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Jai Corp\'s Anand Jain under IT dept scannerThe Income Tax department has conducted nationwide raids on the residence and offices of industrialist Anand Jain, who is Chairman of bluechip company Jai Corporation.Source: Moneycontrol Top Headlines | 5 Mar 2009 | 5:14 pm Govt appoints two directors to Maytas Infra board: PC GuptaPC Gupta, Minister, Corporate Affairs in a press conference, today said the government had appointed Shree OP Vaish, a leading corporate lawyer, and Shree Ved Jain, President, ICAI as directors to the board of Maytas Infra. He added that two other directors including a Chairman will be appointed shortly.Source: Moneycontrol Top Headlines | 5 Mar 2009 | 4:58 pm Rs 130cr FCCBs to be converted into equity in Sep: AllcargoBlackstone had invested Rs 240 crore via FCCBs in Allcargo which were supposed to be converted into equity at Rs 934. Ashit Desai of Allcargo Global Logistics said the FCCBs will get converted in September. \"So, Rs 130 crore of Rs 240 crore FCCB gets converted compulsorily into equity,\" he added.Source: Moneycontrol Top Headlines | 5 Mar 2009 | 3:38 pm Will not react immediately to RBI rate cuts: Canara BankPost the rate cut move by the Reserve Bank of India (RBI), AC Mahajan, CMD, Canara Bank, said lending rates need to be cut in line with markets. So, we will not react immediately to RBI\'s rate cuts. Mahajan said the postoffice scheme is a hurdle to a cut in deposit rates and at the same time it is a competition to bank deposits.Source: Moneycontrol Top Headlines | 5 Mar 2009 | 2:57 pm Margin pressures forcing IT cos to cut costsIndian IT companies are tightening their belts as they fight the economic slowdown. They are facing strong margin pressures, 10 to 15% pricing pressure, and cross currency volatility. In these times, they have only one option left to them: cut costs.Source: Moneycontrol Top Headlines | 5 Mar 2009 | 2:51 pm BSE Sensex drops 2.9 pct to lowest close in 3 yrsMUMBAI (Reuters) - The BSE Sensex sank 2.9 percent to its lowest close in more than three years on Thursday, after a half-point rate cut failed to bolster investor confidence and smother concerns about sagging growth.Source: Reuters: Money News | 5 Mar 2009 | 2:46 pm CLB allows 4 govt nominees on Maytas Infra boardThe Company Law Board has passed an order on Maytas, which allows majority representation of the government representatives on the board. It has directed four government nominees to be placed on the Maytas Infra board.Source: Moneycontrol Top Headlines | 5 Mar 2009 | 2:40 pm Financial crisis calls for deeper RBI rate cuts - Economic Times
Source: Google News India - Business | 5 Mar 2009 | 2:28 pm FOREX-Dollar up as ECB, BoE cut rates, anxiety mounts - Reuters
Source: Google News India - Business | 5 Mar 2009 | 2:15 pm Satyam buyer will have to make 20% open offer: GuptaThe open offer allows existing shareholders to exit the company by selling equity to the acquirer at a pre-determined price.Source: Daily News & Analysis: Money News | 5 Mar 2009 | 2:15 pm British Airways launches promotional fare for LondonBritish Airways announced a promotional scheme offering a basic fare of Rs 9,990 for London from major Indian cities like New Delhi and Mumbai.Source: Daily News & Analysis: Money News | 5 Mar 2009 | 2:12 pm IIM-A average salaries down 25%, but finance sector hires most ... - Economic Times
Source: Google News India - Business | 5 Mar 2009 | 2:01 pm China to boost spending on welfare, education, medicare - Hindu
Source: Google News India - Business | 5 Mar 2009 | 1:57 pm Court grants conditional bail to B Suryanarayana RajuHyderabad: A local court here today granted conditional anticipatory bail to SRSR Advisory Services director B Suryanarayana Raju, brother of former chairman of Satyam Computer Ramalinga Raju, subject to his surrender before the designated CBI court. The Fourth Additional Metropolitan Sessions judge ordered Suryanarayana Raju to surrender himself before the XIV additional chief Metropolitan Magistrate Court, which is the designated court for CBI cases, now hearing the case pertaining to Rs7,800-crore financial fraud in Satyam Computer, engineered by Satyam’s founder Raju. The Fourth Additional Metropolitan Sessions judge also asked Suryanarayana Raju to surrender his passport within 10 days from the date of this order, and after his surrender before the XIV additional chief Metropolitan Magistrate Court, it shall release him on bail on his executing a bond for Rs10,000 each with two sureties. The judge further ordered Suryanarayana Raju not to leave the city limits till further orders and to appear before the police as and when required by them for further investigation or interrogation. The second anticipatory bail application of Suryanarayana Raju was heard yesterday and the orders were reserved for today after his first bail plea was dismissed by the same court on 13 February. Source: LatestNews-Home - Livemint.com | 5 Mar 2009 | 1:53 pm Robeco bets on Indian banks, telecom; wary of ITMUMBAI (Reuters) - Robeco's Indian fund unit is betting on bank shares given sharp falls in valuations, but is wary of software firms and commodities as the global economic slump lingers, a top strategist said on Thursday.Source: Reuters: Money News | 5 Mar 2009 | 1:46 pm GM auditors raise warning on bankruptcy riskDETROIT (Reuters) - General Motors Corp on Thursday said its auditors had raised "substantial doubt" about its ability to survive outside bankruptcy if it fails to stem its losses and stop burning cash.Source: Reuters: Money News | 5 Mar 2009 | 1:25 pm RESEARCH ALERT-Goldman cuts ONGC earnings estimates - Reuters India
Source: Google News India - Business | 5 Mar 2009 | 1:22 pm Goldman cuts ONGC earnings estimatesMUMBAI (Reuters) - Goldman Sachs said on Thursday it had cut its earnings estimates on Indian energy explorer Oil and Natural Gas Corp by 15 percent for the year ending March 31 due to falling volumes and higher costs.Source: Reuters: Money News | 5 Mar 2009 | 1:20 pm Ramalinga Raju's brother gets anticipatory bail - Economic Times
Source: Google News India - Business | 5 Mar 2009 | 1:11 pm Rupee ends lower, bonds higher - Moneycontrol.com
Source: Google News India - Business | 5 Mar 2009 | 12:57 pm Market ignores rate cut; Sensex ends below 8200 - Economic Times
Source: Google News India - Business | 5 Mar 2009 | 12:57 pm Inflation falls to six-year low (updated) - India Infoline.com
