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Andhra CID asks CBI to take over Satyam caseThe Central Bureau of Investigation (CBI) has said it has got a notification from the government to take over the Satyam case from the Andhra CID. The premier investigating agency will set up a multidisciplinary team at Hyderabad, it said.Source: Moneycontrol Top Headlines | 18 Feb 2009 | 4:39 pm ILFS awaits Feb 24 CLB decision to take a call on MaytasILFS would wait for the February 24 decision by the CLB to take any final view on Maytas Infrastructure, sources said. They also said that 38% of the shareholding of Maytas Infra has been pledged with them. Hence, the new board rejig will be dependent on the final decision taken by the ILFS board.Source: Moneycontrol Top Headlines | 18 Feb 2009 | 4:00 pm Will SBI\'s 8% lending rate trigger loan growth?Deepak Parekh, Chairman, HDFC, said SBIs 8% home loan is a gimmick. The 8% rate is applicable only for the first year, and there is no clarity on rates thereafter. Now the question that arises is, will this 8% rate trigger up loan growth and pull the economy from slowdown.Source: Moneycontrol Top Headlines | 18 Feb 2009 | 4:00 pm Big Retail to face nearterm capital issues: IDFC SSKIIDFC SSKI Securities recently came out a report on the retail sector. The reports outlook on the sector was bearish. Commenting on the same, IDFC SSKIs Managing Director Nikhil Vora said organised retail will capitalisation issues in the near term.Source: Moneycontrol Top Headlines | 18 Feb 2009 | 3:27 pm Sensex up by 55 pts in morning trade!Sensex recovered sharply to quote in positive terrain at 9,089.72 pts in early deals.Source: Zee News : Business | 18 Feb 2009 | 2:39 pm Texas financier Stanford charged in $8bn fraud!Federal regulators on Tuesday charged Texas financier R. Allen Stanford and three of his firms with a "massive" fraud that centered around high-interest-rate certificates of deposit, and raided some of the companies` offices.Source: Zee News : Business | 18 Feb 2009 | 2:39 pm SEBI quizzing of Satyam CFO starts!The Magistrate on Wednesday allowed SEBI to quiz Satyam`s ex-CFO Vadlamani Srinivas and ex-Price Waterhouse partners Gopalakrishan and Srinivas.Source: Zee News : Business | 18 Feb 2009 | 2:39 pm 7.2 million more Asians to be jobless in 2009: ILO !Asia is likely to have 7.2 mn more jobless people in 2009 than last year due to fallout from the global economic crisis, raising the region`s jobless rate to 5.1%, the International Labour Organization said on Wednesday.Source: Zee News : Business | 18 Feb 2009 | 2:39 pm Obama signs sweeping US stimulus bill!US President Barack Obama signed his huge USD 787 billion stimulus bill into law, declaring the "beginning of the end" of the worst US economic crisis since the 1930s.Source: Zee News : Business | 18 Feb 2009 | 2:39 pm `Food prices may rise 30-35% in next 10 years`!A top UN agency has warned food prices may rise up to 30-35% within next 10 yrs, forcing those living in extreme poverty to spend 90% of their income on it.Source: Zee News : Business | 18 Feb 2009 | 2:39 pm Gold scales unseen level at Rs 15,650!Gold surged to set a new peak at Rs 15,650 per 10 gram in opening trade in the national capital on Wednesday on brisk buying triggered by a firming global trend.Source: Zee News : Business | 18 Feb 2009 | 2:39 pm Crude oil tumbles in futures trade, loses 3.9%!Crude oil prices tumbled by 3.9% in futures trading on Wednesday on heavy selling by traders.Source: Zee News : Business | 18 Feb 2009 | 2:39 pm New FDI policy to boost US investment in media industry: USIBC!The USIBC, a business advocacy organisation, on Tuesday said the government`s new FDI policy announced last week would greatly increase investment by US companies into India`s media and entertainment industry.Source: Zee News : Business | 18 Feb 2009 | 2:39 pm GM, Chrysler plan to cut 50k jobs!US auto giants GM and Chrysler LLC plan to cut 50,000 jobs worldwide by the end of the year.Source: Zee News : Business | 18 Feb 2009 | 2:39 pm Open to running Maytas Infra: IFCIAtul Kumar Rai, CEO and MD, IFCI, said the company could be choice for running Maytas Infrastructure. \"We have managed the affairs of several companies in the past and will only do it if the government invites us.\"Source: Moneycontrol Top Headlines | 18 Feb 2009 | 2:33 pm Novelis writeoffs to hit Hindalco\'s networthNovelis has declared its Q3FY09 results. The company posted a net loss of USD 1.8 billion. The impairment charges of the company were of USD 1.5 billion. Post Novelis writeoffs, its parent company, Hindalco Limited\'s networth is reported to take a hit. Analysts may downgrade the stock further post writeoffs made by the company.Source: Moneycontrol Top Headlines | 18 Feb 2009 | 12:31 pm See flat to 10% global wind biz growth in FY10: SuzlonSumant Sinha, Chief Operating Officer, Suzlon Energy said the guidance for the global wind industry as a whole probably is flat to 10% growth for the coming year.Source: Moneycontrol Top Headlines | 18 Feb 2009 | 12:07 pm Andhra govt in no hurry on Maytas - Business Standard
Source: Google News India - Business | 18 Feb 2009 | 12:05 pm U.S. automakers seek more help, markets in reverseSINGAPORE (Reuters) - New survival plans in which U.S. automakers sought billions of dollars of extra government funds drew sceptical responses, while deepening fears about global growth pushed share markets into reverse on Wednesday.Source: Reuters: Money News | 18 Feb 2009 | 12:05 pm Court rejects Rajus bail plea - Business Standard
Source: Google News India - Business | 18 Feb 2009 | 12:05 pm 2-5 lakh Keralites to return from Gulf by June: IssacAbout two to five lakh Keralites working in Gulf countries are likely to return home by June this year, following loss of jobs due to the global economic recessionSource: Daily News & Analysis: Money News | 18 Feb 2009 | 11:51 am GSK Pharma Q4 net profit at Rs 208 cr - Hindu Business Line
Source: Google News India - Business | 18 Feb 2009 | 11:47 am Reliance to begin gas supplies by April - Deora - Reuters India
Source: Google News India - Business | 18 Feb 2009 | 11:42 am Sify plans single-PC internet kiosks, to open 2,000 more iWaysNew Delhi: As part of its plan to expand in the Indian internet service retail business, net service provider Sify is planning to venture into single-PC internet kiosk business, besides opening 2,000 additional outlets of its iWay internet cafe chain. “We have started a pilot project in single-PC internet kiosk format and have tied up with the Municipal Corporation of Greater Mumbai to provide customer facilities. We are planning to take this format to all the metros and are in talks with some government agencies,” Sify national head (expansion) Aman Mehra told PTI. He said the company has approached the Department of Information Technology (DIT) for collaboration in the project. “We are also expanding our iWay chain with plans to set up 2,000 more internet cafes by 2009-10, up from the existing 3,000 outlets. For the iWay project, we are focussing on Tier II and III cities where net penetration is still low and we would try to have uniform rate for all customers,” Mehra said. All the new single-PC internet kiosks and iWay outlets would be franchise operated and all investments would come from Sify’s franchise partners. Sify’s single-PC kiosks would be low-investment manned outlets, providing 45 services including