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DoT appoints firm for special audit of RCOM; report in 3 monthsNew Delhi: The government has mandated a Jaipur-based accounting firm to conduct the special audit of the accounts of Anil Ambani-promoted telecom firms for alleged evasion of licence fee, in three months of starting work. Parakh and Co. of Jaipur has been engaged to carry out verification of accounts of Reliance Communications, Reliance Telecom and Reliance Communications Infrastructure Ltd, official sources said, adding that the company has been asked to submit the report within three months of its engagement. As per the draft Terms of Reference, the audit firm would look into whether the books of the ADAG companies have been prepared in compliance with the norms for preparing Annual Financial Accounts prescribed under the Licence Agreement for the purpose of paying licence fee. The special audit would go into whether there was any gap between the revenue reported to telecom regulator Trai and to the stock exchanges/Sebi for the year 2007-08, as reported by an equity research organisation. When contacted, RCOM denied any allegation of misreporting of its revenues to the government. RCOM’s payment of licence fees and spectrum charges is based on the revenue arising from businesses covered by the unified access service (UAS) licence. These payments and the revenue calculation are certified by the statutory auditors of RCOM. Reliance Communications is one of the largest private telecom companies offering various types of services including mobile, basic, long-distance and broadband. As per the licensing norms, some services like domestic long-distance attract a lower licence fee compared to mobile services and Reliance has been facing allegations of evading payment of licence fee to the government. The DoT has constituted a six-member committee with senior official P.K. Sinha as chairman to frame the final Terms of Reference for the special audit. As per the draft terms, the accounting firm would also look into whether there is any cross-booking of revenue for the years 2006-07 and 2007-08 from wireless segments into other telecom subsidiaries which are not liable to pay licence fee. The Jaipur-based accounting firm has also been asked to submit a declaration stating that it has no relationship with any telecom firm and other related companies of ADAG. Source: LatestNews-Home - Livemint.com | 1 Mar 2009 | 1:19 pm EC Navin Chawla to stay, Govt rejects CEC’s recommendationNew Delhi: President Pratibha Patil on Sunday rejected the controversial recommendation by chief election commissioner N. Gopalaswami for the removal of election commissioner Navin Chawla, who is now expected to head the poll panel. A Rashtrapati Bhawan communique said the president arrived at a “considered opinion” and accepted the government recommendation for rejection of the CEC’s report on 31 January against Chawla, who has been accused of being biased in favour of the Congress party. The decision came as no surprise since the government had made clear its view that the CEC was not empowered to seek removal of a fellow commissioner except if a Presidential reference was made to him. Gopalaswami’s action had also attracted sharp criticism from legal luminaries although the BJP had strongly supported the move. Chawla, a retired IAS officer, is now expected to succeed Gopalaswami on 1 April when his tenure as CEC ends. The government is expected to name a new election commissioner to succeed Chawla in the three-member Election Commission the other member being another former IAS officer S.Y. Quraishi. The full Election Commission is likely to meet on Monday to finalise the schedule for the coming Lok Sabha polls. The president “after careful consideration of the report of the CEC, the government’s recommendation, constitutional provisions and the Supreme Court judgement, arrived at a considered opinion and has accepted the recommendation of the government,” Rashtrapati Bhawan spokesperson Archana Dutta said. The battle in the Nirvachan Sadan, housing the three-member poll panel, took a new turn on 31 January when Gopalaswami recommended the removal of Chawla on a petition by opposition BJP which had accused him of “partisan” functioning, sparking a furore. Terming the government’s move as “unfortunate”, the BJP on Sunday said the government had taken “a political decision on a strictly constitutional matter.” Chawla, an IAS officer of 1969 batch, was appointed as election commissioner in May 2005 and will serve in the poll panel till 2010. Within days of Gopalaswami’s recommendation, law minister H.R. Bhardwaj had said said that the controversy should not affect Chawla’s career. Hinting that Chawla will be the next CEC, Bhardwaj had said the government had a policy to have the senior most election commissioner as the CEC and “our policy continues to be the same.” The government will begin the process well in time to put in place a new CEC, Bhardwaj had said and made it clear that the name of Gopalaswami’s successor will be cleared before his retirement. If the election schedule is announced in the next couple of days, then Chawla may also preside over most of the phases of the general election if not all. The BJP had alleged that Chawla was close to the Congress. In 2006, Leader of Opposition in the Lok Sabha L.K. Advani and 204 MPs had submitted a petition to then president A.P.J. Abdul Kalam seeking the removal of Chawla as election commissioner. Source: LatestNews-Home - Livemint.com | 1 Mar 2009 | 12:52 pm UK's Brown to discuss "global new deal" with ObamaLONDON (Reuters) - British Prime Minister Gordon Brown will discuss global financial supervision and coordinated measures to support the economy with U.S. President Barack Obama this week.Source: Reuters: Money News | 1 Mar 2009 | 12:33 pm 16 US banks collapse in just two monthsNew York: With the financial meltdown continuing unabated, US has already seen the collapse of 16 banks in the last two months — which is more than one-fourth the total number of failures in the last nine years. With ten bank collapses in February, a total of 68 banks have failed since 2000 in the US. Moreover, 16 bank failures this year is more than half of the total collapses in 2008. Last year, a whopping 25 banks went belly up, mainly after the financial crisis turned severe with the bankruptcy of Lehman Brothers in September. According to the Federal Deposit Insurance Corporation, which is often appointed as the receiver for failed banks, two more entities were closed down on 27 February. With the collapse of Security Savings Bank, Henderson and Heritage Community Bank, Glenwood, the figure has touched 16 so far this year. In