Source: Google News India - Business | 5 Mar 2009 | 12:49 pm ECB cuts interest rates to record low 1.5%Frankfurt: The European Central Bank cut its benchmark interest rate by 50 basis points to a record low 1.5% on Thursday as the economy is diving and inflation is well below target. The cut, in line with consensus forecasts, marks the fifth easing since October as the financial crisis is biting hard into the euro zone economy, which is already in recession, and inflation is expected to fall further. All 78 economists in a Reuters poll had expected the ECB to cut rates, and all but two of them had forecast a half percentage point cut. ECB president Jean-Claude Trichet will explain the Governing Council’s decision at a news conference at 1330 GMT. He is expected to justify the cut by pointing to diminishing upside risks to inflation, which was 1.2% in February, well below the ECB’s target of below, but close to 2%. The ECB also set new rates for its overnight facilities. From 11 March, funds borrowed from its marginal lending facility will attract an interest rate of 2.5% and overnight deposits will pay 0.5%. Source: LatestNews-Home - Livemint.com | 5 Mar 2009 | 12:49 pm ECB cuts interest rates to record low 1.5%Frankfurt: The European Central Bank cut its benchmark interest rate by 50 basis points to a record low 1.5% on Thursday as the economy is diving and inflation is well below target. The cut, in line with consensus forecasts, marks the fifth easing since October as the financial crisis is biting hard into the euro zone economy, which is already in recession, and inflation is expected to fall further. All 78 economists in a Reuters poll had expected the ECB to cut rates, and all but two of them had forecast a half percentage point cut. ECB president Jean-Claude Trichet will explain the Governing Council’s decision at a news conference at 1330 GMT. He is expected to justify the cut by pointing to diminishing upside risks to inflation, which was 1.2% in February, well below the ECB’s target of below, but close to 2%. The ECB also set new rates for its overnight facilities. From 11 March, funds borrowed from its marginal lending facility will attract an interest rate of 2.5% and overnight deposits will pay 0.5%. Source: World Business - Livemint.com | 5 Mar 2009 | 12:49 pm ASSOCHAM seeks early India-ASEAN pact to boost tradeNEW DELHI (Reuters) - India needs to expedite a free trade pact with the South-east Asian nations to boost exports in the face of a global economic downturn and rising protectionism, an industry body said on Thursday.Source: Reuters: Money News | 5 Mar 2009 | 12:46 pm PwC announces overhaul of India leadershipHyderabad: As a fallout of the Satyam scam, the company’s former auditors Price Waterhouse on Thursday announced a major overhaul of its top India leadership, including setting up a new advisory board and appointing a new quality assurance and risk management head. Besides, it announced a “thorough and comprehensive review of its work and processes” and said it is appointing a new leader for its national assurance practice. “While we are confident (of) the overall quality of our services and our people, the problems at Satyam have created a difficult environment and therefore we are taking all the necessary steps to demonstrate to our clients and other stakeholders our commitment to the highest standards,” Price Waterhouse India chairman Ramesh Rajan said. “PwC’s global network fully supports the steps taken by the leadership of our member firm in India,” said Samuel A. DiPiazza Jr., CEO PricewaterhouseCoopers International. “India is a very important market for PwC and one that we are committed to supporting and developing,” he added. The auditing firm will establish an advisory board to provide guidance to the PwC leadership on strategy and actions. This board will comprise five members, four of whom will be from outside the PwC network and will be leading individuals of repute and standing in India. Source: Home - Livemint.com | 5 Mar 2009 | 12:34 pm State-run firms seen raising 618 bln rupees in FY10NEW DELHI (Reuters) - State-run companies are likely to raise about 618 billion rupees through bonds and overseas borrowings in the 2009/10 fiscal year, the government's interim budget documents showed.Source: Reuters: Money News | 5 Mar 2009 | 12:26 pm Infosys seeing slower momentum for new dealsBANGALORE (Reuters) - Infosys Technologies Ltd, India's No. 2 software services exporter, is seeing a slowdown in getting new outsourcing contracts but has had no large-scale cancellations, its finance head said on Thursday.Source: Reuters: Money News | 5 Mar 2009 | 12:24 pm Hindustan Petro sells 1.05 bln rupees of oil bonds - Reuters India
Source: Google News India - Business | 5 Mar 2009 | 12:23 pm No joy from rate cuts as outlook fears growNEW DELHI (Reuters) - Surprise interest rate cuts by the Reserve Bank of India failed to shake off investor gloom on Thursday over an economy running at its weakest pace in years.Source: Reuters: Money News | 5 Mar 2009 | 12:07 pm Europe`s leading banks to go in for record rate cut!Europe`s two leading central banks are expected to deliver another round of hefty 50-basis pts cuts in interest rates Thursday amid signs of the deepening global recession.Source: Zee News : Business | 5 Mar 2009 | 12:00 pm Auto giant Chrysler cuts 1,200 more jobs at its main Canadian plant !Auto giant Chrysler cut 1,200 more Canadian jobs on Wednesday at its Windsor plant near Detroit amid plunging sales.Source: Zee News : Business | 5 Mar 2009 | 12:00 pm Sensex at 8,422.01; down 24 pts !Sensex resumed firm on key rate cuts by RBI, but failed to maintain gains and reacted downwards.Source: Zee News : Business | 5 Mar 2009 | 12:00 pm EU says it could sanction tax havens!The European Union could penalise any nation that refuses to share information on tax evasion and money laundering as part of a wider push to tighten financial supervision, the EU Commission President said.Source: Zee News : Business | 5 Mar 2009 | 12:00 pm US` plan to stem housing crisis!The US launched an effort on Wednesday to help homeowners pay off their mortgages.Source: Zee News : Business | 5 Mar 2009 | 12:00 pm US must lead world out of recession!US should seize the moment and lead the world out of recession but other countries need to play their part too, UK PM Gordon Brown told US lawmakers.Source: Zee News : Business | 5 Mar 2009 | 12:00 pm IPL submits revised schedule to home ministryNew Delhi: In a desperate bid to save the Indian Premier League’s second edition, its organisers have sent a revised schedule of the high-profile event to the home ministry, which will now decide whether security can be arranged for the T-20 tournament. The tournament has come under a cloud of uncertainty in the wake of the deadly terror attack on Sri Lankan team in Lahore and the general elections in India which coincide with the league that starts 10 April. After a series of meetings, the IPL organisers have re-drawn the schedule of the tournament taking care that no matches are held on polling days in the cities hosting the games. “We have taken care to ensure that host cities are not alloted a match two days before and after the polling day. We have submitted the schedule to the home ministry. It is upto them now to advice us,” a top IPL source said. The IPL officials are not meeting the home ministry officials for the time being. “We will have a meeting if they call us to seek certain clarifications or for any other matter,” he added. The organisers are not in favour of postponing the tournament as it may lead to massive financial loss for the franchise owners as well the tournament itself. The home ministry has made it clear that providing security for the league during the time of general elections would be difficult, due to shortage of paramilitary forces and the time it is likely to