internet, VOIP, travel booking and online bill payment, Mehra added. Source: LatestNews-Home - Livemint.com | 18 Feb 2009 | 11:39 am LS discusses firms run by Ambanis for "rule violation"New Delhi: Discussion on companies run by the Ambani brothers — Reliance Infrastructure and Reliance Petroleum — on Wednesday took place in the Lok Sabha in connection with alleged violations of government regulations. Finance Minister Pranab Mukherjee, in a written reply, said Mukesh Ambani-led Reliance Petroleum Ltd (RPL) was one of the 19 companies against which complaints of insider trading were received by market regulator Sebi. “During the last three years, including the current year (up to 31 Jan 2009), Sebi is in receipt of complaints alleging insider trading in the shares of 19 listed companies. One of (them) is against Reliance Petroleum Ltd, an oil-based company,” he added. Responding to another written question, Minister of State for Finance Pawan Kumar Bansal said that the Reserve Bank referred the cases of violation of the External Commercial Borrowings (ECB) regulations by Anil Ambani-led Reliance Infrastructure Ltd, earlier known as Reliance Energy, to the Enforcement Directorate. He added “RBI referred the FEMA violations relating to the two ECBs ($360 million and $150 million raised in July and November 2006 respectively) to the Directorate of Enforcement on 7 November, 2008 for necessary action”. Mukherjee further said that Sebi received complaints of insider trading against nine companies in 2006, six in 2007, three in 2008 and one in 2009. He, however, did not name any company except RPL. As insider trading is an offence, Mukherjee said Sebi has been “taking proactive measures aimed at greater level of investor protection, by passing order of debarment, imposing monetary penalty and initiating prosecution”. The case against RPL pertains to volatility observed in the shares of the company in November 2007, when its price touched an intraday life-time high of Rs295 on the Bombay Stock Exchange. Following volatility, market regulator Sebi had asked the BSE and NSE to examine the trading in the scrip of RPL in the cash and derivatives markets on 1 November and 29 November, 2007. As regards Reliance Infrastructure, the case pertains to partly investing the proceeds of the ECBs by the firm in fixed deposits and debt mutual funds, which was not permitted by the then ECB guidelines. Reliance Infrastructure had raised $360 million and $150 million as ECBs in July 2006 and November 2006, respectively, and after bringing in the proceeds, parked part of the money in debt mutual funds, pending utilisation of funds for declared end-use. “As per the ECB guidelines, then in force, the ECB proceeds were required to be parked overseas until actual requirement in India. Further, utilisation of ECBs proceeds is not permitted for investment in the capital market,” Bansal said. Source: LatestNews-Home - Livemint.com | 18 Feb 2009 | 11:39 am Sify plans single-PC internet kiosks, to open 2,000 more iWaysNew Delhi: As part of its plan to expand in the Indian internet service retail business, net service provider Sify is planning to venture into single-PC internet kiosk business, besides opening 2,000 additional outlets of its iWay internet cafe chain. “We have started a pilot project in single-PC internet kiosk format and have tied up with the Municipal Corporation of Greater Mumbai to provide customer facilities. We are planning to take this format to all the metros and are in talks with some government agencies,” Sify national head (expansion) Aman Mehra told PTI. He said the company has approached the Department of Information Technology (DIT) for collaboration in the project. “We are also expanding our iWay chain with plans to set up 2,000 more internet cafes by 2009-10, up from the existing 3,000 outlets. For the iWay project, we are focussing on Tier II and III cities where net penetration is still low and we would try to have uniform rate for all customers,” Mehra said. All the new single-PC internet kiosks and iWay outlets would be franchise operated and all investments would come from Sify’s franchise partners. Sify’s single-PC kiosks would be low-investment manned outlets, providing 45 services including internet, VOIP, travel booking and online bill payment, Mehra added. Source: Tech News - Livemint.com | 18 Feb 2009 | 11:39 am BSE Sensex falls 3rd day, Reliance bucks trendMUMBAI (Reuters) - The BSE Sensex eased 0.2 percent in seesaw trade on Wednesday, with banks leading the fall on lingering concerns about their profit margins in a faltering economy.Source: Reuters: Money News | 18 Feb 2009 | 11:37 am Jet Airways, Malaysian Airlines enter code-sharing agreementKuala Lumpur: Jet Airways on Wednesday entered into a code sharing pact with Malaysian Airlines (MAS) enabling passengers to book tickets on each others flights between the Malaysian capital and different destinations in India from February 2009. Jet Airways chairman Naresh Goyal said the carrier, which currently only flies the Kuala Lumpur-Chennai route, hopes to expand its network in the region and aims to make Kuala Lumpur its southeast Asian hub in the longer run. Under the pact, Jet Airways will avail code share on MAS flights operating between Kuala Lumpur and Mumbai, New Delhi, Bangalore and Hyderabad. This would help customers enjoy a wider choice of flights and convenient connections in Malaysia and India, Goyal said, while adding Jet Airways had cut capacity and leased out its larger planes to cut operational costs. MAS managing director Idris Jala said the arrangement with Jet will allow MAS to capture untapped traffic from secondary points in India through the five Indian gateways The carrier is expecting to capture about 10% of untapped traffic potential from India to Kuala Lumpur and beyond. The value of the traffic potential is between ten million ringgit and 12 million ringgit (Rs 163.75 million) annually. Source: LatestNews-Home - Livemint.com | 18 Feb 2009 | 11:37 am CBI to set up multi-dimensional team to probe Satyam scam - Press Trust of India
Source: Google News India - Business | 18 Feb 2009 | 11:36 am Focussed on reducing excess capacity, cutting losses: JetNaresh Goyal, the Chairman of Jet Airways, has said the company has an excess capacity of 35% and that it has cut 20% of the excess capacity. He added that at present their focus is on streamlining their capacity and reducing losses.Source: Moneycontrol Top Headlines | 18 Feb 2009 | 11:33 am Close: Markets end flat on hopes of export stimulusNew Delhi: Markets ended flat on Wednesday, falling consecutively for the third day after a choppy session, as buying activity was seen only in selective indices. The Bombay Stock Exchange benchmark Sensex made some gains near closing as European markets opened positive. Investor sentiments also arose as commerce minister Kamal Nath is expected to announce an export stimulus package, which would address their trade concerns caused by global economic slump. The sops under consideration include simplification of rules for service tax refund, extension of time given to exporters to meet export obligation and an increase in rates of input duty. Realty index recovered gaining more than 3%, along with oil and gas, power, PSU, metal and auto stocks also on the buyer’s ride. Banking stocks remain under pressure on the back of global financial worries, also country’s fiscal deficit continued