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Govt may scrap white sugar import duty: Experts reactThe government is mulling to scrap the 60% import duty on white sugar. Calling the governments intention to scrap import duty on sugar a desperate move, SP Tulsian of sptulsian.com said, \"I do not think it is economical to import sugar even after excluding the import duty.Source: Moneycontrol Top Headlines | 4 Mar 2009 | 4:18 pm Falling Re value adds 2025% to products: Gitanjali GemsMehul Choksi, CMD, Gitanjali Gems, said on an average there is a 2025% value addition to diamond or jewellery products due to the rupee depreciation. \"But on other side, capital requirement also goes up because the whole product is completely dollar funded.\"Source: Moneycontrol Top Headlines | 4 Mar 2009 | 3:20 pm Ashok Leyland Feb sales decline to 3,245 unitsFour Wheelers and Two Wheelers auto companies have announced its February sales numbers. Ashok Leyland February vehicle sales were down at 3,245 units versus 7501 units, YoY. For the same period its exports were down at 576 units versus 677 units, YoY.Source: Moneycontrol Top Headlines | 4 Mar 2009 | 3:02 pm TISCO vs ArcelorMittal, POSCO: An AnalysisValuation wise, POSCO stands out. POSCO trades at about six times FY10 earnings whereas; ArcelorMittal is trading at 4 times FY10 earnings and Tata Steel is trading at about 3 times FY10 earnings in terms of price to earnings multiple.Source: Moneycontrol Top Headlines | 4 Mar 2009 | 2:25 pm Rupee depreciates: Infy, TCS, Wipro gain, HCL Tech losesThe rupee has, for the first time ever, broken the Rs 52 per dollar mark. IT companies like Infosys, TCS, Wipro gain while HCL Tech loses due to currency hedging.Source: Moneycontrol Top Headlines | 4 Mar 2009 | 2:23 pm India pepper futures end up on short-covering - Reuters India
Source: Google News India - Business | 4 Mar 2009 | 12:27 pm Oz economy shrank for first time in 8 yrs!Australia`s economy shrank 0.5 percent in the last quarter of 2008, the government said on Wednesday in an unexpected announcement that suggested the country may be entering a recession.Source: Zee News : Business | 4 Mar 2009 | 12:26 pm Rupee falls to 52 a dollar in early trade!The Indian rupee on Wednesday depreciated marginally to 52 a dollar in early trade taking cues from a mixed trend in other Asian currencies amid some demand for the greenback from importers.Source: Zee News : Business | 4 Mar 2009 | 12:26 pm Obama tries to boost confidence!Wall Street has been hammered so hard that buying stocks is a potentially good deal, said Obama.Source: Zee News : Business | 4 Mar 2009 | 12:26 pm Sensex gains 50 pts in early trade!After sliding for three straight sessions, Sensex rose by nearly 51 points in opening trade today.Source: Zee News : Business | 4 Mar 2009 | 12:26 pm CBI seeks custody Ramalinga Raju, four others!The CBI on Tuesday moved a local court here to seek the custody of tainted Satyam Computer founder B Ramalinga Raju and four others for questioning in connection with the Rs 7,800-crore accounting scam in the IT company.Source: Zee News : Business | 4 Mar 2009 | 12:26 pm Honda Siel Cars to launch Accord V6 next week!Japanese car-maker Honda Siel will launch an advanced version of its premium sedan `Accord V6` in the Indian market next week and it is likely to be priced at about Rs 25 lakh.Source: Zee News : Business | 4 Mar 2009 | 12:26 pm Satyam fraud, Mumbai attacks hit India as outsourcing destination !A downturn in worldwide economy, Satyam`s case and the terrorist attacks in Mumbai and supply chain and shipping cost issues in China are causing US technology companies to pull back from the two traditional outsourcing locations.Source: Zee News : Business | 4 Mar 2009 | 12:26 pm Asian stocks slip on bank fears!Asian stocks edged lower for a fifth day while the US dollar rose to a 3-year high on Wed.Source: Zee News : Business | 4 Mar 2009 | 12:26 pm Central PSUs shed 44,000 staff in 2007-08!Even before the global financial meltdown hit the Indian shores, the central government-owned companies had shed 44,000 employees, says the 48th Public Enterprises Survey 2007-08.Source: Zee News : Business | 4 Mar 2009 | 12:26 pm Rupee rises off record low, mkt wary of RBIMUMBAI (Reuters) - The rupee snapped an eight-day losing streak that had taken it to record lows, rising on Wednesday as the stock market steadied and on expectations the Reserve Bank would intervene if it fell further.Source: Reuters: Money News | 4 Mar 2009 | 12:25 pm ANALYSIS - Obama trade hopes fray under crisis pressureGENEVA (Reuters) - Developing countries have high hopes that President Barack Obama's readiness to work with other nations could clear the way for a deal in the World Trade Organisation's (WTO) long-running Doha trade talks.Source: Reuters: Money News | 4 Mar 2009 | 12:22 pm South Indian Bank's 'Vision 2013' goes uninterrupted - Hindu
Source: Google News India - Business | 4 Mar 2009 | 12:20 pm Audi India sells 113 vehicles in February - Hindu
Source: Google News India - Business | 4 Mar 2009 | 12:20 pm Jindal Steel says gets coal block for CTL projectNEW DELHI (Reuters) - Jindal Steel and Power Ltd on Wednesday said the governemnt has allotted a coal block in Orissa to it for a coal-to-liquid project.Source: Reuters: Money News | 4 Mar 2009 | 12:19 pm India copper futures extend gains on LME stock dip - Reuters India
Source: Google News India - Business | 4 Mar 2009 | 12:19 pm Sensex snaps 3-day losing streak - Economic Times
Source: Google News India - Business | 4 Mar 2009 | 12:17 pm Tata presents Nano Europa at GenevaOn March 3, 2009, Tata Motors presented the Tata Nano Europa at the 79th Geneva Motor Show. The Nano Europa is intended for a future launch in select international markets.Source: Moneycontrol Top Headlines | 4 Mar 2009 | 12:16 pm IIM-B grads find happy landing in pharma, FMCGBangalore: Global banking and financial firms, once the favourites of management graduates, turned up in fewer numbers at Indian Institute of Management Bangalore for placement but pharma, FMCG, manufacturing and consulting companies lapped them up. “Our placement is almost over and we have not done badly. We did pretty well,” IIM-B Director Pankaj Chandra said here. Financial and banking services giants had been favourites of IIM-B students but the troubled scenario, particularly in the US, has seen a shift as far as placement scene in IIM-B is concerned, IIM-B officials said. “Financial and banking companies were relatively fewer (this year in the placement season)”, Chandra said, but added that students have found placements in sectors like pharmaceutical, manufacturing, FMCG and consulting. “The crucial thing at this juncture is to be able to find appropriate jobs for all our students and that’s our endeavour and in that I hope we will meet the requirement,” Chandra said. IIM-B officials said the premier B-school had invited more companies this time for placement. “The number of jobs that each company is coming with are relatively fewer this year,” Chandra added. Source: LatestNews-Home - Livemint.com | 4 Mar 2009 | 12:12 pm India rate swaps near 2-mth highs as rate hopes dim - Reuters India
