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Subhiksha admits to facing a severe liquidity crisisAfter CNBCTV18 reported last week about nonpayment of salaries to Subhiksha employees, the company\'s Managing Director today admitted that the retail company is going through a severe liquidity crisis. And an immediate injection of Rs 300 crore is critical.Source: Moneycontrol Top Headlines | 30 Jan 2009 | 6:18 pm AP govt in dock for awarding road project to MaytasThe Andhra Pradesh government is in the dock for awarding Rs 121 crore road project to beleaguered Maytas Infrastructure just 20 days before Ramalinga Raju\'s confession of fraud and that too on nomination basis.Source: Moneycontrol Top Headlines | 30 Jan 2009 | 4:55 pm Peninsula Land pledges 25% promoter stake with HDFCPeninsula Land has pledged 25% of its promoter\'s equity to HDFC. Promoters hold a nearly 54% in the company out of this 14% equity is pledged with HDFC. This is a secondary security in addition to the land and building.Source: Moneycontrol Top Headlines | 30 Jan 2009 | 4:51 pm Slowdown blues: IT cos may slash variable payThe challenging business environment is forcing IT companies to slash variable pay components of their employees. This means employees could be staring at pay cuts.Source: Moneycontrol Top Headlines | 30 Jan 2009 | 4:39 pm Bombay HC lifts interim stay on KG D6 gas saleIn the RILRNRL case, Bombay High Court has modified interim order on sale of KG D6 gas. Interim order stay is lifted till final judgment passed. RIL will be allowed to sell gas in the interim period at $4.2/mmbtu. The judgement is exepcted by midMarch.Source: Moneycontrol Top Headlines | 30 Jan 2009 | 4:09 pm Banks to monitor loans to corporates due to rising NPAsRising concerns of NPAs are forcing banks to monitor the loans to corporates and commercial real estate. CNBCTV18 learns that banks will soon ask corporates who have multiple bank financing to open escrow accounts. This is to ensure that banks get their instalments on time and the company\'s cash flow could be monitored.Source: Moneycontrol Top Headlines | 30 Jan 2009 | 3:24 pm Suzlon sees business from other countries rising by 2010 - Economic Times
Source: Google News India - Business | 30 Jan 2009 | 1:57 pm Tata Motors Q3 net loss at Rs 263.2 cr - Moneycontrol.com
Source: Google News India - Business | 30 Jan 2009 | 1:43 pm Spice Makes $408 Million Offer for Control of Satyam - Bloomberg
Source: Google News India - Business | 30 Jan 2009 | 1:39 pm PNB Q3 net up 86% - Business Standard
Source: Google News India - Business | 30 Jan 2009 | 1:37 pm Sebi's petition to examine Rajus posted for Feb 9 - Business Standard
Source: Google News India - Business | 30 Jan 2009 | 1:37 pm HC allows RIL to sell KG basin gas subject to final verdictMumbai: The Bombay High Court on Friday allowed Mukesh Ambani led Reliance Industries Ltd. (RIL) to sell gas from KG basin at the government-approved price of $4.20 per mmbtu as an interim measure, while reserving judgment on a case brought by Anil Ambani’s RNRL. HC lifted the stay on gas sale, noting that it was necessary as RIL had projected that gas production from KG basin may start by February end. RNRL’s main contention was that RIL should supply gas on the terms it had agreed with NTPC - at $2.34 per mmbtu. A division bench of Justices J N Patel and K K Tated said that today’s interim order would operate only till the pronouncement of judgment, and won’t affect parties’ rights. RIL can, however, sell gas only as per the government’s priority list, which gives preference to fertilizer and power sectors in that order. Although there was no indication from the court when the final judgment would be pronounced, RIL counsel Harish Salve said the verdict could come by March-end. The two sides wound up their arguments on Friday in the case that has protracted for over two years now. Both RIL and the government had sought vacation of stay. After hearing, additional solicitor general Mohan Parasaran said that due to today’s order, “the gas would not go to waste... RIL will have to sell gas as per the government’s utilization policy, at $4.20 per mmbtu.” The order says: “The sale of gas would be made by RIL at uniform price of $4.20 to all parties including public sector undertakings and to others in the order of priority as stipulated by the government in the approved gas utilization policy.” RIL can enter into contracts with other parties for a term of up to five years. RIL and RNRL had entered into an agreement for gas supply after the two Ambani brothers parted ways. Under this agreement, RIL was to supply 28 mmscmd of gas to RNRL for Anil Dhirubhai Ambani group’s proposed power plant at Dadri. But RNRL was not happy with the terms of the Gas Supply Master Agreement (GSMA), so it moved the HC to ban RIL from selling gas to any third party. RNRL’s grouse was that GSMA was not in accordance with the memorandum of understanding between Anil, Mukesh and their mother Kokilaben Ambani, which set out how the Reliance group will be divided between the brothers. GSMA offered by RIL did not give guarantee of price, quantity and duration of supply of gas, RNRL said, alleging that the agreement was not good enough to raise funds for the Dadri power project. RNRL wanted gas at $2.34 per mmbtu, but RIL said that price would be “subject to government approval.” A single judge of the HC, in 2007, ruled that the GSMA was not “bankable” and asked both sides to negotiate a new contract. But the parties failed to work it out and filed appeals before a division bench. The issue became more complicated as the government intervened in the case and stated that it had the right to fix the price and also dictate whom RIL should sell gas to. Later, government stated that price of KG gas - for all the buyers - could not be less than $4.20. RNRL said this was not acceptable, as government had no right to decide the terms of contract between RIL and RNRL. Source: LatestNews-Home - Livemint.com | 30 Jan 2009 | 1:35 pm Air India offers economy class tickets at Rs.99 eachIn a new offer, India's flag carrier Air India has pegged its economy class fare at Rs.99 (excluding Rs.3,024 as fuel surcharge) on all domestic sectors till Feb 28, an airline official said.Source: IndiaeNews.com: Business News | 30 Jan 2009 | 1:32 pm GE Shipping to put more dry bulkers on spot - Reuters India
Source: Google News India - Business | 30 Jan 2009 | 1:32 pm Honda, Toyota and Porsche eye auto industry carnageTOKYO/STUTTGART (Reuters) - Sliding car sales dealt fresh blows on Friday to the earnings of top auto makers caught in the worst industry downturn in decades.Source: Reuters: Money News | 30 Jan 2009 | 1:31 pm Leather goods sector wants long-term growth planThe Indian leather goods manufacturers are willing to sit with the government to chart out a joint medium- and long-term plan of action to take the industry ahead, said an industry official here Friday.Source: IndiaeNews.com: Business News | 30 Jan 2009 | 1:30 pm Dec consumer price index up 9.7 pct y/y - Reuters India
Source: Google News India - Business | 30 Jan 2009 | 1:26 pm Sensex closes above 9400; metals, realty surge - Economic Times
Source: Google News India - Business | 30 Jan 2009 | 1:23 pm Policy change for raw sugar imports - Economic Times
Source: Google News India - Business | 30 Jan 2009 | 1:23 pm Deccan Chronicle Q3 net drops; IPL sale on holdMUMBAI (Reuters) - Newspaper publisher Deccan Chronicle Holdings Ltd reported a year-on-year drop in earnings for the third quarter in a row and its Oct-Dec profit lagged analysts' estimates as newsprint costs surged.Source: Reuters: Money News | 30 Jan 2009 | 1:21 pm Spice to leverage Rs 2000-cr cash pile for Satyam buyoutBK Modi-led Spice group will leverage its existing cash position of about Rs 2,000 crore to generate funds for buying out beleaguered IT firm Satyam Computer.Source: Daily News & Analysis: Money News | 30 Jan 2009 | 1:16 pm The weekly recap: 24th-30th JanNew Delhi: With election season closing-in, government took a populist measure on Wednesday. It slashed prices of petrol by Rs5 a litre, diesel by Rs2 a litre and cooking gas by Rs25 per cylinder. No doubt this mini-booster will stimulate growth, help auto industry and inflation. But there can be a flip side too. The margins that oil companies get from selling a litre of petrol comes down to Rs2 and for diesel less than one rupee. Under recovery or ---the difference between the selling price and the cost--- for a cylinder of LPG goes up from Rs32 to Rs57. So maybe its good politics on the back of bad economics.  Engineering giant Larsen and Toubro, first to throw its hat into the ring, has tripled its stake in Satyam to 12% and is seeking management control. It’s over a month Raju made his famous disclosure and the Securities and Exchange Board of India, most competent to go into probe the scam, has still not been allowed to meet the arrested accused. Meanwhile the new board is yet to appoint a CEO. The world’s largest drug maker- Pfizer announced it would be buying New Jersey based Wyeth for $68 billion. Pfizer would borrow $22.5 billion from banks to finance the deal. The company plans to use stock and its cash reserves to fund the rest of the transaction. The deal was announced even as Pfizer’s fourth quarter net income plunged 90% to $266 million from $2.72 billion. Back home, Reserve Bank of India has hit the pause button. In its third quarterly review of the credit policy it has kept key policy rates and reserve ratios unchanged but lowered the GDP forecast to 7% from 7.5 to 8% earlier. RBI also lowered inflation estimates to 3% by March end. The effects of the economic slowdown have begun to hurt corporate India, and it’s most visible in the domestic auto industry. The country’s largest passenger car-maker, Maruti Suzuki, reported a 54.3% fall in profits in its third quarter (Q3). On Friday, Central Statistical Organisation, released GDP figures for 07-08 at 9%. For three consecutive years Indian economy has scored 9%. Have a hard look because after the downturn it could be long before India turns to this record! And on Monday India celebrated its 60th Republic day amid tight security. That’s all we have for the week. Have a great weekend! Source: Home - Livemint.com | 30 Jan 2009 | 1:09 pm Tata Motors slips to $54 mln loss in Dec quarterMUMBAI (Reuters) - Tata Motors Ltd, India's top vehicle maker, missed forecasts with a 2.63 billion rupee ($54 million) loss for the December quarter, which it said included a foreign exchange loss of 2.27 billion.Source: Reuters: Money News | 30 Jan 2009 | 1:06 pm Spice joins race for fraud-hit SatyamNEW DELHI (Reuters) - The race to acquire Satyam Computer Services, the outsourcing firm snared in India's