January, just six banks had failed. In addition, the failure of ten banks in February, is the highest for any month in the last nine years. As on 5 December, 2008, Heritage Community Bank had assets worth 232.9 million dollars and deposits to the tune of 218.6 million dollars. On the other hand, Security Savings Bank had assets of about 238.3 million dollars and deposits of 175.2 million dollars, as on 31 December. In yet another sign of the deteriorating financial conditions, commercial banks and savings institutions insured by the FDIC reported a net loss of $26.2 billion in the fourth quarter of 2008. It is also the first ever quarterly loss since 1990. Prior to February this year, the largest number of bank failures took place in 2002, when 11 entities went belly up. Four banks were closed down on 13 February alone. The failed entities on that day were Pinnacle Bank of Oregon, Corn Belt Bank and Trust Company, Riverside Bank of the Gulf Coast and Sherman County Bank. Other entities that collapsed this year include Silver Falls Bank, Alliance Bank, National Bank of Commerce, 1st Centennial Bank and Magnet Bank. Despite various initiatives by the Barack Obama administration including the mammoth $787 billion stimulus package, the nation’s financial system continues to be on tenterhooks. Last week, the Federal government stepped into bolster the balance sheet of Citigroup, a third such effort in the last five months. In the last nine years, there were no bank failures in 2005 and 2006. Among the bank failures in 2008, the most notable was the folding up of Washington Mutual, then the country’s largest savings and loan entity. Source: LatestNews-Home - Livemint.com | 1 Mar 2009 | 12:33 pm West Bengal wants land belonging to closed factoriesWest Bengal Chief Minister Buddhadeb Bhattacharjee Sunday accused the central government of not being willing to hand over land belonging to closed factories it owned and help the state government start new industries.Source: IndiaeNews.com: Business News | 1 Mar 2009 | 12:31 pm Worst is over, Q4 growth to be much better: Kamal NathNew Delhi: The worst is over for the Indian economy which has started responding to the government’s different stimulus packages and country’s growth would pick up momentum in the last two months of this fiscal, commerce and industry minister Kamal Nath said. “I believe the worst is over,” Nath said adding that the last two months of the current fiscal would be much better in terms of growth. The Indian economy grew by 5.3% in the third quarter, a low of over five years, against a whopping 8.9% a year ago, as agriculture and manufacturing output contracted. Farm sector contracted by 2.2% while manufacturing shrank by 0.2%. The April-December growth works out to 6.9% against 7.1% shown in the government estimates. Nath said the government is aware of the sluggish growth in the economy during the October-December quarter and that is why it announced the stimulus package. He said the government took steps to address the issue of sluggish growth in the economy more evident in the third quarter. “We were seized...we did not know the figures but certainly we were seized that there is a sharp decline, that is why we did announce a stimulus package,” said Nath adding that the measures have started yeilding results. “If you see January and November figures of auto, cement, steel there is a big jump,” he pointed out. In less then three months since December the government has announced three stimulus packages reducing excise duty, service tax and providing more funds for the infrastructure sector. Export sector employing over 150 million people has taken the worst hit from recession in Europe and the US. After showing an impressive growth in the first half the fiscal, overseas shipments have started contracting from October onward. Source: Home - Livemint.com | 1 Mar 2009 | 12:20 pm SBI Life Insurance launches Smart Ulip productMumbai: SBI Life Insurance Co Ltd, the subsidiary of country’s largest public sector bank launched an innovative unit linked product, Smart Ulip. The Smart Ulip product provides net asset value (NAV) guarantee of the highest of 168 fortnightly NAVs during first seven years or NAV at maturity, whichever is higher. In case of the unfortunate event of the death of the life insured during the policy term, the nominee receives the higher of fund value or sum assured, a company release said. The plan also offers the convenience of a shorter premium paying term allowing customers to pay premium for limited period of either 3 or 5 years and avail tax benefits under seciton 80 C and 10(10 D) of the Income Tax Act. The security of a guaranteed NAV with a relatively short (3/5 year) term of premium payment will help the customer once again to invest with confidence, it added. The introduction of Smart Ulip is a demonstration of SBI Life’s commitment to a customer-centric approach, by offering life insurance solutions appropriate to the times, SBI Life Insurance managing director & CEO U S Roy said. SBI Lifes Smart Ulip works with Flexi Protect Fund and Money Market Fund. Source: LatestNews-Home - Livemint.com | 1 Mar 2009 | 12:17 pm Manufacturing sector growth to grow: CMIE!Growth in the manufacturing sector is expected to pick-up in the second half of the next fiscal on the back of improved economic conditions and recovery, an economic think-tank said in its report.Source: Zee News : Business | 1 Mar 2009 | 12:16 pm Indian ADRs lose nearly $8 bn in Feb; Wipro sheds $1.8 bn!Indian companies trading on American bourses saw their market valuation tumble by about eight billion dollars in February, with IT majors -- Infosys and Wipro -- accouncing for nearly half of the losses.Source: Zee News : Business | 1 Mar 2009 | 12:16 pm BSNL, MTNL`s 3G network not security-compliant: IB!The recently-introduced 3G mobile services of BSNL and MTNL have come under Home Ministry`s scanner, with security agencies asking DoT to tell PSUs to put in place monitoring mechanism to IB`s satisfaction.Source: Zee News : Business | 1 Mar 2009 | 12:16 pm ASEAN leaders address eco crisis!ASEAN leaders were expected to endorse easier monetary policies at its summit on Sunday.Source: Zee News : Business | 1 Mar 2009 | 12:16 pm Indian gaming industry to touch Rs 2,740 cr by 2013!Riding high on the boom in the country`s animation industry, the gaming sector is poised to touch Rs 2,740 crore in 2013, according to a study.Source: Zee News : Business | 1 Mar 2009 | 12:16 pm Top 10 firms lose Rs 21k cr in a month!The country`s top-10 firms lost over Rs 21,000 crore from their market capitalisation in February, with Reliance Industries alone accounting for close to half of the value erosion from the elite