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Satyam confirms three independent directors have resignedThe latest twist in the Satyam saga is that the beleaguered tech giant confirmed the resignation of three more directors from its board. This came hot on the heels of the announcement of the reschedulement of the board meet to January 10.Source: Moneycontrol Top Headlines | 29 Dec 2008 | 4:22 pm Unichem sees doubledigit growth in FY10Prakash Mody, CMD, Unichem Laboratories, sees robust growth by March 2009 and estimates the FY10 growth at doubledigits. He expects the companys profits to be far higher than the growth in sales.Source: Moneycontrol Top Headlines | 29 Dec 2008 | 3:56 pm Most airlines to slash fares by early \'09As the New Year approaches, airlines are all set to woo back passengers by announcing significant fare cuts. Kingfisher Airlines will slash fares from January 1. Jet Airways will cut its basic fares by 1540% while low cost carriers such as IndiGo and SpiceJet are also working on offering attractive schemes.Source: Moneycontrol Top Headlines | 29 Dec 2008 | 3:51 pm More directors quit troubled Satyam; shares riseBANGALORE (Reuters) - Three more directors quit Satyam Computer Services on Monday, but its shares rose after the firm said it would consider more options to improve shareholder value and corporate governance.Source: Reuters: Money News | 29 Dec 2008 | 3:16 pm Mideast papers on Gaza - BBC News
Source: Google News India - Business | 29 Dec 2008 | 3:08 pm BSE Sensex rises 2.2 pctBANGALORE (Reuters) - Choppy Indian shares snapped a four-day slide and rebounded 2.2 percent on Monday as investors scooped up beaten down stocks on hopes for a rate cut, while outsourcer Satyam rose in anticipation of moves to shore up investor sentiment.Source: Reuters: Money News | 29 Dec 2008 | 3:07 pm Renowned artist Manjit Bawa diesNew Delhi: Renowned artist Manjit Bawa, who displayed his exceptional artistic talent through motifs of birds, animals and Indian mythology, died in the national capital on Monday after a prolonged illness. The 67-year-old painter from Punjab’s Dhuri district was in coma for the past three years shuttling between hospital and his Delhi home after suffering from a stroke. Bawa, who began his career as a silkscreen printer in London in 1964, breathed his last this Monday morning at his Green Park residence in south Delhi. His paintings attracted both Indian as well as international buyers with one of his paintings selling recently for $3.60 lakh. Educated at Delhi’s College of Art and London School of Printing, he started as a figurative painter and attained great heights in the form. One of the first painters to break out of the dominant greys and browns of the western art and opt for more Indian colours like red and violet, the maestro was influenced by nature, Sufi mysticism and Indian mythology. “He wanted to paint the sky red. He loved red. He was a brave painter who had the courage to follow his convictions unmindful of the popular trend. We will remember him for his energy,” Ena Puri, author of a biography on Bawa, said. Lalit Kala Akademi Chairman Ashok Vajpayee remembers him as a man of conviction who helped young artists. “He was a versatile person. We will miss him,” he added. Source: LatestNews-Home - Livemint.com | 29 Dec 2008 | 2:54 pm Satyam: Three independent directors resign - Moneycontrol.com
Source: Google News India - Business | 29 Dec 2008 | 2:51 pm More state-owned banks reduce lending rates - Hindu
Source: Google News India - Business | 29 Dec 2008 | 2:43 pm 5 power cos submitted bids for UMPP - Economic Times
Source: Google News India - Business | 29 Dec 2008 | 2:38 pm Idea to invest Rs 300 crore in Karnataka - Economic Times
Source: Google News India - Business | 29 Dec 2008 | 2:38 pm 3G auctions deferred by two weeksThe auction of third generation (3G) radio frequencies slated for Jan 16 have been delayed, and may now be held Jan 30.Source: IndiaeNews.com: Business News | 29 Dec 2008 | 2:32 pm More state-owned banks reduce lending ratesDena Bank, Punjab National Bank (PNB) and Bank of Baroda will reduce their benchmark prime lending rates (BPLR) from Jan 1, the three state-owned banks announced Monday.Source: IndiaeNews.com: Business News | 29 Dec 2008 | 2:32 pm Cooking gas, petrol prices to be cut shortly: DeoraPrices of liquefied petroleum gas (LPG) and other petroleum products would go down shortly, Minister for Petroleum and Natural Gas Murli Deora said here Monday.Source: IndiaeNews.com: Business News | 29 Dec 2008 | 2:32 pm Punjab to give boost to cooperative societies in 2009To give a boost to cooperative societies in Punjab, the state government has decided to celebrate the year 2009 as the 'Year of Cooperatives'.Source: IndiaeNews.com: Business News | 29 Dec 2008 | 2:31 pm Delhi roads prone to water-logging to be cementedRoads in the capital prone to water-logging that causes pot-holes will be cemented, the Municipal Corporation of Delhi (MCD) said Monday.Source: IndiaeNews.com: Business News | 29 Dec 2008 | 2:31 pm Rs.16-bn upgrade of Kolkata airport launchedCivil Aviation Minister Praful Patel Monday set the ball rolling for a Rs.16-billion modernisation of the international airport here, which will include a new terminal, modern taxiways and extension of a runway so that it can handle the giant Airbus A-380 aircraft.Source: IndiaeNews.com: Business News | 29 Dec 2008 | 2:30 pm Jet Airways, Air India announce fare cutsIndia's leading private air carrier, Jet Airways, and state-owned operator Air India Monday announced fare cuts. While Jet will reduce the fares on its domestic routes by up to 40 percent with immediate effect, Air India is expected to announce the quantum Tuesday.Source: IndiaeNews.com: Business News | 29 Dec 2008 | 2:30 pm India adds 10.35 mln mobile users in Nov - regulatorNEW DELHI (Reuters) - Indian mobile telephone firms signed up 10.35 million users in November, slightly fewer than the previous month's record but maintaining pacy growth in a slowing economy.Source: Reuters: Money News | 29 Dec 2008 | 2:27 pm Oil rises above $40 on Israeli attacks, dollarLONDON (Reuters) - Oil prices rose above $40 a barrel on Monday, boosted by the weak dollar and Israeli attacks on Hamas that served as a reminder of tensions that could threaten Middle East crude oil supplies.Source: Reuters: Money News | 29 Dec 2008 | 1:51 pm NC has got positive signals from Congress: OmarNew Delhi: National Conference chief Omar Abdullah on Monday said his party has got “positive signals” from the Congress on forming a government in Jammu and Kashmir. “The NC has got very positive signals from Congress. Otherwise, I would not have come to Delhi,” Abdullah said. Asked who would be the chief minister in such an arrangement, the 38-year-old leader said “we will talk about formation of a coalition and if we succeed in the talks, then probably within two or three days, the announcement of coalition will be