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Sintex sees 3540% rev, bottomline growth in FY09Sunil Kanojia, Group President, Sintex India, said the company is experiencing slowdown in overseas and BT shelter businesses. However, he expects 3540% growth on the topline as well as on the bottomline for FY09.Source: Moneycontrol Top Headlines | 10 Feb 2009 | 3:21 pm Auditors cry foul over HCC\'s Q3 forex loss treatmentAuditors have drawn attention to the forex loss treatment in HCCs Q3 review report. HCC, auditors said had adjusted Rs 99.42 crore forex losses to carrying cost of fixed assets. The company had reported a Q3 net profit of Rs 23.20 crore but had the company continued to follow AS11, their Q3 PAT would be lower by Rs 24.57 crore.Source: Moneycontrol Top Headlines | 10 Feb 2009 | 3:20 pm JP Hydro pledges 60% stake as collateral for power projectsThe promoters of Jaiprakash Hydro have pledged 60.08% stake of the firm with lenders. Commenting on this development, RK Narang, Director and CFO, Jaiprakash Hydro, said the company has pledge stake as collateral security for power projects.Source: Moneycontrol Top Headlines | 10 Feb 2009 | 3:15 pm Percept Picture Company CFO resignsAfter a stint of over two years, Milind Dabke, CFO, Percept Picture Company has called it a day. Apart from finance, he was also looking after the overall business and handling key relationships in the company. Dabke was also in charge of the legal, production and the commercial operations.Source: Moneycontrol Top Headlines | 10 Feb 2009 | 2:07 pm Oil Min seeks Rs 13K cr more oil bonds for JanMar qtrOil Ministry is seeking Rs 13,000 crore more oil bonds for JanuaryMarch, reports CNBCTV18, quoting NewsWire18. Parliament may okay Rs 10,000 crore oil bonds for third quarter next week. The total revenue loss for oil companies in FY09 stands at Rs 1.06 lakh crore.Source: Moneycontrol Top Headlines | 10 Feb 2009 | 1:21 pm Unitech expects Rs 1250cr from Telenor in Q4 FY09Sanjay Chandra, MD, Unitech, said the company has hardly pledged any shares, reports CNBCTV18, quoting NewsWire18. He said Unitech expects to receive Rs 1,250 crore from Telenor this quarter.Source: Moneycontrol Top Headlines | 10 Feb 2009 | 1:00 pm Indian rupee slips from three-week high - Reuters India
Source: Google News India - Business | 10 Feb 2009 | 12:41 pm Govt committed to stop job losses: NathThe UPA government will announce fresh stimulus packages, to stem job losses arising out of global downturn, Kamal Nath said.Source: Daily News & Analysis: Money News | 10 Feb 2009 | 12:35 pm Rupee slips from 3-week highMumbai: The rupee fell from its three-week high on Tuesday, as a dollar rally overseas offset gains in the domestic equity market. The partially convertible rupee closed at Rs48.72/73 per dollar, off a low of Rs48.80 but still 0.3% weaker than its previous close of Rs48.57/58. “There was good two-way interest in the market today, which held the rupee in a range,” a dealer at a state-run bank said. “It is likely to stay like this for a while.” Stock markets rose for a third session in a row on Tuesday, climbing 0.7% to their highest close in nearly five weeks, but trading was volatile ahead of an expected stimulus package in next week’s interim budget. Foreign investors have bought nearly $100 million worth of shares in the last three trading sessions, but are still net sellers of about $1 billion in 2009. They had dumped shares worth more than $13 billion in 2008. Dealers said they would continue to eye the share market for cues on direction of foreign fund flows, which have been a key driver for the local unit in recent years. Despite stock gains, the rupee slipped as the dollar’s gains overseas weighed on sentiment. The dollar index, a gauge of the US currency’s performance against other major units overseas was up 0.1%. It had risen as much as 0.8% earlier. The dollar gained broadly on Tuesday as investors sought the perceived safety of the US currency before the US government announced the outline of a widely anticipated plan to shore up its ailing banking sector. Source: LatestNews-Home - Livemint.com | 10 Feb 2009 | 12:32 pm New age of austerity predicted for business travellersBusiness executives will make fewer, shorter and cheaper business trips in 2009 and switch from luxury extras in favour of basic efficiency and good service, a survey by the Economist Intelligence Unit predicts.Source: IndiaeNews.com: Business News | 10 Feb 2009 | 12:30 pm Airlines hike their fares by Rs 12001800 per passengerFull service airlines have hiked basic fares across sectors by Rs 12001800 per passenger. Jet Airways, Kingfisher, and Air India have undertaken steep hikes in basic fares. The Mumbai Delhi route will witness a steep hike in basic fares by and average of Rs 18002200 per passenger.Source: Moneycontrol Top Headlines | 10 Feb 2009 | 12:27 pm EU, networking sites ink pact; target bulliesBrussels: The European Union has signed a pact with 17 social networking providers including Facebook, MySpace and Google to improve safeguards against the bullying of teenagers online. EU spokesman Martin Selmayr says networking sites are now used by some 42 million people in the European Union, and young users need to be protected from abusive behaviour on the websites. The agreement commits the site operators to “limit the risks” of misuse by providing a “report abuse” button. This allows users to report “inappropriate contact from or conduct by” another user. The site operators must also make sure online profiles and contact lists of underage users are set to the highest privacy settings. The EU announced the agreement Tuesday. Source: LatestNews-Home - Livemint.com | 10 Feb 2009 | 12:27 pm EU, networking sites ink pact; target bulliesBrussels: The European Union has signed a pact with 17 social networking providers including Facebook, MySpace and Google to improve safeguards against the bullying of teenagers online. EU spokesman Martin Selmayr says networking sites are now used by some 42 million people in the European Union, and young users need to be protected from abusive behaviour on the websites. The agreement commits the site operators to “limit the risks” of misuse by providing a “report abuse” button. This allows users to report “inappropriate contact from or conduct by” another user. The site operators must also make sure online profiles and contact lists of underage users are set to the highest privacy settings. The EU announced the agreement Tuesday. Source: Tech News - Livemint.com | 10 Feb 2009 | 12:27 pm Al-Qaeda commander warns India of Mumbai-like attacksIslamabad: An Al-Qaeda commander has warned India of more attacks like the recent assault on Mumbai if it retaliates against Pakistan, the BBC reported. Relations between India and Pakistan have been severely strained since terrorists killed 179 people in the November 2008 attacks in Mumbai. India blamed the banned Pakistan-based Lashkar-e-Taiba (LeT) terrorist group for the attacks and said the perpetrators were ”clients and creations” of the Pakistani military’s spy agency. Pakistan has denied any involvement by state agencies and has been investigating a dossier of information about the attacks that India handed over last month. India has repeatedly said it is keeping all options open despite Pakistan’s denials, raising the possibility of Indian attacks on what it sees as terrorist targets in Pakistan. In a video received by the BBC, Mustafa Abu al-Yazid, commander of Al-Qaeda operations in Afghanistan, referred to India’s “humiliation” over Mumbai and warned of more attacks. “India should know that it will have to pay a