club.Source: Zee News : Business | 1 Mar 2009 | 12:16 pm RBI likely to cut key rates by 50 bps in March: Experts!the Reserve Bank may now cut key rates to provide stimulus to the sagging demand as it need not immediately worry about inflation, experts said.Source: Zee News : Business | 1 Mar 2009 | 12:16 pm Dalal Street losing Rs 100 cr every five minutes!After a whopping loss of over Rs 40,00,000 crore in 2008, the stock market is continuing its free-fall and investors have lost an average of Rs 100 crore in every five minutes of trade in first two months of 2009.Source: Zee News : Business | 1 Mar 2009 | 12:16 pm Air India sets up global aviation hub at Frankfurt!Air India will make its first-ever international hub operational at Frankfurt this month-end, launching scissor operations to and from North America with a brand new fleet of Boeing aircraft.Source: Zee News : Business | 1 Mar 2009 | 12:16 pm Delhi`s fiscal health deteriorating: Comptroller and Auditor General!The Comptroller and Auditor General (CAG) has expressed concern over the deteriorating fiscal deficit in Delhi, which has increased to Rs 1,630 crore in the financial year 2007-08 from Rs 410 crore in the previous year.Source: Zee News : Business | 1 Mar 2009 | 12:16 pm IT sector may be significantly hurt by global crisis: SaranNew Delhi: The Indian IT industry is likely to be impacted significantly by the global financial crisis due to the loss of overseas markets as well as protectionist trends, according to PM’s special envoy Shyam Saran. Saran further said that the sector has been focused on the export market so far. It has not looked at the domestic market as a significant business opportunity. “Now could be the time to do this. More competitive conditions in both domestic as well as external markets require Indian industry to be more efficient and productive,” he told at a seminar on ‘GeoPolitical Consequences of Current Financial and Economic Crisis: Implications for India´. This is where the country’s IT industry can play a significant role, but this will require the dynamic sectors of economy, the services and the manufacturing sector, to come together to deliver a major punch, once the global economy settles down into a new and altered landscape, he said. He suggested that there should be a willingness in business and industry to think through and come up with an ambitious and potentially winning strategy. They should seek government support for delivering on such a strategy rather than looking only for short-term relief, added Saran. Sensing opportunity in the global meltdown, Saran said “there is little doubt that for at least the next 3-5 years, if not more, we will find a buyers market in a wide range of sectors due to the global slowdown.” There is already significant excess capacity in capital goods and infrastructure sectors, he said, adding, not only are more economical prices on offer but probably better terms and conditions for technology transfer as well. Recommending that government should focus on infrastructure development, he said, there is a window of opportunity and business to take advantage of these favourable conditions, to accelerate the upgradation of transport networks, build more state of the art airports and seaports, and most of all, solve the power problem once for all. “The civil nuclear agreement is a timely instrument in our hands today,” he said, adding, as investment in the nuclear renaissance in the developed world slows down, India could some source many more high capacity nuclear reactors on the most competitive terms, if it wishes to. The country can leverage its financial credibility in the global market, to raise the funds required, he said. “We have to package and project ourselves as part of the solution to the global economic recession and not as its tragic victim... but we will need to communicate these more effectively to the rest of the world than we have so far,” he said. Source: LatestNews-Home - Livemint.com | 1 Mar 2009 | 12:11 pm Ashok Leyland ties up with BoB - Economic Times
Source: Google News India - Business | 1 Mar 2009 | 12:04 pm Satyam may go to liquidation if auction is delayed: B K ModiNew Delhi: Satyam Computer, the troubled IT firm, will be liquidated if the new government-appointed board does not speed up the process of selling a majority stake to a qualified bidder, NRI industrialist B K Modi warned on Sunday. “Follow (the) company law board and Sebi’s directions as they have cleared the sale of shares in Satyam as a special case to save the company. Talks like fixing a reserve price (as demanded by some) is nothing but tactics to delay,” Modi said from the US. Modi, a potential bidder to buy the company, has been talking to lawyers in the US on the course of litigation relating to Satyam in the North American country. “We are also talking to clients in the USA and in other parts of the world like Malaysia... Most of them are concerned about the future of the company. They have indicated that they will wait till March this year and then decide on whether to remain with Satyam or not,” he said. There is no logic for fixing any reserve price for a company in which things are taking place on a day-to-day basis and the new board has not kept the market posted of the developments, he said, adding if things continue like this, Satyam will go for liquidation. Besides the Modi group, domestic engineering major L&T and the Hinduja group are also interested in acquiring Satyam. A board member of L&T, which has already purchased about a 12% stake in Satyam from the open market, on Saturday said that the company was waiting for the Satyam board’s decision on the pricing mechanism to decide on its next step. According to sources, the Satyam board has taken a decision on the modalities to sell majority stake in the company and is likely to announce the process soon. Modi also endorsed the idea of appointing a Supreme Court judge (either sitting or retired) to oversee the sale process to ensure full transparency. Earlier this month, the Company Law Board allowed Satyam’s government-appointed board to go ahead with a public auction plan to bring in new owners for the company. Source: LatestNews-Home - Livemint.com | 1 Mar 2009 | 12:02 pm HSBC to raise 12 bn pound; bad loans to touch 17 bn poundEurope's largest bank HSBC is likely to unveil a 17 billion pound provision against bad loans, media reports said.Source: Daily News & Analysis: Money News | 1 Mar 2009 | 11:50 am Five going jobless every passing minute this yearWith every one minute ticking on the clock, the companies from across the world are terminating an average of five positions.Source: Daily News & Analysis: Money News | 1 Mar 2009 | 11:47 am StanChart