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Striking officers\' demand unreasonable: IOC HeadIOC Head Sarthak Behuria in his adress to media said that the supply of fuels is getting scarce and the current situation is precarious. He further stated that the company will take administrative steps if officers don\'t return. He firmly believes that striking officers\' demand is absolutely unreasonable and cannot be tolerated anymore.Source: Moneycontrol Top Headlines | 9 Jan 2009 | 4:14 pm Unitech may dilute 2640% to raise funds by FY09 endReports suggest Unitech is looking at diluting 2640% of its stake t o raise capital. It is seeking a conversion price of Rs 6065 per share. The company has to pay around Rs 2,500 crore by the end of this fiscal and is thus looking to raise money.Source: Moneycontrol Top Headlines | 9 Jan 2009 | 4:11 pm Officials of Serious Fraud Office reach Satyam officeSome officials of the Serious Fraud Office have reached the Satyam office. The team is being led personally by the Registrar of Companies of Hyderabad, Henry Richards. Minister of Corporate Affairs, Prem Gupta said the Serious Fraud Officials are from multiple enforcement agencies.Source: Moneycontrol Top Headlines | 9 Jan 2009 | 3:57 pm Oil strike partially called offOil Minister Murli Deora said all BPCL officials were expected to join work today. \"The IOC Panipat refinery will start output later today while the Mathura refinery will start operations with 12 hours,\" Deora said. HPCL outlets, Deora added, were functioning normally, while supply at BPCL outlets has started improving.Source: Moneycontrol Top Headlines | 9 Jan 2009 | 3:25 pm Ramalinga Raju to appear before Sebi at 4 pm tomorrowSatyam former chief B Ramalinga Raju will appear before Securities and Exchange Board of India (Sebi) at 4 PM tomorrow. Earlier, Sebi officials delivered a summon to Raju\'s residence in connection with the multithousand crore corporate fraud.Source: Moneycontrol Top Headlines | 9 Jan 2009 | 3:05 pm NCCMaytas JV projects may face Satyam heatAfter Satyam, Maytas also seems to be in troubled waters since it had the same promoters as Satyam. The company may now face difficulty in raising fresh equity capital to fund the projects. The one company that may be affected the most is Nagarjuna Construction (NCC).Source: Moneycontrol Top Headlines | 9 Jan 2009 | 2:56 pm Less chance of manipulating cash flow statement: Kanu DoshiKanu Doshi, Dean of Finance, Welingkar Institute of Management, feels investors should check a companys cash flow as it would be less manipulated than the profit and loss account to save oneself from another Satyam.Source: Moneycontrol Top Headlines | 9 Jan 2009 | 2:33 pm Mkt concerned on valuations of Siemens Info divestmentThe Siemens board has approved divestment of its 100% stake of its subsidiary Siemens Informational Systems (SISL) to Siemens AG. The market is concerned about what would be the valuation for the internal transfer of business.Source: Moneycontrol Top Headlines | 9 Jan 2009 | 1:42 pm Banks refuse to give details on Satyam’s accountsMumbai: Bankers of scam-tainted Satyam Computer on Friday refused to comment if the IT major’s accounts have been frozen, citing client confidentiality. “We cannot comment on the matter due to client confidentiality,” the Citi Bank spokesperson said, responding to reports that the lender has frozen 30 trade receivable accounts of the software. India’s fourth-largest outsourcing firm plunged into a crisis after its chairman B Ramalinga Raju admitted to gross manipulations in the company’s balance sheet and resigned. Bank of Baroda, another banking partner of Satyam, said it did not have any material exposure to the company. “Bank of Baroda has no major exposure to Satyam Computer except that we have some current account deposits of Satyam, which are collection accounts,” a senior Bank of Baroda official said. ICICI Bank, another banking partner of the beleaguered company, said the private lender did not have any fund-based exposure to Satyam Computer other than a marginal exposure of about Rs3 crore on account of a forward contract. “We are unable to comment on individual clients,” ICICI Bank executive director V Vaidyanathan told reporters. HDFC Bank, said it has no “significant” exposure to the struggling client. Source: Home - Livemint.com | 9 Jan 2009 | 1:18 pm Mint discussion | Satyam sagaLivemint Radio presents ”Satyam Deconstructed”, a live discussion that examines the Satyam debacle, but from many angles.  Following three days of news, the show aims to breakdown the aspects of accounting fraud, the levels of culpability and examine the options that regulatory bodies might have. Listen and tell us what you think. Source: Home - Livemint.com | 9 Jan 2009 | 1:15 pm Satyam shares topple on bourses; drop to Rs 20 levelSatyam shares received a severe lashing on the bourses with its shares plunging as much as 84 per cent to just Rs 6.30, but later recovered some of the losses to settle around Rs 20 level.Source: Daily News & Analysis: Money News | 9 Jan 2009 | 1:13 pm Raju will appear before SEBI on Saturday at 4 pm: Lawyer - Economic Times
Source: Google News India - Business | 9 Jan 2009 | 1:12 pm India joins global league in electricity futures - Economic Times
Source: Google News India - Business | 9 Jan 2009 | 1:12 pm Satyam's IT project in Gujarat likely to be abandonedBeleaguered Satyam Computer Services is likely to abandon its proposed IT park project in Gandhinagar.Source: Daily News & Analysis: Money News | 9 Jan 2009 | 1:11 pm Govt calls in army but returning workers ease crisisNEW DELHI (Reuters) - The government called in troops to load fuel tankers and some striking employees at state oil firms went back to work on Friday, easing fears of a prolonged fuel crisis.Source: Reuters: Money News | 9 Jan 2009 | 12:57 pm Nifty ends below 2900 amid volatility; metals tank 7% - Moneycontrol.com
Source: Google News India - Business | 9 Jan 2009 | 12:49 pm Slovakia considers other gas sources than Russia - Reuters
Source: Google News India - Business | 9 Jan 2009 | 12:43 pm POLL - Inflation seen at 6.09 pct on Dec. 27MUMBAI (Reuters) - India's annual inflation rate is seen falling to a 10-month low in the last week of 2008 after food supplies improved and steep duty and fuel price cuts worked through into the broader economy, a Reuters poll showed.Source: Reuters: Money News | 9 Jan 2009 | 12:42 pm Truckers to continue strike; President, Secy arrested - Economic Times
Source: Google News India - Business | 9 Jan 2009 | 12:38 pm CB-CID probing Satyam fiascoAndhra Pradesh chief minister YS Rajasekhara Reddy on Friday said the CB-CID is independently probing the financial fraud in Satyam Computer.Source: Daily News & Analysis: Money News | 9 Jan 2009 | 12:28 pm Reliance gas dispute case hearing to resume next week - Livemint
Source: Google News India - Business | 9 Jan 2009 | 12:26 pm Satyam charged with duping US investors of billions of dollars!In separate lawsuits filed in US courts, Satyam Computer has been charged with duping thousands of American investors of billions of dollars by artificially inflating share price.Source: Zee News : Business | 9 Jan 2009 | 12:23 pm Army may be called in to move petro products!The crisis management group met on Friday and considered the option of bringing in the Army to move petroleum product cargoes from refineries to petrol pumps but did not take a firm decision on this.Source: Zee News : Business | 9 Jan 2009 | 12:23 pm Sensex down 235 pts in early trade!Sensex on Friday fell by 235 pts in early trade on panic selling by foreign funds and investors.Source: Zee News : Business | 9 Jan 2009 | 12:23 pm Spanish jobless hits 12-year high of over three million!The number of unemployed workers in Spain soared to a 12-year high point of more than three million in 2008 as the economy reeled from the collapse of the property market and the global financial crisis.Source: Zee News : Business | 9 Jan 2009 | 12:23 pm Satyam fraud - not one man show: KPMG!KPMG, which audits the accounts of IT majors like Infosys and Wipro, doubted the veracity of the confessional letter written by B Ramalinga Raju saying the financial bungling cannot be done only by the head of the firm.Source: Zee News : Business | 9 Jan 2009 | 12:23 pm ONGC`s oil production from Mumbai offshore falls by 50%!State-owned drilling firm ONGC has reported a more than 50 percent decline in oil production at its fields off the Mumbai Coast due to the officers` strike, which entered the third day on Friday.Source: Zee News : Business | 9 Jan 2009 | 12:23 pm Ramalinga Raju`s arrest imminent: Reports!Satyam`s disgraced former chairman B Ramalinga Raju`s arrest seems imminent with the Hyderabad Police gearing up to file a suo motu case against him for showing non-existing cash in the company`s books.Source: Zee News : Business | 9 Jan 2009 | 12:23 pm Satyam shares fall by 85%!Shares of Satyam on Friday got battered even further and dipped by 85 percent.Source: Zee News : Business | 9 Jan 2009 | 12:23 pm Inflation dips further to 5.91 %!In a major reprieve to the UPA government, the rate of inflation on Friday dipped further to 5.91% for the week ending on Dec 27. This is for the first time since February 2008 that the rate of inflation has slipped below 6%.Source: Zee News : Business | 9 Jan 2009 | 12:23 pm Truckers' strike: States cooperation must, says Chidambaram - Business Standard
