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Russia, Ukraine sign gas deal !Russia, Ukraine have signed an accord on natural gas transit allowing resumption of Russian supply.Source: Zee News : Business | 11 Jan 2009 | 12:09 pm NYSE may resume trading in Satyam on Jan 12!While warning that it may suspend Satyam shares if dealings were not advisable, New York Stock Exchange has said it may resume trading in the securities of Indian IT company on Monday if its assessment was found satisfactory.Source: Zee News : Business | 11 Jan 2009 | 12:09 pm Will Rahman bring Globe for India with ‘Slumdog’?Los Angeles: All eyes are on music maestro A R Rahman and ‘Slumdog´ at the 66th Gloden Globe awards as the film is tipped to win big at the prestigious ceremony tonight. The film, which has strong Indian connections has emerged as hot favourite at the Globe, which set the countdown for next month’s Academy awards. Rahman’s song ‘Jai Ho,’ penned by lyricist Gulzar, has been nominated for Best Original Music Score. The film which depicts the story of a Mumbai underdog’s rags-to-riches run, has earned three other nominations - Best Picture-Drama, Best Director for Boyle and Best Screenplay for Simon Beaufoy. ‘Slumdog´ is based on a novel by Indian diplomat Vikash Swarup and stars Bollywood actors Anil Kapoor and Irrfan Khan in lead among others. The film has been shot at various locations in Mumbai including railway station Victoria Terminus. Boyle’s feel-good film depicts the moving story of a slumdweller Jamaal, who goes on to win $20 million on Indian reality show ‘Who Wants to Be A Millionaire?´ in a bid to win his love back. The film is facing a stiff competition from Brad Pitt’s drama ‘The Curious Case of Benjamin Button,’ but if the pundits are to be believed Pitt’s film could be pipped for Best Drama by ‘Slumdog,’ which has gained considerable momentum after sweeping the US Critics Choice Awards this week. Source: LatestNews-Home - Livemint.com | 11 Jan 2009 | 9:42 am Govt appoints 3-member Satyam board to take charge of companyAccording to the order of the Company Law Board, the reconstituted board of the IT major can have a maximum of 10 members.Source: Daily News & Analysis: Money News | 11 Jan 2009 | 9:36 am Fraud-hit Satyam gets three new board membersThree new board members were named Sunday to bring back financial order to the fraud-hit Satyam Computer Services and restore employee, investor and clients confidence into the IT firm's future operations.Source: IndiaeNews.com: Business News | 11 Jan 2009 | 9:31 am D-Street may remain weak after Satyam fiasco: analystsSatyam scrip nosedived to hover at the Rs 20 level from around Rs 178 on the bourses after its Chairman and founder Ramalinga Raju tendered his resignation.Source: Daily News & Analysis: Money News | 11 Jan 2009 | 9:24 am Truckers resume work in many parts of the country: Govt - Press Trust of India
Source: Google News India - Business | 11 Jan 2009 | 9:16 am Satyam staff display hope, sympathy in signs at HQ - Reuters India
Source: Google News India - Business | 11 Jan 2009 | 9:10 am Chartered accountants body faces penalty from IT dept - Press Trust of India
Source: Google News India - Business | 11 Jan 2009 | 9:09 am PSU & private banks submit details to RBI - The Statesman
Source: Google News India - Business | 11 Jan 2009 | 9:01 am About a dozen lawsuits filed against Satyam in US - Economic Times
Source: Google News India - Business | 11 Jan 2009 | 8:55 am Chartered accountants body faces penalty from IT deptNew Delhi: Finding violation of tax laws by chartered accountants regulator ICAI, which had dubbed accounts fudging in Satyam Computer as ‘shameful´, the Income Tax authorities have withdrawn tax exemptions given to the body. A tax assessment panel found violations such as failure to get their accounts signed by auditors, providing loans to partners without guarantee and interest and hiding income from coaching business, following which it decided to impose a penalty on ICAI, a government official said. As per the tax authority’s order dated 31 December, the penalty is initiated for non-compliance of notice and for concealment of the particulars of income and furnishing of inaccurate particulars of income, said the official who did not want to be named. When contacted, ICAI President Ved Jain said he was not aware of any such order and declined to comment. The government official, however, said that ICAI has the option of seeking a review at a higher level for waiver of penalty and restoration of exemption. “Claims of exemption (under section 12a of IT Act) are disallowed to ICAI for violation of income tax laws on five counts,” the official told PTI here. Incidentally, ICAI had said it will bar auditors who vetted Satyam’s books from practicing for life, if found guilty. ICAI itself may now face penalty, proceedings for which have already been initiated. In fact , about Rs33.5 crore income of the institute for the year 2006-07 (the assessment year under consideration) has been held taxable which hints that the income of the institute beyond 2007 will also be taxed. Source: LatestNews-Home - Livemint.com | 11 Jan 2009 | 8:43 am Satyam effect: US listed Indian stocks lose $2 bn in a weekNew York: Indian stocks listed on the American bourses suffered a loss of close to $2 billion in a week, following unfolding of the biggest accounting fraud by NYSE-listed Satyam Computer. Despite, a halt in trading in Satyam Computer from Wednesday, the rest of the 15 Indian stocks on US bourses bore the brunt of the negative market sentiment and witnessed a fall of $1.94 billion in their combined market capitalisation in the week ending 9 January. Meanwhile, the Hyderabad-based company, which traded on the first two day of the week, added $2.66 billion on the speculations that some rival IT firm might acquire it. The combined market-cap of all firms excludes Satyam’s valuations for the two days. The NYSE had halted trading in Satyam Computer from 7 January after the company’s founder Ramalinga Raju disclosed financial bungling at the IT firm and resigned from the company. The trading was halted as the Satyam ADS had tumbled over 90% in the pre-market trading on the US bourse on 7 January, after the new broke. Meanwhile, private sector lender HDFC Bank’s market valuation plunged by $1.20 billion and ICICI Bank’s by $1.04 billion, respectively. IT major Wipro saw an erosion of $277 million in its valuation. Other major losers include telecom major Tata Communication whose market capitalisation declined $152 million and another telecom entity Mahanagar Telephone Nigam, which tumbled by $135 million. Source: Home - Livemint.com | 11 Jan 2009 | 8:41 am Govt puts Parekh, Karnik and ex-Sebi member on Satyam BoardNew Delhi: Moving quickly to stabilise the fraud-devastated Satyam Computer, the government on Sunday nominated noted banker Deepak Parekh, IT expert Kiran Karnik and former Sebi member C Achutan to the IT company’s Board. The three-member board would meet within 24 hours to decide on the remaining up to seven members along with the chairman, corporate affairs minister Prem Chand Gupta told reporters in a hurriedly called press conference two days after disbanding the truncated Satyam Board. On the demand by institutional investors like LIC and Lazard for a representation on the Board, Gupta said, “All options are open in the interest of the company.” The board would have eminent personalities from finance, law, IT and administration, Gupta said. Gupta said that more members to the board would be nominated only if needed. Asked about the priorities before the board, HDFC chairman Deepak Parekh said, “The first priority would be to meet as soon as possible... we will have to clear the mess.” “I’m yet to talk to the other members,” Parekh said. Karnik, former president of NASSCOM, also said that the three newly named board members would meet as soon as possible and that the first priority is the arrangement of an operational management. “We are trying to ensure that India continues to be safe, secure and reliable destination for IT services,” he said. Former Sebi member, C Achuthan on Sunday said the topmost priority of the team would be to put back on rail the scam-tainted IT company and ensure that all those guilty do not go scotfree and that similar instances do not recur. “The first step in the board meeting would be to evolve the strategy on how to go ahead and restore the damaged image of the company,” Achuthan said. Source: Home - Livemint.com | 11 Jan 2009 | 8:41 am Maruti Suzuki says no plans to cut production - Livemint