to hire 2,000 professionals in 2009Mumbai: Global Banking giant, Standard Chartered Sunday said it has no plans to freeze hiring in India despite the challenging market conditions and would recruit around 2,000 professionals this year. StanChart had recruited 4,000 people in the last calendar year but has decided to scale down fresh recruitments in the face of financial downturn that has hit its operations globally, StanChart human resources regional head Madhavi Lall told PTI here. “We have not stopped hiring. Although, the number of new recruits may be lower in 2009 as compared to last year, the bank plans to recruit 1,500-2,000 people in the current calendar year,” Lall said. The lender already recruited 110 people in the last two months while it plans to hire 28 more people by July to strengthen its various business divisions, Lall said. “These 28 people will be joining us from IIMs. The bank will go ahead with its hiring plans in the months ahead, which will include campus recruitments,” Lall said. Presently, StanChart has a staff strength of 19,000 in India as against its global headcount of 75,000, Lall said. Out of 19,000 total employees, around 6,500 people operate in StanChart’s retail banking division. StanChart has not seen any alarming trends in its attrition levels in spite of adverse market situations, Lall said. “We have seen an attrition rate of 14% this year as against 17% in the last calander year. This rate is well below the industry average of 20% and is happening mostly in junior levels,” Lall said. Source: LatestNews-Home - Livemint.com | 1 Mar 2009 | 11:46 am Car buyers can expect lower pricesNew Delhi: Missed out on a good car bargain the last time? Wait, there is relief yet. In a stride that could see the price tags of cars coming down, the government is understood to be in discussion with automakers to pass on the entire benefit of the 4% Cenvat cut in December last year, to consumers. The move comes after some auto majors, including the country’s largest carmaker Maruti Suzuki, Hyundai Motor and Toyota Kirloskar, increased their vehicles’ prices in the last two months citing rise in input costs and devaluation of the rupee in the international market. “The Department of Heavy Industries has been asked to see that automobile majors pass on the benefit of the duty cut to consumers,” an official source privy to the recent meeting of the Committee of Secretaries said. Following the excise cut, all vehicle manufacturers had reduced prices, thereby passing on the benefit to consumers. However, after initially passing on the benefit, some of the carmakers, including Maruti Suzuki, Hyundai Motor and Toyota Kirloskar hiked prices by up to Rs10,000, Rs14,636 and Rs25,000, respectively. “The Revenue Department has pointed (out) that the government had cut excise duty with an intention that the benefit will be passed on to consumers. However, (the) auto sector has increased the prices,” the official said. Source: LatestNews-Home - Livemint.com | 1 Mar 2009 | 11:45 am 16 US banks collapse in just two monthsUS has already seen the collapse of 16 banks in the last two months -- which is more than one-fourth the total number of failures in the last 9 years.Source: Daily News & Analysis: Money News | 1 Mar 2009 | 11:44 am Buffett admits to 'dumb' decisions; hints at Indian successorShowering praise on Ajit Jain, Buffett noted that there is no one like him and added that his business is "never the same".Source: Daily News & Analysis: Money News | 1 Mar 2009 | 11:42 am ASEAN leaders say coordinating on financial crisisHUA HIN, Thailand (Reuters) - Southeast Asian leaders said on Sunday they backed stimulus plans, opposed protectionism and would coordinate policies to confront a deepening global financial crisis battering their economies.Source: Reuters: Money News | 1 Mar 2009 | 11:12 am TVS Motor logs 13 percent sales growth in FebruaryTwo-wheeler manufacturer TVS Motor has posted a 13 percent growth in sales in February, selling over 107,300 units as compared to the sales figure of 95,235 units for the corresponding period of the previous year.Source: IndiaeNews.com: Business News | 1 Mar 2009 | 11:02 am 'Treat diamond workers in Gujarat at par with Tatas'The downturn-hit diamond workers in Gujarat should be given financial aid at par with the concessions offered to the Tata Group for its Nano car project, a breakaway faction of the ruling Bharatiya Janata Party (BJP) said Sunday.Source: IndiaeNews.com: Business News | 1 Mar 2009 | 11:00 am Satyam may go to liquidation if auction is delayed: BK ModiSatyam Computer, the troubled IT firm, will be liquidated if the new government-appointed board does not speed up the process of selling a majority stake.Source: Daily News & Analysis: Money News | 1 Mar 2009 | 10:24 am India can influence the US, says PM aideIndia had sent a 'very strong demarche' which led to the US removing India from the mandate of special representative to Afghanistan and Pakistan Richard Holbrooke, according to the prime minister's special envoy on climate change, Shyam Saran.Source: IndiaeNews.com: Business News | 1 Mar 2009 | 10:00 am EU to commit to growth within market rules - draftBRUSSELS (Reuters) - European Union nations will on Sunday commit to doing all they can to spur economic growth within EU single market rules, according to a draft document to be discussed by the bloc's leaders.Source: Reuters: Money News | 1 Mar 2009 | 9:46 am Gujarat aims to make Ahmedabad slum-freeGujarat has launched a massive urban development programme aimed at upgrading infrastructure and building houses for the poor in cities for which funds from a centrally-sponsored scheme will be utilised, officials said.Source: IndiaeNews.com: Business News | 1 Mar 2009 | 9:32 am Project delays prevent over 160,000 job creationsIndia has lost the opportunity of employing more than 160,000 people with 18 major steel, power and auto projects getting delayed over land acquisition and forest and environment clearance issues, says a study by a business chamber.Source: IndiaeNews.com: Business News | 1 Mar 2009 | 9:31 am Dalal Street losing Rs 100 cr every five minutesCumulatively, the total investors' wealth has got eroded by about Rs 2,82,000 crore so far this year.Source: Daily News & Analysis: Money News | 1 Mar 2009 | 9:30 am Railways to increase production capacity of coachesNew Delhi: Following its record turnover, Railways have now decided to increase the installed and production capacity of coaches, wagons and locomotive manufacturing units with emphasis on modernisation. Capacity augmentation would be carried out matching the projected requirement in the coming years, a senior railway ministry official told PTI. “While the