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Omaxe gets 2-bln-rupee order to build jailsMUMBAI (Reuters) - Real-estate firm Omaxe Ltd said on Wednesday it has received an order worth 2 billion rupees to build two jails in Punjab.Source: Reuters: Money News | 4 Jan 2009 | 2:29 pm Transporters to go on strike from Monday - TopNews
Source: Google News India - Business | 4 Jan 2009 | 2:13 pm India signs bi-lateral labor agreement with Malaysia - TopNews
Source: Google News India - Business | 4 Jan 2009 | 2:10 pm Aide says EU faces tougher Russia if does not help Ukraine - Reuters
Source: Google News India - Business | 4 Jan 2009 | 2:08 pm World’s top gadget show gets online persona tooSan Francisco: Smart gadgets, lifelike video and pocket versions of laptop computers are expected to be Consumer Electronics Show (CES) stars as the annual extravaganza follows its gizmos onto the Web.  New tune: This 6 January 2008 photo shows guitarist Slash (left) with Microsoft chairman Bill Gates at the CES in Las Vegas. Microsoft may use this year’s show to launch its Windows 7 operating system. Paul Sakuma / AP Added to the mix will be studios that make films, TV shows, and music delivered digitally to devices increasingly tied to the Internet. CES itself is not immune to online trends driving much of the technology it spotlights. For the first time, CES has its own profile page on hot social-networking website Facebook and a team will fire off curt show floor revelations in the form of “tweets” on micro-blogging service Twitter. A CES video team will rove the event feeding content for its own YouTube channel. “We are a technology trade show and this is how our attendees are communicating with each other,” said CES spokeswoman Tara Dunion. “We are getting our perspective out there as to what we find interesting, and getting feedback.” CES is known as a place for deal making as well as promoting hot new gadgets. “CES is the place where the global technology industry comes together,” Dunion said. “Even though consumer is in the name it is really more tech oriented.” Rumours regarding CES announcements include word that Microsoft Corp. might unveil a revamped Zune in a bid to knock Apple’s iPod from its throne atop the MP3 player market. Palm Inc. is expected to introduce an overhauled operating system in what could be a last-ditch effort to reclaim former glory. “A big thing will be the launch of Palm’s new Nova,” said analyst Rob Enderle of the Enderle Group in Silicon Valley. “It could be a swan song for Palm or the rebirth of the company.” Cable TV equipment supplier Digeo is also under pressure to deliver on an innovative digital media recorder that links to Internet services and TVs, according to NPD analyst Ross Rubin. Microsoft is likely to use CES for a “coming out party” for a Windows 7 operating system to succeed Vista, according to Enderle. Frugality in the marketplace and growing trust in using programmes as services on the Internet instead of loading software into computers should fuel fiery competition in netbooks, mini laptops designed essentially for getting online. “On the PC side, CES is going to be a netbook love fest,” Enderle said. “Apple may have something online and Google is doing something,” he said. “The expectation is that Google has its own PC platform coming and will throw it on a netbook—they want everything to be online and the netbook leans itself better to Google than to Microsoft and Apple.” Analysts said CES should also feature the introduction of a new mobile phone based on the Android open source platform promoted by Google. US firm T-Mobile launched the first “Google phone” in 2008. Dunion said “uber themes” at CES are likely to include green technology trimming power needs of gadgets while employing more recyclable and non-toxic materials in construction. TV screens ideal for home theatres and rich graphics will once again get high-profile at CES. Increasingly sophisticated pixel qualities should set the stage for a surge in 3D viewing experiences. “We really think next year 3D is going to really take off,” said Ujesh Desai, a GeForce vice-president at premier graphics chip-making firm Nvidia Corp. Japanese electronics giant Sony Corp. is backing a first ever national broadcast of a US college football game in 3D using the technology of Cinedigm and 3ality. “The biggest thing I see is the consumers expect high-definition entertainment,” said Hewlett Packard Co. marketing executive John Cook. While TVs are routinely a central theme at CES, the emphasis should be heightened this time by a mandated switch from analogue to exclusively digital broadcasting in the US in February. Support for Blu-ray high-definition DVD technology has gained momentum since the Sony-backed technology was declared winner of its format war with Toshiba Corp.’s HD-DVD systems at CES last year, according to analysts. The result could be more manufacturers leaping into the Blu-ray arena. Source: Tech News - Livemint.com | 4 Jan 2009 | 1:33 pm World’s top gadget show gets online persona tooSan Francisco: Smart gadgets, lifelike video and pocket versions of laptop computers are expected to be Consumer Electronics Show (CES) stars as the annual extravaganza follows its gizmos onto the Web. New tune: This 6 January 2008 photo shows guitarist Slash (left) with Microsoft chairman Bill Gates at the CES in Las Vegas. Microsoft may use this year’s show to launch its Windows 7 operating system. Paul Sakuma / AP Added to the mix will be studios that make films, TV shows, and music delivered digitally to devices increasingly tied to the Internet. CES itself is not immune to online trends driving much of the technology it spotlights. For the first time, CES has its own profile page on hot social-networking website Facebook and a team will fire off curt show floor revelations in the form of “tweets” on micro-blogging service Twitter. A CES video team will rove the event feeding content for its own YouTube channel. “We are a technology trade show and this is how our attendees are communicating with each other,” said CES spokeswoman Tara Dunion. “We are getting our perspective out there as to what we find interesting, and getting feedback.” CES is known as a place for deal making as well as promoting hot new gadgets. “CES is the place where the global technology industry comes together,” Dunion said. “Even though consumer is in the name it is really more tech oriented.” Rumours regarding CES announcements include word that Microsoft Corp. might unveil a revamped Zune in a bid to knock Apple’s iPod from its throne atop the MP3 player market. Palm Inc. is expected to introduce an overhauled operating system in what could be a last-ditch effort to reclaim former glory. “A big thing will be the launch of Palm’s new Nova,” said analyst Rob Enderle of the Enderle Group in Silicon Valley. “It could be a swan song for Palm or the rebirth of the company.” Cable TV equipment supplier Digeo is also under pressure to deliver on an innovative digital media recorder that links to Internet services and TVs, according to NPD analyst Ross Rubin. Microsoft is likely to use CES for a “coming out party” for a Windows 7 operating system to succeed Vista, according to Enderle. Frugality in the marketplace and growing trust in using programmes as services on the