Source: Google News India - Business | 4 Mar 2009 | 12:10 pm About 8.3 mln US mortgage borrowers are underwaterNEW YORK (Reuters) - One in five U.S. homeowners with mortgages owe more to their lenders than their homes are worth, and the rate will increase as housing prices drop in states that have so far avoided the worst of the crisis, a new study shows.Source: Reuters: Money News | 4 Mar 2009 | 12:08 pm Microsoft to layoff H-1B visa holdersWashington: Observing that the H-1B work visa programme helps hire the best available talent of the world, American software giant Microsoft has said H-1B visa holders has contributed significantly to its success. However, the company, which had recently announced to lay off some 5,000 jobs in the next 18 months, would be handing over pink slips to H-1B visa holders too. Microsoft’s observation on H-1B visas and their significant contribution to its success was made by the company in a letter to Senator Charles Grassley. H1-B employees have always accounted for less than 15% of Microsoft’s US workforce, the level that is used in immigration law to determine whether a company is “H-1B dependent,” the letter said. The Senator in a letter dated 22 January had sought information from Microsoft particularly about how its plan to fire 5,000 people would affect US workers and non-US citizens working for Microsoft. The Microsoft letter dated 3 March written by Bradford L Smith, its general counsel, has been posted on its website http://microsoftontheissues.com. Source: World Business - Livemint.com | 4 Mar 2009 | 12:04 pm Microsoft to layoff H-1B visa holdersWashington: Observing that the H-1B work visa programme helps hire the best available talent of the world, American software giant Microsoft has said H-1B visa holders has contributed significantly to its success. However, the company, which had recently announced to lay off some 5,000 jobs in the next 18 months, would be handing over pink slips to H-1B visa holders too. Microsoft’s observation on H-1B visas and their significant contribution to its success was made by the company in a letter to Senator Charles Grassley. H1-B employees have always accounted for less than 15% of Microsoft’s US workforce, the level that is used in immigration law to determine whether a company is “H-1B dependent,” the letter said. The Senator in a letter dated 22 January had sought information from Microsoft particularly about how its plan to fire 5,000 people would affect US workers and non-US citizens working for Microsoft. The Microsoft letter dated 3 March written by Bradford L Smith, its general counsel, has been posted on its website http://microsoftontheissues.com. Source: Home - Livemint.com | 4 Mar 2009 | 12:04 pm Tata Communications ties up with Polish telecom firmTata communications has signed an agreement with Poland-based mobile phone operator Play to route the latter's entire international call traffic, it was announced Wednesday.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 12:01 pm Fletcher tells Flintoff and Pietersen to avoid IPLLondon: Andrew Flintoff and Kevin Pietersen have been warned they risk becoming “sitting ducks” for terrorists if they play in the Indian Premier League (IPL) in the wake of the attack on the Sri Lankan team in Pakistan. Former England coach Duncan Fletcher has warned English cricket’s biggest names that, based on his experience, some types of terrorist attacks are easier to carry out in India than in Pakistan. Writing in Wednesday’s Guardian, Fletcher recalled how the England tour party he took to Pakistan in 2005/06 had been criticised for the “presidential” level of security surrounding their trip, with roads to stadiums cleared and lined with armed guards. “It provided some comfort at least,” he wrote. “Nothing is 100% but you sure as he’ll want that percentage to be as high as possible in your favour. “India is different. The traffic is often so bad in the big cities where a lot of the cricket is played that the coach can move along only slowly at times, which turns it into a sitting duck for terrorists. Fletcher added: “There is nothing stopping a tuk-tuk pulling up alongside and detonating a bomb. I would be very nervous because that kind of attack is much easier to carry out in India — and these guys can attack when they like.” Pietersen and Flintoff are among 11 English players bought at last month’s IPL auction. Even before the Pakistan attack, Flintoff’s participation had been in doubt because of a hip injury and no England players will be able to take part if — as is being considered — the tournament is delayed. IPL bosses are reviewing alternative dates after the Indian government said it would be difficult to ensure adequate security for the tournament because it overlaps with elections due to take place in April and May. Source: Home - Livemint.com | 4 Mar 2009 | 11:59 am ICICI Bank adds 34 lakh shares in OI - Moneycontrol.com
Source: Google News India - Business | 4 Mar 2009 | 11:55 am BSE Sensex ekes out rise; ICICI dives 4 pctMUMBAI (Reuters) - The BSE Sensex snapped a three-day slide and eked out modest gains on Wednesday as sporadic buying emerged a day after the market slid to its lowest close in more than three years.Source: Reuters: Money News | 4 Mar 2009 | 11:52 am China joins India in opposing protectionismNew Delhi: China on Wednesday joined India in opposing protectionism, saying it is detrimental to the “recovery and growth ” of global economy which is going through a very difficult phase. “China is firmly opposing trade protectionism because such a policy is harmful to the recovery and growth of world economy,” Chinese Ambassador Zhang Yan said here. He said as a responsible member of the World Trade Organisation, China will continue to stand by the principle of free trade and oppose any form of trade protectionism. The Chinese envoy’s comments came a day after India said protectionist steps by developed nations would complicate the global financial crisis. As the US moves towards eliminating tax benefits for American firms outsourcing jobs to foreign countries, Finance Minister Pranab Mukherjee had said developed countries should not resort to protectionism to overcome the financial crisis. “Any sort of protectionism will complicate the problem instead of resolving it,” Mukherjee said on Tuesday. Favouring deeper cooperation between China and India in dealing with the financial downturn, the Chinese Ambassador said both countries must guard against protectionism. “In the G-20 summit in Washington last November, our leaders committed themselves to not adopting measures of trade protectionism,” he added. “China and India should work hand in hand in a cooperative manner, instead of resorting to protectionism,” Yan said addressing a conference organised by the CII. On 26 February, US President Barack Obama in his maiden budget speech said his administration would do away with tax breaks for firms outsourcing jobs to overseas destinations, including India. At the same time, the US administration would be providing tax relief to 95% of American working families. Nearly 1,000 US firms, which have shipped their jobs overseas, are expected to be affected by the proposed elimination of tax incentives. India has been saying that during the time of crisis developed economies must ensure that there is no hindrance in the flow of investments to developing countries. The US on 15 November 2008, hosted the first G-20 economic conference, which deliberated on the ways to overcome the financial crisis. The next G-20 summit will be held on 2 April in London. The Chinese envoy said that as result of the downturn in the economy, China’s export has notably shrunk as about 670,000 small-scale export oriented enterprises have been shut down and 6.7 million jobs have “evaporated”. Source: LatestNews-Home - Livemint.com | 4 Mar 2009 | 11:50 am Cement prices up 4%; Q4 margins to be lower YoY: Shree CemHM Bangur, MD of Shree Cements said cement prices have increased across the board. The prices are up 4% and are at par with inflation, he said. I expect fourthquarter margins to be lower on yearonyear basis and see a 7.5% despatch growth this year, Bangur said.Source: Moneycontrol Top Headlines | 4 Mar 2009 | 11:48 am Turner, Warner Bros to launch new TV channel in IndiaNEW DELHI (Reuters) - Turner International, a unit of Time Warner Inc, will launch a new entertainment channel in India along with Warner Bros, but sees lower revenue growth in its top Asian market due to a slowing economy.Source: Reuters: Money News | 4 Mar 2009 | 11:45 am President appoints Navin Chawla as next CECNew Delhi: Election Commissioner Navin Chawla will take over as the next Chief Election Commissioner (CEC) on 20 April, succeeding N. Gopalaswami who will retire on that day. Chawla, an IAS officer of the 1969 batch, will hold charge till 29 July, 2010 when he will attain the age of 65 years. “The President has approved the appointment of Navin Chawla as the Chief Election Commissioner with effect from 20 April on completion of the tenure of N. Gopalaswami,” a Rashtrapati Bhavan communique