Source: Google News India - Business | 9 Jan 2009 | 12:21 pm Petronet LNG to restart to ease gas supplyNew Delhi: The Petronet LNG will restart its 5 million tonnes a year plant at Dahej in western India, later on Friday, three days before scheduled, to help ease a natural gas shortage, a company official told reporters. Natural gas is in short supply, mainly in western India, because of a three-day strike by workers of state-run oil firms. The plant was shut down to hook up new units and double its capacity to 10 million tonnes. “Between 6:00pm and 6:00am we will be supplying 7 million cubic metres of gas,” the official said, adding the supply would be raised to 18 million cubic metres the following day. Source: LatestNews-Home - Livemint.com | 9 Jan 2009 | 12:12 pm MCX launches electicity futuresMUMBAI (Reuters) - The Multi-Commodity Exchange of India (MCX) has launched electricity futures trading from Friday, the bourse said in a release.Source: Reuters: Money News | 9 Jan 2009 | 12:09 pm IOC to restart Mathura refinery in 12 hrs - govtNEW DELHI (Reuters) - Indian Oil Corp will resume operations at its 160,000 barrels per day Mathura refinery in 12 hours, the oil minister, Murli Deora, said on Friday.Source: Reuters: Money News | 9 Jan 2009 | 12:07 pm CLP to pump in Rs6,000 cr to develop Jhajjar power plantNew Delhi: “Hong Kong-based CLP Group will invest Rs6,000 crore for developing a 2x660 thermal power project at Jhajjar in Haryana,” a top official of the company said. The company has floated a special purpose vehicle (SPV), Jhajjar Power Ltd, for executing the project, which is likely to be commissioned in May 2012. “The investment in the 1,320 MW project would be to the tune of Rs6,000 crore and the project would be commissioned in May 2012,” CLP Managing Director (India) Rajiv Mishra said. Haryana would get 90% of the power generated at the plant and the remaining 10% would be supplied to Delhi. The foundation for the plant would be laid by Haryana Chief Minister Bhupinder Singh Hooda in Jhajjar on 10 January. “The first unit of the plant would be commissioned in December 2011 and the second one in May 2012,” Mishra said. The main plant equipment (turbines, generators) would be sourced from Chinese companies — DongFang and Harbin. The project is being funded by a group of banks led by IDBI with the debt equity ratio of 70:30. The coal for the project would come from the Central Coal Fields. CLP has invested around $2 billion (Rs10,000 crore) in the power sector in the country. Source: LatestNews-Home - Livemint.com | 9 Jan 2009 | 12:06 pm BJP demands prime minister's assurance on SatyamThe Bharatiya Janata Party (BJP) Friday demanded that Prime Minister Manmohan Singh, who holds the finance portfolio, should come out with a statement to restore investor confidence after the disclosure of massive financial fraud at Satyam Computers.Source: IndiaeNews.com: Business News | 9 Jan 2009 | 12:03 pm Essar Oil earmarks entire production for domestic marketEssar Oil's entire production will be for the domestic market, a senior company official said here Friday, the third day of an indefinite strike called by oil sector officers.Source: IndiaeNews.com: Business News | 9 Jan 2009 | 12:03 pm Regulator serves Ramalinga Raju with summonsMarket watchdog Securities and Exchange Board of India (Sebi) Friday served Satyam's disgraced chief B. Ramalinga Raju with summons, asking him to appear for hearing in connection with a Rs.70-billion accounting fraud.Source: IndiaeNews.com: Business News | 9 Jan 2009 | 12:02 pm The spirit of northeast to come alive in DelhiListen to some soulful melodies from the hills of Meghalaya, enjoy the graceful 'Bihu' dance of Assam, stuff your shopping bags with wares from the northeast, and titillate your taste buds with delicacies of the region. In short, get set to feel the northeastern spirit right here from Saturday on.Source: IndiaeNews.com: Business News | 9 Jan 2009 | 12:01 pm West Bengal government ready to give Satyam more landWest Bengal government will give 25 acres land to scam-tainted IT company Satyam Computers in the state if they want it, Information Technology (IT) Minister Debesh Das said here Friday.Source: IndiaeNews.com: Business News | 9 Jan 2009 | 12:01 pm Pravasi Bharatiya Samman Awards for 13 NRIs - Sify
Source: Google News India - Business | 9 Jan 2009 | 12:01 pm 'Oil sector crisis to improve by Monday'The oil sector crisis is expected to improve over the weekend as some striking officers have started returning to work, a senior industry official said here Friday.Source: IndiaeNews.com: Business News | 9 Jan 2009 | 12:01 pm Oilmen's strike hits fuel supply, four refineries in northeastOperations in the Assam refineries have been hit and fuel supply across the northeast has been affected following the ongoing strike by officers of public sector oil firms.Source: IndiaeNews.com: Business News | 9 Jan 2009 | 12:01 pm Join work or face arrest, striking oilmen toldThe government Friday categorically told the striking employees of public sector oil firms to immediately rejoin work or face arrest.Source: IndiaeNews.com: Business News | 9 Jan 2009 | 12:00 pm Reliance gas dispute case hearing to resume next weekMumbai: The Bombay High Court will resume hearing of RIL-RNRL gas dispute case next week. “The division bench of Justices J.N. Patel and K.K. Tated would continue to hear the case, though Justice Tated was transferred to Aurangabad bench of the High Court last week,” High Court sources said. “The case is likely to come up for hearing on 12 January,” RIL lawyers said. The case pertains to gas-purchase agreement between Mukesh Ambani-led Reliance Industries (RIL) and younger brother Anil Ambani’s Reliance Natural Resources Ltd (RNRL). RIL agreed to sell natural gas from its Krishna Godavari gasfields to RNRL, at the time of the demerger of Reliance group. But price of gas, quantity to be sold, and duration of supply are the contentious issues. The Government has intervened in the case, essentially supporting RIL’s stand that price of gas should be subject to government approval and it cannot be less than $4.20 per million British Thermal Units. However, at the last hearing, the government had withdrawn its affidavits where this stand was taken. Source: LatestNews-Home - Livemint.com | 9 Jan 2009 | 12:00 pm Andhra Govt. to take a stock of Maytas-run projects - Hindu