to nag. Sensex opened lower today on negative global cues but soon gained grounds only to plunge in choppy session later. The 30-share BSE index ended 19.82 points or 0.2% down at 9,015.18 and 50-share NSE Nifty closed at 2776.15, a mere 5.65 points up. Negativity persisted as Reserve Bank’s governor D Subbarao at a conference in Tokyo said: “There certainly is room for cutting rates. The question is whether we should cut rates, when we should cut rates and by how much we should cut rates.” He made it clear that India was not immune to global downfall and is significantly affected. Top loser on the BSE pack was Housing Development and Finance Corp. by 4.76% to Rs1,364.30, followed by Mahindra and Mahindra by 4.74% to Rs284.55, ICICI Bank Ltd by 4.29% to Rs369.35, Reliance Infra by 3.41% to Rs501.20 and State Bank of India by 2.69% to Rs1,070.80. Among those that made gains DLF Ltd led the rally by 7.34% to Rs158.70, Maruti Suzuki by 4.39 % to Rs624.80, ACC Ltd by 3.19% to Rs562.90, Reliance Industries by 2.14% to Rs1,294.75 and NTPC by 1.38% to Rs176.40. Source: Home - Livemint.com | 18 Feb 2009 | 11:33 am Focussed on reducing excess capacity, cutting losses: Jet - Moneycontrol.com
Source: Google News India - Business | 18 Feb 2009 | 11:30 am Gold could touch USD 1030/oz in this week - Moneycontrol.com
Source: Google News India - Business | 18 Feb 2009 | 11:30 am Bata India to open 40 stores in Q1 of FY 09New Delhi: Leading footwear retailer Bata India on Wednesday said it will open 40 retail stores across the country in the first quarter of this calendar year as a part of its expansion plans. “We have finalised locations for setting up 40 stores, which will come up in the first quarter of 2009,” Bata vice-president (Marketing and Customer Service) Manoj Chandra said. He, however, declined to comment on the investments. The company is targeting tier-I and -II cities like Sonepat, Kota, Jodhpur, Ludhiana and Kakinada. “We are looking at strengthening our presence in tier-I and -II cities. All these stores will be company-owned,” he said. Bata is the country’s largest footwear retailer and has a market share of over 20% in the organised sector. It has more than 1,200 stores across 400 cities. The company has opened over 150 new large format stores since 2006 and plans to open 60 stores every year. Source: LatestNews-Home - Livemint.com | 18 Feb 2009 | 11:29 am Bail petitions of Raju brothers, Srinivas dismissedHyderabad: A local court here on Wednesday dismissed the bail petitions of Satyam founder B Ramalinga Raju, his brother and former managing director of the company Rama Raju and former CFO V Srinivas, who are lodged in Chanchalguda Jail here. The 6th Additional Chief Metropolitan Magistrate, before which the bail petitions came up dismissed them. The CID of Andhra Pradesh police arrested Raju brothers and Srinivas following the Ramalinga Raju’s confession on 7 January that he fudged company’s account books and inflated profits, to the tune of Rs7,800 crore which is termed as corporate India’s biggest fraud. After thier bail petitions were rejected last month, Raju brothers and Srinivas had filed a fresh petitions which were also rejected today. Source: LatestNews-Home - Livemint.com | 18 Feb 2009 | 11:29 am Superceding Maytas won\'t be easy for govt: Majmudar CoAkil Hirani of Majmudar Co said the government will have to make a good case before the CLB to supercede the two Maytas boards. This case is different from Satyam where Ramalinga Raju had confessed to fraud, he said.Source: Moneycontrol Top Headlines | 18 Feb 2009 | 11:25 am Societe Generale posts profit, sees challenging ‘09Paris: French bank Societe Generale SA said on Wednesday it expects 2009 to remain challenging after a turbulent fourth quarter in which it nonetheless posted a profit thanks to earnings in retail banking. SocGen posted net profit of €87 million ($109.92 million) in the fourth quarter, compared with a €3.35 billion loss in the same period of 2007, when it booked €4.9 billion in losses from a trading scandal. “The environment will probably remain challenging in 2009,” SocGen said in a statement. During the fourth quarter, SocGen said net profit at its French retail bank held up well, down just 1.3% to euro311 million. It posted a net loss of €76 million in its international banking division after taking a €300 million goodwill writedown on its Russian operations, where it is the majority shareholder of Rosbank. That compares with a profit of €202 million a year earlier. Russia is grappling with its worst financial crisis in a decade, and Moody’s Investors Service said Tuesday it could reduce ratings on Western banks with exposure in Eastern Europe. The investment banking unit posted a €56 million net profit compared with a €3.92 billion loss in the same quarter of 2007, when it booked the exceptional loss from closing the unauthorized positions of former trader Jerome Kerviel. SocGen’s results compare favorably with many banks in the US and Europe, which suffered huge losses in the quarter. France’s biggest bank, BNP Paribas SA, which reports Thursday, has said it expects a €1.4 billion net loss in the fourth quarter. SocGen is hoping to turn the page on the Kerviel affair, which was uncovered in January of last year. The scandal has since been overshadowed by mounting subprime related losses and the collapse of some of Wall Street’s most storied names. The financial crisis has also blown up other scandals not least, one allegedly involving Bernard Madoff, the disgraced New York money manager accused of orchestrating a $50 billion Ponzi scheme. SocGen said it had “negligible” exposure of below euro10 million to the fraud. In the full year, SocGen posted a net profit of €2.01 billion, compared with €947 million a year earlier. Source: LatestNews-Home - Livemint.com | 18 Feb 2009 | 11:04 am Delay in informing insurance firm no basis to deny claim: PanelNew Delhi: Delay in informing an insurance company in a vehicle theft case cannot be a ground to deny claim to a policy holder who had filed a police case immediately after the incident, the Delhi Consumer Commission has held. “It is the police which is the statutory authority to investigate into the criminal offence as provided by the CrPC. Delayed information to the company cannot form the basis for rejection of the claim against theft,” the Commission headed by President Justice J D Kapoor said. The Commission was hearing a plea of the New India Assurance Corporation Limited (NIACL) challenging a District Forum’s order for paying a vehicle theft insurance claim of Rs4.5 lakh, along with a compensation of Rs1 lakh, to Pradeep Nagi. The insurance company argued that the information regarding theft of the vehicle was received by it five months after the incident while the complaint was registered with the police on the second day. “As far as objection to the delayed information is concerned, what is relevant and material is whether report was lodged with the police without any reasonable delay and whether it has filed the final report,” the Commission said. The Commission said that in cases of theft of a vehicle, the insurance companies cannot initiate any parallel investigation rather it has to act upon the police report. If the company is suspicious about the veracity of the report, it may inquire into the facts and bring it to the notice of the police for investigation, the Commission said. The