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Expectations run high on eve of interim Budget !With the economic downturn beginning to hurt India Inc, pulling down exports and industry output, expectations are high from the Interim Budget to be presented in Parliament on Monday by Pranab Mukherjee.Source: Zee News : Business | 15 Feb 2009 | 12:31 pm Indian ADRs lose $2.5 bn in one week!Indian stocks trading on American bourses witnessed a value erosion of 2.5 bn dollars in one week.Source: Zee News : Business | 15 Feb 2009 | 12:31 pm Expectations run high on eve of interim Budget!With the economic downturn beginning to hurt India Inc, pulling down exports and industry output, expectations are high from the Interim Budget to be presented in Parliament on Monday by Pranab Mukherjee.Source: Zee News : Business | 15 Feb 2009 | 12:31 pm Satyam, LIC in discussion on funding: Official!Scam-hit IT major Satyam Computer has initiated preliminary discussion with Life Insurance Corporation of India (LIC) on funding, a senior LIC official said.Source: Zee News : Business | 15 Feb 2009 | 12:31 pm Israel overtakes Russia as main defense supplier to IndiaIsrael has emerged as India's largest defence supplier, overtaking Russia, signing defence deals worth a whopping $9 billion with New Delhi during the past decade.Source: Daily News & Analysis: Money News | 15 Feb 2009 | 12:03 pm LIC launches 'Jeevan Varsha' guaranteed additions plan - Hindu
Source: Google News India - Business | 15 Feb 2009 | 12:02 pm Oil cos cut ATF pricesNew Delhi: Public sector oil companies on Sunday slashed jet fuel or ATF prices by 3.7%, the tenth reduction since September. Aviation Turbine Fuel (ATF) prices in Delhi were slashed to Rs29,158 per kilolitre, effective midnight tonight, an official of Indian Oil Corp, the nation’s largest fuel retailer, said. The fuel used by airlines till Sunday was priced at Rs30,288 per kilolitre. After Sunday’s Rs1,130 a kilolitre reduction, jet fuel is priced at early 2005 levels. For the 3.3% increase in rates on 16 January, jet fuel prices have been reduced for the tenth time on Sunday since 1 September 2008, when international crude oil prices started to decline. In Mumbai, home to the nation’s busiest airport, ATF rates were down by Rs1,191 per kl to Rs29,985 per kl on Sunday. ATF prices had peaked to Rs71,028.26 per kl (in Delhi) in August on international crude prices touching historic high of $147 a barrel. But they have since been slashed every month till October and twice in November. State-run Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum revise ATF rates on the 1st and 16th of every month based on the average international jet fuel rates in the preceding fortnight. Source: Home - Livemint.com | 15 Feb 2009 | 11:57 am Watching 2010 Commonwealth Games on TV may remain dream for millionsNew Delhi: Overzealousness, coupled with short-sightedness on the part of government officials looking after 2010 Commonwealth Games preparations may leave millions of Indian viewers tuning their TV sets for not-yet-available High Definition (HD) format airing of the much-awaited event. A simple logic that the country has very few such TV sets in the country and since they are manufactured abroad, it is too costly an affair to import them for the Indian middle- class seems to have skipped the consideration of the policy- makers for the historic event. Apart from that, even the government’s transmission infrastructure completely lacks in supporting HD-enabled broadcast, as most of Doordarshan’s transmitters are analog- based, thus rendering this type of telecast a near- impossibility, according to a senior DD official. “The cost of these sets are in the range of Rs40,000 to Rs50,000 and they are not currently available in the country. Besides, as of now there is no policy to enable production of HD-enabled TV sets here,” the official said. The Ministry for Information and Broadcasting has, meanwhile, sought Cabinet’s approval for setting up studios in Chennai and Kolkata, which would produce programmes in the HD format. “Currently, we have one such studio each in Delhi and Mumbai, which are capable of producing programmes in HD format,“ the official said. In order to broadcast Commonwealth Games, signals will have to be aired in HD format. “Countries like Australia, New Zealand, the UK and Canada, where HD format is in use, would be the right holders for the Games. “HD signals can be converted to standard definition signals for Indian viewers. But the television sets need to be HD format-enabled for receiving these signals,” the official added. Households with cable and satellite facilities can also receive HD signals through set-top boxes, but HD-enabled TV sets would still be required for clear and sharp images and true to life 3-D pictures, he stressed. As for the production of such TV sets in India, it can take off in large numbers only if more HD-enabled studios come up in the four metros and the number of programmes produced in HD format increases, which at the moment seems long way off. Source: Tech News - Livemint.com | 15 Feb 2009 | 11:21 am Watching 2010 Commonwealth Games on TV may remain dream for millionsNew Delhi: Overzealousness, coupled with short-sightedness on the part of government officials looking after 2010 Commonwealth Games preparations may leave millions of Indian viewers tuning their TV sets for not-yet-available High Definition (HD) format airing of the much-awaited event. A simple logic that the country has very few such TV sets in the country and since they are manufactured abroad, it is too costly an affair to import them for the Indian middle- class seems to have skipped the consideration of the policy- makers for the historic event. Apart from that, even the government’s transmission infrastructure completely lacks in supporting HD-enabled broadcast, as most of Doordarshan’s transmitters are analog- based, thus rendering this type of telecast a near- impossibility, according to a senior DD official. “The cost of these sets are in the range of Rs40,000 to Rs50,000 and they are not currently available in the country. Besides, as of now there is no policy to enable production of HD-enabled TV sets here,” the official said. The Ministry for Information and Broadcasting has, meanwhile, sought Cabinet’s approval for setting up studios in Chennai and Kolkata, which would produce programmes in the HD format. “Currently, we have one such studio each in Delhi and Mumbai, which are capable of producing programmes in HD format,“ the official said. In order to broadcast Commonwealth Games, signals will have to be aired in HD format. “Countries like Australia, New Zealand, the UK and Canada, where HD format is in use, would be the right holders for the Games. “HD signals can be converted to standard definition signals for Indian viewers. But the television sets need to be HD format-enabled for receiving these signals,” the official added. Households with cable and satellite facilities can also receive HD signals through set-top boxes, but HD-enabled TV sets would still be required for clear and sharp images and true to life 3-D pictures, he stressed. As for the production of such TV sets in India, it can take off in large numbers only if more HD-enabled studios come up in the four metros and the number of programmes produced in HD format increases, which at the moment seems long way off. Source: LatestNews-Home - Livemint.com | 15 Feb 2009 | 11:21 am Stern action against any cop taking excessive action: Hooda - Hindu Business Line