Source: Google News India - Business | 11 Jan 2009 | 8:36 am Top 10 co lose Rs72k cr; Infy, Bhel defy trendMumbai: The country’s top 10 companies have witnessed an erosion of about Rs72,000 crore from their market capitalisation in a week, with Reliance Industries’ valuation again dipping below the Rs2,00,000 crore mark. Meanwhile, IT bellwether Infosys and Bhel defied trend and together added Rs4,085 crore to their valuation in a week. During the week, the market capitalisation of top 10 firms - comprising five each from public and private sectors - witnessed an erosion by Rs 71,793 crore in their valuation to Rs 10,20,313 crore. The market capitalisation of the 10 companies as on 2 January was at Rs10,92,106 crore. During the week, the Mukesh Ambani-led firm’s valuation dipped to Rs1,81,152 crore, an erosion of Rs20,908 crore during the week’s time. The corporate behemoth had a market capitalisation of Rs2,02,060 crore in the week ago period. The company also witnessed a 10% plunge in its share price during the week to settle at Rs1,151.05 on Friday. The shuffling in the premier category of these 10 coveted companies saw state-run Nmdc falling out of it after losing Rs16,711.21 crore in a week, while Bhel taking its place at the seventh spot. Also Infosys climbed up to the eighth spot from 10th last week. Hindusthan Unilever entered the coveted club at the 10th place. IT major Infosys Technologies was added Rs3,673 crore to its market capitalisation and Bhel gained Rs411 crore during the week. Source: LatestNews-Home - Livemint.com | 11 Jan 2009 | 8:30 am Bumpy ride for auto industry aheadMumbai: The bumpy ride through which the domestic auto industry has been passing through for quite some time now may not receive any reprieve in the New Year, industry captains feel. “2009 is going to be a challenging year for us,” country’s largest passenger car maker Maruti Suzuki’s Managing Director Shinzo Nakanishi said at an award presentation ceremony here. Mahindra and Mahindra President (automotive sector) Pawan Goenka, however, did not spell out in which direction the industry would head during 2009, but stated that the year bears some positive and negative strings attached to it. “New launches always excite the consumer and there are around 35 new launches during the year. This is a very positive sign,” Goenka said. Commodity prices are also going down and coupled with the Government’s initiatives, things could look up in the year. “Interest rates are not coming down. They should,” Goenka said adding that this might lift up the consumers’ confidence which was essential for generating domestic demand. Taking a cue from its global peers following recession in the US and Europe, the domestic auto industry too is now passing through a rough weather leading to even temporary closure of plans by the biggies. Of the total production, India docks around 12% cars and 25% auto components in the export markets which has now come closer to a grinding halt. Source: LatestNews-Home - Livemint.com | 11 Jan 2009 | 8:29 am Ensuring continuity of Satyam's business our priority: Karnik - Economic Times
Source: Google News India - Business | 11 Jan 2009 | 8:26 am Binani Cement to invest Rs900 cr on capacity expansionNew Delhi: Binani Cement Ltd plans to invest over Rs900 crore in the next three years in setting up greenfield plants both in domestic and overseas locations to take its overall production capacity to 15 million tonnes by 2011-12. While the company has firmed up about Rs800 crore investment for setting up a new plant in Gujarat with an installed capacity of up to 2.5 million tonnes, it also plans to set up a unit in Mauritius with a proposed capacity of two million tonnes. “During Vibrant Gujarat Investor Summit, we are signing an MoU with the state government to invest about Rs800 crore to set up a plant with an installed capacity of up to 2.5 million tonnes,” Binani Cement Managing Director Vinod Juneja told PTI. The plant, which will be set up at Junagarh district in Gujarat, is expected to be operational in the third quarter of 2011, he added. Besides, the company plans to set up a unit in Mauritius with an initial capacity of one million tonnes as there is no cement plant in that country, Juneja said, adding the capacity will be scalable up to two million tonnes. Asked about the source of funding, Juneja said: “For the Gujarat project we are funding through debt-equity of 1:1 and for this our financial tie-up has been completed. Loans will be syndicated by five banks.” At present, Binani Cement has an installed capacity of 6.5 million tonnes in India with two plants in Rajasthan and the NCR region. Post-expansion, the company would have a capacity of nine million tonnes in the country. “We are targeting to reach 15 million-tonne capacity by 2011-12,” Juneja said. Source: LatestNews-Home - Livemint.com | 11 Jan 2009 | 8:16 am No problem in other agencies inquiring into Satyam: YSR - Economic Times
Source: Google News India - Business | 11 Jan 2009 | 8:11 am Maruti Suzuki says no plans to cut productionMumbai: India’s leading car maker, Maruti Suzuki India (MSIL) has no plans to cut production despite the challenging market conditions and would go ahead with its expansion plans in the months ahead, a top company official said. “We are not seeking any production cut and have no plans to change production schedule in January. The sales have gone up in December, 2008 as compared to the previous month owing to excise cut and reduction in petrol prices,” MSIL’s Managing Director and CEO, Shinzo Nakanishi told PTI. The company has plans to expand its production capacity of its Manesar plant in Haryana to three lakh units by end-January, Nakanishi said. “Our car manufacturing capacity at Manesar will reach three lakh units this month from 1.7 lakh in January 2007,” Nakanishi said. Commenting on the capex plans, Nakanishi said, “We have committed an investment of Rs9,000 crore, of which we have already invested Rs6,000 crore to fuel the business growth.” The company proposes to invest Rs2,500 crore in increasing diesel engine capacity from one lakh to three lakh units, a company official said. Maruti has re-started its small car exports to Europe after a gap of four years and hopes to export 1.5 lakh cars in 2010-2011. Maruti Suzuki is developing the mega car terminal facility at Mundra in partnership with Mundra Port and Special Economic Zone Limited (MPSEZL). The mega car terminal, being built with an initial investment of Rs100 crore will conform to international standards. “Maruti Suzuki has the technology, skills and manufacturing capabilities to build global quality cars for international markets. However, to match our export ambitions, we needed infrastructure support like a dedicated car terminal,” Nakanishi said. Source: LatestNews-Home - Livemint.com | 11 Jan 2009 | 8:07 am Wkly Tech: Nifty slide to accelerate below 2835 - Business Standard
