|
|
|
|
Jet Airways to lease out airplanes to Oman AirNaresh Goyal-promoted Jet Airways plans to lease out two of its aircraft to Oman Air, as part of its route rationalisation and cost-cutting plan.Source: Daily News & Analysis: Money News | 16 Feb 2009 | 2:27 pm India may unwind intervention bonds to raise funds - Reuters India
Source: Google News India - Business | 16 Feb 2009 | 2:17 pm Jet Airways to lease out airplanes to Oman Air - Economic Times
Source: Google News India - Business | 16 Feb 2009 | 2:11 pm Global distress, local policy freeze a tricky mix: NilekaniNandan Nilekani, CoChairman and MD, Infosys said, the combination of global uncertainty and domestic freeze on policy is a bit awkward and troublesome. Nilekani said if the global situation deteriorates further the government will then have to respond with the required stimuli.Source: Moneycontrol Top Headlines | 16 Feb 2009 | 2:11 pm India may unwind intervention bonds to raise fundsNEW DELHI (Reuters) - India could unwind market intervention bonds to help raise an extra 450 billion rupees ($9.2 billion) to help bridge its deficit, a senior finance ministry official said.Source: Reuters: Money News | 16 Feb 2009 | 2:06 pm Fiscal deficit widens to 6%, FRBM breached - Business Standard
Source: Google News India - Business | 16 Feb 2009 | 2:00 pm Gold rises to record after interim budgetMumbai: Gold prices climbed to an all-time peak of Rs14,755 on the bullion market on Monday in New Delhi, after the presentation of interim budget which weighed on the equity markets, giving a boost to yellow metal. Silver also surged further on sustained industrial demand. Interim budget failed to give much needed support to the financial sector, sending the BSE benchmark Sensex down by over 329 points or 3.42% that prompted cautious investors to have a safe-investment such as gold, a dealer said. Gold was steady in Europe, consolidating after last week’s more than 3% rise, with strong demand for physical investment products such as gold-backed exchange- traded funds. Gold prices rose nearly $30 an ounce last week as concern over the economic outlook. Spot gold was little changed at $940.20/942.20 an ounce as against $939.40 an ounce in New York last Friday. Spot silver was quoted at $13.61/13.69 an ounce as against $13.62 an ounce. Turning to the domestic market, standard gold (99.5 purity) firmed up by Rs65 per ten grams to Rs14,755 from the last weekend’s level of Rs14,690. Pure gold (99.9 purity) also moved up to Rs14,810 from Rs14,750 previously. Silver ready (.999 fineness) rose by Rs105 per kilo to Rs21,610 from Rs21,505 previously. Source: LatestNews-Home - Livemint.com | 16 Feb 2009 | 2:00 pm Budget ignores gems and jewellery sector: GJEPCThe gem and jewellery industry which was expecting sops, has been ignored completely in the interim Union Budget for 2009-10, a top industry official said.Source: Daily News & Analysis: Money News | 16 Feb 2009 | 1:58 pm Defence gets 35% hike in budget, steepest in recent yearsRealising the need to geat up the security apparatus in the wake of Mumbai attacks, the government allocated Rs 1,41,703 crore for defence, almost 35% rise.Source: Daily News & Analysis: Money News | 16 Feb 2009 | 1:56 pm Budget neglects CBI, 7% decrease in its fundsThe allocation of funds in the interim budget for country's premier investigating agency, the CBI, has been decreased by nearly seven per cent.Source: Daily News & Analysis: Money News | 16 Feb 2009 | 1:55 pm Budget fails to cheer exporters, more layoffs fearedExtending interest subsidy till September in the interim Budget has failed to cheer exporters as their apex body FIEO warned of more layoffs.Source: Daily News & Analysis: Money News | 16 Feb 2009 | 1:55 pm Decks being cleared for CBI probe into Satyam scamNew Delhi: Decks are being cleared for a CBI probe into the Rs7,800 crore Satyam scam case after the Andhra Pradesh government issued a notification requesting the Centre for a probe by the premier investigation agency. Sources in the Department of Personnel, under which the CBI functions, said it has received a notification under section 6 of Delhi Police Special Act. It is under this section state extends its jurisdiction to CBI for a probe. The Department is likely to issue a notification to the CBI on Tuesday directing it to probe the country’s biggest ever multi crore corporate scam, currently being investigated by the Serious Fraud Investigation Office (SFIO). Corporate affairs minister Prem Chand Gupta had told PTI that the case had been transferred to CBI for a probe and was likely to come up for discussion in the Rajya Sabha tomorrow. Source: LatestNews-Home - Livemint.com | 16 Feb 2009 | 1:39 pm Realty sector disappointed with 'lacklustre' interim budgetThe Indian realty sector, which is reeling under a severe fund crunch, Monday expressed disappointment over the 'lacklustre' interim budget for 2009-10 and said the government has done nothing to provide relief to the industry.Source: IndiaeNews.com: Business News | 16 Feb 2009 | 1:31 pm Government has failed to address economic concerns: CPI-MThe United Progressive Alliance (UPA) government has failed to address the 'serious concerns' of the fast deteriorating economic situation in the country under the impact of the global economic crisis, CPI-M leader Sitaram Yechury said Monday.Source: IndiaeNews.com: Business News | 16 Feb 2009 | 1:31 pm Increase in defence allocation marginal: ExpertsSecurity experts have viewed as marginal the 34 percent hike in the defence allocation in the interim budget for 2009-10 presented in the Lok Sabha Monday, pointing to the armed forces returning Rs.7,000 crore from what had been earmarked for arms purchases during the fiscal ending Mar 31.Source: IndiaeNews.com: Business News | 16 Feb 2009 | 1:30 pm Oman carrier takes two Jet Airways planes on wet leaseJet Airways has entered into agreements with Oman Air for leasing out, on a wet lease basis, of two A-330-200 aircraft for a period of six months each, with effect from May, the company announced Monday.Source: IndiaeNews.com: Business News | 16 Feb 2009 | 1:30 pm Interim budget failed to address meltdown issues: Bengal ministerThe interim budget presented by External Affairs Minister Pranab Mukherjee did not address the problem of rising unemployment in the country due to global economic crisis, West Bengal Finance Minister Asim Dasgupta said here Monday.Source: IndiaeNews.com: Business News | 16 Feb 2009 | 1:30 pm Govt to raise extra $9 bln in 08/09; won't tap mktNEW DELHI (Reuters) - The government plans to raise an extra 450 billion rupees ($9.2 billion) in the 2008/09 financial year beyond additional borrowings already announced, but will not tap the markets for it, a senior finance ministry official said on Monday.Source: Reuters: Money News | 16 Feb 2009 | 1:29 pm Q+A - Govt unveils cautious budget ahead of electionsNEW DELHI (Reuters) - The government gave spending estimates on Tuesday for the first four months of 2009/10, with sops for rural voters but few fresh measures to boost a faltering economy ahead of elections due in May. [Source: Reuters: Money News | 16 Feb 2009 | 1:29 pm SC gives conditional nod to debt transactions by banksThe Supreme Court on Monday, temporarily allowed the banks to go ahead with transactions related to assigning of debts subject to final disposal of their petitions.Source: Daily News & Analysis: Money News | 16 Feb 2009 | 1:28 pm Govt keeps tax rates steady, sees 7% rise in revenuesNEW DELHI (Reuters) - The government kept tax rates steady in the face of a high fiscal deficit and expects its revenues to grow at 7 percent next fiscal, slower than theSource: Reuters: Money News | 16 Feb 2009 | 1:24 pm KFC to create 9,000 jobs in UKFast food chain KFC will be creating up to 9,000 jobs by opening more restaurants in the UK over the next three to five years.Source: Daily News & Analysis: Money News | 16 Feb 2009 | 1:24 pm Corporation Bank opens office in Hong Kong - Business Standard