possible,” adding that he will talk to the Congress leadership on Tuesday. “Everything will be clear after the talks,” he added. Asked whether the NC and Congress have an arrangement of rotating the chief ministership after three years during the six year tenure, he said, “we have not come with any formula and any condition. I think it (talks) will be successful”. When queried whether one can say that the separatist sentiments in the Valley has died down with the election results, he said it was “too premature” at this point to say so. Source: LatestNews-Home - Livemint.com | 29 Dec 2008 | 1:43 pm Scope for further rate cut by RBI: MontekNew Delhi: With inflation coming down to 6.61% and economic growth slackening, Planning Commission deputy chairman Montek Singh Ahluwalia on Monday said there is a further scope for the RBI to cut lending rates. “It is clear at the moment that the economy is growing below its potential and inflation is definitely on its way down. And these factors would suggest that there is a scope (for easing monetary policy),” Ahluwalia told media. RBI Governor D Subbarao on Monday met Prime Minister Manmohan Singh at his residence, adding to the speculation that RBI might signal further slash in interest rates to boost economic growth which is impacted by the global crisis. The apex bank had already injected Rs300,000 crore into the system reducing the policy and reserve ratio rates to inject funds into the cash strapped economy. Responding to the RBI steps, several banks including the largest lender SBI have cut lending and borrowing rates. State-owned banks like the Punjab National Bank, Bank of Baroda and Dena Bank on Monday slashed their benchmark lending rates by up to 75 basis points. The government, in its mid-year review of the economy presented in Parliament recently said there was considerable scope for monetary policy easing over the next 6-12 months to offset the global increase in demand for money that is being transmitted to India. “We should be watching the situation carefully and we should not hesitate to take further steps. These matters are being discussed...our prospects for inflation justify taking a stronger monetary position,” Ahluwalia said. Inflation which had peaked to 12.91% in August came down to 6.61% in December. Source: LatestNews-Home - Livemint.com | 29 Dec 2008 | 1:23 pm Scope for further cut in key policy rates by RBI: Montek - Economic Times
Source: Google News India - Business | 29 Dec 2008 | 1:22 pm Unitech gets spectrum in four more circles - Business Standard
Source: Google News India - Business | 29 Dec 2008 | 1:18 pm Govt delays 3G spectrum auction - Business Standard
Source: Google News India - Business | 29 Dec 2008 | 1:17 pm JBG to raise Rs 700 cr to fund first phase of Purulia project - Hindu Business Line
Source: Google News India - Business | 29 Dec 2008 | 1:03 pm Hyundai says sales down, urges government to do moreHyundai Motors India Ltd, the country's second largest car maker, Monday said the slowing domestic demand, fall in exports and increasing input costs have crippled sales this year, and urged the government 'to do more' to save the auto industry.Source: IndiaeNews.com: Business News | 29 Dec 2008 | 1:02 pm Escorts profits up in 2007-08Engineering major Escorts Ltd notched profits of Rs.118.7 million (Rs.11.87 crore) in 2007-08 on account of a higher domestic market share and greater cost and operational efficiencies, the company said Monday.Source: IndiaeNews.com: Business News | 29 Dec 2008 | 1:01 pm One more independent director quits Satyam boardIn a day of swift developments, independent director M. Rammohan Rao resigned from the board of IT major Satyam Computer Services, the company said Monday.Source: IndiaeNews.com: Business News | 29 Dec 2008 | 1:00 pm Sensex rallies in late trade, ends 205 pts up - Sify
Source: Google News India - Business | 29 Dec 2008 | 12:57 pm 3G spectrum auction delayed as DoT extends last date for apps!The government has deferred the 3G spectrum auction date by extending the last date of receiving applications for it from January 5 to January 20.Source: Zee News : Business | 29 Dec 2008 | 12:57 pm Sensex dips 139 points as market remains weak!The stock market remained weak with the benchmark Sensex trading in the red during morning trading on Monday mainly due to year-end considerations amid a mixed trend in Asian markets.Source: Zee News : Business | 29 Dec 2008 | 12:57 pm Citi pumps $800 mn in S Korea!Citigroup Inc is injecting USD 800mn of new capital into its South Korean banking arm.Source: Zee News : Business | 29 Dec 2008 | 12:57 pm Oil prices higher on evidence of OPEC cuts!Oil prices rose in Asian trade on Monday on evidence that OPEC members have begun complying with agreed output cuts, rebounding slightly from four-year lows before the Christmas break.Source: Zee News : Business | 29 Dec 2008 | 12:57 pm Credit Suisse PE arm exits Binani CementCredit Suisse Private Equity (PE) arm exits Binani Cement. It held 9.11% stake. Stansen Holdings has bought the 9.1% stake from Credit Suisse PE arm.Source: Moneycontrol Top Headlines | 29 Dec 2008 | 12:54 pm Tata Motors close Pune plant for 3 daysPune: Tata Motors here announced a three day “block closure” of its Pimpri-Chinchwad plant effective from Monday. The shutdown will be in force in the commercial vehicles section while work in the passenger vehicle segment will continue normally, company sources said. It is the third time in the last two months that the company has effected a partial and periodic closure of its plant following a slump in demand. The first six-day shutdown was in the last week of November. Aimed at matching production with demand the measure has been discussed with the affected workforce of around 6,000 permanent employees, company officials said. Passenger vehicle segment which has remained unaffected by the company’s decision, is engaged into the production of Tata Indica. A union spokesman said that as per the agreement with the management, interests of workers were adequately protected during periods of partial closure of the plant. Source: LatestNews-Home - Livemint.com | 29 Dec 2008 | 12:20 pm Hyundai to let go 1,200 traineesIn the face of a demand slump Hyundai Motor India, on Monday said it will not be absorbing 1,200 trainees as it trims production.Source: Daily News & Analysis: Money News | 29 Dec 2008 | 12:02 pm Package to boost economy in next few daysThe government will come out with a second stimulus package for this fiscal and one for 2009-10 in the next few days.Source: Daily News & Analysis: Money News | 29 Dec 2008 | 11:59 am GM to sign pact with CSMCRI for Jathropa cultivationAhmedabad: After the successful first phase trial run of bio-diesel blended fuel, auto major General Motors is likely to sign an agreement with Bhavnagar based Central Salt and Marine Chemical Research Institute (CSMCRI) for Jhatropa cultivation, institute officials said. “As a part of GM’s