said. Chawla, who will be taking over in the midst of the five-phased Lok Sabha elections, will oversee four phases of the polls. The elevation of Chawla, who was appointed as Election Commissioner on 13 May,2005, comes after a controversy triggered by Gopalaswami’s recommendation to the President for his removal from office for alleged ‘partisan’ functioning. Source: LatestNews-Home - Livemint.com | 4 Mar 2009 | 11:43 am May raises IPL security concerns, wants independent assessmentMelbourne: Tim May, chief executive of the Federation of International Cricketers’ Associations, has written to IPL organisers expressing his concern over the event and demanding involvement of player representatives in security assessment in the wake of the Lahore terror attack. “We have written to the Indian Premier League on behalf of our members requesting an ability for player representatives to be involved in the evaluation and construction of security for the event,” May said today. He added that a number of players have expressed concern over travelling to India for the IPL and would like an independent security assessment prior to the tournament. “An increasing number of players have expressed a desire for an independent level of comfort surrounding security arrangements for this event,” he was quoted as saying by ‘Super Sport´. May said he has had a meeting with ICC officials last week wherein he had raised a number of security concerns following a survey conducted into player safety. Source: Home - Livemint.com | 4 Mar 2009 | 11:41 am Tata Steel bags Golden Peacock Award for CSR - Indopia
Source: Google News India - Business | 4 Mar 2009 | 11:33 am SBI launches first 'cash factory' in LucknowIndia's largest lender State Bank of India (SBI) Wednesday launched its first Currency Administration Branch (CAB), an exclusive branch to handle currency notes, here.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 11:30 am RBI should do more on rupee - FX panellistMUMBAI (Reuters) - The Reserve Bank of India should sell more of its dollar reserves and buy government bonds to support the rupee, which has fallen to record lows, a member of the Reserve Bank's 2006 convertibility panel said on Wednesday.Source: Reuters: Money News | 4 Mar 2009 | 11:29 am Turner, Warner Bros to launch new TV channel in IndiaNew Delhi: Turner International, a unit of Time Warner Inc, will launch a new entertainment channel in India along with Warner Bros, but sees lower revenue growth in its top Asian market due to a slowing economy. The new channel, called WB, goes live on 15 March and will show Hollywood movies and television series. Steve Marcopoto, president of Turner’s Asia-Pacific unit, said the company expected “strong single-digit” expansion in revenue from the Indian market in 2009, compared with “high teens” recorded last year, as firms cut advertising budgets. He said Turner’s performance in other regional markets could be even worse, with some flat or contracting. “In some markets, they say flat is the new up,” Marcopoto said. “We are also happy to say that India is proving to be one of the more resilient economies.” India is Turner’s top market in the Asia-Pacific region, where it operates Cartoon Network, Pogo kids’ channel, HBO and recently launched a Hindi entertainment channel, REAL, in partnership with an Indian firm. It also collaborates with Indian firm Global Broadcast News Ltd in the CNN-IBN news channel, and has a minority stake in Indian production firm Miditech Pvt Ltd for regional-language general entertainment channels. Source: LatestNews-Home - Livemint.com | 4 Mar 2009 | 11:29 am Moody's downgrades Tata SteelGlobal rating agency Moody's on Wednesday downgraded its credit rating on Tata Steel due to the firm's deteriorating operating performance.Source: Daily News & Analysis: Money News | 4 Mar 2009 | 11:16 am Singapore firm predominant in India’s FDI clearanceNew Delhi: The Government has cleared 29 FDI proposals worth Rs616 crore, more than half of which will be brought in by AAPC of Singapore in the hotel business in India. AAPC Singapore Pte Ltd will invest Rs365.78 crore in an Indian company for constructing and managing low-budget hotels as per the proposals cleared on the recommendation of the Foreign Investment Promotion Board (FIPB). However, the government has deferred as many as 19 proposals including those of Hiranandani Realtors, Yamaha Motor India, BNP Paribas Securities Services and Quippo Telecom. It also rejected a proposal by ICP Investments (Mauritius) Ltd. Besides AAPC, a proposal by cargo-handling company ABG Bulk Handling was approved, involving FDI of Rs90 crore for making downstream investment. India’s first regulated entertainment venture fund Cinema Capital Ventures Fund will bring in Rs50 crore for investment in the fund. Global telecom leader Telcordia Technologies of USA will invest Rs45 crore in buying equity in Indian companies to carry out mobile number portability solutions. Furniture design company Poltrona Frau’s proposal for single-brand retail trading has also been cleared and it will bring in Rs21.50 crore. Source: LatestNews-Home - Livemint.com | 4 Mar 2009 | 11:14 am US bank nationalisation to have ve effects: Wilbur RossWilbur Ross, Chairman of WL Ross and Company feels that if big commercial banks are nationalised, it would have negative implications. He believes that if a few big commercial banks are nationalised, any big depositor would give first preference to a government owned banks only.Source: Moneycontrol Top Headlines | 4 Mar 2009 | 11:13 am EU ends full-time monitoring of MicrosoftBrussels: Microsoft got a reward for good behavior from European Union regulators on Wednesday when they ended close checks on the company’s compliance with a 2004 antitrust order. The European Commission said it no longer needed a full-time monitoring trustee to make sure Microsoft Corp. was obeying an EU order to share technical information with rivals that would help them make products compatible with Microsoft servers. It said this was “in light of changes in Microsoft’s behavior” and the possibility for rivals to take Microsoft before national courts if it didn’t share information as agreed under a license program. It said it would now rely on technical consultants when necessary. The EU executive appointed computer science professor Neil Barrett in 2005 to assess data provided by Microsoft, documents that he later judged as “unusable” as a manual for software engineers. Microsoft has been working with antitrust regulators and software companies to improve the interoperability information the EU ordered it to share. In 2007, it lost a legal challenge to the EU order where it claimed that regulators had forced it to give intellectual property to rivals. Source: LatestNews-Home - Livemint.com | 4 Mar 2009 | 11:12 am EU ends full-time monitoring of MicrosoftBrussels: Microsoft got a reward for good behavior from European Union regulators on Wednesday when they ended close checks on the company’s compliance with a 2004 antitrust order. The European Commission said it no longer needed a full-time monitoring trustee to make sure Microsoft Corp. was obeying an EU order to share technical information with rivals that would help them make products compatible with Microsoft servers. It said this was “in light of changes in Microsoft’s behavior” and the possibility for rivals to take Microsoft before national courts if it didn’t share information as agreed under a license program. It said it would now rely on technical consultants when necessary. The EU executive appointed computer science professor Neil Barrett in 2005 to assess data provided by Microsoft, documents that he later judged as “unusable” as a manual for software engineers. Microsoft has been working with antitrust regulators and software companies to improve the interoperability information the EU ordered it to share. In 2007, it lost a legal challenge to the EU order where it claimed that regulators had forced it to give intellectual property to rivals. Source: Tech News - Livemint.com | 4 Mar 2009 | 11:12 am Now, H-1B visa holders to get pink slips at MicrosoftMicrosoft, in a letter to senator Charles Grassley, has said the H-1B work visa programme helped hire the best available talent of the world.Source: Daily News & Analysis: Money News | 4 Mar 2009 | 11:12 am Slowdown woes: Hexaware cuts employees\' salariesIT firm Hexaware has said it will put 350 employees on virtual bench and pay them 50% of their basic salaries. A virtual bench means the employee is forced to take a break during which he/she will receive the predecided salary. The employee may be asked to return if things at the company improve.Source: Moneycontrol Top Headlines | 4 Mar 2009 | 11:08 am Bangalore software firm opens subsidiary in DubaiThe city-based IT solutions firm Sonata Software has set up a wholly-owned subsidiary at Dubai Internet City in the United Arab Emirates (UAE) as its regional hub for expanding its presence in the Middle East and Africa, the company said Wednesday.