Source: Google News India - Business | 16 Feb 2009 | 1:21 pm Subhiksha accounts unaudited for last 15 monthsNew Delhi: Discount retailer Subhiksha Trading Services Ltd has admitted that it has yet to present to the board of directors its audited account for the last 15 months. “It is clarified that the accounts for the 12 month ended 31 March 2008 is audited and that the accounts for the extended year ended 30 June 2008 is pending finalisation in view of the disturbed condition in the company affecting ability of auditors to finalise this audit,” the company’s managing director R. Subramanian said in a note released to media on Monday. The disturbed condition refers to the financial crunch the company is facing because of which its operations have come to a standstill. The issue of unaudited accounts since June 2008 figured prominently in the company’s board meeting held in Mumbai on 22 November where the board demanded an independent audit, said people close to the situation. Four board members including Renuka Ramnath and Rajeev Bakshi of ICICI Venture, Rama Bijapurkar and Kannan Srinivasan quit over the issue, the people said. ICICI Venture holds 23% stake in Subhiksha and is the second largest stakeholder after Subramanian who holds a majority stake in the company. The company’s last independently audited accounts were for the fiscal year ending March 2007, according to the Registrar of Companies’ (RoC) documents reviewed by Mint. The board also raised some questions on Subhiksha’s governance practices in the November board meeting. However, Subramanian says Subhiksha has been practicing “high corporate governance and transparency mode under the strict control of ICICI Venture.” In the note, he argued that while ICICI Venture was a minority stakeholder, it acquired ”a certain set of domination rights” that included the ”right to appoint majority on the board of Subhiksha, the right to control all aspects of the functioning of the company includind the appointment and removal of all senior management personnel and the right to control the financial affairs by ensuring that the auditors were appointed by it and that the Audit Committee and all Budgets were approved by it.” Meanwhile, ICICI Venture has sent a letter to the Chennai office of Registrar of Companies (RoC) asking for an independent auditing of Subhiksha’s accounts. While Subramanian said he is “not aware” of any such letter sent to the ROC, a spokesman for ICICI Venture declined to comment on the issue. Source: LatestNews-Home - Livemint.com | 16 Feb 2009 | 1:21 pm Hexaware FY08 net at Rs 59 cr, declares 25% dividend - Business Standard
Source: Google News India - Business | 16 Feb 2009 | 1:19 pm Billionaires in recession-hit Russia down by halfIn the beginning of 2008, billionaires needed $15 billion to join the list of the country's top 10 richest people. Now this criterion has dropped to $4.5 billion.Source: Daily News & Analysis: Money News | 16 Feb 2009 | 1:17 pm Sharekhan bullish on Turmeric - Moneycontrol.com
Source: Google News India - Business | 16 Feb 2009 | 1:13 pm Govt seeks $3 bn from World Bank for capital infusion into PSU banksNew Delhi: The government will seek additional $3 billion (about Rs14,440 crore) from the World Bank to infuse funds into public sector banks to shore up their capital against various risks to ensure credit flow to productive sectors to beat the economic slowdown. This is the part of $4.2 billion (about Rs20,160 crore) additional fund that India is seeking over and above the permissible annual grant to the country. “We have sought additional World Bank funding over and above what is normally admissible every year additional to the extent of $4.2 billion. Of that $3 billion has been sought for the recapitalisation of the banks over the period of about two years,” economic affairs secretary Ashok Chawala said in a post interim-budget conference. The process is currently in the pipeline and appropriate provision and inclusion would be made in the budget statement as we go along during the year, he said. In his interim-budget speech during the day finance minister Pranab Mukherjee said “government would recapitalise the public sector banks over the next two years to enable them to maintain Capital to Risk Weighted Assets Ratio (CRAR) of 12% to ensure credit growth continues to sustain economic growth.” Remaining $1.2 billion would be utilised for strengthening the financial health of the public sector entities like Powergrid Corporation and others, Chawala said. There is a roadmap for the recapitalisation of public sector banks. To expedite that process and get it funded the Government of India has approached the World Bank which has sought proposal for additional areas in which the government wish to seek assistance, he added. When asked which are the banks that would need financial assistance, finance secretary Arun Ramanathan said capital infusion would depend up on the need of each bank. “The way assets and profits grow that would determine the extent to which you have to capitalise each banks,” Ramanathan said. As of June 2008, there are five banks which have CRAR between 10-11% and six banks between 11% and 12%, he said. “Right now the intention is to capitalise four banks during this financial year. We have already got approval for capitalising UCO Bank, Central Bank of India and Vijaya Bank,” he said. The fourth will be United Bank of India, which will be capitalised this year (2008-09), he said, adding, as the RBI norms banks should have CRAR of 9%. Source: LatestNews-Home - Livemint.com | 16 Feb 2009 | 1:12 pm Not surprised by nosops Interim Budget: Sajjan JindalSajjan Jindal, VC MD of JSW Steel says, last threefour months the government did a lot of things to stimulate demand, so not much was expected this time around.Source: Moneycontrol Top Headlines | 16 Feb 2009 | 1:08 pm BSE Sensex falls 3.4 pct as budget disappointsMUMBAI (Reuters) - BSE Sensex fell 3.4 percent on Monday, its biggest drop in two weeks, after an interim budget failed to provide a much needed impetus to struggling sectors such as construction and autos.Source: Reuters: Money News | 16 Feb 2009 | 1:05 pm Ericsson on cost-cutting drive; preparing for tough times: CEOThe world's leading network solutions provider, Ericsson AB, said the economic slowdown has not fully reached the telecom industry, but it is gearing up for tougher times.Source: Daily News & Analysis: Money News | 16 Feb 2009 | 1:01 pm India gold braces for 16,000; demand may recoilMUMBAI (Reuters) - Indian gold is expected to coast to 16,000 rupees per 10 grams levels after last week's stretch of record-making highs, as the heavy safe-haven buying overseas showed the peak has yet to come, analysts and traders said.Source: Reuters: Money News | 16 Feb 2009 | 12:51 pm India corp bond yields rise on supply concerns - Reuters India
Source: Google News India - Business | 16 Feb 2009 | 12:41 pm Indian fiscal deterioration a concern - FitchMUMBAI (Reuters) - India's fiscal position was a concern for the country's rating, Fitch Ratings said on Monday, although it said the deterioration revealed in the government's interim budget on its own would not lead to a downgrade.Source: Reuters: Money News | 16 Feb 2009 | 12:39 pm Big allocation for flagship schemes; no tax sopsNew Delhi: Refraining from tinkering with tax and duty rates in the interim budget, acting finance minister Pranab Mukherjee on Monday made a huge allocation of Rs30,100 crore to government’s flagship rural employment programme and many other schemes in a bid to counter the economic recession. Despite the fact that revised estimates for tax collections during 2008-09 is projected at Rs6,27,949 crore as against the budget estimate of Rs6,87,715 crore, the minister resisted the temptation of giving sops since it is an interim budget with general elections just a few months away. Click here to watch video In view of the fact that security environment has deteriorated considerably with the Mumbai terror attacks giving an entirely new dimension to cross-border terrorism, the budget increased the allocation for defence to Rs1,41,703 crore including Rs54,824 crore capital expenditure. Aiming at enhancing expenditure on schemes to provide employment and lift the economy, the interim budget for 2009-10 has planned a total expenditure of Rs9,53,231 crore comprising Rs2,85,149 crore in plan and Rs6,68,082 crore in non-plan spending. Also Read Interim Budget 2009-10 (Full Coverage) To counter the negative impact on exports due to the global economic crisis, the interest subvention of 2% on pre and post shipment for certain employment sectors is proposed to be extended. Also Read Interim Budget 2009-10 | Highlights (PDF) Like the National Rural Employment Guarantee Scheme (NREGS), the Bharat Nirman scheme gets a massive injection of Rs40,900 crore in the coming year. Click here to watch video “In the current environment, there is a clear need for contra-cyclical policy and it calls for a substantial increase in expenditure in infrastructure development where we have a large gap and in rural development where the programmes such as Bharat Nirman and NREGS are playing a vital social role,” Mukherjee said. He said since the scope for revenue mobilization is bound to be limited in a period of economic slowdown, any increase in plan expenditure will increase the fiscal deficit. “Indeed, we may have to consider, the additional plan expenditure from 0.5% to 1% of GDP and gear up our systems accordingly,” Mukherjee, who holds the additional charge of finance, said in his 90-minute speech. Also Read Interim Budget 2009-10 |Full speech In the budget estimates for 2009-10, the Sarva Siksha Abhiyan has been given Rs13,100 crore more while the Mid-day Meal Scheme will get Rs8,000 crore, the Integrated Child Development Scheme Rs6,705 crore and the Jawaharlal Nehru Urban Renewal Mission will get an additional Rs11,842 crore. Among other schemes that got increased allocation are Rajiv Gandhi