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IIFCL to raise Rs 10K cr in FY09; can raise addl Rs 30K crThe government has announced the second stimulus package. As part of the package, India Infrastructure Finance Company has been allowed to raise a further Rs 30,000 crore via taxfree bonds. SS Kohli, CMD, IIFCL, said the company will raise Rs 10,000 crore this fiscal.Source: Moneycontrol Top Headlines | 2 Jan 2009 | 6:00 pm Motherson Sumi buys Visicorp\'s global rear view mirror bizMotherson Sumi has acquired the global rear view mirror business of Visicorp. Pankaj Mittal, its COO, said the acquisition is for the global rear view mirror business of Visicorp, which had a revenue in excess of 700 million euros, with a normalized EBITDA of about 48 million euros in 2007.Source: Moneycontrol Top Headlines | 2 Jan 2009 | 4:34 pm TVS, Hero Honda most insulated from auto slowdownThe twowheeler numbers are dismal but they are in line with expectations. CNBCTV18\'s Shonia Shenoy reports on companies which are insulated the most and those that are least insulated from the slump in demand.Source: Moneycontrol Top Headlines | 2 Jan 2009 | 3:38 pm Tata Motors Dec sales almost halve on yearMUMBAI (Reuters) - Sales by India's largest vehicle maker, Tata Motors Ltd, plummeted in December as tight credit in a traditionally weak month and a slowing economy trimmed demand.Source: Reuters: Money News | 2 Jan 2009 | 2:14 pm India slashes rates, lures funds to aid growthMUMBAI/NEW DELHI (Reuters) - India slashed its main interest rates by 1 percentage point on Friday, its fourth cut in four months, and tried to draw more funds into the country to boost growth as it warned of a tough year ahead.Source: Reuters: Money News | 2 Jan 2009 | 2:12 pm Kingfisher slashes air fares between 21 to 65%By PTI Bangalore: Kingfisher Airlines said it had slashed air fares between 21-65% on various routes across its network with effect from 1 January. “This is consistent with Kingfisher Airlines’ mission to aggressively pursue increase in market share and to deliver India’s only five star experience at highly competitive fares”, a Kingfisher press statement said today. The airlines will also offer significant discounts to its traditional corporate customer base, it said. Its frequent flier programme, King Club, will now offer incentives and rewards including free overseas travel on its new launched international routes. “The declining prices of ATF facilitate such consumer-benefitting initiatives that will also stimulate the industry”, CEO and chairman of the airlines, Vijay Mallya said in the statement. “We will aggressively pursue sales and share and this will help sustain increased load factors in the shoulder season between February and April”, he said. Source: LatestNews-Home - Livemint.com | 2 Jan 2009 | 2:04 pm More delay in 3G auction likelyThe auction of third generation (3G) mobile services, which are slated to take place according to the revised time schedule, may be further delayed as the industry still is not ready.Source: IndiaeNews.com: Business News | 2 Jan 2009 | 2:03 pm Mixed reaction from industry to stimulus packageThe second stimulus package unveiled Friday is in the right direction but falls short of expectations that it would be around Rs.1 trillion, as against the Rs.200 billion (Rs.20,000 crore) announced, a leading industry lobby said.Source: IndiaeNews.com: Business News | 2 Jan 2009 | 2:02 pm Fiscal stimulus, rate cuts to spur Indian economyThe Indian government and the central bank moved in tandem Friday with a slew of measures to cushion the impact of the global slowdown on the Indian economy, lowering the cost of funds for commercial banks and infusing further liquidity into the financial system.Source: IndiaeNews.com: Business News | 2 Jan 2009 | 2:01 pm Life Insurance Corp surges ahead, private players stagnateState-owned Life Insurance Corp (LIC) increased its new business income by Rs.5.63 billion in November over the previous month, but the 20-member private sector club stagnated, data released by the sectoral watchdog Friday showed.Source: IndiaeNews.com: Business News | 2 Jan 2009 | 2:01 pm PM announces ex-gratia for Assam blast victimsNew Delhi: Prime Minister Manmohan Singh Friday announced an ex-gratia of Rs200,000 each to the next of kin of those killed in the serial bomb blasts at Guwahati in Assam. An amount of Rs100,000 each would be given to those seriously injured in Thursday’s blasts, the prime minister’s media adviser said in a statement. The assistance would be given from the Prime Minister’s National Relief Fund. Expressing grief over the loss of lives in the blasts, the prime minister said Thursday the government would root out terrorism taking the recent anti-terror measures to their logical conclusion. “The government will stay steadfast in its determination to root out terrorism and that the measures initiated recently in this direction will be taken to their logical conclusion,” he said. Source: LatestNews-Home - Livemint.com | 2 Jan 2009 | 2:01 pm Jet Airways slashes international fares by 25% - Economic Times
Source: Google News India - Business | 2 Jan 2009 | 2:00 pm RBI infuses Rs20,000 crore via CRR cut, slashes key rates by 1%Mumbai: Encouraged by declining price line, the Reserve Bank today announced steps to inject an additional Rs20,000 crore into the system, a move that would pave the way for further cut in interest rates and more funds for credit disbursal.  News on your mobile, log on to m.livemint.com The apex bank has cut CRR by 50 basis points to 5%, short-term lending (repo) rate by 100 basis points to 5.5% with immediate effect and short-term borrowing (reverse repo) rate by similar percentage points at 4%. The cut in CRR would lead to infusion of Rs20,000 crore into the system over and above Rs3,00,000 crore injected since October 2008. The central bank had last cut the key benchmark rates by 100 basis points on December 6. Today’s announcement comes 25 days ahead of the third quarterly review of credit policy scheduled for January 27. All the steps taken by RBI would lead to further reduction in the interest rates by the banks. SBI Chairman O P Bhatt said, “...we will definitely review our rates, both on the lending side as well as the deposit side in our Assets and Liability Committee, and as we have done in the past...” Interest rate would definitely go down, Punjab National Bank Chairman and Managing Director K C Chakrabarty told PTI. The bank would review the situation as rates were cut yesterday only, he said. The reduction in policy interest rates and the CRR is widely expected to bring down interest rates, particularly home, auto, consumer and corporate loans, analysts felt. The top five public sector banks have reduced their PLRs from a range of 13.75-14% as on October 1, 2008 to a range of 12-12.50% at present, RBI said. Yesterday, several public sector banks including the largest lender SBI had reduced their prime lending rates. SBI slashed PLR by 75 basis points to 12.25%, applicable to all existing and new floating rate loans, including housing ones. Besides, it also effected a 0.25-1% reduction in its deposit rates across various maturities. Explaining the rationale for rate cut, RBI said on review of the current domestic and macro economic situations, it was decided to take these monitory stimulus, which would enable banks to provide credit for productive purposes at appropriate interest rates. “Besides, RBI on its part will continue to maintain a comfortable liquidity position in the system,” it added. The central bank, however, noted that there were evidence of slowing down of economic activity, adding that the business confidence had been dented significantly and there were clear signs of declaration in demand. Asserting that global financial situation continued to be uncertain, RBI said Indian financial sector remained resilient in the face of global turmoil that was so deep and pervasive. The fundamentals of the Indian economy continued to be strong, RBI said, adding, “Once the crisis is behind us and calm and confidence is restored in the global market, economic activity in India would recover sharply. But a period of painful adjustment is inevitable.” Acknowledging that inflationary pressure had come down significantly, RBI said inflation had come down from the high of 12.91% in August last year to 6.38% as on December 20. Source: Home - Livemint.com | 2 Jan 2009 | 1:57 pm Dramatic recovery in the rupee, ends up by 18 paise vs dollar - Hindu
