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Govt\'s duty cuts to boost demand: GrasimThe government today announced reduction of excise duties and service tax by 2% to boost the ailing economy. The general excise duty has been reduced from 10% to 8% while service tax has been cut from 12% to 10%. Commenting on the same, DD Rathi, CFO, Grasim, said the move is welcome in the current economic situation.Source: Moneycontrol Top Headlines | 24 Feb 2009 | 7:40 pm Excise, tax cut to reduce cost by 2%: GMRThe government today announced reduction of excise duties and service tax by 2% to boost the ailing economy. The general excise duty has been reduced from 10% to 8% while service tax has been cut from 12% to 10%. Commenting on the same, A Subba Rao, CFO, GMR, said the move would result in a 2% reduction in the overall cost.Source: Moneycontrol Top Headlines | 24 Feb 2009 | 7:30 pm Cement sector not much impacted by excise duty cutThe government today announced reduction of excise duties and service tax by 2% to boost the ailing economy. Excise duty on bulk cement is cut to 8% or Rs 230/tonne, whichever is higher.Source: Moneycontrol Top Headlines | 24 Feb 2009 | 6:56 pm Auto sector cheers excise duty, service tax cutThe government today announced reduction of excise duties and service tax by 2% to boost the ailing economy, while the general excise duty has been reduced from 10% to 8% and the rate of service tax cut from 12% to 10%.Source: Moneycontrol Top Headlines | 24 Feb 2009 | 5:34 pm Govt\'s excise duty cut to be passed on: Shree CementThe government today announced reduction of excise duties and service tax by 2% to boost the ailing economy. The general excise duty has been reduced from 10% to 8% while service tax has been cut from 12% to 10%. MK Singhi, Executive Director, Shree Cement, said the excise duty cut of around Rs 3 per 50 kg bag will likely to be passed on.Source: Moneycontrol Top Headlines | 24 Feb 2009 | 5:16 pm Service tax cut will boost overall economy: UltratechKC Birla, CFO, Ultratech Cement said the service tax service is now par with the excise duty and these moves talk about rationalization of service tax and it is good that it will push up overall economy.Source: Moneycontrol Top Headlines | 24 Feb 2009 | 5:10 pm DLF to buy Laing Oroukes 50% stake in JVDLF is likely to buy 50% held by Laing Orouke, one of its joint venture partners. According to CNBCTV18s Nayantara Rai, DLF no longer wants to foray into infrastructure and wants to remain focused on its core business, which is real estateSource: Moneycontrol Top Headlines | 24 Feb 2009 | 4:32 pm Govt may ask IIFCL to bailout power projectsThe government may now step in to help the cash starved power sector companies. India Infrastructure Finance Company (IIFC) may be asked to finance the various power projects that are facing difficulties in achieving financial closures.Source: Moneycontrol Top Headlines | 24 Feb 2009 | 4:24 pm Indowind Energy eyes about Rs 1214cr PAT by June 09KV Bala, Chairman, Indowind Energy, is targeting around Rs 1214 crore PAT for year ending June 2009.Source: Moneycontrol Top Headlines | 24 Feb 2009 | 4:17 pm Bond prices weakest since Dec \'08Money markets have no resilience at all and are seeing severe losses. This is the weakest bond market prices seen since December 2008, which means twoanda halfmonths of gains have been wiped out. Two sets of rate cut impacts have also been wiped out.Source: Moneycontrol Top Headlines | 24 Feb 2009 | 4:14 pm Excise, tax cut to reduce cost by 2%: GMR - Moneycontrol.com
Source: Google News India - Business | 24 Feb 2009 | 2:27 pm Govt moves bill to raise capital of SBI subsidiaries - Reuters India
Source: Google News India - Business | 24 Feb 2009 | 2:09 pm India corp bond yields up on OMO, auction results - Reuters India
Source: Google News India - Business | 24 Feb 2009 | 2:08 pm 3i Group invests $161 mln in Krishnapatnam Port Company - Reuters India
Source: Google News India - Business | 24 Feb 2009 | 2:05 pm GMR Infra takes stake in Homeland Mining's parent company - Reuters India
Source: Google News India - Business | 24 Feb 2009 | 2:05 pm Gulf Air takes four Jet planes on leaseIndia's largest private carrier Jet Airways Tuesday said it has signed an agreement with Gulf Air to lease out four of its B777-300 ER aircraft to the United Arab Emirates (UAE)-based airline.Source: IndiaeNews.com: Business News | 24 Feb 2009 | 2:02 pm Sensex ends flat ahead of F&O; tax cuts to lift sentiment - Times of India
Source: Google News India - Business | 24 Feb 2009 | 2:02 pm Time has come for armed forces' reforms: Parliamentary panelSaying it was 'high time' reforms were brought in the armed forces to address 'undesirable discriminatory practices' based on rank and gender bias, a parliamentary panel has also urged an 'attitudinal change' in the mindset of the higher echelons of the military in view of socio-economic changes in society.Source: IndiaeNews.com: Business News | 24 Feb 2009 | 2:01 pm General Motors sees more sales in non-metros, townsThe Indian subsidiary of US auto major General Motors (GM) has seen a dramatic shift in the purchase of its vehicles in the Indian sub-continent, with non-metros and towns accounting for 60 percent of its total sales in 2008, a company official said Tuesday.Source: IndiaeNews.com: Business News | 24 Feb 2009 | 2:01 pm GMR Energy acquires 33 percent stake in Canadian companyGMR Energy Ltd has acquired 33.5 percent stake in Canada-based Homeland Energy Group (HEG), it was announced Tuesday.Source: IndiaeNews.com: Business News | 24 Feb 2009 | 2:00 pm Good weekend for 'Delhi-6' despite mixed reactionRakeysh Omprakash Mehra's highly promoted film 'Delhi-6' failed to meet the pre-release hype, but it has managed to have more than 70 percent collections at the weekend.Source: IndiaeNews.com: Business News | 24 Feb 2009 | 2:00 pm Rupee dips on S&P’s outlook downgradeMumbai: The rupee depreciated on Tuesday following losses in other Asian currencies and a downgrade in India’s investment grade outlook by rating agency Standard and Poor’s. “The rupee weakened pretty fast after the S&P outlook cut was announced. It should have a negative impact in the short term and may force the Reserve Bank of India (RBI) to cut rates to boost growth in the economy,” the chief dealer with a state-run bank said. S&P cut its outlook on India’s long-term sovereign credit rating to negative from stable, citing worsening government finances, which could raise firms’ overseas borrowing costs and weaken the rupee. The partially convertible rupee closed at Rs49.87/88 per dollar, off a high of Rs49.79 and 0.3% weaker than its Friday’s close of Rs49.72/74. Dollar sales by exporters and state-run banks and a partial recovery in the stock market also helped limit losses in the rupee. “There was some selling coming in around Rs49.95 levels from exporters and also from state-run banks,” a senior dealer at a foreign bank said. Domestic shares recouped most of their losses from a near three-month low hit early on Tuesday, after the government announced cuts in factory gate duties and service taxes. Foreign investors have sold about $1.4 billion worth of shares this year, after a more than $13 billion sell-off in 2008. The rupee is down 2.3% in 2009, after falling 19.1% last year. Dealers said weaker regional currencies also weighed on sentiment. Asian currencies fell as concerns about the health of the global financial system and growing economic gloom haunted investors. Source: Home - Livemint.com | 24 Feb 2009 | 1:58 pm Rupee drops by another 15 paise to 49.87 - NDTV.com
