|
|
|
|
Kiran Karnik is Chairman of Satyam board: PC GuptaPC Gupta, Minister, Corporate Affairs said Kiran Karnik has been appointed as Chairman of Satyam board. He also said that the SFIO probe is extended to 325 companies and 25 individuals related to Satyam. Pricewaterhouse Bangalore will also be probed by SFIO, he added.Source: Moneycontrol Top Headlines | 6 Feb 2009 | 6:24 pm Analysis: Why AS Murty was made Satyam CEOThe intention to appoint somebody from within like AS Murty has been in keeping with the fact that the next threefour months are going to be extremely crucial. Its a governmentappointed board and, at some point of time, a new management will have to come into place and take on.Source: Moneycontrol Top Headlines | 6 Feb 2009 | 4:11 pm After DLF price cut, other realty cos may rethink pricesThis week the country\'s largest real estate company, DLF had good news for home buyers. The company declared it will cut prices by 20% across markets. Other realty majors like Unitech, Puravankara, Parsvanath and Orbit Corporation are likely to come under pressure.Source: Moneycontrol Top Headlines | 6 Feb 2009 | 3:36 pm Maytas founders pledge 15.1 pct stakeMUMBAI (Reuters) - Maytas Infra Ltd, the firm run by the family of fraud-hit Satyam Computer Services' founder, said on Friday three promoters have pledged all their 15.14 percent stake in the real estate company.Source: Reuters: Money News | 6 Feb 2009 | 2:14 pm Satyam suitor backs away; new chairman appointedBANGALORE (Reuters) - A potential bidder for fraud-tainted Satyam Computer Services backed away from a deal on Friday, as one of the members of the new board was appointed as the chairman of the outsourcing company.Source: Reuters: Money News | 6 Feb 2009 | 2:10 pm SFIO probe into Satyam to cover PW-Bangalore, 350 entities - Business Standard
Source: Google News India - Business | 6 Feb 2009 | 2:07 pm India says ban on Chinese toys for public safety - Reuters
Source: Google News India - Business | 6 Feb 2009 | 2:06 pm Kiran Karnik appointed chairman of SatyamBangalore: A potential bidder for India’s fraud-tainted Satyam Computer Services backed away from a deal on Friday, as one of the members of the new board was appointed as the chairman of the outsourcing company. The union government said Kiran Karnik, former president of software industry body Nasscom, would assume the role of Satyam chairman, a day after the outsourcing firm named a new chief executive and secured funding to help retain clients and employees. Karnik is one of the six-man Satyam board, constituted by the government in the wake of the massive accounting fraud at the company. Separately, US-based iGate Corp said it now has no interest in buying Satyam due to lack of clarity on liabilities of the company -- snared in India’s biggest corporate scandal -- chief executive Phaneesh Murthy told Reuters on Friday. Also Read The Satyam Fiasco (Full Coverage) “I have very little interest or no interest left in this company right now,” said Murthy, who was previously the global sales chief at rival Infosys Technologies and spearheaded strong sales growth in the key US market. Satyam has been battling for survival after founder and former chairman Ramalinga Raju disclosed last month profits had been overstated for years. Raju is in jail pending trial. A team from the market regulator Securities and Exchange Board of India has finished questioning Raju and Rama Raju, the founder’s brother and Satyam’s former managing director, in connection with the fraud, a regulator official said. The Supreme Court had granted the regulator permission to question the Raju brothers. “My interest has progressively been coming down with every passing day. And my concern is that the restatement of financial statements will take anywhere from three to six months,” iGate’s Murthy told Reuters from Fremont, California. iGate said last month it was keen to acquire Satyam, helped by private equity funds, joining other potential bidders including Larsen and Toubro, attracted by Satyam’s global clients. Analysts said it is unlikely that a bidding process will be set until there is clarity on changes to India’s takeover rules and a restatement of Satyam’s accounts. “The key is how fast the company gets the things sorted out, because as time passes the interest of potential buyers will keep coming down,” said Tejas Doshi, head of research at Sushil Finance. Source: Home - Livemint.com | 6 Feb 2009 | 2:01 pm Govt says ban on Chinese toys for public safetyNEW DELHI (Reuters) - The trade minister said on Friday the government's decision to ban imports of Chinese toys was taken on the grounds of public safety and the move was compatible with World Trade Organisation rules.Source: Reuters: Money News | 6 Feb 2009 | 1:42 pm Vodafone India head to retire, replacement namedMumbai: Vodafone Essar, a joint venture with India’s diversified Essar group controlled by Vodafone has said that its chief executive Asim Ghosh will retire in March and named Marten Pieters to replace him. Pieters was earlier the CEO of Celtel International BV, a pan-African mobile operator, the firm said in a statement. Ghosh will continue as a non-executive member on the board of Vodafone Essar, it said. Vodafone has 63 million subscribers in India, the world’s fastest growing mobile market. Source: Home - Livemint.com | 6 Feb 2009 | 1:42 pm Kochi port becomes the first e-port in the country - Economic Times
Source: Google News India - Business | 6 Feb 2009 | 1:39 pm PwC dragged into Satyam class action suitsIn a new class action lawsuit over the Satyam scandal, PwC, along with its Indian and international units, has been charged with having "recklessly disregarded" the fraud.Source: Daily News & Analysis: Money News | 6 Feb 2009 | 1:39 pm Kiran Karnik appointed chairman of SatyamThe government on Friday announced the appointment of Nasscom past-president Kiran Karnik as chairman of Satyam's six-member board.Source: Daily News & Analysis: Money News | 6 Feb 2009 | 1:25 pm Bond yields fall as borrowing fears easeMumbai: Bond yields plummeted on Friday after the Reserve Bank of India (RBI) governor said the government’s borrowing programme would be managed to minimize its market impact, soothing concerns about a possible flood of supplies. The market had been worried that the government may announce a large increase in bond auctions before the 2008-09 fiscal year ends on 31 March, with the yield on the 2018 bond hitting an eight-week high of 6.53% on Thursday, 167 basis points (bps) above a life-time low of 4.86% in early January. On Friday, the yield on the 8.24% 2018 bond was quoted at 6.19%, after falling as low as 6.14%. It had ended at 6.49% on Thursday. Volumes were a high Rs116 billion ($2.38 billion) on the RBI’s trading platform with the 2018 bond being the most traded. “The central bank governor’s statements were quite supportive for the medium term and yields are expected to move down, as the only major concern the market had was additional government borrowing,” said Arvind Sampath, head of rates trading at Standard Chartered Bank. Dealers have speculated that the RBI may buy government bonds through a private placement, or counter the impact of additional supply through its open market operations to reduce the effect of additional borrowing, but Subbarao said no decision has been taken yet. The government has already sold Rs550 billion ($11.3 billion) of bonds in excess of its budget estimate of Rs1.35 trillion for 2008-09, and has approval to sell another 150 billion before the end of February. On Wednesday, economic affairs secretary Ashok Chawla told Reuters the government would announce any extra borrowing for 2008-09 in the interim budget, also known as the vote-on-account, on 16 February. RBI said on Friday it set a cut off price of Rs104.03 at the auction of 7.46% federal bonds maturing in 2017, corresponding to a yield of 6.8292%. Dealers said auction results were largely in line with market expectations. The apex bank is due to auction the remaining Rs80 billion of bonds during 13-20 February, according to the central bank’s indicative calendar. Source: Home - Livemint.com | 6 Feb 2009 | 1:24 pm Bond yields fall as borrowing fears ease - Livemint