Source: Google News India - Business | 2 Jan 2009 | 1:56 pm Regulator eases solvency norms for life insurers - Economic Times
Source: Google News India - Business | 2 Jan 2009 | 1:56 pm Allahabad Bank to cut lending rate to 12.50 pctMUMBAI (Reuters) - Allahabad Bank will reduce its benchmark prime lending rate by 75 basis points to 12.50 percent effective Jan. 5, it said in a statement to the stock exchange on Friday.Source: Reuters: Money News | 2 Jan 2009 | 1:46 pm Lankan troops storm Tamil Tigers den, take KilinochchiColombo: The LTTE Friday suffered a severe blow when its de-facto capital Kilinochchi fell to the Sri Lankan Army, the second major military setback in a decade for the Tamil Tigers. Government forces captured the Tigers’ political capital in northern Sri Lanka, a few years after the rebels lost crucial Jaffna, the administrative and political headquarters, in their quarter-century old campaign for separate Tamil Eelam in the island nation. Shortly after President Mahinda Rajapakse claimed “unparallelled” victory for the entire nation, a man believed to be the suicide bomber of the LTTE, detonated explosives outside the Air Force headquarters here killing two people. There was no reaction from the LTTE over the government claim of the capture of Kilinochchi, strategically not considered a big target but has a symbolic value as de-facto centre of Tigers in the Wanni jungles near the headquarters of Sea Tigers. There was also no word on the whereabouts of LTTE chief Velupillai Prabhakaran, whose morale may take a beating over today’s loss. Across Colombo there were celebrations by people who lit fire crackers and danced with Sri Lankan flags as news of the military victory spread. The army also hoisted its flag in various installations in Kilinochchi marking its victory after 10 years when LTTE had reclaimed from the Army. Source: LatestNews-Home - Livemint.com | 2 Jan 2009 | 1:41 pm Shareholders reject Gujarat Alkalies profit payment moveInvestors have rejected Gujarat Alkalies\' plans to pay 30% pretax profits to various organizations for development. Gujarat Alkalies is the largest soda ash maker in India. Shareholders of the company defeated charity contribution resolution. Meanwhile, the management is not available for comment.Source: Moneycontrol Top Headlines | 2 Jan 2009 | 1:33 pm Delhi to host international congress on agricultureBy PTI Lucknow: A four-day international congress on conservation of agricultural resources and their use in fighting poverty and hunger will be held in New Delhi in February. “More than 1,000 delegates from across the world are expected to participate in the fourth World Congress on Conservation Agriculture to be held in the capital next month,” deputy director General of ICAR (horticulture) HP Singh told reporters today. “The policy advisers, corporate leaders and non-governmental organisations from different parts of the world will gather to share the knowledge to conserve agricultural resources for fighting global food crisis and alleviating poverty,” he said. He added that the role of conservation agriculture is well recognised by most of the developed countries and a number of developing countries. “Today the world is facing three crisis of fuel, food and finance that have adversely affected the agriculture,” director of National Centre for Agricultural Economics, Policy and Research, PN Joshi said. The event is being jointly organised by the Indian Council of Agricultural Research and National Academy of Agricultural Sciences. Earlier, this seminar was held in Spain, Brazil and Kenya. Source: LatestNews-Home - Livemint.com | 2 Jan 2009 | 1:27 pm RBI move to help bring down interest rates: Bankers - Moneycontrol.com
Source: Google News India - Business | 2 Jan 2009 | 1:26 pm BSE Sensex climbs 0.6 pctBANGALORE (Reuters) – The BSE Sensex rose 0.6 percent to its highest close in two weeks on Friday as investors awaited a government incentive package and rate cuts to prop up sagging economic growth.Source: Reuters: Money News | 2 Jan 2009 | 1:23 pm Sensex off from the day's high, still ends 55 pts upAlthough the benchmark Sensex crossed the 10,000 level after two weeks in late afternoon deals, heavy selling at the fag end trimmed a major part of its gains.Source: Daily News & Analysis: Money News | 2 Jan 2009 | 1:23 pm Sensex off from the day's high, still ends 55 pts upAlthough the benchmark Sensex crossed the 10,000 level after two weeks in late afternoon deals, heavy selling at the fag end trimmed a major part of its gains.Source: Daily News & Analysis: Money News | 2 Jan 2009 | 1:23 pm Credit offtake to pickup by JanMarch: SBIOP Bhatt, Chairman of the State Bank of India, said that the credit offtake was flat during the December quarter, and that it may pick up during JanuaryMarch.Source: Moneycontrol Top Headlines | 2 Jan 2009 | 1:22 pm FDI policy for cigarettes in for reviewNew Delhi: The government is reviewing foreign direct investment policy for cigarettes, which has come under the lens of the Health Ministry seeking a ban on foreign investment in tobacco products. The Department of Industrial Policy and Promotion has started the process of inter-ministerial consultations for change in the FDI policy for cigarettes. “FDI policy for cigarettes is in the process of review through inter-ministerial consultations,” an official said. Currently, 100% FDI is permitted subject to companies manufacturing cigars and cigarettes of tobacco and manufactured tobacco substitutes. However, an industrial licence is required under the Industries (Development and Regulation) Act, 1951. The proposals also need approval from the Foreign Investment Promotion Board (FIPB). Pending the policy review, the government has deferred the proposal from the Japan Tobacco International Ltd (JTIL), makers of popular Camel and Winston cigarette brands, to raise its stake in its Indian arm. JTIL had globally acquired R J Reynolds which had a 50:50 joint venture with Modis-controlled Godfrey Phillips. Health Minister Anbumani Ramdoss has been running a public campaign against smoking, banning it at public places. The ministry is opposed to promotion of tobacco products through foreign investment. The issue also came up in parliament recently, when it was questioned in why public institutions like LIC has invested money in tobacco companies such as ITC, to which the government replied such investments are of financial nature. Source: LatestNews-Home - Livemint.com | 2 Jan 2009 | 1:21 pm The Weekly Recap: 29th Dec-2nd Jan2008 refused to go away quietly. Sri Lankan troupes enter Kilinochchi- the Tamil Tiger rebels headquarters on Friday in what is being called a bitter blow to the LTTE or Liberation Tigers of Tamil Eelam. The military operation to take the separatist stronghold started in September in which thousands men have lost their lives on either side.  