Commission, also comprising member Rumnita Mittal, directed the insurance company to reimburse the prevailing price of the insured vehicle which was stolen in September 2002, four months after it was purchased by Nagi, along with the compensation of Rs1 lakh. Source: LatestNews-Home - Livemint.com | 18 Feb 2009 | 11:04 am Nagpur to become India's first solar cityUnder an ambitious programme of the ministry of new and renewable energy, Nagpur in Maharashtra will be developed as the country's first solar city, it was announced Wednesday.Source: IndiaeNews.com: Business News | 18 Feb 2009 | 11:00 am No bail for Satyam's Rajus, former CFOA city court Wednesday dismissed fresh bail petitions of Satyam Computer's disgraced founder B. Ramalinga Raju, his brother B. Rama Raju and former chief financial officer Vadlamani Srinivas.Source: IndiaeNews.com: Business News | 18 Feb 2009 | 11:00 am RIL to start gas supply from KG-D6 by AprilBillionaire Mukesh Ambani-run Reliance Industries will start selling natural gas from its eastern offshore KG-D6 fields by April to ease fuel deficitSource: Daily News & Analysis: Money News | 18 Feb 2009 | 10:58 am No intent to control news content on television: GovtNew Delhi: Government on Wednesday said it had at no point intended to control content of news on television channels and favoured self-regulation by media houses in live coverage of sensitive incidents. “There is no intention to control content of news. At no point government contemplated such a move,” Minister of State for Information and Broadcasting Anand Sharma told the Lok Sabha during the Question Hour. Sharma said there was no question on a blanket ban on the live coverage of sensitive incidents and self-regulation was the best option the telecast of such events. He said in the aftermath of the Mumbai terror attacks, government has held several rounds of meetings with representatives of the News Broadcasters Association (NBA), the Indian Broadcasters Federation (IBF), security agencies and defence forces. Sharma said the NBA has drafted self-regulatory code of ethics and put in place emergency protocol to be followed during coverage of sensitive incidents. A grievance redressal mechanism has also been put in place for redressing complaints relating to broadcast of such incidents, he said. “The government has given a commitment that any initiative involving guidelines for electronic media would be taken only after the widest possible consultations with all concerned stakeholders,” Sharma said. Source: LatestNews-Home - Livemint.com | 18 Feb 2009 | 10:53 am Satyam accounts restatement to take at least six months: KPMGNew Delhi: The restatement of accounts of Satyam could take more than six months, as the entire process is very complicated, according to audit firm KPMG, who, along with Deloitte, has been mandated for the job. “It won’t take less than six months in my view...I cannot give an exact date,” KPMG chief operating officer in India Richard Rekhy told PTI on the sidelines of a seminar here. The process involves very complicated sets of transactions, he said. He further added that no restatement of this nature globally has taken less a year. “It is not a one-year account, you have to go back three, four years ...,” he added. Last month, Satyam’s new board roped in KPMG and Deloitte to res-state its financials and prepare the third-quarter results, even as its previous book-keeper Price Waterhouse said its audit of the IT company’s accounts could be construed as “unreliable” in the wake of Ramalinga Raju’s admission of fraud. A company official in Hyderabad said efforts were on to bring the fourth-quarter results in time but the challenge remains on the third-quarter results. Satyam plunged into a crisis after its former chairman B Ramalinga Raju confessed to committing serious financial irregularities over several years and running into thousands of crores of rupees. Source: LatestNews-Home - Livemint.com | 18 Feb 2009 | 10:52 am RBI: room to cut rates, unsure whenTOKYO (Reuters) - India has room to cut interest rates but the question is when and whether it should do so and by how much, the Reserve Bank of India chief said on Wednesday.Source: Reuters: Money News | 18 Feb 2009 | 10:49 am Tourism suffers sharp blow due to global slowdown - Economic Times
Source: Google News India - Business | 18 Feb 2009 | 10:49 am CBI takes over probe into Satyam caseNew Delhi: The CBI on Wednesday took over probe into the Rs7,800 crore Satyam fraud, which has rocked the country’s corporate world, leading to the arrest of former Chairman B Ramalingam Raju, MD B Rama Raju and ex-CFO Vadlamani Srinivas. The Department of Personnel, under which the CBI functions, issued a notification this morning to the agency asking it to probe the scam, which was being investigated by the CB-CID of the Andhra Pradesh Police, official sources said. This comes after the Andhra Pradesh government issued a notification requesting the Centre for a probe by the premier investigation agency. CBI sources said records and other material associated with the Satyam probe was being taken over by the agency and a case to this effect would be registered by the agency soon. As the case is transferred to the CBI, the probe agency can now avail up to nine days of custody of Satyam founder B Ramalinga Raju, who has been interrogated only for five days ever since he was arrested on 10 January. On 7 January, Raju confessed that he had cooked the company’s account books and inflated profits over the past several years. Following the confession to the fraud, the government superceded the board of the IT major and ordered an SFIO investigation into Satyam and its subsidiaries. More than 300 entities related to Satyam and the Raju family are also being probed by the SFIO team. Source: LatestNews-Home - Livemint.com | 18 Feb 2009 | 10:48 am Destination WordCamp IndiaNew Delhi: Welcome to the Playcast. This week, we have a special edition to commemorate the first ever ‘WordCamp’ in India. The WordCamp is a two-day conference which brings together stakeholders and audiences of social media and blogging, centred around WordPress. WordPress is possibly the most widely used open source blogging platform in the world right now.  We got in touch with Priyanka Sachar, one of the people behind the organisation and the logistics of the inaugural Wordcamp in India. Priyanka has been blogging for the past five years and is also the brain behind the Delhi Bloggers Bloc. To know more about the Word Camp, listen to the audio abstract of this week’s Playcast. For those of you who are interested and want to participate in the WordCamp, you can register yourself at www.wci.eventbrite.com Source: Tech News - Livemint.com | 18 Feb 2009 | 10:45 am Social networking site users grow 51% in Dec; Orkut emerges leaderNew Delhi: The Internet user traffic to social networking websites in the country grew by 51% in December 2008, with more than 19 million users visiting popular sites such as Orkut, Facebook and Hi5, according to marketing research firm comScore. Orkut received the maximum number of users among social networking sites as about 12.8 million people visited the website in December 2008, an increase of 81% over the same month last year, comScore said in the report. “Social networking continued to grow strongly in India this past year, with several of the top global brands carving out a more prominent position,” comScore