Source: Google News India - Business | 6 Feb 2009 | 1:21 pm Indian rupee gains as stocks end higher - Reuters India
Source: Google News India - Business | 6 Feb 2009 | 1:17 pm MTNL to launch 3G services in Mumbai by Feb endMahanagar Telephone Nigam Limited (MTNL) announced 3G promotional offer Rs 599 for basic package Thursday. However, reports say that 3G are services restricted to Central Delhi and adjoining areas. Commenting on the same, RSP Sinha, CMD, MTNL, said the company is expecting to launch the 3G offer in Mumbai towards the end of February.Source: Moneycontrol Top Headlines | 6 Feb 2009 | 1:09 pm Indian sugar up for 2nd day on output, global mkts - Reuters India
Source: Google News India - Business | 6 Feb 2009 | 1:07 pm Indian call rates near 4 pct on ample cash - Reuters India
Source: Google News India - Business | 6 Feb 2009 | 1:07 pm Kiran Karnik appointed Satyam chairman - minNEW DELHI (Reuters) - Kiran Karnik has been appointed chairman of the board of fraud-hit Satyam Computer Services, a day after the firm appointed its new chief executive, Corporate Affairs Minister Prem Chand Gupta said on Friday.Source: Reuters: Money News | 6 Feb 2009 | 1:05 pm India sees no signs of economic crisis abatingIndia said it saw no signs of the global economic crisis abating in the near future and prescribed higher public spending.Source: Daily News & Analysis: Money News | 6 Feb 2009 | 1:05 pm PepsiCo plans new advertising campaign for 7UPAs part of its investment project for India announced last year, global beverage player PepsiCo is planning to launch an advertising campaign for 7UP.Source: Daily News & Analysis: Money News | 6 Feb 2009 | 1:03 pm Recession? IPL II jumpstarts with multimillion dollar auctionAll talk of economic slowdown and austerity was thrown out of the window Friday as India's obsession cricket put on yet another grandiose display at the 'Players' Bazaar' aka the Indian Premier League (IPL) auction ahead of the second edition of cricket's latest innovation.Source: IndiaeNews.com: Business News | 6 Feb 2009 | 1:00 pm Cement demand to grow 6-8%: Ambuja Cements - Moneycontrol.com
Source: Google News India - Business | 6 Feb 2009 | 12:57 pm Rupee ends up on equity markets gainMumbai: The rupee on Friday ended higher by another 9paise to close at nearly a four-week high of Rs48.68/69 on the back of a surge in stock markets amid weakness in dollar overseas. In range-bound trade at the Interbank Foreign Exchange (Forex) market, the rupee closed at Rs48.70/71 9paise higher from its previous close of Rs48.77/79 a dollar. Later, it moved in a range of Rs48.66 and Rs48.77 before settling the day at Rs48.68/69 a dollar. Forex dealers attributed the rise in the rupee to smart recovery in the BSE Sensex, which ended up by nearly 210 points or 2.31% on strong global cues and expectations of more sops in the forthcoming interim budget. Asian shares also ended stronger following a good rally on Wall Street last night on expectations of a massive US stimulus package later in the day. The dollar was trading in a narrow range against the Asian currencies on Friday as attention was focused on the fate of the US stimulus package and the announcement of jobs data. According to analysts, the rise in the rupee was restricted by sustained capital outflows. Meanwhile, global crude oil prices were trading above $40 a barrel in Asian trade. Source: Home - Livemint.com | 6 Feb 2009 | 12:54 pm No concern over Murty\'s December stake sale: SatyamT Hari. Head Marketing and Communication, Satyam there was nothing to be alarmed by the stake sale by its new CEO AS Murty in December, just before the Maytas deal. The board, he said, had carried out due diligence and was not concerned about Murty\'s role.Source: Moneycontrol Top Headlines | 6 Feb 2009 | 12:40 pm Educomp denies promoters pledged shares - Economic Times
Source: Google News India - Business | 6 Feb 2009 | 12:39 pm New Satyam CEO seen as stand-in before saleBANGALORE (Reuters) - The professional mission of the new chief executive of Satyam Computer Services is -- to enable ordinary people to perform extraordinary tasks -- and this is the exact quality he requires to ensure the survival of the fraud-tainted outsourcer.Source: Reuters: Money News | 6 Feb 2009 | 12:36 pm Market opens higher on global cues!Sensex today opened higher by over 123 points on funds buying amid firming global trend.Source: Zee News : Business | 6 Feb 2009 | 12:34 pm US desperately needs the bailout: Obama!Barack Obama has said that US desperately needs the bailout and failure will be a catastrophe.Source: Zee News : Business | 6 Feb 2009 | 12:34 pm Satyam contracts under review: WHO!In the wake of the country`s biggest corporate fraud rattling Satyam Computer, one of its clients, World Health Organisation, on Thursday said it is reviewing "carefully" its contracts with the Indian firm.Source: Zee News : Business | 6 Feb 2009 | 12:34 pm News Corp posts biggest quarterly loss on writedown !Rupert Murdoch`s News Corp posted its biggest ever quarterly net loss, after taking an USD 8.4 billion writedown for the value of its Dow Jones acquisition, broadcasting licenses and other assets.Source: Zee News : Business | 6 Feb 2009 | 12:34 pm No interest in buying Satyam: iGate !iGate has said that it has no interest in buying Satyam in the absence of clarity on liabilities.Source: Zee News : Business | 6 Feb 2009 | 12:34 pm Weekly Recap 2nd - 6Feb 2009Welcome to the Week in Review on livemint.com. A show that brings you up to date on the week that was. Here are the top stories of the week...  