The National Conference and Congress formed a new coalition government in J&K after a record turnout for Assembly polls. Omar Abdullah would be taking oath as the chief minister of Jammu and Kashmir on 5th January. The thirty-eight-year-old Omar will become the state’s youngest chief minister. In a move to ease the liquidity pressure the Reserve Bank on Friday cut Cash Reserve Ratio by 0.50 percentage point to five per cent. It also cut repo and reverse repo by 100 basis points each to 5.5% and 4%, respectively. The government eased foreign borrowing rules for firms in the infrastructure and real estate sectors, and raised the foreign investment limit in corporate bonds to 15 billion dollars in its second fiscal stimulus package. This would take place over the next two years to ensure the banking system does not suffer from capital adequacy constraints. And Hyundai’s premium hatchback - i20 comes to India with as many as six airbags for that extra safety. Source: LatestNews-Home - Livemint.com | 2 Jan 2009 | 1:17 pm Wipro develops integrated police information systemBangalore: Wipro Infotech,a leading provider of IT and business transformation services, today announced that it has developed an integrated police Information system. This end-to-end online application software developed by Wipro covers all important activities related to day-to-day functioning of police departments, including the back-end administrative processes of General Administration, finance and stores. The processes have been automated to ease the tasks of administration and record keeping, thereby bringing in operational efficiency throughout the police department. Currently the application is in a pilot stage. Speaking about the Police Information System, Ranbir Singh, General Manager, Government and Defence,Wipro Infotech, the India and Middle East business arm of Wipro Ltd, said “To combat high crime rates more effectively, Wipro sees a huge role for Information Technology”. “This is a path breaking application and will bring in a lot of efficiency and agility in functioning between various units of the police department through real time information sharing, thereby resulting in better service to the citizens”, he said in a statement today. The application has been developed on a flexible software oriented architecture that allows it to be used in a centralised deployment mode, as well as a de-centralised deployment mode. This architecture enables each police station function independently and at the same time allows for data to flow to the divisional and Headquater levels at regular intervals, thereby achieving the benefits of a centralised system, it said. The application also has a citizen interface through which complaints can be raised and the status of an already lodged FIR can be tracked.The user interface can display content both in English and the local language. The application has several operational modules which will maintain records within police stations and other police bodies pertaining to various activities of the police in areas like crime, law and order, wireless, traffic, intelligence and counter intelligence. Each module has the search function to retrieve relevant data. A standard based information exchange gateway will make available the required crime and criminal information for access by other states. The information exchange will also retrieve the required information from other states, enabling a seamless sharing of crime and criminal information across the country, the release said. Source: LatestNews-Home - Livemint.com | 2 Jan 2009 | 1:07 pm Wipro develops integrated police information systemBangalore: Wipro Infotech,a leading provider of IT and business transformation services, today announced that it has developed an integrated police Information system. This end-to-end online application software developed by Wipro covers all important activities related to day-to-day functioning of police departments, including the back-end administrative processes of General Administration, finance and stores. The processes have been automated to ease the tasks of administration and record keeping, thereby bringing in operational efficiency throughout the police department. Currently the application is in a pilot stage. Speaking about the Police Information System, Ranbir Singh, General Manager, Government and Defence,Wipro Infotech, the India and Middle East business arm of Wipro Ltd, said “To combat high crime rates more effectively, Wipro sees a huge role for Information Technology”. “This is a path breaking application and will bring in a lot of efficiency and agility in functioning between various units of the police department through real time information sharing, thereby resulting in better service to the citizens”, he said in a statement today. The application has been developed on a flexible software oriented architecture that allows it to be used in a centralised deployment mode, as well as a de-centralised deployment mode. This architecture enables each police station function independently and at the same time allows for data to flow to the divisional and Headquater levels at regular intervals, thereby achieving the benefits of a centralised system, it said. The application also has a citizen interface through which complaints can be raised and the status of an already lodged FIR can be tracked.The user interface can display content both in English and the local language. The application has several operational modules which will maintain records within police stations and other police bodies pertaining to various activities of the police in areas like crime, law and order, wireless, traffic, intelligence and counter intelligence. Each module has the search function to retrieve relevant data. A standard based information exchange gateway will make available the required crime and criminal information for access by other states. The information exchange will also retrieve the required information from other states, enabling a seamless sharing of crime and criminal information across the country, the release said. Source: Tech News - Livemint.com | 2 Jan 2009 | 1:07 pm India's revenue loss due to stimulus at $8.2 blnNEW DELHI (Reuters) - The revenue loss for the Indian government due to stimulus measures announced so far is estimated at 400 billion rupees ($8.2 billion), Finance Secretary Arun Ramanathan said on Friday.Source: Reuters: Money News | 2 Jan 2009 | 1:06 pm Govt unveils its second stimulus for slowing economyNEW DELHI (Reuters) - The government on Friday said it would ease foreign borrowing rules for firms in the infrastructure and real estate sectors, and raised the foreign investment limit in corporate bonds to $15 billion.Source: Reuters: Money News | 2 Jan 2009 | 1:01 pm Tribals stage protest against Tata Steel project in OrissaThousands of tribals Friday staged a demonstration against a proposed Tata Steel plant in Orissa's Jajpur district, while about 200 people supporting the project took out a counter-rally.Source: IndiaeNews.com: Business News | 2 Jan 2009 | 1:00 pm IT-BPOs for joint probe into Satyam caseFearing the backlash against Indian IT companies, an IT-BPO union said that the industry body Nasscom should launch a joint inquiry with the World Bank into Satyam.Source: Daily News & Analysis: Money News | 2 Jan 2009 | 12:53 pm Microsoft may cut 15,000 jobs this month: reportThe world's top software firm, Microsoft, is planning a massive reduction in its workforce where up to 15,000 jobs may be axed this month, says a media report.Source: Daily News & Analysis: Money News | 2 Jan 2009 | 12:51 pm Next fiscal "very difficult", says AhluwaliaNEW DELHI (Reuters) - All indications for the next fiscal year pointed to a "very difficult year" globally, a top India planner said on Friday, and the government would take more steps to shore up the Indian economy.Source: Reuters: Money News | 2 Jan 2009 | 12:50 pm Second stimulus: Govt to recapitalise PSU banks - Economic Times