take for deploying them for election duty. The security agencies are themselves unwilling to stretch for the league and have told the government to press for a postponement of the high-profile event. The terror attack on the Sri Lankan team on Tuesday in Lahore has also compounded the problems for the IPL organisers, who now expect pullouts by many of the foreign players. Federation of International Cricketers Association chief executive Tim May has already sought a wider role in assessing the security for players during the IPL. New Zealand all-rounder Jacob Oram, who plays for Chennai Super Kings, has stated that cricket was not above life for him and he would give it a hard thought before deciding whether to travel to India or not. Like Oram, many other players may now be reluctant to play in the sub-continent, which has witnessed a number of terror attacks in the recent past. In case the organisers are forced to postpone the IPL, it would be difficult to find a slot to hold the event this year in view of the crammed cricket calendar. It would then have to be held around the same period next year. Source: Home - Livemint.com | 5 Mar 2009 | 12:00 pm See debt dropping to Rs 26cr from Rs 42cr in \'09: EvereadyDeepak Khaitan, Executive VC, Eveready Industries, said the company aims at significant increase in its presence in rural markets. We expect newly diversified product business to mature within 23 years. Eveready is targeting to double its turnover to Rs 1,600 crore by FY10. Khaitan added.Source: Moneycontrol Top Headlines | 5 Mar 2009 | 11:52 am ONGC tumbles 2%, loses Rs2,700 cr in m-capMumbai: State-run firm Oil and Natural Gas Corporation Ltd. (ONGC) on Thursday saw an erosion of nearly Rs2,700 crore in its market valuation with its shares tumbling 2%, amid concerns raised by investment banker Goldman Sachs over corporate governance issues at the company. On the Bombay Stock Exchange, ONGC scrip plunged over 1.90% to settle at Rs651.85. After opening firm at Rs670 in the morning trade, the scrip witnessed a drop of over 4% at Rs637.15 in the intra-day. A Goldman Sachs report has stated that it has reiterated a ‘sell´ on ONGC as it is known that the promoters (the Government of India) have taken out $20 billion from the oil company without consulting its shareholders. However, denying the allegations, ONGC CMD R S Sharma told business news channel CNBC TV 18 that the management had assigned highest priority to corporate governance issues. He added the government decision is not conflicting with corporate governance issues. The total market capitalization of ONGC on Thursday stood at Rs1,39,422.41 crore, whereas the same was at Rs1,42,117.39 crore on Wednesday. The second most valued public sector firm has a weightage of 4.75% on the 30-share BSE index - Sensex. Source: LatestNews-Home - Livemint.com | 5 Mar 2009 | 11:46 am 'H1B quota expected to be filled up in the first few days'Amid speculation that there would be reduction in number of H-IB visas, a top immigration expert has said that the quota of 65,000 will get capped as the filing opens on April 1.Source: Daily News & Analysis: Money News | 5 Mar 2009 | 11:42 am Pharma cos to refocus, slash sales force in next 10 yrs: PwCNew Delhi: Country’s pharma industry may see a dramatic shift in its marketing model over the next 10 years, with sales force being refocused and its size trimmed, according to a latest report. The current role of the pharmaceutical industry’s sales and marketing workforce is expected to be replaced by a new model over the next ten years as the industry shifts from a mass-market to a target-market approach to increase revenue, according to the PricewaterhouseCoopers (PwC) report. According to the global consultancy, the pharma industry’s sales force of the future would be dramatically smaller, more agile and require new skills including an education in science or health, greater understanding of specific complex diseases and the ability to negotiate with powerful payers and medical specialists. Its focus would no longer be just selling products, but better managing of health outcomes through a full complement of health management services, including health screenings, compliance programmes and nutritional advice, the report stated. Sales & Marketing function of big pharma will undergo dramatic changes over the next ten years. Focus will be on speciality and niche drugs and less on blockbusters on outcomes and what works in order to show value for money to payers. “The challenge of the business model will be to evolve along with these changes. This will also impact India generic companies as they migrate to specialty products,” PwC India Pharmaceutical and Life Sciences Practise Associate Director Sujay Shetty said. The report outlined the range of dynamics leading to a new marketing and sales system which include — balance of power is shifting to payers, product portfolio would change and specialised medicines market to expand in size. According to PwC, the future sales and marketing process must master each of these dynamics and synthesize them into a new system. The report pointed out that the pharma companies would need to restructure their marketing functions and appoint key account managers who will collaborate with healthcare players to provide proof that a product is really safer and more economical than its rivals. Source: LatestNews-Home - Livemint.com | 5 Mar 2009 | 11:34 am Co may not maintain 910% sales growth in Q1FY10: SAILSK Roongta, CMD, Sail, said the company has not raised prices rather the excise duty cut was passed on to the consumers. Commenting on the road ahead for the company, Roongta said, The company will maintain positive sales growth levels in March, but the 910% sales growth will not hold in Q1FY10.Source: Moneycontrol Top Headlines | 5 Mar 2009 | 11:32 am Global mining M&A touch $153.4 bn in 2008: PwCNew Delhi: The mining sector attracted merger and acquisition activity to the tune of $153.4 billion through as many as 1,668 deals in 2008, global consultancy firm PricewaterhouseCoopers says. According to the annual review by PricewaterhouseCoopers of the global mining sector M&A activity, 2008 proved to be a year of extremes. Commodity prices soared to record highs only to fall precipitously as the financial crisis intensified and economic conditions deteriorated. The mining deal volumes in 2008, however, represent a dip of 4% from its previous year figure largely due to the global economic crisis in the third quarter of the year 2008. “The total value of deals in the final three months of 2008 fell 61% sliding down toward the quarterly level last seen in 2005. Average deal value more than halved, falling from $119 million in Q3 to $53 million in Q4,” the survey added. Elaborating on the current economic situation, PricewaterhouseCoopers’ India Leader for energy, utilities and mining Kameswara Rao said: “We see a unique environment that will reshape much of the sectors ownership.” He said that the rapid decline in commodity and equity prices, combined with the financing constraints with the global credit crisis, has left the sector polarised between the strong and the