Source: Google News India - Business | 15 Feb 2009 | 11:16 am L N Mittal, Mukesh Ambani among Forbes’ powerful billionairesNew York: Indian-born steel tycoon Lakshmi Mittal and Reliance Industries’ chairman Mukesh Ambani are among the 20 most powerful billionaires in the world, as they possess not only the riches but also economic dominance as well as political clout, says Forbes. The Indian steel baron and the head of India’s largest private sector company were included in the list of “The World’s Most Powerful Billionaires” and according to Forbes “(they) have tremendous sway over the world’s markets, workers -- and, in some cases, armies.” Lakshmi Mittal, who controls the world’s largest steel firm, ArcelorMittal, has been ranked third on the list “despite his fortune falling $24.5 billion between March and November 2008”. Elaborating his power quotient, Forbes says, Mittal’s political clout often incites controversy. “In 2002, then British prime minister Tony Blair reportedly wrote a letter to the Romanian prime minister hinting a sale of the country’s steel company to Mittal would facilitate its entrance into the European Union,” the US business magazine said. Ambani, head of Reliance Industries, India’s largest company by market cap, was ranked seventh on the coveted list. “Last March, there were 1,125 billionaires in the world, Forbes said adding that “few plutocrats possess the money, economic dominance and political clout to touch -- or the potential to touch -- all of us.” Forbes compiled the list based on the size and scope of the industries billionaires control, the political influence they exert and the fortunes they hold. The list was topped by Michael Bloomberg, New York City’s chief executive. Bloomberg spent $74 million becoming New York City mayor in 2001 and $85 million in 2005. “Law passed in October letting Bloomberg run for third term,” Forbes said. Behind Bloomberg is Italian prime minister Silvio Berlusconi, who heads a nation of 58 million people, a diversified industrial economy with a gross domestic product of $2.4 trillion and a military budget of roughly $43 billion. Warren Buffett, who controls more than 50 companies that had a combined $118 billion in sales in 2008, ranks fourth. Forbes, however, highlighted that “perhaps no billionaire has more control over how America spends its disposable cash than Oprah Winfrey”, who was ranked 20th on the list. “With Oprah’s approval, an unknown book instantly turns into a bestseller, and getting a product endorsed on Oprah’s Favourite Things show can be the crowning achievement of a marketer’s career,” Forbes said. Forbes cited a research, compiled by two economics professors of University of Maryland, as per which Oprah’s endorsement of Barack Obama lent the candidate an estimated additional one million votes in the 2008 Democratic presidential primary. Other powerful billionaires in the list include Russia’s largest independent energy company Lukoil’s president Vagit Alekperov, Mexican billionaire Carlos Slim Helu, Microsoft’s Bill Gates and Rupert Murdoch. Among others were Edward and Abigail Johnson, Li Ka-Shing, Prince Alwaleed Bin Talal Alsaud, Abdul Aziz Al Ghurair, Serge Dassault, Saad Hariri Roman Abramovich, Sergey Brin and Larry Page, David Rubenstein, William Conway Jr and Daniel D’Aniello. Source: Home - Livemint.com | 15 Feb 2009 | 10:59 am L N Mittal, Mukesh Ambani among Forbes’ powerful billionairesNew York: Indian-born steel tycoon Lakshmi Mittal and Reliance Industries’ chairman Mukesh Ambani are among the 20 most powerful billionaires in the world, as they possess not only the riches but also economic dominance as well as political clout, says Forbes. The Indian steel baron and the head of India’s largest private sector company were included in the list of “The World’s Most Powerful Billionaires” and according to Forbes “(they) have tremendous sway over the world’s markets, workers -- and, in some cases, armies.” Lakshmi Mittal, who controls the world’s largest steel firm, ArcelorMittal, has been ranked third on the list “despite his fortune falling $24.5 billion between March and November 2008”. Elaborating his power quotient, Forbes says, Mittal’s political clout often incites controversy. “In 2002, then British prime minister Tony Blair reportedly wrote a letter to the Romanian prime minister hinting a sale of the country’s steel company to Mittal would facilitate its entrance into the European Union,” the US business magazine said. Ambani, head of Reliance Industries, India’s largest company by market cap, was ranked seventh on the coveted list. “Last March, there were 1,125 billionaires in the world, Forbes said adding that “few plutocrats possess the money, economic dominance and political clout to touch -- or the potential to touch -- all of us.” Forbes compiled the list based on the size and scope of the industries billionaires control, the political influence they exert and the fortunes they hold. The list was topped by Michael Bloomberg, New York City’s chief executive. Bloomberg spent $74 million becoming New York City mayor in 2001 and $85 million in 2005. “Law passed in October letting Bloomberg run for third term,” Forbes said. Behind Bloomberg is Italian prime minister Silvio Berlusconi, who heads a nation of 58 million people, a diversified industrial economy with a gross domestic product of $2.4 trillion and a military budget of roughly $43 billion. Warren Buffett, who controls more than 50 companies that had a combined $118 billion in sales in 2008, ranks fourth. Forbes, however, highlighted that “perhaps no billionaire has more control over how America spends its disposable cash than Oprah Winfrey”, who was ranked 20th on the list. “With Oprah’s approval, an unknown book instantly turns into a bestseller, and getting a product endorsed on Oprah’s Favourite Things show can be the crowning achievement of a marketer’s career,” Forbes said. Forbes cited a research, compiled by two economics professors of University of Maryland, as per which Oprah’s endorsement of Barack Obama lent the candidate an estimated additional one million votes in the 2008 Democratic presidential primary. Other powerful billionaires in the list include Russia’s largest independent energy company Lukoil’s president Vagit Alekperov, Mexican billionaire Carlos Slim Helu, Microsoft’s Bill Gates and Rupert Murdoch. Among others were Edward and Abigail Johnson, Li Ka-Shing, Prince Alwaleed Bin Talal Alsaud, Abdul Aziz Al Ghurair, Serge Dassault, Saad Hariri Roman Abramovich, Sergey Brin and Larry Page, David Rubenstein, William Conway Jr and Daniel D’Aniello. Source: World Business - Livemint.com | 15 Feb 2009 | 10:59 am Service sector to see slower growth, says CII - Hindu