Source: Google News India - Business | 2 Jan 2009 | 12:43 pm Ranbaxy may lose up to Rs300 cr due to Imitrex delay: AnalystsNew Delhi: Drug major Ranbaxy Laboratories could suffer a potential revenue loss to the tune of Rs300 crore due to delay in receiving approval from the US Food and Drug Administration (FDA) for generic version of GSK’s anti-migraine medicine Imitrex, according to analysts. “Ranbaxy is likely to suffer a potential revenue loss of up to Rs300 crore as it has not been able to meet the deadline of the fourth quarter for launching Imitrex in the US market,” Angel Broking Pharma Anal Sarvajeet Kaur said. Ranbaxy in January last year had said that it expected to launch in December 2008 the 25 mg, 50 mg and 100 mg strengths of generic Imitrex in the US with an exclusivity period of 180 days after settling a patent litigation with GlaxoSmithKline (GSK). However, it has not been able to launch the drug due to delay in getting approval from the USFDA. Industry estimates put Imitrex total annual sales at around one billion dollars. “Since, Ranbaxy has not been able to launch the drug in US and patent for the drug is also going to expire in February 2009, the company may have to suffer a potential revenue loss of Rs240-250 crore in the current year,” Prabhudas Liladhar Research Head (Pharma) Ranjit Kapadia said. When contacted a Ranbaxy spokesperson said, “The company is waiting for USFDA approval for launching the drug in the US.” The spokesperson, however, declined to give any other detail. In September last year, the USFDA has imposed an import ban on 30 drugs manufactured at two of its plants located in Dewas, Madhya Pradesh and Poanta Sahib in Himachal Pradesh. However, according to the company sources, Imitrex is not in the list of banned drugs and neither the drug is produced in these manufacturing units. Source: LatestNews-Home - Livemint.com | 2 Jan 2009 | 12:40 pm Ranbaxy may lose Rs 300cr due to Imitrex delay: Analysts - Times of India
Source: Google News India - Business | 2 Jan 2009 | 12:36 pm Tata Motors December sales dip 47% - Business Standard
Source: Google News India - Business | 2 Jan 2009 | 12:33 pm Suicide bomber strikes Sri Lankan capitalColombo: Sri Lankan authorities say a suicide bomber riding a motorcycle detonated explosives outside the nation’s air force headquarters in the heart of Colombo. Military spokesman Brig. Udaya Nanayakkara says the blast went off Friday evening about an hour after President Mahinda Rajapaksa announced the capture of the rebels’ de facto capital. Dr. Prasad Ariyawansa at the Colombo National Hospital says 30 people were admitted with blast injuries. Two deaths were reported. The Tamil Tigers have been blamed for scores of suicide bombings in Sri Lanka’s 25-year-old civil war. Source: LatestNews-Home - Livemint.com | 2 Jan 2009 | 12:31 pm Kochi shipyard converts fishing vessel to seismic survey shipCochin Shipyard Ltd (CSL), India's largest ship building yard, has successfully converted a Singaporean fishing vessel into a seismic survey vessel, the company said here Friday.Source: IndiaeNews.com: Business News | 2 Jan 2009 | 12:30 pm India unveils second fiscal package to spur growthThe Indian government Friday announced its much-awaited second fiscal stimulus package with sector-specific steps to counter the impact of global slowdown on the country's economy, including the doubling of cap on foreign funds to invest in bond markets.Source: IndiaeNews.com: Business News | 2 Jan 2009 | 12:30 pm Regulator eases solvency norms for life insurersIndia's insurance watchdog Friday offered life insurers, and more particularly the private life insurers, a mega New Year gift by easing solvency norms for the third time in recent days.Source: IndiaeNews.com: Business News | 2 Jan 2009 | 12:30 pm Motherson Sumi buys Visicorp's global rear view mirror biz - Moneycontrol.com
Source: Google News India - Business | 2 Jan 2009 | 12:29 pm Factories slash output, jobs around worldBEIJING (Reuters) - Factories in China and India joined much of Europe in slashing output and jobs at a record pace in December, another sign the biggest emerging markets were wilting under the recession gripping industrialised nations.Source: Reuters: Money News | 2 Jan 2009 | 12:26 pm DoT readies for 3G auction, refers bid price issue to CCEA - Hindu
Source: Google News India - Business | 2 Jan 2009 | 12:19 pm Govt unveils second stimulus for slowing economyNew Delhi: India on Friday said it would ease foreign borrowing rules for firms in the infrastructure and real estate sectors, and raised the foreign investment limit in corporate bonds to $15 billion. As it unveiled a second stimulus package moments after the central bank slashed its main policy rates for a slowing economy, the government said it was preparing to recapitalise state-run banks to the tune of Rs200 billion ($4.1 billion).  It allowed the creation of a special financing entity to provide liquidity support against investment grade paper to non-banking finance companies. News on your mobile, log on to m.livemint.com The statement said the liquidity potentially available though this window would be Rs250 billion. India’s economy, Asia’s third-biggest, has shown consistent signs of slowing amid the worldwide downturn and high borrowing costs at home, after growing at 9% or above for the past three years. Economists and government advisers and officials expect expansion to moderate to around 7% this fiscal year and the central bank’s chief said last month that 2009/10 looked like being an even more challenging year. In early December, Indian authorities cut policy rates, announced $4 billion in extra spending and rolled out a four-percentage point cut in factory gate duties in an attempt to boost flagging activity. Adding to concerns over stumbling economic growth, data on Thursday showed India’s exports contracting 9.9% in November from a year earlier, the second consecutive fall after a 12.1% dip in October. Source: Home - Livemint.com | 2 Jan 2009 | 12:06 pm Wipro develops software for police to combat crime, terrorWipro Infotech has developed an integrated software for the police to combat crime and terror, the IT bellwether announced here Friday.Source: IndiaeNews.com: Business News | 2 Jan 2009 | 12:02 pm Suzlon Energy sells 10% Hansen stake to Ecofin - Economic Times
Source: Google News India - Business | 2 Jan 2009 | 12:02 pm New regulator for airports in place by March 31A new aviation regulator - the Airports Economic Regulatory Authority (AERA) - will come into effect by March 31 this year, according to a ministry official.Source: IndiaeNews.com: Business News | 2 Jan 2009 | 12:01 pm US for Gazprom`s gas delivery to Ukraine!US has said it was "concerned" about Russia`s decision to cut off gas supplies to Ukraine and its likely repercussions in Europe.Source: Zee News : Business | 2 Jan 2009 | 12:00 pm Suzlon to sell 10% stake in Hansen !Suzlon Energy, on Friday said it has agreed to sell a 10% stake in Belgium arm Hansen to London-based investment firm for an undisclosed amount.Source: Zee News : Business | 2 Jan 2009 | 12:00 pm Viacom, Time Warner reach deal !Viacom, Time Warner Cable reach pact in principle to avoid blackout that would have prevented more than 13mn U.S. subscribers from seeing popular TV shows.Source: Zee News : Business | 2 Jan 2009 | 12:00 pm Sensex hovers near overnight close !Sensex was near overnight close in Friday morn, showing stubborness in reaching the 10,000 level.Source: Zee News : Business | 2 Jan 2009 | 12:00 pm Singapore`s economy may slide 2%: Govt!Singapore`s