initiative to run its vehicle on bio-diesel blended fuel, the company’s Halol unit will be signing an MoU with us for the cultivation of Jhatropa on wasteland,” Director CSMCRI Pushpito K Ghosh said. “We have urged the state government to provide us 50-70 hectares of wasteland in Panchmahal to start the model Jhatropa plantation project,” he added. During the first phase trials, GM manufactured vehicle were run over 25,000 kilometres on bio-diesel blended fuel. The content of bio-diesel as fuel ranged between 10-20% during the testing phase. “The Halol unit of GM in Vadodara, apprised CSMCRI in June that it has sucessfully conducted first phase trials by running its car 25,000 kilometres on bio-diesel blended fuel,” institute official said. The bio-diesel was supplied to GM by CSMCRI for first phase trials, and going forward the auto major has plans to collaborate with the institute to meet its further requirements, officials said. “The quality of our bio-diesel is so good that no alteration in car engines is required. Soon trial runs for running vehicles on hundred per cent bio-diesel fuel will be conducted,” Ghosh said. Source: LatestNews-Home - Livemint.com | 29 Dec 2008 | 11:58 am Core Projects buys K12 arm of Princeton Review for $20mCore Projects has acquired the K12 division of USbased The Princeton Review for USD 20 million. Prakash Gupta, its CEO, said the acquisition of the division is EPS accretive. \"FY09 EPS is seen at Rs 12.92 post acquisition while FY10 EPS addition is seen at Rs 3.10 per share.\"Source: Moneycontrol Top Headlines | 29 Dec 2008 | 11:42 am Unitech gets spectrum in four more circlesThe country's second largest real estate firm, Unitech Ltd, said it has received start up spectrum in four more serviceareas, taking the total to 20.Source: Daily News & Analysis: Money News | 29 Dec 2008 | 11:34 am Do Ramalinga Raju and family have any stake in Satyam?Satyam Computer sank deeper into a crisis on Monday. The company announced that lenders were possibly selling promoters equity that is entirely pledged with them.Source: Daily News & Analysis: Money News | 29 Dec 2008 | 11:32 am Second package to boost economy in next few days: MontekNew Delhi: The government will come out with a second stimulus package for this fiscal and one for 2009-10 in the next few days to spur economic growth, reeling under the impact of global financial crisis. “We are trying to coordinate a number of different steps. And I hope in the next few days we will be ready to make an announcement (about the second stimulus package),” Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters here in New Delhi. He said there were different things coming from different people and that they were referred to cabinet secretary KM Chandrasekhar. “I am hoping that we will get something. I can assure you that the main thing is to make sure that expenditure we have already provided and the new expenditure, gets done. In the Planning Commission, we are not proposing any new expenditure for the current year,” Ahluwalia said. With industrial production contracting by 0.4% in October, for the first time in 15 years, and the exports declining by over 12% during the month, the government came out with a stimulus package on 7 December to spur growth and help the industry combat the impact of global financial meltdown. As part of the stimulus package, the government cut excise duty by 4% across the board, except on petroleum products, and announced raising of the public expenditure by Rs20,000 crore to boost demand. The government has also increased public expenditure by Rs1.47 lakh crore through two supplementary demands for grant over Rs7.5 lakh crore provided in the Budget for 2008-09. Source: Home - Livemint.com | 29 Dec 2008 | 11:31 am Three resign from Satyam boardThree Satyam Computer directors, including M Rammohan Rao who chaired the IT firm's controversial December 16 board meeting, have resigned.Source: Daily News & Analysis: Money News | 29 Dec 2008 | 11:31 am Three Satyam directors resign, more may quitHyderabad: Three more directors on Monday resigned from the board of Satyam Computer Services, taking the number to four, following differences over an abortive acquisition deal involving two firms promoted by Chairman Ramaling Raju’s family. The NYSE-listed company on Monday announced the resignation of Mendu Rammohan Rao, who chaired the controversial 16 December board meetings where Maytas acquisition was announced. Krishna G Palepu, Non-exective Director, and Vinod K Dham, Non-executive and Independent Director from the Board also resigned with effect from Sunday. On 25 December, the board’s longest serving member Mangalam Srinivasan had resigned from the Board taking moral responsiblity for the fiasco over the Maytas acqusitions that raised questions about the role of independent directors and corporate governance issues. Satyam, which deferred its board meeting scheduled for today, 29 December to 10 January, 2009, had earlier said it is looking at various options to increase shareholders value which also include reconstitution of the board. B Ramalinga Raju, company Chairman, said “Amongst other items that are being taken up for consideration in the board meeting scheduled on 10 January, 2009, reconstitution of Board will be an important item.” However, the company said on Monday that Satyam promoters have pledged all their shares to institutional investors, who may have sold a part of it to recover dues. Satyam shares traded at Rs146.25, up 9.41% on BSE. Earlier this month, Satyam announced the acquisition of two companies promoted by the family of Raju, but had to call off the deal within hours follwing investors’ dissent. The ADR of Satyam took a 55% hammering after the company announced the deal on 16 December. Source: Home - Livemint.com | 29 Dec 2008 | 11:30 am Tata Motors close Pune plant for three daysThis is the third time in the last two months that the company has effected a partial and periodic closure of its plant following a slump in demand.Source: Daily News & Analysis: Money News | 29 Dec 2008 | 11:22 am Euro rises in Asia trade on Gaza attacksTokyo: The euro strengthened in Asian trade on Monday on concerns that renewed conflict in the Middle East might push up oil prices, dealing a further blow to the US economy, dealers said. Israeli warplanes on Saturday unleashed an offensive on the Gaza Strip, killing more than 300 people, in a bid to stop Palestinian militants from firing rockets. The US dollar often faces selling pressure against the euro during conflicts in the Middle East by highlighting Washington’s heavy reliance on the volatile region’s oil. The euro bought 1.4193 dollars, compared with 1.4025 dollars in New York on Friday, while rising to 128.36 yen from 127.30. “The developments in the Middle East are likely to keep fuelling the euro at least for a day or two,” Yuji Saito, head of foreign exchange at Societe Generale, told Dow Jones Newswires. The