Source: Google News India - Business | 11 Jan 2009 | 8:04 am Government announces three-member board for SatyamThe government Sunday named a three-member board, including former Nasscom chief Kiran Karnic and Deepak Parikh, chairman of HDFC, to oversee the functioning of scam-tainted Satyam Computers.Source: IndiaeNews.com: Business News | 11 Jan 2009 | 8:03 am Centre explores options as truckers' strike enters seventh dayThe nationwide strike by transporters continued for the seventh day Sunday despite several states using provisions of law to term it illegal even as Union Surface Transport Minister T.R. Baalu called a meeting with his state-level counterparts here Monday to find ways to end the impasse.Source: IndiaeNews.com: Business News | 11 Jan 2009 | 8:02 am Indian geologist discovers oldest impact structure in IndiaNew Delhi: One of the oldest impact structures in the world, created by an asteroid of the size of about one km in diametre about 2,500 million years ago, has been discovered by an Indian geologist in Madhya Pradesh’s Shivpuri district. The newly discovered Dhala structure, second in India after Lonar, has been named after the village near which it was discovered. It is the eroded remnant of the an impact structure with an estimated present day diametre of 11-km, the largest in Asia. Till date not a single confirmed impact structure has been reported from Japan and China. “This is the largest confirmed impact structure reported between Mediterranean and south-east Asia,” Jayanta K Pati, the discoverer of the structure told PTI. His discovery has been reported in the late August issue of the ‘Meteoritics and Planetry Science´ journal of The Meteoritical Society published from the University of Arizona, USA. It is the only confirmed structure discovered by an Indian in the subcontinent and Far East Asia. Until now, Lonar in Maharashtra was the only confirmed structure but it was discovered by a British Scientist and confirmed by the Americans. Dhala impact structure spreads over 64 square km of area. There are only 175 known such structures in the world and most are located in North America, Australia and Eurasia. Lonar and Dhala are the confirmed structures in Asia. Source: LatestNews-Home - Livemint.com | 11 Jan 2009 | 8:02 am Indian geologist discovers oldest impact structure in IndiaNew Delhi: One of the oldest impact structures in the world, created by an asteroid of the size of about one km in diametre about 2,500 million years ago, has been discovered by an Indian geologist in Madhya Pradesh’s Shivpuri district. The newly discovered Dhala structure, second in India after Lonar, has been named after the village near which it was discovered. It is the eroded remnant of the an impact structure with an estimated present day diametre of 11-km, the largest in Asia. Till date not a single confirmed impact structure has been reported from Japan and China. “This is the largest confirmed impact structure reported between Mediterranean and south-east Asia,” Jayanta K Pati, the discoverer of the structure told PTI. His discovery has been reported in the late August issue of the ‘Meteoritics and Planetry Science´ journal of The Meteoritical Society published from the University of Arizona, USA. It is the only confirmed structure discovered by an Indian in the subcontinent and Far East Asia. Until now, Lonar in Maharashtra was the only confirmed structure but it was discovered by a British Scientist and confirmed by the Americans. Dhala impact structure spreads over 64 square km of area. There are only 175 known such structures in the world and most are located in North America, Australia and Eurasia. Lonar and Dhala are the confirmed structures in Asia. Source: Tech News - Livemint.com | 11 Jan 2009 | 8:02 am Orissa clears mining lease for Posco amidst protestOrissa Sunday said it has again recommended South Korean steel major Posco, which is building a steel plant in the state, for Khandadhar iron ore mines despite opposition from other companies and locals.Source: IndiaeNews.com: Business News | 11 Jan 2009 | 8:00 am Madhya Pradesh truckers to continue agitation on day 7With the truckers strike entering the seventh day Sunday, Madhya Pradesh transporters said they will continue with their agitation until their demands are fulfilled by the government.Source: IndiaeNews.com: Business News | 11 Jan 2009 | 8:00 am India Inc's business confidence sinks to seven-year lowHit by the global economic meltdown, lack of funds and falling exports, corporate India's business confidence has sunk to a seven-year low, says the latest survey by an industry lobby.Source: IndiaeNews.com: Business News | 11 Jan 2009 | 8:00 am Merchant bankers under Sebi lens in Satyam probeMumbai: The scam-hit Satyam Computer aside, the merchant bankers associated with it have also come under the scanner of the market regulator Sebi in its investigation into the IT firm and its share price dealings. The enquiry is being conducted by Sebi general manager Sunil Kumar A, who has been designated as Investigating Authority in the case. He has been asked to submit the report at the earliest. “Whether any merchant banker is guilty of having contravened the Sebi (Merchant Bankers) Rules and Regulation 1992,” the regulator said while constituting the investigating authority. Sebi has also empowered the investigating authority to “seek the assistance of officers of the board (Sebi) and any other person and these persons shall be bound to render such assistance.” In the interest of the investors, public and the securities market, “no notice to the persons to be investigated should be given and therefore it is ordered that” the investigation might be conducted without such notice, Sebi executive director PK Nagpal said in the order. On 7 January, Satyam’s founder B Ramalinga Raju disclosed massive financial irregularities at the company and resigned as the chairman of the company. On the same day, DSP Merrill Lynch, which was roped in December 2008 to advise on strategic options available to Satyam, also announced having terminated its engagement with the IT firm. Satyam has appointed DSP Merrill Lynch as a merchant banker to review and suggest a plan to increase shareholder value following abortion of Satyam-Maytas deal. ”We, DSP Merrill Lynch Limited, have terminated our advisory engagement with Satyam Computer Services Ltd for considering various strategic options on 6 January, 2009,“ DSP Merrill Lynch said adding, “In the course of such engagement, we came to understand that here were material accounting irregularities, which prompted our aforesaid decisions.” In the past, Satyam had taken services of Enam Securities as advisor during the issuance of American Depository Receipt (ADR). The company got listed on New York Stock Exchange in 2001. Incorporated as private limited company, Satyam got public in 1991 with issue oversubscribed by 17%. As a first step in the investigation process, the regulator has started look into the affairs of the company in accordance with the provisions of the SEBI Act. Although Raju has been sent to 14-days judicial custody, Sebi is yet to quiz him. The probe follows a letter written to the Board by Raju in which he disclosed that accounts provided to the stock exchanges were not true and the financial irregularities is about Rs7,800 crore. He admitted in the letter, “the gap in the balance sheet has arisen purely on account of inflated profits over several years (limited only to Satyam standalone, books of subsidiaries reflecting true performance).” What started as a marginal gap between actual operating profit and the one reflected in the books of accounts continued to grow over the years and attained unmanageable proportions as the size of the company operations grew significantly, he wrote. “Every attempt made to eliminate the gap failed. As the promoters held a small percentage of equity, the concern was that poor performance would result in the takeover, thereby exposing the gap. It was like riding a tiger, not knowing how to get off without being eaten,” he added. Source: Home - Livemint.com | 11 Jan 2009 | 7:56 am Raju and the law: Steps and mis-steps - Hindu
