|
|
|
|
Hanung Toys claims to benefit most from permanent China banReports suggest that the ban on Chinese toys may be made permanent as the government is considering a set of mandatory standards. Ashok Kumar Bansal, Hanung Toys said the ban on Chinese toys is a positive move for Indian companies. By putting a ban on the import, we being the largest manufacturer in India, will get major benefit out of this.Source: Moneycontrol Top Headlines | 27 Jan 2009 | 3:51 pm Take Dec 16/Jan 7 as cutoff for open offer: Satyam to SebiThe Satyam board has sought Sebis nod for waiver from the 26week average price for a potential open offer. The government appointed board has urged the market regulator to take December 16 or January 7 as the cutoff date for calculating the open offer price.Source: Moneycontrol Top Headlines | 27 Jan 2009 | 3:28 pm Sterlite still eyeing Asarco, awaiting right priceSterlite Industries is showing strong moves after positive comments in the concall. Anil Agrawal, Executive Chairman, Sterlite, commenting on the negotiations with Asarco, said the company is keen on buying Asarco.Source: Moneycontrol Top Headlines | 27 Jan 2009 | 2:30 pm Satyam board meeting starts, new CEO and CFO soonThe governmentappointed sixmember Satyam Board met today in Hyderabad, and is expected to discuss having a strategic partner to steer the company forward among other issues confronting the company since the Rs 7,800 crore fraud came to light.Source: Moneycontrol Top Headlines | 27 Jan 2009 | 2:22 pm Wyeth deal to create global bio-pharma behemoth: Pfizer - Moneycontrol.com
Source: Google News India - Business | 27 Jan 2009 | 12:47 pm Satyam likely to announce new investment banker - Moneycontrol.com
Source: Google News India - Business | 27 Jan 2009 | 12:47 pm RBI holds rates, asks banks to pass on easingMUMBAI (Reuters) - The Reserve Bank of India left its key interest rates steady on Tuesday, saying banks still had to pass on the benefits of previous cuts, but analysts expect another reduction in coming months to shore up the slowing economy.Source: Reuters: Money News | 27 Jan 2009 | 12:45 pm Insurance companies to inform consumer on bouncing of chequeNew Delhi: All insurance companies must inform an insured consumer in case a cheque issued by him for payment of a policy premium gets dishonoured, the Delhi Consumer Commission has said while directing them to deposit a premium cheque within two days of receiving it. “All the insurance companies are directed to present the cheques of premium or any other payment received by them on the same day or on the next day,” the Commission said while sending a copy of its directions the insurance regulator IRDA for taking proper steps on the matter. The Commission also ordered the insurance companies to intimate the issuer of a bounced cheque through their agents or on their own about the dishonouring of the cheque in writing so as to give the consumer a chance to make the payment through any other mode. It passed the order on an appeal filed by the SBI Life Insurance Company Ltd, challenging District Forum’s order which directed it to pay Rs5,000 compensation to insured Ashok Sardana alongwith backdating of policy by one month. The District Forum had directed the SBI Life to change the date of policy in question to 8 January, 2007 from of 8 February, 2007 as it held the delay in presentation of a cheque received from the consumer as a deficiency in service. The insurance company alleged that the backdating was directed despite the fact that the premium cheque was encashed much later. It noted that the delay in presenting the cheque and also in intimating about dishonouring of cheque would adversely affect the interests of the insured if incidents of theft of vehicle and damage of goods take place during this period. Source: LatestNews-Home - Livemint.com | 27 Jan 2009 | 12:37 pm Hershey Q4 profit rises partly on pricing actionsPennsylvania: Hershey, the second-biggest U.S. candy maker, says its fourth-quarter (Q4) profit increased 51%, helped by pricing measures and its Reese’s and Hershey’s brands. Hershey, Pennsylvania-based Hershey Co. said on Tuesday that it’s net income rose to $82.2 million, or 36 cents per share, from $54.3 million, or 24 cents per share, a year earlier. Excluding 23 cents per share in charges related to its global supply-chain transformation and a charge related to trademark values, profit was 59 cents per share. Sales climbed 3% to $1.38 billion from $1.34 billion to meet analysts’ estimates. Source: LatestNews-Home - Livemint.com | 27 Jan 2009 | 12:34 pm India's rupee ends higher on steady rates, stocks - Reuters India
Source: Google News India - Business | 27 Jan 2009 | 12:33 pm Satyam board meeting starts!The govt-appointed Satyam Board meets to work out a strategy to steer comapny forward.Source: Zee News : Business | 27 Jan 2009 | 12:31 pm Fannie Mae seeking up to $16 bn from US govt!Fannie Mae, the giant mortgage company under federal control, is to ask for up to USD 16 billion in federal money to stem massive losses from the mortgage default crisis.Source: Zee News : Business | 27 Jan 2009 | 12:31 pm Dhirubhai`s dream of world class hospital fulfilled: Kokilaben!Kokilaben, wife of late Dhirubhai Ambani on Monday donated a sum of Rs 75 crore to the tertiary care hospital inaugurated in her name.Source: Zee News : Business | 27 Jan 2009 | 12:31 pm Sensex gains 176 pts in early trade!Sensex recovered by over 176 points in opening trade ahead of RBI`s credit policy.Source: Zee News : Business | 27 Jan 2009 | 12:31 pm Monetary policy: RBI leaves key rates, CRR unchanged !The RBI on Tuesday, while announcing a review of its monetary policy, left key interest rates and the Cash Reserve Ratio unchanged. Further, the RBI reduced the current fiscal GDP growth projection to 7 percent.Source: Zee News : Business | 27 Jan 2009 | 12:31 pm Geithner sworn in as Treasury Secy!US Senate nominated Timothy Geithner as the new Treasury Secretary by 60 votes to 34.Source: Zee News : Business | 27 Jan 2009 | 12:31 pm Over 70,000 job cuts in a single day!The global economic recession claimed over 70,000 jobs in a single day across US and Europe.Source: Zee News : Business | 27 Jan 2009 | 12:31 pm Educomp Solutions Q3 net up 61% at Rs 32 cr - Hindu Business Line
Source: Google News India - Business | 27 Jan 2009 | 12:31 pm Rupee ends higher on steady ratesMumbai: The rupee surged on Tuesday after the Reserve Bank of India (RBI) left key rates steady in its policy review and as a rally in shares lifted hopes of capital inflows. The partially convertible rupee ended at Rs48.94/95 per dollar, off an intraday peak of Rs48.76, its highest in more than a week, but still about 0.7% stronger than Friday’s close of Rs49.27/29. “Some banks sold the rupee ahead of the policy review expecting a rate cut. However, they bought back the rupee when the policy left rates unchanged,” a dealer with a state-run bank said. The RBI at its monetary policy review left its short-term rates and banks’ cash reserve requirements unchanged as it waited to gauge the impact of its aggressive easing since mid-October to stem a sharp economic downturn. Traders said a rally in local equities also lifted sentiment for the local unit. The Sensex climbed 3.8% on Tuesday in its biggest one-day rise in seven weeks. Foreign investors have so far this month pulled out more than $1 billion from domestic markets after withdrawing more than $13 billion in 2008. Source: Home - Livemint.com | 27 Jan 2009 | 12:29 pm RCom's accounts under investigation - IT Examiner
Source: Google News India - Business | 27 Jan 2009 | 12:28 pm Indian call rates end flat on surplus cash - Reuters India
Source: Google News India - Business | 27 Jan 2009 | 12:27 pm PREVIEW - Construction cos to see lower net in dec qtrMUMBAI (Reuters) - Higher interest rates and raw material costs are expected to chip away at the bottomlines of infrastructure and construction companies in the December quarter, despite a steady growth in orders, analysts said.Source: Reuters: Money News | 27 Jan 2009 | 12:21 pm USL in talks with Diageo for stake sale: Vijay MallyaVijay Mallya of United Spirits confirmed news on the Diageo stake sale deal and said the company was in very advanced stages of negotiation with Diageo. He added that he would be meeting the Diageo management on Wednesday in US.Source: Moneycontrol Top Headlines | 27 Jan 2009 | 12:21 pm GlaxoSmithkline Q4 net up 18%Mumbai: Pharma company GlaxoSmithkline Consumer Healthcare today posted a 18.43% growth in net profit at Rs 32.58 crore for the fourth quarter ended 31 December 2008. The firm had a net profit of Rs27.51 crore in the fourth quarter of the previous fiscal, GlaxoSmithkline said in a filing to the Bombay Stock Exchange. The total income rose by 17% to Rs343.56 crore during the quarter under review, from Rs294.29 crore in the same period last fiscal. The board has declared a dividend of Rs5, at the rate of 50%, on shares of face value of Rs10, for the financial year ended December 2008. For the financial year ended December 2008, the drug firm reported a net profit of Rs188.33 crore, up 16% over the last fiscal. It had a net profit of Rs162.68 crore in FY’07. The total income during the financial year ended December 2008 rose 20.64% to Rs1,592.30 crore, from Rs1,319.93 crore in the year-ago period. Shares of GlaxoSmithkline closed at Rs575, up 2.58% on the BSE. Source: LatestNews-Home - Livemint.com | 27 Jan 2009 | 12:20 pm Broadcasting revenues may be negative in 2009-10: UTV Soft - Moneycontrol.com
Source: Google News India - Business | 27 Jan 2009 | 12:16 pm SAIL posts Q3 net profit at Rs 843cr - Moneycontrol.com