production of both Integral Coach Factory, Chennai and Rail Coach Factory in Kapurthala would be raised from 1000 coaches to 1500 coaches per annum, production of locomotive units would also be raised,” he said. “Installed capacity of Chittaranjan Locomotive Works and Diesel Locomotive Works would be pushed up from 150 locomotives each to 200 locomotives each per annum,” he added. The move follows even as the Government has decided to set up greenfield locomotive manufacturing units in Marhowra for diesel locomotive and Madhepura for electric locomotive. Commissioning of these units is, however, expected to take some time. Railways have now decided to execute the projects alone instead of taking the PPP mode due to lack of response from private players. It will procure 800 electric locomotives of 12,000 HP each and 1000 diesel locomotives of 4500 to 6000 HP each from these factories over a period of 10 years after commissioning. Railways have also decided to ramp up production capacities of rail workshops for wagon manufacturing, reflecting railways increased focus on freight revenue growth. Statistics reveal that during the eleventh five year plan, the PSU behemoth has set a target of producing over 62,000 wagons and about 17,500 coaches. Besides, it has targeted to roll out 1800 electric locomotives and as many diesel engines during this period. Source: LatestNews-Home - Livemint.com | 1 Mar 2009 | 9:30 am CII advocates industry status for realty sectorThe Indian realty sector should be accorded an 'industry status' and the integrated township development activity an 'infrastructure status', the Confederation of Indian Industry (CII) has said in a report submitted to the government.Source: IndiaeNews.com: Business News | 1 Mar 2009 | 9:00 am ArcelorMittal offered over 1,000 acres for Jharkhand plantNew Delhi: Arcelor Mittal has made a headway for its proposed $10-billion steel project in Jharkhand as the state government has offered over 1,000 acres of land for its plant. The development comes at a time when the world’s largest steel producer is facing resistance in the acquisition of private land from local villagers in the state. “We have been offered by the government of Jharkhand a little over 1,000 acres (of government land) for our proposed integrated steel plant,” ArcelorMittal India CEO Vijay Bhatnagar told PTI. The company has been asked to deposit Rs12.5 crore, which is 80% of the land value, with the state government, he added. In all, ArcelorMittal would require 11,300 acres for its proposed steel plant and township in Torpa-Kamdara blocks of Khunti and Gumla districts. Of the total land requisitioned by the company, 1,900 acres is owned by the government. Asked if the company plans to cut down its first phase of production to three million tonnes as it would require less land, Bhatnagar said this will not be possible as surveys and DPR have been undertaken on the basis of the envisaged output of six million tonnes in each of the two phases. Hit by the global economic slowdown and delays in securing raw material resources and land, ArecelorMittal sees its $20 billion India projects overshoot the 2012 deadline by nearly two years. “We can see (the projects) being delayed by at least two years because of the global financial crisis and delays in securing mining rights, land and other regulatory approvals,” Bhatnagar said. The company was earlier planning to start each of its 12 million tonnes integrated steel plants in Jharkhand and Orissa by the first half of 2009 and complete the same by 2012. For its Jharkhand project, ArcelorMittal had inked a memorandum of understanding with the state government in 2005, while for Orissa it had done it a year later. Source: Home - Livemint.com | 1 Mar 2009 | 8:31 am TVS says Feb two-wheeler sales up 13 pctMUMBAI (Reuters) - TVS Motor Co said on Sunday its two-wheeler sales for February rose 13 percent to 107,301 units from 95,235 units in the same period last year.Source: Reuters: Money News | 1 Mar 2009 | 8:10 am Obama taps Kansas governor for health secretaryWashington: US president Barack Obama on Saturday tapped Kansas governor Kathleen Sebelius to be his health secretary to carry out his ambitious healthcare reform program, the White House said. A senior administration official told AFP that Sebelius has accepted the offer to serve as secretary of health and human services, a position Obama had first offered to former Senate Democratic leader Tom Daschle, who withdrew over tax questions. Obama will make the announcement Monday at the White House, the official said. The 60-year-old governor, a rising star of the Democratic Party, was an early supporter of Obama’s presidential bid. She was also said to be in the running for vice president. She served as Kansas insurance commissioner for nearly a decade before taking office as governor in 2003. She is currently serving her second term. Her nomination came just days after Obama unveiled his budget for 2010, in which he allocated $634 billion over 10 years to finance reforms to make health coverage more affordable and move the country toward universal coverage. Obama is to hold a bipartisan summit on Thursday for policymakers and legislators to discuss reforms to repair the nation’s ailing healthcare system. Daschle withdrew his nomination in early February after revealing that he had failed to pay some $140,000 in back taxes and interest An early supporter of Obama’s presidential bid, Sebelius had been discussed for a slew of positions, from cabinet posts to vice president. As health secretary, her first foray onto the national stage, she will be charged with shepherding healthcare reform legislation through Congress, in line with Obama’s campaign vow to revamp the US medical system and help over 45 million Americans lacking health insurance. Her nomination came just days after Obama unveiled his budget for 2010, in which he allocated $634 billion over 10 years to health care reform. Obama on Thursday will hold a bipartisan summit to discuss how the improve the healthcare system. Sebelius’ father was an Ohio governor and her father-in-law was a Republican lawmaker from Kansas. As insurance commissioner, she blocked the sale of a state private insurance program to a for-profit group in an effort to prevent rates from rising. She also helped draft a national bill of rights plan for patients. “We know that we’re stronger as a nation when our people have access to the highest quality, most affordable healthcare, when our businesses can compete in the global marketplace without the burden of rising healthcare costs here at home,” Sebelius said in January 2008. Source: LatestNews-Home - Livemint.com | 1 Mar 2009 | 8:02 am D-Street may start on positive note this week: Analysts - Economic Times