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 11:00 am Volatile trade on markets, Sensex inches up 20 pointsIndian equities closed marginally in the green Wednesday after alternate buying and selling led a key index to hover around the dotted line.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 11:00 am Audi India sells 113 vehicles in FebruaryDespite the auto industry facing the brunt of a slowing economy, the high-end segment seems to have weathered the storm with luxury carmaker Audi reporting a considerable increase in their monthly sales for the second consecutive month.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 11:00 am Govt allots coal block in orissa to Jindal Steel & Power - India Infoline.com
Source: Google News India - Business | 4 Mar 2009 | 10:57 am Moody’s downgrades Tata SteelNew Delhi: Global rating agency Moody’s downgraded its credit rating on Tata Steel due to the firm’s deteriorating operating performance and warned of further downgrade in the wake of continuing demand and pricing slump in the industry. The corporate family rating of Tata Steel has been downgraded to Ba2 from Ba1, Moody’s Investors Service said in a statement adding that the rating remains on review for possible further downgrade. “The rating action reflects the deteriorating operating performance of the company, as a result of the dramatic reversal apparent in steel industry dynamics following, in turn, a sharp fall in demand and prices,” Moody’s analyst Ivan Palacios said. Palacios further said: “The weakening in Tata Steel’s operating performance has impacted its financial strength, and its credit metrics are expected to deteriorate beyond the comfort levels anticipated at the time of the completion of its acquisition of Corus in 2007.” A spokesperson for Tata Steel declined to comment on Moody’s action. Further review of the company’s credit profile, Moody’s said that it would focus on the plan to resolve expected covenant compliance issues at Tata Steel-UK, the impact of a possible worsening in the operating environment on the group’s financial profile and the assessment of Tata Steel India’s ability and willingness to support Tata Steel-UK, if required. Tata Steel-UK (formerly known as Corus) has the greatest negative impact on its financials and could require support in the form of an equity injection from Tata Steel-India, Moody’s said. Moody’s believes that Tata Steel-India’s operations, which have enjoyed low costs and high margins, are not immune to the challenging nature of the market environment. During October-December, 2008 (Q3), Tata Steel India’s EBITDA dropped by around 57% from Q2 to $306 million. Source: Home - Livemint.com | 4 Mar 2009 | 10:56 am India among world’s attractive destinations: WEFGeneva: India has moved up three places on the list of the world’s attractive destinations, but is still at a low of 62nd position in the global ranking, which is topped by Switzerland, according to a report released by the World Economic Forum on Wednesday. Switzerland is followed by Austria, Germany, France and Canada in the top five of the annual ‘Travel & Tourism Competitiveness Report’ for 2009, which features a total of 133 countries. India has moved up from its 65th position last year, but is still below its neighbour China, which has moved up to 43rd place from 52nd in 2008. “India is ranked 11th in the (Asia-Pacific) region and 62nd overall, up three places since last year. As with China, India is well assessed for its natural resources (ranked 14th) and cultural resources (24th), with many World Heritage sites, both natural and cultural, rich fauna, and strong creative industries in the country,” WEF said. The country also has quite a good air transport network, particularly given the country’s stage of development, and a reasonable ground transport infrastructure, it added. However, some aspects of its tourism infrastructure remains somewhat underdeveloped (ranked 73rd), with very few hotel rooms per capita by international comparison and low ATM penetration. “... despite government and industry efforts to promote the country abroad (India is ranked first with regard to tourism fair attendance) and the exposure given to recent promotional campaigns, the assessment of marketing and branding to attract tourists remains average (ranked 53rd),“ The WEF report states. “Another area of concern is the policy environment, ranked 108th, with much time and cost for starting a business, bilateral Air Service Agreements that are not assessed as open and visas required for most visitors,” the report noted. The rankings are based on the Travel and Tourism Competitiveness Index (TTCI), which measures the different regulatory and business-related issues that have been identified as levers for improving travel and tourism competitiveness in countries. Other nations in the top 10 are Spain (6), Sweden (7), US (8), Australia (9) and Singapore (10). Last year, a total of 130 countries were surveyed by the WEF. The TTCI was developed in collaboration with the Forum’s Strategic Design Partner Booz & Company Data Partners Deloitte, the International Air Transport Association, the International Union for Conservation of Nature, the World Tourism Organisation and the World Travel & Tourism Council. Source: LatestNews-Home - Livemint.com | 4 Mar 2009 | 10:53 am See 5% price cut as worstcase scenario: WiproGirish Paranjpe, ED Joint CEO, Wipro IT Business, commenting on the concerns on job cuts in the IT sector said layoffs are being used to trim operating costs. Paranjpe further said, We dont have enormous headspace to cut prices. He sees a 5% cut in prices as a worst case scenario.Source: Moneycontrol Top Headlines | 4 Mar 2009 | 10:50 am Close: Markets fall flat on grim outlook, ICICI nears 4-yr lowNew Delhi: Markets lacked direction on Thursday on worries of recession in major economies, weakening rupee against dollar and slow GDP rate. The Bombay Stock Exchange ended the day flat after domestic or international market sentiments failed to boost the index. Markets today also had a flat start but on the green side as Sensex made some recovery from the previous low session. But with mixed cues from Asian markets and fresh selling pressure by foreign investors, domestic indices plunged into volatile session. Significant buying was seen among the metal, oil and gas, auto, IT and PSU sectors but with worldwide confusion over health of financial sectors, banking stocks continued to trade in red. Rebounding from Tuesday’s close - the lowest in three years, the 30-share BSE index lost 19 points today to close at 8,446.49 and 50 share NSE Nifty ended at 2,645.20, 22.80 points down. ICICI Bank shares fell 4.08%, topping among losers on the BSE index. ICICI shares were down to Rs284.30 on concerns that the bank’s Russian assets may be vulnerable as firms there struggle to stay afloat. The stock drop is close to its lowest fall in nearly 4 years. Selling pressure on financial institutions dragged the index as shares of Housing, Development and Finance Corp fell by 3.24% to Rs1,161.60 and State Bank of India by 1.88% to Rs957.55. Reliance Infra regained today to lead the rally by 4.56% to Rs457.60, followed by Grasim Industries Ltd by 3.99% to