heavy price if it attacks Pakistan,” the bespectacled Abu al-Yazid said, according to the BBC. “The mujahideen will sunder your armies into the ground, like they did to the Russians in Afghanistan,” he said. In August, Pakistani television channels reported that Abu al-Yazid had been killed in fighting with Pakistani forces in the Bajaur tribal region. According to the BBC report, Abu al-Yazid made no claim of responsibility for the Mumbai attack, nor did he make any reference to the perpetrators. But he called on Pakistanis to rise up and overthrow their government led by president Asif Ali Zardari, widower of assassinated former prime minister Benazir Bhutto. Pakistan has arrested hundreds of Al-Qaeda leaders and supporters since the 11 September 2001, attacks on the United States and handed many of them over to US authorities. Al-Qaeda leader Osama bin Laden is believed to be hiding in ethnic Pashtun tribal areas on the Afghan-Pakistani border, where his followers and their Taliban allies have strongholds. US President Barack Obama said on Monday there was no doubt terrorists were operating from Pakistan’s tribal regions and the United States wanted to make sure Islamabad was a strong ally in fighting that threat. Source: Home - Livemint.com | 10 Feb 2009 | 12:11 pm U.S. to lay out plan to sop up bad mortgage assetsWASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner will lay out a rescue plan on Tuesday that will rely on public and private funds to take $500 billion of bad assets off banks' books, sources said.Source: Reuters: Money News | 10 Feb 2009 | 12:10 pm Indian shares rise 3rd day; banks, construction up - Reuters
Source: Google News India - Business | 10 Feb 2009 | 12:09 pm ANALYSIS - GM mulls move to break free of Delphi quagmireDETROIT (Reuters) - General Motors Corp has been trying to wash its hands of Delphi Corp since it spun off the troubled auto parts supplier a decade ago.Source: Reuters: Money News | 10 Feb 2009 | 12:06 pm Supreme Court asks Kerala to accept Zoom's Vizhinjam port tenderThe Kerala government Tuesday suffered a setback as the Supreme Court upheld the Kerala High Court's verdict asking it to consider Zoom Developers' tender quotation for the Rs.53.48 billion Vizhinjam port project.Source: IndiaeNews.com: Business News | 10 Feb 2009 | 12:02 pm Indian equities stretch rally, post modest gainsIndian equities posted modest gains Tuesday, with a key index gaining 0.66 percent over its previous close.Source: IndiaeNews.com: Business News | 10 Feb 2009 | 12:02 pm Tata Consultancy ties up with Cisco SystemsIT major Tata Consultancy Services (TCS) has tied up with networking and communications infrastructure provider Cisco Systems Inc. to jointly develop and deliver IT services and solutions.Source: IndiaeNews.com: Business News | 10 Feb 2009 | 12:01 pm Airfares in India up as carriers drop promotional schemesIndian carriers, including budget airlines, Tuesday decided to withdraw their promotional fares, which in some cases were as low as Rs.99 excluding taxes, and hiked their base tariff by up to Rs.2,000 per ticket on some sectors.Source: IndiaeNews.com: Business News | 10 Feb 2009 | 12:00 pm Ahmadinejad says Iran open to talks with USTehran: Iranian President Mahmoud Ahmadinejad said on Tuesday the world was entering a “new era of dialogue” and his country would welcome talks based on mutual respect with the United States, its longtime adversary. Ahmadinejad’s announcement comes a day after President Barack Obama said his administration was looking for opportunities to engage Iran and pledged to rethink United States’ relationship with Tehran. “The Iranian nation is ready for talks (with the US) but in a fair atmosphere with mutual respect,” Ahmadinejad told hundreds of thousands of Iranians during a celebration marking the 30th anniversary of the Iranian Revolution that toppled the US-backed shah and brought hard-line clerics to power. The hard-line Iranian leader said terrorism, the elimination of nuclear weapons, restructuring the UN Security Council and fighting drug trafficking could be topics for the two sides to talk about. “If you really want to fight terrorism, come and cooperate with the Iranian nation, which is the biggest victim of terrorism so that terrorism is eliminated. ... If you want to confront nuclear weapons ... you need to stand beside Iran so it can introduce a correct path to you,” he said. Ahmadinejad said the world was at a “crossroads” because it had been proven that military power has not been successful a reference to the US wars in Iraq and Afghanistan. “The new U.S. government has announced that it wants to bring changes and follow the path of dialogue. It is very clear that changes have to be fundamental and not tactical. It is clear that the Iranian nation welcomes true changes,” Ahmadinejad told the crowds at the rally in Freedom Square. Tehran and Washington severed relations nearly three decades ago after the 1979 Iranian revolution and the takeover of the US Embassy in Tehran by hard-line Iranian students. But relations deteriorated even further after the 11 September attacks when former President George W Bush declared Iran belonged to an “axis of evil.” Ahmadinejad widened that gap after he was elected in 2005 and defied the US and its allies by pursuing Iran’s controversial nuclear program. The US believes Iran is secretly trying to pursue nuclear weapons, but Iran has denied this accusation, saying its program is solely for peaceful purposes such as electricity. Ahmadinejad said on Tuesday that the “world does not want to see the dark age of Bush repeated.” Since his campaign for president, Obama has signaled a willingness for a dialogue with Iran. At his inauguration last month, Obama said his administration would reach out to Muslims, saying “we will extend a hand if you are willing to unclench your fist.” On Monday, Obama said his national security team was reviewing its existing Iran policy and “looking at areas where we can have constructive dialogue.” He said he expected that his administration would be looking for “openings” where Washington and Tehran can sit face-to-face. Iranian leaders have struck a moderate but cautious tone about Obama since his election in November. Ahmadinejad sent Obama a message of congratulations after he was elected the first time an Iranian leader offered such wishes to the winner of a US presidential race since the two countries broke off relations. Source: LatestNews-Home - Livemint.com | 10 Feb 2009 | 11:51 am The Academic Expat: studying camels in RajasthanNew Delhi: This week we bring you the second part of our special series on the Academic Expat. Today, we talk to Henry Pedersen, a Columbia University graduate who is studying camel genetics in Bikaner, Rajasthan. He spends his days with 270 camels (and their researchers) at the National Research Centre on Camel.  