Source: Google News India - Business | 11 Jan 2009 | 7:54 am Shortcovers turns iPhones into electronic booksLas Vegas: Shortcovers expects to be turning iPhones into electronic books by month’s end. Shortcovers is releasing a mini-application that lets people read books, short stories or other written works on Apple-made smart phones in a direct challenge to electronic book devices sold by Amazon and Sony. Shortcovers software will be available for free download after it clears Apple’s vetting process and makes it to the virtual shelves of iTunes online App Store. “People aren’t reading less, they are reading differently,” Shortcovers User Experience Director Pamela Hilborn said while demonstrating the application at the Consumer Electronics Show in Las Vegas. “Their attention spans are shorter.” Shortcovers plans to make money selling best -selling books and other works to iPhone readers for 99 cents a chapter, with the first chapters free so people can look about for “their next great read,” according to Hilborn. Shortcovers is a division of Canada-based Indigo Books & Music. Source: Tech News - Livemint.com | 11 Jan 2009 | 7:51 am Shortcovers turns iPhones into electronic booksLas Vegas: Shortcovers expects to be turning iPhones into electronic books by month’s end. Shortcovers is releasing a mini-application that lets people read books, short stories or other written works on Apple-made smart phones in a direct challenge to electronic book devices sold by Amazon and Sony. Shortcovers software will be available for free download after it clears Apple’s vetting process and makes it to the virtual shelves of iTunes online App Store. “People aren’t reading less, they are reading differently,” Shortcovers User Experience Director Pamela Hilborn said while demonstrating the application at the Consumer Electronics Show in Las Vegas. “Their attention spans are shorter.” Shortcovers plans to make money selling best -selling books and other works to iPhone readers for 99 cents a chapter, with the first chapters free so people can look about for “their next great read,” according to Hilborn. Shortcovers is a division of Canada-based Indigo Books & Music. Source: LatestNews-Home - Livemint.com | 11 Jan 2009 | 7:51 am Govt appoints new members to Satyam's boardNEW DELHI (Reuters) – The government appointed three members to the new board of embattled outsourcer Satyam Computer Services on Sunday as authorities rushed to limit the fallout from the country's biggest corporate scandal.Source: Reuters: Money News | 11 Jan 2009 | 7:48 am Swiss Army knife meets BluetoothLas Vegas: The Swiss Army knife, one of the hottest buys of the last century, is keeping pace with the new millennium and moving from campground to boardroom. Manufacturer Victorinox, celebrating its 125th anniversary this year, unveiled the latest version of the ubiquitous multi-purpose tool this week at the annual Consumer Electronics Show (CES) in Las Vegas. The company has been adding high-tech features to its knives since 2004 but the latest model, the Presentation Pro, takes the trend even further by incorporating Bluetooth and fingerprint recognition technology. Instead of a saw and a corkscrew, the Presentation Pro comes with a laser pointer and an integrated Bluetooth remote control that can be used to direct a slide show or a Powerpoint presentation. It also has a USB flashdrive with up to 32GB of storage and a biometric sensor that grants access through fingerprint recognition. The case remains red and the small white cross is still there but the plastic is now transparent, putting the innards of the device on display. The Presentation Pro is not just high-tech and gives in to tradition by keeping a knife, a pair of scissors and a nail file with a screwdriver head. But the company does offer a “plane-friendly” version of the model, the blade-free Presentation Pro Flight, which should cause no problems with airport security. Explaining the high-tech upgrade, Victorinox North America operations president Rick Taggart said the company is “striving to provide products that are relevant to the consumers of their era.” The Presentation Pro is available from May and priced from $169.95 to $329.95, depending on the memory capacity of the USB drive. Source: Tech News - Livemint.com | 11 Jan 2009 | 7:45 am Swiss Army knife meets BluetoothLas Vegas: The Swiss Army knife, one of the hottest buys of the last century, is keeping pace with the new millennium and moving from campground to boardroom. Manufacturer Victorinox, celebrating its 125th anniversary this year, unveiled the latest version of the ubiquitous multi-purpose tool this week at the annual Consumer Electronics Show (CES) in Las Vegas. The company has been adding high-tech features to its knives since 2004 but the latest model, the Presentation Pro, takes the trend even further by incorporating Bluetooth and fingerprint recognition technology. Instead of a saw and a corkscrew, the Presentation Pro comes with a laser pointer and an integrated Bluetooth remote control that can be used to direct a slide show or a Powerpoint presentation. It also has a USB flashdrive with up to 32GB of storage and a biometric sensor that grants access through fingerprint recognition. The case remains red and the small white cross is still there but the plastic is now transparent, putting the innards of the device on display. The Presentation Pro is not just high-tech and gives in to tradition by keeping a knife, a pair of scissors and a nail file with a screwdriver head. But the company does offer a “plane-friendly” version of the model, the blade-free Presentation Pro Flight, which should cause no problems with airport security. Explaining the high-tech upgrade, Victorinox North America operations president Rick Taggart said the company is “striving to provide products that are relevant to the consumers of their era.” The Presentation Pro is available from May and priced from $169.95 to $329.95, depending on the memory capacity of the USB drive. Source: LatestNews-Home - Livemint.com | 11 Jan 2009 | 7:45 am Satyam effect: US-listed Indian stocks lose $2 bn in a weekDespite, a halt in trading in Satyam Computer from Wednesday, the rest of the 15 Indian stocks on US bourses bore the brunt of the negative market sentiment.Source: Daily News & Analysis: Money News | 11 Jan 2009 | 7:28 am Imports hurting Reliance, other detergent-ingredient makersThe government is examining whether safeguard duty should be imposed to protect the domestic industry.Source: Daily News & Analysis: Money News | 11 Jan 2009 | 7:27 am Truckers strike pushes vegetable, fruits prices up to 13%Disruption in the supply contributed to a rise in prices of most vegetables and fruits in the last week and a similar trend is foreseen in the coming days.Source: Daily News & Analysis: Money News | 11 Jan 2009 | 7:25 am ‘Slumdog’ favourite as Globes launch Oscars countdownCalifornia: The race for honors at next month’s Oscars cranks into overdrive as a galaxy of stars descends on Beverly Hills for the 66th Golden Globes. After a disastrous event last year that was reduced to a celebrity-free zone by the entertainment industry’s writers strike, this year’s red carpet parade will read like a who’s who of the movie industry’s A-list. Brad Pitt, Kate Winslet, Tom Cruise, Angelina Jolie, Clint Eastwood, Leonardo DiCaprio and Meryl Streep are just a few of the Hollywood heavyweights vying for awards at the Globes, regarded as second only to the Academy Awards which take place on 22 February. Pitt is up for best actor for his performance as a man who ages in reverse in “The Curious Case of Benjamin Button,” which along with “Frost/Nixon” and “Doubt” goes into the event with five nominations. “Benjamin Button” and “Frost/Nixon” are regarded as strong Oscars contenders with nods in the key categories of best drama, best director and best actor. However, awards season pundits believe “Benjamin Button” could be pipped for best drama honors by “Slumdog Millionaire.” British director Danny Boyle’s riotous feel-good flick tells the story of a boy who rises from crushing poverty in Mumbai to find fame and fortune on India’s version of the television quiz show “Who Wants to be a Millionaire?” The film’s Oscar campaign picked up valuable momentum on Thursday when it swept the board at the Critics Choice Awards, winning five honors including best picture and best director. “I think it’s a real close race between ‘Benjamin Button´ and ‘Slumdog Millionaire,´” said Pete Hammond, film critic for Maxim and a contributor to the Los Angeles Times’s theenvelope.com. “I’ve talked to many members in the Hollywood Foreign Press Association who just loved ‘Slumdog Millionaire.