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Satyam sale process to complete before elections: PC GuptaCorporate Affairs Minister PC Gupta has said the Satyam sale process will be complete before the general elections. The beleaguered tech firm, he added, had got orders worth USD 250 million in the last seven weeks.Source: Moneycontrol Top Headlines | 21 Feb 2009 | 8:10 pm Forex reserves dip $1.84 bn - Business Standard
Source: Google News India - Business | 21 Feb 2009 | 4:05 pm UPA government neglecting small scale sector: BuddhaComing down heavily on India's ruling United Progressive Alliance for neglecting the recession-hit small scale sector, West Bengal Chief Minister Buddhadeb Bhattacharjee Saturday said the central government seemed only concerned with big companies like Satyam.Source: IndiaeNews.com: Business News | 21 Feb 2009 | 4:01 pm Chouhan launches 'justice rally' in Madhya PradeshMadhya Pradesh Chief Minister Shivraj Singh Chouhan Saturday embarked on a 'justice rally' to protest the central government's alleged discrimination against the state.Source: IndiaeNews.com: Business News | 21 Feb 2009 | 4:00 pm Demand is still high in auto sector: Hero Honda chairmanDespite the global economic slowdown, India's auto industry will continue to grow as demand is still high and there is no shortage of raw materials, Hero Honda Group chairman Brij Mohan Munjal said Saturday.Source: IndiaeNews.com: Business News | 21 Feb 2009 | 4:00 pm Jai Balaji's integrated steel plant at Durgapur inauguratedThe 450,000 tonne alloy and stainless steel division of Jai Balaji Industries' integrated steel plant at Banskopa here was inaugurated by West Bengal Chief Minister Buddhadeb Bhattacharjee Saturday.Source: IndiaeNews.com: Business News | 21 Feb 2009 | 4:00 pm See 1020% price cuts going forward: GenpactIts not just the IT industry, but also the ITenabled services industry that is facing the heat. In fact, the country\'s largest business process outsourcing (BPO) player Genpact says that the environment is extremely turbulent as the slowdown forces it to tighten its belt.Source: Moneycontrol Top Headlines | 21 Feb 2009 | 3:50 pm Software CDs launched in four regional languagesThe Centre for Development of Advanced Computing (C-DAC), a government-run research and development organisation, Saturday launched software CDs in four regional languages to help spread IT in villages.Source: IndiaeNews.com: Business News | 21 Feb 2009 | 3:30 pm Satyam board sets stage for inviting buyers - Economic Times
Source: Google News India - Business | 21 Feb 2009 | 3:21 pm Satyam eyes induction of strategic partner or stake saleAccording to sources, the Securities and Exchange Board of India (SEBI) may insist on an open offer by the acquirer of Satyam. The move is aimed at protecting small investors. However, all eyes are on the Satyam board which is underway on Saturday. The key agenda of board meet is the strategic induction of the partner or the sale.Source: Moneycontrol Top Headlines | 21 Feb 2009 | 3:20 pm Satyam board decides to invite strategic investorFraud-hit Satyam Computer Services Saturday decided to invite a strategic investor to keep India's fourth largest software outsourcer running, and will soon announce the details of the process it has adopted for the purpose.Source: IndiaeNews.com: Business News | 21 Feb 2009 | 3:01 pm Satyam sale process to complete before elections: PC Gupta - Moneycontrol.com
Source: Google News India - Business | 21 Feb 2009 | 2:53 pm Post new FDI norms, Subhiksha eyes more foreign stakeSubhiksha\'s investors may be looking for a foreign partner to pick up a stake in the Chennaibased retail chain. Sources say such a move comes after the new foreign direct investments (FDI) guidelines were announced.Source: Moneycontrol Top Headlines | 21 Feb 2009 | 2:53 pm Satyam stake sale should not take long - minNEW DELHI (Reuters) - The government expects the sale of a stake in Satyam Computer Services Ltd will not take long, and will let the new board of the fraud-hit firm decide whether or not it sells a majority holding, a minister said on Saturday.Source: Reuters: Money News | 21 Feb 2009 | 2:40 pm After 10 years, India will have 400 airports: MinisterThe number of airports in India will go up from the present 85 to about 400 in the next 10 years, Civil Aviation Minister Praful Patel said here Saturday.Source: IndiaeNews.com: Business News | 21 Feb 2009 | 2:32 pm Ratan Tata wins 'Automotive Man of the Year' awardTata Motors chairman Ratan Tata was named Saturday 'The Automotive Man of the Year 2009', an award sponsored by news channel NDTV Profit to honour industrialists in the auto sector.Source: IndiaeNews.com: Business News | 21 Feb 2009 | 2:32 pm Malls lack proper security, says police chiefShopping malls and multiplexes in Kolkata have not taken adequate security measures despite the Mumbai terror attack, Police Commissioner Gautam Mohan Chakraborty said Saturday.Source: IndiaeNews.com: Business News | 21 Feb 2009 | 2:31 pm Bankruptcy to billions: Turnaround saga of Indian RailwaysThe turnaround saga of the world's second largest railroad network, scripted by an unlikely candidate, Railway Minister Lalu Prasad, first caught the attention of the best-known management schools. This amazing story of the 156-year-old Indian Railways over a short span of just five years has now been captured in a book.Source: IndiaeNews.com: Business News | 21 Feb 2009 | 2:31 pm After 10 years, India will have 400 airports: Minister - Economic Times
Source: Google News India - Business | 21 Feb 2009 | 1:54 pm Satyam seeks nod to bring in investor, wins new workMUMBAI (Reuters) - Satyam Computer Services will submit a plan to pick a strategic investor to regulators next week, and said on Saturday it had won work worth more than $250 million since it was hit by India's biggest corporate fraud last month.Source: Reuters: Money News | 21 Feb 2009 | 1:49 pm Rolls Royce previews its Phantom Coupe in the countryRolls Royce Motor Cars previewed Phantom Coupe, its fourth new model in the Phantom brand line-upSource: Daily News & Analysis: Money News | 21 Feb 2009 | 1:26 pm New interest rate: SBI\'s strategy is to regain market shareThe country\'s largest bank State Bank of India (SBI) has frozen interest rates on new car loans at 10% and farm loans at 8%. SBIs strategy clearly seems to grab the market share that it had lost to ICICI Bank and HDFC Bank.Source: Moneycontrol Top Headlines | 21 Feb 2009 | 1:00 pm Maytas Infra hearing postponed to Feb 26Maytas Infra got relief within the CLB mentioning hearing. They were seeking an extension for the period to file the reply and they have been given a two day extension now. The hearing on Maytas Infra case will now take place on Feb 26 instead of Feb 24. However, Maytas Property was denied an extension and will have to present the story on Feb 24.Source: Moneycontrol Top Headlines | 21 Feb 2009 | 12:58 pm DLF placates buyers from pulling out of Chennai projectDays after DLF\'s maiden housing project in Chennai had run in to trouble with buyers over the project\'s delay; CNBCTV18 has now learnt that the company has reached out to them in a bid to stop a majority of them from pulling out.Source: Moneycontrol Top Headlines | 21 Feb 2009 | 12:55 pm Satyam board approves process to invite offersHyderabad: Kicking off the formal process for inducting a strategic investor, the Satyam board on Saturday approved the procedure to invite offers from likely suitors. The board also gave its nod for seeking the regulatory approval early next week to induct a strategic investor. The decisions follow the approval from the Company Law Board on Thursday in this regard. It has also recommended the removal of statutory auditor Price Waterhouse and is looking for a new auditor. The board decision on Saturday will pave the wave for prospective suitors to put forward their expression of interest for strategic stake in Satyam. B.K. Modi-promoted Spice Group, Hinduja Group and Larsen&Toubro are the likely suitors. A company statement after the board meeting said Satyam has received new orders worth $250 million in the last seven weeks. Board member T.N. Manoharan said the company is receiving offers from banks for funding of the company. The board also authorised company CEO A.S. Murthy to implement staff retention plans. Source: Home - Livemint.com | 21 Feb 2009 | 12:46 pm Satyam case: PW partners’ bail plea hearing posted to Feb 24 - Sify
Source: Google News India - Business | 21 Feb 2009 | 12:45 pm Foreign retailers may cash in on new possible FDI normsRetail investors abroad seem to be picking up on indirect messages sent out by the Indian government for new investment in multibrand retail. The government has just offered an indirect route by lifting caps on any secondline investment in retail by a company that has up to 49% FDI.Source: Moneycontrol Top Headlines | 21 Feb 2009 | 12:26 pm US stocks decline on economic woes!US stocks slid further on Friday as investors around the world grew more concerned about the deteriorating economy.Source: Zee News : Business | 21 Feb 2009 | 12:21 pm Alleged fraudster`s Antigua bank closes!Authorities seized the Bank of Antigua as sweeping fraud allegations piled up against Texas financier and cricket impresario Allen Stanford.Source: Zee News : Business | 21 Feb 2009 | 12:21 pm Satyam Board discusses sellout!Satyam board is meeting to discuss the process of finding a strategic partner.Source: Zee News : Business | 21 Feb 2009 | 12:21 pm White House tries to end nationalisation talks of ailing banks!The White House on Friday insisted it`s not trying to take over two ailing financial institutions, even as stocks tumbled again.Source: Zee News : Business | 21 Feb 2009 | 12:21 pm US consumer prices up, but inflation lowest since 1955 !Consumer prices in the US rose in January, for the first time since July, even as the year-on-year inflation rate hit its lowest level in more than a half a century, according to official figures.Source: Zee News : Business | 21 Feb 2009 | 12:21 pm Slowdown may not affect IT/ITeS sector: Govt !The government on Friday said the IT/ITeS sector is unlikely to see any adverse impact due to the economic slowdown, with the sector growing at a rate of 20 per cent annually.Source: Zee News : Business | 21 Feb 2009 | 12:21 pm GM Canada doubles aid request to government!General Motors (GM) Canada, which had sought USD 3 billion of the about USD 4 billion government rescue package announced in December, has now doubled its request to the government.Source: Zee News : Business | 21 Feb 2009 | 12:21 pm Boeing in pact with India's BEL for new facilityNEW DELHI (Reuters) - Indian state-run firm Bharat Electronic Ltd has signed an agreement with U.S. aircraft manufacturer Boeing Co to jointly set up a facility to help modernise India's defence forces, the company said in a statement on Saturday.Source: Reuters: Money News | 21 Feb 2009 | 12:04 pm Subhiksha lashes out at fair-weather investors - Livemint