executive vice- president Will Hodgman said. Facebook came second with 4.04 million visitors, while Indian site Bharatstudent.com managed to capture the third spot with 3.26 million visitors. However, it was Hi5 which witnessed the strongest growth of 182% garnering 2.01 million visitors compared to 714,000 visitors in December 2007, it added. The number of visitors to sites like ibibo, PerfSpot, BIGAdda, and Fropper dropped by 50%, 79%, 25% and 3% respectively. Source: Tech News - Livemint.com | 18 Feb 2009 | 10:42 am SpiceJet to look at buying opportunities - CEOMUMBAI (Reuters) - Low cost carrier SpiceJet Ltd expects a period of consolidation in the Indian airline industry over the next 12 to 24 months and will look at buying opportunities, a senior official said on Wednesday.Source: Reuters: Money News | 18 Feb 2009 | 10:37 am Q+A - Will govt borrowing slow RBI rate cuts?MUMBAI (Reuters) - The Reserve Bank of India (RBI) is expected to make more rate cuts to support the slowing economy, but the government's increasing borrowing needs to support a widening fiscal deficit could affect the timing and size of the moves.Source: Reuters: Money News | 18 Feb 2009 | 10:31 am Markets slip into red, close above 9,000Indian equities closed in the red Wednesday with a key index ending trade a marginal 0.22 percent lower than its previous close.Source: IndiaeNews.com: Business News | 18 Feb 2009 | 10:31 am Forest products' fair in Tripura to promote natural resourcesA national 'van mela' is being organised in the northeastern state of Tripura to promote sustainable use of forest resources and diversified utility of non-timber forest products.Source: IndiaeNews.com: Business News | 18 Feb 2009 | 10:30 am Regulator to quiz Satyam's former finance head FridayMarket regulator Securities and Exchange Board of India (SEBI) will interrogate Satyam Computer's former chief financial officer Vadlamani Srinivas in Chanchalguda central jail here Friday and two former auditors of Pricewaterhouse a day earlier.Source: IndiaeNews.com: Business News | 18 Feb 2009 | 10:30 am Reliance to begin gas supplies by April - minNEW DELHI (Reuters) - Reliance Industries is expected to begin supplying gas from its deepwater block in the Krishna Godavari basin off India's east coast by April, Oil Minister Murli Deora said in a statement on Wednesday.Source: Reuters: Money News | 18 Feb 2009 | 10:22 am Mkts end flat; realty, OMCs, RIL, Bharti up, banking dip - Moneycontrol.com
Source: Google News India - Business | 18 Feb 2009 | 10:17 am Maytas Properties faces heat on project delivery timelineWith the government moving the Company Law Board to remove the management of Maytas Infrastructure and Maytas Properties there is even more trouble headed towards Maytas. Three of its important projects, Maytas Hill County Project, Jubilee Hills and Jubilee Hills Park View, are sure to face trouble.Source: Moneycontrol Top Headlines | 18 Feb 2009 | 10:00 am RBI says staff strike may disrupt some workMUMBAI (Reuters) - The Reserve Bank of India said on Wednesday a planned strike by employees may disrupt some of its normal work, including the payment and settlement system.Source: Reuters: Money News | 18 Feb 2009 | 9:56 am Indian rupee falls to 2-mo low past 50/dlr - Reuters India
Source: Google News India - Business | 18 Feb 2009 | 9:51 am Orissa seeks Rs.15 bn to tackle slowdownThe Orissa government has sought Rs.15 billion (Rs.1,500 crore) from the central government to tackle the economic slowdown, the government said Wednesday.Source: IndiaeNews.com: Business News | 18 Feb 2009 | 9:33 am Coal India to invest Rs.100 bn to revive mines in JhariaState-run Coal India Ltd will invest Rs.100 billion (Rs.10,000 crore) to revive coal mines at Jharia in Jharkhand, a top official said here Wednesday.Source: IndiaeNews.com: Business News | 18 Feb 2009 | 9:32 am No question of diluting FDI caps: MinisterNew Delhi: The Congress-led UPA government on Wednesday categorically stated that the recent liberalization of foreign direct investment (FDI) norms will not result in backdoor dilution of sectoral foreign investment caps as management control will continue to be with Indians. “There is no question of backdoor dilution of sectoral cap,” minister of state for industries Ashwani Kumar said replying to supplementaries during Question Hour in Rajya Sabha here. Investment made by a domestic company in which foreign firms might hold a small stake but the majority 51% shareholding and managing control is with Indians, will not be treated as FDI for the purpose to calculating the sectoral cap. This liberalization would ensure that “domestic companies were not unreasonably fore-closed for participating” in various sectors, he said. Caps on foreign investment in certain sectors, he said, had been put to ensure that majority 51% stake and management control in the company is with Indians. “We have ensured that control of the company will remain in Indian hands,” he added. Management control, majority of board of directors and majority of stake in the company will continue to be with Indians, he said. Asked about the impact of global economic slowdown on India, Kumar said: “We are not totally insulated... (but) since Indian economy is driven by domestic consumption and demand, the impact will be relatively less.” India in 2004, when UPA came into power, received $2.5 billion in FDI. “We hope to get $30 billion in FDI commitments this year,” he said. Despite the global economic meltdown, India still offers best destination in terms of return on FDI, he said. With 7% economic growth rate and reasonable rate of returns, “India continues to be a most favourable destination for FDI,” he said adding this was a result of calibrated efforts to liberalise FDI regime. He said foreign investment in news and current affairs continues to be capped at 26% and last month’s decision of the Foreign Investment Promotion Board (FIPB) was only to permit Dow Jones of US to print a facsimile edition, which is supposed not to publish Indian news and content. Since the sectoral cap of 26% remains, there was no case to apprehend foreign ideas influencing culture and ethos of the country, he added. The minister said 49 proposals pertaining to various sectors were still pending with FIPB for want of requisite information. Source: Home - Livemint.com | 18 Feb 2009 | 9:32 am Markets climb back in afternoonIndian equities climbed back to the green Wednesday afternoon after falling below the psychologically important 9,000-mark earlier. About an hour before the closing bell, a key index was ruling 0.84 percent higher than its previous close.Source: IndiaeNews.com: Business News | 18 Feb 2009 | 9:31 am European stocks make early gains as banks bounceLondon: European shares ticked up early on Wednesday, breaking a two-day losing run as banks rebounded from falls in the previous session and investors cheered updates from Societe Generale and Commerzbank. At 08:49 GMT, the FTSEurofirst 300 index of top European shares was up 0.1% at 766.33 points, having fallen 2.5% on Tuesday. The index is down 8% so far this year, pulled lower by bank stocks. Financials came back strongly in morning trade, led by SocGen, which jumped 3% after it posted a fourth-quarter net profit, raised its dividend and said it key tier-1 ratio was 8.8%. HSBC, Santander and BNP Paribas rose 2.3-2.8%, ranking among the top-weighted gainers on the European benchmark after