Source: Google News India - Business | 27 Jan 2009 | 12:16 pm Corporation Bank Q3 net up 35%Mumbai: Corporation Bank today said its standalone net profit for the third quarter ended 31 December, rose by 34.57% to Rs256.47 crore. The company had a net profit of Rs190.90 crore in the same quarter FY 2008, Corporation Bank said in a filing to the Bombay Stock Exchange. Total income of the bank rose to Rs1,905.51 crore for the quarter under review, against Rs1,265.82 crore for the same quarter last year. During the quarter the bank has raised Rs500 crore Tier II capital, the filing added. For the nine-month ended 31 December, the company has posted a net profit of Rs632.27 crore, up 19.43% against Rs529.39 crore in the same period a year ago. Shares of Corporation Bank settled at Rs177.65, up 2.16% on the BSE. Source: LatestNews-Home - Livemint.com | 27 Jan 2009 | 12:16 pm Satyam board member says LIC likely to give fundingMUMBAI (Reuters) - The new board of fraud-hit Satyam Computer Services is arranging funds from banks and financial institutions, including state-run Life Insurance Corp, (LIC) to pay salaries and bills, board members said in webcasts.Source: Reuters: Money News | 27 Jan 2009 | 12:14 pm Bond yields up on RBI’s borrowing remarksMumbai: The 2018 bond yield closed at 5.97%, from Friday’s close of 5.72%, after the Reserve Bank of India (RBI) governor D Subbarao said the size and timing of the rest of the government’s borrowing for this fiscal may be changed. At 4:05pm, the yield on the 10-year benchmark bond was at 5.92%, off an intra-day peak of 5.96%. Federal bond yields spiked to a new intra-day high in afternoon trade on Tuesday. The RBI’s indicative bond auction calendar shows the federal government was scheduled to auction Rs250 billion of bonds in the remainder of the fiscal year. Source: LatestNews-Home - Livemint.com | 27 Jan 2009 | 12:11 pm Rei Agro fixes Record Date for Stock Split - Equity Bulls
Source: Google News India - Business | 27 Jan 2009 | 12:10 pm Educomp third quarter net up 66 percentEducation solutions provider Educomp Solutions, which last week was the subject of media scrutiny for alleged fudging of accounts, Tuesday reported a 65.8 percent increase in its net profit for the quarter ending Dec 31.Source: IndiaeNews.com: Business News | 27 Jan 2009 | 12:03 pm LIC likely to give funding: Satyam board memberMumbai: The new board of fraud-hit Satyam Computer Services is arranging funds from banks and financial institutions, including state-run Life Insurance Corp, (LIC) to pay salaries and bills, board members said in webcasts. “We will work out some working capital loans from bankers and some rupee term loan from financial institutions, particularly my own organisation,” S. Balakrishnan, a senior official at India’s largest insurer LIC and a member of the outsourcing firm’s new government-appointed board, said in a webcast to employees. A Satyam spokeswoman said the company had uploaded comments from the board member on the YouTube website. Satyam has been struggling for survival since 7 January when founder Ramalinga Raju resigned as chairman and revealed profits had been overstated for years and $1 billion in cash on the books did not exist. “It is a huge liquidity crunch in the company and till the accounts are restated it is very difficult for banks to lend money,” new board member and senior banker Deepak Parekh said on another webcast uploaded on the site. “But we have made arrangements and I hope the money comes in the next few days so that payments are made on time.” Source: Home - Livemint.com | 27 Jan 2009 | 12:03 pm Markets move north, Sensex gains 329 pointsIndian equities markets closed trade Tuesday in the green owing to short-covering by investors, with a key index gaining 3.8 percent over its previous close.Source: IndiaeNews.com: Business News | 27 Jan 2009 | 12:02 pm Sonia Gandhi launches rail coach factory in Rae BareliUnited Progressive Alliance (UPA) chairperson and Congress president Sonia Gandhi Tuesday launched a Rs.20 billion ($408 million) rail coach factory in her parliamentary constituency, Rae Bareli.Source: IndiaeNews.com: Business News | 27 Jan 2009 | 12:01 pm India's central bank holds key rates, cuts growth targetIndia's central bank Tuesday left all key interest rates unchanged and lowered the country's growth target to 7 percent for this fiscal even as it promised to act 'swiftly' as and when the situation demanded.Source: IndiaeNews.com: Business News | 27 Jan 2009 | 12:01 pm Birla Corp Q3 net dips 24% to Rs81.38 crMumbai: Birla Corporation, the flagship company of M P Birla group, on Tuesday said its standalone net profit for the quarter ended 31 December 2008, fell by 23.51% to Rs81.38 crore. The company had a net profit of Rs106.40 crore in the same quarter of FY 08, Birla Corporation said in a filing to the Bombay Stock Exchange. The net sales of the company rose to Rs453.14 crore for the quarter under review, against Rs432.86 crore a year-ago. For the nine-month ended 31 December, the company has posted a net profit of Rs232.90 crore, against Rs307.01 crore in the same quarter last fiscal. Source: Home - Livemint.com | 27 Jan 2009 | 11:58 am JSW Group to review Rs 96-cr contracts given to MaytasPrivate steel maker JSW on Tuesday, said that it will review the Rs 96-crore township project with Maytas Infra.Source: Daily News & Analysis: Money News | 27 Jan 2009 | 11:54 am Sensex gains momentum; Sterlite,Reliance Infra surge - Economic Times
Source: Google News India - Business | 27 Jan 2009 | 11:51 am Geo-engineering ‘useful’ against climate change: studyParis: Massive, futuristic schemes to spur land and sea into sucking up greenhouse gases may help the fight against global warming but are no substitute for reducing the pollution itself, scientists said Wednesday. Once dismissed as daft or dangerous, some of these “geo-engineering” projects can be of use in fending off the juggernaut of climate change, but only if they go hand-in-hand with cuts in carbon emissions, they warned. “Geo-engineering” describes large-scale schemes such as erecting sunshades or mirrors in space, sowing the stratosphere with white particles or whitewashing building roofs to reflect sunlight, or scattering iron filings in the ocean to promote carbon-gobbling algae. None of these projects has been launched on any significant scale. Green groups are deeply suspicious of them, saying the most ambitious ventures could wreck ecosystems, carry an astronomical price and postpone tough decisions on reducing emissions of fossil-fuel gases that cause the problem. But promoters of geo-engineering are now getting a closer hearing as political efforts to resolve climate change remain bogged down. They argue that geo-engineering, by slightly cooling the planet, would buy time for humans to get their carbon pollution under control. In a paper published on Wednesday in the journal Atmospheric Chemistry and Physics Discussions, researchers at Britain’s University of East Anglia make the first attempt at calculating the effectiveness of these schemes. They do not analyse environmental impact, nor do they estimate the cost. “We found that some geo-engineering options could usefully complement mitigation [of emissions], and together they could cool the climate,” said Tim Lenton, a professor of environmental sciences. “But geo-engineering alone cannot solve the problem.” Cooling Tips - To gain a quick cool by 2050, building a deflector in orbit and sowing the stratosphere with fine sulphur particles are the best bet. But they also carry “a heavy burden of risk.” The particles have to be replenished, and the sunshade would need maintenance. Any breakdown would cause temperatures to rise at a stroke. -- “Fertilising” the ocean to boost plankton growth has chiefly long-term potential, as it would take centuries or millennia to really get up to speed. -- Over the shorter term, it makes more sense to plant trees to soak up atmospheric carbon dioxide, and to use energy by burning biomass by pyrolysis so that its residues are returned to the soil as charcoal, a form of carbon that remains stable for centuries or millennia. -- Painting roofs and roads white and other actions to help land surfaces reflect solar rays is of limited and local value. It could cool cities a little, but globally would be of little effect. -- The benefits of some geo-engineering schemes have been in exaggerated in the past, and calculations about their effectiveness are fraught with errors. The study comes amid an intensifying debate among climate experts about geo-engineering. In its landmark report in 2007, the UN’s Intergovernmental Panel on Climate Change (IPCC) blasted geo-engineering options as “largely speculative and unproven, and with the risk of unknown side-effects.” In the most controversial experiment to date, scientists aboard a German research vessel, the Polarstern, are in the Southern Ocean where they plan to carry out what they describe as a small-scale test in iron fertilisation. Germany’s environment ministry has spoken out against the experiment, but the research ministry has stood by it. Source: LatestNews-Home - Livemint.com | 27 Jan 2009 | 11:48 am Geo-engineering ‘useful’ against climate change: studyParis: Massive, futuristic schemes to spur land and sea into sucking up greenhouse gases may help the fight against global warming but are no substitute for reducing the pollution itself, scientists said Wednesday. Once dismissed as daft or dangerous, some of these “geo-engineering” projects can be of use in fending off the juggernaut of climate change, but only if they go hand-in-hand with cuts in carbon emissions, they warned. “Geo-engineering” describes large-scale schemes such as erecting sunshades or mirrors in space, sowing the stratosphere with white particles or whitewashing building roofs to reflect sunlight, or scattering iron filings in the ocean to promote carbon-gobbling algae. None of these projects has been launched on any significant scale. Green groups are deeply suspicious of them, saying the most ambitious ventures could wreck ecosystems, carry an astronomical price and postpone tough decisions on reducing emissions of fossil-fuel gases that cause the problem. But promoters of geo-engineering are now getting a closer hearing as political efforts to resolve climate change remain bogged down. They argue that geo-engineering, by slightly cooling the planet, would buy time for humans to get their carbon pollution under control. In a paper published on Wednesday in the journal Atmospheric Chemistry and Physics Discussions, researchers at Britain’s University of East Anglia make the first attempt at calculating the effectiveness of these schemes. They do not analyse environmental impact, nor do they estimate the cost. “We found that some geo-engineering options could usefully complement mitigation [of emissions], and together they could cool the climate,” said Tim Lenton, a professor of environmental sciences. “But geo-engineering alone cannot solve the problem.” Cooling Tips - To gain a quick cool by 2050, building a deflector in orbit and sowing the stratosphere with fine sulphur particles are the best bet. But they also carry “a heavy burden of risk.” The particles have to be replenished, and the sunshade would need maintenance. Any breakdown would cause temperatures to rise at a stroke. -- “Fertilising” the ocean to boost plankton growth has chiefly long-term potential, as it would take centuries or millennia to really get up to speed. -- Over