Source: Google News India - Business | 21 Feb 2009 | 12:00 pm Obama tells U.S. Treasury to begin cutting taxesWASHINGTON (Reuters) - U.S. President Barack Obama ordered the U.S. Treasury on Saturday to implement tax cuts for 95 percent of Americans, fulfilling a campaign pledge he hopes will help jolt the economy out of recession.Source: Reuters: Money News | 21 Feb 2009 | 11:47 am Boeing in pact with BEL for new facilityNew Delhi: State-run firm Bharat Electronic Ltd has signed an agreement with US aircraft manufacturer Boeing Co to jointly set up a facility to help modernise India’s defence forces, the company said in a statement. The proposed analysis and experimentation centre will be staffed with local personnel who will work with India’s Defence Ministry, the statement said. India is looking to spend $30-40 billion on imports over the next five years to modernise its largely Soviet-era arms by introducing new weapons systems. It is allowing state-run and private firms to tie up with foreign defence equipment makers to scale up domestic production. Boeing along with Lockheed Martin Corp, France’s Dassault Rafale, Sweden’s Saab are vying for a contract to supply India with 126 multi-role fighter jets potentially worth more than $10 billion. Earlier, the Boeing India head said that the firm was looking to bid for defence projects worth up to $31 billion over the next 10 years in India, as strategic ties between India and US deepen. Source: Home - Livemint.com | 21 Feb 2009 | 11:41 am Subhiksha lashes out at fair-weather investorsNew Delhi: Troubled retail chain Subhiksha Trading Services Ltd (STSL) today hit out at investors, who made a ‘killing´ while the company was healthy, for not helping out in troubled times. “Financial investors, who have made a killing from the shares, have been by-standers to the travails of the company and employees,” STSL Managing Director R. Subramanian said. Subramanian alleged that there was a misinformation campaign being carried out to avoid any questions being asked on why a investor, who has taken out so much profit, is not stepping into help the company at its time of crisis and why the said investor diverted equity meant for the company to itself putting the company to grave financial risk. Although he did not mention ICICI Ventures directly, it may be recalled that the private equity firm had sold 10% stake in STSL in 2008 to PremjiInvest for a sum of Rs230 crore. When contacted, an ICICI Venture spokesperson refused to comment on Subramanian’s statement. The retail chain is undergoing a corporate debt restructuring (CDR) process to make it eligible for debt financing and Subramanian had this month said that STSL needed at least Rs300 crore to re-start its operations. Source: Home - Livemint.com | 21 Feb 2009 | 11:32 am Branson sets F1 as a criteria for Honda rescue bidLondon: “Virgin Group could take over Honda’s Formula One team if certain conditions were met,” Richard Branson said on Saturday. Speaking for the first time about his company’s reported Honda bid, Branson said that it would be fun to join Formula One but would not be drawn on whether talks were ongoing with the British-based Japanese team. “To be perfectly frank, even if we were about to take over Honda, I’m sure they would have a clause which would say that I’m not allowed to talk about it,” Branson told BBC Radio Four. “I love Formula One, I think there are faults there which would need to be rectified before we moved into Formula One,” he said. “We’d need to be sure that Bernie Ecclestone is running it, that the teams can make ends meet and we would need to be sure that he’s on a path to turn Formula One in to a sport that is championing green technology. “It’s not very green at the moment. Those two provisos would be essential before Virgin entered the sport,” he added. Earlier this week, a source close to the Japanese manufacturer said that Virgin had made a bid to buy the team. Time is running out to find a buyer, however, as the season starts in Australia on 29 March. Honda put the team up for sale in December because of the global economic climate, leaving British driver Jenson Button and 700 employees at the Brackley base in limbo. Ecclestone Support Formula One supremo Ecclestone has welcomed any Virgin bid for Honda and Branson is clearly enthusiastic about a sport that would offer a high-profile for his brand. Asked about Ecclestone’s response, Branson said: “I’m delighted he said it and it would be great fun, and subject to those two provisos maybe something might be able to get sorted out. Virgin often does things that other people don’t do.” “We wouldn’t want to enter the sport unless it could be profitable for us. It’s obviously very well viewed in places like India and China and the Far East, South America, quite a lot of European countries and so with the Virgin brand expanding on a global basis it’s certainly something that is attractive,” he said. Branson, whose Virgin Mobile company sponsored the now defunct Jordan team in 2002, said that it was essential that the Honda team should not be allowed to fold. “If there are talks somebody is going to have to move very quick,” he said adding: “There’s tremendous engineers involved and it is essential that teams are not lost. “I very much hope that the Honda team survives and thrives and moves up the rankings quickly under a new brand,” the British entrepreneur said. Source: LatestNews-Home - Livemint.com | 21 Feb 2009 | 11:01 am Group’s firms have to survive on their own: Ratan TataNew Delhi: Tata Group chairman Ratan Tata has said that each of the group’s nearly 100 companies will have to find its own way to survive the global financial crisis. The group’s 96 companies include outsourcing firm, Tata Consultancy Services, Tata Steel and Tata Motors. “Those who will survive will survive, those which will not, will fail,” Tata Group chairman Ratan Tata told NDTV Profit. “Each company has to find its way of sustaining itself,” he said adding that the 141-year-old group would rationalise its operations. Tata called the global slump, the most difficult times. “We need to have the spirit to face, to adapt into the hardship,” he said. “Each group in the firm has been told to devise its own strategy to cope in a global crisis which has slowed India’s economy,” he said. “Each one will have to critically examine what they have to do and I’ve mandated that each of our companies come back to us with the plan,” he said. The Tata Group is a colossus in India with an annual revenue of $24 billion in the 2007-2008 financial year and is the biggest private employer with 289,500 people on its payroll. But a number of its companies have been struggling recently as the financial turmoil saps global demand. In 2007, Tata purchased Anglo-Dutch steelmaker Corus for $13.7 billion and the company now faces a sharp drop in demand for steel. The following year Tata bought Britain’s prestigious Jaguar and Land Rover car marques for $2.3 billion but their sales have since plunged. “The companies (Jaguar and Land Rover) were on the cusp of recovery, and were it not for this downturn, we would have acquitted ourselves really well,” Tata said. He said that he still had confidence in the two luxury brands. “There is a great deal of technology in these two companies and the brands I think can be nurtured to their original glory,” he said. He promised the company’s delayed Rs100,000 ($2,000) Nano, set to be India’s cheapest car, would still be launched. The company has said that the car, hailed for its low-cost engineering and sporty looks, will roll out in the first quarter of 2009 but no firm date has been set. “It will be out and I hope it will live up to expectations that everyone has had,” Tata said. Source: Home - Livemint.com | 21 Feb 2009 | 10:45 am Indian economy expected to grow at 7 pc next fiscal: AhluwaliaThe Indian economy is expected to grow at least 7 per cent in the next financial year on the back of the two stimulus packages given by the Government.Source: Daily News & Analysis: Money News | 21 Feb 2009 | 10:40 am Sensex plunges by over 8% on negative factors - Hindu Business Line
Source: Google News India - Business | 21 Feb 2009 | 10:17 am Ratan Tata says group's firms have to survive on their own - Economic Times
Source: Google News India - Business | 21 Feb 2009 | 10:16 am Election woes: UPA won't sign ASEAN Free Trade Agreement - Moneycontrol.com
Source: Google News India - Business | 21 Feb 2009 | 10:15 am India could grow 7 pct in 2009/10 -senior official - Reuters India