the sector fell sharply on Tuesday on fears of losses in emerging Europe. Commerzbank jumped 6% after posting a smaller-than-expected loss in the fourth quarter. But heavyweight energy stock BP fell 1.7% and miner Rio Tinto lost 1.9% to weigh on the index as they traded ex-dividend. Analysts remained wary about any equities recovery. Across Europe, Britain’s FTSE 100, Germany’s DAX and France’s CAC were up 0.3-0.5%. Brewers Heineken and Carlsberg rose 4.6% and 7% respectively after Heineken reported earnings slightly below forecasts and Carlsberg came in slightly above expectations. The euro rose against the dollar on a technical rebound after hitting a 2-1/2 month low but the upside was limited due to ongoing concerns about the banking system and the economy. Oil traded down 0.1% at below $35 a barrel as demand concerns continued to weigh, though Total and Royal Dutch Shell ticked higher, underlining the imperfect correlation with the oil price. Source: Home - Livemint.com | 18 Feb 2009 | 9:26 am India may see lower investment demand: RBITokyo: India may see a further downturn in investment demand before it turns up and growth may moderate more than expected, while this year’s total fiscal deficit could reach 10%, its central bank governor said on Wednesday. The central bank forecasts growth of 7% in the fiscal year which ends in March, a rate some analysts say is too optimistic because the March quarter may be worse than previous ones, Reserve Bank of India governor Duvvuri Subbarao said. “So we still don’t know. But the plain fact is that activity is slowing down ... Growth moderation, we believe, will be steeper than earlier suspected,” he told a conference on a visit to Tokyo. It was his first public appearance since the Union government unveiled an interim budget for the 2009-10 fiscal year on Monday, weeks ahead of a general election due by May. The government projected spending may have to jump later this year to shield the economy from a global slump and stem job losses, fuelling fears of a spiralling fiscal deficit that is headed for a seven-year high. It expects the Union government fiscal deficit to rise to 6% of gross domestic product in fiscal 2008-09 from a previous target of 2.5%. That would be the highest fiscal deficit since 6.1% in 2001-02. Subbarao said the combined deficit of the central and state governments could be much higher. “This year 2008-09 the expectation is that the fiscal deficit, combined fiscal deficit of the Centre and states, is going to be as much as 10%. So that is a concern,” he said. He was confident that India’s recovery, when it came, would be “sharper and faster” than other economies but the country still had a painful adjustment to make. “The challenge for the government of India and also the (Reserve) Bank of India is going to be to minimise the pain.” India’s industrial output fell 2.0% in December from a year earlier, after a rise of 1.7% in November. The Reserve Bank of India has already revised down its growth expectation for this fiscal year and slashed its key lending rate by 350 basis points since October to 5.5%. The government expects expansion will be 7.1% this fiscal year, much slower than a pace of 9% or above in the previous three years and likely the slowest rate in six years. Subbarao said there were positive features including a decline in inflation which would support consumption demand, reduce input costs for companies and give the government, which subsidies fuel prices, more fiscal room. “Because of low commodity prices, I think imports will shrink faster than exports, so the current account deficit should be more modest than earlier feared,” he said. But he said investment demand was falling. “Consumption demand is holding up, it’s investment demand which is declining, and I would expect that we will see further downturn before we see an uptick,” he said. He gave no time frame for the uptick. Source: Home - Livemint.com | 18 Feb 2009 | 9:20 am Record prices deter India gold buyersMUMBAI (Reuters) - India gold scaled a fresh peak on Wednesday on strong global markets and a weak rupee, and traders said there was no demand in the middle of the wedding season, with scrap gold still continuing to flow in the market.Source: Reuters: Money News | 18 Feb 2009 | 9:08 am RBI: total deficit may reach 10 pct of GDPTOKYO (Reuters) - India may see a further downturn in investment demand before it turns up and growth may moderate more than expected, while this year's total fiscal deficit could reach 10 percent, the Reserve Bank of India (RBI) governor said on Wednesday.Source: Reuters: Money News | 18 Feb 2009 | 9:05 am Bata ignores slowdown, to add 40 stores by March-endEven as the retail trade industry in India faces one of its worst crises in recent years, Bata India, one of the country's largest footwear chains, plans to open 40 new stores across the country by March 31.Source: IndiaeNews.com: Business News | 18 Feb 2009 | 9:01 am Gold hits new record high at Rs15,617Mumbai: India gold futures hit a new all-time high early Wednesday on strong overseas markets, amid expectations that the yellow metal would continue to mark new highs in the medium-term. Gold is expected to firm further as investors rush to take refuge in safe haven assets amid the deepening economic gloom, analysts said. At 12:14 p.m., COMEX gold for April delivery was $5.2 higher at $972.7 an ounce, after hitting a high of $975.4 on safe haven purchases. “The outlook is bullish due to unprecedented demand for (gold) ETFs,” said Devarsh Vakil, manager-research, Anagram Capital, adding that any decline would be an opportunity to buy with a medium-term perspective. But Vakil expects profit-taking to creep in at higher levels as ”traders already long can book profits at 15,700.” ”These are high levels, I would not recommend traders to buy or sell aggressively,” he added. Futures on the continuation charts were 0.17% higher at Rs15,518, after hitting a new all-time high of Rs15,617 per 10 grams. The contract gained more than 5% in the last session. “Gold is emerging as a new asset class on speculative and investment demand coupled with global concerns,” said Debjyoti Chatterjee, associate vice president with MAPE ADMISI Research in Mumbai, adding that the yellow metal gold has decoupled from the dollar and crude. “If any recovery has to happen, it would depend on circumstances in the European and the US markets (later in the day),” said Chatterjee. He expects gold to trade in the range of Rs15,300-Rs15,650. Source: Home - Livemint.com | 18 Feb 2009 | 8:54 am Jet Airways Group CEO Ravi Chaturvedi resignsMumbai: Jet Airways Group CEO Ravi Chaturvedi has resigned from the company, with effect from 1 April. When contacted, the private air-carrier’s chairman Naresh Goyal confirmed the resignation. “Chaturvedi is my good friend and has quit only to join his family in the United States,” Goyal said over phone from Malaysia. Chaturvedi, who had joined Jet Airways in October last year from FMCG major Procter & Gamble, however, declined to comment on his resignation. Earlier, in July 2008, JetLite CEO Maunu von Lueders had resigned. In the last two years, the private air-carrier has witnessed exits of several top management personnel — which the company described as normal in the industry. Source: Home - Livemint.com | 18 Feb 2009 | 8:47 am Jammu and Kashmir government holds talks with striking employeesA five-member team of Jammu