biggest corporate scandal, heated up as diversified Spice Group offered to buy a 51 percent stake, joining other potential bidders.Source: Reuters: Money News | 30 Jan 2009 | 1:03 pm Rupee gains but sheds 0.3% in JanuaryRupee rose in late trade on Friday as foreign banks unwound long dollar positions and stocks regained, but the unit closed the month 0.3% weaker after shedding nearly a fifth of its value last year. Gains in stocks eased concerns of rising outflows, helping the partially convertible rupee close at Rs48.87/88 per dollar, 0.2% stronger than its previous close of Rs48.975/985. “The rupee rose in late trade due to unwinding of long dollar positions by foreign banks ahead of the weekend,” said L. Subramanian, chief dealer with ICICI Bank. The BSE Sensex shrugged off a shaky start and climbed 2% up on Friday, to post its first weekly rise in four, as domestic funds bought into blue chips. Foreign investors pulled about $1 billion from the domestic stock markets in January after selling more than $13 billion in 2008. “The rupee will continue to track the G7 currencies and the global equity markets. The dollar index is bullish, so the rupee might depreciate further or otherwise Rs48.60 to Rs49.25 band should hold for some time,” Subramanian said. The dollar index, a gauge of the dollar’s performance against other majors, was up 0.5%. Growing investor caution fuelled broad dollar and yen gains, with poor economic data in Europe and Japan concentrating minds on deepening global concerns ahead of key US growth figures later in the day. Source: Home - Livemint.com | 30 Jan 2009 | 1:01 pm L&T Q3 net soars on one-time gainMUMBAI (Reuters) - Larsen & Toubro Ltd, India's largest engineering and construction firm, said a one-off gain saw its quarterly net profit more than treble and it expects sales growth of 25 to 30 percent in the next fiscal year.Source: Reuters: Money News | 30 Jan 2009 | 12:54 pm RBI should ease policy rates more - JP Morgan - Reuters India
Source: Google News India - Business | 30 Jan 2009 | 12:53 pm Subhiksha on virtual collapse, needs Rs300 cr immediatelyNew Delhi: Stating that its operations are “near standstill”, retail chain Subhiksha Trading Services on Friday said it needs liquidity injection of up to Rs300 crore to get the company back on track as it had run out of cash in October 2008. “The company is at a stage where operations are at near standstill. We are working with the financial stakeholders - lenders and investors - to inject liquidity and get the company back on track,” a company spokesperson said. “We need a liquidity injection of up to Rs300 crore, while we argue on whether it is debt or equity that really does not matter, the business can get back to near peak levels once this cash is available,” he added. The company’s lenders, while supportive, were also unable to extend further lines unless the equity was raised. “We never took serious credit from suppliers, most purchases were on limited or nil credit. When we could not pay for fresh buying, the trade cycle collapsed in October and that is what brought us to a standstill,” the spokesperson added. He, however, insisted that the company was not closing shop. “No, we are in pain but we are not shutting down.” Despite the issues of large employment at risk and a sound business model it is taking time to get the pieces closed as all stakeholders have to come to agreement and it is stressed time for many of them as well, he said. The company is now engaging in getting the restart plan approved by the financial stakeholders and then get the liquidity so that it can continue from where it left, he said. In a blunt admission of its troubles, the company said it has been unable to pay staff salaries, vendors and rent since August-September last year. “Since August-September, when we started having trouble, we ensured that we keep the financial creditors -- banks etc --- paid as much as we could and also tried to keep sales happening as much as we could. This led to employee payments and rentals and some such payments getting delayed. This got into a spiral and really blew up on all of us,” he said. The inability to raise fresh funds cost the company dear, he said, adding “we have lost a year in this process. We could have reached our 2,300 store and Rs4,300 crore turnover target this year. I guess we will do it next year now.” The spokesperson denied there was an ‘exodus’ of senior management from the company, but said “the stress in the situation has caused some movements as well one would guess”. He also said the company will not be sold out and there was no reason to exit the business if it got the backing of financial investors and banks. Source: Home - Livemint.com | 30 Jan 2009 | 12:47 pm RBI should ease policy rates more - JP MorganMUMBAI (Reuters) - Real policy rates in India are now way higher than when growth was at its peak in 2008 and the RBI should ease policy more as inflation expectations are benign, JP Morgan's chief economist in India said on Friday.Source: Reuters: Money News | 30 Jan 2009 | 12:45 pm BSE Sensex up 2 pct; first weekly rise in fourMUMBAI (Reuters) – The BSE Sensex shrugged off a shaky start and rallied 2 percent on Friday, to post its first weekly rise in four, as domestic funds bought into blue chips with earnings potential such as Reliance Industries.Source: Reuters: Money News | 30 Jan 2009 | 12:38 pm Court lifts ban on sale of Reliance gas till final judgementThe Bombay High Court Friday lifted its interim ban on the sale of natural gas by Reliance Industries from the Krishna-Godavari basin till final orders March 15, and said the company can retail it at $4.20 per unit.Source: IndiaeNews.com: Business News | 30 Jan 2009 | 12:33 pm Positive end to week's tradeIndian equities markets ended in the positive terrain Friday despite weak global markets, with a key index finishing 2.04 percent over its previous close.Source: IndiaeNews.com: Business News | 30 Jan 2009 | 12:31 pm Three Indian banks forge ties to float Malaysian ventureThree Indian banks - Indian Overseas Bank (IOB), Bank of Baroda and Andhra Bank - will soon float a Malaysian banking joint venture to take advantage of the opportunities there, said a top official.Source: IndiaeNews.com: Business News | 30 Jan 2009 | 12:30 pm Spice joins race to buyout SatyamSpice has put in an expression of interest to acquire Satyam, reports CNBCTV18, quoting sources. LT has infact expressed interest formally. It has also opted to take management control. Essay\'s BPO business also wishes to acquire some parts of Satyams related businesses.Source: Moneycontrol Top Headlines | 30 Jan 2009 | 12:27 pm Obama lashes out at Wall St cos!US Prez Obama lashed out at the Wall Street companies for dolling out billions as bonuses.Source: Zee News : Business | 30 Jan 2009 | 12:26 pm Sensex down 148 points in early trade!The Bombay Stock Exchange benchmark Sensex fell by over 148 points in early trade on Friday on heavy selling by funds following a weak global trend.Source: Zee News : Business | 30 Jan 2009 | 12:26 pm Japan: 125,000 non-regular workers lose jobs!An estimated 124,802 non-regular employees, mainly temporary workers in the manufacturing sector, are expected to have lost or to lose their jobs in Japan between October 2008 and March 2009 amid the recession.Source: Zee News : Business | 30 Jan 2009 | 12:26 pm Indian economy to grow at 7-7.5% next fiscal: Kamal Nath!India has exuded optimism that it would continue to maintain economic growth rate of 7-7.5 percent next fiscal, the same level it is expected to register in the current fiscal.Source: Zee News : Business | 30 Jan 2009 | 12:26 pm Honda posts 63% drops in profits!Honda Motor Co posted a 63 percent drop in quarterly operating profit.Source: Zee News : Business | 30 Jan 2009 | 12:26 pm L&T Q3 net soars on one-time gainMumbai: Larsen & Toubro Ltd , India’s largest engineering and construction firm, said a one-off gain saw its quarterly net profit more than treble and it expects sales growth of 25% to 30% in the next fiscal year. The company had not increased its stake in fraud-hit Satyam Computer Services beyond the 12% it had raised it to last Friday, nor had it written to the government expressing interest about getting control of the outsourcer, its chief financial officer said on Friday. L&T said the slowdown in the capital goods industry was likely to continue in the 2009-10 fiscal year starting in April, but order inflow from government spending and railways business would help it meet growth expectations in the short term. “We still expect this year to be very good, but will wait-and- watch for 2009-10. By March, we should have a good idea,” chief financial officer YM Deosthalee told CNBC TV18. L&T said net profit rose to Rs1,520 crore ($310 million) in its fiscal third quarter ended 31 December from Rs482 crore a year earlier. The profit included an extraordinary gain of Rs916 crore from sale of its ready-mix concrete business. Net sales rose to Rs8,594 crore from Rs6,383 crore, and Shankar Raman, a L&T finance official, told reporters sales growth of 25%to 30% was expected in 2009-10. A Reuters poll of 10 brokerages had expected a net profit of Rs569 crore, excluding one-time gains, on net sales of 8,095 crore. Shares in L&T, valued at $7.9 billion, ended up 4.4% at Rs689.20, its strongest close since 20 January, in a Mumbai market that rose 2%. L&T, which operates in industries as diverse as engineering, shipbuilding and software, has been riding a building boom for the past few years as India revamps airports, roads, and adds industrial capacity. But a deepening global financial crisis has slowed the economy and pressed firms to scale back or suspend expansion plans. Deosthalee said L&T’s order book rose by Rs14,600 crore in the quarter to 68800 crore at the end of December. The company maintained a 30% growth guidance for orders for 2008-09. Margins in its engineering and construction division, which contributes 80% of revenues, were steady at 11.5%. “We won’t compromise on margins, won’t go after volumes. We are also constantly moving up the value chain,” Deosthalee said. L&T shares lost 36.6% in the December quarter, compared to a 25% fall in the main index. No increase in Satyam stake L&T last week trebled its stake in Satyam to 12%, making it the largest shareholder, a move it said was to protect its interests as other potential bidders circled the outsourcing firm at the centre of India’s biggest corporate fraud. “No, we have not written to the government,” Deosthalee told CNBC TV18 when asked if L&T had expressed interest taking control of Satyam. He also said L&T had not sought other parties to buy shares in Satyam on its account. “We have not increased our stake. It is at 12% only,” he