Internet instead of loading software into computers should fuel fiery competition in netbooks, mini laptops designed essentially for getting online. “On the PC side, CES is going to be a netbook love fest,” Enderle said. “Apple may have something online and Google is doing something,” he said. “The expectation is that Google has its own PC platform coming and will throw it on a netbook—they want everything to be online and the netbook leans itself better to Google than to Microsoft and Apple.” Analysts said CES should also feature the introduction of a new mobile phone based on the Android open source platform promoted by Google. US firm T-Mobile launched the first “Google phone” in 2008. Dunion said “uber themes” at CES are likely to include green technology trimming power needs of gadgets while employing more recyclable and non-toxic materials in construction. TV screens ideal for home theatres and rich graphics will once again get high-profile at CES. Increasingly sophisticated pixel qualities should set the stage for a surge in 3D viewing experiences. “We really think next year 3D is going to really take off,” said Ujesh Desai, a GeForce vice-president at premier graphics chip-making firm Nvidia Corp. Japanese electronics giant Sony Corp. is backing a first ever national broadcast of a US college football game in 3D using the technology of Cinedigm and 3ality. “The biggest thing I see is the consumers expect high-definition entertainment,” said Hewlett Packard Co. marketing executive John Cook. While TVs are routinely a central theme at CES, the emphasis should be heightened this time by a mandated switch from analogue to exclusively digital broadcasting in the US in February. Support for Blu-ray high-definition DVD technology has gained momentum since the Sony-backed technology was declared winner of its format war with Toshiba Corp.’s HD-DVD systems at CES last year, according to analysts. The result could be more manufacturers leaping into the Blu-ray arena. Source: LatestNews-Home - Livemint.com | 4 Jan 2009 | 1:33 pm Punjab to announce special Information Technology policyBy PTI Jalandhar: In order to promote and invite IT firms, Punjab Industry Minister Manoranjan Kalia today said that very soon a special information technology (IT) policy would be announced by the state government. “In the proposed policy several offers, including a 1:3 floor area ratio and free land against employment to at least 300 persons, will be given,” Kalia told PTI. Kalia said against 1,000 square yards, a unit would be allowed to raise three storeys. The bank guarantee against the land, which a unit has to submit, will be given back if it employs at least 300 people, he added. The aim of the upcoming IT policy is to lure IT and IT-enabled services (ITES) providers to set up units in the districts of Ropar, Goinwal Sahib and Jalandhar, the areas nearer to the international airports. Such IT units would get uninterrupted power supply, he added. Starting with free land offers and subsidies on capital investment to exemptions from zoning restrictions, conversion charges, electricity duty, stamp duty and registration charges, the policy would supersede all previous policies, he said. Source: LatestNews-Home - Livemint.com | 4 Jan 2009 | 1:22 pm HDFC Bank pips ICICI in terms of branch networkBy PTI Mumbai: The country’s second largest private sector lender, HDFC Bank, which added 658 branches last year, has pipped ICICI Bank in terms of branch network. As per the information available on its website, HDFC Bank has a nationwide network of 1,412 branches spread across 528 towns and cities. At the same time, ICICI Bank, the largest player in terms of asset and market capitalisation, has a network of 1,400 branches. ICICI Bank has already got permission to open another 587 branches, a spokesperson of the bank said. HDFC Bank has almost doubled its branch network last year through organic as well as inorganic growth route. Last year, the Mumbai-based bank acquired Centurion Bank of Punjab leading to the integration of 404 branches, while it opened 254 new branches of its own during the year. The bank also opened its first overseas branch in Bahrain during the year to provide trade financing to corporate clients and wealth management services for NRIs. Recently, India’s largest insurer Life Insurance Corporation of India increased its stake in the bank to over 5% following acquisition of shares from the open market. LIC purchased 1.6 lakh shares from the open market hiking its stake in the bank to 5.01%. The equity holding of the insurer increased by 0.04% from 4.97% earlier. As on June 2008, LIC holding in the bank stood at 2.15%, which went up to 4.7% in September this year. Source: LatestNews-Home - Livemint.com | 4 Jan 2009 | 1:18 pm Kingfisher to launch Mumbai-London daily flight on MondayExpanding its overseas operations, Vijay Mallya-run private air-carrier Kingfisher Airlines will launch its daily non-stop Mumbai-London flight from Monday.Source: Daily News & Analysis: Money News | 4 Jan 2009 | 1:05 pm Kingfisher to launch Mumbai-London daily flight tomorrow - Hindu
Source: Google News India - Business | 4 Jan 2009 | 1:04 pm Kingfisher to launch Mumbai-London daily flight from MondayMumbai: Expanding its overseas operations, Vijay Mallya-run private air-carrier Kingfisher Airlines will launch its daily non-stop Mumbai-London flight from Monday. “We are set to launch our first flight from Mumbai to London tomorrow,” a Kingfisher Airlines spokesperson said, adding that, “the flight has almost 100% occupancy.” Mumbai-London is the airline’s second overseas route after its Bangalore-London flight was launched in September 2008. The airline has deployed a brand new Airbus 330-200 aircraft, configured in two classes, Kingfisher First and Kingfisher Class. The Mumbai-London flight will take off from Mumbai at 1.50pm (IST) and arrive at Heathrow’s Terminal 4 at 5.55pm (GMT), the spokesperson said. The return flight from London will leave at 8.30pm (GMT) and arrive at Chhatrapati Shivaji International Terminal the next day at 11am (IST), he said. Kingfisher has also plans to launch Mumbai-Hong Kong operations from 12 January and the Mumbai-Singapore flight from 16 January. Kingfisher flights from Bangalore and Chennai for Sri Lanka capital Colombo will start from 19 January. Source: LatestNews-Home - Livemint.com | 4 Jan 2009 | 12:47 pm RCom launches GSM mobile services in Mumbai - Business Standard