Source: Google News India - Business | 15 Feb 2009 | 10:58 am Trade-induced recession possible without protectionismGENEVA (Reuters) - Conventional wisdom says that protectionism, raising barriers to imports or promoting exports at the expense of your competitors, can make recession worse.Source: Reuters: Money News | 15 Feb 2009 | 10:50 am Cos not filing full disclosures will face up to Rs1 cr penaltyMumbai: Companies delaying or not filing full disclosures with stock exchanges and with market watchdog Sebi as mandated will face a penalty of up to Rs1 crore, a Sebi representative said. “Under certain categories, companies which acquire shares beyond a certain percentage stipulated under the regulations are required to make disclosures. “Under the Sebi Act, offenders are liable to a maximum penalty of up to Rs1 crore for not filing disclosures,” the Sebi representative said at a seminar on corporate governance organised by the Institute of Company Secretaries of India (ICSI) here. “The names of offending companies will be put up on our website, which people and investors can read. That is the only way to punish them,” he added. The Sebi representative said the standard of corporate governance in the country still had a long way to go. “We have taken action against offenders in the past and will impose penalties even in the future,” he said. The Sebi official said many questions need to be addressed in this regard and cautioned investors not to get carried away with anyone who says he is compliant with Clause 49. Clause 49 is an important aspect of corporate governance relating to independent directors on a company’s board. The Sebi representative said that “it is indicative and is only about 10% of corporate governance.” On the Satyam fraud, he said the scam had been concocted in collusion with the entire system and would take time to unravel. “It (the scam) has been going on for so many years...a very well-planned incident like this cannot be unlocked so easily and quickly,” he said. Source: Home - Livemint.com | 15 Feb 2009 | 10:42 am Eight-year ban on Satyam can be reviewed: World BankNew Delhi: Giving some hope to crisis-ridden Satyam, the World Bank has said it could review the eight-year ban imposed on the company provided the software exporter takes “corrective action”. A World Bank official said Satyam has to show it has again become a responsible vendor to do business with, when asked whether the multilateral lending agency would relax the ban on the software exporter. The World Bank banned Satyam Computer Services for eight years in 2008 for providing “improper benefits” to Bank staff and for failing to maintain records relating to fees charged for sub-contractors. Satyam has a strong case for a review of the ban since its old board and management have been changed after its disgraced founder chairman B. Ramalinga Raju admitted to fudging accounts to the tune of Rs7,800 crore. The World Bank’s guidelines for vendors have provisions for relaxing or scrapping bans on entities on fulfilling certain conditions including “(bona fide) change in ownership or management”. Following the disclosure of the fraud by Raju, the government superseded the erstwhile board of Satyam, replacing it with one having its nominees. The present board, headed by Nasscom past president Kiran Karnik, has taken steps to revive the company including appointing a new chief executive officer. The new board is also exploring the option of selling the software company. Several leading companies including Larsen & Toubro, B K Modi’s Spice Corp and Tech Mahindra have reportedly expressed interest in acquiring Satyam. The World Bank had banned Satyam in September 2008 from doing any business with it but the debarment was made public in December. “Satyam was declared ineligible for contracts (because of) providing improper benefits to Bank staff and for failing to maintain documentation to support fees charged for its sub-contractors,” the World Bank had said in a statement in December. In addition to Satyam, two other Indian entities, Wipro and Megasoft, were also debarred by the World Bank, though for different reasons. Source: Home - Livemint.com | 15 Feb 2009 | 10:29 am Indonesia sees oil prices at $40 to $60/barrel in '09JAKARTA (Reuters) - Indonesia's Finance Minister said on Sunday that she estimates oil prices this year would be in the range of $40 to $60 per barrrel, and that Indonesia would stick to its 2009 budget assumption of $45 per barrel.Source: Reuters: Money News | 15 Feb 2009 | 10:14 am LIC credit card before end-fiscal, says officialLife Insurance Corporation of India would launch its credit card by March-end, which it had earlier scheduled for January, a senior company official said.Source: Daily News & Analysis: Money News | 15 Feb 2009 | 10:01 am Service sector to see slower growth, says industry lobbyIndia's service sector could see slower growth, said a Confederation of India Industry (CII) report released here Sunday.Source: IndiaeNews.com: Business News | 15 Feb 2009 | 10:00 am Satyam bidders will not get to see a/cs before biddingThe suitors seeking to take over the scam-hit Satyam Computers will not be able to go through the restated financial statement or the third quarter results.Source: Daily News & Analysis: Money News | 15 Feb 2009 | 9:58 am Eight-year ban on Satyam can be reviewed: World BankWorld Bank has said it could review the eight-year ban imposed on Satyam provided the software exporter takes "corrective action".Source: Daily News & Analysis: Money News | 15 Feb 2009 | 9:51 am LN Mittal, Mukesh Ambani among Forbes' Powerful BillionairesLakshmi Mittal and Ambani are among the 20 most powerful billionaires in the world says Forbes.Source: Daily News & Analysis: Money News | 15 Feb 2009 | 9:48 am One-fourth US tech firms started by Indians, other foreignersA new research shows that firms founded by immigrants from places like India are creating thousands of jobs every year in the country.Source: Daily News & Analysis: Money News | 15 Feb 2009 | 9:44 am With polls coming, Mysore firm prepares to make voters' inkThis week, an official in a paint factory in Mysore will lock himself in a secure room in his company's premises. His job: mixing chemicals for the ink to mark voters in the coming Lok Sabha elections.Source: IndiaeNews.com: Business News | 15 Feb 2009 | 9:01 am Andhra HC stays awarding Rs120 cr project to Maytas InfraBy PTI Hyderabad: The Andhra Pradesh High Court today stayed awarding of a Rs120-crore road project to Maytas Infra, promoted by Satyam Computers’ Ramalinga Raju and family, on nomination basis. A division bench of the High Court comprising chief justice Anil Ramesh Dave and justice Ramesh Ranganathan issued the stay order on a writ petition filed by one Narayana Reddy, a resident of Kudumanchipalli village in Kadapa district. Ironically, the state cabinet that met today under the chairmanship of chief minister Y S Rajasekhara Reddy “ratified” the awarding of the road work to Maytas around the same time the High Court delivered its order. Information minister Aanam Ramanarayana Reddy and energy minister Md Ali Shabbir later announced the Cabinet decision to reporters here. When pointed out that the High Court stayed the project, the ministers said the government would abide by the court’s order. It may be recalled that the state government awarded the Rs120-crore project on nomination basis to Maytas Infra that was also executing the Gandikota reservoir project in the chief minister’s native Kadapa district without inviting any tenders, which caused a major political stir with opposition parties strongly denouncing the government move. Source: LatestNews-Home - Livemint.com | 15 Feb 2009 | 8:55 am H1-B visa bar threatens over one lakh Indians US job prospectsBy PTI Washington: Nearly 100,000 skilled Indian workers’ prospects of living the American dream may turn sour with the Congress barring firms that received bailout money from hiring foreigners through HI-B visa programme if they replace US citizens. Estimates suggest that there are 100,000 Indian nationals among the 163,000 from across the world that had applied for the skilled worker visa in FY2009. The US has capped the H1-B visa at 65,000 a year, out of which 40,000-45,000 generally goes to Indian professionals, mostly from the IT industry. Restricting hiring of H1-B visa holders forms part of American Recovery and Reinvestment Act, widely known as the stimulus bill, that was passed by the Congress yesterday. With thousands of jobs being cut by US companies almost daily over the past few months, there have been widespread apprehensions that these positions could go to low-cost foreign workers or might be outsourced to places like India. The government data for 2008 shows that about 5.7 lakh Indians were issued H1-B and other non-immigrant visas. The bar comes even as IT firms in the US and India are demanding an increase in the H1-B visa cap, which was cut from 195,000 to the present level two years ago. Indians then accounted for over 100,000 H1-B visas. Source: Home - Livemint.com | 15 Feb 2009 | 8:33 am Satyam bidders will not get to see accounts before biddingBy PTI New Delhi: The suitors seeking to take over the scam-hit Satyam Computers will not be able to go through the restated financial statement or the third quarter results prior to the bidding, a senior company official said. “Obviously... (the bidders would not be able to see them as these documents would not be prepared by then). Considering the nature and extent of the fraud, it will take quite some time to make them. The bidders will have to go by their judgement of the company and its intrinsic value and they all know what is the position of the company,” Satyam chairman Kiran Karnik told PTI. He said with market regulator Sebi amending the takeover Code, this move will help the company to move quickly on the sale process. Satyam’s investment bankers -- Goldman Sachs and Avendus-- are preparing the bidding norms for suitors and are learnt to have stressed on the credential of promoters and details of their other businesses, if any, to avoid a similar situation which Satyam found itself in after its founder and chairman B Ramalinga Raju disclosed fudging the company’s accounts on 7 January. The other criteria, sources said, could be the experience of the suitor in running large scale businesses (the suitor though need not be an IT company), audited revenue for the last seven years and their networth. Source: Home - Livemint.com | 15 Feb 2009 | 8:27 am Govt may peg fiscal deficit at 5% to battle slowdownBy PTI New Delhi: Trying to fight global slowdown and gearing up for the forthcoming elections, the UPA government’s interim budget is likely to step up expenditure on its flagship programmes, rural development and housing, doubling the fiscal deficit to 5% during 2009-10. The interim Budget, to be presented by external affairs minister Pranab Mukherjee who is currently holding the charge of Finance Ministry, is also likely to announce short-term measures for exporters reeling under the impact of a global slowdown. The government in the last Budget has fixed the fiscal deficit for the current fiscal at 2.5% of GDP, which is likely to be raised to 5% for the next fiscal, primarily on account of higher allocations towards the government’s flagship schemes like the Bharat Nirman and the National Rural Employment Guarantee Scheme. To provide focus on urban infrastructure, the government may expand the ambit of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) to include more districts. At present, the scheme is operational in about 60 mission cities. The other focus of the budget is likely to be on rural development, which may witness allocations going up to more than Rs55,000 crore from Rs39,000 crore, an increase of over 40%. Source: LatestNews-Home - Livemint.com | 15 Feb 2009 | 8:08 am Top 10 firms gain Rs31K cr in a week; Infy, ITC M-cap erodeBy PTI Mumbai: The country’s top 10 firms added over Rs31,000 crore to their combined market valuation in the past week, which witnessed an uptrend in the stock market, even as Infosys and ITC suffered losses. At the end of Friday’s trade, the total market value of the 10 most valued firms, comprising six public sector and four private sector entities, stood at Rs10,75,484 crore, up from Rs10,44,468.72 crore a week-ago. While the premium club gained Rs31,014 crore in their valuation last week, Infosys and ITC together lost Rs3,162.39 crore. Mukesh Ambani-led Reliance Industries gained the most and added Rs7,468 crore, taking its market capitalisation (M-Cap) to Rs2,18,907 crore. During the week, shares of RIL gained 1.42% to Rs1,390.95. The jump in the scrip pulled up its valuation from Rs2,11,440 crore in the week-ago period. IT bellwether Infosys witnessed an erosion of Rs1,861 crore in its valuation in the previous week and dropped to seventh position from last week’s fifth. At the end of Friday’s trade, its M-Cap stood at Rs71,849 crore. Also diversified conglomerate ITC saw its valuation declining to Rs67,536 crore, a drop of Rs1,301 crore. It also slipped one place in the top 10 club to ninth position. Source: Home - Livemint.com | 15 Feb 2009 | 7:45 am Satyam, LIC in discussion on funding: OfficialScam-hit IT major Satyam Computer has initiated preliminary discussion with Life Insurance Corporation of India (LIC) on funding, a senior LIC official said.Source: Daily News & Analysis: Money News | 15 Feb 2009 | 7:34 am Satyam, LIC in discussion on funding: OfficialBy PTI Mumbai: Scam-hit IT major Satyam Computer has initiated preliminary discussion with Life Insurance Corporation of India (LIC) on funding, a senior LIC official said. “(We have held) informal talks but have not