the shorter term, it makes more sense to plant trees to soak up atmospheric carbon dioxide, and to use energy by burning biomass by pyrolysis so that its residues are returned to the soil as charcoal, a form of carbon that remains stable for centuries or millennia. -- Painting roofs and roads white and other actions to help land surfaces reflect solar rays is of limited and local value. It could cool cities a little, but globally would be of little effect. -- The benefits of some geo-engineering schemes have been in exaggerated in the past, and calculations about their effectiveness are fraught with errors. The study comes amid an intensifying debate among climate experts about geo-engineering. In its landmark report in 2007, the UN’s Intergovernmental Panel on Climate Change (IPCC) blasted geo-engineering options as “largely speculative and unproven, and with the risk of unknown side-effects.” In the most controversial experiment to date, scientists aboard a German research vessel, the Polarstern, are in the Southern Ocean where they plan to carry out what they describe as a small-scale test in iron fertilisation. Germany’s environment ministry has spoken out against the experiment, but the research ministry has stood by it. Source: Tech News - Livemint.com | 27 Jan 2009 | 11:48 am Nikkei gives Asia a climb of 4.9%Tokyo: Japanese shares led Asian markets higher, climbing 4.9% after Tokyo launched a $16.7 billion scheme on Tuesday to help firms threatened by the financial crisis. Japan’s funding plan helped the Nikkei average to its biggest one-day gain in percentage terms since mid-December, along with a fall in the yen and a 9 percent surge in shares of Honda Motor Co. The carmaker announced further production cuts in North America and Japan, but a newspaper reported it would boost capacity in China. Japan’s trade ministry said capital would be provided only while companies faced difficulty in fund-raising due to market turmoil, and firms receiving the funds would be required to draw up plans to boost profitability within three years. “This news will be positive, since it’s directed at firms in general and raises hopes that this will help with fund-raising, but the yen’s fall has helped too,” said Yutaka Miura, senior technical analyst at Shinko Securities. The MSCI index of Asia-Pacific stocks outside Japan was up 1.5% at 3:45pm after a 0.48% gain in the Dow Jones industrial average and a 0.56% rise in the Standard & Poor’s 500 index on Monday. Many Asian markets were closed for Lunar New Year, but Australian shares closed up 3% after a one-day holiday, helped by miners such as Rio Tinto, which were buoyed by a rebound in metal prices. Indian shares provisionally rose 3.8%, as gains in global markets triggered short covering ahead of the expiry of monthly derivatives. Shares in Europe struggled but were supported by a rise in the Ifo institute’s gauge of German business confidence. The pan-European FTSEurofirst 300 index was flat. Overall, MSCI’s main world stock index gained 1.2%. Yen steps back News of the funding plan helped push the yen down against the dollar and deepen its losses against the euro and sterling as shares gained and investor risk tolerance appeared to pick up. The yen has tended to fall against higher yielding currencies as investor risk appetite improves and the currency had slipped on Monday after a rise in US existing home sales and British bank Barclays said it was not seeking fresh capital. The euro was up 0.8% at ¥118.32 yen in Asian trade, well above last week’s seven-year low of ¥112.08, while sterling, which hit a record low last week, climbed 1 percent to ¥125.68. The dollar gained 0.4% to ¥89.46. US Treasuries edged down in Asia as shares rallied, sapping demand for safe haven debt, and the bond market was in wait-and-see mood ahead of a two-day Federal Open Market Committee meeting which ends on Wednesday. The Fed is expected to leave the target range for the benchmark overnight federal funds rate unchanged at zero to 0.25% and to flesh out new ways to free up lending. The benchmark 10-year note fell 2/32 in price to yield 2.653%, up about 0.5 basis point from late US trade. Japanese government bond futures dropped, tracking falls in Treasuries and euro zone government bonds and dented by the rebound in stocks from a three-month closing low on Monday. Analysts warned investor sentiment could turn quickly, with layoffs continuing and European and US corporations disclosing plans to cut more than 70,000 jobs to cope with the downturn. Gold held steady in Asia just above $900 an ounce after a three-day rally on safe-haven buying but dropped to back below $893 in Europe. Oil prices rose more than 1%, reversing losses as traders focused on short-term factors, such as cold US weather and an Australian cyclone. USlight, sweet crude for March delivery climbed back above $46 a barrel. Source: Home - Livemint.com | 27 Jan 2009 | 11:48 am Villagers in human chain protest at VedantaBHUBANESWAR, India (Reuters) - Thousands of tribespeople in Orissa, some carrying bows and arrows, formed a human chain on Tuesday to protest against a bauxite mine planned by Vedanta Resources Plc, police said.Source: Reuters: Money News | 27 Jan 2009 | 11:43 am Oil rises above $46 on Opec cutsLondon: Oil prices rose above $46 a barrel on Tuesday, boosted partly by cold weather in top energy consumer the United States, plus signs Opec oil supply cuts may have begun to underpin prices. US light, sweet crude for March delivery rose 56 cents to $46.29 a barrel by 4:45pm. It touched a session high of $47.49 a barrel. US crude has rebounded from below $33 a barrel in the past week. London Brent crude climbed 43 cents to $47.39 a barrel. The US cold snap has helped prices move up from lows earlier in January of $32.7 a barrel, but analysts say the recovery may be temporary. “Unless Opec production cuts in January were substantially greater than what we have assumed, it is still too early to be calling an end to this current bear market,” Goldman Sachs said in a research note. Oil’s supply/demand picture remains weak, Goldman said, pointing to a large counter-seasonal stock build in the United States and extremely weak demand in China, the world’s second largest energy consumer. Oil has dropped more than $100 from a record peak above $147 a barrel in July last year, depressed by falls in demand as the credit crisis has pushed the global economy towards recession. Goldman said retail investors were moving into oil, attracted by its low price, so that speculative positions or “length” in the oil market is now larger at $45 a barrel than it was at $147. Stocks rise US crude oil stocks are expected to have risen a further 2.7 million barrels last week, the fifth straight week of gains. The government data is due out on Wednesday. Colder weather is expected to help draw down distillate stocks by 800,000 barrels, according to a Reuters poll. Gasoline stocks are likely to have risen by 1.3 million barrels. “The economic situation, oil stocks do not support higher numbers,” said Julian Keites of brokerage Newedge in a research note. “But in conjunction with Opec cuts that began in November ‘08 and talk they will meet again if oil goes below $40, seems to provide market confidence and thus trading is at the top end of the range $37-$52.“ The Organization of the Petroleum Exporting Countries (Opec) has agreed to reduce supply by 4.2 million barrels per day since September to try to support prices. The producer group is due to meet next in March. Oil traders will get an early indication of Wednesday’s US government data with the release later today of inventory figures from the industry group the American Petroleum Institute, as the API shifts to a new, earlier release schedule. A cyclone off western Australia has shut down nearly half of the country’s oil output, but some operators said production was likely to resume by Wednesday as the storm weakens. Later today US President Barack Obama goes to Capitol Hill to campaign for an $825 billion economic stimulus package to be put to a House vote within days. Source: LatestNews-Home - Livemint.com | 27 Jan 2009 | 11:42 am Sensex regains 9,000 mark, ends 329 pts upNew Delhi: Markets regained their 9,000 mark on Tuesday ending almost 4% up on strong buying after Reserve Bank of India reduced their inflation forecast to 7% from previous 7.5-8%. The Bombay Stock Exchange Sensex traded positive through out all sectors. The most significant buying was among the metal stocks that surged by 5.5%, followed by power, technology, IT and oil and gas segments. Sensex opened 2% higher as a reaction to Q3 profits posted by ICICI Bank and State Bank of India on Friday. The 30-share BSE index ended the day at 9,004.08, higher by 329.73. On the other hand 50-share NSE Nifty also ended above 2,750 mark at 2771.35, 92.80 points up. Shares of Larsen & Toubro were one of the two BSE index losers, since their stakeholders were wary after the company announced an increase in stakes held by them in fraud-hit Satyam Computers. Thy lost 0.4% and last traded at Rs638.20. Sterlite Industries was the top gainer from the BSE Sensex pack, it traded higher by11.84% to Rs 267.80, followed by Reliance Infrastructure by 11.14% to Rs539.60, Reliance Communications Ltd by 7.15% to Rs171.60, Reliance Industries by 6.41% to Rs1,227.05, Sun Pharmaceuticals Ltd by 6.15% to Rs1,142.05 and NTPC Ltd by 5.99% to Rs190.15. Positive cues from Japan’s Nikkei index also influenced Sensex, other Asian bourses were closed to celebrate Lunar New Year. Nikkei surged by 4.9% as Bank of Japan announced availability of more funds. Source: Home - Livemint.com | 27 Jan 2009 | 11:37 am India has no sympathy for LTTE, says PranabNew Delhi: External affairs minister Pranab Mukherjee on Tuesday made it clear that India has no sympathy for LTTE but said that civilian Tamils have to be prevented from becoming victims of the conflict in the island nation. “We are for fight against terrorists and all sorts of terrorism. Therefore, we have no sympathy for any terrorist activity indulged in by any organization, particularly LTTE (which) is a banned organization in India,” he told reporters. He made the remarks hours before his departure to Sri Lanka, where the government has claimed to have captured Mullaithivu, the last bastion of LTTE. At the same time, Mukherjee said India is concerned over the plight of civilians and “we shall have to see how civilians can be protected and they do not become hapless victims of the situation.” He said he is going to discuss these issues with President