´ They’re passionate about it and it played really well with them. But they also like and admire ‘Benjamin Button.´” Unlike the Oscars, the Golden Globes -- which are chosen by around 80 members of the Hollywood Foreign Press Association -- have separate best picture awards for dramas and musicals. In the past four years the Globes have failed to accurately predict the best picture winner at the Academy Awards, but overall two-thirds of best picture Oscar winners had first received a Golden Globe. Pitt’s rivals in the best actor drama race include DiCaprio, who plays a frustrated 1950s suburbanite in “Revolutionary Road,” Sean Penn as a trailblazing gay politician in “Milk,” Frank Langella as disgraced US president Richard Nixon in “Frost/Nixon” and Mickey Rourke, a washed up brawler in “The Wrestler.” In the best actress drama race, Pitt’s partner Jolie is nominated for her performance as a mother searching for her son in Clint Eastwood’s period film “Changeling.” Other nominees include Anne Hathaway for “Rachel Getting Married,” Streep for her performance as a tyrannical nun in “Doubt,” Kristin Scott Thomas in “I’ve Loved You So Long” and Winslet for “Revolutionary Road.” Meanwhile Australian actor Heath Ledger is the hot favorite to win a posthumous Globe in the best supporting actor category for his acclaimed performance as the Joker in Batman blockbuster “The Dark Knight.” Ledger, who died of a prescription drugs overdose in January last year, faces competition from Cruise, Ralph Fiennes, Philip Seymour Hoffman and Robert Downey Jr. But pundits are tipping Ledger for success. “I think if he wins on Sunday he’s likely to go all the way to the Oscars,” Hammond said. “Anybody but Heath Ledger would be upset.” Source: LatestNews-Home - Livemint.com | 11 Jan 2009 | 7:25 am CID grills Satyam's former CFOThe Crime Investigation Department (CID) of Andhra Pradesh police Sunday continued interrogation of Vadlamani Srinivas, the former chief financial officer (CFO) of the IT bellwether Satyam Computers, in connection with the Rs.70 billion fraud.Source: IndiaeNews.com: Business News | 11 Jan 2009 | 6:30 am Bank credit to touch Rs22.5 trillion by MarchNew Delhi: Coming to aid the slackening economy, public sector banks will increase their lending to about Rs22.5 trillion in the current fiscal, up around 4% over the target fixed for them. With the upward revision of their credit target by Rs56,000 crore, banks are expected to lend about Rs22.5 trillion by the end of current fiscal, the finance ministry officials said. As per the ‘Statement of Intent´submitted by all the public sector banks, credit growth was expected to be 20% during 2008-09 over the last year, they said. With the revision in the credit target by the government, credit disbursal would be 24% higher than the last year, they added. Last week, finance secretary Arun Ramanathan had said, “We have three months more...we have enhanced the original (bank’s credit disbursal) plans by Rs56,000 crore. So, we are planning to provide, in addition to the earlier plans, over Rs56,000 crore.” The target enhancement will benefit all sectors, including real estate, corporate, small and medium enterprises and non-banking financial companies, the officials said. The decision of the government follows the announcement of the RBI to further reduce the key policy ratios and rates to unlock more bank funds and signal soft interest rate regime to neutralise the impact of the global financial turmoil on the economy. Till 19 December 2008, the outstanding credit of commercial banks, including private sector banks, stood at Rs25,92,418 crore to non-food sector. Source: Home - Livemint.com | 11 Jan 2009 | 6:24 am Indian American body wants Indra Nooyi as commerce secretaryIndra Nooyi is being considered for the commerce secretary's post following the withdrawal of New Mexico governor Bill Richardson due to a federal probe.Source: Daily News & Analysis: Money News | 11 Jan 2009 | 6:09 am RBI mulling central counter party for derivatesKOLKATA (Reuters) – The Reserve Bank of India (RBI) is looking at introducing a central counter-party for over the counter derivatives (OTC), a senior official said on Saturday.Source: Reuters: Money News | 11 Jan 2009 | 6:02 am Satyam's Raju spent first night in jail like ordinary prisonerOnce in the list of the richest Indians, disgraced founder and former chairman of Satyam Computers B. Ramalinga Raju and his brother B. Rama Raju spent Saturday night in the Chanchalguda jail and slept on the floor along with 26 other prisoners accused of petty crimes like theft.Source: IndiaeNews.com: Business News | 11 Jan 2009 | 6:01 am Steel imports fall in Apr-Dec by 14%New Delhi: Imports of steel during the first nine months (April-December) of 2008-09 have fallen by 14% to 4.8 million tonnes, a development that could weaken the industry’s demand for increasing import duty. As against the total steel imports of 5.6 million tonnes in the corresponding period in 2007, the shipments declined by 0.8 million tonnes in April-December 2008, following a demand slump in the midst of the global economic downturn. “As steel was readily available at a competetive price ($500 a tonne) in the domestic market, the importers did not opt for overseas shipments, which resulted in a decline in imports,” steel secretary PK Rastogi said. Going by the Steel Ministry’s data, imports of non-alloy steel, used primarily by construction and automobile sectors, dipped by 18% to 4.3 million tonnes till December, while in case of non-alloy products, including stainless, it increased by over 50% to 4.5 lakh tonnes. “Imports have been declining throughout the period on a month-to-month basis. In case of flat products, it dipped by 19%, but for long-products, it registered a marginal 4 per cent growth,” an official source said. In addition to demand slump and pricing, what checked the steel imports was the government’s move to curb shipments from overseas by shifting some of the products like HR coils under the restricted list of items, industry experts said. The government had also slapped a 5% import duty on steel even as the domestic producers wanted a higher tariff of 15% to thwart possibe dumping of the commodity from countries like China, Ukraine and Thailand. Now that the imports have fallen, industry sources said, the Commerce Ministry may soon convene a meeting of major steel producers to take stock of the situation with regrads to restriction of shipments from abroad. Source: Home - Livemint.com | 11 Jan 2009 | 5:36 am Transporters’ strike enters seventh dayNew Delhi: With the impasse between the transporters and government continuing, the truckers’ strike entered the seventh day today, even as the Centre has