Source: Google News India - Business | 9 Jan 2009 | 11:56 am Satyam out of ‘Dow Jones India Titans 30 Index’Mumbai: Dow Jones Indexes, a leading global index provider, has removed scandal-hit Satyam Computer from its ‘Dow Jones India Titans 30 Index´ and replaced it by Axis Bank. The replacement will come into effect from 13 January. “Satyam Computer Services Ltd will be deleted from the ‘Dow Jones India Titans 30 Index´ and replaced by Axis Bank,” a statement from Dow Jones Indexes said here today. “Satyam Computer Services Ltd is being removed due to financial distress,” the statement said. The Hyderabad-based software firm has already been removed from various indices -- Nifty and the Sensex -- computed by NSE and BSE after the revelation of over Rs 7,000-crore fraud by the company. Source: LatestNews-Home - Livemint.com | 9 Jan 2009 | 11:56 am Have not quit DLF, rumours baseless: Ramesh SankaRamesh Sanka, CFO, DLF, clarified that rumours about him resigning from the company and baseless. He said he had sold one lakh shares which were part of ESOPs for personal needs.Source: Moneycontrol Top Headlines | 9 Jan 2009 | 11:54 am Satyam staff display hope, sympathy in signs at HQHYDERABAD, India (Reuters) - Many staff at Satyam Computer Services tried to put up a brave front on Friday, hoping things would return to normal soon and their jobs secured even as the outsourcer fights for its survival.Source: Reuters: Money News | 9 Jan 2009 | 11:52 am Centre plans 12,000 km four-lane road projectHyderabad: “The UPA Government would soon take up construction of 12,000 km four-lane road project across the country,” Union Minister of State for Road Transport and Highways K.H. Muniyappa said. “The project, to be taken up in public-private partnership (PPP) mode, would cost about Rs7-8 crore per kilometre,” he informed adding: “The project is likely to be completed by 2015”. “The four-lane roads would connect state capitals, ports and other important cities in the country and help rural masses send their produce to big markets,” Muniyappa said. To a query, he said that any technically eligible company can take part in the bidding process to undertake road laying works in contrast to the system of a few short-listed companies only vying for bidding. The Minister held a meeting of a committee for promotion of Hindi in the Road Transport Ministry. “The committee, formed last month, would work for promotion of the national language,” he said. Source: LatestNews-Home - Livemint.com | 9 Jan 2009 | 11:50 am Srike fizzles out: Employees of oil PSUs return to work - Economic Times
Source: Google News India - Business | 9 Jan 2009 | 11:49 am How my bubble burstMumbai: Like many of his peers a young, Kolkata-based finance professional rode the economic boom of the past few years, before his career entered a downward spiral in the wake of the global economic crisis. Here is a brief chronicle of what his life has been like in the past year and a half.  His last move was in 2007 when he joined a large, high-profile non-banking finance company (NBFC) with a national footprint. It seemed like the right move, at least, initially. But the good times did not last. The cracks started appearing in early 2008, when the number of borrowers defaulting on their payments began to rise. Still, the Mumbai-headquartered company chose to look the other way, till the deteriorating economic scenario forced it to stop disbursing new loans. Towards the end of September, the company started asking people to resign. Here is a first person account of how a buzzing office, where the business never seemed to slow, became empty and desolate, its computer terminals resembling tombstones. (The young executive narrated his story on condition that neither his name nor that of the company for which he worked would be used.) * June 2007 One day one of my former colleagues, who was then working with a big NBFC, called me. His employers were looking for a sales manager to handle their small and medium enterprises (SME) loan portfolio. The job presented an opportunity to move my career on to the fast track—the company is known to be an aggressive player. I was dressed in Saturday casuals and wasn’t even carrying my CV, but my former colleague insisted that I drop by anyway. It was quite a small office swarming with direct sales agents (DSAs). There was no place to sit, but my ex-colleague found me a spot on a sofa in one corner of the reception area. My first interview took just 10 minutes. I was told that my key responsibilities would include appointing DSAs, training them and generating business. We also discussed other key issues such as the internal rate of return (IRR) in the business, fee income and the cost of acquisition. One day later, I got a call from the head of the firm’s SME business; a 10-minute phone interview followed and even on the phone I could sense his aggressive approach. He agreed to all my terms and offered me the job, provided I joined the firm within a week. My salary rose by 35%. Including other benefits, the total pay hike was close to 60%. Not bad, I thought at the time. From Day 1, expectations from me were very high. My targets for July, August and September were decided on my first day at the new job, and they were, as expected, very aggressive. * July, August and September 2007 It was like a dream. Every month, we exceeded our target by at least 30%. We worked till midnight almost every day, but it was exciting and great fun. The construction equipment and commercial vehicle finance divisions, in particular, were doing extremely well and far ahead of our business. The personal loan division was also giving us good contest. However, the mortgage (home loan and loan against property) and auto loan divisions were not doing as well. * October 2007 There was no semi-annual appraisal for me as I had not been with the firm from the beginning of the year. But those who had been, got a good hike. I was told that if I performed well, I would get a handsome bonus. The terms on which we were appraised were business volume, returns and defaults. * October, November and December 2007 Things started to slow slightly. But it was a happy time for me as I became a father. I realized I would have to be more responsible. * January 2008 We moved into a new office. It was a huge 25,000 sq. ft space and I got a cozy corner, with an independent work station. There were around 400 workstations and a large meeting room, complete with all modern facilities, as well as a training room. Also part of our new office was a large cafeteria, which overlooked a lush green field. I started working harder, as my aim was to get a good bonus. I could not afford to lose the excellent rating which I had. Money motivates. It was around this time that instances of cheques bouncing started. The collection department had to work harder. So far they had had a cushy time as the going was smooth. Strangely, high-value loans started defaulting first. One such loan was a big confectionery firm in east India. The collection managers looking after personal and auto loans were also under pressure. They were trying hard, but only a few borrowers made payments and the rest told us they could not pay, as their businesses were not in good shape. * February 2008 The situation became worse. We were all really scared. We didn’t hav e any mechanism to track the end-use of funds. I was quite sure that part of our loans were being diverted into the stock market. Our borrowers were periodically booking profits and making payments and as long as the money was coming in, we did not bother about how it was being used. With the Sensex rising to its lifetime high, people became greedy and the subsequent fall in the Sensex created big problems. We found out that the customers delinquent on our books were also defaulting to other private financiers. It was shocking—all the customers turning delinquent had unsecured exposure to all sorts of financiers. My boss told me that I did not need to bother about delinquency as that was not my job. The credit appraisal process was a mere formality, although we always had a formal business discussion with the customers. * April 2008 Time for our reward and a time to par ty. Our new deputy CEO visited all the metros to celebrate our achievement. We had achieved Rs7,000 crore worth of business in less than a year. I was given a good bonus and was happy. The next year’s budget was Rs10,000 crore business for all products—mortgage, auto, personal loans, loans for construction equipment, commercial vehicles and SME. And the focus was on secured funding. * April, May and June 2008 It was a time of slow growth and business volumes were coming down. The rate of interest was rising and we cut payouts to our DSAs by reducing the cost of acquisition to 1%. I could sense that difficult times were ahead. Only those customers who were desperate for funds would come to us. With the cut in the DSA payout, we also became the least preferred financier for the sales agents. By the time any loan proposal came to us, the customer was already over-leveraged. So, the growth in loan approvals started dropping. And the delinquency rate was shooting up sharply to 8-9%. * July, August and September 2008 There was no improvement in the volume of business or delinquency. Our silk and rice exporter finance portfolios were badly hit. Overall, the half-year business growth was bad. I was quite scared. The cost of living was increasing every day. The inflation rate was close to 13%. In mid-September, when the crisis had exploded worldwide, we started reading every news report we could find to try and understand what was going on. The