weak. Source: LatestNews-Home - Livemint.com | 5 Mar 2009 | 11:27 am Corporate governance issues not compromised: ONGCGoldman Sachs has put a sell on ONGC citing government withdrawal of money, and unfairly so, on a quarterly basis for subsidies. Denying the allegations, RS Sharma, CMD of ONGC, said the management assigns highest priority to corporate governance issues.Source: Moneycontrol Top Headlines | 5 Mar 2009 | 11:23 am Aviva plans to foray into mutual fund business New Delhi: Amidst volatility in the stock markets, private sector life insurer Aviva India on Thursday said it is looking at the right way of entering into asset management business. “As part of our expansion strategy in Asia Pacific and keeping in mind the opportunity India presents, we would like to explore the potential for establishing asset management business in India,” Aviva Asia chief executive Simon Machell said. At this point, the company is looking at a number of options, including greenfield, association or mergers and acquisition for setting up AMC, he said, adding that long-term plan for entering into asset management remains intact. Of the total 18 life insurance players, about nine have their asset management arm. Prominent among them include ICICI Prudential, Reliance Mutual Fund, HDFC Mutual Fund and SBI Mutual Fund. Mutual fund space has become highly competitive with already 34 players operating in the market. Aviva Life Insurance, a joint venture between Aviva and Dabur, has a capital base of about Rs1,400 crore. On the cost saving exercise, Machell said, “Cost control remains a firm priority for us. We have introduced shared services across a number of markets and our recently announced IT outsourcing arrangement with EDS will provide us with data centre services for UK, France, India and Ireland.” Source: LatestNews-Home - Livemint.com | 5 Mar 2009 | 11:21 am McAfee to beef up India headcount, eyes over 40% growthMumbai: Aiming to expand its market share and grow its business in India by 40-50% in the next two years, McAfee Inc plans to beef up its workforce by adding 60-70 personnel this year in the country. “We enjoy a 30% market share in India and are targeting a 40-50% growth over the next two-years. We plan to hire 60-70 personnel here this year which will help us consolidate our operations here,” McAfee President Asia Pacific Steve Redman said here. McAfee Inc is an US-based Internet security provider whose India operations grew over 40% last year against a global growth of 20%. “India constitutes the third-largest market for us and is also the highest growth market worth $140 million presently,” Redman said. With a workforce of nearly 1,200 in the country, the NYSE-listed company said its attrition levels have slipped from 42% a year back to just 10% now. On the current economic slowdown affecting McAfee, Redman said that it was not immune to it, and that it “could have grown even more. But, we are signing new deals and shipments with Acer, Lenovo and Samsung...” While he declined to comment on the company’s domestic revenue target, it is understood that McAfee is vying for an over $200 million in revenue from India in the next 1-2 years. A company official informed that last year McAfee clocked revenues worth $2 billion globally, with Indian income contributing in excess of $20 million. “For us, Brazil, Russia, India and China are the fastest-growing markets presently,” the official said. Late last year, McAfee had acquired Reconnex (a data loss prevention firm) for $46 million and Nasdaq-listed Secure Computing for $465 million. Both companies have operations in India. “McAfee makes at least 3-4 acquisitions in a year,” the official said. He said the company’s competitors vary across different product offerings ranging from Symantec in the mid-market-to-enterprise segment, Websense in the DLP (data loss prevention) segment and Nessus in the risk and compliance segment. Source: LatestNews-Home - Livemint.com | 5 Mar 2009 | 11:15 am See improvement in elearning biz going ahead: NIITVijay Thadani, CEO, NIIT, said till Q3 FY09 the company\'s placements were up nearly 40% over the same period last year. Commenting on the company\'s business, Thadani said, \"We see our elearning libraries doing much better than what they were doing last year.\"Source: Moneycontrol Top Headlines | 5 Mar 2009 | 11:12 am Remove cap on H 1B visa: LinkedIn CEOCEO and founder of popular site LinkedIn Reid Hoffman on Thursday urged the US Congress and the Obama administration to remove the cap on H-1B visas.Source: Daily News & Analysis: Money News | 5 Mar 2009 | 11:12 am Global job crisis to worsen sharply this year: ILODeepening recession is expected to increase the number of unemployed women by up to 22 million as global job crisis could "worsen sharply" this year.Source: Daily News & Analysis: Money News | 5 Mar 2009 | 11:09 am Close: Sensex drops to 3-year lowNew Delhi: Markets fell to its lowest since November 2005 on Thursday after witnessing significant selling pressure despite inflation touching its seven-year low. The negative opening of the European markets also dragged the Bombay Stock Exchange benchmark Sensex by 2.94%. Markets had regained some losses in the afternoon session but low inflation and RBI repo cuts were not sufficient to keep key indices from tumbling as economic worries continued to persist already hesitant investors. Markets opened positive on overnight Wall Street rally and firm Asian markets after China assured of more fiscal spending to revive the economy but gains were short lived as index dipped to red again. The 30-share BSE Sensex closed at its record low in three years at 8,197.92 or 248.57 points down and 50-share NSE Nifty was down 68.50 points at 2,576.70. Worldwide financial crisis also had an impact on the domestic bourses as Banking stocks were battered significantly by 4.5%, followed by heavy stocks like oil and gas by 4% and power by 3.4%. The overall market breadth was negative except some buying in the consumer durable segment that surged by 0.52%. ICIC Bank plunged for the second day to its 4-year low on uncertainty about losses in the bank’s Russian investments. ICIC shares fell by 5.17% to Rs269.60, other bank stocks that incurred losses were HDFC by 4.54% to Rs800.70 and State Bank of India by 2.40% to Rs934.55. Shares of Ranbaxy dipped by 9% to top the decliners on the BSE index amid news that the Australian health regulator has undertaken a review of their just after a week of US FDA accusing the pharma of data falsification. Their shares fell by 9.27% to Rs144.40. India’s largest listed firm Reliance Industries was also among the top losers, dipping by 5% to Rs269.60. Among the international markets Japan’s Nikkei gained 2% hoping for fresh stimulus from China but Hang Seng dipped by 1% on disappointment of no concrete stimulus by the Chinese authorities. Source: Home - Livemint.com | 5 Mar 2009 | 11:06 am Sunil Mittal, Anil Agarwal in Forbes philanthropy heroes listIndian telecom czar Sunil Mittal and NRI businessman Anil Agarwal are among the four Indians featuring in the list of '48 Heroes of Philanthropy' compiled by Forbes.Source: Daily News & Analysis: Money