Source: Google News India - Business | 21 Feb 2009 | 9:35 am ‘Slumdog Millionaire’ poised for Oscars gloryHollywood: The final countdown to the 81st Academy Awards were underway here Saturday, with feel-good movie ‘Slumdog Millionaire’ poised to romp home with the coveted best picture Oscar. Less than 48 hours before the entertainment industry’s most glamorous night of the year, workers were putting the finishing touches to their preparations at the Kodak Theater in the heart of Hollywood. The build-up to this year’s ceremony has been dominated by India-set rags-to-riches fable ‘Slumdog’, which has dominated other awards shows and is considered the overwhelming favorite for the best picture statuette. Although period drama ‘The Curious Case of Benjamin Button’ will start the night with the most nominations, 13, compared to 10 for ‘Slumdog’, experts say that British director Danny Boyle’s film looks unstoppable. “It would be the biggest upset in modern Oscars history to see ‘Slumdog´ lose,” said Pete Hammond, a veteran awards season pundit and Maxim film critic. “It hasn’t stumbled once this awards season. It has had an unprecedented sweep. It’s the equivalent of the perfect season in football or baseball,” Hammond said. Pundits say that ‘Slumdog’ has delighted audiences with its rags-to-riches plot about a Mumbai teaboy who rises out of poverty and enters a television quiz show to win millions and be reunited with the love of his life. The against-the-odds triumph of the film’s central character is mirrored by the movie’s improbable march towards Oscars glory. Made for only $15 million, the film features a cast of unknown actors and is partially subtitled. The movie was also very nearly released straight to DVD in the United States last year, a move which would have ruled it out of Oscars contention. British bookmakers William Hill have priced the film at 1/10, one the of the shortest price best picture contenders in history. “It’s always been our theory that at the end of the day Hollywood is about putting bums on seats and that this year, an uplifting feelgood movie like ‘Slumdog´ would be the clear favorite,” spokesman Rupert Adams said. Other rivals in the best picture category are ‘Benjamin Button’, political drama ‘Frost/Nixon’, biopic ‘Milk’ and Holocaust drama ‘The Reader’. With ‘Slumdog’ and Boyle heavily favored to win best picture and director, pundits are looking to the acting honors to provide suspense when the Oscars begin at the Kodak Theater on Sunday from 5.30pm. Sean Penn, who plays a trailblazing gay politician in ‘Milk’, and Kate Winslet, who plays a Nazi death camp guard in ‘The Reader’ are the front-runners in the best actor and actress categories. However Penn faces stiff competition from Mickey Rourke, who won last month’s Golden Globes for playing a washed up prizefighter in ‘The Wrestler’. Winslet’s hopes of a first Academy Award after missing out on five previous occasions are threatened by two-time Oscar-winner Meryl Streep, with Melissa Leo (‘Frozen River’) tipped as a dark horse. In the supporting categories, late Australian actor Heath Ledger is poised to become only the second performer in history to win a posthumous Oscar, a year after his death from a drug overdose in New York. Bookmakers have installed Ledger as the 1/50 favorite to win for his turn as the villainous Joker in Batman blockbuster ‘The Dark Knight’. In the supporting actress category, Penelope Cruz is favorite the first Spanish actress to win an Oscar for her performance in Woody Allen comedy ‘Vicky Cristina Barcelona’. The other element of surprise around Sunday’s show is the new-look format being promised by organizers as they seek to bounce back from 2008 television viewing figures that were the worst in Oscars history. Show producers have promised tweaks to the format for this year’s event, even withholding the names of Oscars presenters in an effort to build hype. “It’s going to be a show that takes some bold risks,” said Sid Ganis, president of the Academy of Motion Pictures and Sciences. While organizers seek to put some sparkly into Sunday’s show, the Oscars has not been able to shake off the recession blues ravaging the US economy. Fewer parties have been scheduled and fashion experts are expecting a less showy tone during Sunday’s red carpet catwalk. Source: Home - Livemint.com | 21 Feb 2009 | 9:29 am India could grow 7 pct in 2009/10 - AhluwaliaMUMBAI (Reuters) - The Indian economy could grow at least 7 percent in the 2009/10 fiscal year, the same pace of this year, if the global economy starts recovering later this year and as the government's stimulus packages come into play, a senior official said on Saturday.Source: Reuters: Money News | 21 Feb 2009 | 9:28 am Thai PM says ASEAN aims to resist protectionismJAKARTA (Reuters) - Southeast Asian leaders will try to deliver a strong message at a summit next week against the use of protectionism to cope with the global financial crisis, Thai Prime Minister Abhisit Vejjajiva said on Saturday.Source: Reuters: Money News | 21 Feb 2009 | 9:04 am iGate sees 28% drop in US banks\' IT spendiGate Global Solutions has said that the slowdown in the US could push down the spending on IT by the banking industry there up to 28 per cent this financial year.Source: Moneycontrol Top Headlines | 21 Feb 2009 | 8:43 am Unit stake sale after Wimax rollout: Tata CommTata Communications may go in for a stake sale in its retail broadband unit, Tata Communications Internet Services Ltd (TCISL), only after the muchdelayed auction of WiMax spectrum takes place.Source: Moneycontrol Top Headlines | 21 Feb 2009 | 8:41 am No plans to nationalise banks: White HouseThe White House has refuted reports that the US administration was planning to nationalise troubled banks.Source: Daily News & Analysis: Money News | 21 Feb 2009 | 7:50 am China, U.S. can lead world to recovery - ClintonBEIJING (Reuters) - U.S. Secretary of State Hillary Clinton said on Saturday the United States and China can pull the world out of economic crisis by working together and made clear this took precedence over U.S. concerns about human rights in China.Source: Reuters: Money News | 21 Feb 2009 | 7:42 am Satyam buyer may face 3-year lock-in - reportMUMBAI (Reuters) - Beleaguered software firm Satyam Computer Services' government-appointed board is considering the option of imposing a three-year lock-in clause while making a preferential allotment to a strategic investor, a newspaper report said on Saturday.Source: Reuters: Money News | 21 Feb 2009 | 6:52 am Stanford surrenders passport, Antigua units seizedFREDERICKSBURG, Virginia/ST.JOHN'S, Antigua (Reuters) - Regulators seized Texas billionaire Allen Stanford's banks and companies in Antigua and Barbuda, the Caribbean state at the center of fraud charges against him, as the financier surrendered his passport to U.S. authorities.Source: Reuters: Money News | 21 Feb 2009 | 2:24 am Banks see slowdown in export creditMumbai, Feb. 20 The lack of demand from overseas markets due to recession has led to a slowdown in export credit. Despite the Government offering subsidies in the form of subvention to banks and lower interest rates to exporters, there seems toSource: Business Line - Home Page | 21 Feb 2009 | 12:00 am L&T studying Company Law Board order on SatyamMumbai, Feb. 20 The occasion was the ground-breaking ceremony of Mumbai International Airport’s integrated terminal but the mood was Satyam Computer Services. As soon as Mr A.M. Naik, Chairman and Managing Director of Larsen & Toubro,Source: Business Line - Home Page | 21 Feb 2009 | 12:00 am Long queues outside jewellery shops, now to sellMumbai, Feb. 20 People have found a golden opportunity in the sharp rise in bullion prices. Even as gold jewellery buyers seem to have almost vanished in thin air, there are long queues outside jewellery shops which buy back old goldSource: Business Line - Home Page | 21 Feb 2009 | 12:00 am L&T touches year lowKolkata, Feb. 20 L&T on Friday hit its year-low at Rs 610 and closed slightly higher at Rs 622.50, yielding a loss of 2.83 per cent against the previous closing on Company Law Board order of bid route for Satyam sale. The Company Law BoardSource: Business Line - Home Page | 21 Feb 2009 | 12:00 am SBI freezes new car loans at 10%, farm loans at 8% for a yearMumbai, Feb. 20 State Bank of India has taken the lead once again. This time, the country’s largest bank has frozen interest rates for a year on new car loans at 10 per cent and loans to farmers against warehouse receipts at 8 per cent.Source: Business Line - Home Page | 21 Feb 2009 | 12:00 am DoT gives nod for new Internet protocolNew Delhi, Feb. 20 The Department of Telecom has decided to adopt the next generation protocol for Internet services in the country.Source: Business Line - Home Page | 21 Feb 2009 | 12:00 am Pension regulator modifies proposed investment normsThe Pension Fund Regulatory & Development Authority (PFRDA) on Friday evening released the modifications that it has proposed to the investment norms recommended by the expert group headed by Mr Deepak Parekh.. The public comments for theseSource: Business Line - Home Page | 21 Feb 2009 | 12:00 am Markets this WeekThe week got off to a brisk start with selling of bluechip stocks following disappointment over the interim vote-on account Union Bdget; with no relief for corporates or the equity markets in sight, investors offloaded their long positions, leadingSource: Business Line - Home Page | 21 Feb 2009 | 12:00 am Maytas Infra given more time to replyNew Delhi, Feb 20 The Company Law Board has given Maytas Infra Ltd, promoted by the family of Mr B. Ramalinga Raju, additional time till February 26 to submit its reply. The CLB was to hear, on February 24, an application moved by the GovernmentSource: Business Line - Home Page | 21 Feb 2009 | 12:00 am Unit stake sale after Wimax rollout: Tata CommMumbai, Feb. 20 Tata Communications may go in for a stake sale in its retail broadband unit, Tata Communications Internet Services Ltd (TCISL), only after the much-delayed auction of WiMax spectrum takesSource: Business Line - Home Page | 21 Feb 2009 | 12:00 am Cut pay but save jobs, says PranabThe government on Friday sent out a strong message to industry that jobs must be retained even it meant going in for pay cuts.Source: Daily News & Analysis: Money News | 20 Feb 2009 | 10:41 pm Pay per e-mail system would sound the death knell for spamWith the current volume of e-mails, even a penny toll will cover initial US economic bailout cost of $700 bn in a year.Source: Daily News & Analysis: Money News | 20 Feb 2009 | 10:29 pm Global crisis may complicate offshoringWith the world increasingly integrated with high-speed fibre-optic networks, globalisation has brought new services.Source: Daily News & Analysis: Money News | 20 Feb 2009 | 10:15 pm What's luck got to do with success?Success is much more than talent - it is about both things that happen and things that don't.Source: Daily News & Analysis: Money News | 20 Feb 2009 | 10:12 pm Tax-planning imperatives: The basics don't changeWith a little over a month left in this financial year, saving on tax is predictably the buzz everywhere.Source: Daily News & Analysis: Money News | 20 Feb 2009 | 10:06 pm Pension plans can be quite taxingGiven the complexities, a combination of tax-saving MFs and PPF may be a better option.Source: Daily News & Analysis: Money News | 20 Feb 2009 | 10:03 pm Montek sees opportunity for banks in meltdownIndian banks should venture into the areas hitherto dominated by foreign lenders, said Deputy chairman of the Planning Commission Montek Singh Ahluwalia on Friday.Source: Daily News & Analysis: Money News | 20 Feb 2009 | 10:01 pm Placement dates advanced: it’s Day Zero at IIM-C todayNew Delhi: Nervous Indian Institutes of Management (IIM), who expect to face a tough recruiting season this year, have brought forward final placement dates from early March to February, with IIM Calcutta (IIM-C) being the first to launch Day Zero on Saturday. Students sit for on-campus job interviews and tests during the final placements. For the first time, IIM-C will conduct final placements in two phases—from 21-24 February and from 2 March, after the final examinations. A recruiter told Mint on condition of anonymity that the IIMs, the country’s most elite business schools, have pushed forward their placement process as they are nervous about how successful the job placements will be. “There is nervousness that the further they wait, worse the situation will get,” said the recruiter, who will be visiting the campuses. IIM-C’s student responsible for external relations, Rohan Mahajan, declined to comment on the dates being pushed forward. “We are not expecting the placements to be as good as last year,” he, however, said. Mahajan is a 2010 batch student whose seniors will sit for placements. Last year, IIM placements were launched on 4 March, with IIM Bangalore taking the lead. While the older and more sought-after IIMs—Ahmedabad, Bangalore and Calcutta—held a five-day placement process, the fight for talent actually lasted just two-three days. In the past, eager recruiters have even used strong-arm tactics such as holding on to students and not allowing them to sit for subsequent interviews. This year, recruiters have said they will hire in conservative numbers because of the economic slowdown. IIMs will also miss Wall Street recruiters such as Lehman Brothers Holdings Inc. on Day Zero. Some business schools have even gone to the extent of hiring consultants to help placements. IIM-C’s Mahajan said the placements were broken up into phases to accommodate the examinations. IIM Bangalore will begin placements on 27 February, a 2009 batch student said. IIM Ahmedabad declined to disclose its final placement dates. A student placement co-ordinator said final placements will be launched in “last week of February”, but dates had not yet been decided. Separately, IIM-C said on Friday it will raise the tuition fee of its two-year master of business administration programme to Rs9 lakh. The revised fee is the same as in IIM Bangalore, but lower than in IIM Ahmedabad, where the programme costs Rs11.5 lakh. “We have a large number of need-based scholarships…we will make sure that needy students aren’t inconvenienced by the fee hike,” said Sekhar Choudhury, director of IIM-C. Last year, some 80 students were offered tuition waivers by the institute. “We will consider applications of all students who fulfil the criteria…the number isn’t important, but the extent of fee waiver will vary from student to student based on their needs,” Chowdhury said. Aniek Paul in Kolkata contributed to this story. Source: LatestNews-Home - Livemint.com | 20 Feb 2009 | 7:27 pm RCom adds 5 million customers in JanuaryNew Delhi: Driven by users signing up for its new GSM service, Reliance Communications Ltd (RCom) added nearly five million customers in January, official data showed. Analysts put RCom’s additions to introductory GSM tariffs, which in some instances were set at zero. But most asked how long it would be able to keep up those tariffs. Three in every four mobile phone subscribers in India use GSM, or global system for mobile communications. RCom, India’s second biggest mobile telephony firm by users, counts most customers on its CDMA (code division multiple access, a rival standard) networks, and launched GSM services in the last week of December nationwide. On Friday, data from the Telecom Regulatory Authority of India showed RCom’s customers grew to 66.3 million on 31 January from 61.35 million in the month before—a jump of 4.95 million, or 8%; a record for any Indian phone firm in monthly additions, RCom said. This helped take India’s subscriber base to 362.3 million, expanding by 15.41 million, or 4.4%, as on 31 January—the sharpest jump in a month. “Anyone giving free minutes can easily sell their services but the tariffs are not sustainable. They will rise sooner rather than later and lead to a higher churn rate as compared to the rest of the operators,” a Mumbai-based analyst said on condition of anonymity. “From an industry standpoint, a key surprise to us is that none of the other operators have reported any slowdown in their net adds for January,” DSP Merrill Lynch Ltd’s Reena Verma Bhasin wrote in a Monday report. Asking if RCom was encouraging multiple ownership of SIM cards, Citigroup Global Markets India Pvt. Ltd analyst Rahul Singh and co-analysts said the rapid addition would help RCom apply for more spectrum under the subscriber-linked rights norms. RCom declined to give the January data by GSM and CDMA, but in the last six months of 2008, the firm had an average 1.4 million new CDMA users. If that record has been maintained, some 70% of the January addition at RCom were of GSM phone users. An RCom spokesperson attributed the January additions to its superior services and pro-consumer approach, without specifically addressing the reservations expressed by some analysts. Source: Home - Livemint.com | 20 Feb 2009 | 7:27 pm Wall St slides on fear of bank nationalizationsNew York: US stocks extended a rout on Friday after a top US senator confirmed the market’s worse fears, saying it may be necessary to nationalize some banks, as the S&P 500 closed in on an almost 12-year low. Senate Banking Committee chairman Christopher Dodd said the nationalization of some banks could be needed “at least for a short time,” according to a Bloomberg report. The S&P briefly fell more than 3% and the Dow industrials hit six-year lows as mounting alarm sent investors scurrying to the relative safety of US government bonds and gold, which rose briefly above $1,000 an ounce. Shares of Bank of America, Citigroup and Wells Fargo & Co all fell more than 25%. Their decline contributed to a 8.9% drop in the KBW Banks index, bringing it down more than 50% since the start of the year. “The nationalization question is what everybody is focused on right now. Whether Bank of America and Citi will be nationalized by the government for a period of time before they can privatize them again,” said Angel Mata, managing director of listed equity trading at Stifel Nicolaus Capital Markets in Baltimore. Bank of America, the largest US bank by assets, said in a statement it saw no reason to nationalize “a bank that is profitable, well capitalized and actively lending.” Citigroup said its capital base is “very strong,” and two people close to the bank said Citi is not having conversations with the US government about nationalization. The Dow Jones industrial average was down 191.55 points, or 2.57%, at 7,274.40. The Standard & Poor’s 500 Index was down 21.41 points, or 2.75%, at 757.53. The Nasdaq Composite Index was down 22.50 points, or 1.56%, at 1,420.32. Shares of General Electric, the conglomerate whose businesses include a big financial unit, hit their lowest level since 1995, trading down 9.1% to $9.15. Adding to the market’s gloom, a more than 2% drop in oil prices helped send Chevron down 3.5% to $64.35. The Dow’s fall to fresh bear market lows on Thursday has investors worried that the benchmark S&P 500 may be about to fall through its bear-market lows set in late November. The backdrop for the latest damage in the market is the failure last week by US Treasury secretary Timothy Geithner to restore confidence in the financial system when he unveiled a financial sector rescue that fueled uncertainty about how banks would be relieved of their toxic assets. Additionally there are concerns that the $787 billion economic stimulus signed into law by US President Barack Obama this week might not blunt the impact of the recession soon enough. Even so, bargain hunting in the