so far received any concrete proposal from Satyam,” the official told PTI here on condition of anonymity. The life insurer was open to any viable proposal, the official said. Satyam recently received loans of Rs600 crore from IDBI Bank and Bank of Baroda, which has rendered it financially comfortable in the short term. Satyam is understood to have pledged some part of its land bank with the two financial institutions and is open to the idea of doing so in the future as well, to raise loans. The Hyderabad-based company has approached two more public sector banks and LIC for more funding to meet its short-term requirements such as salaries, and vendor and rental payments. It is understood that Satyam still requires a similar amount in the near term. Source: Home - Livemint.com | 15 Feb 2009 | 7:18 am Obama hails stimulus plan as ‘major milestone’By AFP Washington: US President Barack Obama on Saturday hailed a $787 billion economic stimulus plan passed by Congress as “a major milestone” and promised to sign the bill into law shortly. With the enormous package aimed at reviving a foundering US economy, creating millions of new jobs and stemming home foreclosures which helped spark the global financial meltdown last year, Obama claimed the biggest political victory yet of his nascent administration. “This is a major milestone on our road to recovery, and I want to thank the members of Congress who came together in common purpose to make it happen,” Obama said in his weekly radio address. The Congress late Friday approved the package of tax cuts and fresh spending to salvage the broken US economy, with the Senate voting 60-38 to pass the measure after it cleared the House of Representatives by a 246-183 margin. The passage sets the stage for Obama to sign it into law by his self-imposed 16 February deadline, timing that his spokesman Robert Gibbs said was possible provided the paperwork was completed quickly. Obama expressed confidence that the plan “will save or create more than 3.5 million jobs over the next two years, ignite spending by business and consumers alike, and lay a new foundation for our lasting economic growth and prosperity.” The legislation, a product of hard-fought negotiations this week, allocates 120 billion dollars to infrastructure spending, including money for highways. It also features nearly 20 billion dollars for renewable energy and 11 billion to modernize the US electrical grid -- steps former vice president Al Gore warmly endorsed weeks ago as a major downpayment on Obama’s strategy for fighting climate change. The bill includes tax cuts -- expected to benefit 95 percent of US families -- and tens of billions of dollars for extending unemployment benefits, bolstering healthcare for the least well-off and funds to help cash-strapped states avoid cuts in services like education. A provision inserted by Senate Democrats would also prohibit cash bonuses for top executives at large companies that receive money under the government’s bailout program, US newspapers reported Saturday. But Obama’s victory was bittersweet, as lawmakers approved a compromise stimulus that was smaller than the president had requested, and most Republicans rebuffed his appeals to join Democrats in backing it. “This isn’t Monopoly money. It’s real. It adds up, and it has to be paid back, by our children and by their children,” said Republican Senate Minority Leader Mitch McConnell. Senator Lisa Murkowski of Alaska, delivering the Republican party’s response to the president Saturday, said “Republicans have been supportive of a stimulus plan all along” but were skeptical about whether one of the largest US government outlays in history would create jobs. “Over the past few weeks, a serious difference of opinion has emerged over what an economic recovery plan should include,” Murkowski said. “Democrats, it seems, settled on a random dollar amount in the neighborhood of a trillion dollars and then set out to fill the bucket.” In his address, the president vowed to spend taxpayer dollars “with unprecedented accountability, responsibility, and transparency.” He said once the plan is put into action, a new website -- recovery.gov -- will allow Americans to watch where the money goes and weigh in with comments and questions. But he cautioned that the stimulus package would be the beginning rather than the end of efforts to turn the economy around because “the problems that led us into this crisis are deep and widespread. “For our plan to succeed, we must stabilize, repair, and reform our banking system, and get credit flowing again to families and businesses,” said Obama. “We must write and enforce new rules of the road, to stop unscrupulous speculators from undermining our economy ever again.” He also said the US government must stem the spread of foreclosures and do everything it can to help responsible homeowners stay in their homes. Over the long term, the president said measures would be needed to tame the country’s burgeoning federal deficit, but expressed confidence that Americans would be able to overcome the hardships. “It will take time, and it will take effort, but working together, we will turn this crisis into opportunity and emerge from our painful present into a Source: Home - Livemint.com | 15 Feb 2009 | 6:57 am India's NTPC, NPC plan 2000 MW nuclear power unit - Reuters
Source: Google News India - Business | 15 Feb 2009 | 6:56 am NTPC, NPC plan 2,000 MW nuclear power unitMUMBAI (Reuters) - State-run firms NTPC Ltd and Nuclear Power Corp of India Ltd have agreed to form a joint venture to build a 2,000 megawatts nuclear power plant in India.Source: Reuters: Money News | 15 Feb 2009 | 6:55 am Ashok Leyland, Nissan reworking joint ventureBy Reuters Mumbai: Indian commercial vehicle maker Ashok Leyland and Japan’s Nissan Motor Co are reworking their joint venture to produce light commercial vehicles, a senior official from Ashok Leyland said on Friday. Among the issues being reconsidered are levels of investment, types of products to be introduced and the location of the project, chief financial officer K. Sridharan told reporters in a conference call. “Both the partners are working in terms of the revised plan. Obviously it will be too early for me to comment on what will be shape of the outcome of that discussion, so we need to wait for that,” he said. But he said there was no question of pulling out of the venture, which had already been delayed by the slowing economy, Sridharan said. Nissan had said last year the joint venture would delay production by about six months to September 2011, due to the depressed demand for trucks in India. Originally it was to have started production during the business year starting in April 2010 with 80% of output slated for sale in India. The plant was to be set up in Pillaipakkam, near the southern city of Chennai, with an inital capacity of 100,000 units a year. Source: Home - Livemint.com | 15 Feb 2009 | 6:35 am Bangladesh grain imports drop 76 pct on good cropsDHAKA (Reuters) - Bangladesh's