News | 5 Mar 2009 | 11:05 am Mahindra Renault launches Logan Edge ConnectChandigarh: Mahindra Renault, the joint venture between Mahindra & Mahindra and French carmaker Renault on Thursday launched the new variant of ‘Logan Edge Connect’ here eyeing to increase the sales volume of its Logan variant by 15-20% during the next fiscal. “Logan Edge Connect is an extension of Logan Edge brand and its new features are developed on the basis on evolving customer needs,” Mahindra & Mahindra General Manager Gaurav Saxena said here. The four new models of Logan Edge Connect are available in the ex-showroom price range of Rs5,45,928 and Rs7,40,628, he informed. The car was unveiled by actor Kunal Kapoor, the brand ambassador for Logan. With the new model, Logan is now available in 13 variants. Fitted with high-end music system, the car would also have integrated hands free telephony system allowing the driver to conveniently operate mobile phone from anywhere within the car. “Hands free option was earlier available in high-end models but we have introduced this facility in the C-segment car for the convenience of customers,” he said. The car is also equipped with advanced Driver Information System (DIS), aimed at providing useful data such as fuel consumption, average speed and duration for which fuel is likely to last, he said. The new model, Logan Edge Connect would be available in four new colours including diamond white, mist silver, java brown and mystique purple. Against selling 1,400 units per month currently, Mahindra Renault is expecting to observe 15-20% jump in Logan’s sales with the introduction of new model. “We feel the monthly sales of Logan will increase by 150-200 units per month in 2009-10,” he said. This year, the company was expecting to see flat growth in Logan sales at 26000 units by current fiscal end. “Last year, we sold 26,000 units and this year we are hoping to maintain the same sales figure,” Saxena said. He further said that the C-segment, where Logan is placed would grow by 10% this year. Country’s total size of C-segment version stood at 2.25 lakh cars per annum. On being asked about the impact on automotive industry’s growth against the backdrop of falling bank interest level, Saxena said the availability of finance by banks have certainly improved during the past few months. “Especially public sector banks are aggressive in financing car loans that has given a boost to the auto industry,” he said. However, he said it is too early to say about the recovery of auto industry in this year. Mahindra Renault is a 51:49 joint venture between Mahindra & Mahindra and Renault and has an state of the art facility at Nashik. Since the launch of Logan in April 2007, the company has so far sold 40,000 units. Source: LatestNews-Home - Livemint.com | 5 Mar 2009 | 11:03 am Inflation back to 2002 level at 3.03%Inflation declined to about a six-and-a-half-year low of 3.03 per cent by the third week of February as most food, fuel and manufactured items turned cheaper.Source: Daily News & Analysis: Money News | 5 Mar 2009 | 11:01 am Tata Motors partners PNB for passenger car financingTata Motors, on Thursday joined hands with public sector lender Punjab National Bank to provide financing facilities to consumers for its passenger cars.Source: Daily News & Analysis: Money News | 5 Mar 2009 | 11:00 am NDTV to hold shareholders meeting to consider demerger schemeNDTV said it will hold a meeting of its shareholders and creditors this month to seek their approval for the segregation of its news and entertainment businesses.Source: Daily News & Analysis: Money News | 5 Mar 2009 | 10:58 am India to sign labour agreement with BahrainDubai: Overseas Indian Affairs Minister Vayalar Ravi is to arrive in Bahrain soon to finalise a comprehensive labour agreement with the country, says a media report. Ravi is expected to sign the deal with Bahrain’s labour minister Majeed Al Alawi on 15 March, Bahrain’s Gulf Daily News said. The ministers signed an initial memorandum of understanding in Kumarakom, Kerala, last year. “Once the final agreement is signed, Bahrain will become the fifth country in the Gulf to sign an agreement on labour and manpower cooperation with India,” Ambassador George Joseph told the newspaper. A similar agreement with Qatar was signed in September 2007. The agreement will further improve bilateral relations and give better protection to Indian workers, he said. “Under the agreement, a joint committee will be set up,” Joseph said. “The committee will have the right to discuss any issue which has a direct link to Indian labour,” he added. The agreement would help ensure the smooth flow of workers from India, as per the requirements of the kingdom. Another highlight of the agreement will be provision for joint recruitment and training of workers by both countries. India has also already signed agreements on labour and manpower with the UAE, Oman and Kuwait. Source: LatestNews-Home - Livemint.com | 5 Mar 2009 | 10:58 am Senior UBS execs may face prosecution in the US: ReportSenior officials of Swiss banking major UBS, which is facing tax fraud charges from the American government, may face prosecution in the US, says a report.Source: Daily News & Analysis: Money News | 5 Mar 2009 | 10:56 am ‘H-1B quota expected to be filled up in the first few days’Washington: Amid speculation that there would be reduction in number of H-IB visas, which has attracted large number of Indian professionals, a top immigration expert has said that the quota of 65,000 will get capped as the filing opens on 1 April. “This year, with the economy in a recession and in view of widespread layoffs, the general expectation is that there may not be as many petitions as the previous years,” said immigration attorney Morley J Nair. In 2008, US Citizenship and Immigration Services (USCIS) received about 163,000 petitions including 31,200 against the US advanced degree category in the first five days of filing, so a random lottery was conducted. Similar procedure was followed in 2007. Even with a drastically reduced number of petitions, Nair said there is the likelihood that the quota would get capped in the first couple of days. “Even a reduction of 55% from last year in the general quota and 35% in the advanced degree quota would do it,” he said in a statement. “So, I would urge potential employers to be proactive and get ready to file the cap-subject H-1B petitions on 1 April itself,” he said. Top Indian IT companies account for the largest chunk of the H-1B work visas. Just four Indian companies alone last year accounted for more than 10,000 H-1B visas. At present the annual quota of H-1B visas is 65,000, out of which 6,800 are reserved for nationals of Singapore and Chile. Indian professionals account for the majority of the H-1B visas. Additionally, there is a special quota of 20,000 visas for holders of advanced degrees from US graduate schools. ‘ Further, certain employers (mainly in academic and research areas) are exempt from this quota. Indian professionals and top IT chiefs have earlier asked the the US Congress and the Obama Administration to remove the cap on H-1B visas, which enable foreign nationals to