Source: Google News India - Business | 24 Feb 2009 | 1:53 pm Satyam fraud case shifts to CBI-designated court - Business Standard
Source: Google News India - Business | 24 Feb 2009 | 1:44 pm GMR Energy acquires 33.5% stake in Canadian firm HEGMumbai: GMR Infrastructure today said its subsidiary firm GMR Energy has acquired nearly 33.5% stake in the Canada-based coal producer Homeland Energy Group in a share exchange agreement. GMR Energy, the wholly-owned subsidiary of the company, “has acquired ownership of 7.57 crore common shares, about 33.5% of Homeland Energy Group (HEG), Canada,” GMR Infra said in a filing to the Bombay Stock Exchange. “These shares were acquired by GMR Energy in exchange for 10% voting and equity interest held by it in Homeland Mining and Energy SA (Pty) Ltd, pursuant to the share purchase agreement,” GMR Infra said. Homeland Mining and Energy SA (Pty) Ltd is a subsidiary firm of Homeland Energy Corporation, Mauritius. Homeland Energy Group is a coal producer with operations in the Witbank area of South Africa. The company also has a large-scale development property in South Africa and exploration interests in Southern Africa. Shares of GMR Infra today settled the day at Rs76.70, down 1.60% on the BSE. Source: LatestNews-Home - Livemint.com | 24 Feb 2009 | 1:42 pm Chidambaram expects economic upturn by OctNew Delhi: Complimenting the resilience displayed by Indian industry in dealing with the slowdown, home minister P Chidamabaram on Tuesday said the country’s economy is likely to find an upturn by October this year. “By the beginning of the third quarter of 2009-10, by October, we will find an upturn in the economy,” Chidamabaram said while presenting the National Tourism Awards here. “The present downturn is temporary. Our growth rate is expected to be well over 7%,” he said noting that despite a downturn in global scenario, India has managed to achieve 7% growth. He attributed this to domestic consumption and demand. Commending the performance of Indian businesses and industry during the global downturn, the minister said India stood out as a “shining example” of a resilient economy when the world was engulfed by economic gloom. “We owe this resilience of Indian business and economy to its ability to quickly adjust to changing times. But in no other country, I have seen businessmen adjusting so rapidly (to the situation). That is why we were able to hold our head high,” he said. During difficult times, Chidambaram advised that one should take “hard decisions” like cutting prices as a “natural response” to the downturn. ”Cutting prices is not a reflection on one’s quality or ability. It is a natural response to an economic decision. Those who have cut prices will not go through slump,“ he said. “It is important in economic downturn to remain in business, to maintain the clientele. If you lose your loyal employees, loyal clientele ... It will take many years (to get back on track). We must ensure that we remain in business,” he added. Chidambaram said the terror attacks in Mumbai in November last year had left a “scar” which will take many years to heal. “There was a cloud over the tourism sector since the dastardly attacks,” he said. Congratulating the staff and management of Trident and Taj hotels for starting their operations very soon after the attacks, he said the government has taken a number of measures to increase security like the CISF amendment bill so that its cover can be given to private institutions. He said the occupancy rate in February would be slightly better than January. The minister said a lot of work has to be done in hospitality, hotels and tourism sector with regard to Commonwealth Games 2010. “Hope we are not behind. We must double up our efforts to rise to the occasion,” he said. Source: LatestNews-Home - Livemint.com | 24 Feb 2009 | 1:38 pm S&P downgrades India's credit outlook to negative - Hindu Business Line
Source: Google News India - Business | 24 Feb 2009 | 1:32 pm Govt moves bill to raise capital of SBI subsidiariesNEW DELHI (Reuters) - The Indian government on Tuesday introduced a bill in Parliament which will enable it to increase the capital base of State Bank of India's subsidiaries and issue preference and bonus shares of these entities.Source: Reuters: Money News | 24 Feb 2009 | 1:29 pm Satyam's investor likely in three weeks; restatement by MarchThe IT major also expects to complete the restatement of its fudged accounts by March 31, which would considerably help quicken the bidding process.Source: Daily News & Analysis: Money News | 24 Feb 2009 | 1:23 pm Gold snaps its rising trend on selling pressuresMumbai: Gold prices snapped its rising trend on Tuesday and declined marginally by Rs40 per ten grams to Rs15,705 due to selling pressure from stockists in view of weak overseas trend. Silver prices, however, inched up slightly on mild industrial demand. Lack of buying interest at higher levels coupled with lower global advices affected the prices of yellow metal, dealers said. Gold futures fell in New York on Monday on profit- taking after its recent rally that had sent prices above $1,000 an ounce. Gold for February ended down by $7.20 an ounce to $994.60 an ounce on the Comex Division of the New York Mercantile Exchange. Silver March delivery ended lower at $14.45 an ounce. Turning to the local market, standard gold (99.5 purity) fell by Rs40 per ten grams to Rs15,705 from the last weekend’s level of Rs15,745. Pure gold (99.9 purity) also moved down to Rs15,780 from Rs15,810. However, silver ready (.999 fineness) edged up to Rs23,235 per kilo from Rs23,230 previously. Source: Home - Livemint.com | 24 Feb 2009 | 1:14 pm Apple, Google among 10 American cos that won’t cut jobs: TimeNew York: Bucking the recessionary trend, US corporates Apple, Google and Colgate are doing so well that they are unlikely to fire their employees and may even recruit, a media report has said. The Time magazine in its report published online has named Cisco, Visa, education company Apollo, cigarettes firm Altria, cellular operator Verizon, Corinthian College and pharma entity Amgen in the list of 10 companies which are defying the trend. “The other firms included have large amounts of cash on their balance sheets and have elected to use the slow economy to develop new products and services to take share away from financially weaker competitors,” the magazine said On search engine giant Google, which had fired a small number of people last year, the magazine said, “if the company wants to control personnel costs, it can simply stop hiring.” About Apple, the magazine said because its success is based on creating new products, improving old ones and aggressive marketing, it would need all the people who work at the company and perhaps more. “The company has $24 billion in cash and securities and adds to that every quarter. Apple refuses to make acquisitions, preferring to create and market its own products,” Time said. Further, Apple would also not lay people off because its CEO Steve Jobs would have to admit he had made a bad decision and that the entity would not appear to be perfect, the magazine added. Besides, Colgate has “side-stepped the global slowdown” and in the most recent quarter the company’s profits were up 20%. It would be hard to pick a better time to sell toothpaste, pet food, and shampoo. Even in a bad economy, most of these are products would have stable sales, it stated. Apart from this, quoting networking major Cisco Chief Executive Officer John Chambers, who has said that the company plans to avoid job cuts the magazine stated that Cisco probably has as much or more cash on hand as any tech company in the US, holding $27 billion in available funds. On Visa, which