Rural Drinking Water Mission (Rs7,400 crore), Total Rural Sanitation Programme (Rs1,200 crore) and National Rural Health Mission (Rs12,070 crore). Mukherjee said the proposed provisions are appropriate for a vote-on-account but he pointed out that planned expenditure for 2009-10 will have to be increased substantially at the time the presentation of the regular budget, if the economy has to be given a stimulus it needs to cope with the global recession that is likely to continue through the year. The budget makes a provision of Rs95,579 crore for major subsidies including food, fertilizer and petroleum. For the coming year, gross tax revenue receipts at the existing rates of taxation are estimated at Rs6,71,293 crore, of which the Centre’s net receipts have been projected at Rs5,00,096 crore. With revenue expenditure estimated at Rs8,48,085 crore, the revenue deficit amounts to 4% of the GDP. Fiscal deficit is estimated at Rs3,32,835 crore which is 5.5% of the GDP. This would be lower than in 2008-09 but higher than would be appropriate under normal circumstances, he said. “However, conditions in the year ahead are not likely to be normal and therefore the high fiscal deficit is inevitable. We will return to FRBM targets once the economy is restored to the recent trend growth path,” he said. Mukherjee said extraordinary economic circumstances merit extraordinary measures. “Now is the time for such measures. Our government decided to relax the Fiscal Responsibility and Budget Management (FRBM) targets, in order to provide much needed demand boost to counter the situation created by global financial meltdown. “Indeed, depending on the response of the domestic economy and the revival of the global economy, there may be a need to consider additional fiscal measures when the regular budget is presented by the new government after the elections. However, the medium term objective should be to revert to the path of fiscal consolidation at the earliest,” he said. Touching on the revised estimates for 2008-09, he said the total expenditure has been revised to Rs9,00,953 crore against Rs7,50,884 crore, an increase of Rs1,50,069 crore. The plan expenditure for 2008-09 was placed at Rs2,43,386 crore in the budget estimate which has now gone up to Rs2,82,957 crore in the revised estimates. The additional plan spending of Rs39,571 crore is on account of increase in the central plan by Rs24,174 crore and an increase of Rs15,397 crore in central assistance to state and UT plans. On the non-plan side, the additional Rs1,10,498 crore in the revised estimate is accounted for by an increase in expenditure of Rs48,863 crore on fertilizer subsidy, Rs10,960 crore on food subsidy, Rs15,000 crore on agriculture debt waiver, Rs7,605 crore on pensions and Rs5,149 crore on police. An additional amount of Rs9,000 crore has also been provided for in defence expenditure. In keeping with the recent trend, the actual tax collections during 2007-08 exceeded the revised estimate for the year both for direct and indirect taxes. However, for 2008-09, the revised estimate for tax collection is projected at Rs6,27,949 crore as against budget estimate of Rs6,87,715 crore. This shortfall is primarily on account of government’s proactive fiscal measures to counter the impact of global economic slowdown on the Indian economy, Mukherjee said. A substantial relief of about Rs40,000 crore has been extended through tax cuts, including a fairly steep across-the-board reduction in central excise rates in December last. Despite this, it is expected that the tax collections will exceed last year’s collection. Taking into account the variations in receipts and expenditure, the current year expected to end with a revenue deficit of Rs2,41,273 crore as against budgeted figure of Rs55,184 crore. Accordingly, the revised revenue deficit stands at 4.4% of GDP instead of 1% in the budget estimates. Similarly, the fiscal deficit of 2008-09 has gone up from Rs1,33,287 crore in the budget estimate to Rs3,26,515 crore in the revised estimates. The revised fiscal deficit is estimated at 6% of the Gross Domestic Product (GDP) as against the budgeted figure of 2.5%. Source: Home - Livemint.com | 16 Feb 2009 | 12:35 pm Indian fiscal deterioration a concern-Fitch - Reuters India
Source: Google News India - Business | 16 Feb 2009 | 12:32 pm Interim budget has no step to check impact of recession: Left New Delhi: Calling the interim budget a “pre-poll declaration” by the Congress, Left parties on Monday said the government had not taken any step to check the impact of the global recession on the Indian economy by increasing public expenditure. While CPI(M) Politburo member Sitaram Yechury said the interim budget was nothing but a “perorative” (lengthy and pompous) document and government had in fact lowered the expenditure on major social structure schemes, CPI leaders Gurudas Dasgupta and D Raja called it a “lollipop” budget meant for the coming elections. Comparing the 2008-09 budget allocations with this year’s figures, Yechury said the funds earmarked for rural employment guarantee scheme declined by Rs6,650 crore, food subsidy by Rs1,328 crore, rural development by Rs5,176 crore and Jawaharlal Nehru Urban Renewal Mission by Rs1,735 crore. Instead of increasing public expenditure in these and infrastructural sectors, the government has in fact slashed spending on them, which would not only lead to lower purchasing power of the commoners but further increase job losses, he said. Raja said the budget “painted a rosy picture of the Indian economy and government’s performance which was not at all true in terms of ground realities and non-fulfilment of promises made by the UPA in the Common Minimum Programme.” Source: LatestNews-Home - Livemint.com | 16 Feb 2009 | 12:27 pm Market falls 3.4% as budget dashes stimulus hopes - Economic Times
Source: Google News India - Business | 16 Feb 2009 | 12:23 pm Govt. raises farm sector allocation by 5 pc to Rs 15000 cr. - Hindu
Source: Google News India - Business | 16 Feb 2009 | 12:21 pm Infrastructure sector to get Rs99,534 cr boostNew Delhi: Continuing its focus on infrastructure development, the government on Tuesday sought to give the sector a Rs99,534 crore boost under a host of schemes, a move that has been welcomed by industry. Presenting the interim budget for 2009-10 acting finance minister Pranab Mukherjee allocated Rs40,900 crore for the Bhart Nirman project aimed at strengthening the country’s rural infrastructure, including water supply, power, housing and roads. The minister also proposed an expenditure of Rs11,842 crore for the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) apart from Rs14,000 crore outlay for the Rural Infrastructure Development Fund (RIDF) with a separate window for rural roads to continue with a corpus of Rs 4,000 crore. The interim budget also envisages a planned outlay of Rs10,000 crore for the Pradhan Mantri Gram Sadak Yojna, Rs8,800 crore spending on rural housing and a total of Rs9,992 crore for highway projects in various states and union territories. “During 2005-2009, the allocation to this (Bharat Nirman) programme has been increased by 261%. For the year 2009-10, I propose an allocation of Rs40,900 crore for this programme,” Mukherjee said. Source: LatestNews-Home - Livemint.com | 16 Feb 2009 | 12:07 pm Satyam soars on Sebi relaxation of takeover normsAfter opening on a bullish note, Satyam Computer witnessed an intra-day high of Rs 50.60 on the Bombay Stock Exchange, up 9.28 per cent.Source: Daily News & Analysis: Money News | 16 Feb 2009 | 12:04 pm India received $32.4 billion foreign investment last fiscalIndia received about $32.4 billion of foreign investment in 2007-08, Minister for External Affairs Pranab Mukherjee said while presenting the interim budget 2009-10 in the Lok Sabha Monday.Source: IndiaeNews.com: Business News | 16 Feb 2009 | 12:03 pm Indian Army gets lion's share of Rs.1.417 trillion defence budgetSaying a 'threshold has been crossed' with the Mumbai terror attacks, External Affairs Minister Pranab Mukherjee hiked the allocation for defence by 34 percent to Rs.141,703 crore (Rs.1.417 trillion) in the interim budget for 2009-10 he presented in the Lok Sabha Monday.Source: IndiaeNews.com: Business News | 16 Feb 2009 | 12:03 pm India Inc wasn't expecting anything from interim budgetThe following are the reactions from some prominent industrialists and economists to the interim budget presented by External Affairs Minister Pranab Mukherjee here Monday:Source: IndiaeNews.com: Business News | 16 Feb 2009 | 12:02 pm India Inc. says budget not up to expectations, but hails rural spendingHours after External Affairs Minister Pranab Mukherjee presented the interim budget for 2009-10, India Inc. said Monday that the budget failed to live up to expectations, but welcomed the higher spending in social and infrastructure sectors, saying it will become the 'main source of demand generation'.Source: IndiaeNews.com: Business News | 16 Feb 2009 | 