Source: Google News India - Business | 4 Jan 2009 | 12:46 pm 23 killed as Israel vows to ‘intensify’ ground operationJerusalem: Describing the ground offensive in Gaza as “unavoidable”, Israel on Sunday pledged to extend and intensify the operation amid heavy exchange of fire between troops and the Hamas militants that have taken the death toll in the coastal territory beyond 500. Palestinian sources in Gaza said that 23 Palestinians have been killed in the Israeli offensive, three of them top Hamas militants, as Israeli troops targeted traffic routes bisecting the Hamas ruled territory in two parts. Shells fired by Israel Defence Forces (IDF) troops exploded in the centre of Gaza City’s main shopping area, leaving five dead and dozens wounded, the sources said. An Israeli reconnaissance plane fired a missile at the home of Democratic Front for the Liberation of Palestine, Muhammad Abid Barbakh, killing him and four others, Palestinian news agency, Ma’an, reported. They were identified Barbakh’s father, Abid, his two brothers Mahdi and Yousif and his nephew Mousa. Thirty IDF soldiers were also wounded in the clashes, two of them seriously. Black smoke billowed all across the Strip as Israeli tanks and troops from elite brigades marched into the Hamas ruled territory on Saturday evening, following bomb-sniffing dogs to ensure that their routes had not been booby-trapped. Defence minister Ehud Barak told the cabinet that while the operation was bound to be difficult, it “will be extended and intensified as necessary.” “War is full of surprises and difficult challenges but our best fighters are leading the operation,” Barak said. Source: LatestNews-Home - Livemint.com | 4 Jan 2009 | 12:43 pm Ancillary units in Waluj hit by global downturnMumbai: A large number of ancillary units of auto components in industrial sector of Aurangabad are on the brink of closure as a cascading effect of economic slump, experts feel. “The situation is really bad for more than a fortnight. Most of the ancillary units are closed and are expected to reopen by January 5 and 10th,” Marathwada Association of Small Scale Industries and Agriculture (MASSIA) president Anup Kabra said. However, merely reopening of these small and medium units does not spell the end of tough days. Financial funding is the major concern being voiced by most of the industrialists here. Around 30,000 to 40,000 employees may lose their jobs if steps are not taken to prop up the falling sector, MASSIA former president Ranjitsingh Gulati said. Already around 10,000 to 12,000 casual labours have been laid of as an impact of economic slump, he said. Delay in payments from large units on whom the ancillary units depend, renewal of loan proposals by banks and hand-to-mouth finance are the reasons which are worsening the state of small units here, feels Kabra. “Large units should make the payment on time. Small units suffer a lot if payment is delayed for 100-150 days from their end,” he said. Government schemes and discarding older vehicles could be the solution to perk up the ancillary units, the entrepreneur feels. Two-wheeler manufacturer Bajaj Auto Ltd (BAL), which has a production plant in Waluj Industrial Area of the city and on which most of the ancillary units here are dependent, kept the plant closed for 10 days from 26 December to 4 January this year against the five-day annual block closure. Bajaj’s Waluj plant has an installed capacity of manufacturing around a million vehicles a year, and it is where the company makes the Platina and XCD range of motorcycles as well as three-wheelers, both for passengers and cargo applications. As per reports, Bajaj Auto Ltd posted a decline of 37% during the festival season of November 2008 (year-on-year). There were also reports of production cuts at Waluj to keep in-step with market requirements. No BAL official was available to comment on the issue of extended closure. Source: LatestNews-Home - Livemint.com | 4 Jan 2009 | 12:32 pm Brown plans to create 1 lakh jobs!British Prime Minister Gordon Brown on Sunday unveiled plans for creating up to 100,000 jobs.Source: Zee News : Business | 4 Jan 2009 | 12:20 pm Riding on stimulus, bulls anticipate field day on bourses!Dalal Street is pinning its hopes on institutional investors to kickstart an across-the-board stock buying momentum in the backdrop of the government and RBI taking steps to infuse liquidity into the economy.Source: Zee News : Business | 4 Jan 2009 | 12:20 pm DoT working on Mobile Number Portability to meet June timeline!Working towards meeting timeline of June 2009, Department of Telecom will shortly issue clarifications to the bidders on the Mobile Number Portability norms.Source: Zee News : Business | 4 Jan 2009 | 12:20 pm Gazprom urges Ukraine to resume talks!Russian energy giant Gazprom early Sunday called on Ukraine to resume negotiations in a row that has seen Moscow cutting off all gas to its neighbour, accusing it of siphoning off supplies meant for Europe.Source: Zee News : Business | 4 Jan 2009 | 12:20 pm Transporters to go on strike from midnightNew Delhi: Supplies of essential commodities may get disrupted in the coming days with transporters going on an indefinite strike from 5 January midnight after their talks with the government failed for the third time. Transporters have demanded lowering diesel prices by Rs10 per litre, besides the withdrawal of service tax on truckers. Transporters also want a moratorium on all instalments and waiver of interest on truck finance for at least six months. “Although the All India Motor Transport Congress thanks the Secretary, Ministry of Road Transport & Highways, Brahm Dutt, for calling us for the third round of talks today, it is pitiable to note that nothing concrete came out from the talks and therefore, the proposed chakka jam from the midnight tonight is imminent,” AIMTC said in a statement. Their other demands include providing for a free movement of trucks in the country without any national or state permit and setting minimum freight in view of high input costs. Hauliers had earlier threatened to go on strike from 20 December, 2008, on the same issues but they, however, deferred doing so till 5 January because of the special situation caused by the terrorist attacks in Mumbai in November. Truck operators have accused the government of reneging on its promise of not imposing service tax and said truckers have received recovery notices of above Rs600 crore. Over 3,00,000 trucks would not ply on the roads in Rajasthan and at least 30 lakh employees in the truck business would take part in the agitation beginning on Monday, Ramprakash Choudhary, a spokesman of the Rajasthan Truck Operators’ Union, said in Jaipur. Rajasthan was the probably the only state charging 28% VAT on diesel used in trucks for several years; the national average is 4%, he said. Rajasthan should also stop “value tax” on the purchase of old trucks, he said, adding, against the second-hand value of trucks, the buyer would have to pay the same value tax as on a new one. The state transport department should also stop the slip system against overloading trucks, and allow only the desired payload on each trip to check corruption, he said. Booking at the transport office was stopped on Saturday in the state, he said. Source: Home - Livemint.com | 4 Jan 2009 | 12:12 pm India to give US Mumbai ‘evidence’ against PakistanNew Delhi: The sophistication of the Mumbai attack points to the involvement of “state actors” in Pakistan, Union home minister said on Sunday, ahead of a visit to the United States with a dossier of evidence. Home minister P. Chidambaram’s comments are at odds with Pakistan’s insistence that non-state actors were behind the coordinated strike by 10 gunmen that killed 179 people in Mumbai and has inflamed tensions between the South Asian neighbours. “Somebody who is familiar with intelligence and who is familiar with commando operations has directed this operation,” Chidambaram told NDTV news channel. “And that cannot entirely be a non-state actor. In fact, I presume they are state actors or state-assisted actors unless the contrary is proved,” he added. “It was too enormous a crime and required very elaborate planning, communication networks, financial backing. It was a very, very sophisticated operation.”  