technology sector lifted shares of semiconductor companies on Friday, which helped limit Nasdaq’s losses. Intuit Inc was among the index’s standouts, up more than 13% to $24.14 after it posted a smaller-than-expected drop in quarterly profit. A broker upgrade on AT&T and Verizon lifted telecoms. The S&P telecom services index rose 0.4% and was the only positive sector in the broad index. Source: LatestNews-Home - Livemint.com | 20 Feb 2009 | 7:11 pm BIG TV asks BCCI for cheaper dealReliance-Anil Dhirubhai Ambani Group (R-ADAG)-controlled BIG TV has accepted an offer to re-negotiate its aborted deal with the Board of Control for Cricket in India (BCCI) for on-ground partnership rights of the Indian Premier League (IPL), provided the offer price is lowered.Source: Business Standard | Front Page Headlines | 20 Feb 2009 | 7:09 pm PF office may query ICICI Venture on duesRules out involvement of nominee and independent directors.Source: Business Standard | Front Page Headlines | 20 Feb 2009 | 7:08 pm No pay commission arrears to be paid before electionsGovt misses opportunity to boost demand, say consumer goods makers.Source: Business Standard | Front Page Headlines | 20 Feb 2009 | 7:06 pm Govt wants Satyam to offer 51% to strategic investorWants to ensure sufficient funds for working expenses, class action suit; board in favour of 26%.Source: Business Standard | Front Page Headlines | 20 Feb 2009 | 7:05 pm SBI freezes car loan rates for one yearAfter home loans, State Bank of India (SBI) today announced a limited-period offer to disburse auto loans for which interest rates would be frozen at 10 per cent for a year.Source: Business Standard | Front Page Headlines | 20 Feb 2009 | 7:03 pm UK xenophobia will not help economyBashing Johnny Foreigner, the pejorative British term for anyone else, was supposed to have gone out in the 1970s, when punks stopped crowding London’s streets. Lord Mandelson doesn’t seem to have heard. The UK business minister’s already infamous outburst—“who the fuck is he?”—wasn’t pure jingoism, but it was directed at a foreigner, the US head of Starbucks Corp.Howard Schultz had blamed the UK economy for some of the coffee chain’s troubles.  Business threat: UK’s business secretary Peter Mandelson. His already infamous outburst isn’t just bad manners but also bad policy. Chris Ratcliffe / Bloomberg Anecdotal evidence in London, from those being fired and those who remain, suggests that non-native workers in banks, law firms, and even architecture studios, are getting fired faster than Brits. In the US, discrimination against foreigners has been written into the Tarp law. It puts tight limits on the hiring of high-skilled foreigners by recipients of federal funds. In tough times, such belligerence may ring true to many voters. But it is still wrong. The financial, media and business service hub of London, as well as pretty much everything in the US, have thrived as melting pots. The 300 languages spoken in London and the quarter of the population not born in the city were critical to its financial and cultural renaissance. Click here for breakingviews.com  Internationalism in London wasn’t a multicultural plot, but a side effect of a conscious desire to get the best people, wherever they come from. Today, all countries will need the best brains and professionals they can find to claw their way out of the downturn. But crush cosmopolitanism and meritocracy will soon take a bashing. That slippery slope is well documented. After the brightest foreigners leave, the home-grown smarts soon join the brain drain. Source: Home - Livemint.com | 20 Feb 2009 | 7:00 pm NRI admissions in Maharashtra private colleges under ED lensMumbai: Four years after the income-tax department (I-T) uncovered several instances of tax evasion by private engineering and medical schools in Maharashtra, the enforcement directorate (ED) is scrutinizing admissions of non-resident Indian (NRI) students in medical, engineering and business schools across the state for Foreign Exchange Management Act (Fema) violations. A senior ED official, who spoke on condition of anonymity, said: “We suspect that some colleges are taking donations and admitting general category students through NRI quota, thus violating norms. We need to find out if the students that have been admitted under this quota are really NRIs.” The investigation, he said, is at an advanced stage and will be concluded in two months. Also See State Of Education (Graphic) The list of institutions being probed includes some prominent B-schools such as Narsee Monjee Institute of Management Studies (NMIMS), KJ Somaiya Institute of Management Studies and Research, and Welingkar Institute of Management Development and Research, the ED official said, declining to give details. Rajan Saxena, senior adviser to chancellor and officiating vice-chancellor of NMIMS, told Mint, “We are not aware of any such notice. We don’t have any NRI quota at NMIMS University.” The “management quota” seats are in accordance with the guidelines of the government, however, the fees for management quota are twice the regular fees. Officials at KJ Somaiya said, “We had received a query from ED and we have informed the department that the institute has not admitted any NRI students in the last five years.” A faculty member at Welingkar Institute, who did not wish to be identified said, “There are hardly any students under NRI quota, so there is no question of any violation.” The ED official said that the quota might be used in two ways: one would be to take donations to admit NRIs. The other would be to admit resident Indians through the NRI quota. The scope of investigation, according to the department, is to ascertain if there has been any Fema violation. If any institution is found to have violated the norms, ED can issue a show cause notice and impose a penalty of up to three times the total amount involved. The All India Council for Technical Education (AICTE), the regulator for technical and business education, can withdraw its accreditation, which is mandatory for offering technical education “We have asked all private colleges in Maharashtra to submit a list of students admitted through NRI quota in the last few years. We want to check if the rules prescribed by AICTE have been followed transparently,” the ED official added. “We have also contacted AICTE to understand the procedure laid down for admissions through this quota.” According to AICTE norms for self-funded institutions, 50% of the seats are treated as free seats and the balance 50% as paid ones. Also 15% of the seats over and above the total strength must be set aside for NRIs, who must pay for these. However, for an institute to be eligible for the NRI quota, AICTE requires it to have hostel accommodation and a teacher-student ratio of at least 1:15, among other things. NRIs can enrol in Indian institutions only through this route. AICTE has no say in the fee, which is fixed by state-level fee committees. According to the I-T Act of 1951, an NRI is a person who has not been living in India for nine out of the previous 10 years or who has not been in India for a period of 730 days or more during the preceding seven years. Foreign nationals and persons of Indian origin, have an additional 15% quota. With 155 engineering colleges, 126 B-schools, and about 74 medical, dental and pharmacy institutes, Maharashtra is among the top three states in the number of private technical education institutions. In 2005, the I-T department conducted raid on eight top engineering and medical colleges in the state, along with 70 of their affiliates, which were suspected of running donation rackets, in which seats are allotted in return for financial consideration. The I-T officials had seized Rs8 crore, along with fixed deposits worth Rs50 crore. Some donations were found to have been made through the NRI quota fees, which is how ED entered the picture, since foreign exchange violations fall under its jurisdiction. Graphics by Sandeep Bhatnagar / Mint Pallavi Singh in New Delhi contributed to this story. Source: LatestNews-Home - Livemint.com | 20 Feb 2009 | 7:00 pm Spice interested only if majority stake up for saleNew Delhi / Mumbai: The B.K. Modi-controlled Spice Corp. Ltd said on Friday it would invest in Satyam Computer Services Ltd only if a controlling stake of the scam-hit software firm is put up on the block. “The board discussed the CLB (Company Law Board) order on Satyam Computer and has decided that if they (Satyam) give 51% stake in the company, we will go ahead with the bidding,” Spice Corp. chairman Modi said. CLB on Thursday approved Satyam’s plan to increase its capital in order to sell at least 26% to a strategic investor via preferential allotment of shares. Engineering firm Larsen and Toubro Ltd, which already owns 12% stake in the firm, said its board will evaluate CLB’s order before deciding on whether to increase stake in the company. Meanwhile, the government on Friday ruled out compensation to investors or firms hit by the fraud. “The government has no plan to provide financial assistance to the investors or the companies involved,” corporate affairs minister Prem Chand Gupta told the Lok Sabha in a written reply. Satyam founder B. Ramalinga Raju on 7 January resigned as chairman, confessing to having cooked accounts to the tune of Rs7,136 crore over several years. Raju, his brother and former managing director B. Rama Raju and former chief financial officer Srinivas Vadlamani have been arrested. Two auditors of Price Waterhouse, S. Gopalakrishnan and Srinivas Talluri, have also been arrested. Price Waterhouse, a unit of PricewaterhouseCoopers, audited Satyam’s accounts for several years. The Central Bureau of Investigation on Friday registered a case against Raju and others accused in the swindle, and said it has formed a multidisciplinary team to complete its probe. The Serious Fraud Investigation Office (SFIO), an agency of the ministry of corporate affairs, also said on Friday it has found serious irregularities in land deals of entities linked with Satyam and companies promoted by the Raju family. “(The) probe so far shows how these companies had understated their land sale prices on the books. The SFIO has details that companies sold land for 20-30 times higher than the prices shown,” a senior ministry official said on condition of anonymity. Satyam’s shares dropped to Rs45.45, down 1.73%, on the Bombay Stock Exchange on a day its benchmark Sensex index index fell 2.21% to 8,843 points. Bloomberg and Reuters contributed to this story. Source: Home - Livemint.com | 20 Feb 2009 | 7:00 pm The biggest question is: who’ll stop the pain?Earlier this week, the US Federal Reserve released the minutes of the most recent meeting of its open market committee—the group that sets interest rates. Most press reports focused either on the Fed’s downgrade of the near-term outlook or on its adoption of a long-run 2% inflation target.  