After RBI, the government now nudges banks to cut rates. Watch that credit spend, as banks are allowed to charge as much as 49% on credit cards And as Satyam gets a new CEO, Sebi finally gets to question Raju For all that and more, stay with me. I’m Mehak Kasbekar The country’s largest bank, the State Bank of India on Jan 31st locked housing loans at 8% for one year. The announcement came just a day before the acting finance minister Pranab Mukherjee met with public sector bank officials and nudged them to cut interest rates. State-owned banks said they are willing to cut rates provided the cost of funds and inflation remain low. SK Goel, chairman Uco bank “With inflation coming down, there is a scope for cut in lending and deposit rates by 200 basis points. Our bank will cut the rates in 2-3 tranches by March 31. Byte: Corporation Bank chairman JM Garg: “We are also reducing on the retail loans, housing loans, education loans, auto, personal loans. This should come as a relief to RBI, which has been pushing banks to pass on benefits of rate cuts to its clients. And in what could be a major blow to consumers, banks could charge an annual interest rate of up to 49% on credit cards for late payment. ((take visuals)) The Supreme Court on Tuesday stayed an order issued by consumer court that restrained banks from charging interest rates in excess of 30% per year from credit card holders. Citibank, HSBC, American Express Bank and Standard Chartered Bank had sought a stay on the commission’s order, saying placing a restriction on interest rates for delayed payment by card holders would lead to significant losses for banks. And fraud hit Satyam gets a CEO. A.S. Murty, a Satyam executive for 15 years, took charge of the company on Friday almost a month after the scam broke out. In a simultaneous development the Securities and Exchange Board of India finally got to grill Ramalinga Raju. The second season of the Indian Premier League has acquired more glitter. Actress Shipla Shetty joined the long line of bollywood stars who own IPL teams. Shilpa Shetty and her UK based beau Raj Kundra forked out 15.4 million dollars for an 11.7% stake in Rajasthan Royals. If the company were to be listed, it would have given best return compared to any other asset class. The Royals started as the underdogs last season and ended up winning the first Indian Premier League season. Source: Home - Livemint.com | 6 Feb 2009 | 12:30 pm Swaps rate ease on RBI chief remarksMumbai: The swap rates eased across tenures on Friday, following the falling bond yields, which reflected hopes of an interest rate cut in coming weeks. Yield on the benchmark 10-year bonds fell 35 basis points (bps) from an eight-week high of 6.49%, after the Reserve Bank of India (RBI) governor said on Friday the bank will minimize the impact of the government’s borrowing program on the market. The governor’s comments indicate lesser supplies in the fiscal year ending March than it had been expecting, two foreign bank dealers and a private bank trader said. “Swaps took cues from the bond yields, ” one foreign bank dealer said. The benchmark 5-year swaps closed at 4.80/4.86% from its previous close of 4.90/4.96%. Swaps of 1-year tenure fell to 3.87/3.93% from Thursday’s close of 3.96/4.03%. “Five-year swaps can fall as low as 4.60% any time now,” the dealer said. Since mid-October, the apex bank has cut its key short-term lending rate by 350 bps and the 5-year swap rate has fallen more than 200 bps so far since then. At close, volumes were at Rs27.50 billion on the RBI’s electronic platform. Source: LatestNews-Home - Livemint.com | 6 Feb 2009 | 12:28 pm Reliance Entertainment expands its Hollywood presenceMumbai: Reliance Big Entertainment, a unit of Anil Ambani’s ADA Group, said on Friday it has signed development deals with Julia Roberts’ Red Om Films and Brett Ratner’s Rat Entertainment, expanding its Hollywood presence. Reliance Entertainment, which last September signed a deal with DreamWorks SKG for a new $1.2 billion film company, also has separate deals with seven Hollywood production houses run by A-list actors, including George Clooney, Brad Pitt and Tom Hanks. Reliance ADAG, which also has interests in telecom, financial services and energy in India, may co-finance projects with the nine Hollywood production houses, according to a statement. There is “a handpicked slate in excess of 20 projects” between the nine production houses, and most of these will generate content during 2009, said the statement, which did not disclose financial details of the new deals. “Our foray into Hollywood has proven very productive on the development front, and we are now looking forward to moving into the filmmaking stage over the coming months,” Amit Khanna, chairman of Reliance Big Entertainment, said in the statement. Los Angeles-based Creative Artists Agency was “instrumental in brokering the deals” and is advising Reliance Big Entertainment on its Hollywood strategy, it said. For the Hollywood studios, Reliance ADAG provides a growing presence in production, distribution and exhibition in India. Billionaire investor George Soros last year paid $100 million for a small stake in Reliance Entertainment, and its venture with DreamWorks SKG will start shooting films by the summer. Walt Disney Studios, Viacom Inc, Sony Pictures, Warner Brothers and News Corp’s Fox Star Studios all have local co-production deals in India. Revenues from India’s film industry, the world’s most prolific, is forecast to rise to about $4 billion by 2012. Source: LatestNews-Home - Livemint.com | 6 Feb 2009 | 12:28 pm Vodafone Essar MD Asim Ghosh to step down - Economic Times
Source: Google News India - Business | 6 Feb 2009 | 12:25 pm U.S. stimulus hopes offset corporate, economic wreckageLONDON (Reuters) - Japanese firms took heavy body blows on Friday and data showed German and British industry output plunged in December, ahead of figures expected to show the United States shed more than 500,000 jobs in January.Source: Reuters: Money News | 6 Feb 2009 | 12:16 pm Adidas to tap IPL,Soccer World Cup,capitalise on Bhambri's winAdidas is planning a pan-Indian marketing campaign by tapping the IPL cricket series and the 2010 Soccer World Cup in South Africa.Source: Daily News & Analysis: Money News | 6 Feb 2009 | 12:05 pm BSE Sensex rises 2.3 pct; Reliance ralliesMUMBAI (Reuters) - The BSE Sensex climbed 2.3 percent on Friday, bolstered by hopes for another economic stimulus package to support flagging growth and taking cues from gains in Asia and Europe.Source: Reuters: Money News | 6 Feb 2009 | 12:02 pm India, Germany form panel on automotive sectorIndia and Germany have set up a joint working group (JWG) for the automotive sector for increased cooperation in the field of technology, skill development and framework development.Source: IndiaeNews.com: Business News | 6 Feb 2009 | 12:01 pm Jammu and Kashmir may opt for vote-on-accountThe National Conference (NC)-Congress coalition government in Jammu and Kashmir will have to go for vote-on-account for three months rather than a full-fledged annual budget during the legislative session this month.Source: IndiaeNews.com: Business News | 6 Feb 2009 | 12:01 pm Sundaram Brake to raise Rs.150 mn from rights issueAutomobile brake lining manufacturer and part of TVS Group, the Rs.1.87-billion Sundaram Brake Linings, has decided to tap its shareholders for working capital needs.Source: IndiaeNews.com: Business News | 6 Feb 2009 | 12:01 pm Liquidity, smooth government borrowing to be ensured: RBIReserve Bank of India (RBI) Governor D. Subbarao Friday said he will ensure enough liquidity in the financial system and manage the government's borrowing programme in the 'least disruptive' manner.Source: IndiaeNews.com: Business News | 6 Feb 2009 | 12:00 pm Raju may have indulged in insider tradingSecurities Exchange Board of India (Sebi) continued questioning Ramalinga Raju for the second day on Thursday. While the Sebi team has refused to comment on what\'s transpired at the twoday session, CNBCTV18 learns that the team may have uncovered evidence pointing to insider trading by Raju. CNBCTV18s Pranshu Sikka reports.Source: Moneycontrol Top Headlines | 6 Feb 2009 | 11:57 am Trai suggestion in 2-3 weeks on promoters lock-in issueKolkata: Telecom watchdog Telecom Regulatory Authority of India (Trai) on Friday said it would submit its recommendation to the government on lock-in period for promoters equity for Unified