Source: Google News India - Business | 1 Mar 2009 | 7:21 am Tradition making comeback in Indian home decorHow about a slice of Lord Krishna's Vrindavan or a touch of the Buckingham Palace in your living room? The decor in high-end Indian homes across metros, especially in the capital, is going back to tradition after years of dabbling in the utility and Spartan chic of contemporary West.Source: IndiaeNews.com: Business News | 1 Mar 2009 | 7:01 am Tough life ahead for life insurers in 2009After growing at a break-neck speed in the past eight years, India's private life insurers are likely to face a tough time in the coming two years thanks to the weak stock markets and the global economic slowdown, say experts.Source: IndiaeNews.com: Business News | 1 Mar 2009 | 7:00 am Pre-poll goodies in times of falling GDP growthPrime Minister Manmohan Singh's government was looking forward to a 'Jai Ho' moment with the electorate after the series of poll sops that have just been announced. But the GDP growth data released this week has put a dampener on its hopes as recessionary trends are much stronger than had been envisaged till now.Source: IndiaeNews.com: Business News | 1 Mar 2009 | 6:02 am RBI likely to cut key rates by 50 bps in March: expertsNew Delhi: With the economy growing at a low pace of a little over 5% in October-December period, the lowest in any quarter, the Reserve Bank may now cut key rates to provide stimulus to the sagging demand as it need not immediately worry about inflation, experts said. There is widespread speculation that the RBI would slash benchmark rates by 50 basis points by the end of March as inflation is easing week after week. For the week ended 14 February, the inflation declined to 15-months low of 3.36%. “We expect the RBI to cut the reverse repo and repo rates by 50 basis points each before end-March,” said Goldman Sachs economist Tushar Poddar. Echoing similar view, Crisil principal economist D K Joshi, RBI could cut policy rates by 50 basis points in the near term. Short term lending (repo) rate currently stands at 5.5% while short-term borrowing (reverse repo) rate is pegged at 4%. Nomura economist Sonal Varma said, the central bank might cut both the repo and reverse repo rates by 50 basis points any time between now and the end of March, and by a further 100 basis points by mid-2009. According to HDFC Bank economist Jyotinder Kaur RBI might act pretty soon and slash policy rates by 50 basis points each. On the rate cut global financial services firm Citigroup also said that it expects an additional 100 to 150 basis points of easing by the Reserve Bank. “With incremental macro data likely to remain weak, limited fiscal maneuverability and benign wholesale inflation, we maintain our view that the onus of stemming the deceleration in growth will remain on monetary policy,” it said in a report. Commerce and industry minister Kamal Nath had said yesterday “I think now with inflation close to 3%, the RBI will and should look at more incisive methods to stimulate the economy which does include a cut in interest rates because its not mainly the question of liquidity there has to be increased lending.” Replying to the interim Budget 2009-10 in Rajya Sabha, finance minister Pranab Mukherjee had said, “I am fully concerned that increased public spending may put pressure on government’s borrowing programme and overall credit offtake in the economy.” “There is, however, scope for appropriate compensatory monetary policy options that I am sure will be exercised by the RBI at the right time.” According to ICICI bank managing director K V Kamath “clearly there is a downward pressure on interest rates. There is further scope for rate cut.” “In the near term, mortgage rates will come down to single digit... some of them already are”, he had said last week. Source: Home - Livemint.com | 1 Mar 2009 | 5:47 am Govt expects 7 pc growth in FY'09, financial firms disagree - Times of India
Source: Google News India - Business | 1 Mar 2009 | 5:28 am Govt offers half-baked cake to CLB on Maytas board takeover - Economic Times
Source: Google News India - Business | 1 Mar 2009 | 5:28 am Asean suffers blow on human rightsThailand: Southeast Asian leaders wrap up a summit Sunday, they hoped would highlight their championship of human rights, but instead suffered a setback when military-ruled Myanmar and Cambodia refused to talk to two pro-democracy activists. The prominent activists were barred from a meeting Saturday on human rights in the region, after the leaders of the two countries threatened to walk out. The activists had been selected as delegates for their countries. The two-day summit of the 10-nation bloc ends Sunday with a general declaration and a separate document on the region’s economy as it faces the global financial crisis. US deputy assistant secretary of state Scot Marciel called Saturday’s incident “unfortunate,” and human rights advocates said it again proved Myanmar, also known as Burma, would continue to hamstring the Association of Southeast Asian Nations if it remained a member. Asean, which encompasses a region of more than 500 million people, includes two communist regimes, two constitutional monarchies, a military dictatorship and fledgling democracies. The meeting went ahead without the two pro-democracy delegates, Khin Ohnmar, a prominent Myanmar activist awarded Sweden’s Anna Lindh human rights prize last year, and Pen Somony from the Cambodia Volunteers for Civil Society. The incident clearly displeased the host organizers, but Thai prime minister Abhisit Vejjajiva did not directly address it in his opening address. He told reporters that Asean would “try to ensure that there is civil society participation” in its future work. “We will take gradual steps and encourage a wider participation,” he said. The summit was intended to focus on measures to confront the global financial crisis as well as economic, political and security integration, but human rights issues took the spotlight. On Friday, delegates lauded a forthcoming Asean human rights body to promote fundamental freedoms as a landmark event in the group’s 42-year history. However, critics noted that the body, expected to begin functioning later this year, would lack power to punish violators such as Myanmar with expulsion or sanctions. “The military regime of Burma is the one who has been sabotaging Asean ever since they joined Asean in 1997,” said Debbie Stothard with the human rights group ALTSEAN-Burma. Asean was also set to endorse an early warning system Sunday to defuse regional conflicts as it seeks to become a European Union-like community by 2015, according to a confidential document