acts as an agent to transfer funds between buyers and merchants, it noted that unlike large banks, when a customer defaults, Visa’s balance sheet is not at risk, while in the last quarter, its profits rose to 35%. The Time magazine stated that, “employees at these firms are as close to being safe from being thrown into the job market as almost anyone in the country.” Source: LatestNews-Home - Livemint.com | 24 Feb 2009 | 1:08 pm Apple, Google among 10 American cos that won’t cut jobs: TimeNew York: Bucking the recessionary trend, US corporates Apple, Google and Colgate are doing so well that they are unlikely to fire their employees and may even recruit, a media report has said. The Time magazine in its report published online has named Cisco, Visa, education company Apollo, cigarettes firm Altria, cellular operator Verizon, Corinthian College and pharma entity Amgen in the list of 10 companies which are defying the trend. “The other firms included have large amounts of cash on their balance sheets and have elected to use the slow economy to develop new products and services to take share away from financially weaker competitors,” the magazine said On search engine giant Google, which had fired a small number of people last year, the magazine said, “if the company wants to control personnel costs, it can simply stop hiring.” About Apple, the magazine said because its success is based on creating new products, improving old ones and aggressive marketing, it would need all the people who work at the company and perhaps more. “The company has $24 billion in cash and securities and adds to that every quarter. Apple refuses to make acquisitions, preferring to create and market its own products,” Time said. Further, Apple would also not lay people off because its CEO Steve Jobs would have to admit he had made a bad decision and that the entity would not appear to be perfect, the magazine added. Besides, Colgate has “side-stepped the global slowdown” and in the most recent quarter the company’s profits were up 20%. It would be hard to pick a better time to sell toothpaste, pet food, and shampoo. Even in a bad economy, most of these are products would have stable sales, it stated. Apart from this, quoting networking major Cisco Chief Executive Officer John Chambers, who has said that the company plans to avoid job cuts the magazine stated that Cisco probably has as much or more cash on hand as any tech company in the US, holding $27 billion in available funds. On Visa, which acts as an agent to transfer funds between buyers and merchants, it noted that unlike large banks, when a customer defaults, Visa’s balance sheet is not at risk, while in the last quarter, its profits rose to 35%. The Time magazine stated that, “employees at these firms are as close to being safe from being thrown into the job market as almost anyone in the country.” Source: World Business - Livemint.com | 24 Feb 2009 | 1:08 pm Govt cuts duty, taxes to spur slowing economyNew Delhi: The Congress-led UPA government cut factory gate duties and service taxes on Tuesday in an effort to boost demand and revive growth in Asia’s third-largest economy as it reels under the impact of the global economic crisis. Also Read I Think... (PDF) Warning of tough times ahead, the government, which is heading toward a parliamentary election due by mid May, cut the rate of central excise duty by 2 percentage points to 8% and trimmed the tax rate on services to 10% from 12%. “I have tried to make certain changes to provide further stimulus to the economy,” finance minister Pranab Mukherjee said while replying to the debate on the interim budget for 2009-10, which was later approved by the lower house of Parliament. “Even though the signals are encouraging, the full impact of recession in other parts of the world, particularly Asia and Europe, is yet to unfold. “Due to strong export linkages with these economies it is likely that the Indian economy may feel further impact in coming months.” But Mukherjee said government was confident of overcoming the impact of the global economic crisis on the domestic economy. The Indian economy is estimated to grow 7.1% in the current fiscal year which ends in March, slower than the 9% in the previous year and some economists say expansion could slow to below 6% in 2009-10. The government has already announced two stimulus packages, including $4 billion in extra spending and an earlier 4 percentage point cut in general excise duty. Along with spending on a pay hike for civil servants and a massive programme to write off the debt of small farmers, the extra spending has helped swell the fiscal deficit to an estimated 6% of gross domestic product in 2008-9. Analysts say it could widen further. Mukherjee said banks had been provided with enough liquidity. The government reduced the excise duty on bulk cement to 8% and extended the customs duty cut on naphtha for power firms beyond 31 March 2009. Source: Home - Livemint.com | 24 Feb 2009 | 1:07 pm Satyam’s new investor shortly; restatement of a/c by March - Hindu Business Line
Source: Google News India - Business | 24 Feb 2009 | 12:55 pm HIGHLIGHTS - Govt cuts duties, taxes as economy slowsNEW DELHI (Reuters) – The government on Tuesday cut factory gate duties and service taxes to spur slowing economic growth.Source: Reuters: Money News | 24 Feb 2009 | 12:50 pm Sensex dips 179 pts in early trade!The BSE Sensex on Tuesday lost nearly 179 points in early trade due to heavy selling by funds.Source: Zee News : Business | 24 Feb 2009 | 12:34 pm Wall Street at 12 year low!Wall Street has turned the clock back to 1997 with Dow Jones tumbling to its 12 year low.Source: Zee News : Business | 24 Feb 2009 | 12:34 pm Toy maker LEGO reports strong growth !Denmark`s toy maker LEGO Group has announced that 2008 was a successful year for it, with considerable increase in both sales and profit despite the financial crisis that swept the whole world.Source: Zee News : Business | 24 Feb 2009 | 12:34 pm China sets out on European spending spree: Report!Chinese Commerce Minister Chen Deming was set to fly to Europe Tuesday at the head of a 300-strong team charged with spending billions of dollars on European products, state media said.Source: Zee News : Business | 24 Feb 2009 | 12:34 pm AIG in talks with US govt, sees USD 60 billion loss: Source!American International Group Inc (AIG.N), rescued twice last year by the US government, is asking for more aid and bracing for a fourth-quarter loss of roughly $60 billion.Source: Zee News : Business | 24 Feb 2009 | 12:34 pm Obama vows to halve budget deficit !Prez Obama has promised to halve the nation`s ballooning federal budget deficit by the end of his 4-year term in office.Source: Zee News : Business | 24 Feb 2009 | 12:34 pm Feds explore taking bigger stakes in shaky banks!The government has moved toward dramatically expanding its ownership stakes in the nation`s banks — with Citigroup, the struggling titan of the industry, apparently at the top of the list.Source: Zee News : Business | 24 Feb 2009 | 12:34 pm Asian shares tumble on financial woes!Asian shares fell on Tuesday, with Japan`s Nikkei flirting with a 26-year low, as concerns grew about the global financial system, while emerging currencies such as the South Korean won extended their recent sell-off.Source: Zee News : Business | 24 Feb 2009 | 12:34 pm Oil falls below USD 38, following stocks markets down!Oil prices extended losses for a second day Tuesday in Asia, falling below $38 a barrel, as a loss of investor confidence that the global economy will recover soon swept across stock and crude markets.Source: Zee News : Business | 24 Feb 2009 | 12:34 pm