European single currency meanwhile rose to an all-time high against sterling at 0.9664pounds. “The euro will probably touch parity with the sterling in two weeks,” Saito said. Sterling has fallen over the past month on expectations that the Bank of England will cut interest rates after gloomy economic data from Britain. Dealers said the market could see limited movement until President-elect Barack Obama is inaugurated on 20 January amid hopes that his administration will give a boost to the troubled US economy. The dollar was mostly lower in regional Asian trade. It fell to 1,268.90 South Korean won from 1,288.90 on Friday, to 11,100 Indonesian rupiah from 11,150 and to 47.40 Philippine pesos from 47.54. The greenback declined to 1.4422 Singapore dollars from 1.4434 and to 32.99 Taiwan dollars from 33.00 but rose to 35.06 Thai baht from to 34.96. Source: LatestNews-Home - Livemint.com | 29 Dec 2008 | 11:17 am Rapaport Group to strengthen India diamond operationsUS-based Rapaport Group plans to strengthen its presence in the huge Indian diamond market by opening its office in Surat.Source: Daily News & Analysis: Money News | 29 Dec 2008 | 11:03 am Sebi to hire more legal handsMumbai: The Securities and Exchange Board of India (Sebi) has called for applications from legal professionals, according to the regulator’s web site. The watchdog has called for applications for the post of Deputy Legal Adviser(s) to strengthen its legal team, tighten regulations and take enforcement actions. “In light of Sebi’s efforts to tighten its regulations and taking enforcement actions, the recruitment of deputy legal advisers assume significance,” it said. According to the Sebi Annual Report, 3,656 cases were pending for Enforcement Actions as on 31 March. Last year, the market regulator had introduced the “Consent Order” scheme with 350 Consent Orders already having been passed. Sebi currently has two legal advisers and three deputy legal advisers in its Legal Department at its head office, it said. The regulator has an executive director (Law) who looks after the legal affairs and the Enforcement Departments. While Legal Affairs provides legal counsel to the Board and its other departments, the Enforcement Department is responsibly for proceedings related to regulatory action and obtaining redress for violation of securities laws. The Enforcement Department also takes care of proceedings related to regulatory action against all market participants, issuers and individuals. Source: LatestNews-Home - Livemint.com | 29 Dec 2008 | 11:01 am Air India to reduce fares from Jan 1A day after Kingfisher Airlines announced a fare cut, national carrier Air India announced a similar fare reduction from Jan 1.Source: Daily News & Analysis: Money News | 29 Dec 2008 | 10:59 am Pubs warned to pay up or face the musicHotels and pubs that have not paid music licence fees will not be allowed play music at their year-end bashes.Source: Daily News & Analysis: Money News | 29 Dec 2008 | 10:58 am India Inc starts 2008 with a bang, ends with a whimperBullish on huge profitability and deep pockets, Corporate India started 2008 with an aim to conquer the world and pocket global firms, but ended with blues.Source: Daily News & Analysis: Money News | 29 Dec 2008 | 10:27 am Logistic outsourcing to touch $90 mn by 2012: AssochamNew Delhi: India’s third party logistics business is likely to grow by 55% reaching the $90 million mark by 2012, a study by industry body Assocham said on Monday. With globalization, the demand of third party logistics (3PL) business, a western concept, is catching up in the country as Indian firms “which are eager to expand in new markets” are turning towards it for better management of their supply chain processes, the chamber said. “One of the contributing factors for this is value added tax (VAT) which is expected to drive Indian industry towards using more 3PL services,” Assocham secretary general DS Rawat said. 3PL cuts conventional logistics costs and helps tackle more complicated tasks, he said. Currently, the size of the business is estimated at $58 million. Logistics outsourcing, or third-party logistics, involves the utilization of external organizations to execute logistic activities that have traditionally been performed within an organization itself. At present about 55% of firms against 10-15% a decade ago, are outsourcing their logistic services like supply chain management and warehousing, the study Building Logistics for Competitive Business said. The overall Indian logistic business is estimated at $105 billion, which would touch the mark of $125 billion in next two years, it said. “This indicates that logistic industry is on the verge of an growth in next two years as manufacturing, retail and real estate, which currently are under severe stress will return to their buoyancy for striking expansion of logistics,” it added. Source: LatestNews-Home - Livemint.com | 29 Dec 2008 | 10:23 am Closing: Markets surge by 2% on firm EuropeNew Delhi: Markets made smart recovery from the day’s low and Bombay Stock Exchange benchmark Sensex traded higher to end over 2% up on Monday, 29 December. Significant buying of foreign funds emerged on firm opening of European markets. Stocks rallied in sectors like banking, metal, oil and gas, power, capital goods and realty. The 30-share BSE Sensex ended at 9,328.92 mark, a rise by 204.60 points and the broad based 50-share NSE Nifty ended 64.95 points higher at 2,922.20 mark. Shares of Satyam Computer Services Ltd. was the top most gainer in the BSE pack, it traded higher by 9.41% to Rs148.25. Their scrips gained strength after board announcement that the company would consider measures to strengthen their governance structure. Other Sensex gainers were Ranbaxy Laboratories, higher by 8.14% to Rs234.60, Jaiprakash Associates by 7.88% to Rs79.45, Grasim India by 6.03% to Rs1,260 and ICICI Bank by 5.97% to Rs442.90. Top loser was the auto segment with Tata Motors losing the highest by 4.56% to Rs148.50, followed by Mahindra and Mahindra by 3.58% to Rs256 and Maruti Suzuki by 2.14% to Rs499.80. Among Asian bourses Japan’s Nikkei reversed an early weak trend to quote 0.09% gains and Hong Kong’s Hang Seng index ended nearly 1% higher. Source: Home - Livemint.com | 29 Dec 2008 | 10:19 am The Kamla Bhatt Show-Best of 2008As the year comes to an end, Livemint Radio gets you snippets from the Kamla Bhatt Show as part of our Best of 2008 Series. In this series, we feature some of the best and the brightest people reflecting the new and emerging India and the global Indian community. Here’s a list of people who have been included in this series: Mitchell Baker- Mitchell is the chairperson of Mozilla Foundation and Mozilla Corporation. Sam Pitroda- He is known as the father of Indian telecom. Tim O’ Reilly- Tim is the founder of O’ Reilly Media and is a technology evangelist. Yogen Dalal- Yogen is a managing director at Mayfield Fund, a venture capital