obtained by AP. “More efforts are needed in strengthening the existing modes of pacific settlement of disputes to avoid or settle future disputes,” says the final draft of the Asean political-security community blueprint. But officials stressed that numerous stumbling blocks remain to true economic, political and security integration. While Southeast Asia has not seen major conflicts since the Vietnam War era, tensions and confrontations persist. Thailand and Cambodia narrowly avoided a shootout last year in an ongoing dispute over an ancient temple along their common border, and territorial claims remain unresolved in the resource-rich South China Sea. Bloody Muslim insurgencies also plague southern Thailand and the southern Philippines. The summit is the first since the group signed a landmark charter in December making Asean a legal entity and moving it a step closer to its goal of integration. Asean’s 10 members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Source: Home - Livemint.com | 1 Mar 2009 | 4:42 am Sri Lanka should seize LTTE’s ceasefire offer: IndiaNew Delhi: Noting with grave concern the deteriorating humanitarian crisis in Sri Lanka, India Saturday asked Colombo to seize the opportunity provided by LTTE’s ceasefire offer to bring about a pause in hostilities and work for safe passage for trapped civilians. External affairs minister Pranab Mukherjee said India is making arrangements to send an emergency medical unit and medicines to render assistance to internally-displaced persons in northern Sri Lanka. “The government of India views with grave concern the humanitarian concern that is building up with every passing day in Sri Lanka,” Mukherjee said in a statement here. Citing reports which suggest that over 70,000 civilians are trapped in the conflict zone in Sri Lanka, he said there is acute shortage of food, water and medicines and many innocent lives have been lost in the conflict zone. “It is reported that the LTTE has offered a ceasefire. While this may fall short of a declaration of willingness to lay down arms, it is our view that the government of Sri Lanka should seize the opportunity presented by the offer to bring about a pause in the hostilities,” Mukherjee said. “The government of India would, therefore, appeal to the government of Sri Lanka to immediately work out safe passage for trapped civilians to secure locations,” he said, adding this would require the cooperation of LTTE. “I sincerely hope that the government of Sri Lanka and all others will respond to this sincere appeal that is made in the interest of all sections of the people of Sri Lanka,“ the external affairs minister said. He said the pause in hostilities must be utilised to facilitate the movement of Tamil population out of the war-affected areas to secure locations. At the secure locations, there should be proper rehabilitation and international aid organisations as also the International Red Cross should have free access and scope to provide medical and other forms of humanitarian aid to the displaced people, Mukherjee said. These steps need to be further followed up by effecting a proper devolution of powers to the provinces, with assurances of equality and equal rights to all citizens, particularly Tamil people, within the constitutional framework of Sri Lanka maintaining its territorial integrity, he said. Source: Home - Livemint.com | 1 Mar 2009 | 4:36 am EXCLUSIVE - AIG near deal on new terms of U.S. bailout - sourceNEW YORK (Reuters) - American International Group Inc is close to a deal with the U.S. government that would ease the terms of its bailout, provide a further equity commitment and help it pay down debt, a person familiar with the matter said on Saturday.Source: Reuters: Money News | 1 Mar 2009 | 3:06 am Hyundai Motor Group to invest $6 bln in 2009SEOUL (Reuters) - South Korea's Hyundai Motor Group plans to invest nearly $6 billion this year, similar to 2008, and will focus on developing environment-friendly cars, as the world's No. 5 carmaker eyes longer-term growth beyond the current crisis.Source: Reuters: Money News | 1 Mar 2009 | 3:01 am Buyers prefer to exchange old gold jewellery for newChennai, Feb. 28 Looks to be barter time for buyers of gold. Consumers, reeling under surging prices of the yellow metal, are exchanging their old jewellery for newSource: Business Line - Home Page | 1 Mar 2009 | 12:00 am Duo of TCS-MMS win Ad Club-BL quiz hands downChennai, Feb. 28 A clinical performance right through by Mr R. Jayakanthan of TCS and Mr Gopal Kidao of Madras Metallurgical Services (MMS) saw the duo win the 11th edition of the Ad Club-Business Line quiz hands down, leadingSource: Business Line - Home Page | 1 Mar 2009 | 12:00 am Govt, RBI sign new deal on market stabilisation schemeNew Delhi, Feb. 28 The Government and the Reserve Bank of India have entered into a memorandum of understanding (MoU) to amend an existing arrangement under the market stabilisation scheme (MSS).Source: Business Line - Home Page | 1 Mar 2009 | 12:00 am Chevron to exit RPL, paving way for mergerMumbai, Feb. 28 American oil major Chevron will exit from Reliance Petroleum (RPL) by selling its five per cent stake to Reliance Industries (RIL) which has a 70.38 per cent stake in the company. In the process, RIL’s stake will be up toSource: Business Line - Home Page | 1 Mar 2009 | 12:00 am General elections spending could provide stimulus to economyThe General Election related expenditure could impart a much-needed spending stimulus of about Rs 15,000-16,000 crore to the economy.Source: Business Line - Home Page | 1 Mar 2009 | 12:00 am Union Bank, PNB cut rates on car, home loansMumbai, Feb. 28 Taking a cue from State Bank of India, Union Bank of India and Punjab National Bank on Saturday announced cuts in interest rates on car loans and home loans with effect from March 1.Source: Business Line - Home Page | 1 Mar 2009 | 12:00 am Weekly News Round-upSoon after the close of market hours on Friday, Reliance Industries and its newly created refining behemoth, Reliance Petroleum threw a surprise, saying their boards would meet on Monday to consider amalgamation of RPL with the parentSource: Business Line - Home Page | 1 Mar 2009 | 12:00 am Indian rupee stays more resilient in 2009Even as the rupee hovers at a new lifetime low of Rs 51.1 to a dollar, did you know that the Indian currency has been among the more resilient in 2009?Source: Business Line - Home Page | 1 Mar 2009 | 12:00 am 2% incentive for garment, leather exports to EU, US from Apr 1New Delhi, Feb. 28 Exports of garments and all leather items to the European Union and the US from April 1 this year will be entitled to a two per cent incentive from the Government.Source: Business Line - Home Page | 1 Mar 2009 | 12:00 am Capitalize on rising gold price - Economic Times