12:02 pm Onus of providing stimulus now on Reserve Bank: Goldman SachsWith no announcement of any major policy changes in its interim budget for the financial year 2009-10, the pressure of providing stimulus to the economy will fall on the Reserve Bank of India (RBI), according to global investment banking and securities firm Goldman Sachs.Source: IndiaeNews.com: Business News | 16 Feb 2009 | 12:02 pm Expect tweaking of STPI rules: NIIT TechnologyArvind Thakur of NIIT Technology said IT being exportoriented needs support. He said there is a need to extend software and technology parks of India (STPI) benefits to the IT industry. He said, I would like to see some tweaking of STPI rules.Source: Moneycontrol Top Headlines | 16 Feb 2009 | 11:59 am Obama to appoint panel for auto recovery!President Barack Obama plans to appoint senior administration officials — rather than a single "car czar," as had been discussed — to oversee a restructuring of the auto industry.Source: Zee News : Business | 16 Feb 2009 | 11:59 am Japan`s economy shrinks at fastest pace since `74!Japan`s economy shrank at an annualised pace of 12.7 percent in the fourth quarter of 2008.Source: Zee News : Business | 16 Feb 2009 | 11:59 am Hindalco board approves financial restructuring!Hindalco Industries, the flagship company of the Aditya Birla group, on Monday said that its board has approved a financial restructuring plan to set aside funds for future business expansion among others.Source: Zee News : Business | 16 Feb 2009 | 11:59 am `Merrill shifting work from Satyam`!Merrill Lynch is shifting a majority of its contracts from Satyam to TCS, a report said.Source: Zee News : Business | 16 Feb 2009 | 11:59 am Obama targets housing after stimulus victory!President Barack Obama will head west this week bidding to cure America`s epidemic of home foreclosures after his gargantuan economic stimulus plan finally cleared Congress.Source: Zee News : Business | 16 Feb 2009 | 11:59 am Oil steady in Asia!Oil prices were steady in Asian trade on Monday despite US congressional approval of a massive plan aimed at salvaging the world`s biggest economy.Source: Zee News : Business | 16 Feb 2009 | 11:59 am Markets extend losses as Pranab presents Interim Budget!India stock markets extended losses minutes after acting Finance Minister Pranab Mukherjee began presenting the Interim Budget in Parliament on Monday.Source: Zee News : Business | 16 Feb 2009 | 11:59 am Govt raises defence budget after Mumbai attacksNEW DELHI (Reuters) - India will increase defence spending by nearly a quarter in 2009/10 as the government focuses on security measures after November's Mumbai attacks.Source: Reuters: Money News | 16 Feb 2009 | 11:56 am Indias Growth and Key Economic IndicatorsPranab Mukherjee, in his speech today, highlighted the performance of various economic indicators during the UPA regime.Source: Moneycontrol Top Headlines | 16 Feb 2009 | 11:42 am Goverment to raise Rs1,120 crore through disinvestmentNew Delhi: The government on Tuesday proposed to raise Rs1,120 crore by selling part of its stakes in six public sector companies including RITES, Rashtriya Ispat Nigam Ltd (RINL) and Cochin Ship Yard, in the fiscal 2009-10. The six public sector companies are Rail India Technical and Economic Services (Rites), Cochin Ship Yard, Telecommunications Consultants India, Manganese Ore India Ltd (Moil), Rashtriya Ispat Nigam Limited (RINL) and Satluj Jal Vidyut Nigam (SJVN), the government said in its interim budget for the next fiscal starting April 2009. Even as the steel ministry has received proposals for disinvestment in RINL and Moil from the government, it has not yet worked out the modalities for it. “The process for disinvestments in the two companies is underway. However, we have not yet decided how to go about it,” a senior steel ministry official said, adding merchant bankers have been roped in to prepare a road map for disinvestment. As of now, the government holds a 100% stake in Mini-Ratna PSUs RINL and Moil. The PSUs work under the administrative control of the steel ministry. Source: LatestNews-Home - Livemint.com | 16 Feb 2009 | 11:42 am Govt says spending may jump to counter global crunchNEW DELHI (Reuters) - The government projected spending may have to jump later this year to shield the economy from a global slump and stem job losses, fueling fears of a spiralling fiscal deficit that is headed for a seven-year high.Source: Reuters: Money News | 16 Feb 2009 | 11:33 am Govt hikes planned expenditure by 17%New Delhi: The government has hiked its planned expenditure by 17% for the next fiscal to keep the economy moving amid fears of a further weakening global economy. Planned expenditure for 2009-10 is Rs2,85,149 crore against the budget estimate of Rs2,43,386 crore in 2008-09. However, planned expenditure is almost equal to the current fiscal’s revised estimate of Rs2,82,957 crore. Of the Rs2,85,149 crore planned expenditure, the budget support for the central plan is Rs2,08,450 crore. The rest is the central assistance for plans of states and union territories. The total central plan outlay is Rs4,15,691 crore for the coming financial year, including Rs2,08,450 crore of budgetary support and Rs2,07,241 crore from internal and extra-budgetary resources of public enterprises and such. The next year’s outlay is 10.7% higher than the 2008-09 budget estimate of Rs3,75,485 crore and 7% higher than the revised estimate of Rs3,88,078 crore. Rural development, for which the government revised its 2008-09 estimate to Rs48,884 crore from the budgeted Rs23,831 crore, received a plan outlay of Rs42,774 crore, up 80% in 2009-10. Other gainers were the energy sector, industry and minerals, transport, agriculture, irrigation, general economic services, and science, technology and environment. The sectors that got less are communications, social services and general services. Source: LatestNews-Home - Livemint.com | 16 Feb 2009 | 11:31 am Videocon Industries promoters pledge 36.41% stakeMumbai: Consumer durables major Videocon Industries on Monday said its promoters have pledged 36.41% stake of the company for an undisclosed amount. In a filing to the Bombay Stock Exchange, the company said that its promoters have pledged over 8.35 crore shares, representing 36.41% stake of the company. Keshardhoot Investment and Shree Dhoot Trading and Agencies have pledged over 1.2 crore each, representing 5.30% stake each of the company, the filing added. Another promoter Dome-Bell Electronics India has pledged 1.95%, which includes 1,39,260 shares, in favour of State bank of Hyderabad. Akshay R Dhoot has pledged 4,000 shares and Sushma R Dhoot has pledged 600 shares with State Bank of Hyderabad. Besides, rest of the promoters have pledged over 5.4 crore shares representing 23.33% stake of the company. Shares of Videocon Industries were trading at Rs96.40, up 0.94% in the afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 16 Feb 2009 | 11:28 am RCom promoter pledges one-fifth of its equityMumbai: Shares of Anil Ambani-led Reliance Communications on Monday plunged by over 5%, after one of its promoters — AAA Communication Pvt Ltd — pledged more than one-fifth of its equity in the company. In a disclosure made to the stock exchanges, Reliance Communication said that one of its promoter entities, AAA Communication Pvt Ltd, has pledged 27.23 crore shares, which account for more than 20% of the overall promoter holding and 13.19% of the company’s total equity capital. Based on the current share price, the pledged shares are worth about Rs4,684 crore. The shares were trading at Rs172.10, down 5.26% on the Bombay Stock Exchange. As of December quarter, AAA Communication Pvt Ltd held 63.38% stake in the company, while total promoter holding in the company stood at 66.12%. Besides the Anil Ambani family members, the company’s promoters also include Reliance Capital, Sonata Investments Ltd, Reliance Innoventures Pvt Ltd, Reliance General Insurance Company. The disclosure of the pledged shares follows market regulator Sebi’s directive which mandates promoters of all listed companies to disclose information about shares pledged by the promoter group. Source: LatestNews-Home - Livemint.com | 16 Feb 2009 | 11:24 am Govt expects Rs20,000 cr revenue from 3G spectrum auctionNew Delhi: The government on Monday said it anticipates a lower Rs20,000 crore revenue from 3G spectrum auction, which will take place next fiscal. “We were earlier anticipating a revenue of Rs30,000 crore from the 3G spectrum auction. But in the Budget we have factored in this figure at a conservative level of Rs20,000 crore which could be higher or lower depending on the market price brought out at the auction process next fiscal,” economic affairs secretary Ashok Chawla said during the customary post-Budget media conference. He said that the 3G auction will not take place in this financial year due to some unresolved issues. “3G spectrum auction will take place this fiscal as there are still some