uncertainties in office also made me keenly follow the global financial crisis—I tracked every rate cut by international central banks and every stimulus package by various governments. I was desperately trying to get to the root of the problem and the possible solutions. Every rate cut and stimulus package brought hopes that did not last. * 4 October 2008 We stopped loan disbursements completely. The message from the top management was: ignore that short-term blip, we will restart soon. The cost of funds was extremely high then. All the other financial institutions also had either entirely stopped or were doing very little business. Every day I would go to the office, but there would be no work. The previous six months had been slow, but there was always something to keep us occupied. Every day we would hear rumours that the company might cut budgets and there could be retrenchment. * 8 October 2008 Around 200 sales people, outsourced from a sister concern, were asked to go. That was a clear signal. I started looking for jobs. I uploaded my CV on all the major job portals. There were no responses. Tension was mounting. All my friends advised me not to move to a new place, but to just stay put at my current firm. My friends working with other NBFCs started losing jobs and a few of them managed to find new placements after taking huge pay cuts. I couldn’t afford that. I had a baby at home and my wife was not working now. I had fixed liabilities for my car and house rent. * November 2008 This was the ugliest month of my life. Some of my colleagues were asked to move to the collection department. A few of them resisted the move initially, but they had no choice. The message from HR was firm: either go to collection or move out. From sales managers, they turned into collection managers overnight. In the second week, many more people were asked to resign. They were offered three months salary. One day I found the chair next to me empty. The poor guy had been transferred to the loan against property division only last month. We had had a small party a few days ago to celebrate his joining the team. I escaped this time, but how long? I could not sleep at night. I was shouting and fighting with my wife for no apparent reason. I was constantly irritated and on edge. It got so bad that I had to consult a doctor who prescribed tranquillizers for a month. My salary had also reduced because part of it was incentives that were linked to performance. I had minimal savings. Almost half of my take-home salary went towards my house rent and the equated monthly installment, or EMI, for my car. By then, we had to let our child’s nanny go. That saved us around Rs4,000 per month. In the third week, 50 more guys at the office were asked to leave. One of my colleagues, who had taken a transfer to the western region hardly three months ago, was given two options: Resign immediately and get three months salary or remain on the payroll till you find another job, but for no longer than three months. The credit manager faced the same fate. That left only me in my department. The office was deathly quiet. I almost felt like a patient in the intensive care unit, with all the support systems gradually being taken away. I started finding it difficult to breathe. I started spending long hours on the Internet looking for a job. I was sending my CV everywhere but did not get a single call. My father, a retired university professor, was more worried than I was. He, in fact, was never comfortable with my choice of profession as in his scheme of things, teaching and government jobs are the most respectable professions. His focus has been on job security all along. He is not one who would like his son to be in the private sector. To be fair to him, he did offer his support in my time of need. He advised me to surrender my apartment and stay with him if the situation got any worse and I lost my job. My wife was not exactly excited with that idea though. She had resigned from her steady government job as we felt the new mother should be at home after the arrival of the baby. I did not regret encouraging her to leave her job, but at times I felt I should not have pushed her to quit. A working wife would have been an added support in this hour of crisis. I had enough savings for three months, but no longer. * December 2008 More bad news. Silk and rice exporters started defaulting in a major way. The delinquency level for SME financing reached 14% and for the overall portfolio almost 4% in eastern India, the worst among all regions. I got my first interview call from a brokerage, but it was the worst performance I have ever given at any interview in my life. I was depressed and my self-confidence had been eroded. In my empty office, rumours started doing the rounds about many of our offices being shut down. Then, suddenly, there was a ray of hope, as I heard that the company would restart operations selectively. The focus would be on the quality of business and not its volume. I was the only sales manager at the SME segment. Would they consider keeping me? I got back in touch with the DSAs. Who knows, I might need them. One day, in the second week of December, when I came back to office after visiting some DSAs and discussing the new model of business that I planned to do when we restarted operations, I saw our HR manager sitting next to my workstation. We quietly had tea together and then he put his arm around me to say the two words I had feared to hear all along: Please resign. (All is not lost. Seventy-two hours after I was fired, I got a job at a foreign bank. And, the best part—I was given a 10% hike.) * January 1 Initially, I thought my wife and I would celebrate my new lease of professional life. In fact, I was planning to book a table for a New Year’s Eve dinner for couples at one of the five-star hotels. I could now afford it! But I finally decided in favour of a quiet family get-together at home with my parents and a few close relations who stood by me during the past couple of months and encouraged me to fight. I realized the importance of a support system and decided to celebrate that. It would have been very difficult to fight this battle alone. My father was very happy to usher in the new year holding his year-old grandson‘s hand. Source: Home - Livemint.com | 9 Jan 2009 | 11:49 am Nissan to axe 1,200 staff from Sunderland plantTokyo/New Delhi: Japanese auto major Nissan will reduce its headcount by 1,200 staff to protect the long term viability of its manufacturing operations in Sunderland, the UK’s largest car exporter and producer. Dramatic decline in customer demand which is affecting all car makers has forced the Sunderland Plant to implement measures to adjust volume in line with the market. “To ensure Sunderland plant does not over-supply a weakening market, one shift from both production lines will be trimmed during January-March 2009,” Nissan said in a statement. As a result of this new working pattern, and to match forecast volume requirements throughout 2009, Nissan has notified the Local Works Council and the ‘Unite´ union of its intention to reduce overall production headcount by around 1,200, of which 400 are on temporary contracts, and it is intended these would not be renewed beyond January. Reacting to this, Unite’s joint general secretary Derek Simpson said, “this is devastating news for the workers and their families. Today’s announcement shows just how serious Britain’s economic difficulties are. Unite will be doing everything possible to minimise compulsory redundancies”. It added, “there is no doubt that 2009 is going to be a harsh year. Gordon Brown must continue to do what it takes to stimulate the economy and get people spending again. These job cuts lay bare the human cost of the credit crunch”. The Japanese auto major said “the long term future of the plant must remain our over-riding priority. However, as always, Nissan will continue to make every effort to minimise the impact on its employees and their families.” Source: LatestNews-Home - Livemint.com | 9 Jan 2009 | 11:48 am Tata Power suppressed facts on Sasan UMPPThe government on Friday told the Delhi High Court that Tata Power has suppressed facts in challenging the decision to allow diversion of coal from Sasa UMPP project by Reliance Power.Source: Daily News & Analysis: Money News | 9 Jan 2009 | 11:47 am PwC Global Chief to visit India post Satyam debaclePricewaterhouseCoopers (PwC) global CEO Samuel Di Piazza Jr will be visiting