and Kashmir cabinet ministers led by Finance Minister Abdul Rahim Rather Wednesday began talks with 30 members of the joint coordination committee of striking government employees who are demanding the implementation of the Sixth Pay Commission recommendations.Source: IndiaeNews.com: Business News | 18 Feb 2009 | 7:32 am RIL to start supplying gas from KG-D6 in AprilBy PTI New Delhi: Reliance Industries will start supplying natural gas from its eastern offshore KG-D6 fields by April, petroleum minister Murli Deora has said. “It has been decided to supply the first 40 million standard cubic meters per day of gas to meet the shortfall of exiting gas-based urea plants, LPG plants and power plants,” he said. Gas would also be supplied to meet the requirement of CNG and piped natural gas for residential and transport sectors. “The decision would go a long way to increase the supply of fertiliser in the country, bring down the fertiliser subsidy, increase production of power and LPG,” he said. Source: Home - Livemint.com | 18 Feb 2009 | 7:23 am Jet cuts international routes, plans leasing aircraftBy PTI New Delhi: Amid difficult times for the aviation industry, Jet Airways has cut three of its biggest loss-making international routes and plans to lease four wide-body Boeing 777 aircraft, besides phasing out three Boeing 737 planes. The carrier, which has been overtaken last month by Kingfisher as the largest airline, discontinued the Amritsar-London-Amritsar route in December, Bombay-Shanghai-San Francisco and Bangalore-Brussels sectors in January as part of its network rationalisation exercise. “These were the highest loss-making routes. This will, therefore, help us reduce losses further in the next few quarters,” Jet Airways CEO Wolfgang Prock-Schaeur told investors. Commenting on the fleet rationalisation programme undertaken by the company for the ongoing quarter, he said: “We will lease out another Boeing 777 aircraft, this is aircraft number three (third to be leased out) to Turkish Airlines. Starting April, the plans are to lease out four more Boeing 777. “In addition we will be phasing out our three Boeing 737 classic aircraft, whose leases expire in Q4 of FY 2009, and not replace them.” The carrier had recently announced plans to give two Airbus A 330-200 aircraft to Oman Air on wet lease for a period of six months, with effect from May, under its route rationalisation and cost-cutting exercise. Prock-Schaeur also said the carrier has “rightsized its capacity on the North American routes for which it will only use Airbus A330 planes”. In its third quarter results, Jet had said its international routes had incurred a loss of Rs119.1 crore in the quarter ended 31 December 2008, against a loss of Rs115.9 crore in the same period last fiscal. Source: Home - Livemint.com | 18 Feb 2009 | 7:11 am Rupee recovers early losses in tandem with marketsMumbai: Moving in tandem with the local equity markets, the Indian rupee on Wednesday recovered by eight paise to Rs49.62/63 against the greenback in late morning deals. In fairly active trade at the Interbank Foreign Exchange (Forex) market, the local currency opened lower at Rs49.77/78 a dollar, tracking weak stock markets. However, reversal of the trend in local markets helped the rupee to bounce back to quote at Rs49.62/63 per dollar in late morning deals. It moved in a range of Rs49.60 and Rs49.79. The rupee crashed by a massive 88 paise or 1.80% on Tuesday, the biggest fall in more than three months to close at nearly two-and-a-half month low of Rs49.70/72 against the US currency. After a fall of over 112 points in early trade, Indian benchmark sensex was up by 55 points at 10:15am, while most of the Asian indices were trading in the red this morning. Forex dealers attributed the overnight strong surge in the dollar against other currencies to good buying by foreign banks, which bought to sell in the offshore non-deliverable forwards market in order to make an immediate profit without risk. Lack of dollar demand from oil refiners also helped the rupee recovery. Global crude oil prices were trading below $35 a barrel in Asian trade today. Source: Home - Livemint.com | 18 Feb 2009 | 6:27 am RBI employees to strike on Friday - unionsMUMBAI (Reuters) - Employees at the Reserve Bank of India (RBI) have called a one-day strike on Friday to protest against the pension policy, union officials said on Wednesday, a move that could hit bonds trading and settlement of cheques.Source: Reuters: Money News | 18 Feb 2009 | 6:26 am Diamond exports fall by 41%With the global financial crisis worsening, the country's polished diamond exports fell a whopping 41% in the month of January.Source: Daily News & Analysis: Money News | 18 Feb 2009 | 5:45 am Sensex down for 3rd in a rowAmidst weak global cues and increased capital outflows, the benchmark Sensex on the Bombay Stock Exchange extended the losses for the third day.Source: Daily News & Analysis: Money News | 18 Feb 2009 | 5:21 am Infosys sees budget cuts in EuropeMumbai: India’s No. 2 software exporter, Infosys Technologies, sees a possible 5% cut in budgets by its clients in Europe this year, the Financial Express reported on Wednesday, quoting a senior company official. “We are seeing slowdown in sectors such as energy, utility and pharma,” BG Srinivas, senior vice president and member of Infosys’ executive council told the newspaper in an interview. “Every year we survey our top 100 clients and it gives us clarity on each of our clients,” he said. “We are assuming it to indicate that at least 5% budget cuts could happen this year,” he said, referring to the European market. “We see a few clients coming up with flat budgets.” Srinivas said more European companies were outsourcing jobs to lower-cost countries such as India to beat a recession, but the contracts were not large. Infosys and other Indian outsourcers are expanding to Europe, the Middle East, Africa and elsewhere to lower their dependence on the United States, their biggest market. Nasdaq-listed Infosys expects to increase its reach to 100 new clients in Europe, Srinivas said, adding about 30% of its revenue in services for consulting and packaging implementation came from Europe. Among European countries, the UK was the worst hit, he said. Source: Home - Livemint.com | 18 Feb 2009 | 4:55 am Obama signs $787 billion stimulus packageObama has signed into law the $787 billion economic stimulus package, which according to him would rejuvenate the American economy and create up to 4 million jobs.Source: Daily News & Analysis: Money News | 18 Feb 2009 | 4:21 am Day Trading GuideWe reiterate our sell recommendation in DLF and Rel Cap. Experiencing further selling pressure, ICICI Bank and SBI fell in the previous session, closing below theirSource: Business Line - Home Page | 18 Feb 2009 | 12:00 am Media and entertainment industry bet on IPL to beat the slumpThe Indian Premier League, which has emerged as a hot media property and redefined the concept of sports in India, is likely to continue its upbeat streak, despite the recessionary trends.Source: Business Line - Home Page | 18 Feb 2009 | 12:00 am Govt moves to dissolve Maytas’ boardsNew Delhi, Feb. 17 With the ‘nexus’ between the Satyam Computer Services and its two group companies – Maytas Infra Ltd and Maytas Properties Ltd – now established, the Government moved the Company Law Board (CLB) onSource: Business Line - Home Page | 18 Feb 2009 | 