Access Service (UAS) licensees in the next two to three weeks. “The government had asked us to give our view on the promoters lock-in issue. We have completed the consultation process and will submit our recommendations in the next two to three weeks,” Trai chairman Nripendra Misra told reporters in Kolkata. The Department of Telecom (DoT) had sought Trai’s recommendations to introduce a regulation that promoters, who have 10% or more stake in a firm and whose net worth has been considered to determine the eligibility for grant of UAS licence, should not sell their equity in the UAS licencee firm for three years from the effective date of the licence. DoT had recommended that the existing telecom licensing norms should be amended and a three to five year lock-in period be imposed on the UAS licencee firm on the sale of promoters equity in start-up companies which were given licences in early 2008. Source: LatestNews-Home - Livemint.com | 6 Feb 2009 | 11:47 am Trai suggestion in 2-3 weeks on promoters lock-in issueKolkata: Telecom watchdog Telecom Regulatory Authority of India (Trai) on Friday said it would submit its recommendation to the government on lock-in period for promoters equity for Unified Access Service (UAS) licensees in the next two to three weeks. “The government had asked us to give our view on the promoters lock-in issue. We have completed the consultation process and will submit our recommendations in the next two to three weeks,” Trai chairman Nripendra Misra told reporters in Kolkata. The Department of Telecom (DoT) had sought Trai’s recommendations to introduce a regulation that promoters, who have 10% or more stake in a firm and whose net worth has been considered to determine the eligibility for grant of UAS licence, should not sell their equity in the UAS licencee firm for three years from the effective date of the licence. DoT had recommended that the existing telecom licensing norms should be amended and a three to five year lock-in period be imposed on the UAS licencee firm on the sale of promoters equity in start-up companies which were given licences in early 2008. Source: Tech News - Livemint.com | 6 Feb 2009 | 11:47 am Royal Mail may cut 16,000 jobsLondon: Postal service firm Royal Mail is looking to cut up to 16,000 jobs or 10% of its total workforce as a part of its huge cost-reduction plan, a media report says. “Royal Mail is intending to cut up to 16,000 jobs one in 10 of its workforce to reduce costs by 10%”, The Daily Mirror newspaper said in its the online edition. According to the report, the company employs about 1,60,000 people. Citing internal Royal Mail documents, The Daily Mirror revealed that, “all teams have been given a 10% cash reduction target and so we need to focus not only on where we can deliver an excellent service with fewer roles but also opportunities to spend less cash.” The company is writing to staff with details of redundancy offers under a plan naming ‘Project Tiger’ in a move to reduce its wage bill by £470 million a year. Royal Mail chief executive Adam Crozier, who earns £3 million a year, last month said that all parts of the group were making money for the first time in 20 years, the report noted. “Royal Mail is writing to staff offering three options voluntary redundancy, part-time work or switching to another office”, the report said. The Mirror further noted that those opting for part-time jobs would have their hours cut from 40 a week to less than 25. However, the report quoted Communication Workers Union Deputy Leader Dave Ward as saying that, “we are not opposed to modernisation but these are random savings which have not been properly worked out.” “They have nothing to do with modernisation, they are panic measures which will hit the quality of service,” Ward added. Meanwhile, the company insists that job losses are inevitable as it is delivering five million fewer items a day than two years-ago, the daily stated. Postal services provider had shed 50,000 jobs since 2002, it added. Source: LatestNews-Home - Livemint.com | 6 Feb 2009 | 11:46 am NAB to suspend "early stage" work with SatyamAustralian financial services provider National Australia Bank said that it will suspend all "early stage" projects with Satyam Computer Services.Source: Daily News & Analysis: Money News | 6 Feb 2009 | 11:44 am Govt to take more steps to protect growth, jobsNEW DELHI (Reuters) - The government will roll out further measures to protect growth and jobs as the global economic slump worsens, the acting finance minister said on Friday, days after a survey showed firms sacked half a million workers in the December quarter.Source: Reuters: Money News | 6 Feb 2009 | 11:41 am WHO reviewing contracts given to SatyamThe World Health Organisation has said it has found no evidence of fraudulent practices by its vendor Satyam.Source: Daily News & Analysis: Money News | 6 Feb 2009 | 11:40 am Reliance hires 3 deep sea drilling rigs from Transocean IncReliance Industries has hired three ultra deep sea drilling rigs for USD 2.86 billion from Transocean Inc of the US for its oil and gas exploration campaign.Source: Daily News & Analysis: Money News | 6 Feb 2009 | 11:38 am Satyam pledges land to secure Rs 600-cr loanIDBI, Bank of Baroda and LIC have sanctioned short-term loans worth Rs 600 crore to beleaguered IT major Satyam Computer.Source: Daily News & Analysis: Money News | 6 Feb 2009 | 11:36 am Close: Markets rally 2.3% on US stimulus hopeNew Delhi: Markets gained grounds on Friday, advancing to end 2.3% up on positive global cues as European markets opened positive. The Bombay Stock Exchange benchmark Sensex rallied since morning, buoyed by firm Asia and expectations of second stimulus package to revive the US economy. Trading was green across the board, mainly led by the oil and gas, metal, banking, consumer durables and technology stocks. The 30-share BSE Sensex today rebounded from Thursday’s 1.2% slip and ended 209.98 points up at 9,300.86 and the NSE Nifty traded above the 2,800mark closing at 2,843.10 or 63.05 points down. Touching its one-year low, the declining inflation rate announced on Thursday at 5.07% on 24 January also influenced bullish sentiment in the market today. Through most part of the day Reliance industries were rallying on the index. Reliance Industries surged by 4.41% to Rs1,343.50 and Reliance Infra, which was leading during midsession ended higher by 4.02% to Rs540.65. Ranbaxy Laboratories was on top of the rally by 7.08% to Rs223.80, along with Grasim Industries Ltd by 6.57% to Rs1,413.35, Tata Motors 4.64% to Rs137.60 and ICICI Bank by 4.09% to Rs406.95. Auto sector that was battered in yesterday’s trade due to falling sales also revived. Tata Motors gained top by 4% and Mahindra and Mahindra by 2.77%. Asian markets remained positive as they eagerly awaited Senate vote on $912 billion US stimulus. Hong Kong’s Hang Seng retained its upward trend for the third day and ended 4% and Japan’s Nikkei climbed by 1.6%. Source: Home - Livemint.com | 6 Feb 2009 | 11:30 am Pietersen, Flintoff fetch record pricesPanaji: England players Kevin Pietersen and Andrew Flintoff fetched $1.55 million (approximately Rs7.35 crore) each at the Indian Premier League player auction Friday, setting a record for the highest amount paid for a player in the Twenty20 competition. Flintoff was snapped up by Chennai Super Kings, which last year set the previous record of 1.5 million for Indian captain Mahendra Singh Dhoni. Bangalore’s Royal Challengers secured Pietersen. Bangalore’s owner Vijay Mallya said he was prepared to pay more for Pietersen. “It was a very worthwhile investment,” Mallya told reporters after the first round of bidding. Also Read Airtime rates fall as slowdown hits IPL “Team balance was important and Kevin was certainly important in maintaining that balance.”  