India tomorrow to take stock of Satyam impact, reports CNBCTV18 quoting sources.Source: Moneycontrol Top Headlines | 9 Jan 2009 | 11:42 am Andhra govt to take a stock of Maytas-run projectsAndhra Pradesh chief minister directed the state chief secretary to "immediately evaluate the risks for successful and timely completion of projects under execution by Maytas."Source: Daily News & Analysis: Money News | 9 Jan 2009 | 11:35 am Raju’s lawyer to appear before Sebi teamHyderabad: The Securities and Exchange Board of India (Sebi) team today summoned Ramalinga Raju to appear before it, but the lawyer of Satyam Computer’s founder said instead he would depose before the panel. The team first went to Raju’s house for an inspection, but returned on finding it locked. It had earlier issued summons for him to appear before the team. Raju’s lawyer S Bharat Kumar said that he would appear before the Sebi team, which arrived here from Mumbai yesterday to probe the about Rs 7,800 crore financial fraud disclosed by Raju on Wednesday. Although Satyam’s interim management has declined knowledge of where the company founder is now, the lawyer claimed yesterday that Raju was very much in Hyderabad. There are also speculations that Raju might be at a guest house on the outskirts of the city. “Should there a need arise, Raju will make himself available for probe or any legal process by the agencies of the Government,” Kumar had said in a statement. The Sebi team visited Satyam office yesterday in connection with the probe ordered by the market regulator. Source: LatestNews-Home - Livemint.com | 9 Jan 2009 | 11:30 am US to work non-stop to bring Mumbai attackers to book: MulfordNew Delhi: The US on Friday said it was determined to work “non-stop” and “as long as it takes” to ensure that the perpetrators of the Mumbai terror attacks are brought to justice. “When Americans are killed anywhere, we pursue those people and that is what we are upto in Pakistan. We will press ahead and we will do it non-stop as long as it takes,” US Ambassador David C Mulford said at an interaction here. The US has been pressing for deeper understanding in Pakistan of the roots of the problem of terrorism, he said, adding that “(by) learning more and more I hope that we can bring the people who committed this heinous act to book. Mulford made it clear that the US does not want to make accusations against “certain parties” without evidence. “I don’t think we want to take a view that we make accusations against certain parties without the usual evidences, proofs,” he said without elaborating. Mulford said an important aspect of the US relationship with Pakistan was to see it succeed and not become a failed state. “Like India, we have a common agenda - we want to see Pakistan succeed, not fail, not become a serious problem, not become a failed state. That is the American agenda,” he said. The American envoy admitted that the war in Afghanistan has “greatly complicated” that agenda. Source: LatestNews-Home - Livemint.com | 9 Jan 2009 | 11:29 am ICAI to serve showcause notice on PWCICAI will serve showcause notice on PricewaterHouseCoopers by Saturday and ask for a report on the auditing done by it for Satyam Computer in a fortnight.Source: Daily News & Analysis: Money News | 9 Jan 2009 | 11:27 am Oil strike sparks interest in carpoolingMUMBAI (Reuters Life!) - It took a strike at state run-oil firms, and the queues of vehicles that snake out of petrol pumps almost run dry, to ignite an interest in carpooling in a nation where gridlocked roads are part of the daily grind.Source: Reuters: Money News | 9 Jan 2009 | 11:26 am Satyam withholds salaries for two months; layoffs fearedEmployees of Satyam said they have received an e-mail saying the company would hold back salaries for two months and asked staffers to bear with it.Source: Daily News & Analysis: Money News | 9 Jan 2009 | 11:26 am BSE Sensex slides 2 pct, Satyam drops 40 pctMUMBAI (Reuters) - The BSE Sensex fell nearly 2 percent to its lowest close in a month on Friday as investors took fright the country's worst corporate scandal could turn foreigners away over the near term.Source: Reuters: Money News | 9 Jan 2009 | 11:23 am Govt seizes documents of SatyamA team of government officials investigating the Rs 7,800-crore Satyam fraud seized the documents from the premises of the company and its record office in Hyderabad.Source: Daily News & Analysis: Money News | 9 Jan 2009 | 11:21 am Internet-age tech being tailored for children and seniorsLas Vegas: Internet-age gadgets crafted to stimulate children’s minds and help seniors remain independent are on display this week at the international Consumer Electronics Show (CSE). “Older consumers are becoming increasingly interested in technology, and corporations are working to meet this demand,” said Majd Alwan, director of the Center for Aging Services Technologies. Children instinctively latch on to new gizmos, creating a need for devices that engage and perhaps improve their minds instead of merely occupying them. Innovations on display at CES included sensors that alert care-givers when elderly people fall; don’t stir for hours, or forget to turn off a burner on a stove. There are devices that enable those whose ears aren’t what they once were to hear television programs and telephone conversations. People’s vital statistics can be monitored in real time and the information automatically sent to doctors. Medicine dispensers have been adapted to remind people when it is time to take pills. “Seniors prefer to stay in their homes,” Alwan said during a CES session spotlighting new creations tailored for people whose bodies are yielding to the inexorable onslaught of time. “That is where they have a more dignified aging experience.” A pharmasurveyor.com website provides a free way for people to figure out whether medicines they are taking might combine to cause dangerous side effects. Plantronics-owned Clarity has a mobile telephone that is “very loud and only has four buttons so you don’t get fouled up,” a company spokesman explained. Myine Electronics has crafted FM and Internet radios for those that think that there is too much prattling in broadcasts and that new-fangled radios are too complicated. An Abbee FM radio records broadcasts and automatically deletes talk, leaving listeners with only the music, according to Myine founder Jake Sigal. An Internet Radio Adapter launched this week fetches tunes online and then lets people listen later away from computers. “This is taking old school FM radio and bringing it to life with new technology,” Sigal said. Dakim introduced Brain Fitness computer software that promises to keep seniors’ minds in shape with as little as three 20-minute workouts weekly. “It is really for everyone over 60 years old who really wants to protect their brain,” said Dakim chief executive Dan Michel. Quality of Life Technology Center research ready to be turned into consumer products includes “NavPrescience” that enables cars to “learn how you drive” and plot routes accordingly, said director Curt Stone. For example, a car could come to “know” that its elderly owner shuns bridges or right-merge lanes. The center has also developed a computer monitor that senses when a user is leaning closer and automatically enlarges on-screen images “so you don’t have to keep squinting,” Stone said. “Scratch Input” lets people use walls, clothing or other surfaces as touch-panels to control devices, according to Stone. “You could scratch a wall to turn lights on or off or just scratch your pants to turn off a phone ringing in your pocket,” Stone said. CES innovations include an Intel Classmate laptop modified so the screen flips and folds, converting to a tablet-style computer ideal for drawing or school projects. The laptop has “accelerometer” software that lets it to sense which way it is being held and adjust on-screen images accordingly. Jeffrey Galenovsky of Intel dropped a Classmate computer from shoulder height to prove they are tough enough to handle careless handling for which youths are infamous. Computer game giant Electronic Arts touted new versions of titles such as Scrabble and Trivial Pursuit to get people using their brains. Princeton Review worked with French game titan Ubisoft to create a “My SAT Coach” game that lets people use Nintendo DC handheld devices to prepare for standardized school tests. The Review also rolled out online classrooms and podcasts that include a “Pedagogic Troubadour” that playfully sings