called a meeting a meeting of all the state transport ministers Monday. “We are continuing our strike, and will not give up unless the government gives us a solution,” AIMTC Vice-President Amola Singh Bhatia told PTI. The government had said yesterday it was willing to talk to All India Motor Transport Congress (AIMTC) representatives, even as it roped in rival truckers union All India Confederation of Goods Vehicle Owner’s Association for support towards minimising the impact of the strike. AMITC, however, maintains that there can be no talks as its leaders are under arrest. Delhi government had arrested AIMTC President Charan Singh Lohara and Secretary S Venugopal on Friday under Essential Services Maintenance Act (ESMA). Cabinet Secretary K M Chandrasekhar also met Secretaries of Ministry of Road and Surface Transport, Defence, Railways, I&B and Petroleum yesterday to review the situation emanating from the nationwide strike. Meanwhile, cracking the whip against striking transporters, Delhi, Uttar Pradesh, Andhra Pradesh, Gujarat, Rajasthan, Goa and Madhya Pradesh have invoked ESMA earlier this week. Prices of essential commodities in various parts of the country moved up by 10-15% since the truckers agitation began. Source: Home - Livemint.com | 11 Jan 2009 | 5:00 am Obama-stimulus plan can add, save up to 4 mln jobsWASHINGTON (Reuters) - President-elect Barack Obama said on Saturday an analysis of his stimulus proposals showed that up to 4 million U.S. jobs could be saved or created by 2010, nearly 90 percent of them in the private sector.Source: Reuters: Money News | 11 Jan 2009 | 4:29 am Citi may get at least $2 bln for Smith Barney dealNEW YORK (Reuters) - Morgan Stanley could pay $2 billion to $3 billion or more for a controlling stake in Citigroup Inc.'s Smith Barney retail brokerage business, two people familiar with the matter said.Source: Reuters: Money News | 11 Jan 2009 | 4:22 am Satyam chairman in judicial custody to Jan 23HYDERABAD, India (Reuters) - The chairman of Satyam Computer Services was taken into judicial custody until Jan. 23, his lawyer said on Saturday, as authorities try to unravel India's biggest corporate scandal.Source: Reuters: Money News | 11 Jan 2009 | 3:01 am RBI asks banks to furnish info on exposure to Satyam GroupNew Delhi/Mumbai, Jan. 10 Reserve Bank of India (RBI) has asked banks to furnish information to the central bank on their fund and non-fund based exposure to Satyam Computer Services Ltd and associate companies in the Satyam Group. A communiqueSource: Business Line - Home Page | 11 Jan 2009 | 12:00 am Govt considers cut in fuel, cooking gas pricesMumbai, Jan. 10 Prices of auto fuels and cooking gas could be reduced by the Government in a fortnight. It is considering reducing the prices of petrol by Rs 5 a litre, diesel by Rs 3 a litre and Rs 25 on every domestic LPGSource: Business Line - Home Page | 11 Jan 2009 | 12:00 am Tata Motors cancels Jamshedpur plant shutdownMumbai, Jan. 10 Tata Motors has, in a surprising development, cancelled its plan to go for another round of block closure of its Jamshedpur plant for six days starting January 12. This unit that makes heavy commercial vehicles, a segment thatSource: Business Line - Home Page | 11 Jan 2009 | 12:00 am Who will make it to the new Satyam board?New Delhi/Mumbai/Hyderabad, Jan. 10 Financial institutions Lazard and Life Insurance Corporation of India as well as the Andhra Pradesh Government are among those who may clinch some of the berths in the re-constituted board of Satyam ComputerSource: Business Line - Home Page | 11 Jan 2009 | 12:00 am Weekly News Round-upIn perhaps one of Corporate India's unfolding worst chapters, Mr B. Ramalinga Raju, Founder-Chairman of the $2-billion Satyam Computer Services, stepped down last Wednesday admitting to faking financial figures of the company to the tune of Rs 7,136Source: Business Line - Home Page | 11 Jan 2009 | 12:00 am Ramalinga Raju remanded to judicial custodyHyderabad, Jan. 10 On a day of high drama, the fallen Indian IT leader, Mr B. Ramalinga Raju, found himself drawn away from the comfort of 5-star luxury and high echelons of power to the claustrophobic confines of the ChanchalgudaSource: Business Line - Home Page | 11 Jan 2009 | 12:00 am SEBI, Serious Fraud Office teams don’t get to question RajusHyderabad, Jan. 10 Investigating teams of the Securities and Exchange Board of India (SEBI) and Serious Fraud Investigation Office (SFIO) have not been able to interrogate Mr B. Ramalinga Raju, former Chairman of Satyam Computer Services and hisSource: Business Line - Home Page | 11 Jan 2009 | 12:00 am Fall in prices pushes up cement demand in DecMumbai, Jan. 10 After a lull, cement demand seem to have picked up pace in December with many infrastructure projects taking wings aided by the sharp fall in prices of ancillary items such as steel, cement, labour and transportationSource: Business Line - Home Page | 11 Jan 2009 | 12:00 am Cotton Corpn ties up Rs 15,000 cr through consortium of 19 banksMumbai, Jan. 10 Cotton Corporation of India (CCI) has tied up Rs 15,000 crore through a consortium of 19 banks led by Bank of Baroda and State Bank of India for procuring cotton at minimum supportSource: Business Line - Home Page | 11 Jan 2009 | 12:00 am Banks cutting credit card limits for Satyam staffHyderabad, Jan. 10 The Satyamites, who were amongst the most pampered employees in the industry till recently, are feeling the pinch of the Satyam fiasco not only in office but alsoSource: Business Line - Home Page | 11 Jan 2009 | 12:00 am Did kickbacks do Raju in?The timing of the arrest of Ramalinga Raju raises more questions about his connections with the political powers-that-be in Andhra Pradesh.Source: Daily News & Analysis: Money News | 10 Jan 2009 | 10:13 pm It is personal, it's not just about money: Satyam staffEmployees feel their image is tarnished, some cancel marriage plans.Source: Daily News & Analysis: Money News | 10 Jan 2009 | 9:52 pm Will truth prevail in the Satyam saga?Raju's journey to jail was more like that of an arrested mob boss than a corporate fraudster.Source: Daily News & Analysis: Money News | 10 Jan 2009 | 9:44 pm On Vidarbha farms, a premature adulthoodAfter their fathers committed suicide, young kids had to take on the responsibilities of running farms, paying off loans and taking care of their families On Vidarbha farms.Source: Daily News & Analysis: Money News | 10 Jan 2009 | 8:50 pm Air car may blow in next yearThe Air Car, made by French company MDI, could be launched by Tata Motors in India by 2010-11.??Replying to an email query, the French company said, "We will release in France the first cars forSource: Business Standard | Front Page Headlines | 10 Jan 2009 | 7:12 pm A recipe for refurbishing brand SatyamIs it possible to refurbish a brand that has been sullied with a Rs 7,800 crore fraud? One cant be sure, but to attempt this, the campaign ought to stress on integrity and action, say three ofSource: Business Standard | Front Page Headlines | 10 Jan 2009 | 7:12 pm Merrill, IL sold shares in nick of timeDays before B Ramalinga Raju admitted to fraud, a handful of financial services companies, including DSP Merrill Lynch, IL&FS Financial Services and Deutsche Banks non-banking financeSource: Business Standard | Front Page Headlines | 10 Jan 2009 | 7:11 pm Coordinated action to steer SatyamThree days after Satyam Computer founder B Ramalinga Raju admitted to fraud, government agencies have decided to act in unison to steer the company out of the debris of destroyed credibility and emptySource: Business Standard | Front Page Headlines | 10 Jan 2009 | 7:10 pm 11 firms file class action lawsuit against SatyamPost the multicrore Satyam fraud, almost 11 firms have filed class action lawsuit against the IT services company.Source: Moneycontrol Top Headlines | 10 Jan 2009 | 6:19 pm Satyam's former CFO Srinivas arrestedIn the third arrest in the Satyam Computer Services scam, the former chief financial officer (CFO) of the IT bellwether Vadlamani Srinivas was held by Andhra Pradesh police Saturday night in connection with the Rs.70 billion fraud.Source: IndiaeNews.com: Business News | 10 Jan 2009 | 6:01 pm Satyam's disgraced Raju brothers sent to jailSatyam Computer Services disgraced founder B. Ramalinga Raju and his brother B. Rama Raju were Saturday sent to the Chanchalguda central jail after they were remanded in judicial custody till Jan 23 for the Rs.70 billion financial fraud in the company.Source: IndiaeNews.com: Business News | 10 Jan 2009 | 6:00 pm Raju says I was alone, govt thinks otherwiseSecretaries of key Ministries attended the high powered meeting of the government day before. The scale of fraud which has happened could not have been done without very key people of the organisation not knowing about it. But the government does not believe Rajus confessional statement that no one else knew.Source: Moneycontrol Top Headlines | 10 Jan 2009 | 5:29 pm Lazard seeks position on Satyam boardHitesh Jain, Lawyer for Lazzard said the company wants Satyam\'s new board, constitution and decision making right in the IT service company. He said Lazard represented itself to MCA and relevant agencies yesterday in the same context.Source: Moneycontrol Top Headlines | 10 Jan 2009 | 4:33 pm Satyam CFO arrested and charged, police sayHYDERABAD, India (Reuters) - The Chief Financial Officer of Satyam Computer Services was arrested, Hyderabad police said on Saturday, as authorities seek to unravel India's biggest corporate scandal.Source: Reuters: Money News | 10 Jan 2009 | 4:27 pm Maytas too may collapse post Satyam scamAfter Satyam, curtains will also likely to fall for Maytas Infra. Raju family has pledged majority of its shareholding and real estate assets of Maytas Infra as collateral to various financial institutionsSource: Moneycontrol Top Headlines | 10 Jan 2009 | 3:59 pm From virtual to real: Raju brothers in prisonHyderabad: Satyam Computer’s disgraced founder Ramalinga Raju and his brother Rama Raju were Saturday remanded to judicial custody till 23 January and would be lodged in the Chanchalguda central jail. The Rajus, who were arrested Friday night and subjected to several hours of interrogation, were produced before the 6th Chief Metropolitan Magistrate at the judges’ quarters at Marredpally in Secunderabad Saturday evening. Raju’s lawyer Bharat Kumar said his clients were remanded to judicial custody till 23 January. He said the court has directed medical treatment to be given by a government doctor to Raju, whose blood pressure was fluctuating abnormally. Raju’s counsel said he will move a bail application on Monday for the disgraced software tycoon whose admission to wrongdoing prompted a near collapse of Satyam, which boasts high-profile clients in 65 countries. After the magistrate’s order, the Rajus were whisked away in a van with tinted glasses to Chanchalguda jail located in the outskirts of Hyderabad while police kept the media away by barricading the area. The police had subjected the Rajus to a lengthy interrogation process after their arrest, but Ramalinga Raju, 54, the elder of the two, had in the morning complained of chest pain and uneasiness -- following which doctors from private Care Hospital and a government hospital conducted a medical check-up. A case has been filed against Raju under sections 120-b (criminal conspiracy), 406 (criminal breach of trust), 420 (cheating), 468 (forgery for cheating) and 477-a (fraudulent cancellation of securities) of IPC. Raju had on Wednesday disclosed a financial fraud in the company to the tune of Rs7,000 crore by inflating profits and showing fictitious assets where none existed. The company’s scrip has fallen nearly 80% since the revelation was made. Indian market regulator the Securities and Exchange Board of India, or Sebi, is also seeking to question Raju, one of the pioneers of India’s outsourcing boom and once the darling of international investment funds. Satyam shares have gone into freefall, closing at Rs23.85 Friday compared to a value of around Rs180 before the scandal erupted. The central government on Friday booted out Satyam’s directors’ board saying it will name representatives to manage the affairs of the company. Before being dismissed, the interim Satyam board had pledged to try and keep the company running and rectify the mistakes. It had also insisted it was unaware of the scam, which has prompted comparisons with the collapse of US energy giant Enron and generated fears over the impact on foreign investment in Indian business and on corporate governance standards. At least two US shareholder lawsuits have been filed against Satyam earlier this week. The law firm of Izard Nobel filed a suit seeking a class action in New York on behalf of people who purchased the American Depositary Receipts of Satyam Computer between 6 January 2004 and 6 January 2009. Another lawsuit was filed in New York by the firm Vianale and Vianale, based in Florida, a statement from the law firm said. Sebi meanwhile announced unprecedented steps to “boost investor confidence”. Independent auditors will now scrutinise the last quarterly results and audited annual financial statements of companies which are listed on exchanges and form part of India’s key benchmark indices, the 30-share Sensex and 50-share Nifty, the regulator said. “This exercise will be undertaken after the third quarter results and is expected to be completed by end of February this year,” an official statement said. Regarding the constitutiion of a fresh Satyam board,Corporate Affairs Minister Prem Chand Gupta said the composition of the new board was still to be finalised. “We are working on the names,” Gupta told reporters. After dissolving the previous board on Friday, Gupta said the new 10-member board would meet within seven days but added there was no move to take over Satyam’s management. On Saturday, Gupta said the government had received a letter from Lazard about representation on the new board, and said it was being looked into. Stock exchange data showed that Lazard Asset Management held a 2.15% stake in Satyam as at 30 September 2008. “Now that the government has decided to appoint a new board, then we would like the government to consult us on the appointment of the members to the board,” Hitesh Jain, Lazard’s lawyer, told a television channel, adding it also wanted to be consulted about other steps the government wanted to take on Satyam. Hyderabad-based Satyam specialises in business software and back-office services for clients including General Electric and Nestle. Source: Home - Livemint.com | 10 Jan 2009 | 2:48 pm Wrong program: now Satyam CFO faces police heatNew Delhi: Police detained the chief financial officer of embattled outsourcing giant Satyam Computers on Saturday, the third executive to enter police custody in the wake of a massive fraud scandal. Vadlamani Srinivas was detained Saturday night for questioning , said S.S. Yadav, the Andhra Pradesh police chief in Hyderabad, where Satyam is headquartered. He could be arrested later in the night, the police official said. Satyam’s founder and former chairman, B. Ramalinga Raju, was arrested Friday, two days after he confessed to filling the company’s balance sheets with “fictitious” assets and “nonexistent” cash in a letter to the company’s board. His brother, former managing director B. Rama Raju, was also arrested Friday. They were both charged Saturday with criminal conspiracy, forgery, criminal breach of trust and falsifying documents, said senior police official S.K. Kumudi. They face up to life in prison, he said. The Ministry of Corporate Affairs dissolved Satyam’s board, including the company’s interim head, late Friday night. Minister for Corporate Affairs Prem Chand Gupta condemned “the greed and misdeeds of a few persons who were at the helm of affairs of the company”. “The current board of Satyam has failed to do what they were supposed to do,” he said in an official statement. The statement said the central government will appoint 10 people “to function as directors of the company,” but no one had been named to the seats. Satyam Computer Services Ltd. employs 53,000 people _ among the 2 million Indians working in the country’s booming high-tech industry, which last year brought in an estimated $40 billion. Satyam’s clients include a slew of Fortune 500 companies including Nestle, General Electric and Ford Motors. Source: Home - Livemint.com | 10 Jan 2009 | 2:41 pm Awaiting mkt reaction to new Satyam board: LTAM Naik, CMD, Larsen Toubro, said he was feeling comfortable in the fact that a new Satyam board is being appointed. He feels the new board, once selected, should first reassure its employees. \"One should not allow Satyam to go down.