Mahinda Rajapaksa and other Sri Lankan leaders. He will also meet foreign minister Rohitha Bogollagama during his two-day visit beginning on Tuesday. Mukherjee is expected to impress upon the Rajapaksa government the need for looking for a political settlement to the ethnic problem to ensure aspirations of all communities, including ethnic Tamils, are taken care of within a united Sri Lanka. India believes that military victory is no solution to the problems afflicting Sri Lanka. He is also expected to press for early implementation of the devolution package which is aimed at ensuring equal rights and privileges to all sections of the society. In the Tamil Nadu assembly during the question hour, the state finance minister K Anbhazhagan said the Union Minister was leaving for Sri Lanka after Karunanidhi made a request in this regard. DMK chief M Karunanidhi had been pressing for the visit of Mukherjee to Colombo to prevail upon the Sri Lankan government to bring about a ceasefire in the ongoing military offensive in the north. Last week, the state assembly adopted a resolution making “a final appeal” to the Centre to intervene and bring about a ceasefire in Sri Lanka. In December 2008, Karunanidhi had led a delegation of political leaders from the state to PM Manmohan Singh, seeking India’s intervention. Source: LatestNews-Home - Livemint.com | 27 Jan 2009 | 11:35 am Credit flow has to be more effective - officialNEW DELHI (Reuters) - There is adequate liquidity in the banking system but the transmission of bank credit has to be more effective, a senior finance ministry official said on Tuesday.Source: Reuters: Money News | 27 Jan 2009 | 11:20 am Class Action suit may keep Satyam suitors away: NasscomSom Mittal, President, Nasscom, feels it is important to stabilise Satyam\'s operations and understand the legal implications. \"There is no sense in buying Satyam if the US class action suit is applicable to the acquirer.\"Source: Moneycontrol Top Headlines | 27 Jan 2009 | 11:16 am Obama extends diplomatic hand to Muslim worldAFP Washington: US President Barack Obama told the Muslim world that “Americans are not your enemy” as he urged Israelis and Palestinians to return to the negotiating table and offered a diplomatic hand to Iranian leaders if they “unclenched their fist.” In an interview with the Al-Arabiya satellite television network on Monday, Obama, a week after his historic inauguration as the country’s first African-American president, also renewed his pledge to travel to make an address in the capital of a major Muslim nation. Obama noted he had lived in Indonesia for several years while growing up and said his travels through Muslim nations had convinced him that regardless of faith, people had certain common hopes and dreams. “My job to the Muslim world is to communicate that the Americans are not your enemy -- we sometimes make mistakes -- we have not been perfect,” Obama said in the Al-Arabiya TV interview. “But if you look at the track record... America was not born as a colonial power, and that the same respect and partnership that America had with the Muslim world as recently as 20 or 30 years ago, there’s no reason why we can’t restore that.” Obama was asked about the highly personal tone of recent Al-Qaeda messages released since he was elected president in November. He agreed with his interviewer that the tone of recent videos seemed “nervous”. “What that tells me is that their ideas are bankrupt,” he said. Obama, who has promised to directly address Middle East questions at the start of his presidency rather than waiting for years like his predecessor George W. Bush, said he did not want expectations raised too high for swift progress for Middle East peace, following the Israeli war against Hamas in Gaza. But he said he believes “that the moment is ripe for both sides to realize that the path that they are on is one that is not going to result in prosperity and security for their people. “Instead, it’s time to return to the negotiating table.” The new US president had earlier met with new US Mideast envoy George Mitchell at the White House along with Secretary of State Hillary Clinton. Mitchell left Tuesday for a mission to Israel, the West Bank, Jordan, Saudi Arabia, London and Paris. “If we start the steady progress on these issues, I’m absolutely confident that the United States, working in tandem with the European Union, with Russia, with all the Arab States in the region -- I’m absolutely certain that we can make significant progress,” Obama told the Dubai-based network. Obama also said in the interview that the United States would in the next few months lay out a general framework of policy towards Tehran. “As I said in my inauguration speech, if countries like Iran are willing to unclench their fist, they will find an extended hand from us.” “It is very important for us to make sure that we are using all the tools of US power, including diplomacy, in our relationship with Iran,” Obama said. Earlier, Susan Rice, the new US ambassador to the United Nations made her debut and pledged “vigorous” and “direct” nuclear diplomacy with Iran but warned of increased pressure if Tehran refuses to halt uranium enrichment. “We will look at what is necessary and appropriate with respect to maintaining pressure toward that goal of ending Iran’s nuclear program,” she added. “Dialogue and diplomacy must go hand in hand with a very firm message from the United States and the international community that Iran needs to meet its obligations as defined by the Security Council and its continued refusal to do so will only cause pressure to increase.” The five permanent members of the Security Council -- Britain, China, France, Russia and the United States -- plus Germany have offered Tehran economic and energy incentives in exchange for halting its uranium enrichment program, which the West sees as a cover to acquire a nuclear weapons capability. Source: LatestNews-Home - Livemint.com | 27 Jan 2009 | 11:09 am RBI missed opportunity to cut rates: India Inc.India Inc. Tuesday expressed disappointment over the central bank's decision to maintain status quo on key rates, and said the Industry needed cash at 'relaxed' interest rates.Source: IndiaeNews.com: Business News | 27 Jan 2009 | 11:02 am Maruti raises prices of some vehiclesMUMBAI (Reuters) - Maruti Suzuki India Ltd, India's top passenger car maker, on Tuesday raised the prices of some of its vehicles by 5,000 rupees to 10,000 rupees ($102 to $204) due to increased input costs and foreign currency changes.Source: Reuters: Money News | 27 Jan 2009 | 11:01 am Villagers form human chain against mining in OrissaThousands of people, including tribal men and women, formed a human chain Tuesday to protect a sacred hill from mining in Orissa's Kalahandi district.Source: IndiaeNews.com: Business News | 27 Jan 2009 | 11:00 am Maruti raises prices of some vehiclesMumbai: Maruti Suzuki India Ltd, India’s top passenger car maker, on Tuesday raised the prices of some of its vehicles by Rs5,000 to Rs10,000 ($102 to $204) due to increased input costs and foreign currency changes. The price of the A-Star, launched in November, rose by Rs10,000, while price of the petrol version of the Swift hatchback went up by Rs5,000 from Tuesday, it said. Maruti is 54.2% owned by Japan’s Suzuki Motor Corp. Source: Home - Livemint.com | 27 Jan 2009 | 11:00 am BSE Sensex rallies 3.8 pct; Satyam jumps 21 pctMUMBAI (Reuters) - The BSE Sensex climbed 3.8 percent on Tuesday in its best one-day rise in seven weeks, as gains in world bourses triggered short covering ahead of the expiry of monthly derivatives.Source: Reuters: Money News | 27 Jan 2009 | 10:57 am Century Textiles Q3 net dips on higher input costsMumbai: Diversified firm Century Textiles & Industries Ltd on Tuesday reported a 68% fall in Oct-Dec net profit, despite higher sales, hurt by rising commodity costs it was unable to offset through price increases. “All input costs have gone up and the market has slowed down, the realisations are very poor,” senior president RK Dalmia told Reuters over the phone. Century Textiles reported a quarterly profit of Rs23.14 crore, compared with Rs72.8 crore a year ago. Its total income rose marginally to Rs890 crore from Rs850 crore, helped by higher sales in its cement and textiles segments. A Reuters poll of brokerages had forecast net profit of Rs24 crore on sales of Rs765 crore for the same period. Its consumption of raw materials rose to Rs241 crore from Rs185 crore a year ago, hurting profitability. The firm, which makes denim, paper, cement and yarn, had increased prices by about 10% across categories over the last six months, Dalmia said. “But the price increases could not offset the rising costs,” he said. The numbers for the October-December period include an income of Rs8.9 crore from the sale of old machinery at its textile mill at Worli in Mumbai, Dalmia said. Sales at the company’s cement division, which contributes more than half its revenue, rose about 7% to Rs504 crore. Its textiles sales rose 14.8% to Rs170 crore. Dalmia said it was difficult to give an outlook for the Jan-March period due to the economic uncertainty. Shares of Century Textiles ended down 2.78% at Rs155.55 in a firm Mumbai market. Source: Home - Livemint.com | 27 Jan 2009 | 10:55 am Obama lobbies for stimulus as economy clouds darkenWashington: Barack Obama lobbied support for his $825 billion stimulus package on Tuesday after Timothy Geithner, his pick to help restore the crumbling US economy, was sworn in as treasury secretary. As Federal Reserve policymakers were to hold their first meeting of Obama’s presidency in search of new tools to kickstart lending, more big job losses highlighted the global impact of the crisis facing the world’s biggest economy. Authorities in Asia meanwhile tried to battle the impact of the downturn, with Japan saying it would inject public funds into ailing companies while India’s central bank held leading interest rates at historic low points. Two giants of the auto industry also took a hit from the economic crisis with Honda rolling back production further in Japan and North America and Audi announcing a temporary stoppage at a plant in Hungary. Obama, hoping for strong cross-party support for his rescue plan, scheduled talks for Tuesday with congressional Republicans who have said his $800 billion-plus stimulus plan is too expensive and will not work. Speaking as Geithner’s appointment won Congressional approval, Obama underlined the urgency of the work at hand, noting that 2.5 million jobs were lost last year and seven major