food-grain imports dropped almost 76 percent year on year to 1.17 million tonnes in the second half of 2008 thanks to bumper rice crops, officials said on Sunday.Source: Reuters: Money News | 15 Feb 2009 | 5:47 am Asian brown cloud has robbed West Bengal of winterWinter wear hardly got out of cupboards this year in West Bengal, as it never really got cold. Environmental experts feel a blanket of pollutants in the air, called the Asian Brown Cloud, could be responsible for the climate change.Source: IndiaeNews.com: Business News | 15 Feb 2009 | 5:01 am Rail link to Kashmir Valley may have to be realignedThe proposed 70-km rail link between Katra in the Jammu region and Qazigund in Kashmir Valley may have to be realigned because of geological obstacles, pushing the project cost upwards.Source: IndiaeNews.com: Business News | 15 Feb 2009 | 5:00 am Expectations run high on eve of India's interim budgetWith the economic downturn beginning to hurt India Inc., pulling down exports and industry output, expectations are high from the interim budget to be presented in parliament Monday by Minister for External Affairs Pranab Mukherjee.Source: IndiaeNews.com: Business News | 15 Feb 2009 | 5:00 am PGCIL faces Rs413 cr tax liability; PSU contests claimPTI New Delhi: Tax authorities have issued a showcause notice to state-owned Power Grid Corporation for non payment of over Rs413 crore service tax on power transmission services, but the company contested the claim saying it is bound by the norms set by power regulator CERC. “We are regulated by the Central Electricity Regulatory Commission (CERC) and the said amount of tax will be passed on to the consumers as an integral part of tariffs,” PGCIL’s senior officials said, adding that the PSU was heading for a legal opinion on tax authorities’ action. The authorities have also charged PGCIL for suppressing the facts to evade service tax. According to the service tax department of the Central Board of Excise and Customs, PGCIL has not paid service tax for the period May 2006 to September 2008. PGCIL, being a PSU company, cannot absorb the service tax as this is part of the tariff paid by end consumer, it said. The notice said: “Service tax amounting to Rs402.46 crore, education cess amounting to Rs8.05 crore, Secondary and Higher Education cess amounting to Rs 2.65 crore (collectively amounting to Rs 413.16 crore) during the period from 1 May 2006, to 30 September 2008, appears to be recoverable from Powergrid along with interest for late payments.” Source: LatestNews-Home - Livemint.com | 15 Feb 2009 | 4:55 am Mobile phone industry gears up for Barca gatheringBy AFP Barcelona: The mobile phone industry recently reached the milestone of its four billionth connection worldwide, but the cold winds of economic crisis will chill celebrations at the sector’s biggest annual gathering this week. The majority of the planet is now texting, calling or surfing on mobile handsets and the potential for growth in developing countries is undiminished-- 2.7 billion are still without a connection. Yet despite this and the relatively recession-proof business of providing telephone connections, the industry as a whole is bracing for a downturn and anticipating a fall in investment. As well as the launch of new products and industry initiatives, the crisis is set to dominate the four-day Mobile World Congress, the world’s biggest industry event, which kicks off on Monday in Barcelona. “For a long time people believed that telecoms would be spared, but as it is a global crisis everyone is going to be affected,” said Thomas Husson, an analyst for research group Forrester. The network operators are better protected than others because consumers are unlikely to drastically cut back on making calls or sending text messages. “The telecom sector compared with others such as the automobile industry or finance, is nevertheless better protected, notably because of the need to renew handsets and monthly subscription payments that generate steady income,” Husson added. Makers of handsets, those counting on the development of advertising on mobile, or the leading players in the multi-billion industry for building mobile networks are already feeling the pinch, however. Finland’s mighty group Nokia, the biggest handset maker in the world, announced a near 20% fall in handset sales in the fourth quarter of last year. It reported a sharp drop in profit and said it would concentrate on cutting costs this year. Research group Gartner predicts that annual handset sales will fall in 2009 for the first time in history, declining 1.0-4.0%. The event in Barcelona brings together 60,000 industry insiders from 1,200 companies, according to the organisers, the GSMA Association. All the major network operators such as Vodafone, MTN or China Mobile will be present, as well as handset makers like Nokia or Samsung. Microsoft, Yahoo! and a host of start-ups looking to tout their services will also attend. One notable absence will be Californian trailblazer Apple, whose new iPhone was the talk of the event last year. Its influence can be seen in the design of any of the new top-end models brought out by rival manufacturers. One among many new product launches expected at the show will be the first mobile phones from Taiwan-based IT manufacturer Acer. One of them, according to rumours on mobile phone websites, will be double-sided with screens on each face. Fellow Asian computer makers Toshiba and Asus are also looking to enter the market, while US-based Dell is also said to be weighing a move. Source: LatestNews-Home - Livemint.com | 15 Feb 2009 | 4:41 am Mobile phone industry gears up for Barca gatheringBy AFP Barcelona: The mobile phone industry recently reached the milestone of its four billionth connection worldwide, but the cold winds of economic crisis will chill celebrations at the sector’s biggest annual gathering this week. The majority of the planet is now texting, calling or surfing on mobile handsets and the potential for growth in developing countries is undiminished-- 2.7 billion are still without a connection. Yet despite this and the relatively recession-proof business of providing telephone connections, the industry as a whole is bracing for a downturn and anticipating a fall in investment. As well as the launch of new products and industry initiatives, the crisis is set to dominate the four-day Mobile World Congress, the world’s biggest industry event, which kicks off on Monday in Barcelona. “For a long time people believed that telecoms would be spared, but as it is a global crisis everyone is going to be affected,” said Thomas Husson, an analyst for research group Forrester. The network operators are better protected than others because consumers are unlikely to drastically cut back on making calls or sending text messages. “The telecom sector compared with others such as the automobile industry or finance, is nevertheless better protected, notably because of the need to renew handsets and monthly subscription