vocabulary lessons. WowWee has added leopards, koala, seals, and Husky dogs to its line of plush robotic toys. A “Spy Ball” to be brought to market by WowWee later this year can be rolled into a room, and then remotely maneuvered to spy on the occupants. “You can spy on a brother or sister, keep tabs on your parents, or chase your dog around with it,” WowWee spokesman Steve Hardy said while demonstrating a Spy Ball. Source: LatestNews-Home - Livemint.com | 9 Jan 2009 | 11:19 am Internet-age tech being tailored for children and seniorsLas Vegas: Internet-age gadgets crafted to stimulate children’s minds and help seniors remain independent are on display this week at the international Consumer Electronics Show (CSE). “Older consumers are becoming increasingly interested in technology, and corporations are working to meet this demand,” said Majd Alwan, director of the Center for Aging Services Technologies. Children instinctively latch on to new gizmos, creating a need for devices that engage and perhaps improve their minds instead of merely occupying them. Innovations on display at CES included sensors that alert care-givers when elderly people fall; don’t stir for hours, or forget to turn off a burner on a stove. There are devices that enable those whose ears aren’t what they once were to hear television programs and telephone conversations. People’s vital statistics can be monitored in real time and the information automatically sent to doctors. Medicine dispensers have been adapted to remind people when it is time to take pills. “Seniors prefer to stay in their homes,” Alwan said during a CES session spotlighting new creations tailored for people whose bodies are yielding to the inexorable onslaught of time. “That is where they have a more dignified aging experience.” A pharmasurveyor.com website provides a free way for people to figure out whether medicines they are taking might combine to cause dangerous side effects. Plantronics-owned Clarity has a mobile telephone that is “very loud and only has four buttons so you don’t get fouled up,” a company spokesman explained. Myine Electronics has crafted FM and Internet radios for those that think that there is too much prattling in broadcasts and that new-fangled radios are too complicated. An Abbee FM radio records broadcasts and automatically deletes talk, leaving listeners with only the music, according to Myine founder Jake Sigal. An Internet Radio Adapter launched this week fetches tunes online and then lets people listen later away from computers. “This is taking old school FM radio and bringing it to life with new technology,” Sigal said. Dakim introduced Brain Fitness computer software that promises to keep seniors’ minds in shape with as little as three 20-minute workouts weekly. “It is really for everyone over 60 years old who really wants to protect their brain,” said Dakim chief executive Dan Michel. Quality of Life Technology Center research ready to be turned into consumer products includes “NavPrescience” that enables cars to “learn how you drive” and plot routes accordingly, said director Curt Stone. For example, a car could come to “know” that its elderly owner shuns bridges or right-merge lanes. The center has also developed a computer monitor that senses when a user is leaning closer and automatically enlarges on-screen images “so you don’t have to keep squinting,” Stone said. “Scratch Input” lets people use walls, clothing or other surfaces as touch-panels to control devices, according to Stone. “You could scratch a wall to turn lights on or off or just scratch your pants to turn off a phone ringing in your pocket,” Stone said. CES innovations include an Intel Classmate laptop modified so the screen flips and folds, converting to a tablet-style computer ideal for drawing or school projects. The laptop has “accelerometer” software that lets it to sense which way it is being held and adjust on-screen images accordingly. Jeffrey Galenovsky of Intel dropped a Classmate computer from shoulder height to prove they are tough enough to handle careless handling for which youths are infamous. Computer game giant Electronic Arts touted new versions of titles such as Scrabble and Trivial Pursuit to get people using their brains. Princeton Review worked with French game titan Ubisoft to create a “My SAT Coach” game that lets people use Nintendo DC handheld devices to prepare for standardized school tests. The Review also rolled out online classrooms and podcasts that include a “Pedagogic Troubadour” that playfully sings vocabulary lessons. WowWee has added leopards, koala, seals, and Husky dogs to its line of plush robotic toys. A “Spy Ball” to be brought to market by WowWee later this year can be rolled into a room, and then remotely maneuvered to spy on the occupants. “You can spy on a brother or sister, keep tabs on your parents, or chase your dog around with it,” WowWee spokesman Steve Hardy said while demonstrating a Spy Ball. Source: Tech News - Livemint.com | 9 Jan 2009 | 11:19 am Others may curse Raju, his village blesses himFor the whole world B Ramalinga Raju may be a villain but for residents of his native village in West Godavari district, he is still a good samaritan.Source: Daily News & Analysis: Money News | 9 Jan 2009 | 11:19 am Do not poach Satyam workers: NasscomExpressing solidarity with the new management team of the Satyam, IT industry body Nasscom on Friday said it has asked its recruitment team not to poach anybody from Satyam.Source: Daily News & Analysis: Money News | 9 Jan 2009 | 11:17 am Satyam's application for land in Orissa under scannerThe Orissa government will re-examine the application for land that the scam-tainted IT bellwether Satyam Computer wants for setting up a new unit in the state, a senior official said here Friday.Source: IndiaeNews.com: Business News | 9 Jan 2009 | 11:03 am 'How can there be no fuel?''How can there be a no fuel?!' Raju, the driver of a minivan, incredulously asked an attendant sitting idle on a drum at an Indian Oil petrol station at Chanakyapuri in South Delhi. The attendant casually waved to a sign -'Closed, thank you for visiting, come again.'Source: IndiaeNews.com: Business News | 9 Jan 2009 | 11:02 am Close: Satyam drags Sensex for 2nd day, ends 1.8% lowerNew Delhi: The Bombay Stock Exchange benchmark Sensex closed 1.88% lower on Friday, 9 January, continuing its fall for a second consecutive day after Wednesday’s revelations of the Stayam Computer Services scandal. Markets opened the day’s trade lower by over 1% but around noon had marginally bounced back recovering some early losses yet trading volatile. Most buying was seen among the IT, auto, banking and FMCG stocks. However, metal, capital goods, realty, oil and gas stocks were under selling pressure due to countrywide strike by truckers’ and oil PSU officers, that affected the supply of petroleum goods and essential commodities. The 30-share BSE index closed down 180.41 points at 9,406.47 and broad based 50-share NSE dipped by 47.40 points to 2873.00. Stayam stocks were the most active in the index and suffered maximum battering, dipping to its lowest by 40.30% to Rs23.85. Other index losers were Reliance Communications Ltd, lower by 9.61% to Rs186.65, Sterlite Industries by 9.55% to Rs273.10, Tata Steel by 8.20% to Rs 214.50, Reliance Infrastructure by 7.70% to Rs 516.30 and DLF Ltd by 7.25% to Rs 217.60. Tata Consultancy Services was the top most gainer on the BSE index with a rise of 6.34% to Rs 535.65, some others were Hindustan Unilever Ltd by 4.79% to Rs 263.50 and NTPC by 4.03% to Rs 178.10. Asian markets ended mixed with investors expecting a dismal US job data for the month of December to be released. Japan’s Nikkei ended 0.27% down and Hong Kong’s Hang Seng lost 0.73%. Source: Home - Livemint.com | 9 Jan 2009 | 10:50 am Officials at Oil India end 3-day strikeNew Delhi: Employees of Indian state-run explorer Oil India Ltd have called off a three-day strike for better pay, company sources, who could not be named, said on Friday. The industrial action by employees of state-run oil firms has crippled fuel supplies in many cities. The chairman of Indian Oil Corp said there was no further scope for talks with striking company officials and added the firm would work to ensure normal supplies by Monday. Meanwhile, state-run Bharat Petroleum Corp has said it would resume fuel supplies at all locations starting on Friday evening, as more than 70% of the striking employees returned to work. “Over 70% of the