unresolved matters and there is a Group of Ministers which yet to be set up to look into the issues,” Chawla said. Source: Tech News - Livemint.com | 16 Feb 2009 | 11:22 am Close: Interim budget frustrates investors, drags Sensex by 3.4%New Delhi: Indian shares fell 3.4% on Monday, its biggest drop in two weeks, after an interim budget failed to provide a much needed impetus to struggling sectors such as construction and autos. Traders said the budget, which unveiled few populist measures ahead of a general election that must take place by May, disappointed investors who had been speculating on a stimulus plan to lift flagging growth. “Because the economic situation is unprecedented, it was expected this interim budget would set an agenda for an economic direction,” said Sanjeev Patkar, director of research at Dolat Capital. The main BSE stock index closed down 3.42%, or 329.29 points, at 9,305.45, its biggest one-day percentage point fall since 2 February when it shed 3.8%. The 50-share NSE Nifty index closed 3.39% lower at 2,848.50. Twenty-nine of its components dropped, while in the broader market losers outnumbered gainers by more than 2:1 on moderate volume of 278 million shares. Bank stocks fell after acting finance minister Pranab Mukherjee proposed an increase in government borrowing, sending bond yields sharply higher. Mukherjee said the fiscal deficit would rise to 6% of gross domestic product in 2008/09 from a planned 2.5% a rise that could shake investors increasingly wary of emerging markets. He predicted a deficit of 5.5% of GDP in 2009/10 but implied this could rise as government spending may have to jump later this year to shield the economy from a global slump and stem job losses. India’s economy is expected to slow to 7.1% in 2008/09, the slowest pace in six years and below 9% expansion last year. Top lender State Bank of India fell 4.9% to Rs1,136 and rival ICICI Bank dropped 5.8% to Rs409.20. Bond yields rose with the 2018 bond yield climbing to 6.42%, from 6.17% at the previous close on supply worries. Leading carmaker Maruti Suzuki dropped 1.45% to Rs620.60 and top truck maker Tata Motors fell 1.3% to Rs136.10 as the government did not announce any measures to boost demand in the sector. Energy group Reliance Industries, which has the highest weight in the index, dropped 5.2% to Rs1,319.05. Source: Home - Livemint.com | 16 Feb 2009 | 11:12 am See home mortgage rates down to 66.5%: ParsvnathAhead of the interim Budget which is to be announced today in Parliament the real estate sector too lists out its expectations. Pradeep Jain, Chairman, Parsvnath Developers, said home mortgage interest rates is expected to decline to 66.5% after the interim Budget.Source: Moneycontrol Top Headlines | 16 Feb 2009 | 10:48 am Defence sector gets 35% increased allocationNew Delhi: Considering the changed security scenario in view of the Mumbai terror attacks, the government on Monday allocated Rs1,41,703 crore for defence sector, almost a 35% increase from the previous year’s budget provisions. Last year’s allocation for defence stood at Rs1,05,600 crore and the current increase amounted to Rs36,103 crore. Presenting the interim budget for 2009-10 in the Lok Sabha, finance minister Pranab Mukherjee said the allocation has been increased because of the prevailing security environment, which has “deteriorated considerably”. Noting that the Mumbai attacks had amounted to the threshold being crossed on the security front, Mukherjee said, “We are going through tough times. The Mumbai terror attacks have given an entirely new dimension to cross-border terrorism.” With the total revised expenditure for defence last year standing at Rs1,14,600 crore, he said the increased Plan expenditure for defence this year would be Rs86,879 crore. Last year’s Plan expenditure was only Rs73,600 crore, thereby providing an increase of Rs13,279 crore this year. The increased allocation this year would include Rs54,824 crore for capital expenditure as against Rs41,000 crore in the revised estimates for 2008-09, Mukherjee said. However, the government would provide for any additional requirement for the security of the nation, he added. The increased allocation for defence assumes significance as the government has decided to go on fast track acquisition of defence equipment. The armed forces have already prepared a long list of equipment, mainly for its special forces commandos, to be bought under the fast track process. After the Mumbai attacks, the government has initiated a massive revamp of the security structure of the country, which includes creation of a Coastal Command. Despite the nearly 35% increase this year, India’s defence spending is still at about 2% of the GDP, compared to China’s 7% and Pakistan’s 5%. Source: Home - Livemint.com | 16 Feb 2009 | 10:35 am European shares open down as G7 disappointsFrankfurt: European shares opened lower on Monday amid disappointment over the lack of coordinated action from the weekend G7 meeting, grim economic data from Japan and continued uncertainty about bank rescue plans. At 08:18am, the FTSEurofirst 300 index of top European shares was down 1% at 788.65 points. It fell 3.6% last week. “There was not much reassurance coming out of G7,” said Justin Urquhart Stewart, director at Seven Investment Management. German brokerage Close Brothers Seydler said ongoing attempts by many governments “to back the financial sector remain a major topic.” In financials, Barclays fell 5.6%, Royal Bank of Scotland lost 4.1%, Deutsche Bank dropped 2.8% and UniCredit was down 2.3%. Carmaker Daimler was another leading loser, down 3.1% after a UBS downgrade to “sell” from “neutral”. With demand for cars and electronics waning, an unprecedented slump in exports saw Japan’s economy shrink by 3.3% in the fourth quarter, marking three straight quarters of contraction and its worst result since the 1974 oil crisis. US markets are closed on Monday for a national holiday. Source: Home - Livemint.com | 16 Feb 2009 | 10:00 am Farmers real heroes of India, says PranabNew Delhi: The government on Monday eulogised farmers as the “real heroes of India’s success story” in its interim budget for 2009-10, while outlining steps taken for their well-being including debt waiver and high support price for their produce. “... the real heroes of India’s success story were our farmers. With record procurement of 22.7 million tonnes of wheat and 28.5 million tonnes of rice for our public distribution system (PDS) in 2008, our granaries are full,” finance minister Pranab Mukherjee said presenting the interim budget in Parliament. The praise for peasants, most of whom are subsistence farmers, comes ahead of general elections due in a few months. The minister presented statistics to hard-sell the government’s initiatives to prop up the agriculture sector and improve the conditions of roughly about 60% of the country’s population depending upon it. “In the period between 2003-04 and 2008-09, our government increased the Plan allocation for agriculture by 300%,” Mukherjee said. The farm sector, which contributes about 18% to the country’s overall GDP, grew at an average of 3.7% in the last four years, he said. The sector had grown at an average of a dismal 2.5% during the 10th Five-Year Plan (2002-07). That apart, the production of foodgrains increased by about 10 million tonnes each year to reach an all-time high of over 230 million tonnes in 2007-08, he added. The minister said the farm debt waiver scheme, announced in the last budget, was implemented as scheduled and early reports have pegged the relief at Rs65,300 crore covering 3.6 crore farmers. “The credit disbursements have already gone up from Rs87,000 crore in 2003-04 to about Rs2,50,000 crore in 2007-08 marking a three-fold increase,” he said, adding that the government is implementing a revival package involving a financial assistance of around Rs13,500 crore in 25 states to strengthen the short-term co-operative credit structure. “The government will continue to provide interest subvention in 2009-10 to ensure that farmers get short-term crop loans up to Rs3 lakh at 7% per annum,” the minister said. The Centre launched the Rashtriya Krishi Vikas Yojana last year with an outlay of Rs25,000 crore with the objective to achieve a growth rate of 4% during the 11th Five- Year Plan (2007-12), he said. The minister also projected a good outlook for this year. “Despite a high base, the outlook for 2008-09 is encouraging with the country receiving normal rainfall during the agricultural season.” The central issue prices under the targeted public distribution system have been maintained at the level of July 2000 under the below poverty line and Antyodaya Anna Yojana (AAY) categories and at July 2002 levels for the above poverty line (APL) category despite higher procurement costs and higher international prices during the last five years, the minister said. To ensure sufficient remunerative prices to farmers, the government has raised the