This episode is part of a series of interviews about the experiences, projects, and inspirations of individuals who are in India on the Fulbright scholarship. We discovered that in a lot of cases, they interact closely with Indians outside the major metros, and get to know the country in a very different light than the professional urban expat. Source: LatestNews-Home - Livemint.com | 10 Feb 2009 | 11:49 am Bharat Ratna conferred upon Bhimsen JoshiPune: Eminent exponent of Hindustani classical music Pandit Bhimsen Joshi was on Tuesday officially conferred the Bharat Ratna at his residence by a President’s emissary. A simple 15-minute ceremony marked the occasion as additional secretary in the Union home ministry A.F. Ahmed presented the citation and the Ratna to the doyen of Kirana Gharana who turned 88 on 4 February. Maharashtra cultural affairs Minister Harshawardhan Patil and some disciples of the maestro were present along with his family members at the function. Pandit Joshi, who had expressed his inability to go to Delhi to receive the highest civilian honour on health grounds, thanked the President and countrymen for the award. His sons-Raghavendra, Srinivas and Jayant told mediapersons that President Pratibha Patil wanted to come down to Pune personally to present the honour to the vocalist. “It was however, his wish to keep it a low-key affair and he did not want the President to take the trouble of personally coming over,” they added. Source: LatestNews-Home - Livemint.com | 10 Feb 2009 | 11:48 am Close: Markets gain on hope of stimulus in interim budgetNew Delhi: Markets slipped from the day’s high, trading low as selling pressure increased in selective segments. The Bombay Stock Exchange benchmark Sensex ended 0.66% up on Tuesday, losing grounds on negative opening of the European markets. Markets traded volatile today as even domestic investors awaited approval of US economic rescue plan and also hoped for a stimulus package from the government in next week’s interim budget. The government will unveil an interim railway budget on 13 February followed by a mini general budget on 16 February. Government is also expected to take measures to boost growth where jobs are at stake. The 30-share BSE index closed 63.58 points up at 9,647.47 and NSE Nifty remained above 2,800 mark rising by 14.60 to end at 2,934.50. Realty sector advanced in buying by 6% as DLF Ltd topped the BSE index by 9.05% to Rs152.50. Other indices that gained were capital goods, banking, auto and oil and gas. Heavy stocks gained as Bhel surged by 4.22% to Rs1,451.60, followed by Larsen and Toubro by 3.40% to Rs697.35, Mahindra and Mahindra by 3.35% to Rs283.50, Reliance Communications Ltd by 3.16% to Rs171.65 and HDFC Bank Ltd by 3.02% to Rs946.85. There were scrips that tanked on the index like Reliance Infra lowered by 2.60% to Rs562.50, Hindalco by 1.96% to Rs44.95, Tata Motors by 1.84% to Rs138.85 and NTPC Ltd by 1.50% to Rs180.20. Asian markets traded on mixed sentiments as US stimulus bill was delayed for another day. Japan’s Nikkei slipped by 0.3% but Hang Seng rose 0.8%. Source: Home - Livemint.com | 10 Feb 2009 | 11:39 am Court reserves order on auditors' bail plea - Hindu
Source: Google News India - Business | 10 Feb 2009 | 11:38 am IJT to miss this year's Aero India show in Bangalore - Hindu
Source: Google News India - Business | 10 Feb 2009 | 11:38 am 'Dev D' strikes gold at box officeAfter creating a buzz among audiences with its grunge soundtrack and promos, Anurag Kashyap's 'Dev D', a modern take on 'Devdas', struck gold at the box office by raking in Rs.95 million at the opening weekend.Source: IndiaeNews.com: Business News | 10 Feb 2009 | 11:33 am EU warns of protectionism, U.S. bailout awaitedBRUSSELS/WASHINGTON (Reuters) - European Union finance ministers warned on Tuesday of the risks of protectionism as countries intensified efforts to yank their economies out of recession.Source: Reuters: Money News | 10 Feb 2009 | 11:33 am Cancel Delhi airport 'development fees': CPI-MThe Communist Party of India-Marxist (CPI-M) Tuesday asked the government to reverse its decision to allow the Delhi International Airport Ltd (DIAL) to charge 'development fees' from passengers.Source: IndiaeNews.com: Business News | 10 Feb 2009 | 11:32 am 'Satyam scam won't affect Indian IT sector'The Satyam Computer Services scam is 'just a case in isolation' and it would not affect the image of India's IT industry, a Singapore diplomat said here Tuesday.Source: IndiaeNews.com: Business News | 10 Feb 2009 | 11:32 am Honeywell offers flight safety systems to Indian Air ForceUS aerospace products major Honeywell will equip the six C-130J Super Hercules aircraft the Indian Air Force (IAF) is acquiring with the military version of its traffic collision alerting system and other key safety devices worth $10 million, the company said Tuesday.Source: IndiaeNews.com: Business News | 10 Feb 2009 | 11:30 am Govt body to leverage Rs1,000 cr for skill developmentBy PTI New Delhi: Amidst increased number of corporates resorting to job cuts, the newly-formed Skill Development Corporation will leverage its Rs1,000-crore corpus to develop new skills among workers, including those in the private sector. “Almost Rs1000 crore is available. So, they (Skill Development Corporation) would be making schemes... They will try to leverage with the private sector (as well),” secretary to the Ministry of Small and Medium Enterprises Dinesh Rai told reporters after launching a portal for MSMEs. The portal has been launched jointly by the industry body CII and National Small Industries Corporation here. Skill development is a pet project of Prime Minister Manmohan Singh. It functions under three tiers - Prime Minister, Planning Commission and the Skill Development Corporation. Under the mission, a target to train 500 million workers by 2020 has been set, Rai said. Referring to the recent meeting of the Reserve Bank on the issues of finance crunch by the MSMEs, Rai said the apex bank is keeping a tab on funding by each of the commercial banks. Special cells have been created in the MSME Ministry and the Small Industries Development Bank of India to monitor whether the recent stimulus packages are being implemented or not. Source: LatestNews-Home - Livemint.com | 10 Feb 2009 | 11:23 am BSE Sensex rises 3rd day; banks, construction upMUMBAI (Reuters) – The BSE Sensex rose for a third session in a row on Tuesday, climbing 0.7 percent to its highest close in nearly five weeks, but trading was volatileSource: Reuters: Money News | 10 Feb 2009 | 11:20 am Slowdown trims Singapore Airlines profitSingapore: Singapore Airlines (SIA) said on Tuesday its net profit fell an annual 42.8% in the third quarter to December as it carried fewer passengers and cargo due to the global economic downturn. SIA, one of Asia’s major airlines, forecast a bleak outlook for this year, confirming projections by economists that the global economic situation will worsen before improving. The airline became the latest major carrier to report a big profit fall or losses during the global economic slowdown, which has hurt travel worldwide. Net profit came in at 337 million Singapore dollars, from 590 million dollars, on revenue of 4.16 billion dollars which was down 2.6% year on year, the airline said in a statement. SIA said it carried 4.8 million passengers in the October to December period, down 4.2% from the same quarter the year before as travel demand took a hit. It also carried 14.2% less freight during the quarter, mirroring a sharp fall in global trade as economies worldwide reel from the impact of the financial crisis. “Demand for air transportation is expected to remain weak for much of 2009,” SIA warned. “The company will continue to monitor the patterns of demand and make appropriate adjustments to flight schedules and capacity while managing costs tightly.” SIA announced late January the suspension of some international flights, saying it did not want to fly half-empty planes around the world. Flights to India, Southeast Asia, the US and Europe were among those affected. Airlines in the Asia-Pacific region are cutting routes and taking other measures in a bid to deal with the drastic drop in travellers and cargo, and analysts said some carriers may be forced to slash jobs. Source: Home - Livemint.com | 10 Feb 2009 | 11:20 am India open to talks with China on toy ban: Kamal NathNew Delhi: India is ready to hold talks with Beijing over its ban on the import of Chinese toys, the trade minister said on Tuesday, a day after China warned New Delhi to exercise restraint or face serious damage to ties. India last month banned imports of several types of toys from China for six months “in the public interest”, without giving any further details. “We are open to any discussions on this matter and until the government of India is satisfied we will not be able to lift this ban,” trade minister Kamal Nath told reporters. “I welcome any discussions on this matter. Certainly we will satisfy them for the reasons for which we have taken this step.” China has said it is greatly concerned about recent Indian trade probes. Its commerce ministry said on Monday that India had launched 17 probes of Chinese-made products since October. Worries about protectionism are rising as the impact of the global financial crisis spreads, increasing the temptation for governments to bring in measures that will help their firms in the short-term but worsen the overall economic pain. Nath said the bans India had placed on Chinese toys were “WTO-compliant” and were a matter of public health and safety. Also Read Thankful for brands Chinese state media said earlier this month that Beijing may ask the World Trade Organisation to investigate India’s toy ban. China, a key supplier of toys, apparel and food to much of the world, has faced a wave of complaints in recent years. Most recently, at least six children died and almost 30,000 fell ill in China after consuming milk powder tainted with melamine, a chemical used to make plastics. In 2007, the world’s leading toymaker Mattel recalled more than 21 million Chinese-made toys worldwide due to excessive levels of lead paint and other unsafe components. The Toy Association of India has said it had urged the government to raise import taxes on Chinese toys but did not expect a ban. China ran an $11.2 billion trade surplus with India in 2008, according to Chinese government figures, with goods flows growing strongly in both directions. Source: Home - Livemint.com | 10 Feb 2009 | 11:18 am UTI chief sees consolidation in funds industryMUMBAI (Reuters) - The rush among Indian funds to gather assets at the cost of margins could see many firms running out of business as flows into profitable stock funds may be hit in 2009, U.K. Sinha, chairman, UTI Asset Management, said.Source: Reuters: Money News | 10 Feb 2009 | 11:11 am Govt plans extra borrowing of $9.45 bln in 08/09 - Reuters India
Source: Google News India - Business | 10 Feb 2009 | 11:09 am Govt should end fuel price controls - PM advise - Reuters India
Source: Google News India - Business | 10 Feb 2009 | 11:09 am RIL to start selling gas from KG-D6 field by March-endReliance Industries is likely to begin selling natural gas from its eastern offshore KG-D6 field by March-end or early April, a company source said.Source: Daily News & Analysis: Money News | 10 Feb 2009 | 11:08 am EdServ IPO, the first issue in past four months, scrape through - Reuters India
Source: Google News India - Business | 10 Feb 2009 | 11:06 am Six fund managers to operate PF corpus - Economic Times
Source: Google News India - Business | 10 Feb 2009 | 11:05 am Interest rates should be reduced further: Kamal NathInterest rates for the Indian corporate sector were still 'very high' and must be reduced, Commerce Minister Kamal Nath said here Tuesday.Source: IndiaeNews.com: Business News | 10 Feb 2009 | 11:04 am 2 auditors, PWC's Gopalakrishnan found guilty in GTB caseThree chartered accountants, including Price Waterhouse's S Gopalakrishnan who was involved in the Satyam case, have been found guilty of professional misconduct.Source: Daily News & Analysis: Money News | 10 Feb 2009 | 11:03 am India '09 fiscal deficit seen at 6 pct of GDP - KotakMUMBAI (Reuters) - India's fiscal deficit for 2008/09 may widen to 6 percent of the gross domestic product, higher than the budget estimate of 2.5 percent and the central bank's estimate of 5.9 percent, Kotak Mahindra Bank said on Tuesday.Source: Reuters: Money News | 10 Feb 2009 | 10:59 am General Motors rides on Chevrolet hopeNew Delhi: Ailing US auto major General Motors on Tuesday said it expects India to be among the top five markets globally for its brand Chevrolet in the next five years as it introduces newer products in the country. “India, with its robust economy, is one of the fastest growing markets for automobiles. Going forward, India can be one of the top five Chevrolet markets globally in the next five years,” said General Motors vice president (global sales, services and market) Jonathan Browning. The company on Tuesday launched a special edition of its entry level hatchback, Spark Muzic, priced at Rs3.27 lakh (ex-showroom). Later in the year, it will launch sedan Cruze followed by a Mini car. It has already launched the automatic transmission version of its SUV, Chevrolet Captiva. Speaking about the company’s performance in the country in 2008, Browning said,“At a time when the auto industry in India has contracted by 2.2%, we have recorded a growth of 9.4% in 2008 selling over 65,000 units.” The Chevrolet Spark accounting for 31,600 units of the total sale in 2008. Source: Home - Livemint.com | 10 Feb 2009 | 10:58 am Indian IT body seeks STPI scheme extensionMUMBAI (Reuters) - India's export-driven information technology sector hopes the interim budget will extend the Software Technology Park of India (STPI) scheme beyond 2010, when it is set to expire, a trade body chief said on Tuesday.Source: Reuters: Money News | 10 Feb 2009 | 10:54 am Two auditors, PW's Gopalakrishnan found guilty in GTB case - Hindu
Source: Google News India - Business | 10 Feb 2009 | 10:49 am India's TCS and Cisco form strategic alliance - Reuters India
Source: Google News India - Business | 10 Feb 2009 | 10:48 am Pvt, foreign banks' risk aversion slowing credit growth: RBIAcknowledging that the credit growth has moderated, RBI attributed the trend to risk aversion of the private and foreign banks.Source: Daily News & Analysis: Money News | 10 Feb 2009 | 10:48 am Silk import dips marginally amid Chinese dominationNew Delhi: India’s silk import declined by 3.33% in value terms to $203 million during the first half of 2008-09 fiscal, even as Chinese silk continued to dominate the trade deals, Central Silk Board said. Silk import from other countries such as Brazil and Uzbekistan, which were normally less than 30 tonnes, saw a further dip, while purchases from China remained highest during the review period, according to the provisional data maintained by Central Silk Board (CSB). India has been sourcing both raw silk, silk yarn and fabric from the global market from the first Five-Year Plan period in 1954. The CSB said silk yarn and fabrics import were slightly down in comparison with raw silk. In value terms, fabric imports stood at $98.60 million in April-September 2008-09 against $111.63 million in a year-ago period, it said. India bought 4,346 tonnes of raw silk at $105.23 million during the first six months of the current fiscal compared with 4,267 tonnes at $98.88 million in the same period of previous year, it said. According to CSB, India shopped two tonnes of raw silk from Brazil, eight tonnes from Hong Kong and three tonnes from other countries. On contrary, raw silk imports from China stood at 4,333 tonnes during the review period. Source: LatestNews-Home - Livemint.com | 10 Feb 2009 | 10:44 am Unitech reschedules over 75% of its debtBy PTI New Delhi: Realty major Unitech today said it has rescheduled more than three-fourths of its