economy could contract by as much as 2% this year, the govt said on Friday after data showed a deepening recession.Source: Zee News : Business | 2 Jan 2009 | 12:00 pm Govt unveils second stimulus packageSeeking to reverse the recessionary trend, the government on Friday gave the economy a second stimulus by enabling the industry to borrow more from abroad and FIIs to invest more.Source: Daily News & Analysis: Money News | 2 Jan 2009 | 11:51 am DoT readies for 3G auction, refers bid price issue to CCEADepartment of Telecom has left it to the Cabinet Committee on Economic Affairs to take a call on the reserve price for a pan-India 3G licence.Source: Daily News & Analysis: Money News | 2 Jan 2009 | 11:51 am Slash import tariffs by 50% on security gadgets: AssochamNew Delhi: Industry body Assocham has asked the government to reduce import tariffs on security-related electronic products by about 50% to strengthen the domestic security industry. Currently, import duties on most electronic security gadgets is about 37% and those of telecom equipment duties is about 12.5% making installation of security gadgets an expensive exercise, the chamber said. “There is an urgent need to slash import tariffs on electronic products to 18.5% from over 37% and zero on those of telecom equipment to strengthen security nets in the private sector and in other areas too,” it said. The government should not be unduly concerned about the revenue loss due to cut in import tariffs on security products and gadgets, as India and its business can no longer afford to compromise on security, Assocham secretary general D.S. Rawat said. All inputs to the components industry should attract zero custom duty so as to enable domestic components industry to compete with the imports, it added. The chamber further said private security in India would become a Rs50,000-crore industry in three years as corporates have increased their spending on safeguards after the Mumbai terror strikes. Demand for security gadgets has also increased in educational institutions, hospitals, shopping malls and business centres, it said. “The size of security business in the country is estimated at Rs22,000 crore which may cross Rs50,000 crore by the end of current five year plan (2007-2012), as security all of a sudden has become top priority for Indian Inc,” the chamber said. Source: LatestNews-Home - Livemint.com | 2 Jan 2009 | 11:38 am Croma to invest Rs 28 crore in seven new storesInfiniti Retail, a Tata company announced the launch of its 25th Croma store in India at Phoenix Mills, South Mumbai spread over 15, 000 sq ft area.Source: Daily News & Analysis: Money News | 2 Jan 2009 | 11:35 am Bangladesh Inc backs Hasina's 'charter of change'Captains of Bangladesh's trade and industry have hailed Sheikh Hasina's poll victory this week and want her to promote the private sector.Source: Daily News & Analysis: Money News | 2 Jan 2009 | 11:34 am Chidambaram inaugurates SBI's 11,111th branch in AssamHome minister and former finance minister P Chidambaram, on Friday, said that the Centre is determined to bring development to Assam by strengthening infrastructure.Source: Daily News & Analysis: Money News | 2 Jan 2009 | 11:24 am Pepsi exempted from equity divestment obligationPepsico India Holding need not divest 49 per cent equity in bottling firms to Indian companies, with the government exempting it from the obligation.Source: Daily News & Analysis: Money News | 2 Jan 2009 | 11:23 am Honda car sales up 9% in Dec 08New Delhi: Car maker Honda Siel Cars India (HSCI) on Friday reported a 9.04% rise in its sales at 3,667 units in December 2008 as against 3,363 units in the same month in 2007. The sales comprised 2,972 units of flagship sedan City, 386 units of premium sedan Civic, 171 units of luxury sedan Accord and 132 units of SUV CR-V, the company said in a statement. During January-December period last year, HSCI sold 53,840 units compared with 60,387 units in the same period previous year, down by 10.84%. Source: Home - Livemint.com | 2 Jan 2009 | 11:14 am Closing: Sensex slips from 10k level, ends 54 points upNew Delhi: On second trading day of the year 2009, the Bombay Stock Exchange benchmark Sensex continued its previous day’s rally and crossed 10,000 mark on Friday, 2 December, as strong buying was witnessed. The 30-share BSE Sensex closed flat at 9,958.22, 54.76 points up on lingering hopes of rate cut and a second stimulus package by the government. Broad based 50-share NSE Nifty ended at 3,047, 13.30 points up. Sensex had opened 0.9% up on firm Asian markets but soon slipped into volatile trading. Buying in the metal and realty sector picked up around noon pushing the index above 10,000. Struggling to maintain the level, markets later plunged again. Realty, consumer durables, banks, metal and banking indices outperformed on the BSE benchmark. Hindalco topped the rally of gainers gaining 3.23% to Rs55.95, followed by DLF Ltd 3.03% to Rs300.60, Reliance Infra 2.96 to Rs630.50, Housing Development Finance Company 2.67% to Rs1,544.95 and Tata Motors 2.57% to Rs175.35. The IT sector had a dismal perdormance with Satyam losing to most by 2.63% to Rs177.55. other losers from the sector were Wipro 2.04% to Rs242.90 and Infosys Technologies Ltd 1.44% to Rs1,130.95. Meanwhile, Asian markets surged with MSCI world index up 0.5%, Japan’s Nikkei ended 1.9% and European markets opened gaining 1.1%. Source: Home - Livemint.com | 2 Jan 2009 | 11:02 am Future Group hopes to sail through difficult times in Q4Mumbai: Retail chains may be struggling in the face of the economic slowdown, but Kishore Biyani’s Future Group seems to be buoyant in the New Year, expecting to do well in the quarter ending March 2009. “I don’t see a problem in this quarter. February and March are traditionally good months for us and with interest rates coming down, we hope to do well (in the quarter),” Future Group chief executive officer Kishore Biyani said. With regard to Future Retail, Biyani said October and November were “two good months” for them in terms of sales. Then in December, it announced the three-week long Great Indian Shopping Festival, which would end on 4 January. “We have had requests to extend the shopping festival. We are thinking about it,” he said. “Most formats have done well, save for the home segment,” he said and attributed the reason to the realty sector having been through volatile times. Overall, he termed Q3 as having done well, but did not give details on the sales clocked or a comparative view on performance year-on-year. “We are trying to boost consumption. We are working on somethinge else (on similar lines as the GISF). We have something lined up in February and March across all segments,” he said but refused to reveal more. The group has another shopping bonanza planned for 26 January as well, he said. Source: Home - Livemint.com | 2 Jan 2009 | 10:52 am Shishir Bajaj exits Bajaj ElectricalsMumbai: Shishir Bajaj and two other family members have exit Bajaj Electricals by selling their 2.05% stake in the company following a family dispute settlement with elder brother Rahul Bajaj. In a disclosure made to the Bombay Stock Exchange, Bajaj Electricals on Friday said Shishir, along with Minakshi and Kushagra Bajaj, has sold 3.68 lakh shares amounting to a 2.05% stake in the company. The transaction was through an off-market inter se transfer between promoters without consideration, in terms of the family arrangement-cum-settlement, the filing said. Following the transaction on 30 December, 2008, the paid-up capital of Bajaj Electricals remains at Rs17.28 crore. The Bajaj brothers on Thursday announced that they had reached an amicable settlement on 21 December, bringing to an end the six-year dispute over the