said. “We have not asked anyone to buy on our behalf.” Source: LatestNews-Home - Livemint.com | 30 Jan 2009 | 12:26 pm Europe shares up as Roche makes hostile bidLondon: European stocks surged at midday on Friday in choppy trade as a hostile takeover bid from Roche pushed pharma firms up, while commodity stocks fell as woes about the global economy deepened. By 1129 GMT, the FTSEurofirst 300 index of top European shares was up 0.2% at 797.79 points, having traded in a range of 804.32 points and 791.90 points earlier in the session. “The last trading day of the month will give us a fresh perspective - one can’t help but feel that as much as we try to pull ourselves out of this mess, one can’t walk away from the harsh realities of the excesses of the the past decade,” said Chris Hossain, senior sales manager at ODL Securities. In macroeconomic news, euro zone inflation fell this month to its lowest in almost 10 years, boosting pressure on the European Central Bank (ECB) to cut interest rates. and euro zone unemployment rose to 8.0% in December from an upwardly revised 7.9% in November. “What we are seeing today is a nervous trading session and the market is braced for a set of pretty horrendous numbers from the United States later today,” said Henk Potts, strategist at Barclays Stockbrokers. US GDP figures are due at 1330 GMT and US PMI numbers at 1445 GMT. The pharmaceutical indices added the most points to the index. Roche gained 1.4% after it launched a hostile bid for Genentech, dashing investor hopes of a sweetened offer for the 44% of the US biotech group it does not already own. Novartis, Sanofi-Aventis and GlaxoSmithKline were up 1.2-1.6%. French bank BNP Paribas was the top gainer, up 4.4%, after the company, the Belgian government and embattled financial group Fortis agreed to revisions to the latter’s carve-up. German banks were also higher with traders and analysts pointing to talk about the possible creation of so-called “bad banks”, both in Germany and the US, to house toxic assets off balance sheets. Deutsche Postbank, Commerzbank and Deutsche Bank were 1.1-5.7% up. However, the banking sector overall was lower. Banco Santander, Credit Suisse, and Credit Agricole were down 2.2-4.6%. Across the Europe, the FTSE 100 index was up 0.08%, Germany’s DAX was down 0.4% and France’s CAC 40 was 0.3% lower. The mining sector contributed to heavy losses on the index as metal prices slipped, with copper down 1.6%. Miner BHP Billiton fell 4.6% on market talk that it is guiding its forecasts lower, traders said. The company was unavailable for comment. Anglo American, Antofagasta and Xstrata were 3.3-4.5% lower. However, Rio Tinto gained 3.8% after the group said it will sell potash assets and its Corumba iron ore mine in Brazil for $1.6 billion to rival Vale as part of a plan to cut debt by $10 billion in 2009. Energy stocks fell as crude hovered around $41 a barrel on economic concerns. BP, Royal Dutch Shell and Total were down 0.2-1.7%. Source: Home - Livemint.com | 30 Jan 2009 | 12:01 pm AP High Court issues notice to Raju brothersThe Andhra Pradesh High Court issued notice to former Satyam Computer chairman B Ramalinga Raju and his brother B Rama Raju on a writ petition by SEBI.Source: Daily News & Analysis: Money News | 30 Jan 2009 | 11:48 am Davos Diary, Day 4: Ben Verwaayen, CEO Alcatel Lucent So it was a real pleasure to spend the evening with the business leaders of the telecom industry. The Egyptian Minister of Telecom Tarek Kamel was the guest He and his team have done remarkable things in Egypt. The use of communication is booming and the focus of industry and government is aligned. The talk is about content and applications, how to get Arabic content that is digitized and how to create a whole new industry. It’s great to hear passion about how to create new opportunities. And it also shows that what is really required is the focus on next steps. Ben Verwaayen talks about the mood in Davos, and the need to focus on new opportunity People are people, they want to communicate, they want to collaborate and want to know and learn. Also Read Ben Verwaayen’s earlier columns on Davos It is the essence of the digital economy, dictated by the next generation. Young people live integrated lives, the demand the opportunity to be always connected and create their own space. It will drive a different set of requirements, and it opens up vast new economic activities. For me the most uplifting thing is that message. Click here for more news on WEF 2009 Whilst the seniors here in Davos are so busy analyzing the depression, who is to blame, why did we get here, who said what to whom, the younger ones are talking about different issues. How to use new technologies to reach out to those who are not yet connected, how can we use the need for energy conservation to find new business models and technologies, how can we work across boundaries and cultures. I know, we have to fix the basic elements of the financial crisis, yes we need to get banking back on its feet. But besides the cold hard facts there is the spirit. And we need to bring that back No better way than listening to people like Tarek. Ben Verwaayen is chief executive of Alcatel-Lucent.Respond to this column at feedback@livemint.com Source: Home - Livemint.com | 30 Jan 2009 | 11:41 am Davos Diary, Day 4: Ben Verwaayen, CEO Alcatel LucentSo it was a real pleasure to spend the evening with the business leaders of the telecom industry. The Egyptian Minister of Telecom Tarek Kamel was the guest He and his team have done remarkable things in Egypt. The use of communication is booming and the focus of industry and government is aligned. The talk is about content and applications, how to get Arabic content that is digitized and how to create a whole new industry. It’s great to hear passion about how to create new opportunities. And it also shows that what is really required is the focus on next steps. Ben Verwaayen talks about the mood in Davos, and the need to focus on new opportunity People are people, they want to communicate, they want to collaborate and want to know and learn. Also Read Ben Verwaayen’s earlier columns on Davos It is the essence of the digital economy, dictated by the next generation. Young people live integrated lives, the demand the opportunity to be always connected and create their own space. It will drive a different set of requirements, and it opens up vast new economic activities. For me the most uplifting thing is that message. Click here for more news on WEF 2009 Whilst the seniors here in Davos are so busy analyzing the depression, who is to blame, why did we get here, who said what to whom, the younger ones are talking about different issues. How to use new technologies to reach out to those who are not yet connected, how can we use the need for energy conservation to find new business models and technologies, how can we work across boundaries and cultures. I know, we have to fix the basic elements of the financial crisis, yes we need to get banking back on its feet. But besides the cold hard facts there is the spirit. And we need to bring that back No better way than listening to people like Tarek. Ben Verwaayen is chief executive of Alcatel-Lucent.Respond to this column at feedback@livemint.com Source: World Business - Livemint.com | 30 Jan 2009 | 11:41 am DLF, Unitech lack in transparency: Credit SuisseMumbai: Credit Suisse, a global investment banking major has said in a report that in terms of transparency and key disclosures, the country’s top real estate firms including DLF and Unitech are found lacking. Noting that related-party transactions account for a significant portion of their revenues, its report said that their network of key related parties run into hundreds of entities and include a number of unlisted JVs, subsidiaries, partnership firms and companies under control of key management personnel. “It is clear after the Satyam incident that investors should focus on corporate governance issues, particularly because of losses incurred in the past 12 months that have failed to rise to the fore,” Credit Suisse said in its report on Corporate India. On DLF Ltd, the report said the company has had significant intangible asset/goodwill on its balance sheet, there are significant departures from conservative accounting practices, there have been material related-party transactions and the company does not disclose detailed accounts of key subsidiaries on a regular basis. Besides, there is “no transparency in the land acquisition process. Promoters have privately controlled entities from which DLF buys land. Also, its landbank disclosure in annual reports is inadequate.” DLF, where key related parties included 245 subsidiaries, 12 partnership firms, 12 JVs and 124 entities under control of key management personnel, had outstanding receivable from promoter entities of Rs 1,940 crore as of March 2008. Credit Suisse further noted that ”DLF’s dealings with the promoter entity have been questioned by investors. In fy08, DLF sold assets/real estate projects amounting to Rs5,560 crore to a promoter-controlled entity, DLF Assets. It also cancelled an earlier sale of assets worth Rs1,890 crore.