But my eye was caught by the following chilling passage (Yes, things are so bad that the summarized musings of central bankers can keep you up at night): “All participants anticipated that unemployment would remain substantially above its longer-run sustainable rate at the end of 2011, even absent further economic shocks; a few indicated that more than five to six years would be needed for the economy to converge to a longer-run path characterized by sustainable rates of output growth and unemployment and by an appropriate rate of inflation.” So people at the Fed are troubled by the same question I’ve been obsessing on lately: What’s supposed to end this slump? No doubt this, too, shall pass—but how, and when? To appreciate the problem, you need to know that this isn’t your father’s recession. It’s your grandfather’s, or maybe even (as I’ll explain) your great-great-grandfather’s. Your father’s recession was something like the severe downturn of 1981-1982. That recession was, in effect, a deliberate creation of the Federal Reserve, which raised interest rates to as much as 17% in an effort to control runaway inflation. Once the Fed decided that we had suffered enough, it relented, and the economy quickly bounced back. Your grandfather’s recession, on the other hand, was something like the Great Depression, which happened in spite of the Fed’s efforts, not because of them. When a stock market bubble and a credit boom collapsed, bringing down much of the banking system with them, the Fed tried to revive the economy with low interest rates—but even rates barely above zero weren’t low enough to end a prolonged era of high unemployment. Now we’re in the midst of a crisis that bears an eerie, troubling resemblance to the onset of the Depression; interest rates are already near zero, and still the economy plunges. How and when will it all end? To be sure, the Obama administration is taking action to help the economy, but it’s trying to mitigate the slump, not end it. The stimulus bill, on the administration’s own estimates, will limit the rise in unemployment but fall far short of restoring full employment. The housing plan announced this week looks good, in the sense that it will help many homeowners, but it won’t spur a new housing boom. What, then, will actually end the slump? Well, the Great Depression did eventually come to an end, but that was thanks to an enormous war, something we’d rather not emulate. The slump that followed Japan’s “bubble economy” also eventually ended, but only after a lost decade. And when Japan finally did start to experience some solid growth, it was thanks to an export boom, which was in turn made possible by vigorous growth in the rest of the world—not an experience anyone can repeat when the whole world is in a slump. So will our slump go on forever? No. In fact, the seeds of eventual recovery are already being planted. Consider housing starts, which have fallen to their lowest level in 50 years. That’s bad news for the near term. It means that spending on construction will fall even more. But it also means that the supply of houses is lagging behind the population growth, which will eventually prompt a housing revival. Or consider the plunge in auto sales. Again, that’s bad news for the near term. But at current sales rates, as the finance blog Calculated Risk points out, it would take about 27 years to replace the existing stock of vehicles. Most cars will be junked long before that, either because they’ve worn out or because they’ve become obsolete, so we’re building up a pent-up demand for cars. The same story can be told for durable goods and assets throughout the economy: Given time, the current slump will end itself, the way slumps did in the 19th century. As I said, this may be your great-great-grandfather’s recession. But recovery may be a long time coming. The closest 19th-century parallel I can find to the current slump is the recession that followed the Panic of 1873. That recession did eventually end without any government intervention, but it lasted more than five years, and another prolonged recession followed just three years later. You can see, then, why some Fed officials are so pessimistic. Let’s be clear: The Obama administration’s policy initiatives will help in this difficult period—especially if the administration bites the bullet and takes over weak banks. But still I wonder: Who’ll stop the pain? ©2009/THE NEW YORK TIMES Respond to this column at feedback@livemint.com Source: LatestNews-Home - Livemint.com | 20 Feb 2009 | 7:00 pm Chennai’s music industry awaits party Chennai: As the countdown to the 81st Annual Academy Awards gathers pace, music director A.R. Rahman’s invisible army of sound engineers, instrumentalists, chorus singers and trainers in Chennai is getting ready to celebrate. Rahman’s home city is hoping, expecting and praying that the Mozart of Madras brings home an Oscar—or two.  On a wining note? A 2 February photo of A.R. Rahman at the Academy Awards luncheon in Beverly Hills, California. The Oscars will be telecast in India on Monday from 6.30am. Chris Pizzello / AP The Cine Musicians Union and Trust in Chennai is busy making arrangements and sending out invitations to felicitate Rahman on 1 March for winning the Golden Globe award for Jai Ho in Danny Boyle’s Slumdog Millionaire. The Cine Audiographers Association of South India is also planning to celebrate the occasion, but is yet to finalize specific plans. Rahman has three Academy Award nominations for Slumdog Millionaire—two Original Song nominations and a third Best Score nomination; Mumbai-based Resul Pookutty has been nominated in the Sound Mixing category for the same movie. If this Sunday brings Rahman his first-ever Oscar, the big event will be even bigger, says the secretary of Cine Musicians Union Trust, M. Kalyan. “Not only this award (referring to the Oscars), but he will get many more!” he says. Kalyan, who has known Rahman since the days he worked with his father S.A. Shekar, fondly calls him Dileep (Rahman was earlier known as A.S. Dileep Kumar). “Kalyan uncle”, as Rahman calls him, has been a solo instrumentalist for string instruments the violin and viola since 1993’s Roja, which won Rahman a National Film Award for best music director.  Celebration frequency: (left to right) Assistant sound engineers Dinesh Ramalingam and Suresh Permal, and chief sound engineer S. Siva Kumar at AM Studios, in Kodambakkam, Chennai. Sharp Image For example, how many know that the flute piece in the famous theme music of Mani Ratnam’s Bombay was played by P.M.K. Naveen Kumar? Or that the man behind the saxophone in Tamil movie Duet is Raju (also known as Sax Raju)? Or that the sound engineer who worked in the recent blockbuster Ghajini is S. Sivakumar? Base guitarist Keith Peters, who has worked with Rahman on many movies, believes that things have changed in the last few years. “Names of the instrumentalists and sound engineers are printed on the covers of CDs and cassettes, and then there is word-of-mouth. So, people know and there is awareness and knowledge, media coverage and exposure through television.” Peters, who has contributed to chartbusters such as Aye udi udi from Saathiya, Kehna hi kya from Bombay and Chaiyya chaiyya from Dil Se, believes that in the coming years, backstage musicians will get more recognition. Sound engineer Sivakumar, who has worked with Rahman in around 125 movies, says that it was Rahman who introduced the practice of printing the names of instrumentalists and technicians, including the name of the studio(s) where the sounds have been recorded, mixed and edited. “After this, everybody took up this practice.” Sivakumar says the initial days of his career were quite a struggle. “Nowadays, it’s relatively easier. When I started out as an assistant engineer in Sujatha Studios, I was asked to stand near the sound engineering equipment and see where the tapes are getting punched and had to change the tapes once they rolled over—I was not allowed to mix the sounds initially. Nowadays, youngsters want to start mixing (sound) right away.” Sound engineering was quite a task in the earlier analog years, but it became easier to handle when the process went digital. Sivakumar, who joined as Rahman’s sound engineer after Roja, says that in the initial years, they experimented with new technology, new methods of sound mixing and new software. “The learning processes used to happen in the night, after a hard day’s work. He used to keep experimenting till late in the night and sometimes, I would tell him I am sleepy (grins).” Siva, as his colleagues call him, says that his average sleep time has increased from four hours in the