live and work in the United States. The fiscal year starts on 1 October, and petitions can be filed up to six months ahead of the start of employment, so the filing opens on 1 April. Another factor in reaching the cap quickly, Nair said would be the thousands of foreign students in the US whose advanced degree category petitions were not picked in the lottery last year and who would be candidates again this time, in addition to those graduated later, putting more demand on that category. Source: LatestNews-Home - Livemint.com | 5 Mar 2009 | 10:53 am Enlargement of board likely soon: Subhiksha MDNew Delhi: Crisis-ridden retail chain Subhiksha has said that it will explore options to induct more independent directors into the company’s board. The retail chain, whose operations have come to a standstill in the wake of severe liquidity crunch, has already seen the exit of five board members in the last six months. “The company is a board-managed company and will continue to be so. We will seek an even wider representation on the board so that we gain from the wisdom of all,” Subhiksha Trading Services Ltd Managing Director R. Subramanian said. “We just need more of them (independent directors) and from different backgrounds maybe and that is something we will do,” he added. Subramanian said that a broader representation is necessary for securing effective management. “A wider board would prevent against only group’s thinking by bringing different perspectives,” he added. Among the five board members, who have resigned, three were independent directors while two nominees represented ICICI Venture, which is the second largest stakeholder in the company with 23% stake. “This is not a promoter-investor issue but one that is related to independent directors and people of a broader spectrum of interests, than even what we had,” he said. Subramanian had earlier stated that any changes to the board is likely only after the ongoing corporate debt restructuring (CDR) process in Subhiksha, which is expected to be complete by mid-April. Incidentally, the company has also never commented anything about the exact composition of its earlier or currently operating board, citing its position as a non-listed firm. Source: Home - Livemint.com | 5 Mar 2009 | 10:42 am Govt appoints nominees on Maytas companies’ boardsNew Delhi: The Government Thursday appointed former ICAI President Ved Jain and noted tax lawyer O P Vaish on the board of Maytas Infra, a company promoted by the kin of Satyam Computer founder B Ramalinga Raju. Ved Jain has been appointed director on the board of Maytas Properties, another company promoted by the Raju family. Briefing newspersons, corporate affairs minister Prem Chand Gupta said, “Two other directors including chairman of Maytas Infra will be appointed later.” Earlier the Company Law Board allowed the government to appoint four directors on the board of Maytas Infra and one on the board of Maytas Properties. Partly accepting the petitions of the government, the CLB said that four nominee directors on the board of Maytas Infra would include chairman. The government had sought the authorisation of the CLB to supersede the boards of Maytas Infra and Maytas Properties, and appoint ten nominees on each board. The CLB order further said the two boards would be required to furnish monthly reports on the affairs of the companies to the Government as well as the CLB starting from April 2009. Noting that the Boards will have full powers to deal with the affairs of the companies, the CLB said no government agency will initiate any civil or criminal proceedings against the nominated directors without its prior approvals. Gupta said the government had moved the CLB to enable change of management in these two companies to prevent “mismanagement and enable transparency in their functioning”. As per the CLB order in case of Maytas Infra, he said, “the quorum for the board meeting will require the presence of at least nominee directors.” In regard with Maytas Properties, he said, all board decisions would need an affirmative vote by the nominee director. The government, Gupta added, would continue to “take steps as necessary to enable (Maytas companies) to function in accordance with sound corporate governance and principles in the interest of all stakeholders.” He said the government had agreed to the arrangement proposed by the CLB, as it allows “government control in the conduct of affairs of the two companies, without compromising with the imperative of revamping the management of these firms.” The arrangement, it may be recalled, was proposed by the CLB after hearing the two Maytas firms, which had filed a caveat in the board to prevent it from passing any exparte order. Source: Home - Livemint.com | 5 Mar 2009 | 10:38 am European shares retreat in initial tradingLondon: Leading European stock markets were in retereat in initial trading on Thursday and the FTSE index of leading shares in London showed a fall of 0.73% to 3,619.08 points. In Frankfurt the DAX fell by 0.69% to 3,864.18 points, and in Paris the CAC 40 index was down by 0.56% to 2,660.65 points. Source: Home - Livemint.com | 5 Mar 2009 | 10:16 am Remove cap on H-1B visa: LinkedIn CEOWashington: CEO and founder of popular site LinkedIn Reid Hoffman on Thursday urged the US Congress and the Obama Administration to remove the cap on H-1B visas, which enable foreign nationals to live and work in the United States. LinkedIn is a popular business-oriented social networking site. “Remove the cap on H-1B visas and impose a 10% payroll tax beyond the benchmark salary for each visa,” Hoffman wrote in an article “Stimulus 2.0: It’s the Startups, Stupid” in TechCrunch, a publication of The Washington Post. A day earlier in another article in The Washington Post, Hoffman made a similar argument for the next phase of stimulus policies. Observing that the US is a country founded on immigration, Hoffman said, “We should welcome the best and the brightest as our own. Abolish the H-1B cap, and give me an economic reason for preferring local. I’ll only do foreign if I need to.” Hoffman said, “A 10% payroll tax for each H-1B visa can be reinvested in whatever it takes to get American talent up to the same level”. This has been proposed previously, but a payroll tax ensures that H-1Bs are used for skilled labour, not cheap labour.