Kevin Pietersen / Reuters South African JP Duminy was sold for $950,000 to Mumbai Indians, more than three times his reserve price. Australia paceman Shaun Tait was the first player auctioned, going to defending champions Rajasthan Royals for $375,000, where he will join former Australia teammate Shane Warne. All contracts were for two seasons, rather than the three of last year. The 2009 IPL season will be held from 10 April to 29 May. Also See IPL Auction | Who got whom (PDF) Delhi Daredevils bought England pair Paul Collingwood and Owais Shah for $275,000 each, while West Indies paceman Fidel Edwards went for $150,000 to Hyderabad’s Deccan Chargers. Teams were permitted to spend a maximum of $2 million on acquisitions this year, but that amount was adjusted downward for teams that had already signed some player contracts ahead of the auction. This year’s auction is different from that in 2008, when teams went out to pick their entire squad. Now, they only have to top it up with a few players or fill in vacancies caused by non-availability of some cricketers.  Andrew Flintoff / Reuters On Thursday, IPL chairman Lalit Modi said franchisees affected by the Pakistan government’s decision to bar its players from the second IPL could rope in replacements once the auction is over. Accordingly, Kolkata Knight Riders can bring in Umar Gul’s replacement, Bangalore Royal Challengers can recruit another to substitute Misbah-ul-Haq while Rajasthan Royals can draft in a couple to make up for the absence of Sohail Tanvir and Kamran Akmal. Players are allowed to miss IPL matches only due to injury or if they have to represent their national teams in Tests or limited-overs internationals. Source: Home - Livemint.com | 6 Feb 2009 | 11:28 am Long road to normalcy ahead for Satyam: ExpertsExperts are of the view that, even after AS Murtys appointment, it wouldnt be an easy job for the company to limp back to normal operations. Murtys role is fraught with challenges to deal with customers, said Raman Roy of Quatrro BPO, while Sandeep Parekh of IIM Ahmedabad said questions would be asked of the CEO himself.Source: Moneycontrol Top Headlines | 6 Feb 2009 | 11:27 am HDFC launches scholarship for studentsBangalore: HDFC Bank on Friday announced the launch of “HDFC Bank Meritus scholarship” that will shortlist the best 5000 students for an educational scholarships totalling Rs1.5 crore per year using various academic and non-curricular criteria. The scholarship aims to cover class 4 to 9 students across the country. It is running this programme in association with ‘Horlicks’. The bank said in a statement the programme seeks to reward all-round excellence among students and help contribute to their overall development. The awardees from all over the country would receive a scholarship ranging from Rs2,500 to Rs10 Lakh. To qualify for the scholarship, registered students have to undergo four rounds of tests — two telephonic and two written — over a period of 16 weeks. To ensure that parents are equally involved in the overall progress of their child, the first two participation rounds would be conducted via telephone through an Interactive Voice Recording system, it was stated. Source: LatestNews-Home - Livemint.com | 6 Feb 2009 | 11:25 am Satyam pledges land to secure Rs600 cr loanMumbai: IDBI, Bank of Baroda and LIC have sanctioned short-term loans worth Rs600 crore to beleaguered IT major Satyam Computer, which has pledged a part of its land-bank for this purpose. Confirming the development, sources said on Friday that certain formalities were yet to be completed, after which the loans would be disbursed. IDBI Bank has agreed to provide Rs200-300 crore of the Rs600 crore loan, while Bank of Baroda and LIC will lend the balance. This will help the scam-hit Satyam meet its immediate expenses including payment of salaries to its employees, rentals for its office premises and payments to vendors, among other things. Satyam is understood to have pledged a part of its huge land-bank in Hyderabad, estimated to be worth between Rs1,500-Rs1,700 crore as security to the lenders. Satyam’s board, after its two-day meeting ended Thursday, said it has received bank loan sanctions worth Rs600 crore that would help it meet its immediate requirements. The board also said that Tata group veteran Homi Khusrokhan and chartered accountant Partho Datta have been brought on board as special advisers. Hyderabad-based Satyam Computer plunged into crisis and its shares plummeted to historical lows after its former Chairman B Ramalinga Raju admitted to cooking up numbers in the company’s balance-sheet. Source: LatestNews-Home - Livemint.com | 6 Feb 2009 | 11:18 am New Satyam CEO seen as stand-in before saleBangalore: The professional mission of the new chief executive of Satyam Computer Services is -- to enable ordinary people to perform extraordinary tasks -- and this is the exact quality he requires to ensure the survival of the fraud-tainted outsourcer. Many analysts see the new chief, AS Murty, a Satyam veteran of 15 years, as a stand-in before the company, snared in India’s biggest corporate scandal, is eventually sold. Murty, 50, who took charge of Satyam on Friday, was previously in charge of delivery of projects to clients -- and is seen more as a technical and behind-the-scenes expert -- rather than a hands-on executive. Also Read The Satyam Fiasco (Full Coverage) He now has the unenviable task of restoring the confidence of Satyam’s 600-plus clients and about 50,000 employees but it is not clear if he will play a key role in any sale process, most likely to be orchestrated by the government. “It’s clearly an interim arrangement before a buyer comes in and puts in place his own management team,” said RK Gupta, managing director of New Delhi-based Taurus Asset Management, which still holds Satyam shares. “It’s a very, very challenging job and no outsider would have accepted the offer given the kind of uncertainties that are there in the company,” he said. Prior to becoming the chief executive, Murty was Satyam’s chief delivery officer and had also worked as human resources head. He joined Satyam in January 1994 after a long stint at top software exporter Tata Consultancy Services. Based in Hyderabad, Satyam, a provider of software and back-office outsourcing services, has been battling to survive since founder and chairman Ramalinga Raju resigned last month after disclosing profits had been overstated for years. Murty, who has worked in the technology industry for nearly three decades, has his task cut out. “I have no misgivings about the enormity of the task in front of us, but together with my colleagues, I am confident we can accomplish the impossible,” he said in a statement after he was named the CEO. Down but not out Shares in Satyam, whose market value has plunged to less than $700 million from $7 billion in May 2008, rose as much as 7% on Friday on hopes the new CEO would be able to keep its client base intact, but later trimmed gains. National Australia Bank , Australia’s largest lender, said on Thursday it would suspend new contracts given to Satyam. Last month, Satyam said US-based State Farm Automobile Insurance had terminated its outsourcing contract. “It is true that we have suffered a blow. The company is down but not out,” Murty said in his first address to staff as CEO. Clients and investors are also on the lookout for any update on a likely sale of the company, which may result in more changes in senior management. “From the customer perspective, I think the bigger issue is who will buy them and what happens after that, than who has become the CEO,” said Sudin Apte, country head of market research firm Forrester. An electric engineer by qualification, Murty, better known as ASM by his colleagues and a little-known figure in the industry, is married and has two children. Source: Home - Livemint.com | 6 Feb 2009 | 11:14 am Kingfisher cuts salaries of its pilots by Rs80,000Mumbai: Moving quietly, private air-carrier Kingfisher Airlines has effected a Rs80,000 cut in the salaries of its pilots. “Earlier, we were being paid a salary of Rs430,000 per month. Now it has been cut to Rs350,000, all in the name of integration (with the erstwhile Deccan),” a Kingfisher pilot said. The salary package is mainly based on the flying hours of about 70 hours, he said, adding that “the whole package has been revised downwards in the name of bringing parity with the erstwhile Deccan pilots”. Kingfisher’s management, while slashing the salaries, has taken the defence that it was only implementing the “Deccan-Kingfisher package structure in Kingfisher post-merger”, the pilot said. The pay cut, effective for sometime now, is understood to have given rise to resentment and heartburn in Kingfisher’s pilot community. A spokesperson of the Vijay Mallya-led airline confirmed the pay cuts but said it was the result of a move “towards a productivity-linked compensation structure, which is the international norm”. Source: LatestNews-Home - Livemint.com | 6 Feb 2009 | 11:04 am Achuthanandan asks central government to help Middle East returneesKerala Chief Minister V.S. Achuthanandan Friday asked the central government to help the large number of the state's diaspora who have lost their jobs in the Middle East.Source: IndiaeNews.com: Business News | 6 Feb 2009 | 11:03 am Reliance Big Entertainment signs deal with Julia RobertsAfter collaborating with seven Hollywood giants, Reliance Big Entertainment, the media and entertainment arm of the Anil Ambani group, has now signed two more deals with actress Julia Roberts and director Brett Ratner.Source: IndiaeNews.com: Business News | 6 Feb 2009 | 11:03 am Markets close in the greenIndian equities markets closed in the positive terrain Friday, with a key index gaining 2.31 percent over its previous close.Source: IndiaeNews.com: Business News | 6 Feb 2009 | 11:02 am Work on chemical hub in West Bengal to begin before pollsConstruction work at the Nayachar Island chemical hub project in West Bengal is likely to begin before the coming Lok Sabha polls this year, state Industry Minister Nirupam Sen said Friday.Source: IndiaeNews.com: Business News | 6 Feb 2009 | 11:02 am Gujarat to expand state transport bus fleetThe Gujarat State Road Transport Corp will buy 1,500 Volvo AC buses to attract more passengers, an official said here Friday.Source: IndiaeNews.com: Business News | 6 Feb 2009 | 11:01 am Kingfisher cuts salaries of its pilots by Rs 80,000Moving quietly, private air-carrier Kingfisher Airlines has effected a Rs 80,000 cut in the salaries of its pilots.Source: Daily News & Analysis: Money News | 6 Feb 2009 | 11:01 am Determined to restore Satyam\'s former glory: AS MurtyThe Satyam board appointed AS Murty, the Global Business Head of Satyam, as the new Chief Executive Officer (CEO) of the beleaguered company with immediate effect. Murthy said, \"I am determined to reinstate Satyam to the rightful place in the industry.\"Source: Moneycontrol Top Headlines | 6 Feb 2009 | 10:57 am More steps on anvil to boost labour-intensive sector: PranabNew Delhi: Fearing further moderation in economic growth in the next fiscal, the Government on Friday said it would take more steps to boost the labour-intensive sectors. “As next year’s outlook is more downbeat... the government will take further steps to ensure that the labour- intensive sectors are less adversely affected,” External Affairs Minister Pranab Mukherjee, who is currently holding charge of the finance portfolio, said while addressing a conference on financial crisis. He further said despite the global economic downturn, India’s economy is expected to grow at 7% in 2008-09, after recording an average growth rate of 9% for the last five years. The government, the minister pointed out, has already taken a “number of measures to inject liquidity, bring down the cost of borrowing and stimulate demand”. Referring to the need of a regional mechanism to prevent deepening of the crisis, the minister said, “We, in Asia, have the capacity to undertake significant counter-cyclical steps to drive the economy forward on the strength of domestic demand”. Mukherjee further said as a fallout of the current economic crisis, the structure of the global economy would change and have far-reaching implications for the future governance of the world. “The structure of global economic governance would need to be changed profoundly with major developing economies having a say in it,” he said, adding that the failure to do so would result in new investment barriers and global market fragmentation. Also, he added, a greater economic co-ordination would be needed at both regional and global level to achieve movement of capital. “The aid and trade flows to the developing world must be maintained,” he added. The minister also emphasised that global financial institutions need to mobilise more resources for building rural economies of developing countries. “To me, there is a necessity, once again, to revisit Gandhian economics with its emphasis on rural self help and sustainable economic development. Anything contrary would be disastrous,” Mukherjee said. About economic growth, Mukherjee quoted an IMF report to point out that growth rates in the developing world would remain positive, though the developed nations would experience a contraction by 2% — first time since the second world war. Source: LatestNews-Home - Livemint.com | 6 Feb 2009 | 10:51 am Glenmark scales down base biz growth target to about 20%Glenn Saldanha, MD and CEO, Glenmark Pharma, said the company will be able to close several outlicensing deals in 1214 months. He said, We have scaled down base business growth target to about 20%, but we expect significant margin expansion in base business going forward.Source: Moneycontrol Top Headlines | 6 Feb 2009 | 10:47 am Godrej appoints Dalip Sehgal as MD, Adi Godrej to be chairmanMumbai: FMCG major Godrej Consumer Products on Friday announced the appointment of Dalip Sehgal as the new Managing Director of the company. Under the reconstitution of board, Adi Godrej would now be the company’s chairman, Godrej Consumer Products said in a filing to the Bombay Stock Exchange. Adi Godrej is at present the chairman and managing director of the company. Further, Hoshedar Press, who is currently the executive director and president, has been designated as the vice chairman of the company, while D Shivakumar has been inducted as an additional