total debt amounting to Rs8,000 crore to tackle the slump in the real estate sector and hoped that the company would soon have sufficient liquidity to look at other opportunities. “We have been able to reschedule over 75% of our commitments,” Unitech managing director Sanjay Chandra told reporters here today. Asked whether the company has fulfilled 75% of the short-term commitments, he said: “No, overall.” The overall debt of the company is Rs8,000 crore, he added. Chandra said the company has restructured a lot of short-term debts into long-term ones. “We will shortly be in a position, where we will hopefully be having a lot of liquidity to look at other opportunities and initiatives,” he said. Chandra had said on 19 January that Unitech has repaid or rescheduled about three-fourths of the company’s debts worth Rs2,500 crore to be paid by March 2009. Asked about the sale of Gurgaon hotel and office building in the national capital, Chandra said the deals are expected to close by the end of this quarter. Unitech posted a 74% decline in consolidated net profit at Rs136 crore for the quarter ended 31 December 2008 against Rs525.78 crore in the year-ago period. Source: LatestNews-Home - Livemint.com | 10 Feb 2009 | 10:44 am Private, foreign banks’ risk aversion slowing credit growth: RBIBy PTI New Delhi: Acknowledging that the credit growth has moderated in a couple of months, Reserve Bank deputy governor Rakesh Mohan today attributed the trend to risk aversion of the private and foreign banks. The credit growth has slowed down in couple of months,but that of public sector banks was about 28% year-on-year. Overall it was around 22%, Mohan said at a seminar here. “What has happened very interestingly in terms of risk aversion. It’s private sector and foreign banks whose credit growth is very very low,” he said. Noting that all Indian banks have capital adequacy far in excess of regulatory requirement, he said it is a fact so far that banks remain profitable without exception. Growth in advances by the public sector banks are high as these entities are subject to government’s exhortation. Besides, the effect of monetary policy is higher on these entities, he said. “So the credit growth so far has been relatively healthy but it is correct to say you have to watch how much risk aversion would be observed and how much it (risk aversion) is rational,” he said. “What is it we should be doing from policy point of view to preserve the financial systems’ health while helping the real economy not to go down,” he added. Source: LatestNews-Home - Livemint.com | 10 Feb 2009 | 10:27 am Airlines stop low-fare schemes; travellers to pay moreDomestic air travellers will now have to pay more with major airlines saying they have withdrawn the low base fares like those rated at Rs 99.Source: Daily News & Analysis: Money News | 10 Feb 2009 | 10:27 am Markets maintain rally; Sexnsex up by 64 pointsAlthough the benchmark Sensex pared a major part of its mid-session gains, it ended in positive terrain for the third straight day.Source: Daily News & Analysis: Money News | 10 Feb 2009 | 10:23 am Satyam board to meet in Mumbai on Feb 12; to discuss fundingSatyam Computer's government-appointed board will meet here on Thursday with further funding options and legal issues likely to top its agenda.Source: Daily News & Analysis: Money News | 10 Feb 2009 | 10:18 am Microsoft picks up minority stake in AffleNew Delhi: Mobile marketing firm Affle on Tuesday said technology giant Microsoft has picked up a minority stake in the firm for an undisclosed amount. “Microsoft has picked up a minority stake in Singapore- based Affle Holdings. This investment will help us leverage Microsoft’s brand and expand to countries where we still do not have a presence,” said Affle chief executive cfficer Anuj Khanna . In turn, Affle’s SMS 2.0 service will help boost the usage of many of the Windows Live services and MSN content on cell phone, and also create a large volume of new mobile advertising inventory, he added. Asked about the size of investment made and the size of the stake picked up, Khanna declined to comment. Affle will use the proceeds for building operations and expanding its presence in the country and overseas. “We have a office in Delhi and now we are looking at Mumbai and Bangalore. Also, we are running test pilots in the US, the UK and Australia and expect to launch services by the end of this year or early next year,” Khanna said. Affle, which has about 100 firms on board as advertisers, has a presence in India, Singapore, Malaysia and Thailand. Source: Home - Livemint.com | 10 Feb 2009 | 10:15 am Govt plans extra borrowing of Rs46,000 crore in 2008-09By Reuters New Delhi: India will borrow an extra $9.45 billion by late March from the market, an official said on Tuesday, sending bond yields higher and raising concerns about the state of public finances. The extra borrowings are largely aimed at supporting the economy, which is expected to expand at its slowest pace in six years in 2008/09 as the global economic crisis takes a toll. “We had discussions with the Reserve Bank of India. The borrowing will be between 20 Feb.and 20 March to the order of Rs46,000 crore (Rs460 billion),” Economic Affairs secretary Ashok Chawla told reporters. He said the extra borrowing would be done in four tranches. The government’s finances have deteriorated in 2008/09 due to increase in salaries of government employees, large subsidies on oil and fertilisers and waivers on loans for small farmers, prompting the government to borrow more from the market. A slowing economy has meant that the government receipts have remained sluggish while it had to forego a substantial amount in duty which were aimed at boosting demand. The central bank said it would conduct the market borrowings in a non-disruptive manner. The 8.24% federal bond yield jumped 17 basis points after the government’s announcement, before triming the rise. At 0848 GMT, the 8.24% bond yield was at 6.44% after rising as high as 6.47% from 6.30% before the announcement. It had closed at 6.33% on Monday. “Yields will move up now, but eventually come down along with the gradual completion of this fiscal year’s borrowing programme,” said Gopal Tripathi, a fixed income dealer at HDFC. Anoop Varma, an associate vice president with Development Credit Bank said everyone would now want to sell on upticks unless there was a rate cut. The Indian government will roll out a temporary budget on 16 February but its deteriorating public finances have already posed a concern for rating agencies. Fitch Ratings affirmed India’s ratings on Monday but kept its negative outlook on the local currency rating, saying public finances will deteriorate due to a weakening economy and government stimulus measures. Fitch forecast India’s general government deficit will reach 9.5% of gross domestic product in 2008-09, up from 6.1% in the previous year. The agency includes oil and fertiliser bonds in its estimates. This is sharply higher than a central bank projection of around 7% of GDP and an estimate of 8% of GDP by an economic advisory council to the prime minister Source: Home - Livemint.com | 10 Feb 2009 | 10:08 am Govt to take more steps to protect jobs - NathNEW DELHI (Reuters) - The government is committed to taking more stimulus measures to prevent job losses, Trade Minister Kamal Nath said on Tuesday ahead of the interim budget on Feb. 16.Source: Reuters: Money News | 10 Feb 2009 | 10:07 am PSU banks see 28.6% rise in credit growth this yearPublic sector banks are rubbishing rumours that banks are not lending. They say it\'s the private and foreign