minimum support price (MSP) for the common variety of paddy to Rs900 (including bonus) for 2008-09 from Rs500 a quintal in 2003-04, he said. The support price for wheat, too, was also raised to Rs1,080 a quintal for the year 2009 from Rs630 in 2003-04. Source: Home - Livemint.com | 16 Feb 2009 | 9:53 am Opposition dubs budget as poll ‘lollipop’New Delhi: The opposition parties on Monday dubbed the interim budget as election budget, offering “poll lollipops” and alleged that the exercise has failed to address serious issues the people face. It also went to the extent of terming the government’s calculations on fiscal deficit as “Satyam’s balance sheet.” Describing the budget a “poll lollipop” senior CPI leader Gurudas Dasgupta accused finance minister Pranab Mukherjee of “making his first election speech” in parliament. “Our finance minister has in fact made the first election speech in Parliament without announcing the names of the candidates and spelling out the dates. After seeing Lalu Prasad’s lollipop, we have today seen Pranabji’s lollipop. The budget is simply a poll lollipop,” Dasgupta said. It’s an election budget without any realistic fundamentals of economy,“ Dasgupta said accusing the government of not recognising basic human problems of the country. BJP leader Arun Jaitley said, “Government calculations on fiscal deficit is wide off the mark.. It is like Satyam’s balance sheet.” Accusing the government of “living in denial mood” and “indulging in self congratulation”, the BJP leader said it is a poll budget. “We are living in a period of grave world-wide economic crisis, but the government did not try to address issues of unemployment,” Jaitley alleged. Party colleague Vinay Katiyar said government’s concerns for farmers are “fake” as they did not benefit either from the previous budget or this one. CPI-M politburo member Brinda Karat termed the interim budget as “election manifesto”. “UPA finishes its last budget as an election manifesto. Though the impact of recession on the economy is very clear, the budget did not address the issue... it was not even mentioned in the budget,” Karat said. She also alleged that the government’s stimulus package had no impact on the recession. “The government is saying that godowns are filled, but the fact remains that people’s kitchens have scarcity. There has been a massive shortfall in the foodgrain distribution to states,” she added. Finding “nothing new” in the budget, CPI leader D Raja accused the government of “hoodwinking the aam janata.” “The whole attempt of the government was to present a rosy picture of the economy and to hoodwink the common men... the aam janata... real issues were not touched upon,” Raja said. Source: Home - Livemint.com | 16 Feb 2009 | 9:35 am Interim budget 2009 fails to satisfy India IncMumbai: India’s government paraded its economic achievements on Monday and promised help for the rural sector as it tried to shield the economy from a global credit crunch and stem job losses with elections just weeks away. Acting Finance Minister Pranab Mukherjee began charting spending plans for the 2009/10 fiscal year from April to July, a stop-gap measure to take care of essential spending during and in the immediate aftermath of general elections. Following are comments from company officials and fund managers on the budget: Paban K Kataky, director Exide industries: “There was nothing announced in this budget for the (auto) sector. We are concerned about the fiscal deficit which is very high. Until and unless rates come down further and banks go easy on giving loans, situation will remain the same.” Venu Srinivasan, chairman TVS Motor Co:(to NDTV Profit) “The government has continued the interest subsidy. I mean what else can you expect from this budget...the interest subvention has been continued till September and there is enough time for the new government to come and take steps which are positive for the auto sector.” Sajjan Jindal, vice-chairman & MD JSW Stell: (to NDTV Profit) “In a poll done at Assocham it came out that people were really not expecting much out of this interim budget.. also the government has taken steps in the past, and ... the global economy is going through a very dificult phase ... “Overall people were prepared for this kind of a situation after the budget” Nandan Nilekani, co-chairman Infosys Tech: (to CNBC TV18) “(It was) more of a report card on the government in the last five years than any specific new proposal. Anything which has a new dimension will probably come in only after the new government comes in.” Ashank Desai, founder and non-executive director Mastek Ltd “It is a vote on account, so there was no great expectations from it. There are two things which are good here. The first is there is a lot of focus on higher education. “The IT industry is very much dependant on higher education. Secondly, the outlay for urban infrastructure has been doubled. This is welcome. However, we are concerned about the 6% fiscal deficit.” Mehul Choski, MD Gitanjali Gems Ltd: “The budget was not at all up to the expectations. They have not addressed number of issues hurting the industry. Dollar, gold availibility is just not there. It is a large industry and they need to address the problems.” D K Joshi, principal economist Crisil, Mumbai: “There is a significant fiscal slippage and it is worrying that it is expected to be high despite lower subsidies, which is because of higher spending in infrastructure and the social sector. It looks like there is no scope for fiscal correction. “Since the stimulus is huge, the government must at least ensure that the funding is done efficiently.” “We expect the central bank to continue monetary easing and a cut in repo and reverse repo rates by 50-100 basis points cut is likely before April.” Sachidanand Shukla, economist at Enam Securitiies MUMBAI “With the combined fiscal deficit...there is no room for more fiscal measures. Whatever government comes in after the election, will have to raise its plan expenditure significantly. “It has also said the expenditure on rural employment program has been raised, but we will have to wait for the new government and a full budget to actually form a clear view on all these. “Most of the things that they had to do has been done outside the budget already.” Ramanathan K, Head- fixed income ING investments: “Concern on higher spending to sustain growth momentum remains. Government bond supply pressures will continue to drive volatility in the bond markets. Rate cuts by the RBI and support from the RBI to stabilize bond yields remain the silver lining.” Pradeep Jain, chairman Parsvnath Developers: “It was completely (a) non-event. It was (more a) political statement than (an) interim budget. There was nothing for any sector, forget about real estate,” Chairman said. Uday Kotak , director and MD Kotak Mahindra Bank: “Acting finance minister Pranab Mukherjee has stuck to what is good convention.” S Mahalingam, TCS ED and CFO: “There were two stimulus packages given in the past couple of months and they were going to stay as they were. “I am disappointed.” Chanda Kochhar, MD and CEO ICICI Bank: “What is important is to propel consumption mainly through cuts in interest rates. Somehow it does not seem to be happening.” But there were some supportive of the government, like Prabal Banerjee, Hinduja Group CFO pointed that government did not have much of a choice, “They did what they could best do.” R C Bhargava, India chairman Maruti Suzuki: “The Government has given (a) very clear direction that... they (Government) want to create jobs, they want investment in rural sectors, which would create demand for cars, two-wheelers and commercial vehicles as well.” A risk has to be taken and as inflation is coming down, a fiscal deficit to that level is justifiable also, he added. Rakesh Bharti Mittal , vice-chairman Bharti Enterprises: “It (budget) was on expected lines. We will have to wait for the new government and the final budget. It was supposed to be an interim budget so it has turned out to be an interim budget. Some steps can be taken outside the budget also.” Source: Home - Livemint.com | 16 Feb 2009 | 9:21 am No mandate to tweak taxes; can’t keep borrowing: PranabNew Delhi: Finance Minister Pranab Mukherjee on Monday said the government cannot indulge in “reckless borrowing” and did not have Parliamentary mandate to tweak taxes. “I can’t indulge in reckless borrowing...,” he said after presenting the interim budget for FY’10 in Parliament. The government has pegged fiscal deficit at 5.5% of Gross Domestic Product for the next financial year, against the revised figure of 6% in the current financial year. The fiscal deficit target for the current fiscal was 2.5%. However, fiscal measures initiated in the wake of the global economic downturn and reduction in revenue collection have impacted resource mobilisation resulting in widening of deficit. Analysts too fear that returning to an era of high fiscal deficit could push