director on the board, the company said. The reconstitution of the board would come in effect from 1 April, 2009, and are subject to shareholders’ approval, the company added. Source: LatestNews-Home - Livemint.com | 6 Feb 2009 | 10:46 am Europe shares rises, led by banksLondon: European stocks were higher in early trade on Friday, tracking overnight gains in the US market which rose on hopes that a government rescue plan would go ahead and bank lending would increase. At 0928 GMT, the FTSEurofirst 300 index of top European shares was up 0.3% at 812.59 points. The pan-European index is down 2.2% this year, having lost 45% in 2008, hurt by a credit crisis that has tipped several major economies into recession. Banks added the most points to the index. BNP Paribas, Barclays, HSBC and UBS rose between 1.2 and 3.3%. US stocks rallied on Thursday on investors’ hopes that the government’s plan to shore up the financial system will include a change in accounting rules that would stem bank writedowns and spur lending. US President Barack Obama urged action on a $900 billion stimulus bill before Congress to stave off “catastrophe”. The US Senate was due to resume debate on the stimulus plan on Friday. Majority Leader Harry Reid said he was “cautiously optimistic” of it passing. “There’s optimism the Obama package will get through the Senate,” said Bernard McAlinden, strategist at NCB Stockbrokers in Dublin. He added: “There’s not much to be optimistic about in the current earnings or in the economic data, which are dire.” Shares in world no.2 truck maker Volvo rose 14% despite it slipping to a surprise operating loss in the fourth quarter as plunging demand savaged orders. The company cheered investors by still being able to generate cash in the quarter. BMW, the world’s largest premium carmaker, was up 6.3% after it met its reduced outlook for a clear 2008 profit although revenue declined as the credit crisis plunged global car markets into a tailspin. Hermes, known for its printed silk scarves and leather handbags, was up 6.8%, after it said it had generated revenue of €540.9 million in the three months to 31 December, up from €509.3 million in the year-ago period. Italian eyewear maker Luxottica Group SpA and LVMH were up 5% and 4.5% respectively, having reported results after the market closed on Thursday. Struggling chip maker Infineon rose 9.7% after results beat expectations. The monthly non-farm payrolls data in the US, due at 1330 GMT, will give an indication on the extent of recession in the world’s biggest economy. Another 525,000 jobs were lost in January, forecasts say. Across Europe, Britain’s FTSE 100 and Germany’s DAX were up 0.1% and 0.2% respectively. France’s CAC-40 was down 0.1%. Source: Home - Livemint.com | 6 Feb 2009 | 10:42 am Reliance Entertainment in new Hollywood dealsMUMBAI (Reuters) - Reliance Big Entertainment, a unit of Anil Ambani's ADA Group, said on Friday it has signed development deals with Julia Roberts' Red Om Films and Brett Ratner's Rat Entertainment, expanding its Hollywood presence.Source: Reuters: Money News | 6 Feb 2009 | 10:40 am Gillette India promoter pledges 0.49% stakeMumbai: FMCG firm Gillette India on Friday said one of its promoters S K Poddar has pledged 0.49% stake of the company. In a disclosure to the Bombay Stock Exchange, the company said that Poddar has pledged in total 1.58 lakh shares, representing 0.49% stake, in the company. Shares of Gillette India were trading at Rs669.85, up 0.52% on the BSE. Source: LatestNews-Home - Livemint.com | 6 Feb 2009 | 10:40 am Tata Power alleges RPower misused coal in Sasan UMPPTata Power has filed a writ petition on the Sasan Ultra Mega Power Project (UMPP) saying that bid conditions have been altered after the project was awarded. It said that Reliance Power, which won the project, was permitted to use the extra coal elsewhere.Source: Moneycontrol Top Headlines | 6 Feb 2009 | 10:34 am WHO reviewing contracts given to SatyamNew Delhi: The World Health Organisation has said it has found no evidence of fraudulent practices by its vendor Satyam, even as the UN body began a review of contracts awarded to the Indian IT company. Besides a $55.5 million global management system (GSM) project, where Satyam was the key vendor, WHO had awarded three other contracts totalling nearly $400,000 to the Indian firm, a WHO spokesperson said from Geneva. “Satyam is bidding for one future contract, unrelated to GSM,” the official said. Responding to queries on whether the fraud at Satyam would affect the IT firm’s dealings with WHO, the spokesperson said, “WHO is reviewing carefully its current contractual agreements with Satyam and possible contingency arrangements for completion of GSM project work, in the event that Satyam were no longer able to perform.” Satyam has been debarred by World Bank, while it has been suspended from the vendor database of the UN Secretariat. The company founded by Ramalinga Raju, who is in jail pending probe into an accounting fraud disclosed by him, also came in for criticism from the Comptroller and Auditor General of India for its tardy implementation of a project at WHO. CAG, which was external auditor to WHO, flagged a number of risks associated with the execution of the GSM project. “Until now, Satyam has carried out technical activities for 21,131 (man) days and thereby may claim a total of $28.6 million, exceeding the contracted amount by $1.4 million,“ CAG Vinod Rai said in the audit report submitted to WHO’s Health Assembly way back in May 2008. The $55.5 million project was initially targeted to go live in September 2007, but was given its first extension until December 2007, then a second until March 2008 and a third until June 2008, the auditor said. However, even the extended deadline has been missed. Satyam was contracted as the main system integrator of the project. The contract of $27.2 million to Satyam included performance of services for 15,000 man days. Taking note of the auditors’ concerns and those related to “corporate difficulties” at Satyam, the WHO’s Executive Board, at a meeting on 16 January, said that there was no indications at present of any disruptions in services to WHO. Asked if WHO would also suspend or bar Satyam, the spokesperson said, “There is no evidence of any incorrect billing by Satyam to WHO, fraudulent or otherwise. The Satyam contract and GSM project expenditures have been subject to both internal and external audit verification.” Source: World Business - Livemint.com | 6 Feb 2009 | 9:08 am WHO reviewing contracts given to SatyamNew Delhi: The World Health Organisation has said it has found no evidence of fraudulent practices by its vendor Satyam, even as the UN body began a review of contracts awarded to the Indian IT company. Besides a $55.5 million global management system (GSM) project, where Satyam was the key vendor, WHO had awarded three other contracts totalling nearly $400,000 to the Indian firm, a WHO spokesperson said from Geneva. “Satyam is bidding for one future contract, unrelated to GSM,” the official said. Responding to queries on whether the fraud at Satyam would affect the IT firm’s dealings with WHO, the spokesperson said, “WHO is reviewing carefully its current contractual agreements with Satyam and possible contingency arrangements for completion of GSM project work, in the event that Satyam were no longer able to perform.” Satyam has been debarred by World