division of the family’s business empire. According to the agreement, the Rahul Bajaj-led group, comprising Rahul, Shekhar, Madhur and Niraj, would exit Bajaj Hindusthan and Bajaj Consumer Care, which will be with Shishir Bajaj (SKB). All other companies in the original Bajaj Group, including Bajaj Auto Ltd, Bajaj Electricals, Mukund Ltd, Bajaj Finserv, Bajaj Holding and Investments Ltd, and Hercules Hoist Ltd, will be with the Rahul Bajaj-led group. The Bajaj family feud first hit headlines in 2002, with Shishir accusing elder brother Rahul of trying to oust him from the chairmanship of Bajaj Sevashram, one of the group holding companies. Source: Home - Livemint.com | 2 Jan 2009 | 10:27 am Finmin wants to double base price for 3G saleNEW DELHI (Reuters) - The finance ministry has suggested doubling the base price for a global auction of 3G and wireless broadband spectrum, a telecoms ministry official said on Friday, possibly further delaying the sale.Source: Reuters: Money News | 2 Jan 2009 | 10:03 am Pak has no right to advise on Indian troop movements: AntonyNew Delhi: Rubbishing Pakistan’s “advice” for de-activating ground and air troops in forward areas, India today said it has no right to give any such suggestion and pointed out that over 30 terror outfits are still active in that country. Maintaining that India has done no escalation and the armed forces were only doing their duty, defence minister A. K. Antony said there is “no noticeable change” in the attitude of Pakistan and Indian forces will have to remain alert. “I do not think there is any noticeable change in the attitude of Pakistan. Statements are not important. Actions are important. They have to prove by their action,” Antony told reporters here on the sidelines of a defence ministry function. “More than 30 terrorist outfits are still operating in Pakistan, there is no improvement or any change in attitude,” Antony said responding to questions from reporters.  News on your mobile, log on to m.livemint.com “Nobody will tell us, after 26/11 we must be prepared to meet any eventuality. It is our duty,” he asserted. “Armed forces are doing their duty. They are not escalating anything. They are not doing any power projection. They are doing their duty. They have to be fully prepared to meet any challenge from any quarter, any threat from any quarter,” Antony said. “We are not escalating the issues. There is no unusual troop movement on our side. Whatever is taking place, the exercise and others, is normal only,” Antony said, underlining that the Indian troops had to remain alert always. “They (armed forces) are not lowering their guard. They are in a state of full preparedness. We cannot relax anytime. We must not lower our guard, we have to be fully prepared to meet any challenge, any threat, any eventuality,” he said. However, there was no time limit that India had given Pakistan to act. “There is no time limit. Only thing left is for them -- to act,” Antony said. On the Coastal Command, the defence minister said the proposal would come up before the Cabinet Committee on Security anytime now for approval. “A formal Coastal Command is in the process (of being set up). Already, we have entrusted major responsibilities to the coast guard. At the same time navy, state coastal police, central excise, customs and shipping ministry are now becoming pro-active,” he said. Providing the much needed hope to the 1.5-million defence personnel on their pay-related anxieties, Antony said the process of addressing the “anomalies” would continue. Source: Home - Livemint.com | 2 Jan 2009 | 9:54 am IRDA cuts solvency margin for ULIPs by 20%The Insurance Regulatory and Development Authority has reduced solvency margin for ULIPs by 20%. It has also cut the solvency margins for guaranteed return products by 10%. CNBCTV18 has learnt that this move will see a capital release of close to Rs 10001200 crore for insurers in 2009.Source: Moneycontrol Top Headlines | 2 Jan 2009 | 9:44 am Ecofin buys 10% in Suzlon arm HansenEcofin has acquired 10% stake in Suzlon Energy arm, Hansen Transmission for an undisclosed amount. Following the transaction, Suzlon\'s stake in Hansen will fall to 62% from 72%, reports CNBCTV18.Source: Moneycontrol Top Headlines | 2 Jan 2009 | 9:22 am Review contracts with Satyam: Forrester ResearchNews on Satyam just seems to get worse. Now, international research firm, Forrester Research has circulated a dampening report on Satyam asking its clients to review their contracts with the company, and prepare to move work if management issues aren\'t solved in the next nine months.Source: Moneycontrol Top Headlines | 2 Jan 2009 | 9:20 am Automobile Corpn to partially shut plant from Jan 5Automobile Corporation of Goa Ltd (ACGL), an associate company of Tata Motors, which manufactures sheet metal components and bus coaches, has decided to partially close one of its plants from January 5. Tata Motors holds 42.38 per cent stake in the company.Source: Moneycontrol Top Headlines | 2 Jan 2009 | 8:49 am Jet Air, JetLite offer special faresJet Airways and its 100 per cent subsidiary, JetLite have introduced a 21day advanced purchase fare of Rs 250 and Rs 9 respectively.Source: Moneycontrol Top Headlines | 2 Jan 2009 | 8:43 am Ministry seeks lower home loan ratesNEW DELHI (Reuters) - India's urban development ministry has called for additional government measures, including cuts in home loan rates, to revive the country's crumbling real estate sector.Source: Reuters: Money News | 2 Jan 2009 | 7:44 am TVS Motor sales fall 8.5% in Dec 08New Delhi: Chennai-based TVS Motor Company on Friday reported that its two-wheeler sales for December fell 8.5% to 89,285 units from 97,576 units year ago, as customers continued to defer purchases. Motorcycle sales dropped by 21.91% year-on-year to 40,057 units in December, India’s third largest two-wheeler maker said in a statement. General inflationary trends, inadequate availability of retail finance and high interest rates affected sales, it said. However, the cumulative sales for the April to December period registered a 2% growth compared to year ago period, the statement added. Other two wheeler makers have also reported a fall in December sales. India’s top motorbike maker Hero Honda Motors Ltd, on Thursday said, its December two-wheeler sales declined 10.2% to 215,931 units. Bajaj Auto Ltd, India’s No. 2 motorcycle maker, on Thursday reported that its total two-wheeler sales for December were down 33% to 119,215 units from a year earlier. At 12.09 pm, TVS Motor shares gained 0.1% to Rs23.80 in a flat Mumbai market. In the month under review, the company added an upgrade of the Apache RTR 160 equipped with rear disc brakes to its premium segment. It also reduced prices between Rs700 and Rs2,000 across its two-wheeler models, thereby passing on the benefits of the four percentage point duty cut. (With PTI, Reuters adds) Source: Home - Livemint.com | 2 Jan 2009 | 7:35 am Shipmakers eye 2009 for cues on orders, revenueMumbai: Indian shipmakers may maintain profit growth in 2009/10 but order flows will deteriorate further as shipping services firms, stung by a credit crisis and plunging sea rates, put expansion plans on hold and cancel orders. ABG Shipyard, India’s largest private listed shipbuilder, received its last order in June worth Rs5.85 billion. Rival Bharati Shipyard, which has an order book of Rs48 billion, is mostly executing old orders. “In terms of financials, they are not going to be impacted as they already have booked orders till 2010/11,” said Anand Sharma, a Mumbai-based independent shipping consultant. “So, if in 2009 there are no fresh orders, it will give them an indication that worse is around (the corner). In such a situation, 2010 calendar year could be bad financially,” he added.  