the country into the vicious cycle of high inflation. Source: Home - Livemint.com | 16 Feb 2009 | 7:44 am Realty stocks surge amid interim budget announcementMumbai: Shares of realty firms on Monday shot up significantly following major emphasis of the interim budget on real estate and hospitality sectors. Real estate major DLF surged to a high of Rs176.70, up 4.42% in the pre-noon trade on the Bombay Stock Exchange. While, Unitech advanced over 3% to Rs32.90 following the announcements of the interim budget by stand-in finance minister Pranab Mukherjee in Parliament. Mahindra Lifespace was the biggest gainer and zoomed up as much as 37% to Rs169 in the intra-day trade. Sobha Developers gained as much as 5.57%, Parsvanath Developers rose 7.19%, Omaxe rose 7.76% and HDIL was up 4.91% on the BSE. The 14-share BSE realty index gained 3.68% at 1,650.88 points following the movement of the heavyweight realty stocks. Source: Home - Livemint.com | 16 Feb 2009 | 6:25 am Panasonic, NEC unveil 9 Linux phones at the World Mobile CongressBarcelona: NEC and Panasonic will unveil on Monday nine new cellphone models running the open-source LiMo operating system, wireless Linux foundation LiMo said at the Mobile World Congress trade show in Barcelona. The focus of the cellphone market has been shifting to software development since Google and Apple entered the mobile market in the past two years, with phone vendors and operators increasingly looking for open source alternatives like LiMo to cut costs. The market for software platforms on cellphones is led by Nokia’s Symbian operating system, but it has lost much ground over the last year to Apple and BlackBerry maker Research in Motion. Computer operating system Linux has had little success in cellphones thus far, but its role is increasing with the LiMo platform, and Google is using Linux for its Android platform. Linux is the most popular type of free or so-called open source computer operating system, which is available to the public to be used, revised and shared. Linux suppliers earn money selling improvements and technical services, and Linux competes directly with Microsoft, which charges for its Windows software and opposes freely sharing its code. LiMo also said five firms -- Aromasoft, CasioHitachi Mobile Communications, Marvell, Opera Software and Swisscom -- had joined the not-for-profit foundation, increasing its membership to 55. Google’s Android camp has so far announced 47 members. However, LiMo has been missing support from the largest cellphone vendors -- so far only NEC, Panasonic and Motorola have unveiled phones using its software. The world’s second- and third-largest cellphone vendors, Samsung Electronics and LG Electronics, are members of LiMo, but have not unveiled commercial models. LG Electronics will be providing technology previews of its sleek touchscreen handset at the trade show, LiMo said, while Samsung will show plans of two devices. LiMo hopes to benefit from its focus on giving greater say over software development to telecoms operators. Last week its key members -- Vodafone, Orange, Japan’s NTT DoCoMo, Korea’s SK Telecom, U.S. operator Verizon Wireless and Telefonica -- pledged to introduce LiMo phones in 2009. Source: Tech News - Livemint.com | 16 Feb 2009 | 6:15 am Merrill to move most work from Satyam to TCS - paperMUMBAI (Reuters) - Merrill Lynch is shifting a majority of its contracts from troubled Indian software firm Satyam Computer Services Ltd to rival Tata Consultancy Services, the Economic Times reported on Monday.Source: Reuters: Money News | 16 Feb 2009 | 6:03 am India gold futures down on profit-takingMumbai: India’s gold futures traded lower on Monday as investors continued to take profits after last week’s rise, analysts said. Gold’s trading volumes are expected to be thin as US markets are closed for Presidents day holiday, they added. Gold will be moving with very less volatility as US markets are closed, said Subodh Gupta, an analyst with Anand Rathi Commodities, adding the strategy still remains to buy on dips. “The positive bias is expected to remain for the day,” said Vikas Vaid, assistant vice-president with Asit C. Mehta Commodity Services in Mumbai. Gold futures on the Multi Commodity Exchange (MCX) was 0.28% lower at Rs14,588 per 10 grams at 11:09am, after gaining 3.5% last week. Gold may trade in the range of Rs14,551-Rs14,676 for the day, added Anand Rathi’s Gupta. The yellow metal futures had struck an all-time high of Rs14,824 on 12 February on safe haven purchases and also supported by a weaker rupee. Open interest for April gold on MCX was at 20,458 lots, up from 20,284 a day earlier. Volume on Saturday was 1.45 kg. Source: Home - Livemint.com | 16 Feb 2009 | 5:39 am Most cos see value erosion after merger & acquisition dealsOf the 54 India companies involved in major (worth over $ 100 million) merger and acquisition deals – outbound, inbound and domestic – since 2005, only eight are doing well in theSource: Business Line - Home Page | 16 Feb 2009 | 12:00 am Comex gold futures may riseGold futures, ended lower on Friday as fears of a financial meltdown receded. Firmer equities and news that the US was working on a programme to subsidise mortgages for homeowners before they fall into loan arrears also hit gold market sentiment.Source: Business Line - Home Page | 16 Feb 2009 | 12:00 am Tax holiday for export, IT units may continueNew Delhi, Feb. 15 With the existing income tax rates likely to continue, expectations now centre on whether Mr Pranab Mukherjee, Minister in charge of Finance, will seek to amend the other aspects of the income tax law when he presents theSource: Business Line - Home Page | 16 Feb 2009 | 12:00 am Doing an encore after 25 years!New Delhi, Feb. 15 It was exactly a quarter of a century ago in February 1984 that Mr Pranab Mukherjee last presented a Finance Bill. His star was on the ascendant then but eight months later, after Indira Gandhi’s assassination by her SikhSource: Business Line - Home Page | 16 Feb 2009 | 12:00 am A call for more sea-farersA global campaign “Go to sea! A call for more seafarers” was recently launched by the International Maritime Organisation (IMO) to attract entrants to the shipping industry. This initiative has come at the right time, considering thatSource: Business Line - Home Page | 16 Feb 2009 | 12:00 am Gold on a bull runMumbai, Feb 15 Commodity markets continue to remain volatile with players groping for direction. In recent weeks, across commodities, investor risk appetite has remained spasmodic. This has followed the flow of economic data, often not verySource: Business Line - Home Page | 16 Feb 2009 | 12:00 am Airlines mum on passing on gainsNew Delhi, Feb. 15 Domestic oil companies have reduced by more than 3.5 per cent the price that airlines have to pay for aviation turbine fuel (ATF) being procured during the last fortnight of this month, but domestic airlines are not yet passingSource: Business Line - Home Page | 16 Feb 2009 | 12:00 am Essar eyes accessing HPCL’s Mundra-Delhi pipelineNew Delhi, Feb. 15 Essar Oil Ltd, the private sector refiner-cum-retailing company, is weighing the option of utilising capacity of Hindustan Petroleum Corporation Ltd’s Mundra-Delhi pipeline for transporting oil products from Essar’sSource: Business Line - Home Page | 16 Feb 2009 | 12:00 am Budget should focus on fertiliser issueThe Budget season has come on without any of the insignias of the ritual — the industry/economists/labour consultations, which are more rites of passage than substance. However, lobbying seems to have started in right earnest.Source: Business Line - Home Page | 16 Feb 2009 | 12:00 am No slowdown effect on cement demandHas the cement industry managed to ward off the worst of the recent economic slowdown?Source: Business Line - Home Page | 16 Feb 2009 | 12:00 am Arcade gaming idea bats on a good wicket during a downturnMumbai: Had they not stayed up nights playing racing games instead of poring over textbooks in exam season, Puneet Kumar and Vaibhav Goel may not have turned entrepreneurs. In 2008, the two submitted an arcade gaming idea in a business plan competition that not only won the first place, but also angel investment from a jury panellist to turn the plan into a full-fledged venture. “We never used to study, but stayed up till 5 or 6 in the morning working on the gaming machine,” recalls Kumar. He and Goel, students of the Indian Institute of Technology, Bombay, had been working on the prototype for nearly a year before winning Eureka, the college’s annual B-plan contest. But it was the initial funding of Rs56 lakh from Indiagames Ltd CEO and founder Vishal Gondal that helped them turn the idea into more than a hobby project.  