people have resumed work in marketing. By this evening, we will be able to resume fuel supply at all locations.... To make up for the backlog we would work on Saturday and Sunday too,” BPCL director (marketing) S Radhakrishnan said here. BPCL accounts for 25%of the petro goods market in the country, while HPCL accounts for 27% and IOC the rest. HPCL has been functioning normally throughout. Source: Home - Livemint.com | 9 Jan 2009 | 10:40 am Make promotions in government sector more transparent: CICNew Delhi: In a move that may improve career prospects of millions of government sector employees, Central Information Commission (CIC) has ordered that the promotion process be made more transparent by sharing the benchmark for promotions with the officers considered for the same. Information Commissioner Satyananda Mishra, while hearing the petition of a Department of Atomic Energy (DAE) employee, said: “If certain bench mark is decided for promotion, then there is no reason why that bench mark should not be known, at least to those who are being considered for such promotion.” The employee had sought the information on the criteria, norms and bench marks for departmental promotion from the post of Assistant Security Officer to Security Officer. In its response, the DAE said that marks obtained by a candidate in written test, interview and his performance appraisal report are added for promotion, but refused to divulge the bench mark score calling it as being held in ‘fiduciary relationship’. Refusing to accept that the DPC recommendations were held in fiduciary relationship, the Commission directed the department to provide the score adopted by the committee for promotion by 15 January. “We cannot agree with this argument. The DPC has to follow the rules and regulations governing promotion from one rank to other in government and its proceedings have to be on transparent and objective criteria,” the CIC said. In his order, Mishra clarified that the recommendations made by DPC were made while discharging their duties and thus part of official record. “Such recommendations cannot be described as information held in fiduciary relationship,” he said adding that these information cannot be exempted from disclosure under RTI Act. Source: LatestNews-Home - Livemint.com | 9 Jan 2009 | 10:29 am Despite Satyam, foreign investors to stay in IndiaMUMBAI (Reuters) - Foreign investors are unlikely to shun India in the wake of a fraud scandal at Satyam Computer Services, with fund managers saying such events were not unique to the country and long-term prospects were good.Source: Reuters: Money News | 9 Jan 2009 | 10:17 am Artificial molecule ‘evolves in lab’Washington: Scientists have produced an artificial molecule in the lab which can perform the essential function of life, called self-replication, a breakthrough they claim could soon shed light on the origin of life on Earth. A team at the Scripps Research Institute has made the chemical out of ribonucleic acid (RNA) as it is believed that early life stored information in this sister molecule to DNA, and RNA molecules can catalyse chemical reactions. “We’re trying to jump in at the last signpost we have back there in the early history of life,” the ‘New Scientist´ quoted lead scientist Gerald Joyce as saying. In fact, the team created its own molecule from scratch, called R3C. It performed a single function: Stitching two shorter RNA molecules to create a clone of itself. Further lab tinkering made this molecule better at copying itself, but this is not the same as bringing it to life. To improve R3C, the scientists redesigned the molecule to forge a sister RNA that could itself join two other pieces of RNA into a functioning ribozyme. In that way, each molecule makes a copy of its sister a process called cross-replication. And, to evolve their molecule by natural selection, they mutated sequences of the RNA building blocks, so that 288 possible ribozymes could be built by just mixing and matching different pairs of shorter RNAs. What came out bore an eerie resemblance to Charles Darwin’s theory of survival of the fittest -- a few sequences proved winners, most losers. “The victors emerged because they could replicate fastest while surrounded by competition,” he said. Source: Tech News - Livemint.com | 9 Jan 2009 | 9:57 am Inflation slides again in slowing economyNew Delhi: Inflation fell more than expected to a 10-month low in late December and is seen heading sharply lower on the back of an expected fuel price cut, giving authorities greater freedom to prop up stumbling growth. The wholesale price index, India’s most widely watched inflation measure, rose 5.91% in the 12 months to 27 December, slower than 6.38% in the previous week and below a forecast of 6.09% in a Reuters poll. With inflation now well within the Reserve Bank of India’s forecast of around 7% for 2008/09, some economists expect it to cut interest rates again at its 27 January policy review to support an economy slowing faster than predicted. “Clearly inflation has declined at a much more rapid pace than what we had anticipated. Though there may be some blips, like the truckers’ strike, it is heading towards 2% by March,” said Abheek Barua, chief economist at HDFC Bank in New Delhi. “The headroom for more fiscal and monetary measures has increased more than what we had anticipated in December.” The latest figure was the lowest inflation reading since 23 February, when it stood at 5.69%. India’s central bank slashed its main interest rates by 1 percentage point last week, its fourth cut in four months, and the government tried to draw more funds into the country to boost faltering growth. India’s $1 trillion economy, Asia’s third-biggest, has shown persistent signs of slowing amid the global financial crisis and high borrowing costs at home, after growing at 9% or above for the past three years. Economists and policymakers expect expansion to moderate to around 7% this fiscal year and the central bank chief has said 2009/10 looked like being an even more challenging year. Early in December, the government cut state-set fuel prices for the first time in nearly two years, and oil minister Murli Deora has said it may lower them again by the end of January. A nationwide strike by tens of thousands of Indian truck drivers is pushing up prices of some commodities and threatening to choke supplies of fruit and vegetables. Reversing a trend of higher revisions to past data, the inflation reading for 1 November was revised downwards to 8.70% from the provisional 8.98%, indicating a rapid drop in price pressures. Financial markets were mostly unmoved by the data. The partially convertible rupee strengthened marginally to 48.90 from 48.98, while the 10-year bond yield was unchanged at 6.03%. Source: Home - Livemint.com | 9 Jan 2009 | 9:50 am L&T shares fall on Satyam holdingsMumbai: India’s Larsen and Toubro Ltd has no plans to buy more shares in Satyam nor sell a 3.95% stake it bought earlier this month, its chairman said, sending its shares down as much as 14.8%. “We have no intention of buying or selling at this point in time,” A M Naik said on television channel CNBC TV18. His comments came after shares in Satyam Computer Services slumped more than 70% early on Friday when trading resumed after a holiday, following an almost 80 percent plunge on Wednesday after the chairman of the outsourcer said profits had been overstated for years. Naik said Larsen, which has a small outsourcing unit, had bought the holding in the hope of forming a strategic alliance. “When we invested our idea was to strike some sort of go-to-market strategy, some sort of strategic alliance if it was possible,” he said. Satyam shares had been under pressure since mid-December after a botched attempt to buy stakes in two construction firms in which the outsourcers’ founders held stakes and after a World Bank decision to bar the company from any of its business. Larsen shares were trading down 8% at Rs713, after falling as low as Rs661.1, while Satyam was down 45.4% at 21.80 off a low of Rs11.50. The main BSE index was down 2%. Naik said it was premature to write off the Satyam investment, which was acquired in the first week of January. “I think it is just a speculation today to say it’s a loss because the company has a good residual value,” he said, without disclosing how much Larsen had paid for the stake. With regulatory authorities investigating the company’s books following the shocking revelations, Naik said it would