News on your mobile, log on to m.livemint.com Indian officials said Chidambaram could meet top US Homeland Security officials and possibly also Secretary of State Condoleezza Rice and members of President-elect Barack Obama’s transition team. “It is a detailed dossier, supported by electronic evidence like transcripts and intercepts and interrogation reports,” Chidambaram said. “SITUATION DEFUSED” But, despite a near-daily war of words between the countries and military muscle flexing, most analysts say fear of Indian strikes on suspected terrorists targets in Pakistan, which could spark war, was easing. Pakistani foreign minister Shah Mehmood Qureshi said tension had diminished. “The situation has been defused from before,” Qureshi told reporters in the city of Multan. “Some positive Pakistani proposals and the role of our friends and important powers in and outside the region have contributed positively.” Qureshi said US assistant secretary of state Richard Boucher would be visiting and they would meet on Monday. Also See In pictures | The week that was Pakistan, which has in the past used terrorists to further foreign policy objectives, condemned the Mumbai violence and launched raids on terrorists in the face of global outrage. But the action has not satisfied India. New Delhi wants Islamabad to dismantle what it says are terrorist training camps on its territory, and extradite at least 40 suspects. Pakistan says it will act if India provides proof. India says it has evidence that shows the Mumbai plot was hatched in Pakistan and Islamist terrorists took orders from their handlers across the border as they fought Indian commandos. Police say Mohammed Ajmal Kasab, the sole Mumbai attacker arrested alive, has confessed to being a Pakistani national from the town of Faridkot. Chidambaram, referring to a Pakistani media report that a man who said he was Kasab’s father had been located in the town, said a DNA test could determine the truth. Chidambaram said India now wanted “cast iron guarantees” that no state or non-state actor would be allowed to use Pakistani soil or resources to attack India. “The price they will pay if this is repeated will be enormous,” Chidambaram said, in the sternest warning yet to Pakistan. Source: Home - Livemint.com | 4 Jan 2009 | 12:11 pm Farmers hit by price fall, decline in productionKalpetta: Pepper growers in Kerala are facing a tough time with production level declining and prices of the commodity falling in the wake of global economic slowdown. The spot price for the Malabar Grade-I ungarbled dipped to Rs100 a kg last week against Rs135-140 per kg during the same period last year, according to market sources. The global financial crisis has resulted in a slump in demand from Europe and the US, which has further led to a price crash despite declining stocks due to reduction in production, they said. Besides, pepper growers as well as marketmen also believe that the entry of online trading in the commodity, which gave room for speculation of price rather than determining the price on the basis of actual availability and demand, has also affected the pepper rates. Affliction of pepper vines by diseases like root-wilt have resulted in fall in production. “In the past, one acre of cultivation used to yield an average 14 quintals of pepper. This has sharply come down and I would be lucky if I get five kg this year,” a farmer said. A recent study by the Centre For Development Studies said that pepper would be seriously hit by the global meltdown with exports going down in value and quantity. Source: LatestNews-Home - Livemint.com | 4 Jan 2009 | 12:10 pm India will emerge stronger from global meltdown: AssochamIndia, along with China, Russia and South Korea, would emerge stronger from the global financial crisis as they enjoy strong economic foundations, higher growth rates and sound monetary policy measures, according to an industry lobby survey.Source: IndiaeNews.com: Business News | 4 Jan 2009 | 11:31 am Reliance Communications launches GSM telephony in MumbaiTelecom operator Reliance Communications (R-Com), belonging to the Reliance Anil Dhirubhai Ambani Group (R-ADAG), Sunday launched its much-awaited GSM mobile telephone services here.Source: IndiaeNews.com: Business News | 4 Jan 2009 | 11:30 am Shemaroo to invest Rs100 cr for content acquisitionNew Delhi: Production and distribution house Shemaroo Entertainment plans to invest around Rs100 crore over the next two years for acquisition and aggregation of content. “We are looking at aggregation and acquisition of content and will invest Rs100 crore for this in the next 18-24 months,” Shemaroo Entertainment director Hiren Gada said. This would be across the media, overseas rights, TV and literature, he added. Shemaroo acquires, on an average, about 200 titles a year. “We are looking at similar figures in the future also,” he said. This investment is part of a Rs200 crore expansion plan announced last year by the company for increasing its operations across various verticals of film and video business. Gada said the rest of the amount would be spent on production (Rs90 crore) and infrastructure (Rs10 crore). “We are sourcing the funds through equity and debt. While 25% of the debt has already been funded, we have postponed equity funding because of the market condition,” he said, adding that it would look at the equity option as soon as market stabilises. Shemaroo, which has 25% market share in Hindi film home video segment, is also looking at garnering business from other verticals like DTH and mobile platform. “We are in discussion with DTH players for providing content under the pay-per-view model. We are also providing content to mobile operators in the form of clips. With the coming in of 3G, this segment is bound to grow,” Gada said. “In the next 3-4 years, we expect these (new) verticals to contribute about 25% share of the company’s revenues from miniscule levels today,” he added. Source: LatestNews-Home - Livemint.com | 4 Jan 2009 | 11:17 am Culling starts in West Bengal's bird flu-hit DarjeelingAuthorities in West Bengal Sunday began culling operations in the bird flu-hit Darjeeling and Siliguri subdivisions, officials said.Source: IndiaeNews.com: Business News | 4 Jan 2009 | 11:03 am Kanwal Rekhi on InventusIn this week’s Kamla Bhatt Show, we feature Kanwal Rekhi, a well-known enterpreneur from Silicon Valley, mentor and now an investor. For the first time, Kanwal Rekhi has established a new cross border venture fund called Inventus with a  In this interview, Kanwal Rekhi talks about the name Inventus and the goals of the fund. Source: LatestNews-Home - Livemint.com | 4 Jan 2009 | 11:03 am Next fiscal will be painful for exports: FicciAggressive pricing by Chinese exporters, coupled with lack of credit flow and cancellation of orders, is crippling India's exports, which may go down further in the first half of 2009, said an industry lobby survey, released here Sunday.Source: IndiaeNews.com: Business News | 4 Jan 2009 | 11:02 am FBI hands over evidence over Mumbai attack to Pak: ReportLondon: The Federal Bureau of Investigation (FBI) has given to Pakistan evidence amassed by it on involvement of elements based in that country