corporations had just announced thousands more cuts. “We cannot lose a day because every day the economic picture is darkening, here and across the globe,” Obama said at the Treasury Department. “It ill take a secretary of the treasury who understands this challenge and all its complexities to help lead us forward,” added Obama, who is eager to confront the worst US downturn since the Great Depression of the 1930s. Geithner, a senior Treasury official in the 1990s, brings inside knowledge of how the crisis has unfolded from his most recent job as president of the New York Federal Reserve. Geithner took the oath amid a slew of grim news on the jobs front from all sides of the globe. The latest large-scale losses came from Japan where electronics maker NEC Tokin announced it would shed about 9,450 jobs worldwide due to the economic crisis. Japanese firms have been severely affected by the downturn, which has pushed the world’s second-biggest economy into its first recession for seven years. The country’s largest brokerage Nomura Holdings reported a $3.8 billion net loss Tuesday for the three months to December. A survey released Tuesday said 400,000 temporary workers in Japan’s manufacturing sector are expected to lose their jobs by the end of March. But despite the grim news, Tokyo’s Nikkei stock index soared 4.9% as investors responded positively to reports that the government plans to channel funds worth ¥1.5 trillion ($17 billion) to struggling industries. Meanwhile in India, Asia’s third-biggest economy, the central bank reduced its growth forecast to seven percent due to the deepening worldwide recession as it held leading interest rates at a historic low of 5.5 percent. Europe’s number one economy, Germany, is hoping to cushion the impact with a 50-billion-euro (66-billion-dollar) stimulus package which was approved by Chancellor Angela Merkel’s cabinet Tuesday. An earlier raft of measures worth around 31 billion euros, approved in November, was denounced as insufficient. The problems were highlightged with an announcement that Audi is to halt car and engine manufacturing in Hungary for a week next month. Source: LatestNews-Home - Livemint.com | 27 Jan 2009 | 10:46 am Markets close higherIndian equities markets Tuesday ended trade in the green, with a key index gaining 3.86 percent over its previous close.Source: IndiaeNews.com: Business News | 27 Jan 2009 | 10:31 am Cadila Healthcare Q3 net profit at Rs60.53 crMumbai: Pharmaceutical firm Cadila Healthcare on Tuesday reported a net profit of Rs60.53 crore for the third quarter (Q3) ended 31 December, while it had a net profit of Rs51.56 crore in the same period last fiscal. Total sales and other income from operations rose to Rs749.10 crore for the quarter under review, from Rs579.53 crore in the same period last fiscal, Cadila Healthcare said in a filing to the Bombay Stock Exchange. Last year, Cadila Healthcare had demerged its consumer products division and merged Zydus Hospitals and Medical Research with itself. Following the arrangement, the results of the quarter and nine-month ended are not comparable with that of the same period last year, the company said. Pursuant to the restructuring, Carnation continues to remain a listed subsidiary of the parent firm. During the nine month ended December 2008, the company reported a net profit of Rs245.08 crore, while it had a net profit of Rs205.64 crore in the corresponding period last fiscal. Total income of the nine-month ended December 2008 rose to Rs2,204.09 crore, whereas it was Rs1,761.36 crore in the year-ago period. Shares of Cadila Healthcare were trading at Rs244.50, up 2.43% on the BSE. Source: Home - Livemint.com | 27 Jan 2009 | 10:24 am POLL - RBI seen lowering rates in next 3 monthsMUMBAI (Reuters) - The Reserve Bank of India is expected to cut its key short-term interest rates in the next three months to bolster the slowing economy and cushion the impact of the global financial turmoil, a Reuters poll of analysts showed.Source: Reuters: Money News | 27 Jan 2009 | 10:19 am RBI head: Will ensure comfortable liquidityMUMBAI (Reuters) - The Reserve Bank of India (RBI) has told banks it will ensure comfortable liquidity in the banking system, Governor Duvvuri Subbarao said at a media conference on Tuesday.Source: Reuters: Money News | 27 Jan 2009 | 10:12 am Sebi to appeal against decision of local court in Satyam case"With SEBI's application there were certain technical issues. Now they would appeal to the court again," Corporate Affairs minister Prem Chand Gupta said.Source: Daily News & Analysis: Money News | 27 Jan 2009 | 10:06 am Steel Authority's net down 56 percentState-owned steel manufacturer, Steel Authority of India (SAIL), Tuesday announced its net profits had declined in the third quarter by 56.4 percent to Rs.8.43 billion (Rs.843.34 crore) from Rs.19.35 billion (Rs.1,934.66 crore) in the year-ago period.Source: IndiaeNews.com: Business News | 27 Jan 2009 | 10:00 am KPN telecom FY’08 net profit drops 50%Hague: Dutch telecommunications operator KPN said on Tuesday that its 2008 net profit slumped by 50% to €1.34 billion ($1.77 billion). It said the global economic downturn had been felt only in the fourth quarter and so had had only a “limited impact” on its full-year performance. For the three months to December, net profit plunged by 81% to €297 million but the company said the drop was distorted by a €1.2-billion-euro tax repayment which boosted earnings in the year-earlier period. Analysts had expected fourth quarter earnings of about €377 million. KPN said it was satisfied with the 2008 results and reaffirmed its targets. For 2008, sales rose by 16% to €14.6 billion but in the fourth quarter were up only 1.6% from the figure a year earlier to €3.72 billion. Source: World Business - Livemint.com | 27 Jan 2009 | 9:51 am Telenor will buy Unitech with cash, debt; drops rights issueNew Delhi: Norwegian telecom firm Telenor on Tuesday said it will fund its $1.6 billion investment in acquiring a 60% stake in Unitech Wireless with cash flow and new debt, scrapping the 12-billion-krone rights issues. “Telenor has decided to propose that there will be no payment of dividend to shareholders for 2008. Furthermore, it is Telenor’s intention that no dividend will be proposed for 2009. A final decision on dividend proposal for 2009 will be made after (the) closing of the financial accounts for 2009,” it said in a statement. Additionally, the Oslo-headquartered company said instead it has signed an 8 billion Norwegian krone ($1.19 billion) three-year term loan, which may be used to finance the investment in India’s Unitech Wireless, part of Indian property developer Unitech Ltd. “Closing the Indian transaction is subject to certain conditions being fulfilled...(and) Telenor anticipates that this will take place during the first quarter of 2009,” it said adding it is confident that all conditions would be be met within the indicated time-frame. Unitech CEO Sanjay Chandra said on Monday that Unitech Wireless is expected to close the telecom deal with Telenor by early February. The negotiations for tower sharing, which is one of the preconditions for closing the deal, are at an advanced stage and the company is expected to sign the tower-sharing agreement sometime next week. According to Unitech sources, the talks are with Tata Teleservices and Reliance Communications. On 29 October 2008, Telenor, in which the Norway Government has a 54% stake, had announced its intention to fund the investment in India through a rights issue of 12 billion Norwegian krone ($1.72 billion). On 26 November 2008, the company said it was evaluating alternative ways of funding the investment, including the previously announced rights issue, and as part of this process, Telenor has appointed Deutsche Bank as an independent financial adviser. Telenor’s share price tumbled in October when the company announced plans to issue shares worth 12 billion krone to finance its venture into India. Source: World Business - Livemint.com | 27 Jan 2009 | 9:38 am Davos Diary, Day 1: Ben Verwaayen, CEO Alcatel Lucent It is now clear that this is more than a standard crisis that we are dealing with. It shakes the very foundations of the set of beliefs many of us have had up to now. What started as a banking crisis became an economic crisis and now turns into a geo-political debate. The silver lining is that the notion of informed collective initiatives is well accepted. First meeting with world leaders for the newly inaugurated US president is not going to be a classical G8, but more like a G20. How telling! But also: well done. More than ever, we feel how interconnected we all are. We need coordinated global actions, of course, within the total economic and political framework but also within the specifics of the various industries. And here most of the discussions are on how we get investments going again. Click here for more news on WEF 2009 But this time of crisis is also an incredible time of opportunity for profound changes with perhaps more innovative ideas floating around than people think! By looking hard at how we do things and the business models we use, we will see how we can work better together. That is the buzz here in Davos: we are in this crisis together and we need each other to get out of it! I will be interested to learn if we can cope with this, while at the same time keeping top issues like global warming and corporate governance on the agenda. Or, if the avalanche of the economic downturn wipes out all other issues! That would be a pity, because the list of participants is so diverse and will bring about opportunities to dialogue with scientists, politicians and business leaders from all over the world. Let’s think about it: if Davos wants to keep on being this open brainstorming forum where you can still think long term. And if what we are trying to shape here is the post-crisis world. Then, we should certainly keep these important subjects in mind and not let them drown in the mid-term turmoil. I am sure the coming days will be hectic as ever, but perhaps even more rewarding. Source: Home - Livemint.com | 27 Jan 2009 | 9:34 am Davos Diary, Day 1: Ben Verwaayen, CEO Alcatel LucentIt is now clear that this is more than a standard crisis that we are dealing with. It shakes the very foundations of the set of beliefs many of us have had up to now. What started as a banking crisis became an economic crisis and now turns into a geo-political debate. The silver lining is that the notion of informed collective initiatives is well accepted. First meeting with world leaders