firm located in Silicon Valley. Sridhar Vembu- Sridhar is the CEO of Advent Net, the company that produces “Zoho” an office productive suite. He was recently described by The Economist as a dangerous man. Source: Home - Livemint.com | 29 Dec 2008 | 10:16 am 3G auction process deferred by two weeksThe 3G auction process has been deferred by two weeks, reports CNBCTV18 quoting sources. The last date for application for 3G auction is likely to be around January 20.Source: Moneycontrol Top Headlines | 29 Dec 2008 | 10:00 am Russia lets ruble to new lowMoscow: Russia’s weakening ruble dropped to a new low on Monday as their central bank allowed a sharp drop in the currency that has been battered by the global meltdown. The ruble slid 1.5% on the MICEX foreign currency exchange, down to 34.8rubles against the central bank’s euro-dollar basket by 11am. It was down to 29.3 against the dollar, a level that hasn’t been seen since 2005 and 41.6 against the euro, an all-time low. This is the third sharp drop in the national currency in just five days. Russia’s central bank set the official exchange rates for the dollar and euro in line with trading quotes and normally does not allow the currency to lose more than 1% of its value in one day. However, the bank has already allowed 12 depreciations since 11 November, when the supervised slide began. The ruble has shed more than 20% of its value against the dollar since its high of 23.4 against the dollar in early August. Amid diving oil prices and the associated market downturns, it is unclear where the slide will end as the government continues its policy of a managed float rather than releasing the ruble altogether. The Kremlin is anxious to avoid a repeat of the 1998 financial crisis, when Russians rushed to withdraw their savings as the ruble plummeted. Source: LatestNews-Home - Livemint.com | 29 Dec 2008 | 9:55 am Kingfisher Airlines to cut fares from Jan 1Kingfisher Airlines on Sunday cut ticket prices following a steep fall in the price of aviation turbine fuel prices. The new prices will come into effect January 1. The extent of fare cuts will be decided shortly. The company, however, has not given the quantum of fare cuts.Source: Moneycontrol Top Headlines | 29 Dec 2008 | 9:54 am Britain faces 600,000 job cuts in 2009: studyLondon: Some 600,000 British workers will lose their jobs in 2009 and a million could go before the worst is over, according to a study Monday giving the latest gloomy forecast on a deepening recession. Around a million jobs may be lost in all before the economy starts to recover and the next three months will be the worst for job losses since 1991, warned the Chartered Institute of Personnel and Development (CIPD). “This time last year, in the face of some scepticism, the CIPD warned that 2008 would be the UK’s worst year for jobs in a decade,” said John Philpott, chief economist for the CIPD which represents managers and personnel staff. “It was but in retrospect it will be seen as merely the slow motion prelude to what will be the worst year for jobs in almost two decades.” A series of high profile companies have gone bust in recent weeks, including century-old toys-to-clothes retailer Woolworths, whose more than 800 shops began closing before Christmas and will all be shut down by next week. Many more companies are facing difficulties and the period between Christmas and Easter could see a surge of fresh bankruptcies. “Our current expectation ... is that the number of redundancies will jump sharply in the early months of 2009, once employers take stock of the economic outlook,” said Philpott. The institute’s annual barometer forecast “is that the UK economy will shed at least 600,000 jobs in 2009,” he said. “Overall the 18-month period from the start of the recession in mid-2008 until the end of 2009 will witness the loss of around three quarters of a million jobs,” equal to the rise in jobs in the last three years, he added. “Assuming the economy bottoms out in the second half of 2009, job losses are likely to continue into 2010, in all probability taking the final toll of lost jobs to around one million.” Source: LatestNews-Home - Livemint.com | 29 Dec 2008 | 9:45 am OVL closes in on Imperial deal, may get shareholders’ nod soonLondon: ONGC Videsh, the overseas arm of the state-owned Oil and Natural Gas Corp, is close to securing the minimum threshold of shareholder acceptances for acquiring the UK-listed Imperial Energy, a report said on Monday. OVL can walkout of the estimated $1.9 billion deal to acquire Imperial, which has oilfields in Russia, if less than 90% of Imperial shareholders accept its offer of £12.50 a share by tomorrow afternoon (GMT). “Imperial has received a flurry of acceptances from shareholders in the past few days, in spite of the Christmas holiday, and expects to receive more today, the final full day of business available,” the Financial Times reported on its web site today. OVL is closing on the 90% level of acceptances, Financial Times said without saying where it got the information from. In India, OVL remained tight-lipped on the transaction, offering no comments on the number of shares tendered so far. There have been murmurs of ONGC looking at options to revise or withdraw the offer as returns have plummeted with the slide on crude oil prices. The offer was made at a time when the international price of crude was hovering around $128 a barrel. Crude has since then shaved-off two-third of those levels, resulting in a drastic fall in returns to 3-4% from 12.6% estimated keeping crude oil price at $100 per barrel. ONGC officers union has also opposed the deal saying Imperial had consistently failed to live-up the targeted crude oil production. Association of Scientific and Technical Officers said Imperial’s crude production was much lower than its claimed output of 12,000 barrels per day and is in no position to meet the targeted output of 25,000 bpd by 2008-end. “Quality of deal is also questionable as the local Russian company like Rosneft has refused to be partner in the deal at this (acquisition) cost),” ASTO said in a letter to ONGC chairman and managing director R S Sharma. The deal is the first attempt by ONGC to buy a London-listed company. When the Indian cabinet approved the proposal in August 2008, Imperial was producing oil around 7,000 bpd, targeting to increase the production to 25,000 bpd by end of 2008 and 80,000 bpd by end of 2011. The production is likely to go up to 130,000 bpd by end of 2015. Imperial had 920 million barrels of oil equivalent of 2P (proved plus probable) hydrocarbon reserves. D&M, an independent US reservoir firm had put the 3P (proved plus probable plus possible) reserves around 3.4 billion boe. 1P (proved) reserves have at least 90% probability while 2P and 3P reserves have at least 50% and 10% probability respectively. Sharma had recently reasoned the Imperial buy on the 3P reserves of 3.4 billion barrels of oil equivalent. OVL had