Rs1,416.40, Tata Consultancy Services Ltd by 3.57% to Rs461.05, Jaiprakash Associates by 3.56% to Rs65.45 and Hindalco by 3.35% to Rs38.55. Auto stocks also advanced on improved sales figure in February 2009. Maruti Suzuki gained by 1.39% to Rs680.95, Tata Motors by 0.81% to Rs143.10 and Mahindra and Mahindra by 0.70% to Rs314.50. Among the global bourses, Asian markets had opened weak but later recovered on news of China likely to provide stimulus - Japan’s Nikkei rose by 0.9% and Hang Seng was up by 2.5%. meanwhile, European markets are trading up by 1% on oil and bank stocks. Source: Home - Livemint.com | 4 Mar 2009 | 10:50 am PE firms may rethink India investment strategy: expertsNew Delhi: Collapse of discount retailer Subhiksha coupled with economic downturn and fear-psychosis created by the Satyam scam is leading private equity investors to rethink their investment strategies in India, mainly in those firms with significant promoter control, experts say. “The Subhiksha incident will make PE firms more cautious on how much of a free hand they allow to a promoter. Some PE funds are concerned that promoters have a wide range of authority in their companies and could look to establish structures that would limit some of this authority,” KPMG head of Private Equity Advisory Group Vikram Utamsingh told the news agency. Meanwhile, SMC Capitals equity head Jagannadham Thunuguntla said success and failure are a part of the PE business. ”This is more true in case of unlisted companies such as Subhiksha as there is no exit option available for private equity investors. All PE investors live with this risk of illiquidity in comparison to listed firm investments,” he said. About Subhiksha, he said its effort to match market value expectations forced them to open 1,100 outlets across India, a move that has created problems for the firm. “This (Subhiksha) definitely raises the issues about the preparedness and scalability of Indian business and can put pressure on PE funds to re-look their investment strategy in India,” Thunuguntla said. Earlier, Subhiksha was doing fine till it had 180 outlets in Chennai and Bangalore region over a period of nine years. In an outlook for the PE space, experts said the combined effect of Subhiksha and Satyam incidence, credit market tightening and cash flow crunch would restrict any big ticket commitments by private equity funds in the coming years. “However, for any cash-rich private equity fund, it is the right time to be opportunistic and buy stakes in quality companies at reasonable valuations,” Thunuguntla added. Meanwhile, as promoters are not showing any intention of reducing the valuation expectations, it is getting difficult for PE investors. In 2008, the total number of PE deals announced stood at 312 with a total announced value of $10.59 billion. In January, the total number of deals announced were 14 worth $202.22 million as against 57 deals amounting to $1.51 billion in same month last year. Most private equity firms have not yet disclosed any significant change in their investment strategies but an official from a leading PE fund said that the bullish phase is over for the country and they expect to generate lower returns in the coming years than the huge gains received in the past. Domestic consumption and infrastructure-related sectors are likely to see maximum PE activity in next 12 months. The growing consumer class is increasing demand in key industries, like hospitality, retail and healthcare delivery. The government is willing to inject money into the infrastructure sector to maintain the momentum, therefore there will continue to be good PE opportunities,“ global consultancy Deloitte said in a report. Meanwhile, KPMG Private Equity Advisory Group Head Vikram Utamsingh said that the PE scene in the country has fundamentally changed not because of Subhiksha or Satyam but because of the economic downturn and the stock market crash. PE firms need to be much more focused on working with their portfolio companies to create value, he added. Source: LatestNews-Home - Livemint.com | 4 Mar 2009 | 10:46 am Tata Steel bags Golden Peacock Award for CSRNew Delhi: Tata Steel, world’s sixth largest steel maker on Wednesday said it has bagged the ‘Golden Peacock’ award for 2009 for its corporate social responsibility initiatives . “The notion of social stewardship is integral to the company’s business endeavours in the areas where it operates. CSR is an integral components of Tata Steel’s business strategy,” the steel maker said in a statement. The Golden Peacock Awards Jury, under the co-chairmanship of former Prime Minister of Sweden Ola Ullsten and former chief justice of India P N Bhagwati, conferred the award to Tata Steel at the 4th Global Conference on Social Responsibility in Vilamoura, Portugal, it said. The award was collected by Corus International Portugal Country Manager Claudia Esteves on behalf of Tata Steel, it added. Source: Home - Livemint.com | 4 Mar 2009 | 10:46 am Singapore firm predominant in India's FDI clearanceThe Government has cleared 29 FDI proposals worth Rs 616 crore, more than half of which will be brought in by AAPC of Singapore in the hotel business in India.Source: Daily News & Analysis: Money News | 4 Mar 2009 | 10:44 am All Virgin Megastores in US to close by summerLos Angeles: After nearly two decades of rocking the music world with a mix of brash stunts and splashy CD releases, the remaining six Virgin Megastores in the United States will shut their doors this summer in another blow to recorded music. The hipster shops received their branding from billionaire founder Sir Richard Branson and remained profitable, but the real estate firms that own the US chain determined they could command higher rent from new tenants. “I’ve been pushing back a little bit on the notion that this is just another casualty of the music industry,” said Simon Wright, the chief executive of Virgin Entertainment Group Inc. A slowing economy took its toll. To buck declining music sales, the chain broadened its offerings in the last few years to apparel, books and electronics. The six remaining stores took in about $170 million in revenue a year, down from the $230 million from 23 stores at its peak in 2002. The lack of expansion plans and a recent decision to close the Times Square location in New York, which had been on track to make $56 million last year until the financial collapse began in September, made supporting the rest of the chain untenable, Wright said. “Our six best stores from a retail point of view are also our six best stores from a real estate point of view,” Wright said. The joint venture of Related Companies and Vornado Realty Trust bought the US chain in 2007, and with sales slowing, the companies figured they can make more money by simply turning the properties over to new tenants, who will likely pay much higher rents than the level locked in for many of the stores in multiyear leases. The 52,000-square-foot Times Square flagship closes in mid-April, to be followed by another New York store and outlets in Los Angeles, San Francisco, Orlando (Florida), and Denver, all by June, Wright said. About 1,000 staff and 60 at the corporate level will be laid off. The first American store opened its doors on Sunset Boulevard in Hollywood in December 1992, but it closed early last year when its lease expired. Music sales have declined nationwide in seven of the last eight years, largely because of illegal file-sharing over the Internet and the tendency to buy individual songs rather than full albums through Apple Inc.’s iTunes and other stores. The Virgin Megastores had often opened with the kind of stunts that made Branson famous. Parachutists descended on a Salt Lake City store opening in 1992. Branson came dressed as the Mad Hatter of Boston when that branch debuted in 2002. And he arrived looking like Guns N’ Roses singer Axl Rose for the megastore that splashed into Hollywood in 2005. The stores also served as a way to break new artists or relaunch established ones. Mariah Carey walked the platinum carpet in Hollywood for the 2005 rerelease of “The Emancipation of Mimi” and singers from Avril Lavigne, Clay Aiken, and Faith Hill have launched albums with signings at various locations with fans sometimes lining up overnight. “People can go online to buy music, but there won’t be any replacement for the events that we held,” Wright said. “Times Square was particularly famous for that.” There remain about 150 Virgin Megastores in the rest of the world, in France, Australia, Japan, and the Middle East. All are owned by local companies with licensing agreements that lead back to Branson. The company is planning a Times Square send-off in the last week of March. Source: LatestNews-Home - Livemint.com | 4 Mar 2009 | 10:38 am Hexaware puts 350 employees on 'virtual bench' - Business Standard