Source: Google News India - Business | 28 Feb 2009 | 11:37 pm Cut has to be deeper, says govtTwo banks lower interest rates as PM's men step up pressure on RBI to get the economy which is slowing down, up and running again.Source: Daily News & Analysis: Money News | 28 Feb 2009 | 10:59 pm Subbarao meets Montek, but keeps mum on rate cut - Indian Express
Source: Google News India - Business | 28 Feb 2009 | 10:20 pm Jet fuel price slashed by 7% - Economic Times
Source: Google News India - Business | 28 Feb 2009 | 10:05 pm Govt announces skill enhancement aid for diamond workers - Times of India
Source: Google News India - Business | 28 Feb 2009 | 7:43 pm UBI lowers auto loan rates - Economic Times
Source: Google News India - Business | 28 Feb 2009 | 7:39 pm Centre floods papers with ads, states followWith general elections round the corner, the United Progressive Alliance (UPA) government has gone on a media blitzkrieg. Several ministries have put out large advertisements in leading newspapers, which talk about their achievements in the last five years.Source: Business Standard | Front Page Headlines | 28 Feb 2009 | 7:21 pm Chinese balm for JLRGets orders worth $850 million spread over 3 years.Source: Business Standard | Front Page Headlines | 28 Feb 2009 | 7:19 pm Competition panel finally gets a headThe government has appointed Dhanendra Kumar, a former officer of the Indian Administrative Services who also served as an executive director of the World Bank, to the post. This move by the Ministry of Corporate Affairs is the first step to make CCI fully functional.Source: Business Standard | Front Page Headlines | 28 Feb 2009 | 7:16 pm Day after RBI's nudge, two banks cut ratesA day after the Reserve Bank of India prodded banks to cut interest rates, two public sector banks have responded. While Union Bank reduced home and car loan rates, Punjab National Bank cut car loan rate.Source: Business Standard | Front Page Headlines | 28 Feb 2009 | 7:15 pm Exporters get breatherThe United States and European Union have been included in the list of export destinations for leather and certain textile items under the market-linked focus product scheme, a key duty-reimbursement tool used by exporters.Source: Business Standard | Front Page Headlines | 28 Feb 2009 | 7:13 pm Exporters get breather - Business Standard
Source: Google News India - Business | 28 Feb 2009 | 6:46 pm Forces at work to delay 3G auction, Sunil Mittal allegesThe 3G auction that was to take place on January 16 has been delayed. Sunil Mittal, Chairman and MD, Bharti Enterprises, termed it as unfortunate. He alleges that there have been forces at work to delay the 3G auction process.Source: Moneycontrol Top Headlines | 28 Feb 2009 | 4:47 pm Britain's HSBC plans $18 bln share sale - sourcesLONDON (Reuters) - Britain's HSBC is set to announce a share sale of up to $18 billion, two sources familiar with the situation said on Saturday, in what could become the country's biggest-ever rights issue.Source: Reuters: Money News | 28 Feb 2009 | 4:15 pm Satyam board finalises sale process details : SourcesCNBCTV18 learns that the Satyam board has finally arrived at a decision on the sale process. The board may not need to meet again to discuss sale process. Lawyers are working on regulatory issues and proposal may soon be sent to the Sebi and the CLB. Details of the Satyam sale process will be made public over the next few days.Source: Moneycontrol Top Headlines | 28 Feb 2009 | 3:35 pm Chennai realty may see drastic price correctionIf you are thinking of buying a home, it may soon be time to celebrate. That\'s because with DLF leading the way, other buildres may also slash prices soon. CNBCTV18 Divya Rajagopal and Sweta Kukreti delves deeper.Source: Moneycontrol Top Headlines | 28 Feb 2009 | 2:37 pm Bidding issue key to retaining Satyams clients: BK ModiBK Modi, Chairman, Spice Group, said Satyam\'s clients may exit if the bidding issue does not get resolved by Marchend. He feels reserve price for Satyam will create controversy. According to Modi, an indicative price is not possible as the extent of Satyams liabilities is not known.Source: Moneycontrol Top Headlines | 28 Feb 2009 | 2:28 pm DLFs attempts to placate buyers failDLF has announced a package for buyers of its Garden City Project in Chennai. This was to prevent a consortium of buyers from pulling out as they are reportedly unhappy with the project\'s delay. CNBCTV18\'s Sunanda Jayaseelan delves deeper.Source: Moneycontrol Top Headlines | 28 Feb 2009 | 2:16 pm See higher revenue post RILRPL merger: Shailesh HaribhaktiThe possible Reliance Industries merger with Reliance Petroleum Limited has created quite a buzz. Reacting to this news, Shailesh Haribhakti, Managing Partner, BDO Haribhakti, said post merger the turnovers would be significantly higher. \"Also, the double tax on dividends will be avoided which could be very significant releasers of share value.\"Source: Moneycontrol Top Headlines | 28 Feb 2009 | 2:00 pm Now, Tata Tele issues windingup notice to SubhikshaThe Subhiksha saga continues. After HUL and HCL Infosystems now Tata Tele has issued a windingup notice to the beleagured retailer. CNBCTV18s Divya Rajagopal and Sandeep Srikanth delve deeper.Source: Moneycontrol Top Headlines | 28 Feb 2009 | 1:59 pm Govt demands complete supercession of Maytas boardThe Maytas Infra matter came up for another hearing and the CLB suggested the appointment of three independent directors and one representative of financial institutions on the board. But the governments is unhappy with the CLBs proposal and they want to complete supercession.Source: Moneycontrol Top Headlines | 28 Feb 2009 | 1:42 pm Maytas Properties\' customers approach CLBFor hundreds of people, owning a home has turned into a nightmare. We are talking about people who have bought flats and villas from Maytas Properties. These customers have now written to the Company Law Board asking that it include them in its decision.Source: Moneycontrol Top Headlines | 28 Feb 2009 | 1:21 pm Titan puts expansion on fast track modeTitan has put its expansion plans on fast track. It\'s looking at opening 50 standalone Fastrack stores across 25 cities. CNBCTV18\'s Sunanda Jayaseelan delves deeper.Source: Moneycontrol Top Headlines | 28 Feb 2009 | 1:18 pm RBI chief meets govt officials before G20NEW DELHI (Reuters) - The Reserve Bank of India (RBI) governor Duvvuri Subbarao met top government officials on Saturday to prepare for the upcoming G20 meeting but said monetary policy was not part of the discussions.Source: Reuters: Money News | 28 Feb 2009 | 1:05 pm
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