E-cricket: GaMa Entertainment Systems directors Puneet Kumar (left) and Vaibhav Goel at their Mumbai workshop. The firm will launch its first product, an arcade game based on the T20, later this month. Ashesh Shah / Mint Since then, the company has been working on building a proprietary technology platform called ARCtic to convert any third-party computer game into arcade gaming format. The company will launch its first product, a cricket arcade game based on the Twenty20 (T20) format adopted by the Indian Premier League (IPL), later this month. A gamer plays as a batsman for the Indian team against an opponent, with two overs to achieve the target score before the cricket match ends. Players win redemption coupons based on the number of fours and sixers they score. “One can play games on the PC for an hour, but an arcade game is typically one to three minutes and works on different stimulus,” says Kumar. GaMa licenses the PC-game from the vendor, adapts it to arcade format and builds the hardware kiosk around it. The finished product is a gaming machine that it plans to sell at about Rs3 lakh to family entertainment centres (FECs) that own gaming zones at malls.  The firm plans to approach more gaming zones after its formal launch at a national-level exhibition organized by the Indian Association of Amusement Parks and Industries. Interestingly, the idea that won the competition was not a cricket game, but a racing machine that could simulate motions of a real-life motorbike. The prototype the duo had been working on was a bike seat based on pneumatic controllers that used mechanical energy instead of electric motors, that could potentially bring down costs by five times. However, it could not find a suitable software partner for the project. Around this time, the first season of the IPL began and GaMa decided to encapsulate the game into its first product. The change in strategy early on is proving beneficial, says the company, as there are no arcade games dedicated to T20 cricket. Also Read Tourism start-up faces a tough trek GaMa began in a boom market, when investors were bullish on entertainment as a key sector of investment. Over the last two years, online gaming has seen venture capital deals such as Kreeda Games India Pvt. Ltd funded by IDG Ventures and Games2win India Pvt. Ltd funded by Clearstone Venture Partners. In the current market, however, many investors are focusing on utilitarian sectors such as health care, education and infrastructure. Even Eureka, which GaMa won last year, was dominated by business plans for energy conservation and cost efficiency this time. But Gondal is optimistic. “Had they made another racing game, it would have been very challenging to sell it to FECs, (since) there are five other games in the market,” he says. “A lot of times, entrepreneurs are stuck on one idea, and it’s very difficult to see a business plan in a competition translate into a company.” He wants the company to demonstrate proof of concept and validate the business model, albeit in a small way, before it seeks further funding. GaMa plans to expand the current joystick-operated game further. It is working on a prototype that allows a gamer to wield a real bat within a simulated cricket pitch environment, where balls are bowled on an LCD screen. “It’s in early stages, but we hope to have it running in a few months,” says Kumar. It also wants to partner with out-of-home advertisers to introduce in-game advertising within the arcade game. Do the two 23-year-old founders ever regret rejecting better paying jobs? “No, in any other job, you only look forward to Fridays,” says Kumar, “But in a start-up, you look forward to Mondays.” This is the last in a series about entrepreneurs starting businesses during the economic slowdown. Source: Tech News - Livemint.com | 15 Feb 2009 | 7:45 pm Five ways leaders can energize themselvesYou’ve written about how leaders can motivate their people, but how do leaders motivate themselves, especially in challenging times? —Addakula Balakrishna, Pune Your question brings to mind William Thackeray’s novel The Virginians, which poignantly describes George Washington’s fortitude as he led his disheartened soldiers during the most daunting days of the American Revolution. “Through all the doubt and darkness, the danger and long tempest of the war, it was only the leader’s indomitable soul that remained steady,” Thackeray wrote, noting later that Washington kept heart when all others had lost it.  Every person is wired differently, but over the years and through several recessions, we’ve seen five “methods” of self-sustenance work particularly well for leaders. The first two have to do with pride. Also See Jack and Suzy Welch’s earlier videos In any uncertain environment, it’s only natural to feel that you don’t have all the answers, and humility certainly has its place. It galvanizes a leader to stay open-minded to ideas from every quarter, regardless of rank. But to stay motivated as a leader, you can’t just surrender your confidence. You need to look yourself in the mirror every morning and get yourself going, saying: “I’m not going to be the one who lets this place fail. It won’t happen on my watch.” The second type of pride is institutional. We’ve seen leaders motivate themselves by periodically looking up from the scrum of everyday operations and instead dwelling on the big picture of their organization’s mission. Just as Washington must have drawn resolve from the overarching purpose of the American Revolution, so too can leaders revive their energies by remembering where their companies have been, what they’ve done right, and where they are going when the fog finally clears. Recessions almost always involve layoffs, and some leaders respond with increased remoteness, feeling that it’s too painful or awkward to engage with people they might have to let go. Don’t do it. You can gain immense energy from embracing your people’s concerns and hearing how much they need leadership. So fight to stay connected. Another way we’ve seen leaders motivate themselves is by tapping into their intellectual curiosity—envisioning their challenge not as an intractable problem but as an exciting puzzle to be solved. Take the case of Steven Heydt, president of Elite Island Resorts. When hotel bookings started to fall off this past winter, he came up with an innovative plan to allow customers to exchange their stock at its pre-collapse, July value for credit at his hotels. When things are so quiet, “You have to do things out of the box,” he told The New York Times. “I’ve been thinking about what could I do to turn things around.” Such creativity and can-do spirit provides a great example of how leaders can energize themselves: not just by unleashing their emotions, but by igniting their brains. Finally, leaders can energize themselves by letting others inside—reaching out to supportive friends and colleagues and spending real time with them. Let their belief in your innate abilities feed your confidence and spirit. The old saying, “It’s lonely at the top,” is pabulum. It’s only as lonely at the top as you let it be. ©2009/By NYT Syndicate Write to Jack & Suzy Jack and Suzy are eager to hear about your career dilemmas and challenges at work, and look forward to answering some of your questions in future columns. Jack and Suzy Welch are the authors of the international best-seller, Winning. Their latest book is Winning: The Answers: Confronting 74 of the Toughest Questions in Business Today. Mint readers can email them questions at winning@livemint.com Please include your name, occupation and city. Only select questions will be answered. Source: World Business - Livemint.com | 15 Feb 2009 | 7:45 pm Six leading advertising chiefs quit to start own agenciesSix advertising chiefs from leading agencies like JWT, Leo Burnett, DDB Mudra and Grey Worldwide called it quits over the last one-and-a-half month to set up their own shops despite the slowing economy.Source: Business Standard | Front Page Headlines | 15 Feb 2009 | 6:46 pm Jet fuel price cut againPublic sector oil companies today slashed jet fuel or Aviation Turbine Fuel (ATF) prices 3.7 per cent, the tenth reduction since September, taking rates to early 2005 levels..Source: Business Standard | Front Page Headlines | 15 Feb 2009 | 6:45 pm ICICI Venture wants independent audit of SubhikshaMeanwhile, both Subramanian and PE firm deny that they control the company.Source: Business Standard | Front Page Headlines | 15 Feb 2009 | 6:43 pm NSE vs Financial Technologies: The mother of all market battlesThey have been locked in fierce competition to gain supremacy in the nascent market for currency futures trading. But the battle between the National Stock Exchange (NSE) and Financial Technologies (FT) is now being fought in the courts too, and has taken many other forms from blocking technology access to predatory pricing, and more.Source: Business Standard | Front Page Headlines | 15 Feb 2009 | 6:41 pm World Bank may review 8 yr ban on SatyamProviding some relief to the beleaguered IT firm, Satyam Computer Services Limited, the World Bank has said it can review the eight year ban on the company provided it takes corrective actions.Source: Moneycontrol Top Headlines | 15 Feb 2009 | 4:25 pm
|