for the newly inaugurated US president is not going to be a classical G8, but more like a G20. How telling! But also: well done. More than ever, we feel how interconnected we all are. We need coordinated global actions, of course, within the total economic and political framework but also within the specifics of the various industries. And here most of the discussions are on how we get investments going again. Click here for more news on WEF 2009 But this time of crisis is also an incredible time of opportunity for profound changes with perhaps more innovative ideas floating around than people think! By looking hard at how we do things and the business models we use, we will see how we can work better together. That is the buzz here in Davos: we are in this crisis together and we need each other to get out of it! I will be interested to learn if we can cope with this, while at the same time keeping top issues like global warming and corporate governance on the agenda. Or, if the avalanche of the economic downturn wipes out all other issues! That would be a pity, because the list of participants is so diverse and will bring about opportunities to dialogue with scientists, politicians and business leaders from all over the world. Let’s think about it: if Davos wants to keep on being this open brainstorming forum where you can still think long term. And if what we are trying to shape here is the post-crisis world. Then, we should certainly keep these important subjects in mind and not let them drown in the mid-term turmoil. I am sure the coming days will be hectic as ever, but perhaps even more rewarding. Source: World Business - Livemint.com | 27 Jan 2009 | 9:34 am Agents to protest against commission denial by foreign airlinesTravel agents across the country will launch a fresh round of protests Jan 30 against those foreign carriers which have refused to pay them commission, an agents body said Tuesday.Source: IndiaeNews.com: Business News | 27 Jan 2009 | 9:31 am Markets hold on to gainsIndian equities markets were trading firmly Tuesday, with a key index trading 3.42 percent higher than its previous close nearly an hour before the closing bell.Source: IndiaeNews.com: Business News | 27 Jan 2009 | 9:30 am Sesa Goa Q3 net dips 22.53% to Rs471 crMumbai: Mining firm Sesa Goa on Tuesday said its standalone net profit for the third quarter (Q3) ended 31 December, declined by 22.53% to Rs470.69 crore. The company had a net profit of Rs607.60 crore for the same quarter FY 08, the mining firm said in a filing to the Bombay Stock Exchange. On a standalone basis, the income from operations rose to Rs1,497.33 crore for the quarter under review, against Rs1,215.43 crore for the same quarter corresponding year. However, for the nine months ended 31 December, the company has posted a net profit of Rs1,446.53 crore, against Rs739.33 crore for the same period last year. Shares of Sesa Goa were trading at Rs73.25, up 7.33% on the BSE. Source: Home - Livemint.com | 27 Jan 2009 | 9:18 am Satyam jumps as L&T says may raise stakeMUMBAI (Reuters) - Shares in fraud-scarred Satyam Computer Services Ltd jumped more than 28 percent on Tuesday after engineer Larsen & Toubro said it may raise its stake in the outsourcing firm beyond 12 percent.Source: Reuters: Money News | 27 Jan 2009 | 8:49 am Petronet to sign gas supply deal with Gorgan in FebPetronet LNG Ltd (PLL) will sign a gas supply contract with Australian consortium Gorgan Projects in February for supply of LNG to its 2.5milliontonneayear terminal in Kochi to be commissioned by March 2012.Source: Moneycontrol Top Headlines | 27 Jan 2009 | 8:46 am SAIL coking coal imports slow downSteel Authority of India Ltd (SAIL) has virtually stopped importing coking coal. Only one vessel, carrying about 20,000 tonnes, called at Haldia and none at either Paradip or Visakhapatnam so far in the current month.Source: Moneycontrol Top Headlines | 27 Jan 2009 | 8:45 am Online encyclopedia Wikipedia may tighten editing rulesWashington: Wikipedia is considering tightening its rules on who can edit the online encyclopedia after vandals last week changed the entries of two US senators to erroneously report that they had died. Wikipedia’s founder, Jimmy Wales, proposed the change, which is being called “Flagged Revisions,” after the vandalism of the entries on Senator Ted Kennedy and Senator Robert Byrd. The proposal, which was approved 60-40 by participants in an online poll, would not allow first-time or anonymous users to make instant edits but would require that they be approved first by trusted users. “This nonsense would have been 100% prevented by Flagged Revisions,” Wales wrote on the Wikipedia user forum page. The proposal has sparked a heated debate on the forum. Wikipedia prides itself on allowing anyone with an Internet connection to contribute or edit content. Wales expressed concern that the new procedure could delay the publication of some items but said he believed it was necessary. He gave opponents two weeks to come up with another proposal. “Those who are in the minority who are opposed to this are invited to make an alternative proposal within the next seven days, to be voted upon for the next 14 days after that,” Wales said. Wikipedia is one of the most-visited sites on the Internet and attracts roughly six million visitors a day. Kennedy, who is suffering from brain cancer, collapsed at a luncheon last week after the inauguration of Barack Obama as US president and was briefly hospitalized. His Wikipedia entry was changed shortly afterwards to say that he had died but was corrected within minutes. Source: Tech News - Livemint.com | 27 Jan 2009 | 8:45 am DoT finalises auditor to scrutinise RComs booksThe Department of Telecom has finalised an auditor to scrutinise the account books of Reliance Communications and its subsidiaries to ascertain whether the company has violated revenue reporting norms by showing income from nonvoice services under its Internet services licence.Source: Moneycontrol Top Headlines | 27 Jan 2009 | 8:41 am Indian banks continue to keep Nostro balances with CitiBankIndian banks continue to maintain their correspondent account balances with the Citi Bank despite the large losses and asset writedowns.Source: Moneycontrol Top Headlines | 27 Jan 2009 | 8:39 am Over 70,000 job cuts announced in a single dayThe deepening global economic recession claimed over 70,000 jobs in a single day, with six companies across the US and Europe, announcing job cuts.Source: Daily News & Analysis: Money News | 27 Jan 2009 | 7:57 am Satyam board circulates video clips asking for supportIn a bid to improve its relationship with its associates and other stakeholders, the Satyam board is circulating a video message asking for support from associates.Source: Daily News & Analysis: Money News | 27 Jan 2009 | 6:57 am Some action on Satyam acquisition in near future: NaikAmid speculations about the acquisition of Satyam Computer by Larsen and Toubro, chief AM Naik on Tuesday said some corporate action will take place in the near future.Source: Daily News & Analysis: Money News | 27 Jan 2009 | 6:55 am UB in final stages of talks for stake sale in USL to DiageoLiquor baron Vijay Mallya's UB Group is in final stages of talks for selling up to 14.9% stake in group company United Spirits Ltd to Diageo, the global drinks leader.Source: Daily News & Analysis: Money News | 27 Jan 2009 | 6:52 am RBI keeps key rates intact, lowers GDP growth forecast to 7%The Reserve Bank on Tuesday lowered the economic growth forecast to 7 per cent, saying the global economic crisis has hit Indian shores.Source: Daily News & Analysis: Money News | 27 Jan 2009 | 6:45 am Satyam board meeting startsThe government-appointed six-member Satyam Board met on Tuesday in Hyderabad, and is expected to discuss having a strategic partner to steer the company forward.Source: Daily News & Analysis: Money News | 27 Jan 2009 | 6:22 am Sensex gains 329 points to close above 9,000 levelSensex on Tuesday notched up nearly 330 points to close above 9,000 points level on hectic buying by funds as well as retail investors on positive global trends.Source: Daily News & Analysis: Money News | 27 Jan 2009 | 5:20 am Apple wins patent for iPhone touch-screen controlsSan Francisco: Apple has won a US patent for touch-screen controls and gained a potential legal weapon against iPhone competitors. US Patent 7,479,949 is awarded to “(Steve) Jobs et al” for a method of “detecting one or more finger contacts with the touch screen display” to command computing devices. A multi-page patent available online at the US Patent and Trade Office on Monday details iPhone or iPod Touch commands such as finger or thumb swiping, twisting, or spreading to flip pages, rotate views, or enlarge images. The patent was issued last week, a day before Apple on 21 January announced record-high quarterly profits. Word of the patent provides ominous context for a warning made by Apple chief operating officer Tim Cook during a conference call that followed release the California firm’s earnings report. Cook said he believes iPhones are “years ahead of the competition” and that they are vigilantly watching to make certain rivals don’t usurp Apple’s intellectual property. “We think competition is good,” Cook said. “We are ready to suit up and go against anyone. However, we will not stand for having our IP ripped off and will use whatever weapons at our disposal.” While not mentioning a specific competitor, Cook made his comment in reply to a question related to a new Palm Pre touch-screen mobile telephone unveiled at the Consumer Electronics Show this month to stellar reviews. Source: Tech News - Livemint.com | 27 Jan 2009 | 5:06 am Maytas may bag Bhutan hydropower projectMaytas Infra, promoted by the family of Satyam Computers' founder B Ramalinga Raju, may bag the construction rights of Bhutan's Dagachu Hydropower Plant.Source: Daily News & Analysis: Money News | 27 Jan 2009 | 4:33 am GM to lay off 2,000 workers, cut productionDetroit: General Motors Corp. said on Monday it will cut 2,000 jobs at two plants and halt production for several weeks at nine other US factories as the company takes steps to stop making cars that people aren’t buying. With the country mired in a recession and some consumers having trouble getting loans, 1,200 workers will be laid off at GM’s Delta Township, Michigan, plant and another 800 will lose their jobs in Lordstown, Ohio. The company is eliminating entire shifts at those plants to bring production in line with the industry’s worst sales slump in 26 years. Unlike earlier cuts that