Source: Google News India - Business | 4 Mar 2009 | 10:36 am Tata Steel bags Golden Peacock Award for CSRThe award was collected by Corus International Portugal Country Manager Claudia Esteves on behalf of Tata Steel.Source: Daily News & Analysis: Money News | 4 Mar 2009 | 10:36 am J&K committed to opening more trade routes across LoC: OmarJammu: The Jammu and Kashmir government is committed to work with the Central government to open more trade routes across the Line of Control (LoC), chief minister Omar Abdullah said Wednesday. He said his government wants to facilitate more meaningful trade between the two parts of the state by providing effective banking links, simplifying the procedures and easing restrictions on the movement of men and material. However, opening up of more routes across the LoC will become possible only after the two countries sign an enabling agreement, Abdullah told the state legislative assembly in a written reply to a question by Nazir Gurezi of the National Conference (NC). He said in pursuance of decisions taken in the round table conference convened by Prime Minister Manmohan Singh, a working group on “strengthening relations across the LoC” was constituted. The working group, among other things, recommended opening of additional routes across the LoC, which includes the Gurez-Astoor-Gilgit road, he said. At present, trade activities and bus services across the LoC have been established via Chakan-da-Bagh in Poonch district and Salamabad in Baramulla district, he said. Source: LatestNews-Home - Livemint.com | 4 Mar 2009 | 10:32 am PE may relook India strategy amid Subhiksha, Satyam: ExpertsEarlier, Subhiksha was doing fine till it had 180 outlets in the Chennai and Bangalore region over a period of nine years.Source: Daily News & Analysis: Money News | 4 Mar 2009 | 10:25 am European shares break losing streakLondon: European equities rebounded early on Wednesday to snap a three-day losing streak as miners and oils gained on firmer commodity prices and banks advanced after recent declines. At 2:35pm, the FTSEurofirst 300 index of top European shares was up 1.6% at 680.42 points. On Tuesday, the benchmark fell 1.9% to the lowest close since the index’s inception in 1997 July. The broader index rose 1.6%, with energy shares topping the gainers list, followed by banks. “The market has been both a financial and emotional rollercoaster over the past fortnight. Investors are scrambling to find an area of support to help justify buying back in,” said Chris Hossain, senior sales manager at ODL Securities. “The banking sector is likely to dictate how markets fare over the coming weeks. Whilst confidence is brittle, market bulls will point to the opinion that much of the dirty linen has been aired.” Among banks, Standard Chartered Bank was up 7.5%, Barclays rose 2.8% and Commerzbank advanced 4.8%. But Credit Agricole fell 2.8% after it posted a fourth-quarter loss that was worse than analysts had forecast as France’s biggest retail bank suffered from writedowns at its Greek and investment banking operations. Adidas shares rose 2.5% after the world’s second-biggest sporting goods maker posted better-than-expected fourth-quarter results. But the company said it expected sales and earnings to fall in 2009. Across Europe, Britain’s FTSE gained 1.7%, Germany’s DAX rose 1.6% and France’s CAC 40 added 1.5%. Lifetime lows The FTSEurofirst 300 hit the lowest point in its near 12-year history on Tuesday, while the STOXX 600 plumbed depths last seen in late 1996. On Wall Street, the S&P 500 .SPX ended below 700 points for the first time since 1996 October. The stock debacle has accompanied a descent of top global economies into recession, and was sparked by a meltdown in US subprime mortgages that drove banks across the world to the brink of collapse. Corporate earnings have taken a hammering. Banks and insurance shares have been the worst hit so far this year, with the DJ Stoxx European banking index and the DJ Stoxx European insurance index down 33 and 35% year to date. Source: Home - Livemint.com | 4 Mar 2009 | 10:11 am Foreign investment proposals worth Rs.6.16 bn clearedA proposal from global hospitality major Accor to set up budget hotels in India is among the 28 foreign direct investment (FDI) proposals worth Rs.6.16 billion (Rs.616.08 crore/$119 million) cleared by the government, an official statement said Wednesday.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 10:01 am Markets close marginally higherIndian equities closed marginally in the green Wednesday, with a key index gaining 0.37 percent.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 10:00 am Asian budget airlines launch price warSingapore: Asian low-cost airlines are offering dirt-cheap tickets to perk up travel during the summer holidays amid the global economic downturn. Singapore-based Tiger Airways, which flies to destinations in Southeast Asia, Australia and China, announced Tuesday it would launch summer fares starting at about $16, including taxes. The carrier, which is 49% owned by Singapore Airlines, said in a statement it would offer its “biggest ever network of seats” and was adding new destinations for its summer schedule from 29 March to 24 October. “Tiger Airways is bucking the global aviation trend,” the airline said, referring to declining passenger numbers for full-service carriers worldwide. Rosalynn Tay, managing director for Tiger Airways Singapore, said the airline would “demonstrate that we will continue to grow our business even in these difficult trading conditions.” Jetstar Asia, another Singapore-based budget airline, said it had extended until 16 August a promotion to beat the cheapest price offered by rivals. Under the promotion, should a traveller find another published online fare cheaper than the lowest available on www.jetstar.com, the airline will beat the price by 10% if the customer makes an instant reservation by phone. “The current economy makes it a tough operating environment where competition will be intense and fares will be under pressure,” Jetstar Asia’s commercial head Leslie Ng said in a statement. “People are going for cheaper fares as they become more cost conscious and want to get value for money deals.” Malaysian budget airline AirAsia also has its “take me away” promotion. Among its offers is a one-way flight from Singapore to Bangkok starting from $43, inclusive of taxes, for travel from 23 March to 11 September, according to its website. Comparatively, a return flight to Bangkok on Singapore Airlines costs $337, inclusive of taxes. AirAsia is also offering a number of tickets starting from 26 cents for travel within Malaysia. Indonesia’s Lion Air is selling a one-way trip from Singapore to Bali for as low as $5.80 for travel from 1 June to 30 September, according to its website. Thailand’s Nok Air is offering one-way fares for as low as 25 cents, excluding taxes and fees, for domestic flights for those travelling from 15 May to 30 September, its website showed. Source: Home - Livemint.com | 4 Mar 2009 | 9:31 am Moody's cuts Tata Steel; review for possible downgradeMoody's Investors Service has today downgraded the corporate family rating of Tata Steel Ltd ("Tata Steel") to Ba2 from Ba1. Moreover, the rating remains on review for possible further downgrade.Source: Reuters: Money News | 4 Mar 2009 | 9:22 am ICICI shares dip on Russian exposure worryMumbai: ICICI Bank shares fell 4% on Wednesday