in the Mumbai strikes, including on the LeT handlers’ warning to the attackers about the arrival of Indian commandos while watching the mayhem live on TV, a media report here said Sunday. Stating that evidence is growing to prove that the Mumbai strikes were orchestrated by militants based in Pakistan, ‘The Sunday Times’ reported that Zarar Shah, a communications specialist of Lashkar-e-Toiba, has admitted under interrogation in Pakistan that he advised the terrorists by phone as the attacks unfolded. Controllers in Pakistan watched live television and warned the gunmen of the arrival of Indian commandos, the report said, citing evidence amassed by the FBI and handed over to the Pakistani government. The FBI had decoded Skype calls over the internet that were made between the gunmen in two five-star hotels and a Jewish centre in Mumbai with their LeT controllers in Pakistan, identified as Shah, Abu Hamza and Abu Qafa, it said. Talking in colloquial Punjabi, the controllers repeatedly told the attackers “Aag lagao” (“light the fire”), which has been interpreted in India as a way of maximising casualties, the paper said. During the conversation, the men were also instructed to kill all the Israelis held captive in the Jewish hostel, but to spare all the Muslims, it said. Shah revealed that the 10 assailants were trained in Pakistan-Occupied Kashmir and then travelled by boat from Karachi to Mumbai. He implicated several other Lashkar men. According to the report, Islamabad rejected the alleged FBI evidence and dismissed India’s contention about close ties between LeT and ISI. Source: LatestNews-Home - Livemint.com | 4 Jan 2009 | 10:42 am DoT may endorse FinMin view on doubling reserve prices for 3G - Economic Times
Source: Google News India - Business | 4 Jan 2009 | 10:30 am What investors don’t want again in 2009!New Delhi: Ambanis’ fight, Lehman collapse, Mumbai terror strikes, Satyam-like corporate governance fiasco, sky-rocketing inflation, massive layoffs, ballooning interest rates, acute credit crunch and pitfalls of coalition government -- having seen all these unfold during 2008, investors do not want any repeat this year. Even if some of these cannot be wished away, market experts believe that investors would certainly feel relieved not to see again these and many other dreadful events that made 2008 certainly a bad year. While a reunion between warring Ambani brothers Mukesh and Anil tops the wish list of lakhs of investors, who had to suffer heavily in 2008 because of the fight on issues ranging from MTN controversy to gas dispute, there are many other events they want to forget as a bad dream. The events include high inflation, surging crude oil prices, corporate governance issues emerging from Satyam’s aborted bid to acquire two firms promoted by its chairman’s family, Mumbai terror strikes and subsequent political tension with Pakistan, Singur controversy, ballooning interest rates that made credit a scarce commodity and huge cost-cutting exercises adopted by the companies. Besides, there are the global happenings such as worldwide credit crisis, fall of Lehman Brothers and many other global giants, crash in the market, need of bailout packages from the governments, over-dependence on ‘hot money’ or excess-leveraging for loans, and also a Madoff-like scam, which made 2008 an unforgettable year. “If God is going to ask for a single wish, I think everybody across the world, irrespective of the caste, creed and culture, would wish that 2008 is not to be repeated in their lifespan,” Taurus Mutual Fund Managing Director R.K. Gupta said. “It was a year of mayhem for the world economy and capital market in particular,” he added. Gupta listed out the need of a bailout package for any sector, inconsistency in the government and central bank policies, Satyam/Pyramid Saimira like issues, production cuts/plant closures/layoffs, media interference in investment decisions and over-dependence on leveraging as some of the things that investors do not want again in 2009. KPMG Advisory Services director Jaideep Ghosh named some issues as the high inflation, oil price surge, lack of corporate governance by promoters and boards of directors, such as in the case of Satyam-Maytas fiasco and political tension with neighbouring countries that lead to economic impact also. According to Ghosh, other issues that investors would not want to be repeated this year would include credit crisis, Lehman-like fall, Singur controversy, market crash and Mumbai attacks. Brokerage firm SMC Global vice president Rajesh Jain said that his wish list would include stable oil prices, interest rates under control, no layoffs and a stable government. “With the elections coming in next few months, I do not want a coalition government,” Ashika Stock Brokers’ research head Paras Bothra said. Other things that investors do not want in 2009 would be inflation hitting double-digit again, credit crunch, collapse of banks, developed economies falling into recession and a broker scam in the country, Bothra added. Kejriwal Research and Investment Services’ Arun Kejriwal said he does not want commodity prices to rise again in 2009, “because when the bubble bursts, it hurts the most. I want a more or less range-bound price regime as neither a rise is sustainable nor a fall.” However, one of the most-wished issues, even if it appears utopian, is for Mukesh and Anil Ambani to bury their differences and come together in the new year to create an unmatched business empire. The year 2008 saw the rivalry between the two reaching new levels with Mukesh-led Reliance Industries allegedly putting a spanner in Anil-led Reliance Communications’ plan to merge with South African telecom major MTN, Anil Ambani filing a Rs10,000 crore defamation suit against Mukesh and court battle over gas dispute between them making no headway. With their cut-throat rivalry being seen as the biggest roadblock in the growth of the two groups, some market observers believe that probability is almost nil for a truce, others actually see a possibility, but almost all believe that it would be the ultimate gain for the investors if they ever call it quits. “My wish list for investors’ benefit is topped by a truce between the Ambani brothers. Investors have seen it all and the warring brothers have seen wealth destruction. It is time for them to call a truce,” SMC Global’s Jain said. Ashika Stock Brokers’ Bothra also agreeing said, “In one word, it would be positive for investors. However, considering the present situation, it does not seem likely.” Some others see quite a possibility of the two brothers breaking the bread together. “One should not rule out any possibility, especially after the Bajaj brothers having reached a kind of settlement,” Kejriwal noted. “There is a possibility. Nothing can be ruled out keeping in mind the investors’ expectations,” he said. However, not all see the possibility of Mukesh and Anil smoking the peace pipe. “The situation is hypothetical and theoretical in nature and can only happen in a fiction movie,” Nexgen Capital’s Equity Head Jagannadham Thunguntla said. “However, if this happens, both the brothers can concentrate their productive energy together operating with each other. The groups have evolved considerably since the days of demerger (in 2005) and it is much bigger