“ Previously, DLF has settled with minority shareholders who complained that they were denied participation in the company’s rights issue in September 2005. Report also noted that while DLF does not actively deal with derivatives, it “does use forward contracts and swaps to hedge its risks associated with fluctuations in foreign currency and interest rates.” Unitech also does not actively deal with derivatives and other financial market instruments, the report said on the country’s second largest real estate firm. However, both DLF and Unitech have departed from conservative accounting practices, it said. The two companies recognise revenues on a percentage of completion method even where the cash receipt is yet to become due and they also capitalise on interest expense during construction of project. Incidentally, auditors of both firms have not made any observation in their last annual or limited review reports. On related-party transactions at Unitech, the report said that loans taken from key management personnel and controlled entities amounted to Rs350 crore in fy08. The key related parties at Unitech include a listed entity Unitech Corporate Parks and un-listed parties are Unitech Wireless, 316 subsidiaries, 21 JVs and associates and four entities under the control of key management personnel. Unitech also does not disclose detailed accounts of all subsidiaries and has invested in an unrelated business of telecom at a time when real estate business needed funds. Source: LatestNews-Home - Livemint.com | 30 Jan 2009 | 11:36 am India, Bangladesh to sign investment pactIndia and Bangladesh are likely to sign an agreement to protect and promote bilateral investment during External Affairs Minister Pranab Mukherjee's proposed visit to Dhaka next month.Source: IndiaeNews.com: Business News | 30 Jan 2009 | 11:34 am Bus, taxi fares to come down in West BengalBus and taxi fares across West Bengal will come down next month following a cut in diesel prices, state transport minister Subhas Chakraborty said Friday.Source: IndiaeNews.com: Business News | 30 Jan 2009 | 11:33 am Bangladeshi businessmen urge Dhaka to provide transit facilities to IndiaBangladeshi trade and industry bodies Friday urged Dhaka to provide transit facilities to India and develop border infrastructure to increase trade and economic activities with the northeast.Source: IndiaeNews.com: Business News | 30 Jan 2009 | 11:33 am Markets close on positive noteIndian equities markets closed in the green Friday after falling in the morning session, with a key index ending trade 2.03 percent over its previous close.Source: IndiaeNews.com: Business News | 30 Jan 2009 | 11:32 am Punjab National Bank cuts lending ratesState-owned Punjab National Bank (PNB) Friday said it will reduce lending rates by 50 basis points (bps) to 11.5 percent from 12 percent from Feb 1.Source: IndiaeNews.com: Business News | 30 Jan 2009 | 11:32 am Close: Sensex regains morning losses to end 2% upNew Delhi: Markets traded their highest near closing on Thursday and ended gaining 2.04% on renewed selling of heavy stocks like realty, metal, oil and gas. The Bombay Stock Exchange benchmark Sensex started the day in red on weak Asian markets but had recovered around noon engaging in choppy session for the second day. The 30-share BSE index ended 187.96 up at 9,427.22 and 50-share NSE Nifty wound up by 50.90 points at 2874.85. During mid-session trade, stocks all across the board were trading in green with Realty segment advancing the most by 4.32%. Government’ estimate for India’s gross domestic product growth in the 2007/08 fiscal year at 9% also triggered investor confidence. Jaiprakash Associates lead the rally on BSE index with a margin of 9.6% to Rs76.25, along with DLF Ltd by 7.39% to Rs177.20, Hindalco by 6.51% to Rs49.05 and State Bank of India by 5.05% to Rs1,152.20. Reliance companies made significant gains today with Reliance Communications up by 5.03% to Rs170.20, Reliance Infrastructure by 2.24% to Rs582.30 and Reliance Industries by 4.51% to Rs1,325.20. Most Asian markets traded in red after dismal US economic data indicated deepening economic woes. Japan’s Nikkei tumbled by 3.12% as electronic giant Toshiba Corp posted loss. But Hang Seng traded positive and gained by 0.9% on hopes of rate cuts by Chinese government. Source: Home - Livemint.com | 30 Jan 2009 | 11:25 am Iraq on high alert after election candidates shot deadBaghdad: Iraq on Friday prepared for its first election since 2005 with police and soldiers on high alert after gunmen killed candidates and campaign workers, raising security fears ahead of polling day. The run-up to Saturday’s poll had been relatively free of violence but the shooting of election contenders in Baghdad and in the cities of Baquba and Mosul, north of the capital, on Thursday night exposed the threat that such attacks could throw voting day into chaos. The elections, being held in 14 of the country’s 18 provinces, are seen as a key test of Iraq’s steadily improving stability, as US President Barack Obama looks to redeploy American troops to Afghanistan. Iraqi and US military commanders have in recent days warned that Al-Qaeda poses a threat to the elections. Campaigning for the vote officially ceased at 7 am on Friday and Iraq’s borders will be closed at 10 pm, while transport bans and night-time curfews will also be put in place as part of stepped up security measures. Saturday’s vote is expected to see Sunni Arabs turn out in force in a reversal of the January 2005 parliamentary elections and is also being seen as a quasi referendum on the leadership of Prime Minister Nuri al-Maliki. The Shiite Muslim premier has been striding out as an increasingly strong figure on the political stage as he has presented a secular national agenda in response to the sectarianism that has long gripped Iraq. Although Maliki is not standing, he has thrown his support behind a list of candidates that make up the State of Law Coalition. Four years ago Iraq’s Sunni Arabs boycotted the legislative election, allowing Shiite and Kurdish parties to take control of parliament, but Sunnis are now expected to take part in large numbers. Thursday’s killings, however, highlighted the risk that sectarian hatred poses to voting day. The first murder occurred in Baghdad, where armed men opened fire on Omar Faruq al-Ani, a candidate for the Iraqi Concord Front, the main Sunni group in the country’s parliament, police and army officials told AFP. The second victim, Hazim Salim Ahmed, a Sunni standing for the Iraqi National Unity list, was shot dead outside his home in the northern city of Mosul, considered the last urban stronghold of Al-Qaeda in Iraq. The killing led local security officials to bring forward to Friday morning the planned 10.00 pm ban on cars, Major Shaban Dawad, of the Mosul police told AFP. Also on Thursday evening, a third candidate from a mixed Sunni, Kurd and Shiite party, was killed along with two campaign workers as they put up election posters near the central city of Baquba. A report by the International Crisis Group, which studies conflict-torn nations around the world, has emphasised the importance of the election. “Whereas the January 2005 elections helped put Iraq on the path to all-out civil war, these polls could represent another, far more peaceful turning point,” it said. Iraq’s provincial councils are responsible for nominating the governors who lead the administration, and oversee finance and reconstruction projects. They control a combined budget of $2.4 billion. Security forces remain under federal government control. The United Nations and Iraq’s Independent High Election Commission is organising the elections, with 800 international observers expected to oversee the balloting. The vote will not include the three autonomous Kurdish provinces, Arbil, Dohuk and Sulaimaniyah, all in the north. Elections have been postponed in the oil-rich Kirkuk province, which the Kurds want to incorporate despite fierce opposition by the central government. Source: LatestNews-Home - Livemint.com | 30 Jan 2009 | 11:15 am Obama: Executive bonuses ‘shameful’Washington: President Barack Obama lashed out at Wall Street on Thursday, saying it was shameful that employees were paid more than $18 billion in bonuses while their crumbling financial sector received a historic bailout from US taxpayers. Obama was responding to reports that Wall Street executives were paid billions in bonuses last year as Congress poured hundreds of billions into the financial system to address an economy reeling from souring debt, defaulting mortgages and choked lending. With new Treasury Secretary Timothy Geithner at his side, the president said the payouts were “the height of irresponsibility.” “It is shameful,” Obama said. “And part of what we’re going to need is for the folks on Wall Street who are asking for help to show some restraint, and show some discipline, and show some sense of responsibility.” The president said there was a time for corporate leaders to make profits and take home bonuses but now is “not that time.” Obama’s comments came as the federal government was in the process of developing new plans for spending $350 billion, the second half of a $700 billion financial system bailout package Congress agreed to at the request of the Bush administration late last year. That program sits alongside a second huge spending and tax cut measure that passed the House of Representatives on Wednesday night. The $819 billion stimulus package was expected to grow as it works its way through the Senate, with a vote expected in the upper house next week. Obama hopes to have the money in hand by mid-February as he battles to put a floor under the stumbling American economy in the midst of the worst downturn since the Great Depression of the 1930s. Obama’s stand also came just one day after he surrounded himself with well-paid chief executives at the White House. He had pulled in those business leaders and hailed them for being on the “front lines in seeing the enormous problems in our economy right now.” The executives who appeared with Obama are not leaders of the Wall Street financial companies that the president targeted, but rather heads of such well-known manufacturing and technology giants as IBM, Motorola, Xerox and Corning. Still, they get paid handsomely. Most of those who stood with Obama earned a total 2007 compensation package of between $8 million and $21 million, according to a review by The Associated Press. Those calculations include the executives’ salary, bonus pay, incentives, perks, the estimated value of stock holdings and other compensation. Obama said he and Geithner will speak directly to Wall Street leaders about the bonuses, which threaten to undermine public support for more government intervention as the economy keeps reeling. Washington was buzzing Thursday over the fact that Obama failed to win any Republican support when the House approved his stimulus plan, despite his heavy courting of opposition lawmakers in both houses of Congress. In unanimously opposing the massive spending bill that Obama says is crucial to reviving the economy, Republicans signaled they are not cowed by his November win or his calls for a new era of bipartisanship. White House press secretary Robert Gibbs said Thursday morning that Obama would continue to work with Republicans to craft a stimulus package supported on both sides of the aisle. Gibbs told NBC television that Obama understands that “it’s going to take longer than a few days to change the ways Washington works.” The measure next goes to the Senate and then back to the House with revisions. Lawmakers hope to be have it ready for Obama’s signature by mid-February. While the stimulus plan may find a friendlier welcome from some Republicans in the Senate, the minority party’s objections mirrored those of their House colleagues. “We don’t need to have everything Republicans want, but we at least have to feel good enough that the bill actually will grow the economy, create jobs so it’s just not a massive spending bill,” said Republican Sen. John Ensign of Nevada, as several Senate conservatives lambasted the measure at a Thursday news conference. “This is about spending money we don’t have for things we don’t need,” added Sen. Tom Cobra, an Oklahoma Republican. Source: LatestNews-Home - Livemint.com | 30 Jan 2009 | 11:06 am Bombardier to stay with SatyamBombardier, one of the top 30 clients of the IT major, said on Friday that it is continuing the existing contracts with the firm.Source: Daily News & Analysis: Money News | 30 Jan 2009 | 10:51 am PNB Q3 net up 86% to Rs1,006 crNew Delhi: State-run Punjab National Bank on Friday reported 85.76% growth in net profit at Rs1,005.82 crore for the third quarter (Q3) ended 31 December 2008. The country’s second largest public sector lender had a net profit of Rs541.45 crore in the December quarter of FY 08, PNB said in a statement. Total income rose 51.47% to Rs6,239.91 crore during the third quarter of current fiscal, from Rs4,119.57 crore in the same period last fiscal. The bank’s net interest margin stood at 3.85% at the end of December 2008. During the nine-month ended 31 December 2008, PNB reported 48% growth in net profit at Rs2,225.31 crore. Total income in the nine-month period stood at Rs16,147.71 crore, up 36.32% over the last fiscal. Shares of PNB were trading at Rs400.30, up 2.58% on the BSE. Source: LatestNews-Home - Livemint.com | 30 Jan 2009 | 10:47 am Gold rises to Rs14,170 on firm global trendNew Delhi: Gold prices on Friday surged past all previous records to set a new peak at Rs14,170 per 10 gram in the bullion market on aggressive buying by stockists sparked by a firming overseas trend. Trading sentiment turned extremely bullish after the gold in overseas markets surged to a three-month high as holdings in the world’s biggest exchange-traded fund backed by bullion expanded to a record, signalling increased demand for the metal as a haven. The gold trading volume on London’s SPDR Gold Trust expanded by 1.3% to a record 843.59 metric tons. The precious metal heading for a 4.6% gain in January, its third monthly increase, after adding 18.13 dollar to 926.78 dollar an ounce. The global trend which set prices in domestic markets here, pushed up standard gold and ornaments by Rs320 each at an all-time high level of Rs14,170 and Rs14,020 per ten gram respectively. Sovereign rose by Rs50 at Rs11,050 per ten gram in brisk trading. Silver joined the rally rising by Rs300 at Rs19,400 per kg and weekly-based delivery by Rs420 at Rs19,600 per kg. Silver coins surged by Rs300 to Rs27,800 for buying and Rs19,600 for selling of 100 pieces. A similar firmness was noticed in futures trading as gold shot up by 2.13% to Rs14,448 per ten gram on the Multi Commodity Exchange, a level never seen before. Silver for July month delivery rose by 4% to Rs20,310 per kg on the MCX. Source: LatestNews-Home - Livemint.com | 30 Jan 2009 | 10:45 am Fiscal deficit jumps as economy slowsNew Delhi: India’s fiscal deficit during April to December jumped to $44.5 billion as the cash-strapped government stepped up spending to stimulate a slowing economy. Analysts and bond dealers say higher spending and a revenue shortfall as economic activity stumbles will strain government finances, push up borrowing and keep the pressure on bond yields despite a series of rate cuts by the central bank. India has pledged to spend an extra Rs1.47 trillion during this financial year to stimulate an economy hit by the global slowdown, pay off farmers’ debt, increase subsidies and raise wages of government staff, widening the fiscal gap. Government data showed on Friday the federal fiscal deficit increased to Rs2.18 trillion in the first nine months of 2008-09 fiscal year or 163.8% of the full-year target. The deficit was at Rs1.77 trillion until November. “Fiscal stress is clearly evident. Revenues are going to fall short of annual target. Borrowings will also go up. Our prediction of fiscal deficit is 6.2% of GDP,” said DK Joshi, principal economist with rating agency CRISIL. The yield on the benchmark 10-year bond rose briefly to 6.21% from 6.18% after the deficit data and ahead of the results of a 100-billion-rupee debt auction. In February, the government set a fiscal deficit target of Rs1.33 trillion, or 2.5% of gross domestic product (GDP), for the 2008-09 fiscal year, lower than 2.8% in the previous year. But the finance ministry and central bank are now forecasting a wider fiscal gap by end-March. “Interest rate cycle is on the downside but the government borrowing is heavy to feed the additional spending to prevent a further slowdown. Hence, the scope for yields to go down is bleak,” said Baljinder Singh, a trader at state-run Andhra Bank. On Tuesday, RBI governor Duvvuri Subbarao said economic growth could moderate to 7% in 2008-09, from 9% of last year, and warned of a higher fiscal gap of at least 5.9% of GDP due to extra spending and slowing tax receipts. Subbarao also said there might be a “need to adjust” the government’s market borrowing plans if there were changes in resource inflows, including those from a planned auction of third-generation (3G) telecoms spectrum, or expenditure. The telecoms ministry has set a target of Rs300-400 billion from the now delayed 3G auction. But the finance ministry has suggested a doubling in the sale base price and the issue has now been handed to a panel of ministers. “If 3G happens by March, it will relieve some pressure of the government,” said CRISIL’s Joshi. Until December, the government’s total expenditure stood at Rs5.97 trillion or 79.5% of the full-year target. Total receipts in the first nine months were at Rs3.79 trillion, or 61.4% of annual budget target, with tax receipts at Rs3.1 trillion. Source: Home - Livemint.com | 30 Jan 2009 | 10:44 am Pyramid Saimira posts net loss of Rs74.74 crMumbai: Entertainment firm Pyramid Saimira Theatre on Friday said its net loss in the December quarter stood at Rs74.74 crore, while it had a net profit of Rs29.86 crore in the same quarter a year ago. Total income of the company also declined to Rs137.94 crore in the latest quarter from Rs231.41 crore last in the same period last fiscal, Pyramid Saimira Theatre said in a filing to the Bombay Stock Exchange. For the nine-month period ended 31 December, 2008, the company posted a net loss of Rs52.54 crore, whereas it had a net profit of Rs52.54 crore in the same period last fiscal. Shares of Pyramid Saimira today surged 3.09% and were trading at Rs25.05 in the afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 30 Jan 2009 | 10:26 am Bullish on Satyams future prospects: Tarun DasTarun Das, Member, Satyam Board, and Chief mentor of the Confederation of Indian Industry, is bullish on Satyams future prospects. This company has great resources, outstanding people, technology knowhow, fixed assets, and customers.Source: Moneycontrol Top Headlines | 30 Jan 2009 | 10:18 am Suzlon's US revenues to halve next yearWind turbine maker Suzlon Energy said that its revenues from the US market would halve in the next financial year because of economic recession there.Source: Daily News & Analysis: Money News | 30 Jan 2009 | 9:52 am PNB cuts prime lending rate by 50 basis points to 11.50%New Delhi: State-run Punjab National Bank on Friday said it will cut benchmark lending rate by 50 basis points to 11.50% and reduce housing, car and education loan rates by same percentage points effective 1 February. “We have decided to cut prime lending rate (PLR) by 50 basis points (bps) beginning next month,” PNB chairman and managing director K.C. Chakrabarty said. The bank has also decided to cut housing loan rate by up to 50 basis points. At the same time, car loans, education loans and personal loans would be cheaper by 50 bps from 1 February, he said. Source: Home - Livemint.com | 30 Jan 2009 | 9:45 am Deccan Chronicle Q3 net dips 75%; not to sell IPL teamMumbai: Deccan Chronicle Holdings on Friday said its third quarter net profit fell 75% to Rs25.67 crore over the corresponding period a year ago. The firm had a net profit of Rs102.94 crore in the third quarter last fiscal, Deccan Chronicle Holdings said in a filing to the Bombay Stock Exchange. However, total income of the company, which publishes English dailies - Deccan Chronicle and The Asian Age - rose to Rs228.28 crore in the December quarter, from Rs226.45 crore a year ago. For the nine-month period ended 31 December, Deccan Chronicle posted a net profit of Rs131.92 crore, a 51% decline from Rs269.29 crore last year. Shares of Deccan Chronicle were trading at Rs 37.45, down 2.73 per cent in the afternoon trade on the BSE. Also Deccan Chronicle Holdings Ltd will not sell its Indian Premier League cricket team, Deccan Chargers, as there were no buyers in the market, a top official told said. “We are not selling it. There is nobody in the market to buy or sell,” Managing Director P K Iyer said over the telephone. Deccan will review the decision to sell Deccan Chargers in three years from today as this downturn cycle was likely to be extended till 2012, he said. “This is the worst of all the downturns I’ve seen. It will take time,” he added. In October, Deccan Chronicle said it had mandated KPMG Corporate Finance to find a strategic buyer for Deccan Chargers. Deccan Chronicle had in 2008 paid $107.01 million for the Hyderabad team for Indian cricket board’s Twenty20 series for 10 years. Source: LatestNews-Home - Livemint.com | 30 Jan 2009 | 9:42 am Daiichi Sankyo posts $3.7 bln Q3 loss on RanbaxyTOKYO (Reuters) - Daiichi Sankyo, Japan's third-largest drugmaker, posted a $3.7 billion quarterly loss and forecast its first annual loss, hit by a slide in the value of its stake in India's Ranbaxy Laboratories.Source: Reuters: Money News | 30 Jan 2009 | 9:29 am Sania-Bhupathi to play Australian Open mixed doubles finalMelbourne: Sania Mirza and Mahesh Bhupathi overcame a sluggish start to sail into the Australian Open mixed doubles finals for the second consecutive year after beating Czechs Iveta Benesova and Lukas Dlouhy in straight sets on Friday. The Indians, who were runner-up at the Melbourne Park in 2008, trailed 1-3 in the opening set before storming back to seal the issue 6-4, 6-1in 54 minutes.  