on concerns the bank’s Russian assets may be vulnerable as firms there struggle to stay afloat. ICICI shares were down Rs12.1 at Rs284.30 on the 30-share BSE index that was trading 0.1% down in the afternoon. The stock dropped to just above last October’s low of Rs282.15, a break of which would take it to its lowest in nearly 4-years. “The market is very concerned over the Russian exposure. Investors are expecting sharp write-downs as firms there are failing,” said Amitabh Chakraborty, president for equities at Religare Securities. The stock is down more than a third this year. It tumbled 21.2% in February and has seen more losses in March. Its market capitalization has fallen to below that of smaller private-sector rival HDFC Bank. “There are no losses in Russia,” an ICICI spokesman said, but declined to put a value to the Russian assets. Brokerage CLSA said in a recent note the Russian exposure under ICICI Bank Eurasia was $584 million, consisting largely of loans to customers and placements with banks. The subsidiary was formed in 2005 after the bank bought Russia’s Investitsionno-Kreditny Bank. The Russian operations do not have a meaningful deposit franchise and group companies fund 84% of the liabilities, CLSA said. Last year, the management of NYSE-listed ICICI had to repeatedly assure investors and depositors after its exposure to collapsed Lehman Brothers triggered a slump in its share price. Source: Home - Livemint.com | 4 Mar 2009 | 9:14 am ICICI shares dip on Russian exposure worryMUMBAI (Reuters) - Shares in ICICI Bank fell 4 percent on Wednesday on concerns the bank's Russian assets may be vulnerable as firms there struggle to stay afloat.Source: Reuters: Money News | 4 Mar 2009 | 9:12 am Boat-market, with 12,000 items, planned for Kerala districtAlappuzha, a Kerala district often referred to as the Venice of the East on account of the large number of water bodies located there and its picturesque setting, will soon get a 'floating market' that will sell provisions to people living on the banks of the Vembanad lake.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 9:00 am Honda, Nissan, Mazda may seek public fundsTokyo: Japanese carmakers Honda, Nissan and Mazda have said that they might seek crisis loans from the government, underscoring the industry’s deepening woes in the face of a global economic downturn. They would join the world’s largest automaker, Toyota Motor, whose financial unit has already requested public money to help it through a credit crunch that has made it more expensive to raise funds in financial markets. “Due to current economic conditions, we are considering using public funds in addition to our usual sources of funding,” a Honda spokeswoman said. The companies declined to say how much public aid they would request from the state-backed Japan Bank for International Cooperation. “We’re not in a situation where we desperately need funds, but as the opportunity has presented itself, we believe we should make the best use of whatever funding is available,” said Nissan spokesman Mitsuru Yonekawa. Japan’s export-dependent automakers have been badly hurt by a global economic crisis that has caused demand for their vehicles to tumble. Toyota’s wholly-owned financial subsidiary is asking for about ¥200 billion ($2 billion), according to Japanese media. The automaker has said it is seeking aid but declined to confirm the amount. Tokyo said this week that it would use $5 billion from its foreign currency reserves to help keep credit flowing to cash-strapped companies. Automakers in the US and Europe are also seeking financial lifelines from governments to help them stay afloat. Japan’s Mitsubishi Motors meanwhile said that it was not considering borrowing government funds at the moment due to a lack of clarity over the lending scheme. Toyota, Nissan and Mazda are bracing to end this financial year to March in the red due to weak sales and a strong yen, while Honda expects a sharp fall in profits. Source: World Business - Livemint.com | 4 Mar 2009 | 8:57 am Opel might shed 3,500 jobs: reportBerlin: The German automaker Opel, a unit of stricken US giant General Motors, might cut 3,500 jobs if the government does not lend a helping hand, a press report said on Wednesday. Salary cuts are already expected, warned GM Europe chief Carl-Peter Forster in an interview with the mass circulation daily Bild Zeitung, and “on top of that comes the elimination of hopefully no more than 3,500 posts,” he said. “That is just what we want to avoid,” Forster added. General Motors, which has asked the US government for around $30 billion (€24 billion) in loans, is also in talks with German authorities on how to save its German subsidiary, which employs almost 26,000 workers. GM is also speaking with the governments of Belgium, Britain and Spain, where Opel also has factories. Forster told Bild that “€3.3 billion in loans or direct share holdings by 2014 are needed to save all these sites.” Source: Home - Livemint.com | 4 Mar 2009 | 8:37 am Next Silicon Valley emerging in India, China: AccentureDeveloping countries like India, China and Brazil may soon become Silicon Valley's new address.Source: Daily News & Analysis: Money News | 4 Mar 2009 | 8:28 am SanDisk faces business risk due to Satyam crisisThe world's largest supplier of flash memory cards, SanDisk, is facing problems like project delays and productivity loss owing to the current crisis at Satyam.Source: Daily News & Analysis: Money News | 4 Mar 2009 | 8:21 am $60 right price for upstream oil buys - Reliance execNEW DELHI (Reuters) - Reliance Industries' top upstream official said that $60 a barrel is the "right" price for valuing potential oil exploration acquisitions as prices are expected to rise 50 percent in next few years.Source: Reuters: Money News | 4 Mar 2009 | 8:14 am Markets slip back into redIndian equities markets, which opened in the green Wednesday, slipped back into the red around noon with a key index 0.46 percent below its last closing figure.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 7:00 am More trout to attract anglers to Himachal PradeshTrout cultivation in Himachal Pradesh is set to get a big boost with the state government planning to encourage more private players. Brown and rainbow trout are abundant in the state. Being a game fish, it is an angler's delight.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 5:31 am Sensex snaps three-session fall, ends in positive terrainThe Sensex weathered landed in positive terrain following three days of decline, helped by buying in metal and refinery counters.Source: Daily News & Analysis: Money News | 4 Mar 2009 | 5:09 am Now, pharma exports facing recession bluesHyderabad, March 3 The adverse impact of the recession has started showing on the pharma industry with the value of exports in dollar terms down 2 per cent, perhaps for the first time in recent years, during October 2008.Source: Business Line - Home Page | 4 Mar 2009 | 12:00 am Wheat areas safe from heat wave conditionsThiruvananthapuram, March 3 Overnight heat wave conditions shifted from coastal Andhra Pradesh to parts of Vidarbha on Tuesday as peninsular, central and west-central India braved the hot sun and dry winds for a second day.Source: Business Line - Home Page | 4 Mar 2009 | 12:00 am Economic oneupmanship and its hubrisCornell economist Kaushik Basu, in one of his newspaper articles, once asked why everyone held an opinion on economics but not on aircraft design. He was arguing that economics was a specialisation requiring technical skills that were no lessSource: Business Line - Home Page | 4 Mar 2009 | 12:00 am Sensex plunges on late-hour FII sellingMumbai, March 3 An intense bout of selling by FIIs in the last hour of trade on Tuesday dragged the Sensex down to a three-and-a-half monthSource: Business Line - Home Page | 4 Mar 2009 | 12:00 am Reliance, GAIL join race for city gas projectsNew Delhi, March 3 Players such as Reliance Industries Group, GAIL Gas, Indian Oil Corporation and Adani are said to be in the race for city gas distribution networkSource: Business Line - Home Page | 4 Mar 2009 | 12:00 am When is