than the size of Reliance during Dhirubhai Ambani (regime). So, if at all this happens, it would be a good thing for the shareholders,” he added. Source: Home - Livemint.com | 4 Jan 2009 | 9:31 am Russia-Ukraine gas row disrupts supplies to EUKIEV/MOSCOW (Reuters) - Russia and Ukraine looked no closer to compromise on Sunday over a gas row that has disrupted supplies to at least four European Union countries as they face freezing winter temperatures.Source: Reuters: Money News | 4 Jan 2009 | 8:37 am Kerala's first district IT park to come up at KollamTechnopark officials here are finalising the master plan for the first district level IT park in Kerala, to come up at Kundara near Kollam.Source: IndiaeNews.com: Business News | 4 Jan 2009 | 8:32 am Fare cut unlikely on international routes: Jet AirwaysIndia's leading private carrier Jet Airways, which cut domestic fares by up to 40 percent last week, said it has no plans to slash fares on international routes.Source: IndiaeNews.com: Business News | 4 Jan 2009 | 8:32 am Madhavi Puri Buch may become chief of ICICI SecuritiesNew Delhi: The country’s largest private sector lender, ICICI Bank, may consider appointing its executive director Madhavi Puri Buch as the chief of its investment banking arm, ICICI Securities. The board of directors of ICICI Bank is meeting Monday and besides other issues it may consider appointment of two new functional directors in the place of K. V. Kamath and Buch. Buch, if approved by board, would replace S. Mukherji as managing director of ICICI Securities, sources close to the development said. At present, Madhabi Puri Buch is the executive director on the board of ICICI Bank and manages the global markets business covering treasury solutions, the global operations group covering operations and transaction processing for retail, corporate, international and rural banking. Besides, she continues to be the chief brand officer for the ICICI Group and also looks after the quality and organisational excellence function of the bank. When contacted, ICICI spokesperson refused to comment on the board meeting. The development comes less than 15 days after the board decided to appoint Chanda Kochhar as successor of current MD and CEO K. V. Kamath, who demits office on 30 April. Kamath would become a non-executive chairman after his retirement as ICICI Bank CEO and MD on 30 April. He would hold the post for five years. Source: Home - Livemint.com | 4 Jan 2009 | 8:09 am Imitrex delay: Ranbaxy's loss may be gain for Dr Reddy's - Hindu
Source: Google News India - Business | 4 Jan 2009 | 7:38 am Companies waiting in the wings to raise Rs75,000 cr through IPOsNew Delhi: Having tried unsuccessfully in 2008, over three dozen firms are holding back IPO plans to raise an estimated Rs75,000 crore (over $15 billion) for the right market conditions, which experts believe is unlikely before the year-end. The overall size of the IPO backlog from 2008 is incidentally more than four times of the total amount raised during the year through this route and almost equals the cumulative capital raised over the past three years. The slackening in the primary market was primarily due to the poor response to the post-IPO listings in the secondary market and the slump in the investors’ sentiments due to overall sluggish market conditions, the experts said.  News on your mobile, log on to m.livemint.com “As far as the overall IPO market is concerned I would think market would really revive only after we see correction...I would expect that the earlier signs of market being ready to accept the IPOs would be the very late part of 2009,” the country’s top private sector lender ICICI Bank CEO and MD K. V. Kamath said. Overall, the experts believe that 2009 could be another bad year for IPOs and any recovery was only expected by the fag end of the year when some of the backlogs from the previous year could hit the market. While some of the companies might explore alternate routes for raising funds, such as private equity placement, most of them are unlikely to return to the IPO street before the second half of the year, the market observers believe. Brokerage firm Bonanza Portfolio’ president research P. K. Aggarwal said that the revival of IPO scene in 2009 seem to be a remote possibility. “I believe the primary market may rebound by 2010 or even 2011 and this year the scene may remain dormant,” Aggarwal added. During 2008, the primary market saw total mobilisation of Rs16,927 crore through both initial and follow-on public offers (IPO and FPOs), wherein the IPO of Anil Ambani group’s Reliance Power biggest in the history of corporate India so far -- alone contributed more than Rs11,500 crore. The total funds raised during 2008 represented more than 60 per cent fall from over Rs45,000 crore raised through IPOs and FPOs during 2007 and also lower than about Rs24,000 crore in 2006. According to primary market tracking firm Prime, as many as 37 companies which were planning to mop up about Rs29,164 crore through IPOs had deferred their plans to enter the market in 2008 because of adverse market conditions. This included some big names like Anil Ambani group’s Reliance Infratel (Rs6,000 crore), Adani Power (Rs5,630 crore), Jaiprakash Power Ventures (Rs4,000 crore) and Kishore Biyani-led Future Ventures (Rs2,660 crore). Besides, there were talks of a mega 10-billion dollar (Rs40,000 crore) IPO from state-run Bharat Sanchar Nigam Ltd (BSNL). According to the US-based research and investment management services firm Renaissance Capital, the global IPO activity is likely to be low in 2009, but new issues could produce healthy returns. According to its outlook for IPOs in 2009, historical precedents suggest that IPOs in periods of low issuance can generate very strong returns as companies are forced to become more realistic with their proposed valuations in order to successfully raise capital, thereby creating opportunities for investors. Anticipating some good developments on the IPO front in India through the government’s privatisation moves, Renaissance Capital said: “The Indian government has expressed interest in divesting ownership stakes in several public sector undertakings, including Oil India and hydroelectric power utility NHPC (which together are looking to raise over $700 million). “A $10-billion IPO of India-owned telecom BSNL that was delayed in 2008 may also resurface.” Source: Home - Livemint.com | 4 Jan 2009 | 7:28 am Manufacturing to face the heat of global slowdownSales in manufacturing sector is likely to witness a slowdown in the quarter ending December on account of steep fall in the commodity prices, a report said.Source: Daily News & Analysis: Money News | 4 Jan 2009 | 7:04 am What investors don't want again in 2009!Ambanis' fight, Lehman collapse, Mumbai terror strikes, Satyam-like corporate governance fiasco, sky-rocketing inflation, massive layoffs...Source: Daily News & Analysis: Money News | 4 Jan 2009 | 7:04 am Gujarat summit a platform for steps to face meltdown: ModiThe 'Vibrant Gujarat Global Investors Summit-2009' will provide a good platform to the Indian industry to put heads together to chalk out a course of action.Source: Daily News & Analysis: Money News | 4 Jan 2009 | 6:29 am Gujarat summit a platform for steps to face meltdown: ModiThe 'Vibrant Gujarat Global