12:00 am Airlines post Rs 3,195-cr loss in 2007-08New Delhi, Feb. 17 The five major domestic airlines have reported a combined loss of Rs 3,195.27 crore during 2007-08. The airlines which reported losses during the year are Air India, Kingfisher, Jet Airways, Go Air and low cost airline,Source: Business Line - Home Page | 18 Feb 2009 | 12:00 am Govt to hike DAVP ad rates by 10%Mumbai, Feb. 17 The Information and Broadcasting (I&B) Ministry has decided to hike the advertising rates of the Directorate of Advertising and Visual PublicitySource: Business Line - Home Page | 18 Feb 2009 | 12:00 am Gold scales new peakChennai, Feb. 17 Gold prices zoomed to a record high on Tuesday as global investors turned to the yellow metal on fears over global economy and inflation. A slump in the equities market across the globe also aided the rise of the precious metal,Source: Business Line - Home Page | 18 Feb 2009 | 12:00 am Union Bank of India (Rs 135.30): SellWe recommend a sell on Union Bank of India stock from a short-term trading perspective. It is apparent from the charts of this stock that it had been on an intermediate-term uptrend from its July low of Rs 96 till it encountered resistance at RsSource: Business Line - Home Page | 18 Feb 2009 | 12:00 am Govt estimates petro product demand for 2008-09 at 133 mtNew Delhi, Feb. 17 India’s demand for petroleum products during 2008-09 is estimated to be 133.4 million tonne (mt), the Minister for Petroleum & Natural Gas, Mr Murli Deora, informed the Rajya Sabha onSource: Business Line - Home Page | 18 Feb 2009 | 12:00 am Bottom of the pyramid demographicsChennai, Feb. 17 About 75 per cent of the country’s population lives in villages but agriculture accounts for only 20 per cent of GDP. Even today people never hesitate to trot out this tired old line to dramatise the plight ofSource: Business Line - Home Page | 18 Feb 2009 | 12:00 am Gold ETFs rise to record highBL Research Bureau Gold ETFs hit a new high on Indian bourses on Tuesday even as the equity markets slid further, on lingering disappointment over the Interim Budget.Source: Business Line - Home Page | 18 Feb 2009 | 12:00 am Pranab rejected Montek's plea for 3rd packageBlame Pranab Mukherjee's constitutional conservatism for the insipid interim budget he presented on Monday.Source: Daily News & Analysis: Money News | 17 Feb 2009 | 11:06 pm Gold at Rs15,000, may rise moreGold closed at an all-time high of Rs15,230 for 10 gm on Tuesday, and experts say it will soar further despite low domestic demand.Source: Daily News & Analysis: Money News | 17 Feb 2009 | 11:03 pm Govt winks at FDI violation in mediaThe government looks set to allow companies in the media sector that are in violation of the foreign investment norms to continue to operate as usual.Source: Daily News & Analysis: Money News | 17 Feb 2009 | 10:30 pm Centre slammed for shielding Raju and othersThe government was slammed in Rajya Sabha by the opposition which accused it of shielding Satyam Computer Services chairman B Ramalinga Raju and other accusedSource: Daily News & Analysis: Money News | 17 Feb 2009 | 10:28 pm Energise the ATMA initiative for strengthening food securityIt is increasingly evident that India's economy, particularly its manufacturing and service sectors, are seriously being affected by the ongoing global economic crisisSource: Daily News & Analysis: Money News | 17 Feb 2009 | 10:11 pm 18 govt banks to be recapitalisedAlmost all public sector banks, barring a handful such as Punjab National Bank, Bank of India and Canara Bank, are in line to get recapitalisation finance from the government over the next 24 months.Source: Business Standard | Front Page Headlines | 17 Feb 2009 | 7:01 pm Investors, lender oppose Subhiksha's realty mergerInvestors ICICI Venture and PremjiInvest as well as a lender of Subhiksha Trading Services have objected to the cash-strapped retailers merger plan with Chennai-based Blue Green Constructions and Investments, in which it acquired a 40 per cent stake in June last year.Source: Business Standard | Front Page Headlines | 17 Feb 2009 | 6:59 pm Govt moves CLB to supersede boards of Maytas firmsThe government today moved the Company Law Board (CLB) to remove the current directors of Maytas Infrastructure and Maytas Properties from their respective boards and declare them ineligible for appointment as directors of any other company.Source: Business Standard | Front Page Headlines | 17 Feb 2009 | 6:55 pm Pranab rejects higher support for PPP dealsFinance Minister Pranab Mukherjee, who took additional charge of the finance ministry recently, has rejected a Planning Commission proposal to increase the upper limit for Viability Gap Funding (VGF) for infrastructure projects coming up under the public-private partnership model.Source: Business Standard | Front Page Headlines | 17 Feb 2009 | 6:49 pm ING to pull out from F1 sponsorship deal with RenaultAmsterdam/New Delhi: Dutch financial services entity ING said it will pull out from its Formula 1 sponsorship deal with French car maker Renault. “In light of the recently announced cost reduction programme, ING confirmed today not to renew the three-year sponsorship contract with Renault F1 and to end its presence in F1 beyond the 2009 season,” the firm said in a statement. The Dutch company is exploring cost cutting measures amid deepening global financial turmoil. The financial services major said that one of the main aims of the company’s participation in Formula 1 was to increase its global brand awareness. Noting that F1 remains a powerful business driver even in a difficult economic climate, ING said, “whilst ING has cut the F1 sponsorship costs by 40% in the final year, revenue generating opportunities will be a continuing focus through 2009”. The statement added that ING would continue to work closely with Renault F1 team in the final year of the partnership. Source: World Business - Livemint.com | 17 Feb 2009 | 3:14 pm ‘Google phone’ builds momentum with boost by HTC: companyBy AFP Barcelona: Google’s bid to dominate the mobile phone operating software market got a boost on Tuesday when Taiwanese handset maker HTC unveiled the third phone based on the Internet giant’s technology. The touch-screen HTC Magic is to be sold by British network operator Vodafone and its subsidiaries in Britain, France, Germany and Italy, the companies announced at industry event Mobile World Congress here. Rival developers are battling to create the dominant operating system for mobile phones, with Google and its Android system competing with software giant Microsoft, handset maker Nokia, an open-source Linux-based project and Blackberry. “We are very excited to be introducing our first Android-powered smartphone in the spring,” said Patrick Chomet, global director of terminals for Vodafone. On Monday, Chinese manufacturer Huawei revealed its first mobile phone to integrate Android, meaning there are at least three “Google” phones now developed. The first phone to use Android was launched by HTC in October last year in partnership with German network operator T-Mobile. Google is hoping to establish its operating system as an industry standard, which would help drive users to use its various Internet services including search, maps and chat. The HTC Magic will be entirely touch-screen and is in a tablet form. Source: Tech News - Livemint.com | 17 Feb 2009 | 12:36 pm
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