estimated the overall acquisition cost of IEC around $3.26 per barrel. The operating cost was estimated in the rang of $6-7 per barrel on the field life basis. This is also more or less in tune with the operating cost estimated by D&M. However, the capital cost considered by OVL is about $7.1 per barrel which higher than $5.4 per barrel considered by D&M. Source: Home - Livemint.com | 29 Dec 2008 | 9:22 am Satyam promoters pledge stake, board meet on Jan 10Satyam has rescheduled its board meet to January 10, 2009. The board will consider additional strategic action. The IT major has appointed DSP Merrill Lynch as an outside advisor. The board on January 10 will consider measures to strengthen governance structure and consider increasing size and altering the board composition.Source: Moneycontrol Top Headlines | 29 Dec 2008 | 9:12 am LG unveils world’s first watch shaped cell video phoneSeoul: South Korea’s LG Electronics on Monday unveiled what it described as the world’s first watch-shaped mobile video phone. The “3G watch phone” model has a touch-screen dialling system with a camera and a speaker built in to enable users to make video calls over a high speed internet connection, LG Electronic said in a statement. It also recognises voices, transforms text to speech, has a bluetooth function and plays MP3 music. The product has a 3.63-centimetre (1.43-inch) screen and is 13.9 millimetres (0.56 inches) thick. It will be on display at the 2009 Consumer Electronics Show in Las Vegas from 8 to 11 January. It plans to launch the handset in European markets sometime next year, the company said. Source: Tech News - Livemint.com | 29 Dec 2008 | 9:10 am ICICI to cut rates as new year gift for customers: KamathNew Delhi: Housing, auto and personal loan customers of the country’s largest private lender ICICI Bank will get their new year gift in the form of a cut in interest rates, its CEO and Managing Director K V Kamath said on Monday. “We are looking at cutting interest rates very early in January for our housing and other loan customers,” Kamath said over telephone from Mumbai. “The lowering of interest rate would be in new year,” he said when asked if the bank was all set to give a new year gift to its customers. The extent of the rate cut is being calibrated and would be announced soon, he said when asked if the rate could be more than 100 basis points. ICICI had earlier this month reduced home loan rates for new customers by up to 1.5 percentage point. There are indications that the fresh cut in interest rates would benefit both existing and new customers. The Prime Lending Rate of the bank currently stands at 17.25%. The bank last revised the benchmark lending rate by effecting 75 basis points hike in August this year. SBI, the largest bank, has cut its prime lending rate by 75 basis points to 12.25% with effect from 1 January. Home loan major HDFC has also cut its prime lending rate by 50 basis points, while a number of other private and public sector lenders such as HDFC Bank, Punjab National Bank and Bank of Baroda have also announced rate cuts. Earlier in the day, two leading public sector lenders Punjab National Bank and Bank of Baroda said they would reduce their prime lending rates by 50 and 75 basis points respectively, with effect from 1 January. Besides, PNB also announced a reduction in its peak deposit rate by 100 basis points to 8.5% for deposits of one year to less than three years beginning 2009. Earlier this month, the bank had reduced its peak deposit rate to 9.50% from 10.5%. Separately, Bank of Baroda said: “The bank has decided to reduce its Prime Lending Rate by 75 basis points from existing 13.25% to 12.50% with effect from January one, 2009.” The PLR of PNB would stand reduced to 12%, from the existing 12.50%, effective from 1 January. PNB has also reduced interest rates on various retail lending schemes like floating rate housing loans, car and education loans by 50 bps. “The interest rates on fixed rate housing loans have been reduced by up to 175 bps with effect from January one,” the bank added. Further, the bank has introduced a housing loan scheme - PNB Special Housing Loan Scheme- for new accounts from January one, 2009 till 30 June, 2009. Under the fixed housing loan of up to Rs5 lakh for maximum period of 20 years, PNB would charge interest rate at 8.5%. Also fixed rate housing loans of above Rs5 lakh to Rs20 lakh for a maximum period up to 20 years would attract interest of up to 9.25%. “The interest rate will be subjected to reset on July one, 2014 for the scheme,” PNB added. State-owned lender Union Bank of India has also reduced its deposit rates and Canara Bank has cut its deposit as well as MSME lending rates. Source: Home - Livemint.com | 29 Dec 2008 | 9:07 am New Year bashes off, but travel agents optimisticNew Year celebrations are not looking as bad as presumed, after all. While the number of ostentatious parties might be less this year, nothing is stopping people from holidaying in near and far locations in the country as they welcome 2009.Source: Moneycontrol Top Headlines | 29 Dec 2008 | 8:39 am PNB cuts PLR by 50 bps, sees rise in loan growthMUMBAI (Reuters) - State-run Punjab National Bank has cut its prime lending rate by 50 basis points to 12 percent and expects loan growth to rise 28-29 percent in 2008/09 as rates ease, its chief told a news conference on Monday.Source: Reuters: Money News | 29 Dec 2008 | 8:39 am Economy will bounce back faster, says JhunjhunwalaThe Indian economy will bounce back much faster and more vigorously than most people anticipate. This will be driven by swift upswing in domestic demand, according to Mr Rakesh Jhunjhunwala, equity and investment guru.Source: Moneycontrol Top Headlines | 29 Dec 2008 | 8:37 am How one family's mortgage is linked to meltdownHAMPTON BAYS, New York (Reuters) - Cynthia Goldrick's daughter is in and out of the hospital for brain surgery, her mother has Stage 4 lung cancer and her father has moved into a home for the elderly.Source: Reuters: Money News | 29 Dec 2008 | 8:26 am Indian markets may take time to settle, Merrill's Kothari saysMUMBAI (Reuters) - India's stock market will take time to recover from the current state and next two to three years would be difficult to predict, a top official at DSP Merrill Lynch said.Source: Reuters: Money News | 29 Dec 2008 | 8:23 am Hyundai India says to export 120,000 i20 units in 09NEW DELHI (Reuters) - South Korean car maker Hyundai Motor Co's India unit expects to export 120,000 units of new i20 models in calendar 2009, its managing director H.S. Lheem said at a news conference on Monday.Source: Reuters: Money News | 29 Dec 2008 | 7:44 am PNB, Bank of Baroda cut interest rates up to 100 bpsMumbai: Two leading public sector lenders Punjab National Bank (PNB) and Bank of Baroda today said they will reduce their prime lending rate by 50 and 75 basis points, respectively with effect from 1 January. Besides, PNB also announced a