Investors Summit-2009' will provide a good platform to the Indian industry to put heads together to chalk out a course of action.Source: Daily News & Analysis: Money News | 4 Jan 2009 | 6:29 am The week in reviewNew Delhi: It was an action packed week as 2008 ended and the New Year began. The government rung in 2009 by announcing its second fiscal stimulus package on Friday. Click here to watch video The package allows state governments to borrow Rs30,000 crore and has provisions for exporters, infrastructure projects and Foreign Institutional Investors. In a coordinated move the Reserve Bank of India cut the cash reserve ratio by 50 basis points to 4% and cut the repo and reverse repo rates by 100 basis points each. This is expected to pump in close to Rs20,000 crore of additional liquidity into the banking system. Sri Lankan troops captured Kilinochchi, the headquarter of the Tamil Tiger rebels on Friday. It’s being seen as a bitter blow to the LTTE or Liberation Tigers of Tamil Eelam. The military operation to take the separatist stronghold started in September. Closer home it was a distressing beginning to the New Year in Assam as low intensity blasts killed five people and injured at least 60. The blasts occurred along the route Home Minister P Chidambaram was expected to take while visiting Guwahati. Police said the blasts were triggered by Ulfa militants. Source: Home - Livemint.com | 4 Jan 2009 | 5:54 am Interest rate to dip 4-5% by July to fuel low-cost economy: KamathMumbai: Interest rates are set to fall by up to five percentage points in the next six months as inflation is moving towards zero level, a situation that will make India a low-cost economy and a winner globally, ICICI Bank CEO and managing director K. V. Kamath said on Sunday. “All I can say is that four-to-five percentage points correction in interest rates from where it is today... this correction, I think, will be by July... this is where the interest rates are tending in six months from now,” Kamath told PTI in an interview. Crystal-gazing the economy for 2009, ICICI Bank chief said, “Not from quarter starting April. But, I would think that interest rates would head towards single-digit levels from the quarter starting July. I clearly see that happening.”  News on your mobile, log on to m.livemint.com Apart from the price-line moving southward, the trend of declining rates for bank deposits and falling rates of bonds in Indian market would help banks bring down the cost of credit to the industry. “The speed with which, say for example, bulk (deposits) have repriced themselves at 2-2.5 percentage points in a span of just two weeks gives me comfort to say what probably is going to happen,” Kamath noted. The bond prices have started correcting themselves and are going towards 4% mark, he said, adding that these had already come to 5.5% from 8.5%. “Secondly, banks are repricing their own deposits lower... deposit rates are going down by 100-150 basis points or so... inflation is also coming towards zero,” he said, while forecasting that the bulk deposit rates in India would stabilise at 8-8.5% from a peak of 12.5% till recently. Currently, banks are offering up to 10% interest on fixed-deposits by retail customers, while institutional and corporate customers’ bulk deposits are higher in value and get a special higher rate from the competing banks. “Interestingly, we are heading towards deflation that is very clear, or rather we are heading towards very low level of inflation let me put that appropriately also means that bond prices have started correcting themselves... “Along with the bond price correction we are seeing very rapid correction starting to happen in banks pricing of debt. On the deposit side it has just started. So we are not seeing it fully passed to the customers,” Kamath said. “I would expect between from 3-6 months from now we will see banks’ deposit books repriced downwards, translating into lower cost from customers...the full repricing is expected to be completed by November, but a significant impact of it would start surfacing by July,” he added. Asked if the banks would start the process of swapping the costlier debts taken by the industry till middle of this fiscal when the credit was being given for rates of even over 20%, Kamath said that there was a comfort level for the corporate world, because the average debt-equity ratio was 1.5:1 as against 3:1 that was prevailing in mid-1990s. However, the underlying fear for the industry relates to payments getting delayed because of the slowdown and that is an issue that the banking industry should look at, he said. The banks would not be willing to stretch the working capital limit to that level as they are limited by the norms relating to a debt turning into non-performing assets if payments are delayed beyond permissible period. “If the working capital issue is not resolved, we have a problem with companies ... the problem is going to be is that banks may not be willing to lend if the company appears to be impaired.” he said. Recalling that banks have been allowed by RBI to restructure corporate loans, he said that banks should do it properly to give a helping hand to companies. Asked about the king of restructuring ICICI Bank was willing to take, he said, “In our case, because of our history, we are not a major working capital lender. So, this I would say, is not significant in our context ... public sector lenders are the major players.” However, the industry would reap major benefits from oil prices sliding from a peak of over $147 to $37 or so in a matter of months, while other commodities have also corrected by about 60%, Kamath noted. Source: Home - Livemint.com | 4 Jan 2009 | 5:46 am India’s top 10 firms gain Rs51,000 croreMumbai: The elite club of country’s top 10 companies has added about Rs51,000 crore to its kitty last week, with market leader Reliance Industries regaining the Rs2,00,000-crore mark in terms of market-cap. Besides, power major NTPC also maintained its lead over oil behemoth ONGC as the country’s most-valued PSU firm. During the week, the Mukesh Ambani-led firm’s valuation surged to Rs2,02,060.18 crore from Rs1,90,745 crore a week earlier.  The week saw the total market-cap of the premier club, comprising six public sector and four private sector entities, rise by Rs50,824 crore to Rs10,92,106.40 crore. News on your mobile, log on to m.livemint.com Meanwhile NTPC, which had a week ago toppled the upstream oil giant ONGC to become the top state-run entity, saw its market-cap rise by Rs5,524.45 crore from Rs1,46,192.01 crore in the previous week. ONGC, on the other had, added Rs7,742.71 crore and settled at the third spot with a valuation of Rs1,45,454 crore. Mining giant NMDC was the biggest gainer during the week adding about Rs13,000 crore to its valuation and rising to the seventh position. At the end of trade on Friday, NMDC saw its valuation rise to Rs74,576 crore. Its shares surged 21% to Rs188.10 at the end of Friday’s trade on the BSE. State-run MMTC was the lone loser in the coveted club during the week witnessing a value erosion of Rs3,383 crore. MMTC’s valuation fell to Rs1,00,732 crore last week from Rs1,04,115 crore a week ago. Meanwhile, diversified conglomerate ITC dropped two notches to the ninth slot despite adding Rs1,282 crore to its