008 | 12:00 am ‘Taj repair costs to be lower than insurance cover’Mumbai, Dec. 21 The cost of repairs and renovation of Taj Mahal Palace and Towers in Mumbai, which was damaged during last month’s terror attacks, will be less than the hotel’s insurance cover of Rs 1,000 crore, said Mr R.K. KrishnaSource: Business Line - Home Page | 22 Dec 2008 | 12:00 am Aptech (Rs 80.40): BuyWe recommend a buy in Aptech from a short-term trading perspective. From the charts of Aptech it is apparent that following a steep decline from the resistance level at Rs 250, the stock found support around Rs 51 in late October (52-week low).Source: Business Line - Home Page | 22 Dec 2008 | 12:00 am Owning iron ore mines does not benefit steel cos muchChennai, Dec. 21 Ownership of iron ore mines is no great advantage to a steel company, according to Mr B. Muthuraman, Managing Director, Tata Steel Ltd. Tata Steel has owned iron ore mines for the last 105 years, but it is only in the last fiveSource: Business Line - Home Page | 22 Dec 2008 | 12:00 am 'China is winning the tech race'With the technology-driven transformation of the global economy, India and China have emerged as major players.Source: Daily News & Analysis: Money News | 21 Dec 2008 | 10:31 pm Negative energy still strongStocks in Mumbai rose another 5% last week as a growing number of investors left their scepticism behind and pushed it above key psychological thresholds.Source: Daily News & Analysis: Money News | 21 Dec 2008 | 10:27 pm Base metals likely to record gainsThe markets witnessed an eventful week as trader participation perked up. The MCX week-on-week turnover rallied 6% and the open interest gained 9%.Source: Daily News & Analysis: Money News | 21 Dec 2008 | 10:26 pm 'Air Deccan was sabotaged by IndiGo operator InterGlobe'Serial entrepreneur Captain GR Gopinath gives the countdown to Air Deccan's crash and its rival IndiGo's role in it.Source: Daily News & Analysis: Money News | 21 Dec 2008 | 10:22 pm Police scanner on Nimesh Kampani: Nagarjuna caseAfter arresting Nagarjuna group chairman K S Raju and Maytas Infra chief executive officer P K Madhav, Andhra Pradesh police now focus on Nimesh Kampani.Source: Daily News & Analysis: Money News | 21 Dec 2008 | 10:20 pm Poor sales push luxury brands to discountsOffer 30 to 50% price-offs as buyers stay away.Source: Business Standard | Front Page Headlines | 21 Dec 2008 | 6:34 pm Fortis plans rights, warrant issue for Rs 1,800-2,000 crIn a bid to create a war chest for expansion opportunities, hospital chain Fortis Healthcare is in advanced stages of finalising the pricing and other technicalities for a Rs 1,800 crore to Rs 2,000Source: Business Standard | Front Page Headlines | 21 Dec 2008 | 6:32 pm Six-year-old Bajaj dispute set to endBajaj family members are in the final stages of reaching a peace formula to their six-year-old dispute over the division of group companies and assets.Source: Business Standard | Front Page Headlines | 21 Dec 2008 | 6:30 pm Telesoft Tech to launch fraud detection solution in IndiaNew Delhi: UK-based Telesoft Technologies, which manufactures equipment for monitoring fixed and mobile telephony networks, will launch a solution in the country to help telecom companies pin down frauds in their networks. “We are in talks with clients to provide the telecom operators passive monitoring probe,” Telesoft Technologies director, sales and marketing, Andy Evripides said. The probe solution can be connected to any mobile network and it provides the signaling information related to location of a subscriber within 100-500 meters. Besides, the company plans to invest £2-3 million over a couple of years to customise their products for the Indian market. “We expect in two years the revenue from our India operations will double the European operations. To fuel the growth we will continue investing in India,” he said. The actual location-based applications are provided by SIs and OEMs, who access the information using Telesoft’s probe technology. Typical applications include directing mobile subscribers to the nearest cash machine or providing weather report of a geographic area. The solution can help in fraud detection in telephony networks such as finding spoof numbers that cannot be billed and network abuse. The signaling information in a mobile network contains location information such as cell ID and area information that allows location-based services. Source: Tech News - Livemint.com | 21 Dec 2008 | 6:01 pm JLR chief warns of thousands of layoffsLondon: Jaguar Land Rover (JLR) has warned that it may be forced to cut thousands of jobs in the coming months unless the UK government comes forth with financial assistance and also said parent company Tata Motors is in no position to help because of global slowdown in the industry, says media report. “David Smith, the chief executive of JLR, is understood to have told officials from the Department of Business, Enterprise and Regulatory Reform (BERR) that it would have no choice but to cut ‘certainly hundreds and probably thousands´ more jobs,” the Sunday Telegraph said in a report published online on Sunday JLR has also made the point that its parent company Tata Motors is in no position to help because the downturn in the car industry is global, according to the report. “Tata Motors has seen its share price plunge this year, and the company’s market capitalisation is now approximately half the value of the sum it paid for JLR,” the Sunday Telegraph said. The report noted that the company has already cut 2,000 posts since its takeover by Tata Motors earlier in 2008. It had acquired the luxury car maker from American auto giant Ford Motor for more than US $2 billion. “The dire prediction emerged as Lord Mandelson, the business secretary, assembled a team of city advisers from KPMG, the accounting firm, and NM Rothschild, the investment bank, to advise him on the increasingly fraught situation at JLR, which is understood to have requested a package of financial assistance worth about £500 million,” The report said. Source: World Business - Livemint.com | 21 Dec 2008 | 2:14 pm
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