Biotech rice to be commercially available in India by 2012The much awaited biotech rice, the insect-resistant variety with high nutritional value, will be commercially available in India only by 2011-12, scientists said here Tuesday.Source: IndiaeNews.com: Business News | 24 Feb 2009 | 12:33 pm India likely to launch bio-tech rice by 2011-12New Delhi: Biotech rice is likely to be launched in India by 2011-12, after it gets all the required clearance, Sawapan Datta professor Calcutta University said today. “After all the required processes and approvals, it is estimated that bio-tech enhanced rice could be launched in India by 2011-22,” Datta told reporters. He said, with India’s population estimated to reach 1.3 billion by 2017, the government has estimated a 14 million tonnes shortage of the foodgrain. Therefore, with low yield and rising demand it is essential to increase rice production, which is the second most consumed cereal grain, after maize, Datta said. “Biotech enhanced rice could double farmer yields and can save traditional low yielding varieties from extinction by converting taller varieties into shorter heights with multiple tillers resulting in higher yields,” he said. According to Central Rice Research Institute (CRRI), Cuttack, head plant improvement G J N Rao, “Bio-tech rice can enhance productivity and help protect the environment by reducing the use of chemical pesticides.” CRRI is working on developing nutritionally enhanced rice for high protein and high-iron to help address the problem of malnutrition among women and children. Source: LatestNews-Home - Livemint.com | 24 Feb 2009 | 12:33 pm ICICI stake sale not discussed by board: SubhikshaThe decision of private equity fund ICICI Venture, a minority shareholder in Subhiksha Trading Services, to sell 10 percent stake in the retail chain had not been discussed at Subhiksha's board meetings.Source: IndiaeNews.com: Business News | 24 Feb 2009 | 12:32 pm Markets recover losses, Sensex closes flatIndian equities markets ended trade marginally down Tuesday with a key index closing flat after recovering from early losses.Source: IndiaeNews.com: Business News | 24 Feb 2009 | 12:32 pm Bond yields slip after auction resultsMumbai: Bond yields fell 6 basis points (bps) on Tuesday after the Rs120 billion debt sale results as there was no devolvement in the shorter paper, while the other results were in line with expectations, dealers said. At 4.59pm, the yield on the 8.24% bond due in 2018 was at 6.62%, from 6.68% before the results. In the previous session it had ended at 6.42%. The Reserve Bank of India has extended bond trading hours by half an hour to 6:00pm on Tuesday, five dealers said, citing a message flashed on the apex bank’s electronic trading platform. Source: LatestNews-Home - Livemint.com | 24 Feb 2009 | 12:32 pm Bill seeks powers to fix capital of State Bank of India armsThe finance ministry Tuesday tabled a bill in parliament that seeks to empower the government to fix the authorised and paid-up capital of the subsidiaries of the State Bank of India (SBI) and to appoint its top management.Source: IndiaeNews.com: Business News | 24 Feb 2009 | 12:31 pm Jharkhand's madrassa, Sanskrit school teachers demand pay hikesTeachers of madrassas and Sanskrit schools in Jharkhand Tuesday held protests here demanding that the Sixth Pay Commission report, recommending pay hikes for government employees, be implemented for them too.Source: IndiaeNews.com: Business News | 24 Feb 2009 | 12:30 pm DRDO programme for commercialisation of technologiesNew Delhi: Country’s premier defence research organisation - DRDO - along with Ficci and Texas University has initiated a programme for commercialisation of technologies developed by it for the defence forces. “The Technology Assessment and Commercialisation (ATAC) programme aims to create a commercial pathway to deliver technologies developed by DRDO for appropriate commercial markets for use in civilian products and services,” DRDO chief M Natarajan said here. In the first edition of the programme, 26 DRDO labs with over 200 technologies are being assessed by Ficci for developing them into commercial ventures in both national and international markets. Natarajan added that 85% of the technologies being developed by DRDO were of dual use and could be successfully used in civilian applications. “While DRDO continues to develop cutting-edge technologies for Indian armed forces, it will also pursue spinning out relevant technologies for non-military applications,” he said. Speaking on the interest shown by the industry in the programme, Ficci chairman Amit Mitra said, “Within four months of signing the MoU between DRDO and Ficci, several leading industry players have submitted their expressions of interest (EoI) to Ficci.” Source: LatestNews-Home - Livemint.com | 24 Feb 2009 | 12:14 pm Swiss banks deposits plummet in 2008Geneva: The amount of money deposited in Swiss banks shrank by more than a quarter in 2008 as the global financial crisis hit asset values and customers withdrew large sums amid concerns about probes into the offshore banking industry. Figures released by the Swiss National Bank on Monday showed total deposits fell 27%, or 1.41 trillion Swiss francs, to 3.82 trillion francs—their lowest since August 2005. Deposits from foreign customers shrank by 882 billion francs, while Swiss customers had 531 billion francs deposited in their country’s banks, according to the SNB’s monthly statistical bulletin. Foreign private customers saw the highest proportional drop in assets—36% or 371 billion francs—leaving only 671 billion francs worth of deposits in Swiss vaults. That is the lowest deposit amount from foreign private customers since the end of 1998. Deposits by foreign institutional customers dropped 23% to 1,386 billion francs. Domestic private customers had 417 billion francs deposited by the end of the year, 28% less than in 2007. The report did not break the figures down by institution, but Switzerland’s two flagship banks have reported billions in asset writedowns and customer withdrawals last year. Source: LatestNews-Home - Livemint.com | 24 Feb 2009 | 12:13 pm BSE Sensex falls 0.2 pct; banks, outsourcers slipMUMBAI (Reuters) – The BSE Sensex recouped most of its losses from a near three-month low hit early on Tuesday, after the government announced cuts in factory gate duties and service taxes lifting sentiment.Source: Reuters: Money News | 24 Feb 2009 | 12:04 pm Govt cuts duty, taxes to spur slowing economyNEW DELHI (Reuters) - The government cut factory gate duties and service taxes on Tuesday in an effort to boost demand and revive growth in Asia's third-largest economy as it reels under the impact of the global economic crisis.Source: Reuters: Money News | 24 Feb 2009 | 11:56 am GM says no slowdown in investments in IndiaBangalore: Global auto major General Motors today said it had no plans to slow down on its investments in India, despite the sluggish car sale scenario in the country. “We have so far invested $1 billion in India and there is no question of puting a cap on it”, Karl Slym, President and Managing Director of India operations told reporters here after unveiling the SUV Chevrolet Captiva Automatic, a premium Sports Utility Vehicle and small car Spark Muzic Special Edition. The company plans to release two more new models this year, he said, adding that the Cruise Sedan will be rolled out by the middle of this year and the Global Mini Car by end of 2010. An amount of Rs250 crore has been invested into the release of three models this year, which includes Chevrolet Captiva Automatic. He said the global meltdown had impacted the car