market-cap and IT bellwether Infosys slipped to the 10th place even after adding Rs1,225 crore in a week. Leading cellular operator Bharti Airtel added Rs3,436 crore to its valuation and remained at the fourth place with a valuation of Rs1,33,787 crore. Also country’s largest lender State Bank of India added Rs5,444 crore to its market-cap and stayed at the sixth spot, while power equipment maker BHEL added Rs5,292 crore to its coffer. Apart from the top 10 companies in the list, private sector banking giant ICICI Bank added Rs5,928.11 crore to its valuation. While second largest private sector lender HDFC Bank added Rs1,837 crore to its market cap. The market cap of ICICI Bank stood at Rs52,457 crore, while HDFC Bank was at Rs43,186 crore at the end of Friday. RIL, the numero-uno in the list of the most valued firms, is followed by NTPC (Rs1,51,716 crore), ONGC (Rs1,45,454 crore), Bharti Airtel (Rs1,33,787 crore), MMTC (Rs1,00,732 crore), SBI (Rs84,439 crore), NMDC (Rs74,576 crore), BHEL (Rs68,937 crore), ITC (Rs 5,643 crore) and Infosys (Rs64,763 crore). Source: Home - Livemint.com | 4 Jan 2009 | 5:41 am After disastrous 2008, Tamil film industry keeps fingers crossedThe Tamil film industry is keen to put 2008 behind, as it saw 100 of the 115 films released crash at the box office, including the Rajnikant-starrer 'Kuselan'. The industry is banking on a few big-ticket releases in early 2009, even as it tries to find a strategy to minimise losses.Source: IndiaeNews.com: Business News | 4 Jan 2009 | 5:01 am Clear winter sun greets Delhi, fog blanket liftsA pleasant clear wintry sun greeted the national capital Sunday, after days of dark damp mornings and heavy fog that caused havoc with air, rail and road traffic.Source: IndiaeNews.com: Business News | 4 Jan 2009 | 5:00 am Obama considering expanding jobless benefits - NY TimesNEW YORK (Reuters) - President-elect Barack Obama and Congressional Democrats are considering a major expansion of government-assisted health care insurance and unemployment benefits as part of a two-year economic recovery program, The New York Times reported in its Sunday editions.Source: Reuters: Money News | 4 Jan 2009 | 4:53 am Wall St Week Ahead - Market rally faces first New Year testsNEW YORK (Reuters) - Wall Street's bid to rally from its worst year since the 1930s will be tested next week by the year's first wave of likely dismal corporate news and possible roadblocks to President-elect Barack Obama's stimulus plan.Source: Reuters: Money News | 4 Jan 2009 | 3:05 am Can borrowers expect a further fall in rates? - Economic Times
Source: Google News India - Business | 4 Jan 2009 | 12:56 am Tariff advisory body plans to network with crime, traffic databaseMumbai, Jan. 3 Inter-state gangs which thrive on stolen vehicles may find the going tough if the Tariff Advisory Committee’s plan to establish seamless connectivity with the databases of the National Crime Records Bureau (NCRB), the trafficSource: Business Line - Home Page | 4 Jan 2009 | 12:00 am Hotels, hospitals given more freedom to use ECBsNew Delhi, Jan. 3 Companies in the hotels, hospitals and software sectors can now raise external commercial borrowings (ECBs) under the automatic route and use the proceeds for both foreign currency and/or rupee capital expenditure. They couldSource: Business Line - Home Page | 4 Jan 2009 | 12:00 am ‘Stimulus may not revive commercial vehicle sales’Chennai, Jan. 3 Non-banking finance companies (NBFCs), which finance the purchase of half the commercial vehicle sales in the country, say the ‘50 per cent accelerated depreciation’ for commercial vehicles, announced by the GovernmentSource: Business Line - Home Page | 4 Jan 2009 | 12:00 am The likely beneficiaries of the second stimulus packageChennai, Jan. 3 If the Cenvat concession and interest rate cuts of the first stimulus aimed at trimming costs for India Inc as a whole, the second one singles out select sectors for its munificence.Source: Business Line - Home Page | 4 Jan 2009 | 12:00 am Steel offtake rises 30-40% on higher demandNew Delhi, Jan. 3 Through the grey of Delhi’s foggy skies a little ray of hope appears to be shining on one of Asia’s largest steel markets – the Loha Mandi in Naraina. Traders are looking much happier now than they were duringSource: Business Line - Home Page | 4 Jan 2009 | 12:00 am CDMA-based 3G services limited to existing playersNew Delhi, Jan. 3 The Department of Telecom has indicated that only Reliance Communications, Tata Teleservices and Shyam Sistema may be allowed to seek spectrum for offering CDMA based third generation (3G) mobile services.Source: Business Line - Home Page | 4 Jan 2009 | 12:00 am Aditya Birla Group cement despatches up 13.4% in DecMumbai, Jan. 3 The Aditya Birla Group said on Friday that its cement despatches in December rose 13.4 per cent from a year ago period to 2.98 million tonnes. Production for the month rose 14.9 per cent to 2.93 millionSource: Business Line - Home Page | 4 Jan 2009 | 12:00 am Aberdeen AMC in controlling position in Satyam Computer - Hindu
Source: Google News India - Business | 3 Jan 2009 | 9:49 pm Ad agencies curb enthusiasm for festsArvind Sharma, chairman of the Indian subcontinent for Leo Burnett, says his agency may send just one or two delegates to Cannes this year as he "feels compelled" to cut costs.Source: Business Standard | Front Page Headlines | 3 Jan 2009 | 7:29 pm Low interest regime to kick off with SBI cutBanks led by State Bank of India (SBI) are set to lower deposit rates by over 50 basis points by the middle of the month, followed by a reduction in lending rates.Source: Business Standard | Front Page Headlines | 3 Jan 2009 | 7:28 pm SBI to raise Rs 5000 cr tier-II capital in January - Hindu Business Line
Source: Google News India - Business | 3 Jan 2009 | 6:47 pm Dues dispute casts shadow on Rs 750 cr MP bond issueGovernment-owned Punjab & Sind Bank has filed a court case against the Madhya Pradesh government and its electricity utility for non-payment of dues, even as the local government is planning toSource: Business Standard | Front Page Headlines | 3 Jan 2009 | 6:31 pm Buffett has 'nowhere to hide' amid Berkshire's plungeBillionaire Warren Buffetts Berkshire Hathaway Inc slumped 32 per cent last year, the worst performance in more than three decades, as the US recession forced down the value of the firmsSource: Business Standard | Front Page Headlines | 3 Jan 2009 | 6:31 pm Vedanta vows to complete its projects in OrissaNRI industrialist and chairman of Britain's Vedanta Resources Anil Agarwal Saturday said his group will complete all its projects in Orissa despite the credit crunch.Source: IndiaeNews.com: Business News | 3 Jan 2009 | 4:00 pm ICC ropes in agency to assess slowdown impactIndian Chemical Council has roped in a private agency for assessing impact of slowdown and prepare position paper on the scenario of chemical industry.Source: Daily News & Analysis: Money News | 3 Jan 2009 | 2:51 pm India, Malaysia sign labour agreementAfter nearly two years in negotiation, India and Malaysia finally signed an agreement Saturday for the 'orderly' recruitment and deployment of workers and the procedures for monitoring recruiting agents and employers.Source: IndiaeNews.com: Business News | 3 Jan 2009 | 2:02 pm
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