“ Among his other two proposals to stimulate the US economy include applying a micro-lending model that has proved successful in developing countries, extending credit lines up to $50,000. “Match up to ($100 million) in stimulus funds for qualifying venture and angel investments if they create jobs in the US,” he said. Hoffman argued that foreign innovators need to be welcomed to the US. Harvard Research Fellow Vivek Wadhwa reports that immigrants have founded more than half of all Silicon Valley start-ups in the past decade, he said. These immigrant-led, American tech companies employed more than 4,50,000 workers and grossed $52 billion in 2005. “For US companies to employ a highly specialized foreign worker, the employee must hold an H-1B visa, but current law allows for the issuing of only 65,000 H-1B visas per year,” he said. Source: Home - Livemint.com | 5 Mar 2009 | 10:10 am Oil slips under $45 after 9% jump, eyes US dataSingapore: Oil eased below $45 on Thursday, after surging nearly 9% overnight on government data showing a surprise drop in U.S. crude stocks, which could signal recovering demand in the world’s top energy consumer. Traders will await the release of weekly US initial jobless benefit claims and January factory orders due later in the day, as well as February unemployment data out on Friday, for further clues on the health of the US economy. Prices were also supported by the remarks of China’s Premier Wen Jiabao on Thursday that the No. 2 oil consumer would achieve 8% growth this year - a level considered key to maintain employment growth - despite the deepening global recession. US crude was down 44 cents at $44.94 a barrel by 1:35pm, after hitting a morning high of $45.70, while London Brent crude fell 54 cents to $45.58 a barrel. “The momentum is bullish and could have a few legs - China is really engaged on the front foot with its stimulus package, and we’re approaching the end of winter and going into a period where the driving season in the US starts, so we might see crude inventories fall further,” said Peter McGuire, Managing Director of Commodity Warrants Australia. The US Energy Information Association said crude stocks declined by 700,000 barrels last week, countering analyst expectations for a 1.2-million-barrel build. Demand for gasoline over the past four weeks also rose 2.2% from a year ago. Year-over-year gasoline demand has increased in the last several weeks, possibly indicating the start of a rebound in demand. China’s gauge of the health of its manufacturing sector, the purchasing managers’ index (PMI), gained for the third month in a row in February, suggesting the domestic economy, and oil demand, could be recovering. Wen did not announce fresh economic stimulus as some investors had hoped, but his assurances helped extend a rally in Asian markets, after shares worldwide surged on Wednesday on reports China may boost spending to spur growth. To cut or not to cut? Optimism over China helped boost global stocks from multiyear lows on Wednesday, while metals prices rose, and the US dollar scaled four-month peaks against the yen. Oil prices have traded in a narrow band around $40 since mid-December, pressured by slumping demand from the global economic downturn, but drawing support from expectations Opec might cut production again when it meets on 15 March. Opec planned to lower oil output by 4.2 million barrels per day from production levels in September, in a bid to boost falling prices, and a Reuters survey found Opec members had already met at least 81 percent of their target. Angola, which currently holds the presidency of the 12-member group, will not advocate further production cuts when the group meets on 15 March in Vienna, Opec sources said on Wednesday. Ecuador also said it sees no need for more reductions at the next meeting, while other Opec members have yet to make a decision. But Venezuela, Algeria and Libya have raised the possibility of a further cut. In the United States, last week’s first-time claims for jobless benefits, due at 7pm are likely to show a total of 650,000 new filings, compared with 667,000 in the prior week. January factory orders, due at 8:30pm, are expected to fall 3.5%, down from a 3.9 percent drop in the previous month. But Friday’s employment report could show job losses accelerated last month, and the unemployment rate surged to a 25-year high. The market consensus is that non-farm payrolls shed about 650,000 jobs in February. Source: Home - Livemint.com | 5 Mar 2009 | 10:08 am Infosys seeing slower momentum for new projectsBangalore: Infosys Technologies Ltd, India’s no. 2 software services exporter, is seeing a slowdown in getting new outsourcing contracts but has had no large-scale cancellations, its finance head said on Thursday. “People are very selective in their spending,” chief financial officer V. Balakrishnan told Reuters. Companies are trying to do what is critical for them and putting off other work, he said. Nasdaq-listed Infosys, which gets most of its revenue from the United States, is looking for acquisitions in Germany, France and Japan to boost growth that has slowed sharply in the last few quarters due to the global economic turmoil. “New project momentum has come down,” Balakrishnan said, adding the company had not seen “large-scale” cancellations despite the tough business environment. India’s large pool of English-speaking engineers and cheaper wages have helped attract outsourcing from Western firms such as Citigroup, General Electric, Qantas and Airbus. But a recession in the United States, which accounts for more than half the sector’s revenue, and turmoil in the global financial sector have halted the sector’s scorching pace of growth and battered stocks. Revelations of a massive accounting fraud at Satyam Computer Services Ltd, India’s fourth-ranked software services firm, further dented prospects for the export-driven sector. Balakrishnan said a weaker rupee, which has fallen about 5.5% this year after dropping 19.1% in 2008, will give some buffer to the company’s profit margin in the current financial year that ends on 31 March. The pricing environment was tough but Infosys was trying to mitigate its impact on earnings by moving more jobs to low-cost centres in India and improving the productivity of its employees, he said. “In some long-term relationships, we would have compromised on the prices because we have to reduce the pain points and make it work for the long term,” he said, referring to the pressure on its clients to cut costs. Last week, firm’s chief executive Kris Gopalakrishnan said Infosys expected slow IT services business for the foreseeable future as the global economic slump forced clients to delay technology spending, and that the firm was taking cost-control measures. Shares in Infosys, whose market value has fallen about 20% to Rs680 billion ($13 billion), were trading down 0.9% at Rs1,187.75 by late afternoon on the BSE index that was down 2.7%. Source: Home - Livemint.com | 5 Mar 2009 | 9:51 am British Airways to make further losses, hints at job cutsLondon: British Airways warned on Thursday it expected an operating loss on a par with the £150 million ($212.1 million) shortfall predicted for the year just ending and hinted that job losses may be on the cards. The airline said that for its 2009-2010 business year, starting in April, it expected a “similar operating result” to that forecast for the year to end-March. The airline warned in January it would post an operating loss of £150 million in the current fiscal year, hit by the weak economy and declining sterling. In another sign that job cuts may lie ahead, British Airways said it aimed to cut non-fuel costs by £220 million ($311 million) in the coming year with a further £80 million reduction seen for its 2010-2011 business year. It also said its profit projections for the year ahead did not include the impact of any severance costs. The airline, which is grappling with a big fall in business travel as a result of the