market in India. However despite the slowdown, the firm had grown at 10% last year and was optimistic of maintaining the growth rate this year as well. A total of 32000 Sparks had been sold last year and it has set a target of achieving around 40,000 during the current calendar year, he said. Source: LatestNews-Home - Livemint.com | 24 Feb 2009 | 11:50 am Six Indians shortlisted for 2009 Sony Photography AwardsLondon: Six Indian photographers are among the 186 shortlisted for for the prestigious Sony World Photography Awards 2009, organizers said on Tuesday. “Of the 186 selected photographers from 43 countries, there are six photographers from India, all of them competing in a variety of categories in one of the most prestigious photographic competitions in the world,” a spokeswoman of the Awards said. Amit Madheshiya has been chosen in the category of photo journalism and documentary - arts and entertainment (professional). Other Indian photographers in the fray for the prize are Faizan Khan (natural history-amateur), Kushal Gangopadhyay (music-amateur), Ronny Sen (portraiture-amateur), Somenath Mukhopadhyay (music-amateur) and Sharad Haksar (commercial-advertising-professional). The Sony awards are truly, a global affair as 60,000 photographers from 139 countries, right from Argentina to Zimbabwe submitted their entries. The finalists in each of the categories will be announced on 17 March and will be honoured at the Sony World Photography Awards Ceremony in Cannes on 16 April. The 2009 winner of the Sony World Photographer of the Year will receive $25,000 and a professional Sony camera equipment. The amateur photographer award carries $5,000 cash prize as well as a Sony camera equipment. Source: LatestNews-Home - Livemint.com | 24 Feb 2009 | 11:49 am German morale wilts, AIG fears hit shares againLONDON/TOKYO (Reuters) - A fall in German business confidence followed overnight news that American insurer AIG looks set to make the biggest quarterly loss in corporate history, deepening the gloom on world stock markets.Source: Reuters: Money News | 24 Feb 2009 | 11:46 am Maytas suggests CLB-appointed director on company’s boardNew Delhi: Maytas Properties, facing a takeover by the government, on Tuesday suggested that the Company Law Board should appoint a director on its board or put an observer, who would report directly to the quasi-judicial body. During the proceedings before the CLB, senior advocate Mukul Rohatagi appearing for the company submitted, “The CLB should put an observer on the Maytas board, who would report to you, or appoint a director in the company.” But the deputy director appearing for the government opposed it and requested the CLB to direct to take over the board of the company, run by B. Rama Raju, son of scam-tainted Ramalinga Raju of Satyam Computer Services. Raising suspicion over Satyam Computer’s Rs6,400 crore proposal to acquire Maytas, based on the valuation by audit firm Ernst & Young, the government said there was a clear nexus between father and son. The accounting and audit firm E&Y had valued Maytas Properties at Rs6,523 crore. “How hollow this valuation is... As per our knowledge, the company does not have any land bank and this company, having a turnover of a mere Rs22 crore, was valued at Rs6,523 crore,” submitted the government. Alleging fraud in the valuation, he admitted that Ernst & Young, which had valued all Maytas’ 31 projects in Chennai, Hyderabad, Bangalore and Nagpur, said except the Bangalore- located Electronic City, land for all projects had been acquired. “In fact, Maytas Properties does not have any land. Some of its subsidiary companies have development rights, not lands... The only asset the Maytas subsidiary has is development rights,” said the deputy director. Later, CLB chairman S. Balasubramanian asked whether this entire valuation was done in a week. On this, the government replied, “No, the valuation was done in a day only.” The government had approached CLB on 18 February seeking its permission to take over the board of two Raju kin-promoted firms Maytas Properties and Maytas Infra alleging fraud, gross negligence, mismanagement and financial irregularities. During the proceeding, Satyam Computer, now controlled by a government-appointed board, also supported government’s plea and submitted that both father and son knew that there was nothing in the company against claims of Rs6,523 crore. Rejecting all the allegations Rohatgi submitted that no fraud had taken place in the company. “There is no allegation by any bank or financial institution” or any police report regarding the company. On the government’s allegation of persistent negligence, he said, “The only thing is that the company is held by a person named Raju. Satyam has no stake in this firm. This is not a father and son firm. These are two different entities”. Over E&Y report, he said, “If someone wanted to buy but he did not, then is it a crime on my part? The allegations is that Satyam has no money, then it is their default. How it is relevant with this company?” On the government’s ground to supersede its board on public interest, he said the firm has no government or PSU project in its account. On his argument CLB chairman said, “This case is not as it was with Satyam. I would pass a reasonable order”. Meanwhile supporting government’s allegation an equity investor SRS Orion Investment, submitted before the CLB that it had invested Rs228 crore in Maytas Properties for a project and the firm had fraudulently transfered its funds to another arm. “Entire group is knitted in one family and corporate veil of Maytas Properties should be lifted,” submitted counsel appearing for the SRS Orion Investment. Meanwhile, Teja Raju and another firm Maytas Infra requested the CLB to delete their name from the case. The CLB is expected to may pass any interim order on it in a day or two. It would hear the government’s plea to take over Raju’s kin promoted another firm Maytas Infra on 26 February. Source: Home - Livemint.com | 24 Feb 2009 | 11:46 am SBI’s low loan rates no threat to HDFC: analystsNew Delhi: State Bank of India’s special concessional home loan rate of eight per cent may not prove a real threat to housing loan market leader HDFC, which still offers borrowers a lower overall interest cost, analysts believe. Analysing the cost benefits offered by the public sector lender’s special home loan rate for the borrowers and the competition it poses to HDFC, equity analysts at brokerage firm Edelweiss Securities in a report said that the scheme would not be “a material threat to HDFC.” While short-term interest savings offered by SBI is “more or less offset by HDFC’s competitive edge” on factors like ease and quality of service and process time, the average interest rate for the full tenure of the loan also works out to be lower in case of HDFC, they noted. Under SBI’s special scheme, the rate would be fixed at 8% for the first year, while it would increase to 10.25% from the second year for loans up to Rs30 lakh and to 10.75% for loans bigger than Rs30 lakh. This would give an average rate of 9.92% for loans up to Rs30 lakh with a repayment period of 20 years, as against HDFC’s prevailing lending rate of 9.97% for a similar loan, Edelweiss said. When contacted by PTI, SBI officials did not respond to the queries on issues raised in the report. Source: LatestNews-Home - Livemint.com | 24 Feb 2009 | 11:41 am Crisis? It's party time at Venice CarnivalVENICE, Italy (Reuters Life!) - From milk cartons to hot air balloons and from Elizabeth I to rubbish bin-inspired outfits, the Venice Carnival saw it all this year when it came to costumes.Source: Reuters: Money