often singled out truck and SUV plants, these slice systemwide as consumers shun even the small cars that were hot sellers when gas prices hit $4 last summer. In December, GM sold fewer than 13,000 Chevrolet Cobalts, made at the Lordstown plant, compared with nearly 21,000 in June. SUV and crossover sales didn’t improve much even as gas fell below $2 per gallon. December sales of the GMC Acadia SUV assembled at the Delta Township plant, near Lansing, plummeted more than 49% from a year earlier. GM spokesman Chris Lee said Delta Township’s second shift will end 20 March and Lordstown’s will end a week later. The Detroit company is operating under an assumption shared by many analysts that the auto industry will sell 10.5 million vehicles in the US in 2009, down about 20% from last year’s sales of 13.2 million. The Lordstown plant also stamps parts for and assembles the Pontiac G5, which saw sales drop 8.9% last year. GM started making the Cobalt and the G5 around the clock last summer when gas prices spiked and demand for those small cars skyrocketed. GM has cut its US hourly work force by more than half from 2000 to 57,000 in 2007. By October 2008, GM had announced plant closures and shift cuts leading to another 4,300 indefinite layoffs. GM also announced Monday that it would cease production of the Cadillac XLR luxury sports car in Bowling Green, Kentucky, this spring, affecting an estimated 40 workers. GM sold a total of 1,250 XLRs in 2008. Besides the job cuts, nine of GM’s 15 US assembly plants will have more scheduled “down weeks” in the first half of this year, Lee said. One Canadian plant will be temporarily shut down also. Word of the additional shutdowns comes about a month after GM temporarily closed 20 factories across North America due to weaker automobile demand. Some plants were closed for the entire month of January. Source: World Business - Livemint.com | 27 Jan 2009 | 4:12 am Honda cuts output by 50,000Tokyo: Honda Motor Co. said on Tuesday it is cutting production in Japan and North America by an additional 50,000 vehicles amid a severe slump in global sales. Japan’s No. 2 automaker said output in North America will fall by 29,000 units, affecting Honda’s three plants in the region Ontario, Canada; Marysville/East Liberty, Ohio; and Lincoln, Alabama. Due to the production cuts, Honda’s overall output in North America will drop by 12% to 1.26 million units in the current fiscal year ending 31 March. “Amid a severe economic slowdown, our sales remained sluggish. We have to adjust our production accordingly. We have yet to see a recovery in the auto market,” Honda spokeswoman Yasuko Matsuura said. The Ontario plant makes the popular Civic, while the Ohio and Alabama factories roll out the Accord sedan and Odyssey minivan. Honda will also cut domestic production by a further 21,000 units. As a result, Honda’s output in Japan will now stand at 1.15 million units, down 12% year-on-year. Like other Japanese automakers, Honda is being battered by the plunge in global auto demand after the US financial crisis struck last year. It quit Formula One racing in December to focus on its core business of making and selling cars. But the company’s plants are being idled to curb production and reduce inventory amid a global downturn. Honda is putting 4,300 contract staff out of work in Japan by the end of April. Honda did not disclose full-time workforce in North America. Honda employs 185,000 full-time people around the world. Source: World Business - Livemint.com | 27 Jan 2009 | 3:49 am Indian banks continue to keep Nostro balances with Citi BankBangalore, Jan. 26 Indian banks continue to maintain their correspondent account balances with the Citi Bank despite the large losses and assetSource: Business Line - Home Page | 27 Jan 2009 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 27 Jan 2009 | 12:00 am Dish TV India (Rs 19.05): BuyWe recommend a buy in Dish TV India from a short-term trading perspective. It is evident from the charts of Dish TV that it has been on an intermediate-term up trend from its 52-week low of Rs 11.75, recorded in late October 2008. On December 10,Source: Business Line - Home Page | 27 Jan 2009 | 12:00 am Restatement of accounts may add to Satyam’s woesHyderabad, Jan. 26 The restatement of the books of Satyam Computer Services, which is being done by two auditing firms, may lead the beleaguered company into further financialSource: Business Line - Home Page | 27 Jan 2009 | 12:00 am Dec quarter performance: Auto component cos skiddingMumbai, Jan. 26 One look at the third quarter results of key auto component manufacturers and it is clear that bad times are ahead. “That is an understatement, I would think it is going to be frightening and, in some cases,Source: Business Line - Home Page | 27 Jan 2009 | 12:00 am Global cotton offtake may fall 11%Chennai, Jan. 26 Global cotton consumption is likely to fall by 11 per cent in the current season ending August due to rising production costs of the textile mills, strengthening of local currencies against the dollar and low enquiries from theSource: Business Line - Home Page | 27 Jan 2009 | 12:00 am ‘Expansion of chains only in 2010’Bangalore/Delhi, Jan. 26 Faced by a declining ‘same store’ sales across all formats, retailers would now look at operational efficiencies to take them through the first half of 2009, say retail analysts.Source: Business Line - Home Page | 27 Jan 2009 | 12:00 am RBI warns of further impact of slowdownMumbai, Jan. 26 The Reserve Bank of India has warned of a ‘second-order’ impact of the economic slowdown on the real sector.Source: Business Line - Home Page | 27 Jan 2009 | 12:00 am Amend listing norms to wield stick against audit firms, says ICAIFaced with criticism that its disciplinary machinery is only focused on errant members and not on the firm that they represent, the auditing profession regulator Institute of Chartered Accountants of India (ICAI) has trained the gun on auditSource: Business Line - Home Page | 27 Jan 2009 | 12:00 am DoT finalises auditor to scrutinise RCom’s booksNew Delhi, Jan. 26 The Department of Telecom has finalised an auditor to scrutinise the account books of Reliance Communications and its subsidiaries to ascertain whether the company has violated revenue reporting norms by showing income fromSource: Business Line - Home Page | 27 Jan 2009 | 12:00 am Corus axes 3,500 jobsUnion pledges to fight to reverse the decision.Source: Business Standard | Front Page Headlines | 26 Jan 2009 | 7:28 pm Slowdown ahead, signals RBIForecasters survey puts GDP growth at 6.8% in the current financial year, 6.3% next year.Source: Business Standard | Front Page Headlines | 26 Jan 2009 | 7:27 pm Auditors in league with Rajus: Andhra policePrice Waterhouse auditors S Gopalakrishnan and Srinivas Talluri colluded with Satyam Computer Services founder B Ramalinga Raju, ex-CEO B Rama Raju and ex-CFO Vadlamani Srinivas in window-dressing the company's accounts, according to the remand case diary filed by the Economic Offences Wing of the Andhra Pradesh Crime Investigation Department.Source: Business Standard | Front Page Headlines | 26 Jan 2009 | 7:26 pm BJP’s Advani trying to find his groove onlineMumbai: Using an opponent’s strength to one’s advantage is a politician’s dream and Bharatiya Janata Party (BJP) leader Lal Krishna Advani, 81, is living out this dream—online. Over the past few weeks, Google searches for the Congress, Manmohan Singh, Sonia Gandhi, Mayawati, even Obama, show sponsored links (the ones that appear on the right of the Google search result screen) to Advani’s website, www.lkadvani.in.  A screenshot of Google searches for the Congress that shows a sponsored link (the one that appears on the right of the result screen) to L.K. Advani’s website, www.lkadvani.in. Advani’s digital offensive comes as India prepares for a general election that promises to be different in two very significant ways: it will be the first time that as much as 40% of the electorate will be first-time voters—young people who have just crossed the voting age of 18; and it will the first time in the country’s independent history that the urban areas have a representation in the Lok Sabha that is proportionate to their population (the country’s rural areas have usually enjoyed more representation). Both these, and an Internet population of 57 million claimed users (people who claim to use the Internet), according to the Internet and Moblie Association of India, a not-for-profit industry body, could encourage more parties to emulate the BJP, and more politicians to do an Advani. The polls also come in the wake of the historic US election where an online strategy was a key part of Barack Obama’s successful presidential campaign. The opportunities-in-the-making are significant enough for the world’s largest Internet company to look at them. “We are focused on this space and have set up a team to look into opportunities. We do see increasing interest in political advertising,” said a spokesperson for Google India Pvt. Ltd. During elections to five states late last year, the Congress party had put out campaign videos and information on popular sites such YouTube well as social networking sites such as Facebook and MySpace. All of these focused on the party, its ideology and electoral promise rather than individual candidates, said Atul Hegde, chief executive of Ignitee India Pvt. Ltd, which handled the party’s online campaign. Also Read BJP’s Advani is new kid on the blog Hegde added that the online campaigns of political parties would go beyond banner ads and search advertising in the run-up to the general election. “A lot more parties will come on board, so there will be a lot of stuff online as (well as) on mobile (phones),” he said. As on 31 December, the country had 342 million mobile phone subscribers. “We are trying all kinds of things online,” said a person involved in the BJP’s electoral campaign, who did not wish to be identified. “The idea is to draw traffic to the site and the page…the Net is one of the fastest growing mediums and has managed to bridge various divides of age, strata, demographics, etc…. Mr Advani is the senior most active politician across parties and this was a good way to make him more accessible, approachable, and more familiar.” It is also a cost-effective medium, added Prasanth Mohanachandran, executive director (digital services) at OgilvyOne Worldwide. According to him, the search ads would cost less than Rs3-4 per click. Others say the online campaign could be an effort by Advani’s supporters to make him be seen as the BJP’s No. 1 