reduction in its peak deposit rate by 100 basis points to 8.5% for deposits of one year to less than three years beginning new year, the state-run lender said in a filing to the Bombay Stock Exchange (BSE). Earlier this month, the bank had reduced its peak deposit rate to 9.5% from 10.5%. In a separate regulatory filing to the BSE, Bank of Baroda said “The bank has decided to reduce its Benchmark Prime Lending Rate (BPLR) by 75 basis points from existing 13.25% to 12.50% with effect from 1 January, 2009.” The BPLR of PNB would stand reduced to 12%, from the existing 12.5%, effective from 1 January. With the revision, PNB’s deposits having maturities of 46 days and above will attract an interest rate of 1.25% from the earlier 1.5%, the filing said. Besides, the country’s second largest private sector lender has also reduced interest rates on various retail lending schemes such as floating rate housing loans, car and education loans by 50 bps. “The interest rates on fixed rate housing loans have been reduced by up to 175 basis points with effect from 1 January,” PNB added. Further, the bank has introduced a housing loan scheme — PNB Special Housing Loan Scheme — for new accounts from 1 January, 2009, till 30 June, 2009. Under the fixed housing loan of up to Rs5 lakhs for maximum period of 20 years, PNB would charge interest rate at 8.5%. Also fixed rate housing loans of above Rs5 lakhs to Rs20 lakhs for a maximum period of up to 20 years would attract interest of up to 9.25%. “The interest rate will be subjected to reset on 1 July, 2014, for the scheme,” PNB added. The rate cut came shortly after country’s largest lender State Bank of India announced a 0.75 percentage point cut in its prime lending rate and a 0.25-1 percentage point reduction in deposit rates from 1 January. Also other leading state-owned lender Union Bank of India reduced its deposit rates and Canara Bank announced reductions in their deposit and MSME lending rates. Shares of PNB were trading at Rs498.65, down 1.69% and Bank of Baroda shares were down 2.1% at Rs262.90 on BSE. Source: Home - Livemint.com | 29 Dec 2008 | 6:59 am Farooq Abdullah recommends Omar for CMSrinagar: Clearing all confusion, National Conference patron Farooq Abdullah on Monday said that he would recommend to his party that his son Omar Abdullah should be the new Chief Minister of Jammu and Kashmir. “The time has now come. I will recommend to the party that it should consider Omar Abdullah for the Chief Minister’s post. I thought over the issue during the night,” he said with Omar by his side. Now the state should have a younger Chief Minister because there are a lot of things to do, the 72-year-old leader said. His remarks assume significance in the wake of his statement on Sunday night that he would like to be the Chief Minister which created confusion. Omar, 38-year-old , on his part, said he will be guided by his father. Omar further said informal contacts have been established with the Congress and that he would now go to Delhi and talk to Congress leaders in seeking their help to form a government. “A decision has been taken that my name will be put forward at the Legislature Party meeting of National Conference for the post of Chief Minister,“ Omar told reporters after emerging from his father’s residence. He, however, said this decision was only of the NC which will have to be ratified by the new alliance partners as well. “Formally, no talks have been held on formation of an alliance (with Congress). The results have just come out yesterday,” Omar said. He said there should be no difficulty in talking to Congress and seeking their support. Farooq, on his part, said he was looking at the situation and felt that the state needed a younger Chief Minister. The veteran NC leader said he would concentrate on national politics and also help strengthen the party. “We have lost some ground. The party needs a regrouping and realignment. I would devote more time to the party and to party work,” Farooq said. Omar said the senior Abdullah will visit Delhi on Monday to formally begin talks on formation of an alliance. NC bagged 28 seats in the 87-member J-K assembly with Congress notching up 17. “If weather permits, Farooq sahib will fly to Delhi to start formal talks about formation of an alliance,“ he said. Asked about the future course of action as far as formation of Government is concerned, Omar said “all the parties will now sit down and decide on their strategies. “It can be done only after we have finalised our alliance partners.” Source: Home - Livemint.com | 29 Dec 2008 | 6:39 am When to buy? When to sell? When to divorce?BEIJING (Reuters) - Fears of a prolonged recession in China have triggered a sharp increase in divorce inquiries addressed to lawyers and financial advisers, state media reported on Monday, with timing a key issue.Source: Reuters: Money News | 29 Dec 2008 | 6:05 am Unitech units get telco spectrum in 4 circlesMUMBAI (Reuters) - Indian real estate firm Unitech Ltd said on Monday its telecom subsidiaries had got wireless radio waves in four more service areas, taking the total to 20 where it holds spectrum.Source: Reuters: Money News | 29 Dec 2008 | 5:15 am Rupee drops as shares fall, outflow concernsMumbai: The Indian rupee weakened on Monday as early losses in the domestic equity market fueled concerns about capital outflows, but broad dollar weakness may help avert a sharp slide in the currency. At 10:02am, the partially convertible rupee was at Rs48.55/56 per dollar, off a high of Rs48.24, and weaker than Friday’s close of Rs48.44/45. Dealers said they were watching the stock market for cues on fund flows. Indian shares fell nearly 1% in line with weak Asian markets and on fears of poor quarterly earnings. Foreign funds have withdrawn more than $13 billion from Indian shares so far in 2008 after buying a record $17.4 billion last year. “All cross currencies have strengthened against the dollar. Today’s range may be Rs48.20 to Rs48.80 as it is the year end, there are no other specific clues,” said V.Kumar, chief dealer at State Bank of Travancore. The dollar fell broadly, especially against the Swiss franc, which rose on safe-haven buying after Israel launched air strikes on the Gaza strip for a second straight day on Sunday, traders said. A rise in oil prices would also put some pressure on the local unit due to month-end demand for the US unit from refiners, dealers said. Oil prices rose as much as $2 to nearly $40 a barrel after weekend violence flared between Israel and Hamas, reminding traders of the geopolitical risk to crude supplies from the Middle East. Source: Home - Livemint.com | 29 Dec 2008 | 5:02 am Asia stocks slip, SKorean won hits 2-month highHong Kong: The South Korean won struck a two-month peak on Monday as a slow recovery in investor appetite for risk boosted some Asian currencies, while oil and gold prices surged on the flare-up of violence in the Middle East. The dollar took a hit