take some weeks for the real value of Satyam to emerge. Naik would not rule out the possibility of an alliance if Larsen saw intrinsic value in Satyam after all the liabilities, including lawsuits, were factored in. Source: Home - Livemint.com | 9 Jan 2009 | 9:46 am Panasonic to cut investment, exit loss-making businessesTokyo: Japan’s Panasonic Corp. said Friday it will slash investment in flat screen televisions and withdraw from unprofitable businesses to cope with the economic downturn. The company, which has enjoyed brisk sales of plasma televisions, mobile telephones and digital cameras in recent years, said it would undertake “drastic structural reforms” to streamline its operations. It plans to close down overseas operations that are losing money, although details of the overhaul have not yet been decided. “The current situation is not just a simple economic slump. Global demand is shrinking and shifting to the emerging markets,” Panasonic president Fumio Ohtsubo told a media conference. “We cannot expect an easy recovery. We must focus our efforts on structural reform, strengthening our company, and prepare for future growth,” he said. Panasonic said it would reduce investment in two plasma panel plants to 445 billion yen (4.9 billion dollars), from 580 billion yen previously expected. Source: World Business - Livemint.com | 9 Jan 2009 | 9:34 am Satyam plunges as fraud puts its future in doubtHYDERABAD, India (Reuters) - Shares in Satyam Computer Services plunged more than 70 percent to an 11-year low on Friday as investors questioned the survival of the fraud-hit outsourcing firm.Source: Reuters: Money News | 9 Jan 2009 | 8:54 am With Satyam, perfect storm hits once bullish IndiaNEW DELHI (Reuters) - A year ago a seemingly unstoppable global juggernaut, the once-confident India is now reeling from a perfect storm of a corporate IT scandal, the Mumbai attacks and economic slowdown.Source: Reuters: Money News | 9 Jan 2009 | 8:31 am Big three in IT space surge as Satyam crumblesMumbai: The top three information technology firms — TCS, Infosys and Wipro surged over 5% on the Bombay Stock Exchange (BSE), while Satyam shares took a severe beating and plunged over 70%. The BSE IT index soared to an intra-day high of 2,205.60 points, up 3.63% and was trading up nearly 2% at 2,166.86 points in the pre-noon trade. Analysts said that the surge in the IT index was witnessed as Satyam rivals and heavyweights Infosys, Wipro and TCS shares gained on the bourses amid speculation that several clients of the beleaguered IT firm may shift to other IT majors. Infosys shares advanced over six per cent to an intra-day high of Rs1,265, TCS gained 7.8%, while Wipro surged 3.16%. In the noon trade, Infosys was trading up 4.2% at Rs1,237, TCS was up 5.62% at Rs532 and Wipro was in the green 1.27% at Rs246.4 on the BSE. Out of the 14-share IT index just three shares were trading in the green territory, which include Infosys, TCS and Wipro. In contrast, Satyam shares plunged as much as 72% to a low of Rs11.50 and was later trading at Rs21.25 down 47% on the BSE in the noon trade. Other IT firms including HCL Technologies, Financial Technologies, Moser Baer, Mphasis, NIIT Ltd, Patni Computer and Tech Mahindra were trading between 2-8% in the negative territory on the BSE. Source: Home - Livemint.com | 9 Jan 2009 | 7:46 am Tata Steel names new CEO for Corus unitMumbai: Tata Steel Ltd has said that the chief executive of its Corus unit, Philippe Varin, has resigned and Kirby Adams, a former CEO of Bluescope Steel, would replace him. Varin had agreed to stay on as CEO of Corus for two years when Tata Steel bought the Anglo-Dutch steelmaker in 2007, the company said in a statement late on Thursday. The statement further said that he has met his commitment and has decided to seek a new challenge. The acquisition had made Tata Steel the world’s sixth-largest steel maker with an annual capacity of more than 28 million tonnes. Varin will continue to serve on the boards of Tata Steel Europe and Tata Steel as a non-executive director, the company said. Source: Home - Livemint.com | 9 Jan 2009 | 5:49 am Rupee falls 42 paise against dollar in opening tradeMumbai: Rupee depreciated by 42 paise against the greenback in early trade on increased dollar demand from importers and capital outflow by foreign funds on expectations of further fall in the equity markets following the financial bungling by Satyam Computer. At the Interbank Foreign Exchange (Forex) market, the domestic currency traded lower at Rs49.22 against the US currency, a fall of 42 paise over the previous close of Rs48.80/81 a dollar on Wednesday. The rupee had lost 11 paise at Rs48.80/81 against dollar in volatile trade in previous session on Wednesday. The Forex market remained closed yesterday on account of ‘Moharram´. Dealers said that a fall of 749 points in the Bombay Stock Exchange (BSE) benchmark Sensex on Wednesday on fears that the Satyam Fiasco might affect the equity market led to heavy capital outflow by foreign funds. They said that increased demand for the greenback also put pressure on the rupee. Source: Home - Livemint.com | 9 Jan 2009 | 4:54 am ICAI to fast track auditor role enquiryNew Delhi, Jan. 8 Armed with a revamped disciplinary mechanism, the Institute of Chartered Accountants of India has said that it would fast track its probe on the role of statutory auditor Price Waterhouse in the Satyam Computer Services case.Source: Business Line - Home Page | 9 Jan 2009 | 12:00 am A $50-b industry cannot be clouded by ‘misdeeds’ of a fewNew Delhi, Jan. 8 The IT industry is still coming to terms with the shocking confession by the Satyam promoter, Mr B. Ramalinga Raju, on falsification of company accounts and its assets.Source: Business Line - Home Page | 9 Jan 2009 | 12:00 am Noble turns spotlight on promotersKolkata, Jan. 8 Noble, which blew the whistle on accounting malpractices to its investor clients, feels vindicated in the light of Satyam episode, Mr Surabh Mukherjea, Indian head of equities, told BusinessSource: Business Line - Home Page | 9 Jan 2009 | 12:00 am US law firms file ‘class-action’ suits against SatyamMumbai/New Delhi, Jan. 8 Two US-based law firms - Izard Nobel LLP and Vianale & Vianale LLP - have filed ‘class action’ lawsuits against scam-hit Satyam Computer Services on behalf of investors who purchased the AmericanSource: Business Line - Home Page | 9 Jan 2009 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 9 Jan 2009 | 12:00 am Bajaj Hindusthan (Rs 66.20): SellWe recommend a sell in Bajaj Hindusthan from a short-term perspective. It is clearly evident from the charts that it has been on a long-term down trend from its January 2008 high of Rs 399. Since then the stock has been forming lower peaksSource: Business Line - Home Page | 9 Jan 2009 | 12:00 am Police, CBI waiting for formal complaintChennai, Jan. 8 The Andhra Pradesh Police or the Central Bureau of Investigation are probably waiting for a formal complaint to be lodged with them before they can proceed with the investigation against Mr Ramalinga Raju, who confessed toSource: Business Line - Home Page | 9 Jan 2009 | 12:00 am Satyam’s interim CEO, his team assess situationHyderabad, Jan. 8 Amidst a SEBI probe, seizure of books by Registrar of Companies, quitting of the CFO and law suits in US, a new leadership that emerged at Satyam Computer Services, was left to grapple with the gigantic Rs 7,136-crore financialSource: Business Line - Home Page | 9 Jan 2009 | 12:00 am Govt orders inspection of eight Satyam companiesNew Delhi, Jan. 8 The Ministry for Corporate Affairs (MCA) has ordered inspection of books of accounts of eight Satyam Group companies under the provisions of the Companies Act and asked the Institute of Chartered Accountants of India (ICAI) toSource: Business Line - Home Page | 9 Jan 2009 | 12:00 am Oil executives strike starts impacting daily lifeNew Delhi/Mumbai, Jan. 8 The petroleum traders are dreading Friday, as the impact of indefinite strike called by the public sector oil officers is expected to be much more on the consumers than what it has been on Thursday.Source: Business Line - Home Page | 9 Jan 2009 | 12:00 am Regulators, govt tighten noose around SatyamA day after Satyam Computer Services Founder and Chairman B Ramalinga Raju made his sensational disclosures about fudging the companys accounts for several years,Source: Business Standard | Front Page Headlines | 8 Jan 2009 | 7:03 pm
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