initial years to five-six hours in the last three years. V.S. Murthy, who worked on the sound for Roja and who has been working with Ilayaraja for years, says it was quite difficult to record in those days. “There used to be only three tracks for recording—one for the lead vocals, one for melodic instruments and the other for rhythm and percussion. Nowadays, you have ‘n’ number of tracks. In those years, there was devotion towards duty, but now it’s mechanical. We have had crucial deadlines, like finishing the re-recording of a movie (background score) in one or two days. In one particular instance, we worked till 2am and the producer used to wake us up at 4am with a cup of coffee!” A close associate of Murthy, P.T. Arasu, who has been in the field of sound engineering for the last 24 years, and has worked with Illayaraja, Rahman and other leading south Indian music directors, says that a lot of sacrifices have to go in for one to remain in this field. “Family is secondary, otherwise you can’t survive in this music industry.” Both Murthy and Arasu, who are among the top sound engineers in the Tamil film industry, are all praise for Pookutty. “The nominations of Rahman and Pookutty would result in more people looking at India for music. It will open more doors,” believes Arasu. Augustine Paul, who has worked with leading music directors on Western chorus works, says that more international collaborations may work out if Rahman wins the Oscars: “More people will explore the idea of working with Indian musicians. Of course, Indian musicians are present in the international scene, but this (Oscars) would help it open it up even more.” Source: LatestNews-Home - Livemint.com | 20 Feb 2009 | 6:46 pm SC issues notice to Centre over the closure of 3 PSUsNew Delhi: The Supreme Court (SC) has issued a notice to the Centre over the closure of the three public sector units (PSUs) that manufacture essential vaccines like DPT, measles, polio and BCG after a petition was filed last month. Production at the units in question - Central Research Institute, Kasauli, Pasteur Institute of India (PII), Coonoor and BCG Vaccines Lab, Chennai - was suspended in 2008 due to their failure to comply with the Good Manufacturing Practices (GMP) as under the Drugs and Cosmetics Rules, 1945 as well as the GMP laid down by the World Health Organisation. Though there have been reports that the Ministry of Health had initially decided to close down the three vaccine units and then reversed this decision, in an earlier conversation with Mint, Drug controller general of India had said that ”there was never any question of closing down the units. However, their production had been suspended and the government would reopen once it was able to upgrade the facilities and decide on the kind of vaccines to be produced there.” But the PIL filed in the SC argues that ”the government also had the option of suspending only exports till the PSUs became GMP compliant and meet the huge indigenous demand rather than suspending production altogether, especially since there was no complaint on the product quality of the vaccines produced in those PSUs”. In a reply to a question in the Lok Sabha on 18 February, union minister of health and family welfare, Anbumani Ramadoss said ”The government has not taken any decision to close down the three public sector vaccine manufacturing units.” His answer also states that an expert committee constituted in April 2008 to study these units has submitted its report. However, these recommendations, reviewed by Mint, do not cover the production of the essential vaccines being produced earlier. Source: LatestNews-Home - Livemint.com | 20 Feb 2009 | 6:36 pm MIAL seeks nod to levy airport development feeMumbai: Mumbai International Airport Ltd, owned by India’s GVK Group, is seeking government approval to levy development fees on departing passengers to bridge an investment shortfall, managing director G.V. Sanjay Reddy said. The operator of Mumbai airport has tied up Rs4,200 crore in loans and requires an additional Rs2,000 crore, Reddy said on Friday. Source: LatestNews-Home - Livemint.com | 20 Feb 2009 | 6:35 pm Parties draft popular actors and cricketersNew Delhi: Lights, camera, elections! With the poll season about to begin, film stars seem to be coming out of the political woodwork as it were —and a few cricketers and political chameleons are joining them in the spotlight as well.  Stroke power: Former cricket captain Mohammed Azharuddin. Manish Swarup / AP While the induction of Mohammed Azharuddin, the former captain of the Indian cricket team, into the Congress party on Thursday was the latest, the political grapevine indicates that there are more such high-profile political debuts in the offing. Actor Sanjay Dutt announced his entry into politics by joining the Samajwadi Party (SP), Chetan Sharma, another former cricketer, has joined the Bharatiya Janata Party (BJP), with news that Anil Kumble, who just quit international cricket, may follow. However, Karnataka BJP president D.V. Sadananda Gowda had denied reports that the former national team leg spinner had been offered a ticket by the party. Ahead of the 2009 general election, which is to take place before May, the ruling Congress party has set the tone by welcoming three former BJP members of Parliament (MPs) from Karnataka, H.T. Sangliana from Bangalore North, Manorama Madhwaraj from Udupi and Manjunath Kunnur from Dharwad South, who had defied their party during the 22 July trust vote in the Lok Sabha and supported the United Progressive Alliance government, to the party on 20 January. On Thursday, Congress proudly flaunted ex-skipper Azharuddin, who officially joined the party at its headquarters in New Delhi. Although there is no official confirmation, Congress leaders indicated that Azharuddin—who was forced to quit the game following a match-fixing scandal in 2000—would be contesting the Lok Sabha elections from Andhra Pradesh. Although political leaders admit that the new entrants, especially popular personalities, would boost the morale of workers, political analysts maintain that most of these last-minute inclusions are unlikely to force a dramatic swing in votes towards the parties they have joined. While Dutt and Bhojpuri actor Manoj Tiwari have announced their decision to fight the elections on the SP ticket from the politically-crucial state of Uttar Pradesh, the BJP has announced that ace shooter and Asian Games gold medallist Jaspal Rana would contest from the Tehri constituency of party-ruled Uttarakhand. The flow of leaders to the major parties had become a routine affair just ahead of the 2004 elections, in which the then ruling BJP-led National Democratic Alliance suffered a surprise defeat. The BJP headquarters at 11, Ashoka Road had almost every week, in the run up to the April-May parliamentary elections, witnessed film stars or other popular personalities pledging support to the party. While Hindi film star Dharmendra, who joined the BJP on 24 March 2004, contested and won Rajasthan’s Bikaner seat, his colleagues Jeetendra, Suresh Oberoi and Poonam Dhillon, and television actors such as Gajendra Singh Chauhan, who acted as Yudhishtira in the epic mega serial Mahabharat, were recruited to add glamour to the campaign. The hype had also inspired some of the unhappy lot in the Congress to exit. These include former Rajya Sabha deputy chairperson and a long-term Congress leader Najma Heptullah, former Union minister Arif Mohammed Khan and MP Lakshman Singh, brother of senior Congress leader Digvijay Singh. Although political observers criticized the BJP for “overdoing” it in 2004, the process of engaging film stars for their political campaign was done earlier too. Former prime minister Rajiv Gandhi had persuaded his friend and film icon Amitabh Bachchan to successfully contest the Lok Sabha elections from Allahabad in 1984.  Star power: Samajwadi Party’s new member Sanjay Dutt. Nand Kumar / PTI “In election time, it is routine. It works both ways. While political parties are keen to create an election atmosphere and build an image as a sought-after party for the feel- good factor among its rank and file, people who have political ambitions join it,” said Congress general secretary B.K. Hariprasad. According to the BJP’s Rajiv Pratap Rudy, it could be “strategic moves”. “As election comes, there could be some new political combinations. The parties welcome new leaders to it on the basis of societal and geographical considerations,” Rudy said. However, he added: “It is not desirable to induct new personalities if they are joining for the purpose of a ticket. If they voluntarily support the party’s ideology, they are welcomed in parties, which have a national outlook and an organizational structure.” Another BJP leader, who did not want to be identified, said they were keen to welcome prominent Muslim leaders and film stars to ensure a broader political appeal. “The BJP was then known as a Hindu party. We needed recognized people and leaders to appeal to the electorate. But the strategy did not work well,” admitted the leader. N. Bhaskara Rao, political analyst and chairperson of New Delhi-based think tank Centre for Media Studies, was of the view that popular personalities joining party could help it to create a hype and boost morale. “But it does not help the parties in a big way in terms of votes. Because one instance or development does not bring votes.” Source: LatestNews-Home - Livemint.com | 20 Feb 2009 | 6:32 pm Govt asks NTPC to innovate to win large power projectsNew Delhi: The Union power ministry has asked state-owned NTPC Ltd, the country’s largest power company, to adopt a new approach while bidding for large power projects. NTPC hasn’t won any of the four so-called ultra-mega power projects, or UMPPs, awarded by the government.  