News on your mobile, log on to m.livemint.com Shipping firms overseas are also going slow on expansion, making it tougher for shipyards to survive, analysts said. Industry estimates show around 30% of the orders for dry bulk carrier ships globally could be cancelled because of lack of finance and a drop in charter rates since September. The Baltic freight index, barometers of global trade demand, slumped 92% in 2008, on a global financial crisis, falling commodity prices and slowing economic growth, closing the year at 774 points, a level last seen in 1987. Trade volumes of iron ore, coal, grains, fertilizers, cement and oil - drivers of freight boom - are also shrinking on fears of recession and access to export finance. “All they (Indian shipyards) need to ensure now is that their orders do not get cancelled. If fresh orders are not coming in, it is still okay,” said an analyst with a foreign brokerage who didn’t want to be named. SOUND FOOTING However, ship builders in India are hopeful they can face the challenge. “We are on a sound footing. We have not faced any cancellations yet. We are more focussed on executing our orders,” Dhananjay Datar, chief operating officer, ABG Shipyard, told Reuters over the telephone. “Everything now depends on how the global financial markets pan out. If it brings any new surprises, I don’t know,” he said, adding the company expects to grow at around 30 percent in FY10. In the year-ended March 2008, ABG’s net profit grew 38% to Rs1.6 billion on net sales of 9.7 billion. Bharati Shipyard, which clocked 47% growth in profit last year, expects to maintain a 35% to 40% growth rate, a senior official requesting anonymity, told Reuters. The company earns 70% of its revenue from offshore supply vessels, which has not seen a slowdown yet, analysts said. Shares in ABG have lost nearly half its value in 2008, underperforming the CNX Midcap index’s 28 percent fall. Bharati Shipyard tanked 80% in the period. “There is a concern, of course. But the impact is not significant. Whoever has the requirement will have to place orders. Negotiations are going on. Fresh orders will be there,” the Bharati official said. Source: Home - Livemint.com | 2 Jan 2009 | 7:07 am Gold falls in futures trade on weak global cuesNew Delhi: Gold prices fell by 1.36% in futures trading on Friday following fresh selling by traders, sparked by a weakening trend in the overseas markets. Gold for the most-active June contract declined by 1.36% at Rs13,621 per 10 gram on the Multi Commodity Exchange. The contract clocked a business volume of three lots. For February and April months contract, gold traded lower by 0.97% each at Rs13,614 and Rs13,629 per 10 gram respectively. Trading volumes in February months was higher at 3,187 while April month clocked a business volume of 173 lots. Market experts said trading sentiment turned bearish after gold declined in Asia as crude oil’s rally stalled and the dollar strengthened, reducing demand for the precious metal as an alternate investment. Meanwhile, in Asian trade, gold fell 0.5% to $874.90 an ounce. Source: Home - Livemint.com | 2 Jan 2009 | 6:45 am Microsoft says Zune players working againAtlanta: Many of Microsoft’s Zune media players that froze up on the last day of 2008 because of a glitch involving their internal clock were functioning properly on Thursday as the new year was ushered in, according to the company. However, a few people were still complaining of problems operating the devices. Microsoft spokesman Brian Eskridge said that based on responses from customers and his review of online message forums, affected users of the 30-gigabyte Zune model were not having further problems after fully recharging their devices and powering them on again on Thursday.  A day earlier when people turned on the 30-gigabyte model, the device would freeze and wouldn’t fully boot up, meaning users couldn’t play music, videos and games or transfer material between their PCs and the devices. News on your mobile, log on to m.livemint.com Frustrated users lit up Microsoft’s online support forum for Zunes with more than 2,500 messages by Wednesday afternoon. Eskridge said the problem involved a bug in the model’s internal clock driver that was related to how the device handles the extra day during a leap year. Last year was a leap year. When 2008 ended and 2009 began on Thursday, the internal clock automatically reset, he said. The problem did not affect users of other Zune models, he said. Eskridge did not have exact figures on how many people own the 30-gigabyte model. Source: Tech News - Livemint.com | 2 Jan 2009 | 5:38 am Bharat Electronics (Rs 774): BuyWe recommend a buy in Bharat Electronics stock from a short-term trading perspective. It is apparent from the charts of Bharat Electronics that after finding support at around Rs 550 in later November 2008, it significantly bounced up. Since then,Source: Business Line - Home Page | 2 Jan 2009 | 12:00 am Exports continue declining trendNew Delhi, Jan. 1 Continuing their consecutive decline, Indian exports registered a decrease of 10 per cent in dollar terms in November 2008 fetching $11.5 billion, against $12.8 billion in the corresponding month of last year.Source: Business Line - Home Page | 2 Jan 2009 | 12:00 am Day Trading GuideWe reaffirm our buy recommendation in DLF stock. Negating our prior view, ICICI Bank and Reliance Capital stock moved up in the last trading session. These stocks are testing keySource: Business Line - Home Page | 2 Jan 2009 | 12:00 am India, Iran have Asian Clearing Union option for transactionsMumbai, Jan. 1 Indian exporters to Iran and Iranian exporters to India no longer need fret over the US embargo on all dollar transactions involving Iranian banks and Iranian companies. By resorting to the Asian Clearing Union (ACU) mechanism forSource: Business Line - Home Page | 2 Jan 2009 | 12:00 am 2004 crash: Goldman Sachs gets clean chitMumbai, Jan. 1 Goldman Sachs has been given a clean chit by SEBI in the inquiry held to investigate its alleged role in the stock market crash on May 17,Source: Business Line - Home Page | 2 Jan 2009 | 12:00 am Bond volumes up 77% as banks churned portfoliosMumbai, Jan. 1 The government securities market ended calendar year 2008 with a huge surge in volumes as banks actively churned their trading portfolios to take advantage of the falling yields.Source: Business Line - Home Page | 2 Jan 2009 | 12:00 am Buyers lukewarm to New Year salesChennai, Jan. 1 In what seems to be a clear indication of a slowdown, retail outlets that offer ‘New Year Sale’ across the South wore ‘just-another-day’ look today. On the second day of this traditional three-daySource: Business Line - Home Page | 2 Jan 2009 | 12:00 am Lower inflation, hopes on Govt sops boost marketsMumbai, Jan. 1 Indian equities began the New Year on a positive note with benchmark indices gaining more than 2.5 per cent, buoyed by lower inflation figures and expectations of further Government measures to boost the economicSource: Business Line - Home Page | 2 Jan 2009 | 12:00 am The challenge before RBIFor the first time in the history of the Reserve Bank of India, it has had to face overt pressure from the Government to ease monetary policy. One recognises the fact that the RBI has only limited autonomy on monetary policy. The dialogue betweenSource: Business Line - Home Page | 2 Jan 2009 | 12:00 am Small savings see more outgo than inflowsNew Delhi, Jan. 1 Repayments by the Central Government of past small savings deposits have exceeded the inflows up to end-November this fiscal. This has led to a negative balance of Rs 1,494.79 crore for the National Small Savings Fund (NSSF) asSource: Business Line - Home Page | 2 Jan 2009 | 12:00 am Rs 1,00,000-cr infra push likelyAs the demand for a grand stimulus gathers steam, the government is targeting an investment of Rs 1,00,000 crore in the infrastructure sector within the next two years.Source: Business Standard | Front Page Headlines | 1 Jan 2009 | 6:39 pm Pining over the loss of your beloved pet? Get it cloned!Fairfax / California: The most difficult thing about the cloned puppies is not telling them apart, but explaining why they don't look exactly alike. This was the problem Lou Hawthorne faced on a recent afternoon hike with Mira and MissyToo, two dogs whose embryos were created from the preserved, recycled and repurposed nuclear DNA of the original Missy, a border collie-husky mix who died in 2002.  