from the jump in oil and gold prices as the conflict between Israel and Hamas in the Gaza Strip stirred worries about energy supply disruptions and prompted a shift of funds into traditional safe-havens. Asian stocks dipped for a second straight day, with bank and financial shares weaker and energy-sensitive shares such as airlines falling on the oil rebound. Trading activity was limited before New Year’s holidays. Government bonds rose as investors see economies struggling through next year and after central banks have chopped interest rates aggressively, with the 30-year Japanese government bond yield hitting a five-year low of 1.775%. Investors are grappling with a reality of a sharp global slowdon and a huge hit to corporate earnings results next year, but also the prospect of big government spending in 2009 to revive growth. Many portfolio managers remain cautious even as this year’s sell-off that has halved the value of Asian stocks, awaiting more clarity on just how severe the blow to companies is going to be. “Rather than seeing a rebound on value, we want to see companies that can deliver growth in an environment that we have got,” said Steven Robinson, a fund manager with Alleron Investment Management in Sydney. The MSCI index of Asia-Pacific stocks outside Japan dipped 0.2%, with this year’s losses totalling 55% - by far the biggest yearly slide since the index began in 1988. In Japan, the Nikkei average dropped 0.8% on the last full trading day of the year, pulling back from a six-week closing high reached on Friday. But Japanese non-life insurers jumped on news that Mitsui Sumitomo Insurance Group Holdings was in talks to merge with counterparts. The dollar fell across the board, suffering its biggest losses against the safe-haven Swiss franc after Israeli warplanes pounded the Hamas-ruled Gaza Strip for a third consecutive day and prepared for a possible invasion after killing more than 300 Palestinians. The dollar shed 0.8% to 1.0595 francs, while the euro climbed 0.6% to $1.4145. The euro stuck an all-time peak against the British pound at 96.315 pence, taking its closer to parity as euro zone rates are poised to stay above those in the United Kingdom. As the US currency retreated, gold prices jumped $15.60 an ounce, or nearly 2%, to $882.30 and hit an 11-week peak. US crude oil was up $1.55 a barrel to $39.26, helping life shares of companies like Japan’s Inpex Holdings. Despite the heightened caution and woes for other emerging market countries, Asian currencies gained on the day. The South Korean won - the most battered regional currency in the financial crisis - climbed about 1% to 1,285.8 against the dollar and hit a peak of 1,269.9. Source: Home - Livemint.com | 29 Dec 2008 | 4:29 am New Year bashes off, but travel agents optimisticMumbai, Dec. 28 New Year celebrations are not looking as bad as presumed, after all. While the number of ostentatious parties might be less this year, nothing is stopping people from holidaying in near and far locations in the country as theySource: Business Line - Home Page | 29 Dec 2008 | 12:00 am Jain Irrigation Systems (Rs 347.90): BuyWe recommend a buy in Jain Irrigation Systems from a short-term trading perspective. It is apparent from the charts of the stock that it was on an intermediate-term downtrend between early August and early December from Rs 594 to Rs 229.Source: Business Line - Home Page | 29 Dec 2008 | 12:00 am For now, bull and bear will be driven by domestic playersSlowdown is rearing its head with all its ugly stickiness on the equities horizon. The market has been trying to price in negatives to form a long-term outlook for 2009 and 2010. The third quarter results would tell how efficiently Dalal StreetSource: Business Line - Home Page | 29 Dec 2008 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 29 Dec 2008 | 12:00 am Ministry to speed up work on Marine Emergency FundMumbai, Dec. 28 The Ministry of Shipping is planning to speed up its efforts to create a Marine Emergency Fund to be used for relief operations in the aftermath of marine casualties, including loss of ships and oil spills in the IndianSource: Business Line - Home Page | 29 Dec 2008 | 12:00 am Kingfisher to slash fares from Jan 1New Delhi, Dec. 28 Domestic flying could become cheaper in the New Year. On Sunday Kingfisher Airlines announced that it will “slash prices” on its route network in the New Year. The airline, as in the past, however, did not specifySource: Business Line - Home Page | 29 Dec 2008 | 12:00 am Satyam mulls dilution of promoters’ stakeHyderabad, Dec. 28 With pressure mounting on the management to take more action than just considering a share buyback, Satyam Computer Services has said that it is weighing options of diluting promoters’ stake.Source: Business Line - Home Page | 29 Dec 2008 | 12:00 am Will $ be revalued?The cut in the interest rates by the US Fed have been so sharp in the last few months that there can be no further cut. Despite the measures to prop up the US economy, signals are not encouraging.Source: Business Line - Home Page | 29 Dec 2008 | 12:00 am Comex gold to consolidate, riseGold futures ended sharply higher on Friday helped by a weakening dollar as the US economic readings worsened and boosted the appeal for precious metals. The outlook for 2009 looks quite positive for gold. Once the monetary easing comes to anSource: Business Line - Home Page | 29 Dec 2008 | 12:00 am Staff wages, directors’ pay move in sync with co profitsChennai, Dec. 28 Mercator Lines, a shipping company, has seen its profits grow from a modest figure of around Rs 5.5 crore in 2002-03 to a sum in excess of Rs 165 crore in 2007-08. That is almost a doubling of profits every year on a compoundedSource: Business Line - Home Page | 29 Dec 2008 | 12:00 am 23 brokers opt to exit BSE derivatives business since OctThe October 2008 landslide in stock prices, which caused a nearly 90 per cent drop in Indias equity derivatives business, has dealt a severe blow to Asias oldest bourse, the Bombay StockSource: Business Standard | Front Page Headlines | 28 Dec 2008 | 7:29 pm Disclosures on subsidiary performance a black hole for firmsReliance Life Insurance is among the top four private sector life insurance companies in the country.Source: Business Standard | Front Page Headlines | 28 Dec 2008 | 7:27 pm Aamir Khan sets cash-registers ringing with GhajiniAfter Shah Rukh Khans successful run with Rab Ne Bana Di Jodi, its Aamir Khan who is bringing in all the earnings for Bollywood this year with Ghajini raking in Rs 40 crore in the firstSource: Business Standard | Front Page Headlines | 28 Dec 2008 | 6:32 pm Agents look for jobs as banks cut back on retail loansAt the start of 2008, Manoj Singh headed Tranzact Consolidated India, among the largest direct sales agents (DSA) in Mumbai with about 200 employees.Source: Business Standard | Front Page Headlines | 28 Dec 2008 | 6:31 pm
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