payments that generate steady income,” Husson added. Makers of handsets, those counting on the development of advertising on mobile, or the leading players in the multi-billion industry for building mobile networks are already feeling the pinch, however. Finland’s mighty group Nokia, the biggest handset maker in the world, announced a near 20% fall in handset sales in the fourth quarter of last year. It reported a sharp drop in profit and said it would concentrate on cutting costs this year. Research group Gartner predicts that annual handset sales will fall in 2009 for the first time in history, declining 1.0-4.0%. The event in Barcelona brings together 60,000 industry insiders from 1,200 companies, according to the organisers, the GSMA Association. All the major network operators such as Vodafone, MTN or China Mobile will be present, as well as handset makers like Nokia or Samsung. Microsoft, Yahoo! and a host of start-ups looking to tout their services will also attend. One notable absence will be Californian trailblazer Apple, whose new iPhone was the talk of the event last year. Its influence can be seen in the design of any of the new top-end models brought out by rival manufacturers. One among many new product launches expected at the show will be the first mobile phones from Taiwan-based IT manufacturer Acer. One of them, according to rumours on mobile phone websites, will be double-sided with screens on each face. Fellow Asian computer makers Toshiba and Asus are also looking to enter the market, while US-based Dell is also said to be weighing a move. Source: Tech News - Livemint.com | 15 Feb 2009 | 4:41 am GM, UAW talks break off; Chrysler talks stallDETROIT (Reuters) - Talks between the United Auto Workers and General Motors Corp central to a turnaround plan for the struggling automaker have broken down over the issue of retiree healthcare costs, a person briefed on the talks said on Saturday.Source: Reuters: Money News | 15 Feb 2009 | 2:59 am G7 strives to pair crisis response and free tradeROME (Reuters) - The G7 industrial powers, fearing a 1930s-style resurgence of protectionism, ended crisis talks in Rome on Saturday with a pledge to do all they could to combat recession without distorting free trade.Source: Reuters: Money News | 15 Feb 2009 | 2:46 am Obama to sign stimulus bill Tuesday in DenverCHICAGO (Reuters) - U.S. President Barack Obama on Saturday hailed congressional approval of a $787 billion economic stimulus bill as a "major milestone on our road to recovery" and the White House said he would sign the legislation on Tuesday in Denver.Source: Reuters: Money News | 15 Feb 2009 | 2:43 am Lalu Prasad keeps a low profile - Sify
Source: Google News India - Business | 15 Feb 2009 | 2:07 am Change in FDI norms will help forge closer alliances, say retailersNew Delhi, Feb. 14 The change in FDI guidelines has come as a breather for retailers who are already struggling due to the economic downturn and piling inventories. Retailers say they can raise funds through stake sale in subsidiaries, besidesSource: Business Line - Home Page | 15 Feb 2009 | 12:00 am PSUs cough up record interim dividendsNew Delhi, Feb. 14 A slowdown may well be in the air, but the interim dividends being forked out by the ‘navratna’ public sector undertakings (PSUs) seem oblivious to the worsening economic outlook.Source: Business Line - Home Page | 15 Feb 2009 | 12:00 am Stock market movement seen range-boundThiruvananthapuram, Feb. 14 The capital market is expected to behave in a range-bound manner and the height it reached in 2008 is unlikely to be breached anytime soon, according to Mr Prince George, Managing Director and Chief Executive Officer,Source: Business Line - Home Page | 15 Feb 2009 | 12:00 am Corporate fixed deposits gaining popularity among investorsMumbai, Feb. 14 Wary of both equity and debt funds, retail investors are making a beeline for the fixed deposit schemes of private companies, say mutual fundSource: Business Line - Home Page | 15 Feb 2009 | 12:00 am NTPC, Nuclear Power Corpn to invest Rs 15,000 cr in 8 yrsMumbai, Feb. 14 NTPC Ltd and Nuclear Power Corporation Ltd (NPCIL) would jointly invest around Rs 15,000 crore in the next eight years to set up nuclear power plants in the country. The two public sector corporations on Saturday signed an MoU toSource: Business Line - Home Page | 15 Feb 2009 | 12:00 am Weekly News Round-upThe Railway Minister, Mr Lalu Prasad, presented the Railways Interim Budget on Friday. He left freight rates unchanged and slashed AC fares of all classes by two per cent. He also cut sleeper and second class tickets costing over Rs 50 by two perSource: Business Line - Home Page | 15 Feb 2009 | 12:00 am Confusion over growth prospectsBangalore, Feb. 14 The Central Statistical Organisation’s advance estimate of 7.1 per cent growth in gross domestic product for 2008-09 (Rs 33,51,653 crore at 1999-00 prices) is higher than most other forecasts.Source: Business Line - Home Page | 15 Feb 2009 | 12:00 am Nu Tek firms up 2 overseas acquisitionsNew Delhi, Feb. 14 Here is another mid-sized Indian firm going after international acquisitions.Source: Business Line - Home Page | 15 Feb 2009 | 12:00 am LIC, Exim Bank nominee directors to become more vigilantMumbai, Feb. 14 Companies, on whose board financial institutions have a nominee director, had better watch out.Source: Business Line - Home Page | 15 Feb 2009 | 12:00 am Govt failed to pick up signs that all was not well in Satyam - Times of India
Source: Google News India - Business | 14 Feb 2009 | 10:37 pm Airlines give in, fares to be inclusive of all surcharges - Times of India
Source: Google News India - Business | 14 Feb 2009 | 10:00 pm CAB revises cotton production estimate - Hindu
Source: Google News India - Business | 14 Feb 2009 | 9:47 pm FMCG is the only sector that can expect a quick uptickDNA talks to industry experts in five major sectors to find out where they see possible inflection points for a recovery.Source: Daily News & Analysis: Money News | 14 Feb 2009 | 8:35 pm Down but not outEconomists agreed 2009 on the whole could be one of the weakest years for growth in recent times.Source: Daily News & Analysis: Money News | 14 Feb 2009 | 8:35 pm Could the Aero India F-16s bomb India in a war?As the F-16 fighter roars into the skies of Bengaluru at the Aero India 09 show, all attention is on the wonderful aerobatics display it puts up, not on the tiny flag of the United Arab Emirates (UAE) on its tail. But the fact is, two of the four F-16s brought here by Lockheed Martin belong to the UAE Air Force.Source: Business Standard | Front Page Headlines | 14 Feb 2009 | 7:13 pm Developers lobby hard with states for sopsWith each passing day making it clearer that only low-cost small houses can sell in this market, real estate developers have begun to lobby with states for concessions that will help them build such houses.Source: Business Standard | Front Page Headlines | 14 Feb 2009 | 7:12 pm Foreign investment distinctions set to goFDI, FII, ADRs, GDRs will all be counted as foreign investment.Source: Business Standard | Front Page Headlines | 14 Feb 2009 | 7:11 pm Sebi order absurd: Shankar Sharma - Business Standard