Mahesh Bhupathi (left) and Sania Mirza dispute a line call during their mixed doubles final match on day 14 of the Australian Open tennis tournament in Melbourne on 27 Jan 2008. Bloomberg It was hardly the kind of start Sania and Bhupathi, who have dropped just one set en route to the semis, would have wanted as Benesova and Dlouhy broke them in the opening game to race to a 1-3 lead. However, the Indians got their act together soon after and broke back twice to take the first set in 32 minutes. Sania and Bhupathi continued their dominance in the second set and broke their rivals thrice. Such was their hold over the proceedings that the Indians did not face a single break point in the second set, which they wrapped up in a mere 22 minutes. The win makes it a double delight for Bhupathi, who along with Bahamas’ Mark Knowles, has also made the men’s doubles finals to be played on Saturday. Bhupathi has six mixed doubles Grand Slam titles under his belt with different partners. His last mixed doubles Grand Slam was incidentally the Australian Open in 2006 when he had partnered Swiss Martina Hingis. Sania, however, would be aiming for her maiden Slam title. Source: LatestNews-Home - Livemint.com | 30 Jan 2009 | 9:24 am Tourist traffic may drop 6% in 2009Tourist arrivals both foreign and domestic have taken a big hit in 2008. The economic crisis, the terror attacks in Mumbai and travel advisories post those attacks have added to travel industry\'s woes. Traffic is expected to drop 6% in 2009 with an earlier expectation of a 1012% increase.Source: Moneycontrol Top Headlines | 30 Jan 2009 | 9:20 am Bankers want RBI to extend realty proj completion deadlineBankers are joining hands under the Indian Banks\' Association or IBA to ensure greater monitoring of their commercial real estate loans. The IBA is working on a set of recommendations to RBI. One of the important recommendations is that banks be allowed to extend the deadline to real estate companies to complete their projects.Source: Moneycontrol Top Headlines | 30 Jan 2009 | 9:19 am Fidelity raises stake in Satyam to 6.8 pctMUMBAI (Reuters) - Fraud-hit Satyam Computer Services said on Friday asset manager Fidelity Investments had raised its holding to 6.79 percent in the Indian outsourcer, which would potentially make it the second largest stakeholder.Source: Reuters: Money News | 30 Jan 2009 | 9:04 am Suzlon slips to loss, sees upswing in 2010MUMBAI (Reuters) - Suzlon Energy Ltd, the world's fifth-largest wind turbine maker, slipped to a loss in the December quarter on costs due to faulty turbine blades and foreign exchange losses, and said growth would pick up from 2010.Source: Reuters: Money News | 30 Jan 2009 | 9:03 am Suzlon reports Q3 loss on higher costsMumbai: Suzlon Energy Ltd, the world’s fifth-largest wind turbine maker, slipped to a loss in the December quarter on costs due to faulty turbine blades and foreign exchange losses, and said growth would pick up from 2010. Demand was expected to moderate in 2009 after rapid growth in recent years, as recession in major economies and falling oil prices weigh, with Suzlon expecting revenue growth in the United States to halve in the fiscal year starting in April. The company reported exceptional items of Rs449 crore ($91.4 million) for its fiscal third quarter, including Rs233 crore of costs related to blade failures in its wind turbines. It also made an additional provision of $35 million for the blade retrofit programme. “These are one-off, one-time events which we will not have in this quarter. Our operating performance has improved substantially,” chief operating officer Sumant Sinha told reporters. “From the operating standpoint the company continues to be healthy,” he said, adding that commodity prices, freight and logistics costs going down, profitability margin in the current quarter would be good. “The coming year is going to be good.” However, revenue growth in the US market was likely to slip to 15% in 2009-10, compared with 30% in this financial year, he said. In the current fiscal year to March, the company expected consolidated revenue growth of 50-70%. “The recession impact has been mainly in the US. Europe is more robust we do not see much impact in the rest of the world. The industry is going to take a pause after growing at 30% over the last three years,” Sinha told reporters. The company posted a consolidated net loss, including subsidiaries Hansen Transmission and REpower of Rs58.97 crore for the December quarter, compared with a profit of Rs152 crore a year ago. Total income rose to Rs6,893 crore from Rs3,170 crore. “The long-term fundamentals of the wind industry remains strong. We see an upswing in the industry’s growth from 2010,” chairman Tulsi Tanti said in a statement. The company’s order book, excluding Hansen and REpower, was Rs10,390 crore, Suzlon said in a separate statement. Suzlon was still finalising funding options to raise its controlling stake in Germany’s REpower , after it last month agreed to a revised payment schedule to by a 22.4% stake from Portugal’s Martifer . “There are 4, 5 months left for the acquisition. We will get some from internal accruals, and for additional funds we will look at external markets for debt or any other instruments,” Sinha said. “We cannot rule out anything,” he said when asked if the company was looking at a stake sale. Earlier this month Suzlon sold 10% stake in Belgium-based wind turbine gear-box maker Hansen for Rs500 crore. Cash balances on a consolidated basis at the end of December stood at Rs3,000 crore. At 1:54 pm, shares in Suzlon, valued at $1.4 billion, were up 2.35% at Rs45.70 in a Mumbai market. Source: Home - Livemint.com | 30 Jan 2009 | 8:47 am Biba plans Rs 40-cr investment in pan-India expansionMumbai-based retailer Biba Apparels plans to increase its store-network to over 100 in the next two years and has earmarked an investment of Rs 40 crore for the purpose.Source: Daily News & Analysis: Money News | 30 Jan 2009 | 8:45 am Nalco holds recruitment of 700 employeesThe country's leading aluminium producer Nalco has put on hold the recruitment of about 700 employees in an attempt to cut its operating expenses.Source: Daily News & Analysis: Money News | 30 Jan 2009 | 8:43 am AOL plans 700 job cutsInternet services major America Online plans to lay off 700 (rpt) 700 employees in the coming months, joining a string of international firms that have slashed over 80,000 jobs.Source: Daily News & Analysis: Money News | 30 Jan 2009 | 8:42 am HC says RIL can sell gas, but subject to final verdictThe Bombay High Court on Friday lifted the stay on Reliance Industries to sell gas from its KG basin fields to third parties, but it would be subject to its final judgment.Source: Daily News & Analysis: Money News | 30 Jan 2009 | 8:36 am In a bid to give a boost to their global operations, theWith declining jet fuel prices, Air India has introduced further fare cuts in domestic routes, which may lead to another round of 'fare war' among domestic carriers.Source: Daily News & Analysis: Money News | 30 Jan 2009 | 8:06 am Benchmark to launch India’s first shariah fundMumbai: Benchmark Asset Management will launch India’s first shariah-compliant exchange traded fund (ETF) on 4 February, as part of a plan to expand its bouquet of passively-managed funds, executive director Rajan Mehta said Friday. Shariah law forbids Muslims from receiving interest payments and from investing in companies involved in the production or sale of pork, alcohol, tobacco, pornography, gambling, non-Islamic finance or life insurance. The Shariah Benchmark Exchange Traded Scheme, will track the S&P Nifty Shariah index, comprising 37 stocks that represent nearly half the market capitalization of shares listed on the National Stock Exchange, the firm said in a product note. ETFs, listed and traded like individual stocks, give investors access to the underlying securities without the risk of holding them. They are a relatively new concept in India, with a market share of about 0.6% in the Rs4.1 trillion domestic mutual fund industry. In addition, the fund faces slumping flows to stock funds and a weak stock market, which has lost more than 50% in 2008. “Response could be slow to start with,” Mehta said. However, he expected interest in the fund will be piqued when the stock market revives and awareness of shariah funds grows. Muslims make up about 13% of India’s 1.1 billion plus population, giving it the third-largest Islamic population after Indonesia and Pakistan, and offering a vast market for investment products. Mehta also said his firm remains hopeful of attracting foreign investors looking for shariah-compliant opportunities in India. Shariah-compliant investments control about $65 billion in assets globally with almost half of this amount held in mutual funds, the fund house said in a presentation. Source: Home - Livemint.com | 30 Jan 2009 | 7:56 am Satyam to continue to provide world class services: NathIndia has assured the world that Satyam Computer, embroiled in fraud by founder Ramalinga Raju, will continue to provide its clients world class services.Source: Daily News & Analysis: Money News | 30 Jan 2009 | 7:01 am Day Trading GuideDLF retreated witnessing selling pressure in the last trading session. Initiate fresh short-position if the stock declines below Rs 156, with tight stop-loss. Both ICICI Bank and SBI areSource: Business Line - Home Page | 30 Jan 2009 | 12:00 am 18 banks have Rs 660-cr exposure to SatyamHyderabad, Jan. 29 Eighteen banks, which include both Indian and multi-national entities, have varying degrees of exposure to the crisis-ridden Satyam Computer Services. The information, gathered by the Reserve Bank of India from various banks,Source: Business Line - Home Page | 30 Jan 2009 | 12:00 am Spice Group keen to acquire 51% in Satyam: B.K. ModiNew Delhi, Jan. 29 As many as six to seven companies – including global and Indian entities and PE firms – are interested in completely buying out the scam-stung Satyam Computer Services. This includes Spice Corporation, whichSource: Business Line - Home Page | 30 Jan 2009 | 12:00 am No fuel on credit for Kingfisher Airlines, only ‘cash & carry’Bangalore, Jan. 29 Kingfisher Airlines will now have to pay upfront to buy aviation turbine fuel from oil companies to operate its regular scheduledSource: Business Line - Home Page | 30 Jan 2009 | 12:00 am Wheat support price hiked to Rs 1080/quintalNew Delhi, Jan.29 After much dithering, the Centre has finally announced the minimum support prices (MSP) for the current year’s rabi crops.Source: Business Line - Home Page | 30 Jan 2009 | 12:00 am Toyota Kirloskar shuts doors on contract workersBangalore, Jan. 29 Toyota Kirloskar Motor has decided not to recruit any more contract workers and has let go over 400 existing contract workers as it battles a major recession in the autoSource: Business Line - Home Page | 30 Jan 2009 | 12:00 am Biocon (Rs 100.05): SellWe recommend a ‘sell’ in Biocon for a short-term trading perspective. It is visible from the charts of Biocon that after finding support at its 52-week low of Rs 86 in late November 2008, it began to move up. This up move continuedSource: Business Line - Home Page | 30 Jan 2009 | 12:00 am Foreign investors’ net selling crosses $1 b in JanMumbai, Jan. 29 Over the last three weeks, post the Satyam chief’s confession of an accounting fraud in the company, FIIs have been net sellers of Indian equities for more than $1 billion.Source: Business Line - Home Page | 30 Jan 2009 | 12:00 am Manufactured goods lift inflation rate to 5.64Rise in the prices of manufactured goods pulled up the inflation rate marginally to 5.64 for the week ended January 17, against 5.60 in the preceding week.Source: Business Line - Home Page | 30 Jan 2009 | 12:00 am Smaller IT vendors feel the pinch of global meltdownBangalore, Jan. 29 The economic downturn has impacted the small and mid-sized IT firms more than their larger counterparts as evident in the rather sluggish sequential growth for the DecemberSource: Business Line - Home Page | 30 Jan 2009 | 12:00 am Merck close to deals for India acquisitionsMumbai: Drug maker Merck Ltd, the Indian arm of Germany’s Merck KGaA, is in advanced talks to buy local drug, speciality chemicals, and food and beverage companies by the end of 2009, managing director Marek Dziki said.  