News | 24 Feb 2009 | 11:39 am L&T secures Rs1,438 cr power projects; two in gulf regionMumbai: Engineering major Larsen & Toubro today said it has bagged three orders worth Rs1,438 crore from different agencies for power infrastructure-related works. In a filing to the BSE, L&T said it has secured a Rs800-crore order from Al Ain Distribution Co for the construction of seven electrical substations and overhead transmission line in Abu Dhabi, the capital city of UAE. Under the contract terms, L&T will design and build electrical substations under the specifications of the international consultant PB Power, in two years. Further, the engineering firm has also bagged a Rs330-crore order from Abudhabi Distribution Company for augmentation and expansion of a 33-kV power transmission network in the gulf country. Back home, L&T secured another power project worth Rs308-crore from West Bengal State Electricity Distribution Company for a rural electrification project in the state. The company would develop the rural electrification works in Jalpaiguri and North 24 Parganas districts of West Bengal, it said. Shares of L&T were trading at Rs626.95, up 0.71% in the late afternoon trade on the BSE. Source: Home - Livemint.com | 24 Feb 2009 | 11:38 am S&P cuts India rating outlook on weak govt financesMUMBAI (Reuters) - Standard & Poor's cut its outlook on India's long-term sovereign credit rating to negative from stable on Tuesday, citing worsening government finances, which could raise firms' overseas borrowing costs and weaken the rupee.Source: Reuters: Money News | 24 Feb 2009 | 11:34 am Nasa satellite to monitor CO2 fails missionWashington: The module carrying a US satellite to monitor global carbon dioxide emissions failed to separate from its rocket soon after it was launched on Tuesday, Nasa said. “It appears that there were problems separating” and the satellite “did not achieve orbit,” said Nasa TV announcer George Diller. “We are still evaluating the status of the location and the exact state” of the spacecraft, he said. “We have not had a successful launch tonight,” he added. The satellite was launched from Vandenberg Air Force Base in California aboard a Taurus XL rocket, live images on Nasa TV showed. The mission of the Orbiting Carbon Observatory (OCO) was to map the global distribution of carbon dioxide and study how that distribution changes over time, Nasa said in a statement. It is Nasa’s first spacecraft dedicated to studying carbon dioxide. In January, Japan launched a satellite on a similar mission. Carbon dioxide is the leading greenhouse gas driving climate change. However “several minutes into the flight, launch managers declared a contingency when the fairing failed to separate properly,” Nasa said in a brief statement. Source: Tech News - Livemint.com | 24 Feb 2009 | 11:31 am S&P cuts India rating outlook on weak govt financesMumbai: Standard & Poor’s cut its outlook on India’s long-term sovereign credit rating to negative from stable on Tuesday, citing worsening government finances, which could raise firms’ overseas borrowing costs and weaken the rupee. “The outlook revision reflects our view that India’s fiscal position has deteriorated to a level that is unsustainable in the medium term,” said S&P in the statement. S&P retained its BBB-minus long-term sovereign rating for India and its A-3 short-term rating. Both these are the lowest rung of investment grade. Finance minister Pranab Mukherjee said S&P’s move was not unexpected, adding the global meltdown has its consequences. The union government’s finances have deteriorated sharply in the 2008-09 fiscal year which ends in March, after having made decent strides towards fiscal consolidation in recent years as blistering economic growth lifted revenues sharply. Asia’s third-largest economy has expanded by 9% or more in the last three fiscal years but the government expects it to slow to 7.1% this fiscal year. “It has a sentimental impact. Right now, not too many corporates are tapping the ECB (external commercial borrowing) market, so it may not have a very large impact,” said Sonal Varma, economist at Nomura in Mumbai. “In the longer run, it is a negative. It increases the foreign borrowing costs and can lead to outflows and put pressure on the rupee,” Varma said. The rupee briefly fell to 49.92 per dollar from 49.82 beforehand, while the yield on the benchmark bond stayed steady immediately after the S&P announcement. It rose 4 basis points to 6.62% after the government announced duty and service tax cuts. Budget Estimate The government expects the budget deficit to widen to 6.0% of gross domestic product this fiscal, its highest in six years, after it increased the salaries of civil servants and waived off loans of small farmers. Analysts say stimulus packages, including extra spending of $4 billion, aimed at underpinning growth, contributed to a swelling deficit. India is not alone. Stimulus programmes by Asian governments in recent months are estimated to range between 1% to 12% of their respective GDPs. But S&P said it expects the general government deficit, which includes off-budget items such as oil and fertiliser bonds, to increase to 11.4% in the fiscal year ending in March, up from 5.7% in the previous fiscal year. The ratings agency said it expects a fiscal deficit of 11.1% in the fiscal year ended in March 2010, more than double the government’s estimate of 5.5%. The ratings agency called India’s weak fiscal position “the single-largest negative factor for the sovereign ratings.” Fitch last week also called the country’s fiscal position its main concern for India. It currently has BBB-minus ratings, with a negative outlook on the local currency rating and a stable outlook on the foreign currency. Moody’s has an equivalent Baa3 rating with a stable outlook. Source: Home - Livemint.com | 24 Feb 2009 | 11:29 am Vodafone says will cut 500 jobs in BritainLondon: British mobile phone giant Vodafone said Tuesday the group would axe 500 jobs in its home market as part of a cost-cutting programme that was unveiled last year. “Vodafone UK has today announced reductions to its operating costs in order for it to compete more effectively in the UK market,” the company said in a brief statement. “The majority of savings will be achieved by taking operating costs out of the business, however, there will also be a reduction of approximately 500 jobs across the business. Staff affected by the decision have been informed today.” The group, which employs about 10,000 people in Britain, had launched a major cost-cutting programme in November to reduce costs by £1.0 billion by March 2011. Earlier this month, Vodafone defied the global economic storm by reporting better-than-expected third quarter sales, up 14% due to the strong euro and strength in key markets. Source: World Business - Livemint.com | 24 Feb 2009 | 11:17 am Close: Markets end flat, recovering from day’s lossesNew Delhi: The Bombay Stock Exchange benchmark index ended flat, merely 0.3% down on Tuesday, regaining most of days low but still reeling below the 9,000 mark. some buying in the market was induced after the government announced a 4% across-the-board excise duty cut to continue beyond 31 March and also reduced excise duty rates by 2%. Investors refrained from fresh buying as worries about global financial crisis and deepening recession across major economies continued to nag. Selling of foreign funds and negative opening of European markets also extended pressure on domestic indices. Through the day most stocks traded in red but consumer durables and FMCG sectors managed to scrape through to green territory. Metal stocks suffered major