Source: Google News India - Business | 14 Feb 2009 | 6:34 pm Sapient lays off 300 staff - Business Standard
Source: Google News India - Business | 14 Feb 2009 | 6:34 pm Congress MP Naveen Jindal flies in fighter at air showCongress parliamentarian and industrialist Naveen Jindal was Saturday flown in fighter jet F/A 18 of US aerospace major Boeing at Aero India international air show here.Source: IndiaeNews.com: Business News | 14 Feb 2009 | 6:30 pm Banks, eager to push gold sales, find Cupid on their sideBanks, long given to promoting gold coins during festivals such as Diwali have woken up to other special days and occasions as well.Source: Daily News & Analysis: Money News | 14 Feb 2009 | 5:53 pm RSS set to enter FMCG market - with cow urine and dung productsWhat's common between a new brand of soft drinks, toothpowder, paper, distemper and furniture proposed to be launched by a Hindu organisation? All these products use cow dung and cow urine as raw material.Source: IndiaeNews.com: Business News | 14 Feb 2009 | 3:31 pm Airlines reply to regulator on fare hikeThe aviation regulator has got explanation letters from six airlines on why they withdrew promotional fares and hiked base tariff, a government official said here Saturday. He refused to divulge details of the letters.Source: IndiaeNews.com: Business News | 14 Feb 2009 | 3:31 pm NTPC, Nuclear Power Corp ink joint venture pactThe country's leading power producer NTPC Ltd Saturday signed a memorandum of understanding (MoU) with Nuclear Power Corp of India Ltd (NPCIL) to jointly produce nuclear power plants.Source: IndiaeNews.com: Business News | 14 Feb 2009 | 2:31 pm Satyam scam: Anti-fraud cell officials interrogate RajusA 12-member team of the Serious Fraud Investigation Office (SFIO) saturday quizzed Satyam Computers founder B. Ramalinga Raju, his brother B. Rama Raju and former chief financial officer Vadlamani Srinivas in Chanchalguda jail here.Source: IndiaeNews.com: Business News | 14 Feb 2009 | 1:30 pm First Global to appeal against Shankar Sharma verdictThe Securities and Exchange Board of India has barred Shankar Sharma from dealing in securities for oneyear. Commenting on the issue, Devina Mehra of First Global said they were only asking Sebi for the probe report which is not providing documents. She said they will appeal against Sebi order on Shankar Sharma.Source: Moneycontrol Top Headlines | 14 Feb 2009 | 1:10 pm HC stays Rs 121cr Maytas Infra proj, govt censuredThe Andhra Pradesh High Court has rapped the state government on its knuckles and Maytas Infra, a member of the beleaguered Satyam Group, is wincing in pain. The court has stayed the Rs 121 crore road project that was awarded to the company.Source: Moneycontrol Top Headlines | 14 Feb 2009 | 11:42 am Nuclear power output to reach 6,000 MW by 2009-endMumbai: As India’s civil nuclear industry enters a new phase, the energy-starved nation can look forward to having 6,000 MW atomic power by the year-end from the indigenous plants. The 17 plants, currently operating below 40% of their capacity, will be able to operate at 90% load factor in the next 12 months with the availability of uranium from France and Russia, union minister of State for Commerce and Power Jairam Ramesh said. With the recent signing of contracts for uranium supply with French company Areva and Russian firm TVEL, it is expected that Nuclear Power Corporation of India Ltd (NPCIL) will be able to receive the fuel shortly and can increase the power output up to 6,000 MW before 2009-end, he said. Ramesh was speaking to reporters after the signing of a MoU here between NPCIL and NTPC for setting up a joint venture for power plants. NPCIL’s installed capacity is 4,120 MW and but output is only 1,800 MW due to fuel shortage. “With the imported uranium, it is possible to operate the 17 plants at 90% load factor,” he said. “In addition, three plants - Rajasthan Atomic Power’s units 5 and 6, Kaiga power plant unit 4 (all 220 MW each) and one unit of Koodankulam plant of 1,000 MW will begin operation in 2009, taking the total nuclear power production by this year-end to around 6,000 MW,“he said. Source: LatestNews-Home - Livemint.com | 14 Feb 2009 | 11:18 am LIC launches close-ended Jeevan Varsha planKolkata: State-run Life Insurance Corporation of India (LIC) on Saturday said it has launched a close ended guaranteed addition money back plan Jeevan Varsha and expects healthy response. “After the success of Jeevan Astha which closed recently, the corporation has launched another guaranteed product. This is a regular premium policy and money back plan,” LIC zonal manager (east) R R Dash said in Kolkata on Saturday. The plan would be made available for sale only between 16 February and 31 March. Dash said the corporation was aiming to collect Rs1,500 crore premium from this new policy. “The corporation in east collected Rs1,190 crore from sale of 2.64 lakh policies from recently closed Jeevan Astha,” he said. Jeevan varsha plan is available with two policy terms of 9 and 12 years. The policy will offer Rs65 per Rs1,000 sum assured and Rs70 for a 12 year term. “For the first time survival benefit are payable every three years,” a LIC statement said. LIC officials said though guaranteed addition in Jeevan Varsha is lower than Jeevan Astha, the internal rate of return will be similar to it taking into consideration all factors. Source: LatestNews-Home - Livemint.com | 14 Feb 2009 | 11:02 am Sebi to notify provisions of investors group protection schemeAhmedabad: Market regulator Securities and Exchange Board of India (Sebi) is expected to notify the provisions of investor group protection scheme within a month, a Sebi member said here on Saturday. “The provisions of investors group protection scheme is likely to be notified within a month, and the related guidelines will be released within next three months,” Sebi wholetime member M S Sahoo told PTI on the sidelines of BCFM (derivatives) online certification launch in Gujarati. “Sebi will support the investors if they approach as a group and go to seek court’s help,” he added. The market regulator has constituted a separate and dedicated fund for education and protection of investors, with an initial corpus of Rs15 crore at its disposal, and the funds size is expected to grow further, Sahoo said. Also, Sebi has moved a proposal to the government saying that earnings made through levy of penalty that presently is diverted to consolidated funds as per the provisions of Act, should be changed. We want it to go to investor protection fund, he added. “Unless the requisite changes are made in the Act, the funds coming through levy of penalty cannot be diverted to investor protection fund, Sahoo said. Source: LatestNews-Home - Livemint.com | 14 Feb 2009 | 10:43 am
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