a bank a bank?Is any bank really a bank? Much more than play of words is involved here. Many modern banks have strayed a lot; in many cases, there is hardly anySource: Business Line - Home Page | 4 Mar 2009 | 12:00 am Ten Sports revenues may not be hitMumbai: Ten Sports holds the telecast rights for the Pakistan-Sri Lanka test match, which was called off following the terrorist attack on the Sri Lankan players in Lahore. Mr Subhash Chandra, Chairman of Zee Group, which holds 50Source: Business Line - Home Page | 4 Mar 2009 | 12:00 am Lahore attack, elections upset IPL scheduleNew Delhi, March 3 The Indian Premier League (IPL), scheduled to begin on April 10, has become a victim of the attack on Sri Lankan cricketers in Pakistan. The issue of security has become even moreSource: Business Line - Home Page | 4 Mar 2009 | 12:00 am Life insurance sector in the red in 2007-08Chennai, March 3 The life insurance sector in the country is in the red, going by the figures released by the Insurance Regulatory and Development Authority in it annual report for 2007-08.Source: Business Line - Home Page | 4 Mar 2009 | 12:00 am PTC India (Rs 57.05): SellWe recommend a sell in PTC India from a short-term perspective. The uptrend from the October 27 trough of Rs 43 was arrested at the 200-day simple moving average at Rs 75 and the stock has been declining since. The stock is currently halting atSource: Business Line - Home Page | 4 Mar 2009 | 12:00 am Entry-level blow hurts Bajaj Auto the mostSlowly, the two-wheeler landscape is changing and entry-level bikes appear to be the primary reason for that.Source: Daily News & Analysis: Money News | 3 Mar 2009 | 10:29 pm StanChart says weighing Indian IPOStandard Chartered Bank is "evaluating" the option of selling shares in India, Neeraj Swaroop, regional chief executive, India & South Asia said on Tuesday.Source: Daily News & Analysis: Money News | 3 Mar 2009 | 10:27 pm Bhuvan: Isro’s answer to Google EarthBangalore: There will soon be a local variant of Google Earth, the iconic and controversial service from Internet search company Google Inc. that allows ordinary people to take a close look at most parts of the world on their computer screens, using satellite images and maps. The Indian Space Research Organization (Isro) is planning to launch a similar Web-based service that will allow users to check everything from the exact location of the new restaurant where they have booked a table for the evening to the state of flood-ravaged villages in Bihar. The new mapping service will be called Bhuvan, which is the Sanskrit word for earth. “The content generation is taking time. We are doing first (the) internal evaluation and then the (public) launch,” said V. Jayaraman, director of the National Remote Sensing Centre (NRSC) an Isro unit in Hyderabad that specializes in satellite image processing and distribution. He did not specify a launch date. Earlier, in November, the space agency had set a March deadline for Bhuvan to be operational.  Bird’s-eye view: A satellite image by Cartosat-2 of Khairatabad and its surroundings in Hyderabad. Such satellites shoot images of objects as small as a car to build a three-dimensional map of the world. Bhuvan, which uses high-resolution images, will comply with India’s remote sensing data policy, which does not allow online mapping services to show sensitive locations such as military and nuclear installations. High-resolution images are those that show locations of 1 sq. m or less on earth. Even specialist users such as urban planners and internal security agencies need satellite images, as long as they are of recent vintage. Such content can be priced at a premium. Dated images are usually sold at a discount or offered free to researchers. Google buys high-resolution imagery from service providers such as GeoEye Inc. for Google Earth, an application a user needs to download to a computer. He can then create his own content on the maps, either by hosting photos of homes or restaurants or by tagging them with geographical positioning system information. Unlike Google Earth, the Bhuvan application will not be downloadable and will not allow users to host content in the near future. “We are not competing with Google,” said Jayaraman. A Google spokesperson declined to comment. According to P. Nag, director of the National Atlas and Thematic Mapping Organisation, a Kolkata-based mapping agency that uses remote-sensing data to build India’s atlas, the Bhuvan project demonstrates the country’s expertise in both information and space technology. “Bhuvan is one project where high technology will benefit common people. In the current economic slowdown, if someone needs to analyze land for a project, the platform could be used and at no cost,” said Nag, a former surveyor general of India. Analysts say that a combination of putting high-quality and high-resolution images online, and opening up the application programming interface (APIs) for users to use the database would help users to take full advantage of the new platform. APIs are a set of programming tools to build software applications. “Even in a village, if you need to analyse crop patterns, the images should be of high quality. And there should be tools that come with it for people to analyse them,” said Rakesh Verma, managing director of CE Info Systems Pvt. Ltd, which runs the online portal mapmyindia.com Others such as Suvret Kher, an independent geographical information system expert, advocate opening of APIs would help people to embed Bhuvan in their own customized applications and overlay their own data, making for a more effective use of the product. “That is one way to popularize the use of the imagery,” he said. Jayaraman of NRSC said the Bhuvan project is being built in phases and it would get feedback from users before fine-tuning the product. “People can use the maps on Bhuvan and then embed information from Bhoo Sampada, a repository of land use and land cover data of the country and the national natural resources management system. That will happen,” said Jayaraman. Source: Tech News - Livemint.com | 3 Mar 2009 | 7:28 pm India-bound cars shine at GenevaThere was a time when one roamed the Expo halls at Geneva and wondered what to file back home. Not any more. Almost every serious carmaker worth its powertrain has at least one serious car meant for India.Source: Business Standard | Front Page Headlines | 3 Mar 2009 | 6:44 pm Vijay Mallya now tries to be the king of bad timesHe is widely known as the king of good times. UB Group Chairman Vijay Mallya, who inherited an empire of diverse businesses at age 27, is now trying hard to show that he can be a pragmatic king of bad times, too.Source: Business Standard | Front Page Headlines | 3 Mar 2009 | 6:42 pm Add human rights to FTA talks: EUDraft report wants treatment of minorities, social & environment standards in negotiations.Source: Business Standard | Front Page Headlines | 3 Mar 2009 | 6:40 pm Gartner says 17 mn less phones in inventory in Q4Helsinki: Mobile phone sellers lowered their inventories in the fourth quarter by some 17 million cellphones as they expected demand to slow, research firm Gartner said on Tuesday. “Low consumer confidence is forcing distributors and retailers to limit the volume they hold in stock, because the channel cannot afford significant capital investment,” the research firm said. “Efforts to reduce inventory will intensify in the first quarter of 2009 and continue into the second quarter of 2009,” Gartner analyst Carolina Milanesi said in a statement. “In the second half of 2009, the channel will have to start re-stocking and this will help sell-in volumes. This will not mark the start of a market recovery -- we do not expect demand to stabilise before 2010.” Gartner said top cellphone maker Nokia held 37.7% of the market in the fourth quarter, down from 40.4% a year ago. South Korean vendors won market share, with Samsung Electronics’ stake rising to 18.3% from 13.4, and LG Electronics’ share rising to 8.9% from 7.1%. Source: World Business - Livemint.com | 3 Mar 2009 | 1:09 pm
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