Happiness twofold: Lou Hawthorne with his cloned dogs MissyToo and Mira in Mill Valley, California. Heidi Schumann / NYT Hawthorne, who is 48, is highly invested in the notion of likeness. With clones, after all, what good does similar do? It is Hawthorne’s biotech company, BioArts, which is based here in the Bay Area but has arrangements with a laboratory in South Korea, that performed the actual cloning. He also has reason to be sensitive to questions that touch on the authenticity of the clones, given the history of his chief geneticist, Hwang Woo Suk of the Sooam Biotech Research Foundation in South Korea. Hwang is perhaps best known for fraudulently reporting in 2004 that a team he led had successfully cloned human embryos and stem cells. After the false claims were unearthed, he was fired by Seoul National University, where he did his research as a professor. But he is also widely acknowledged for having been involved in successfully cloning an Afghan hound in 2005. “Dr Hwang’s past is obviously controversial, but we feel that his lab and his record when it comes to dog cloning are the best in the field,” Hawthorne said. “He’s been very open with me about admitting his mistakes. Nobody says he lied about cloning animals.” Elizabeth Wictum, associate director of the Veterinary Genetics Laboratory at the University of California, Davis, said that earlier this year, she and her staff had taken sets of DNA extracts from Hawthorne’s puppies and compared them with stored samples of Missy’s DNA, and concluded that the results were “consistent with clones”. “The puppies had the same nuclear DNA as Missy, and different mitochondrial DNA, which is what you get from a cloned animal,” Wictum said. “If somebody were trying to, say, sneak in two samples from the same dog or an identical twin and claim that one was a clone’s, there would be no differentiation between the nuclear and mitochondrial DNA.” Missy 1.0—Mira and MissyToo’s “genetic donor”, as Hawthorne calls her when he’s speaking technically—was his mother’s dog. To date, he said, there are four Missy clones running around, all born between December 2007 and June 2008. Mira lives at Hawthorne’s house in Mill Valley and MissyToo between homes in Mill Valley and San Francisco, both owned by his mother’s boyfriend; clones No. 3 and No. 4 were given away to friends and now live in Phoenix and Boulder, Colorado, respectively (two others were produced but died of parvovirus as newborns). In July, Hawthorne held a series of online auctions, offering his services to four high bidders who agreed to pay from $130,000-170,000 (about Rs63.3-82.8 lakh) for clones of their dogs (to offset accusations of elitism, Hawthorne also held a search for a fifth, pro bono client). Over the last few weeks, the first three puppies from this group were born in South Korea. Hawthorne claims Missy’s clones are the world’s first commercially cloned dogs, although RNL Bio, a Korean company with which he is embroiled in a legal dispute over patent rights—and the chance to dominate the dog-cloning market—has also made this claim. Between 2004 and 2006, another company Hawthorne ran cloned cats for a handful of paying customers. Dogs are among the most difficult mammals to clone, scientists say, because their reproductive systems are highly atypical, but Hawthorne thinks that the market is keen. Hawthorne recalls: “She (Missy) was an amazing dog: superior intellect, incredibly beautiful, obedient, a phenomenal temperament. I especially loved her majestic plume of a tail.” And in the clones, as he put it, “all those qualities are represented.” As for some of the discrepancies, the clones vary in size and colour, Hawthorne said, primarily because they were born months apart, and none are fully grown yet. “The dark part of their fur starts out reddish-black and gets blacker over time,” he said. “Except on the faces, which start out black and go white within the first year.” Each clone’s embryo was created by joining Missy’s nuclear DNA with the enucleated (which is to say, DNA-stripped) egg of a different dog. The eggs, with their new DNA from Missy, began to grow and divide. After that, each was carried to term in the uterus of still another dog—a step which, though it has no bearing on the dogs’ genetic makeup, can affect such external traits as the waviness of fur and the up-or-down pointing of the ears. On his trek around Lake Lagunitas, Hawthorne did his best to explain these matters to his audience, picnicking families who sat transfixed as the two dogs he calls “clisters”—his made-up word for clone sisters—took turns chasing each other. “Can they clone coconut?” a girl asked. “Sorry, we don’t do vegetables,” Hawthorne said. A parent clarified: Coconut was the family dog’s name. “Can you clone a three-year-old housebroken dog?” Hawthorne went on gamely. “Learned behaviour, no. But a lot of behaviour is hereditary,” he said. While he does acknowledge that when it comes to such highly trainable creatures as dogs, it’s pretty difficult to know where nature ends and nurture begins, he said that in the case of his dogs, the ambiguities have nothing on the essential Missy-ness of the clones. “The girls love to run after each other,” he said pointing at the dogs in the distance. “You see the speed and athleticism? That’s part of what made me want to do this. There are dogs that are faster on a straightaway, but I’d never seen a dog make turns like this until Missy.” On the day of the hike around the reservoir, Hawthorne, with a reporter as his audience, telephoned Nina and Ed Otto, auction winners in June—they paid $155,000— who were about to learn that they were the proud owners of the project’s first spawn. A clone of Lancelot, their late yellow Labrador, had been born a couple of days earlier in South Korea. From the courtyard of a Starbucks, he dialled their home in Florida on his cellphone. “Your little Lancelot is here,” Hawthorne informed Mrs Otto. He followed up with date and time of birth, weight (540g), then emailed two pictures of the newborn as they spoke. “Breathe, breathe,” Hawthorne said. “How does he look?” “He looks like Neanderthal Man,” Mr Otto called out from the background. “No, he doesn’t,” his wife said. “I can’t say he looks exactly like our other one,” Mr Otto shouted. “Yes, he does,” his wife said. Several days later—the Ottos will not see their new dog until he is 10 weeks old, when they’ll have him flown to the US—Mrs Otto said they were ecstatic about “having the essence of our Lancelot back”. “We can barely contain ourselves,” said Mr Otto, the chief executive of a medical-equipment company whose father was an early Nascar (National Association for Stock Car Auto Racing) promoter. “We have eight children and 11 grandchildren and nine dogs. Lancelot was the dog that was most human-like in his behaviour. He died last year—cancer.” ©2009/the new york times Source: Tech News - Livemint.com | 1 Jan 2009 | 4:42 pm
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