banks that have seen a fall in credit growth this past year.Source: Moneycontrol Top Headlines | 10 Feb 2009 | 10:00 am Israel votes in tight polls after fresh Gaza clashJerusalem: Israelis voted on Tuesday in a tight election race, with right-wing opposition leader Benjamin Netanyahu bidding to oust the centrist party of Foreign Minister Tzipi Livni. The short campaign was overshadowed by Israel’s January war with Palestinian militants in Gaza. The key issue facing voters is which leader can best assure the security of the state while chances of a peace deal seem remote. The campaign generated little enthusiasm, and cold, rainy weather across the country increased the possibility that there would be a low turnout. Likud party leader Netanyahu, once a clear frontrunner in opinion polls, has lost ground to Livni since the 22-day war last month in which 1,300 Palestinians and 13 Israelis were killed. The two leaders were locked in a statistical dead heat. Ultra-rightist Avigdor Lieberman, a potential spoiler for Netanyahu, has soared in the polls. His Yisrael Beiteinu party pledges to get tougher with Palestinians, including Israeli Arab citizens, and keep Jewish settlements in the occupied West Bank. Defence Minister Ehud Barak of the once dominant Labour party was trailing in fourth place, though his poll numbers have more than doubled since the Gaza war. He reminded voters that Labour was the only genuine left-wing party in the race. The election could be determined by how smaller parties do. Up to 15% of voters were undecided in the final days of campaigning, pollsters said. Some 5.3 million people are eligible to vote, in 9,000 polling stations nationwide. “The trend we’ve seen the last few days indicates a very close battle,” said pollster Rafi Smith of the Smith Research Centre. “No one has jumped ahead and it’s tough to call.” Israelis vote by party, and parliament seats are allocated by proportional representation to national party lists. The party with most votes usually is called to form the government. But it may take weeks to thrash out a new coalition deal. Prime Minister Ehud Olmert, the outgoing leader who quit in a corruption probe in September, would stay on as caretaker premier until a new cabinet is sworn in. Livni, 50, formerly of the Mossad intelligence agency, would be the first female prime minister since Golda Meir in the 1970s. Netanyahu, 59, a former finance minister, and Barak, 66, a former general, have served previously as premiers. As foreign minister, Livni has led peace talks with Palestinians on a two-state solution. They reached a dead end under Olmert but US President Barack Obama wants to resume the process. Netanyahu would set tougher terms for talks. The left-leaning Haaretz newspaper said Netanyahu and Livni were not ideal candidates but threw its weight behind Livni given her support for the peace process with Palestinians - “the most important issue at stake.” Underscoring the enduring conflict, Israel has closed the doors to the occupied West Bank, denying Palestinians entry to the country for the duration of the election, the army said. Some 16,000 police were deployed nationwide for extra security. The Israeli campaign has been duller than past contests. Some blamed it on the war in Gaza, which put rallies on hold for several weeks and dampened enthusiasm. Israeli President Shimon Peres accused the candidates of failing to address “the country’s burning issues” in the campaign, in which candidates did not hold a single debate. Source: LatestNews-Home - Livemint.com | 10 Feb 2009 | 10:00 am Airlines stop low-fare schemes; travellers to pay moreNew Delhi: Domestic air travellers will now have to pay more with major airlines on Tuesday saying they have withdrawn the low base fares like those rated at Rs99, and some no-frill carriers deciding to follow suit over the next few days. Air India, Jet Airways and Kingfisher Airlines have decided to stop the low-fare advance purchase (apex) schemes, saying the airfares would now be decided by the market. However, the regular fares and the fuel surcharge are not being touched, spokespersons of these airlines said. Air India, which sold the lowest-priced ticket at Rs89 on certain sectors, is now selling them at a base fare Rs486, plus taxes and fuel surcharge. Sources said some tinkering was being done on the lower class economy fares and “some revision” was being effected. When contacted, a Jet Airways spokesman said the airline “adjusts fares on a regular basis depending on the market conditions. Recently, the fares have been adjusted on certain sectors and fare buckets. The effected changes are a day-to-day practice in the revenue management of the airline”. However, the full fares on both economy and business classes as well as the fuel surcharge was not being changed, he added. Maintaining that Kingfisher Airlines followed a “dynamic” pricing policy, its spokesperson said, “We confirm that on flights that can sustain higher revenue, we have closed low fare buckets and are concentrating on selling higher fare buckets.” He said the focus of the premier carrier was on earned revenue and not seat factor. Industry sources said the decision to withdraw lower- level fares was taken as these did not stimulate demand and also in anticipation of a spurt in demand for summer holiday travel. The increase in airfares was being anticipated by some airlines, the industry sources said, adding that most of the Indian carriers were opposing the “under-cutting” of each other by substantially lowering the base fares. Sources in SpiceJet and IndiGo said that fares were likely to stabilise in the low Rs3,000 range from the current Rs2,000 levels, though it was difficult to say whether they will go up 20-30% because of competitive pressure. Officials of other low-fare carriers, requesting anonymity, said they were also looking at revising the lowest level of fares, but would not go beyond the lowest of the full-frill ones. Source: Home - Livemint.com | 10 Feb 2009 | 9:54 am Problems in US can sink the ship, says FriedmanThomas Friedman and Nandan Nilekani, provided a perspective on both the US and Indian economies in a discussion.Source: Daily News & Analysis: Money News | 10 Feb 2009 | 9:26 am Dinesh Keskar to lead Boeing IndiaIndian American Dinesh Keskar has been appointed by the world's leading aerospace company to lead Boeing India from March.Source: Daily News & Analysis: Money News | 10 Feb 2009 | 9:22 am Satyam board to discuss funding on 12 FebMumbai: Satyam Computer’s government-appointed board will meet here on Thursday with further funding options and legal issues likely to top its agenda, a high-level source said. “The board will meet in Mumbai on 12 February to discuss the company’s long-term plans. These include further options to raise funds to meet short- to medium-term requirements,” the source, closely connected with the development said. A Satyam spokesperson confirmed the date of the meeting. The short-term requirements of Satyam include funds for paying salaries to employees in India and abroad, rentals, arrears to vendors and provident fund dues. Satyam has to pay the first tranche of salaries for its US employees by 19 February, the source said. The Hyderabad IT-major has already secured loans worth Rs600 crore from IDBI Bank and Bank of Baroda. It is now understood to have plans to seek more loans from other state-owned banks as well. The company has already initiated discussions with two other banks, the source said, without, however, divulging their identities. Satyam has receivables worth Rs1,800 crore, which the company is willing to pledge in