Faulty strategy? Jairam Ramesh, minister of state for power, said that state-owned power firms were at a disadvantage during bidding. Hemant Mishra / Mint NTPC, which has unrivalled experience in setting up coal pit head power plants in the country, bid Rs2.12 and Rs2.39 per unit for the projects in Sasan in Madhya Pradesh and Tilaiya in Jharkhand, respectively. Anil Ambani-controlled Reliance Power Ltd won these projects by quoting Rs1.19 and Rs1.77 per unit, respectively. The UMPP scheme of the ruling United Progressive Alliance envisages building large power plants, each with a capacity of 4,000MW and costing between Rs16,000 crore and Rs20,000 crore. The government sets up a company for each project, acquires land, identifies and allots coal mines in some cases to ensure fuel supply, and then, transfers this company to the successful bidder. An NTPC executive, who declined being identified, however, defended his company’s strategy. “We have been very aggressive. That was a meeting for analysis as the power ministry is our well-wisher and wanted to know where are we going wrong. We see what is doable. There can always be improvement. Ultimately, NTPC will win this project.” The official was referring to a proposed 4,000MW project in Cheyyur, Tamil Nadu, which will be up on the auction block soon. The government on Friday admitted in Parliament that public sector enterprises are at a disadvantage while bidding for UMPPs due to various “handicaps” and promised to remove these. “We are looking into why public sector companies quote higher tariff. If government intervention is needed, we will do it,” Jairam Ramesh, minister of state for power and commerce, said while replying to questions in the Lok Sabha. (‘PTI’ contributed to this story.) Source: LatestNews-Home - Livemint.com | 20 Feb 2009 | 6:27 pm Worst week for Sensex in four months, falls 8.2%Mumbai: Share prices fell on Friday, driving the benchmark index to its worst week in four months. Infosys Technologies Ltd led software exporters lower after Hewlett- Packard Co. (HP) cut its profit forecast. Infosys slid 2.6% as the recession saps demand for computers in the US, from which India’s software exporters derive more than half their revenue. Wipro Ltd declined 3.8%. ICICI Bank Ltd led lenders lower after Goldman Sachs said the government’s plan to borrow record amounts this fiscal year will drive up interest rates. “Globally, news flows aren’t good and locally the government’s borrowing programme will result in interest rates remaining high,” said Jayesh Shroff, who helps manage $1.9 billion (Rs9,480 crore) in equities at SBI Asset Management Co. Ltd in Mumbai. Click here to watch video The Bombay Stock Exchange’s (BSE) Sensex fell 199.42 points, or 2.2%, to 8,843.21. The index dropped 8.2% this week, its biggest decline since the week ended 24 October. The S&P CNX Nifty index on the National Stock Exchange (NSE) declined 52.90 points, or 1.9%, to 2,736.45. Futures on the Standard and Poor’s 500 index dropped 0.9%. US stocks declined on Thursday, sending the Dow Jones Industrial Average to a six-year low. HP had its steepest tumble since August 2004 after the company lowered its operating profit forecast for the year to a range of $3.76-3.88 a share from an earlier range of $3.88-4.03. Infosys slid 2.6% to Rs1,177.15. Tata Consultancy Services Ltd fell 3.2% to Rs474.05, its lowest since 26 December. Wipro declined 2.3% to Rs215.25. ICICI dropped 7.1% to Rs335.85, the lowest since 3 December. Housing Development Finance Corp. Ltd fell 2.9% to Rs1,352.40, the lowest since 25 November. The share prices are composite of BSE and NSE rates. “India’s consolidated fiscal deficit may rise to 10.3% of gross domestic product in the year to 31 March and 10% of GDP in the next year,” Goldman Sachs said in a note to clients on Friday.” The increase in the supply of government securities may not be accompanied by a similar increase in demand, and risk-free rates may rise,” said Tushar Poddar, an analyst at Goldman Sachs. Kingfisher Airlines Ltd declined 3.5% to Rs31.90. The regulator of airports has asked the carrier to pay part of its dues for the use of airports by March, Mint reported, citing a government official it didn’t name. Video by Rahul Sharma Source: Home - Livemint.com | 20 Feb 2009 | 5:23 pm SBI freezes rate for auto loans at 10% in a bid to spur demandMumbai: In what could prove to be a solitary action rather than the opening salvo of an interest rate war, State Bank of India (SBI), the country’s largest lender, on Friday froze interest rates on auto loans at 10% for a year, sharply down from the current 11.50%. However, other banks seem unwilling to follow suit.  A step ahead: SBI chairman O.P. Bhatt. The bank’s latest move comes on the heels of a similar freeze on home loan rates at 8% in January. Ashesh Shah / Mint An SBI release said the bank will freeze interest rates on new car loans taken between 23 February and 31 May for one year. After a year, the loan rate will be reset at the “applicable card rate” prevailing at the date of sanction. Private banks are not in a hurry to cut interest rates on auto loans. In mid-January, HDFC Bank Ltd had reduced its auto loan rates by 150 basis points to 12.25-12.50%. One basis point is one-hundredth of a percentage point. ICICI Bank Ltd charges interest in the range of 12.25% to 12.50% for auto loans. An ICICI Bank official declined to comment on the SBI rate cut. Foreign banks, too, are not too excited about selling auto loans. “In the current economic environment, the challenge is getting a customer with a right credit portfolio. This is a time to consolidate the business,” said a senior foreign banker on condition of anonymity. A private sector banker, again on condition of anonymity, dubbed the SBI move as a strategy to gain market share. “We are not in the game of market share. We are looking at building a quality portfolio,” said the banker. However SBI officials said this is a move to create demand and spur a slowing economy. “We expect that consumers will take advantage of the low rate and buy cars. This will help clear the inventory of auto firms and improve their cash flow. They will also be able to clear the dues to their vendors,” said a senior SBI executive. According to P. Balendran, vice-president, corporate affairs, at General Motors India Pvt Ltd, the SBI gambit will definitely help push volumes. “However, it will take a while before it percolates down to the buyers as they may wait for other banks to follow the move,” he said. General Motors has a tie-up with Bank of Baroda for auto finance. “It will clearly put pressure on others to reduce the interest rates. We will benefit from it. In past six to eight months our exposure to public sector banks has been doubled to 30%,” said Arvind Saxena, senior vice-president, marketing and sales, Hyundai Motor India Ltd. Auto firms have increasingly been joining hands with public sector banks as they finance 85% of a vehicle’s value. In contrast, private banks generally offer 70-75% of the value of a vehicle as loan. However, not every one is convinced of the efficacy of the SBI strategy. Mahantesh Sabarad, an analyst with Centrum Broking Pvt. Ltd, a Mumbai-based brokerage said, “This model will not work as the interest rates would be revised after a year. People would rather prefer to know how much do they need to pay eventually. While other banks may reduce rates, it may not offer the same rate of interest.” About 85% of cars in India are financed by banks. According to analysts, non-performing assets, or NPAs, in the new car loan segment is about 2-3%. But NPAs in the commercial vehicle segment could be as high as 8% for banks. Earlier on Friday, before SBI made its announcement, Toyota Kirloskar Motors Ltd said it is firming plans to launch the group’s financial services business in the country to boost demand. Toyota’s sales in India have fallen 50% in the second half of 2008, Hiroshi Nakagawa, managing director, told reporters at a conference in Pune. The situation continues to be tough as bank loans remain unavailable to buyers, Nakagawa said. A day earlier, on Thursday, Skoda Auto India Pvt. Ltd, the local subsidiary of Czech car maker Skoda Auto, said it is entering into a tie-up with Volkswagen Financial Services AG, a subsidiary of the Volkswagen group, to offer customized financing for potential buyers from mid-2009. Public sector banks have been trying to push demand in the retail segment by cutting their lending rates even as the year-on-year growth in bank loans has sharply come down to about 19.5% from 30% in past few years. SBI and other public sector banks in January brought down interest rates on home loans to 8.5% and frozen this for five years. SBI later brought down the interest rate further to 8% for one year. Country’s largest mortgage lender Housing Development Finance Corporation Ltd, too, has brought down its home loan rates. More than one banking sector analysts said the lowering of interest rates will not dent banks’ profitability. This is, in fact, a wise way of using the excess liquidity that some of the banks have as if they park the money with Reserve Bank of India, they can earn only 4%. Banks have parked in excess of Rs42,000 crore on an average with the central bank every day this week. SBI also reduced its rates for loans to farmers against cold storage and warehouse receipts to 8% from 10.5-14.25% earlier. This loan is also fixed for a year. Since October, the Indian central bank have injected at least Rs3.2 trillion in the system through various ways and banks are flush with liquidity. anup.r@livemint.com Anita Bhoir, Sudha Menon and PTI contributed to this story. Source: Home - Livemint.com | 20 Feb 2009 | 5:16 pm
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