losses as they fell by 2.54% on demand worries. Banking segment continued to be under pressure as financial scrip suffered worldwide on debt concerns and rumours of nationalization of US banks. The day began with BSE Sensex down by 1.5%, tumbling further by 200 pts around noon. But 30-share BSE index recovered to end at 8,810.49 or 32.72 points down and 50-share NSE Nifty slipped by 2.55 points to close at 2,733.90. Some major stocks made gains on the BSE index, Mahindra and Mahindra gained 4.92% to Rs295.10, along with Ranbaxy Laboratories by 3.94% to Rs214.85, Grasim Industries by 3.01% to Rs1,384.65, DLF Ltd by 1.48% to Rs157.35 Hindustan Unilever by 1.46% to Rs252.85, Maruti Suzuki by 1.39% to Rs642.20 and Reliance Communication by 1.22% to Rs150.30. But Some heavy stocks from the BSE Sensex slipped, Housing Development and Finance Corp by 4.78% to Rs1,289.00, Tata Steel by 4.46% to Rs160.55, Sun Pharmaceuticals by 1.94% to Rs1,002.80 and Sterlite Industries by 1.85% to Rs 243.80. Analysts expect markets to remain volatile ahead of the expiry of Futures & Options (F&O) contracts for February 2009 series on Thursday, 26 February. Meanwhile, Asian markets also traded in negative failing to induce buying in the domestic market. Japan’s Nikkei slipped 1.5% to a four-month closing low due to fall in Nomura Holdings and Hong Kong shares tumbled by 2.9% amid fresh fears about the financial system. Source: Home - Livemint.com | 24 Feb 2009 | 11:16 am Govt to lose $6 bln from duty cuts - officialNEW DELHI (Reuters) - Duty cuts announced on Tuesday will result in a revenue loss of about 300 billion rupees ($6 billion) in the next fiscal year, a senior Indian finance ministry official said.Source: Reuters: Money News | 24 Feb 2009 | 11:06 am Hinduja Group for 51% stake in Satyam: CFONew Delhi: The Hinduja Group, one of the interested parties in acquiring a stake in Satyam Computer, on Tuesday said it would prefer taking 51% in the IT major. “It will be preferred if somebody can get 51%. Suppose the open offer does not come to 20%, then it will be less than 51%. Also, till the time proper restated account is available or crystallisation of liability is happened, no bidder can really put a value on that company,” said Hinduja Group chief financial officer Prabal Banerjee. Last week, the Satyam board approved the stake sale process as directed by the Company Law Board, or CLB, and said it would release the process of the sale after getting due approvals. Earlier, another suitor Spice Group’s chairman B.K. Modi had said his company would be interested in Satyam only if the entire 51% stake is offered through the preferential route. “The entire money should go into Satyam. The CLB has already laid down the broad framework of the process to be followed. They have also recognized that any strategic investor would like to have adequate equity shareholding, which would enable the investor to constitute its own board,” Modi said earlier. Larsen and Toubro, the 12% stakeholder in Satyam has already said it needs to know the details of the stake sale process before commenting. Source: Home - Livemint.com | 24 Feb 2009 | 11:02 am Motorola, Pressmart bring live news on mobile to IndiaHyderabad: Motorola India Private Ltd and digital publisher Pressmart Media Ltd Tuesday announced the live news-on-the-mobile service on MOTO VE66, MOTOSURF A3000 and MOTOROKR EM35 phones. News on the mobile provides consumers access to branded news content powered by Pressmart. By selecting the WAP link “Daily News” on their Motorola phones, consumers can receive free news content and access to their favourite newspapers while on the go, a Motorola press release said here. Newspapers offered on the service include Indian Express, The Financial Express, The Asian Age and Deccan Chronicle. News-on-the-mobile is designed specifically for the mobile phone screen for optimum viewing experience. A GPRS connection is required to access the free news content, it said. Source: Tech News - Livemint.com | 24 Feb 2009 | 10:48 am Opposition takes on govt on price rise, job lossesOpposition members in the Lok Sabha on Tuesday attacked the government for "failing" to check price rise and address the situation caused by recession.Source: Daily News & Analysis: Money News | 24 Feb 2009 | 10:27 am Govt cuts excise duty, service tax to perk up economyGiving relief to the industry reeling under the impact of slowdown, the Government on Tuesday reduced by 2% rates of excise duty and service tax.Source: Daily News & Analysis: Money News | 24 Feb 2009 | 10:24 am Satyam may invite bid proposals by weekend: KarnikBangalore: The board of fraud-hit Satyam Computer Services Ltd hopes to seek expression of interest from potential bidders by the end of this week, its chairman said on Tuesday. “We hope to send something out by end of this week,” Kiran Karnik told Reuters in a phone interview, adding the board may need to take regulatory approval before doing so. The government-appointed board of Satyam will meet at its headquarters in the southern city of Hyderabad on Thursday, he said. Also Read The Satyam Fiasco (Full Coverage) Karnik said Satyam had lost three or four important clients since 7 January when its founder chairman resigned after disclosing that profits had been overstated for years at the New York-listed outsourcing firm in India’s biggest corporate scandal. “In the last few weeks we have seen great stability but yes we have in the last six or seven weeks lost three or four important customers,” he said. “Business looks good after the initial reaction which was somewhat panicky but understandable.” Source: Home - Livemint.com | 24 Feb 2009 | 10:22 am No single stakeholder should control Subhiksha: SubramanianNew Delhi: The public spat with private equity firm ICICI Venture notwithstanding, retail chain Subhiksha managing director R. Subramanian on Tuesday said they can together bring the firm back on track provided one shareholder is not allowed to force its decisions on the firm. “As long as we do not make the mistake of allowing one shareholder to force its decisions on the company and we capitalise the company well, we should not have too much issues,” Subramanian said. Asked if the parties could work together again after so much of differences, he said: “As a set of investors we all have points of view which could be different on various matters, but that is only natural, the differences do get exaggerated in times of stress. However, all investors believe in the Subhiksha way and the model and the need to get the company back on track.” Subramanian said the company is moving forward with the corporate debt restructuring (CDR) process and working with the revival plan and added: “We do not see the bad blood being demonstrated at this stage impacting the CDR or revival.” “Banks want all of us to be committed to the cause of the business revival and they are wiling to do all from their side. As long as we show commitment to fight for company revival, than for each other selfish interest life would be fine and the company would be back,” he added. Subramanian described the current spat with ICICI Venture as “what happens in families” and “there could be huge fights and then there is reunion -- the fights are temporary -- the unity on the cause is perpetual”. Without naming anybody, Subramanian expressed his displeasure on one shareholder “who has been in for eight years and invested four times and earned Rs300 crore, walks out at first whiff of trouble” and said the company has a responsibility to all its banks, employees and customers. Subramanian’s comments came a day after ICICI Venture accused him of keeping the