case there are more funding requirements, the source said. The company would be more comfortable if it could tie up funding for at least Rs600 crore more, the source said. “The board would review how much of its receivables have been recovered so far and would accordingly decide its funding options. It is in talks with more banks to secure funding,” the source said. The Board is also expected to discuss legal challenges faced by the company, here and abroad. Satyam’s investors in the US have filed over a dozen law suits against the firm after the scandal surfaced. The Hyderabad-based IT company, the fourth-largest in India, plunged into a grave crisis after its founder B Ramalinga Raju admitted that he manipulated the company’s accounts to the tune of around Rs7,800 crore. Following this, the Government disbanded the old board of Satyam and replaced it with one that has experts such as HDFC chairman Deepak Parekh, former Nasscom president Kiran Karnik and former Sebi member C Achuthan. Source: Home - Livemint.com | 10 Feb 2009 | 9:18 am Govt to take more steps to protect jobs: Kamal NathNew Delhi: The government is committed to taking more stimulus measures to prevent job losses, trade minister Kamal Nath said on Tuesday ahead of the interim budget on 16 February. He added that interest rates should further decline. Export lobby groups anticipate job losses of 10 million by March-end, as the global recession crimps demand for Indian merchandise. The government has already announced two stimulus packages since December, which included a 4 percentage point cut in factory gate duties and Rs20,000 crore of extra spending to prop up a slowing economy. Data on Monday showed the economy is estimated to grow 7.1% in the year to March, down from 9% last year. Source: Home - Livemint.com | 10 Feb 2009 | 9:13 am Factory output in Jan to better - officialNEW DELHI (Reuters) - India's industrial output in January is expected to be better than November and December as there were encouraging signs from the cement, steel and auto sectors, a senior government official said on Tuesday.Source: Reuters: Money News | 10 Feb 2009 | 9:12 am Govt gives nod for user development fee to GMR InfraGMR Infra is on cloud nine. The company, which has built, and operates the Delhi international airport, has been allowed to charge both domestic and international passengers with an airport development fee. GMR\'s sentiment was reflected by investors on Monday, when the stock surged 11%.Source: Moneycontrol Top Headlines | 10 Feb 2009 | 9:07 am DLF\'s Chennai Garden City project on rocky groundsDLF has been facing problems at its Rs 60,000 crore smart city project in Karnatka. Now, the company has run into problems with buyers at its project in Chennai. CNBCTV18 learns that the company\'s Garden City project in Chennai is on shaky ground with over 50% of buyes wanting to pull outSource: Moneycontrol Top Headlines | 10 Feb 2009 | 9:01 am Problems in US can sink the ship: FriedmanBangalore: It was a meeting of two worlds - one bogged down by the sub-prime crisis and the other feeling the brunt of it but optimistic about the opportunities ahead of it - as two authors, Thomas Friedman and Nandan Nilekani, provided a perspective on both the US and Indian economies.  Eminent author and US journalist Thomas Friedman. Bloomberg / Photo The greatest worry that troubled Friedman, the well known US journalist and author of various books, including the best seller The World is Flat, is whether the US government would be able to pull through the multi-generational problems, including healthcare, pension reforms energy. Unless addressed, all these problems could “sink the ship”, he said. “Our government doesn’t work anymore”, he said while wondering whether the new government would be able to address these problems and pull the country through.” “What Americans want is nation-building at home” and not outside the country, he said. Infosys co-chairman Nilekani said what was worrying in India “is the dissonance in opportunities that India had and political chaos. “If India could not cash on its opportunities in next five years, it could lose the game.” Nilekani opined that India’s biggest strength was in its “demographic dividend”, which it needs to cash on. It would be the only young country in an aging economy and it needed to use this opportunity. Globalization had its advantages and disadvantages and India could use it to its advantage through its demographic dividend that will come in the next two decades. Agreeing that globalisation had resulted in the sub-prime crisis affecting the world, Friedman, a votary of globalisation, said it was also a result of people being disengaged from the basics and fundamentals of savings and delayed gratification.  Infosys co-chairman and writer Nandan Nilekani. Bloomberg / Photo On the Satyam scam, Nilekani said while he agreed that it was a blot “I would hesitate to draw a pattern. We have to demonstrate we are clean, practice ethical corporate governance. We are transparent,” he said. Friedman said that financial scams were as old as history and prevalent in other nations as well. “How we respond to it as a society is the differentiator,” he opined. Friedman said post 9/11, US appeared to have lost its groove with the concentration being on ‘them’ rather than on us. On the new opportunities, he said energy technology would be the next IT and countries that had it could be assured of national and economic security. Expressing concern over climate change, he said blaming others could not solve the problem, it had to be done in a cooperative manner. However, Nilekani said India should be penalised for entering the fray late though it had to take its own steps internally to reduce carbon emission. Source: World Business - Livemint.com | 10 Feb 2009 | 8:41 am Textile makers seek loan repayment moratoriumMUMBAI (Reuters) - Indian textile manufacturers have sought a two-year moratorium on repayment of term loans, withdrawal of excise duties on man-made fibres and waiver of service taxes on exports as well as taxes on textile machinery.Source: Reuters: Money News | 10 Feb 2009 | 7:46 am Meltdown bypasses IIM ShillongThe 64-strong maiden batch of the institute's students registering cent per cent placement in its winter internships.Source: Daily News & Analysis: Money News | 10 Feb 2009 | 7:14 am Vote on account boosts shares with railway linksMumbai, Feb. 9 Expecting a concession in the vote on account for the Railways later this week, share prices of companies supplying railway stocks moved up to 20 per cent onSource: Business Line - Home Page | 10 Feb 2009 | 12:00 am Welspun-Gujarat (Rs 70.25): BuyWe recommend a buy in Welspun-Gujarat Stahl Rohren from a short-term trading perspective. It is apparent from the charts of Welspun-Gujarat that it was on a medium-term down trend from its December high of Rs 130, forming lower peaks and lowerSource: Business Line - Home Page | 10 Feb 2009 | 12:00 am Passenger car sales continue to slideNew Delhi, Feb. 9 Passenger car sales declined for the fourth consecutive month in the current fiscal with January figures reporting a 3 per cent drop in sales compared with the corresponding period the previous year, according to figuresSource: Business Line - Home Page | 10 Feb 2009 | 12:00 am Delhi airport to levy development fee on passengers from March 1New Delhi, Feb. 9 Flying from Delhi will become more expensive from March 1 and could also become dearer for those flying from Mumbai.Source: Business Line - Home Page | 10 Feb 2009 | 12:00 am Defence R&D deliveries too little, too slow: AntonyBangalore, Feb. 9 About 70 