\" He feels the market on Monday will indicate how they have to react to the constitution of the board.Source: Moneycontrol Top Headlines | 10 Jan 2009 | 1:12 pm Should NASSCOM be on Satyam board? HDFC, Infy differDeepak Parekh of HDFC, confirmed that he would not be part of the Satyam board. He suggests having members of NASSCOM and LIC as part of the board. Mohandas Pai, HR, Infosys however, does not see the need for anybody from the industry or an industry body like NASSCOM to be part of the board.Source: Moneycontrol Top Headlines | 10 Jan 2009 | 12:56 pm Govt should take LIC, Nasscom members: Deepak ParekhDeepak Parekh, Chairman, HDFC confirmed that he would not be part of the Satyam board. He suggests having members of NASSCOM, IT Association, LIC as part of the board. He said that the board of directors cannot run the company. However, he added that this board would powerful enough to take any decisions that are necessary.Source: Moneycontrol Top Headlines | 10 Jan 2009 | 11:19 am Govt move good, will help restore confidence: SatyamAfter the government intervened and said it would appoint 10 nominees as the directors of Satyam, the company welcomed the move. We welcome this decision which will ensure uninterrupted operations and restore the confidence of all employees, customers and shareholders across the globe, Satyam, in a statement, said.Source: Moneycontrol Top Headlines | 10 Jan 2009 | 11:11 am Polaroid reinvents with instant digital cameraLas Vegas: Polaroid Corp, the iconic inventor of the instant photo, has reinvented itself for the digital age, launching a digital camera which makes instant full-colour prints. The PoGo, unveiled at the annual Consumer Electronics Show (CES) in Las Vegas, arrives on the market a year after Polaroid ended production of its legendary instant film camera. “This is the digital version of our traditional instant camera, which consumers have loved since the ‘70s,“ said Jon Pollock, Polaroid’s vice president and general manager of Digital Imaging. “It’s what consumers have told us they want - a fun, easy way to use a digital camera to print photos,” he said. The Polaroid PoGo Instant Digital Camera uses Zink ink-free printing technology to produce instant prints on a special paper embedded with heat-activated dye crystals. “With the push of a button, consumers can select from among the digital photos on the camera, crop or edit them and in less than 60 seconds, print full-color, 2x3-inch prints,” Polaroid said. Photos can be reviewed on a three-inch color LCD screen before printing. Polaroid said the PoGo will be available in March and cost $199. A 10-pack of Zink photo paper will sell for $4.99 dollars. Polaroid filed for bankruptcy protection last month amid a fraud probe into its parent company, Petters Group Worldwide It discontinued production of its celebrated instant film cameras in February of last year and now produces LCD televisions, digital cameras and other consumer electronics products. Source: Tech News - Livemint.com | 10 Jan 2009 | 10:25 am Sintex Industries Q3 net up at Rs71 croreMumbai: Plastics product maker Sintex Industries on Saturday said its consolidated net profit for the third quarter rose 21.07% at Rs70.84 crore over the the same quarter in the previous fiscal. In a filing to the Bombay Stock Exchange, Sintex Industries informed that it had a net profit of Rs58.51 crore for the same quarter of FY’08. “Its been a challenging quarter for Sintex considering the global and domestic businesses have shown good growth rates despite signs of a slowdown in the domestic economy,” Sintex Industries managing director Amit Patel said. Total income of the company stood at Rs845.34 crore for the quarter under review, against Rs621.03 crore for the same quarter in the year-ago period. Source: Home - Livemint.com | 10 Jan 2009 | 10:00 am Banks submit details of Satyam exposure to RBIMumbai: As part of its probe on scam-tainted Satyam, RBI on Saturday collected particulars of transactions that various banks including SBI and ICICI Bank had with the IT company. “We have submitted the details of our business deals with Satyam to the Reserve bank. In the wake of these developments (in Satyam), banks are bound to be extra cautious while lending to such corporates,” SBI’s chief financial officer Ashok Mukand said. When asked, Citibank declined to comment if the company was its client and whether the bank had given details to RBI. “We are unable to comment due to client confidentiality,” a spokesperson of the bank said. SBI is undertood to have extended loans to the Hyderabad-based company, but the officials declined to divulge the details of its exposure to Satyam. Leading public-sector lender, Bank of Baroda, has also submitted the details of its “insignificant” exposure to Satyam to the apex bank, its CMD, M D Mallya said. “We do not have any fund-based exposure to this company (Satyam),” Mallya said. However, the lender has some current account deposits of Satyam. Leading private-sector lender, ICICI Bank, is also believed to have provided the details to the RBI about its dealings with Satyam. The bank, in a statement, had said that it did not have any fund-based exposure to Satyam Computer Services other than a marginal exposure of about Rs 3-crore on account of a forward contract. Satyam is also maintaining a deposit with ICICI Bank in a current account. The balance in this account is not material, ICICI bank said. India’s fourth largest outsourcing firm plunged into a crisis after its chairman, B Ramalinga Raju resigned admitting gross manipulations in the company’s balance sheet. Other leading banks, which have exposure to Satyam include foreign lenders, Citibank, BNP Paribas, HSBC and private-sector lender HDFC Bank. HDFC Bank said it did not have any “significant” exposure to the struggling client. However, the bank has a small exposure in the form of vehicle loans given to Satyam’s employees, an HDFC Bank spokesperson said. Source: Home - Livemint.com | 10 Jan 2009 | 9:39 am Union Bank to review overseas expansion plansDue to the global meltdown, Union Bank of India to reassess its overseas presence plans but is upbeat on domestic expansion. Currently, the bank has an overseas branch in Hong Kong and two representative offices in Shanghai and Abu Dhabi.Source: Moneycontrol Top Headlines | 10 Jan 2009 | 9:23 am HCL Tech, Genpact reach out to clientsIT and BPO giants such as Genpact and HCL Technologies are rushing to soothe overseas clients and reassure them on high levels of corporate governance in their own firms, in the aftermath of the disclosures on financial irregularities at Satyam.Source: Moneycontrol Top Headlines | 10 Jan 2009 | 9:22 am
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