choice for prime minister’s post. In recent weeks, Gujarat chief minister Narendra Modi, also of the BJP, has been projected as a possible prime ministerial candidate, although not by the party (and Modi himself has stayed silent on the subject). Earlier this month, during an investment meet in Gujarat, several Indian chief executive officers said Modi had what it took to head the country. “It (Advani’s online campaign) really is a brand-building movement to counter Narendra Modi’s meteoric rise,” said Mahesh Murthy, founder and chief executive officer of Pinstorm, a Mumbai-based digital marketing firm. “Has Mr Advani lost out in stature and political recognition? Well, the answer is a resounding, yes,” added Pratap Bhanu Mehta, president of Centre for Policy Research, a New Delhi-based think tank. Google reports shared by Pinstorm show that Modi generates four times as many searches as Advani. Still, an online presence or a digital campaign is no guarantee of success. “All political parties, including the BJP, have tech-savvy experts who will come up with these things. But really don’t know how it’s going to go down…it may backfire,” said Mehta. In the recent Delhi elections, the BJP’s chief ministerial candidate V.K. Malhotra’s campaign was supported by an online initiative to build his individual brand—his grandchildren created a group on social networking site Facebook. The BJP lost the elections. Source: Tech News - Livemint.com | 26 Jan 2009 | 7:10 pm CEOs made to sweat more for money: Spencer StuartStock options are back in CEO salaries. Performance-linked variable compensation is on the rise, even as overall CEO package is going down. And companies are no longer looking at Rambo-like growth drivers, but CEOs who have the expertise to survive and consolidate the business.Source: Business Standard | Front Page Headlines | 26 Jan 2009 | 6:32 pm Need to Know | Corus to cut 3,500 jobs in UK, rest of EuropeLondon: Corus will cut 3,500 jobs as it reduces production following a collapse in demand from builders and car makers. The company will slash 2,500 jobs in the UK and a further 1,000 jobs in the rest of Europe, or 8% of its workforce, after demand in the region fell 40% from a peak last year, chief executive officer Philippe Varin said on Monday. — Bloomberg ********* GAIL gets SC nod to take pipeline through forest New Delhi: The Supreme Court has allowed GAIL (India) Ltd to lay a pipeline for transportation of natural gas to a power project that will supply electricity for the Commonwealth Games in New Delhi next year. The pipeline, which will transport regasified liquefied natural gas from Vijaipur to Dadri, will also supply gas to Madhya Pradesh, Rajasthan, Haryana, Uttar Pradesh and New Delhi. A bench headed by Chief Justice of India K.G. Balakrishnan allowed GAIL to go ahead with its Rs3,306-crore project, which required laying of the pipeline through wildlife sanctuary areas in Madhya Pradesh and Rajasthan, on certain conditions imposed by the Central Empowered Committee (CEC). The bench passed the order after GAIL undertook to comply with the recommendations of the committee. — PTI ********* ‘Slumdog’ wins top prize at 15th SAG awards Los Angeles: ‘Slumdog Millionaire’ emerged as favourite to win the best picture Oscar after winning the top prize at the 15th Screen Actors Guild (SAG) awards on Sunday. ‘Slumdog’, which involves a host of amateur young actors in Mumbai’s slums, won for best ensemble cast on a night Hollywood actors traditionally tend to honour their own. The SAG win followed four Golden Globes earlier this month and a Producers Guild Award on Saturday. ‘The Curious Case of Benjamin Button’, which has a leading 13 Oscar nominations, came away empty-handed on Sunday, as did ‘Frost/Nixon’. Sean Penn won the best actor award for playing slain San Francisco gay rights activist Harvey Milk in ‘Milk’. Meryl Streep was a popular best actress winner for her role as a vindictive nun in ‘Doubt’. —Reuters ********* India may seek cap on Singapore investments Mumbai:India’s finance ministry has proposed a cap on investments by Singapore sovereign funds Government of Singapore Investment Corp. (GIC) and Temasek Holdings Pvt. Ltd in publicly traded Indian companies, ‘The Economic Times’ newspaper reported on Monday. The ministry seeks to restrict investments by the two Singapore firms to a total of 10% of equity capital in any company, the paper said, quoting a finance ministry note. A 2005 economic cooperation agreement between the two countries currently allows both Temasek and GIC to individually hold up to 10% in an Indian firm, the paper said. It quoted the ministry note as saying this violates existing regulations by both the central bank and markets regulator, which bar a foreign institutional investor from holding more than 10% in an Indian firm. —Reuters ********* Sebi threatens action against 26 companies Mumbai: Capital markets regulator, Securities and Exchange Board of India (Sebi), on Monday threatened to take penal action against 26 companies which have not resolved the grievances of a large number of investors. In a notice to the 26 companies, Sebi said the market regulator would be constrained to take action under section 15C if they fail to submit the status report within 30 days on the grievances of the investors. Under section 15 C of Sebi Act, such companies would be liable to a penalty of Rs1 lakh per day or Rs1 crore, whichever is less. Binaca Synthetic Resins Ltd, Chicago Software Industries, Garden Silk Mills Ltd and Goodearth Synthetics Ltd are among the firms who were served the notice. —PTI ********* LIC to invest Rs4,000 cr in stock market by Mar New Delhi: The Life Insurance Corp. of India Ltd (LIC) is all set to invest at least Rs4,000 crore in the equity market by March, a move that could bolster the volatile bourses. “We have made an investment of Rs31,000 crore till December and it may cross Rs35,000 crore (by the end of March),” LIC chairman T.S. Vijayan said. However, even the huge quantum of fund infusion this year is lower than the standards that LIC has itself set, as it would be 15% less than Rs41,000 crore that it invested in equity during the last fiscal year. As a result, the cumulative investment in equities by March must be touching Rs2 trillion, he said. “Yes it (exposure to equities) is continuously growing. I believe, of all the listed companies’ market capitalization, There may be around 4% with us. It is huge money,” he said. The insurer is putting in more funds in the equity market at a time when it is seeking to resolve the issues that followed a 10% equity cap announced by the Insurance Regulatory and Development Authority in August. —PTI ********* Avesthagen looking at tie-ups for diabetic biz New Delhi: Biotechnology company Avesthagen Ltd is looking at tying up with global players to market its intellectual property rights (IPR) products in diabetic therapeutic areas in the overseas market, which is valued at around Rs2,000 crore. “Our diabetic business is valued at around $470 million (Rs2,312 crore today). We are in talks for the tie-up with leading global players for marketing the product in overseas market,” Avesthagen founder chairman and managing director Villoo Morawala Patel said. About the time span, she said, “These things take time of around nine months to a year to get into phase I and we have already cleared phase I. We are hopeful of signing the deal by June this year.” Patel however, decline to give details about the nature of the deal. —PTI ********* France Telecom applies for ISP licence New Delhi: After getting licences for national and international long-distance services, France Telecom SA has now applied to the department of telecommunication for an Internet service provider (ISP) licence. Company officials said the firm recently got the Foreign Investment Promotion Board (FIPB) approval for applying for a new ISP licence. Equant Network Services—the joint venture between Emery Technologies, promoted by Moser Baer India Ltd’s managing director Deepak Puri, and France Telecom has applied for it. Equant is a 74:26 joint venture between France Telecom and Emery. —PTI ********* Unitech Wireless in talks on tower sharing New Delhi: Unitech Wireless Ltd is in talks with Reliance Communications Ltd and Tata Teleservices Ltd for sharing towers, a move important in securing funds from Norwegian firm Telenor ASA, which seeks to buy a 60% stake in the New Delhi-based realtor-promoted company. “Unitech Wireless is expected to close the telecom deal with Telenor by early February... The negotiations for tower sharing, which is one of the preconditions for closing the deal, are at an advanced stage and the company is expected to sign the tower-sharing agreement sometime next week,” Unitech chief executive officer Sanjay Chandra said. According to company officials, Unitech is in talks with Tata Teleservices and Reliance Communications. Telenor last week said that the transaction is expected to be completed during the first quarter of 2009. Telenor, in which the Norway government holds a majority stake, is seeking options other than the rights issue proposed to the government to fund the Rs 6,120 crore deal. —PTI ********* DoT shortlists 5 auditors to examine RCom books New Delhi: The department of telecommunications (DoT) has shortlisted five auditors from a list of 10 provided by the comptroller and auditor general (CAG) of India to examine the books of Reliance Communications Ltd (RCom) over allegations that the phone firm diverted revenue earned from its mobile services last fiscal. DoT is likely to select Parekh and Co. as the final auditor but only after the CAG checks whether any of the firms on the shortlist has a relationship with RCom, a deparment official said, asking not to be identified. “This shortlist will now go to the CAG for approval after which they will select the final auditor,” he said. The shortlist comes after DoT had asked the CAG to appoint a special auditor over charges from financial research houses and rival phone firms that RCom diverted revenue to a subsidiary so as to pay the government less by way of licence fees and spectrum charges. Phone firms in India pay the government spectrum fee of 2% and licence fee of between 6% and 10% of gross revenues. RCom has denied any wrongdoing on its part. The firms in the shortlist also include Chajed and Doshi; Contractor, Nayak and Kishnadwala; GD Apte and Co.; and Verma and Verma based on the quantum of fees quoted by them. —Shauvik Ghosh ********* Source: World Business - Livemint.com | 26 Jan 2009 | 5:21 pm
|