stakeholders in the dark regarding the financial position of Subhiksha and alleged non-cooperation with the board. Earlier PremjiInvest, which has 10% stake in the company, had said it was willing to work with other shareholders to revive the retail chain. Speaking about the sacrifice that is needed by all the stakeholders, he said, “I am working on nil salary since April 2008, though ICICI Venture had approved a reasonable salary. I have already made over my entire personal PF money to the company to enable it to meet PF dues. Each stakeholder has to make sacrifices.” “... imagine what stakeholders of much larger wealth and means, and ones who have earned Rs300 crore of profits can do for us. We have a large business and 15,000 employees to protect,” he added. Source: Home - Livemint.com | 24 Feb 2009 | 10:22 am Lok Sabha approves 09/10 interim budgetNEW DELHI (Reuters) - The lower house of parliament approved on Tuesday the interim budget for the 2009/10 fiscal year.Source: Reuters: Money News | 24 Feb 2009 | 10:18 am Reliance Money launches mobile trading in equities, commoditiesReliance Money introduced mobile trading in both equities and commodities across all mobile platforms independent of device and operators.Source: Daily News & Analysis: Money News | 24 Feb 2009 | 9:15 am Nokia launches 5130 XpressMusicJaipur: Mobile handset major Nokia on Tuesday launched mobile handset 5130 XpressMusic. The handset, which was unveiled by Indian Idol 2 winner Sandeep Acharya, will offer local music content in five languages including Hindi, Kannada, Telugu, Tamil and Malayalam, Nokia India regional general manager (North) Chandan Dang told a press conference. The content is pre-loaded on the one GB memory card that comes with the phone and does not require separate activation by the consumer to listen to the 50 pre loaded songs, he said. Stereo FM radio and MP3 music player, 2 MPix camera, bluetooth and micro USB are the key feature of the phone priced at Rs6,699, he said, adding, the handset that plays music very loud will help consumers listen to their favourite music on their most preferred medium in their own language. Source: Tech News - Livemint.com | 24 Feb 2009 | 8:56 am Satyam may invite bid proposals by weekendBANGALORE (Reuters) - The board of fraud-hit Satyam Computer Services Ltd hopes to invite expression of interest from potential bidders by the end of this week, its chairman said on Tuesday.Source: Reuters: Money News | 24 Feb 2009 | 8:55 am Sensex bounces back on short-covering, duty cutSensex recovered from early losses on Tuesday on funds covering pending positions amid the government cutting excise duty.Source: Daily News & Analysis: Money News | 24 Feb 2009 | 5:55 am Dharavi’s day at Los AngelesMonday morning shattered the myth that Indians wake up early on a holiday morning only if there is cricket on television. All along the streets of Dharavi and the rest of Mumbai, people were up from 5 a.m., eyes glued to their television sets andSource: Business Line - Home Page | 24 Feb 2009 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 24 Feb 2009 | 12:00 am Row over Coal India’s fuel supply to power sector may endRajmahal (Jharkhand), Feb. 23 The row over the proposed fuel supply agreement between Coal India Ltd and the power sector of the country led by NTPC may finally be resolved, according to the CIL Chairman, Mr Partha S. Bhattacharya.Source: Business Line - Home Page | 24 Feb 2009 | 12:00 am Slumdog win seen as big boost to Brand IndiaMumbai, Feb. 23 Slumdog Millionaire, which won eight Oscars in Los Angeles on Sunday evening, has redefined the image of India on the international film map. Or has it really?Source: Business Line - Home Page | 24 Feb 2009 | 12:00 am Ministry to give financial powers up to Rs 500 cr to port trustsChennai, Feb. 23 The Shipping Ministry plans to delegate financial powers to major port trusts by nearly 10 times to around Rs 500 crore to speed up implementation of various projects at the ports, according to Mr Rakesh Srivastava, JointSource: Business Line - Home Page | 24 Feb 2009 | 12:00 am Will Rahman have to pay Customs duty on his Oscars?Will A.R. Rahman be required to pay Customs duty on his Oscar statuettes? No one knows yet. The statuettes are not solid gold, but gold-plated. The Central Board of Excise and Customs (CBEC) thinks the two statuettes may be worth about $1,000.Source: Business Line - Home Page | 24 Feb 2009 | 12:00 am Whatever’s happened to global banking?After having failed to salvage a crisis-afflicted banking system by guaranteeing deposits, providing refinance against toxic assets and pumping in preference capital, governments in the US, the UK, Ireland and elsewhere are being forced toSource: Business Line - Home Page | 24 Feb 2009 | 12:00 am ICICI Bank to go slow on auto loans disbursalNew Delhi, Feb. 23 ICICI Bank has said that it will go even slower in disbursing auto loans, unless there is clarity on the repossession norms for vehicles.Source: Business Line - Home Page | 24 Feb 2009 | 12:00 am NACIL, Singapore co venture gets Cabinet nodNew Delhi, Feb. 22 National Aviation Company of India Ltd’s plans for setting up a joint venture company with Singapore Air Terminal Services (SATS) for undertaking ground and cargo handling at various airports in the country has beenSource: Business Line - Home Page | 24 Feb 2009 | 12:00 am Hindustan Oil Exploration (Rs 57.25): BuyWe recommend a buy in Hindustan Oil Exploration Company stock from a short-term trading perspective. It is apparent from the charts of the company that it was on an intermediate-term downtrend from its August 2008 peak of Rs 144 to its February 2009Source: Business Line - Home Page | 24 Feb 2009 | 12:00 am Fundmen fail to buy India dreamSince there is no significant negativity to India among these market movers, the selling spree has come down considerably over the past month.Source: Daily News & Analysis: Money News | 23 Feb 2009 | 10:50 pm Aircel in $5 billion, 3-yr planAircel launched its services in the Bangalore circle on Monday and is preparing to launch in AP in the next two weeks.Source: Daily News & Analysis: Money News | 23 Feb 2009 | 10:48 pm 'I-Ven very much in control'R Subramanian, MD, Subhiksha Trading Services, clarifies on the ICICI Venture allegations.Source: Daily News & Analysis: Money News | 23 Feb 2009 | 10:47 pm Subhiksha ain't our baby: I-VenWell, with the tide of easy credit and credulous IPO investors gone, retail chain Subhiksha seems to be rising naked from the water.Source: Daily News & Analysis: Money News | 23 Feb 2009 | 10:44 pm Conventional economics won't work in this crisisThe current banking crisis is much more widespread, making it more difficult for the governments to react.Source: Daily News & Analysis: Money News | 23 Feb 2009 | 10:36 pm Sun, Taro chiefs meet for out-of-court settlementSun Pharmaceutical Industries and Israel-based Taro Pharmaceutical have started fresh rounds of negotiations to settle their differences over a takeover by the Indian company out of court.Source: Business Standard | Front Page Headlines | 23 Feb 2009 | 6:59 pm Cabinet holds unscheduled meetingsIn unscheduled meetings, the Union Cabinet and the Cabinet Committee on Economic Affairs (CCEA) today approved record 50-55 proposals over three hours one approval in about every three minutes. Cabinet meetings are usually held every Thursday.Source: Business Standard | Front Page Headlines | 23 Feb 2009 | 6:58 pm Government okays Adani SEZ mergerEffectively lifts 5,000-hectare cap on zone size.Source: Business Standard | Front Page Headlines | 23 Feb 2009 | 6:56 pm
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