Proven model: Marek Dziki, chiefexecutive officer of Merck Ltd. “There could be a couple of such deals here in the current fiscal as 2009 seems to be good as far as our growth plans are concerned,” Dziki said on Thursday after the company launched an iron supplement for women. Merck follows the calendar year for its accounting. “Some of the talks are in advanced stages, though we are not in (a) hurry as our priority for the target is better business model and proven track record for at least seven to eight years in the local market.” A global team of top executives in drug research, marketing and finance has been evaluating the acquisition targets for some time now, he added. Merck’s acquisition plan in India is part of its global business growth plans, especially in Asia and the US. In India, Merck group is targeting annual revenue of €500 million by 2012; its current sales is €70 million a year. “We want to be one among the top 10 in India by that time.” He said funding would not be a constraint for acquisitions if the target’s business model and product portfolio fit Merck’s criteria. In the drug segment, it will be looking to expand its portfolio in consumer health care, or over the counter drugs, and in speciality treatments such as cardiology and diabetes. Merck Ltd’s consumer health division currently has less than 10 products. It plans to add several products over the next few years and hire another 500 people. It also plans to add 25 new products in 2009. “Though mainly anticipated through organic or internal route, the proposed acquisitions should also add more products and people to the group here,” Dziki said. Merck also operates Merck Specialities Pvt. Ltd, focused on therapeutic segments such as oncology and fertility. Source: World Business - Livemint.com | 29 Jan 2009 | 7:38 pm We continue to lend, take risk and service our clients in IndiaMumbai: On 1 February, Mark Robinson, a 24-year Citi veteran, will formally take over the reins of Citibank NA’s Indian unit from Sanjay Nayar. Robinson will be the first foreign-origin CEO of Citi India in nine years, but he and Nayar come from a similar background—at least in terms of their experience at Citi. Robinson, who joined the bank in late 1984, a few months before Nayar, has a clear message for the peer banks, colleagues, customers and shareholders of Citi: “It just doesn’t matter what passport you carry; this business is important and Citibank will continue to grow its balance sheet in India.’’  Sharing experience: Mark Robinson (left) with the outgoing CEO Sanjay Nayar at the Citibank India headquarters in Mumbai on Thursday. Abhijit Bhatlekar / Mint Mint spoke to Robinson and Nayar on the bank’s future here. Edited excerpts: You seem to have come up with a clear mandate to take some tough decisions, including retrenching people. Robinson: I am not chosen to conduct major cost-cutting exercise. When Sanjay said he wants to move on to pursue opportunities (elsewhere), the firm went through a list of names of the possible candidates, based on their work experience... I had to go and meet Vikram (Pandit) and board members. Our selection (process) is most transparent and a candidate is selected only if the individual has the characteristics to lead the business. When our shareholders look at our long-term growth prospects, they prioritize some product areas, customers segments and geographies. India figures high in that list in terms of Citi’s growth prospects. Regardless of my profile, the mandate I have got from Vikram and Banga (Ajay Banga, Citigroup Asia Pacific CEO) is to grow the India business that Sanjay and his team have built. India is a valuable part of Citi’s business globally and it accounts for disproportionate part of our growth prospects. My mandate is to grow the business in a balanced way. Sanjay, what’s the one thing you told Robinson about the Indian market? Nayar: We have spent a lot of time together in office, met our management team and various stakeholders, regulators, government and clients. Mark came to India in November and has been around since then. India is an economy which will post a minimum 6% growth—that’s the message coming out from our client meetings and other interactions. Citi is well positioned as a universal bank in terms of both product offerings and customer segments. The business momentum here is very high and intact even though the composition of the momentum might have changed. For instance, we have slowed down in personal loans and credit cards, but businesses related to capital markets, transaction banking, wealth management, etc. are doing very well. Diversity of business is helping us despite slowing down in economic activities. Citi is well positioned as a strong Indian bank in this country. Let Mark take it from here... He has been a country manager in Turkey, Hungary and Russia... You are a local bank? Robinson: Yes, indeed, we are a local bank. We have been here for 107 years... We employ more than 8,000 people. We are also a massive exporter of talent. We continue to invest in the country and do not send money out. Where do you see opportunities? ‘The financial sector is not playing a full role in the development of the Indian economy.’ Do you agree? Robinson: I completely agree with Sanjay that there is no lack of growth opportunity in India. I believe that financial sector is not playing a full role in the development of the Indian economy. We can also help in the development play. Having worked in various countries, it is very tempting for me to make comparisons. The business that we have here is 107 years old. The number of customers we have in India and our presence in so many cities have made India truly one of Citi’s top business centres anywhere in the world. I am excited to work in India. Globally, Citi has split the group into two business units—Citicorp and Citi Holdings. What’s the impact on India? Robinson: The announcement of restructuring Citi’s business into Citicorp and Citi Holdings will have no material impact in India. India, in fact, is already a model for universal bank. Our consumer finance business will fall under Citi Holdings but this will not change the way we run the business. Nayar: It has no impact in India. The restructuring was only to tell the people where our management focus lies. Won’t you be looking to sell CitiFinancial, the consumer finance arm, which is now part of Citi Holdings? Robinson: All businesses under Citi Holdings—the retail brokerage, consumer finance, asset management and others—are run for value. Over time, there are many ways to gain value. You can create value through outright sale or partnerships. The consumer finance business in India is a part of the global Citi business and there could be some partnership globally which could have implications for India. In the meantime, we run the business as usual by improving credit writing skills, people and risk management practices. Nayar: If ever there was a global sale of the consumer finance business... I don’t know if there is any buyer in this market. However, if we were to do that any time, we are ready (for it).. What about your stake in Housing Development Finance Corp. Ltd? Nayar: Our HDFC stake is part of Citicorp. Right now, it is a strategic holding. Citi’s global earnings reflect higher credit costs in Asia, primarily on account of deterioration in asset quality in Indian consumer business. Your comment. Nayar: The Indian consumer finance business is facing rough weather. The global numbers do not catch the latest trend. It’s improving. We are taking steps such as resegmentation of customers, tightening underwriting norms, stepping up collection activity, shutting down not profitable branches. In fact, we have brought down the number of branches to about 125 from more than 200. There is improvement in the consumer finance area. In credit cards, still we have to do some work. Give Mark two more quarters and things will look much better. It’s work in progress. You have exited the auto loan segment. Will you stop issuing credit cards too? Robinson: We have no plans of exiting this business; we are just going slow. Credit cards is a global product line and we are a leading player in the country. With your global balance sheet deep in the red, the parent will not be able to infuse capital in Indian operations any more. Won’t that affect your business? Robinson: The biggest source of capital for us is our local earnings. As an Indian bank, we make money here and reinvest here. Nayar: In December, we got $200 million (Rs978 crore) for CitiFinancial as it needed capital. So, when there is a need, the parent will always step in. We generate sufficient profit to take care and grow Indian business. tamal.b@livemint.com Source: World Business - Livemint.com | 29 Jan 2009 | 7:38 pm Davos Diary, Day 3: Kofi Annan The powerful speeches at Davos on Wednesday from premiers Vladimir Putin of Russia and Wen Jiabao of China gave heavyweight backing for a new inclusive approach to tacking global problems. The mood at Davos so far reflects recognition of the scale of the task ahead and also that business as usual is simply not an option. It’s encouraging that the so-called Brics (Brazil, Russia, India, and China) are demonstrating leadership on global issues. And while the financial crisis, understandably, is top of the agenda here, I am pleased that its impact on developing nations is being discussed. We also need to ensure that other serious challenges are not forgotten. Also Read Kofi Annan’s first two columns on Davos These include the scandal that a billion people on our planet won’t have enough food to eat today. Food prices may have fallen from their frightening high last year. But this must not fool us into thinking the crisis has gone away. It hasn’t. Nowhere is this truer than in Africa—a continent where food production per head has fallen over the last four decades. With the lowest use of fertilizer in the world, grain yields in Africa are a quarter of the global average. The result is