per cent of the military needs are imported in spite of having the world’s fourth best scientific pool.Source: Business Line - Home Page | 10 Feb 2009 | 12:00 am Sensex gains 283 ptsThe benchmark stock indices gained close to three per cent on Monday following higher domestic GDP growth of 7.1 per cent forecast for the current fiscal. The Sensex closed 283 points up at 9,584 while the Nifty closed 77 points higher atSource: Business Line - Home Page | 10 Feb 2009 | 12:00 am PSBs may restructure loans given to auto component makersBangalore, Feb. 9 Public sector banks, led by the SBI group and associates, have begun working out a loan restructuring package for auto component makers in the country, who have been hit by delayed payments from the US automobileSource: Business Line - Home Page | 10 Feb 2009 | 12:00 am 7.1% economic growth forecast for this fiscalNew Delhi, Feb. 9 The Indian economy is slated to grow by 7.1 per cent during the current fiscal as against 9 per cent in 2007-08, according to the ‘advance estimates’ of gross domestic product (GDP) for 2008-09 released here onSource: Business Line - Home Page | 10 Feb 2009 | 12:00 am Day Trading GuideDLF is moving sideways. Initiate fresh long-position only if the counter moves above Rs 147, with tight stop-loss. Buy Infosys in dips as long as it trades above Rs 1,290, with stiff stop-loss. We recommend a buy in ICICI Bank and SBI. In theSource: Business Line - Home Page | 10 Feb 2009 | 12:00 am Asian face of the global recessionDelegates to the World Economic Forum at Davos this year came despondent and left in despair. Both the discussions and the new evidence released at and during the Forum indicated that the global crisis was not just bad, but worse than originallySource: Business Line - Home Page | 10 Feb 2009 | 12:00 am ITC-Sheraton ruling holds hope for foreign hoteliersInternational hoteliers operating in the country through sales agreements with Indian hotels can expect some relief after the Delhi High Court ruled on January 30 that income paid by the Indian partner to its foreign counterpart is exempt from tax since it cannot be considered royalty or technical fees.Source: Business Standard | Front Page Headlines | 9 Feb 2009 | 6:38 pm IPL, coming soon to a theatre near you...Cheerleaders will applaud each six or boundary in their unique way. Bands will play in between overs.Only the venue is different. Instead of the cricket stadium, Indian Premier League (IPL) enthusiasts can get all this for the price of an admission ticket to a movie hall.Source: Business Standard | Front Page Headlines | 9 Feb 2009 | 6:38 pm Tata group firms pledge shares to finance M, capexTata Sons, the holding firm of the Tata group, and a few group companies have pledged part of their stakes in Tata Steel, Tata Power and Tata Teleservices (Maharashtra) (TTML) to raise money for acquisitions and capital expenditure, according to disclosures made on Monday.Source: Business Standard | Front Page Headlines | 9 Feb 2009 | 6:35 pm Government gives DIAL Rs 1,827 crore bonanzaIn a major concession to the Bangalore-based GMR-led consortium Delhi International Airport Ltd (DIAL) that is operating and upgrading Delhi airport, the government has allowed it to impose airport development fees (ADF) on passengers that will help them raise up to Rs 1,827 crore over three years.Source: Business Standard | Front Page Headlines | 9 Feb 2009 | 6:33 pm Dalai Lama to Twitter on TibetWashington: The Tibetan spiritual leader the Dalai Lama has joined micro-blogging service Twitter, attracting nearly 20,000 followers in just two days. The Dalai Lama’s Twitter feed -- twitter.com/ohhdl -- was launched on Saturday. OHHDL stands for the Office of His Holiness the Dalai Lama. “Welcome to the official Twitter page of His Holiness the Dalai Lama -- administered by The Office of His Holiness the Dalai Lama,” the first message read. It was followed several hours later by another message: “Our office is currently overwhelmed by responses from our first day on Twitter. We will make every effort to answer your questions in time.” The background for the page includes a quotation from the Dalai Lama: “Each of us has responsibility for all humankind. It is time for us to think of other people as true brothers and sisters and to be concerned for their welfare, with lessening their suffering.” Twitter claims more than six million users of its service, which allows users to send short messages known as “tweets” of 140 characters or less. Source: Tech News - Livemint.com | 9 Feb 2009 | 3:29 pm India to develop 3-seater spacecraftBangalore: India plans to develop a space vehicle that can carry up to three astronauts in the seven-day manned mission to space, Indian Space Research Organization chairman G. Madhavan Nair said on Monday. “Concept is getting evolved,” Nair, also secretary in the Department of Space, said while addressing an international seminar. Isro is looking at developing a capsule (spacecraft) with service module which can accommodate three astronauts and take it to lower earth orbit using the indigenous GSLV (Geo-Synchronous Launch Vehicle) in the year 2015, he said. Mission duration is seven days. There would also be emergency mission abort and crew rescue provisions in case of necessity. Crew module would be designed for re-entry and service module for mission management, Nair said. He said the GSLV-Mk III, which can launch four tonne class satellites, would bring down the launch cost by half. The maiden flight of GSLV-Mk III is slated for next year. On the recent Chandrayaan-1 moon mission, Nair said instruments on board have thrown up voluminous data which would take a few years for scientists to analyse and come out with concrete results. Entire mapping of the lunar surface is expected to be carried out in a year’s time, he said, adding, there is no trace of water on moon so far. Source: Tech News - Livemint.com | 9 Feb 2009 | 1:48 pm Jan car sales down by 3.2%, bikes by 5.8%!Domestic passenger car sales declined by 3.2 per cent in January 2009 to 110,212 units, from 113,894 units in the same month last year.Source: Zee News : Business | 9 Feb 2009 | 12:37 pm LG Elec to cut $2.2 bn costs!South Korea`s LG Electronics Inc aims to cut USD 2.2 billion in costs and expects about a 20 percent sales decline in dollar terms this year amid the spreading global recession, its chief executive said on Monday.Source: Zee News : Business | 9 Feb 2009 | 12:37 pm Oil holds above USD 40 as stimulus, bank plans mulled!Oil prices hovered near USD 40 a barrel on Monday in Asia as investors weighed a massive stimulus package and a bank rescue plan from the US this week against soaring unemployment and falling demand for crude.Source: Zee News : Business | 9 Feb 2009 | 12:37 pm Obama to urge public on rescue plan!US Prez Barack Obama would take his case for a huge economic rescue plan directly to public.Source: Zee News : Business | 9 Feb 2009 | 12:37 pm Sensex up 90 pts in opening trade!The Sensex on Monday opened higher by over 90 points in early trade on increased buying by funds.Source: Zee News : Business | 9 Feb 2009 | 12:37 pm GDP growth projected at 7.1%!Amid financial meltdown, govt projected economic growth at 7.1 per cent in the curent fiscal.Source: Zee News : Business | 9 Feb 2009 | 12:37 pm Nissan to slash 20,000 jobs and sees annual loss!Nissan says it sank into a net loss for the fiscal third quarter and will cut 20,000 jobs, or 8.5 percent of its global work force, over the next year to cope with the global downturn.Source: Zee News : Business | 9 Feb 2009 | 12:37 pm
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