Bank, while it has been suspended from the vendor database of the UN Secretariat. The company founded by Ramalinga Raju, who is in jail pending probe into an accounting fraud disclosed by him, also came in for criticism from the Comptroller and Auditor General of India for its tardy implementation of a project at WHO. CAG, which was external auditor to WHO, flagged a number of risks associated with the execution of the GSM project. “Until now, Satyam has carried out technical activities for 21,131 (man) days and thereby may claim a total of $28.6 million, exceeding the contracted amount by $1.4 million,“ CAG Vinod Rai said in the audit report submitted to WHO’s Health Assembly way back in May 2008. The $55.5 million project was initially targeted to go live in September 2007, but was given its first extension until December 2007, then a second until March 2008 and a third until June 2008, the auditor said. However, even the extended deadline has been missed. Satyam was contracted as the main system integrator of the project. The contract of $27.2 million to Satyam included performance of services for 15,000 man days. Taking note of the auditors’ concerns and those related to “corporate difficulties” at Satyam, the WHO’s Executive Board, at a meeting on 16 January, said that there was no indications at present of any disruptions in services to WHO. Asked if WHO would also suspend or bar Satyam, the spokesperson said, “There is no evidence of any incorrect billing by Satyam to WHO, fraudulent or otherwise. The Satyam contract and GSM project expenditures have been subject to both internal and external audit verification.” Source: Home - Livemint.com | 6 Feb 2009 | 9:08 am Kamal Nath: to take more steps to boost growthNEW DELHI (Reuters) - The Reserve Bank of India (RBI) and the government will continue to take coordinated steps to stimulate the slowing economy, Commerce and Industries Minister Kamal Nath said on Friday.Source: Reuters: Money News | 6 Feb 2009 | 8:35 am IGate backs away from Satyam bid; new CEO takes chargeBangalore: A potential bidder for fraud-tainted India’s Satyam Computer Services backed away from a deal on Friday, a day after as the outsourcing company named a new chief executive and secured funding to help retain clients and employees. US-based iGate Corp now has no interest in buying Satyam due to lack of clarity on liabilities of the company - snared in India’s biggest corporate scandal - Chief Executive Phaneesh Murthy told Reuters on Friday. “I have very little interest or no interest left in this company right now,” said Murthy, who was previously the global sales chief at rival Infosys Technologies and spearheaded strong sales growth in the key US market. Satyam has been battling for survival after founder and former chairman Ramalinga Raju disclosed last month profits had been overstated for years. Raju is now in jail pending trial. On Thursday, Satyam’s government-appointed board named AS Murty, a company veteran of 15 years, as its new chief executive. “My interest has progressively been coming down with every passing day. And my concern is that the restatement of financial statements will take anywhere from three to six months,” iGate’s Murthy told Reuters from Fremont, California. iGate said last month it was keen to acquire Satyam, helped by private equity funds, joining other potential bidders including Larsen and Toubro, attracted by Satyam’s global clients. Analysts say it is unlikely an outline for a bidding process could be framed until there is clarity on changes to India’s takeover rules and a restatement of Satyam’s accounts. “The key is how fast the company gets the things sorted out, because as time passes the interest of potential buyers will keep coming down,” said Tejas Doshi, head of research at Sushil Finance. Shares in Satyam, whose market value has plunged to about $670 million from $7 billion in May 2008, were up 5%. Satyam’s board has named Goldman Sachs and India’s Avendus to find a strategic bidder for the company. “We are not getting any comfort that the government will actually pick up liabilities and I think the government stand publicly is that they will not pick up any liability,” iGate’s Murthy said, referring to Satyam’s legal and other liabilities. India’s Spice Group and the diversified Hinduja Group are among those who have shown interest to acquire Satyam, attracted by its 600-plus clients such as General Electric, Cisco and Coca Cola. National Australia Bank, Australia’s largest lender, said on Thursday it would suspend new contracts awarded to Satyam Source: World Business - Livemint.com | 6 Feb 2009 | 6:38 am Facebook turns 5, but yet to make moneyWashington: Facebook celebrated its fifth birthday on Wednesday with 150 million guests, but no clear path to profitability. Chief executive Mark Zuckerberg, 24, who co-founded the social networking website with two Harvard University roommates, said he was “humbled” by the phenomenal growth of a website, which began as a way for his fellow Harvard students to stay connected and has blossomed into a worldwide network that has dwarfed rival MySpace. “Building and moving quickly for five years hasn’t been easy, and we aren’t finished,” Zuckerberg said. “The challenge motivates us to keep innovating and pushing technical boundaries to produce better ways to share information,” he added. One challenge Facebook is yet to overcome is how to make money. Unlike other Web giants, Facebook is yet to prove how it is going to translate traffic into cash. “There’s no significant visible source of revenue other than investors,” said Silicon Valley analyst Rob Enderle. “They need to grow out of their childhood really fast. They can’t be a five-year-old (child) anymore,” he said. “They have to grow into adulthood and adulthood means paying the bills.” Source: Tech News - Livemint.com | 5 Feb 2009 | 7:51 pm January exports slipped on 24% dip in oil productsA dip in petroleum product exports for the first time in the current fiscal has contributed to a 22 per cent decline in merchandise exports in January, commerce ministry data reveals.Source: Business Standard | Front Page Headlines | 5 Feb 2009 | 7:04 pm UPA to focus on rural jobs in Interim BudgetPro-poor focus in railway budget, too, as country heads for elections.Source: Business Standard | Front Page Headlines | 5 Feb 2009 | 7:02 pm Tata Motors may roll out Nano on March 3President, PM, Sonia in line for the first cars.Source: Business Standard | Front Page Headlines | 5 Feb 2009 | 7:01 pm Insider A S Murty is new Satyam CEOEnding the suspense surrounding the appointment of a chief executive officer (CEO) for the scam-tainted Satyam Computer Services, the government-nominated board today appointed A S Murty, a Satyam veteran of 15 years, for the top job with immediate effect.Source: Business Standard | Front Page Headlines | 5 Feb 2009 | 6:59 pm Automatic approval may be selectively scrappedBroad consensus is emerging within a Group of Ministers (GoM) chaired by finance and external affairs minister Pranab Mukherjee on a proposal seeking comprehensive changes in the foreign direct investment (FDI) policy. This includes scrapping automatic approval in sectors that have FDI limits and in which ownership or control is shifting to a foreign company, and a new definition for calculating indirect foreign equity.Source: Business Standard | Front Page Headlines | 5 Feb 2009 | 6:58 pm
|