misery for millions of families and a huge obstacle to the development of their countries. Click here for more news on WEF 2009 Also See Africa Progress Panel A uniquely green revolution in agriculture, which tackles these long-term structural problems, is desperately needed to provide food security. This requires both greater public and private sector investment in agriculture. Several Asian and West Asian countries are already getting more involved. The challenge is to ensure that local people and economies benefit as well as international investors. We will all share in the rich prize for fixing agriculture in Africa—because it is one of the major keys to unlocking the continent’s potential—and enabling Africa to be part of the solution to the world’s challenges. This is one of the main findings of a report the Africa Progress Panel is launching on Thursday, which highlights how Africa’s growth can help drive the global economy. It also points to opportunities in energy and infrastructure and urges richer countries to keep their pledges to increased development aid to help African countries manage the impact of the global meltdown on their economies and people. The real test is whether, at next year’s Davos meeting, we can point to concrete measures taken, which put into action the ideas and initiatives being proposed this week. To download a copy of Africa: Preserving Progress at a Time of Global Crisis, go towww.africaprogresspanel.org Kofi Annan is a former secretary general of the United Nations. Respond to this column at feedback@livemint.com Source: World Business - Livemint.com | 29 Jan 2009 | 6:52 pm Davos Diary, Day 3: Ben Verwaayen, CEO Alcatel Lucent The speeches of the prime ministers of China and Russia were also full of warnings, although it was striking to see the confidence China shows—to continue to grow around 8%. But there are also other lessons to learn: Young people are clearly impatient with the mistakes of the present generation. They want a different agenda, a more inclusive one. Also Read Ben Verwaayen’s earlier columns on Davos It is great to talk to the new generation of executives here, talk to them directly, equal to equal. It is exciting to see the continued passion for programmes such as climate change and the World Food Programme. Click here for more news on WEF 2009 Let’s face it, if we want to regain confidence, it won’t be by recreating the world we had when we went into the tunnel of this crisis. This is Switzerland, you sometimes go into a tunnel with one climate and come out with another. That will happen in the economy as well: It will be different and we are better prepared. Ben Verwaayen is chief executive of Alcatel-Lucent. Respond to this column at feedback@livemint.com Source: World Business - Livemint.com | 29 Jan 2009 | 6:52 pm RBI plans norms for govt banks to enter pvt equityThe Reserve Bank of India is formulating guidelines that would allow government-owned banks get into the private equity (PE) business.Source: Business Standard | Front Page Headlines | 29 Jan 2009 | 6:42 pm B K Modi throws his hat in the ringBhupendra Kumar Modi of Spice Corp today sent an expression of interest to the new Satyam Computer Services board to acquire the fraud-hit company. Our board met today and we have informed the Satyam board of our intent, Modi told Business Standard.Source: Business Standard | Front Page Headlines | 29 Jan 2009 | 6:41 pm L seeks management control of SatyamIts official now. Engineering giant Larsen & Toubro (L&T) has sought management control of Satyam.Source: Business Standard | Front Page Headlines | 29 Jan 2009 | 6:40 pm Pranab-bank meet may lead to more rate cutsBanks say cost of funds still high, sectoral cuts possible.Source: Business Standard | Front Page Headlines | 29 Jan 2009 | 6:39 pm Sony, Nintendo, Toshiba report tough quartersTokyo: The holiday shopping season brought little cheer to Japan’s big-name electronics makers. Sony and Nintendo released results on Thursday showing their earnings fell in the October-December quarter, as both saw profits squeezed by the stronger yen. Sony said sales of its mainline electronic goods plummeted. Another industry giant, Toshiba, said it slid into the red for the quarter and slashed its annual income projection. Sony’s net profit fell 95 percent in the quarter, while Nintendo said its net income fell 18% in the nine months through December. It did not provide a quarterly breakdown. The immediate outlook was also discouraging. Nintendo, considered one of the bright spots among Japan’s struggling manufacturers cut its earnings estimate for the full fiscal year through March, and Sony repeated its forecast of its first annual net loss in 14 years. “From the second half of September last year, there has been a sudden deterioration in the economy, and with the effects of foreign exchange it has had severe consequences on our business,” said Sony Chief Financial Officer Nobuyuki Oneda. Sony’s net profit shriveled to ¥10.4 billion ($115.6 million) in the third quarter from ¥200.2 billion a year earlier. Revenue fell 25% to ¥2.15 trillion from ¥2.86 trillion. Sony stuck with the forecast it released last week for a ¥150 billion net loss for the full fiscal year, a reversal from a net profit of 369.4 billion yen last year. The last and only time Sony reported a loss, for the fiscal year ending March 1995, the red ink came from one-time losses in its movie division, marred by box office flops and lax cost controls. The latest quarter includes the year’s peak shopping season and is usually a big one for Japan’s electronics heavyweights. Sony’s electronics division generates over half of its total revenues with well-known products such as Bravia TVs, Cyber-shot digital cameras and Vaio computers. But sales of such products fell nearly across the board as consumers held back, and Sony’s electronics division posted an operating loss of ¥15.9 billion versus a ¥200.6 billion profit a year earlier. It was the first time the division has posted a loss in the October-December quarter. The company has repeatedly warned of its troubled finances over the past few weeks, and the dismal numbers were in line with analysts’ forecasts. But many said the weakness in electronics was a troubling sign, as the division has long been a source of steady profits, even as other areas struggled. Unlike Sony, Nintendo has little to worry about on the sales front. Demand for its two main products the Wii gaming console and the DS handheld device is stronger than ever despite the deepening global slowdown. Both the Wii and DS smashed holiday and annual sales records in the U.S., and revenue would have been even better had the company not struggled with supply shortages. The company expects to sell a record 26.5 million Wii units worldwide this fiscal year. But consumer enthusiasm hasn’t been enough to keep Nintendo’s profit on track in the face of a stronger-than-expected yen, which has also dragged down rivals including Sony. Nintendo surprised analysts Thursday by downgrading its full-year net profit forecast by 33% to 230 billion yen its second cut in three months and trimming its year-end dividend. The company said it expects foreign exchange losses of about 200 billion yen this fiscal year, while Sony said foreign exchange movements have drained about 216 billion yen from its operating income so far this year. Mia Nagasaka, an analyst at Barclays Capital in Tokyo, said the latest numbers confirm that while Nintendo’s core business remains “healthy,” the appreciating yen has seriously undermined its bottom line. “It was a little bit shocking that they revised down their earnings forecast,” she said. In recent months, the dollar has hovered near 90 yen after rising as high as 117 yen last year. For the April-December period, Nintendo’s net profit fell to 212.5 billion yen from 258.9 billion yen a year earlier. Operating profit rose 27 percent to 501.3 billion yen, and revenue jumped 17 percent to 1.54 trillion yen. The company did not provide its own quarterly breakdown, but based on calculations by The Associated Press, net profit for the October-December period tumbled almost 47 percent from the same period a year earlier to 67.6 billion yen, even while revenue climbed 12.5 percent to 699.5 billion yen. Meanwhile, Toshiba Corp. said it sank into the red in the third quarter and expects a loss for the full year, as demand has fallen for its flash memory chips, used to store data in consumer gadgets like music players and digital cameras. The Tokyo-based company reported a net loss of 121 billion yen for the October-December quarter, plummeting from the 80.5 billion yen profit it booked in the same period the year before. It said it now expects a net loss of 280 billion yen ($3.15 billion) for the fiscal year, radically revising an earlier projection of a net profit of 70 billion yen. Toshiba also announced a turnaround plan which includes cutting 4,500 contract workers and delaying or canceling investments in massive new chip plants. Source: Tech News - Livemint.com | 29 Jan 2009 | 5:37 pm Tech blog founder is taking a break nowIf you thought Steve Jobs presented key-man risk at Apple Inc., just consider Michael Arrington. For those who’ve never heard of him, he is the founder of Techcrunch, a blog whose musings on technology and start-ups over the past few years have become required reading to the denizens of Silicon Valley, and which was once valued at some $100 million (Rs489 crore). Click here for breakingviews.com  Whether Techcrunch can exist without its leading light will be a test case for the blogosphere generally. Many blogs rely heavily on the contributions of their creators, making them little more than online columns. Techcrunch is no exception. Arrington’s extensive tech-industry connections helped the blog break stories—like Google Inc.’s purchase of YouTube—that made it a must-read. With Arrington out, rivals have an opportunity to nab his two million monthly readers. After all, they will still be looking for insight on technology and may switch their attentions elsewhere if Arrington’s remaining employees are unable to match his consistency or style. It also clouds the potential for blogs to sell themselves to traditional media companies. The Huffington Post, which recently raised $25 million, and others are well ahead in creating diverse revenue streams and developing multiple content sources. But their businesses are also untested against a departure of their founders. By taking a break, Arrington may be doing them and the rest of the blogosphere a favour in seeing whether one of these businesses can prosper without its key man. Source: Tech News - Livemint.com | 29 Jan 2009 | 4:25 pm
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