global financial crisis, said it expected revenue in the 12 months to March 2010 to fall 5% and for fuel costs to drop 10%. Passenger capacity over the coming summer was likely to be 2% below 2008 levels and capital expenditure next year is seen at £725 million, the company said. Shares in British Airways were down 1.8% at 133 pence by 0843 GMT, underperforming a 1.1% drop for the FTSE 100 Index. Source: Home - Livemint.com | 5 Mar 2009 | 9:39 am British Airways to make further losses, hints at job cutsLondon: British Airways warned on Thursday it expected an operating loss on a par with the £150 million ($212.1 million) shortfall predicted for the year just ending and hinted that job losses may be on the cards. The airline said that for its 2009-2010 business year, starting in April, it expected a “similar operating result” to that forecast for the year to end-March. The airline warned in January it would post an operating loss of £150 million in the current fiscal year, hit by the weak economy and declining sterling. In another sign that job cuts may lie ahead, British Airways said it aimed to cut non-fuel costs by £220 million ($311 million) in the coming year with a further £80 million reduction seen for its 2010-2011 business year. It also said its profit projections for the year ahead did not include the impact of any severance costs. The airline, which is grappling with a big fall in business travel as a result of the global financial crisis, said it expected revenue in the 12 months to March 2010 to fall 5% and for fuel costs to drop 10%. Passenger capacity over the coming summer was likely to be 2% below 2008 levels and capital expenditure next year is seen at £725 million, the company said. Shares in British Airways were down 1.8% at 133 pence by 0843 GMT, underperforming a 1.1% drop for the FTSE 100 Index. Source: World Business - Livemint.com | 5 Mar 2009 | 9:39 am Stanford investors sue U.S. SEC, receiver over assetsHOUSTON (Reuters) - Clients of Stanford Group Co sued the U.S. Securities and Exchange Commission, the U.S. Marshals Service and Stanford's court-appointed receiver on Wednesday, arguing the government had no right to freeze their assets.Source: Reuters: Money News | 5 Mar 2009 | 9:32 am Jan refinery runs drop 2.6 pct, Reliance divesNEW DELHI (Reuters) - Output by India's oil firms in January fell at its fastest pace in nearly four years, slipping 2.6 percent from a year ago, as weakening global demand for fuels slashed runs at the world's largest refining hub.Source: Reuters: Money News | 5 Mar 2009 | 9:22 am YouTube topped 100 mn US viewer mark in Jan: comScoreSan Francisco: The number of US Internet users watching videos at YouTube hit a new monthly high in January, topping 100 million as it dominated the online video arena, according to comScore. The overall number of videos watched online in the US in January climbed 4% from the previous month to 14.8 billion, with YouTube viewing accounting for 91% of that growth, comScore reported Wednesday. Google-owned websites, predominantly YouTube, ranked at the top of the US online video heap with 6.4 billion snippets watched during the month, according to comScore. Fox Interactive Media, which owns online social-networking service MySpace, had the second highest number of videos viewed - 552 million. Yahoo! online destinations were third with 374 million videos watched, the industry tracking group reported. Approximately 147 million US Internet users watched an average of 101 online videos each in January, with 102 million of those people using Google-owned sites, according to comScore. Ninety-nine percent of the video viewing at Google websites took place at YouTube, comScore reported. Fox Interactive saw the second highest number of online viewers, attracting 62.1 million people. MySpace accounted for 54.1 million of those online video watchers. Yahoo! and Microsoft websites ranked third and fourth with 41.9 million and 30 million viewers respectively. A typical duration of video snippets viewed was said to be 3.5 minutes. There was a 15% surge in visits in January to Megavideo, pushing the website into the top ten list for the first time, according to comScore. Source: Tech News - Livemint.com | 5 Mar 2009 | 5:39 am Shree Renuka Sugars (Rs 82.85): BuyWe recommend a buy on Shree Renuka Sugars stock from a short-term trading perspective. It is clearly visible from the charts of Shree Renuka Sugars that it has been on an intermediate-term uptrend from its 52-week low of Rs 41, recorded in lateSource: Business Line - Home Page | 5 Mar 2009 | 12:00 am Growth in notebook segment slumpsBangalore, March 4 Notebook vendors, impacted by a steep slump in sales over the past two quarters, are pinning hopes on government buying to prop up sales in the first half ofSource: Business Line - Home Page | 5 Mar 2009 | 12:00 am No slowdown blues for Australian farmersThe current times are not the most propitious for businesses, including those in the farm commodities trade.Source: Business Line - Home Page | 5 Mar 2009 | 12:00 am Hexaware to cut basic pay by 50% for 350 staff on benchMumbai, March 4 IT companies are increasingly finding it difficult to stay competitive in the current economic environment.Source: Business Line - Home Page | 5 Mar 2009 | 12:00 am Day trading guideDLF is moving sideways in a narrow range. Avoid trading in this counter. ICICI Bank and SBI recorded its 52-week low in the last trading session. Buy the stocks in dips with tight stop-loss. We recommend aSource: Business Line - Home Page | 5 Mar 2009 | 12:00 am Singapore co to invest in Formulae 1 hotels in IndiaNew Delhi, March 4 The Government has allowed AAPC Singapore Pte Ltd to invest Rs 365.78 crore in an Indian company to construct, develop, own and manage low-budget Formulae 1 hotels here. AAPC is a hotel management company and Formulae 1 is anSource: Business Line - Home Page | 5 Mar 2009 | 12:00 am Tax relief for services done outside SEZs tooNew Delhi, March 4 Services rendered from outside special economic zones (SEZs) to developers/units in such zones will now be entitled for service tax relief. The benefit would flow in the form of “refund of service tax” and notSource: Business Line - Home Page | 5 Mar 2009 | 12:00 am Repo, reverse repo rates cutMumbai, March 4 Sending a strong signal to banks to lower lending rates, the Reserve Bank of India on Wednesday cut repo and reverse repo rates by half a percentage point each with immediate effect. Though market has been speculating a rate cut,Source: Business Line - Home Page | 5 Mar 2009 | 12:00 am Reliance Retail looks to scale up Fresh, Hyper value formatsWhile it has experimented with several retailing formats ranging from jewellery to lifestyle over the two-and-a-half years since it started, Reliance Retail will focus on its value formats such as Fresh, Hyper and Super, to scale up rapidly toSource: Business Line - Home Page | 5 Mar 2009 | 12:00 am ONGC sees scope to negotiate with shipyards for lower pricesMumbai, March 4 ONGC is looking at renegotiating the prices for 12 offshore support vessels with global and Indian shipyards that had submitted price bids in response to the oil explorer’s tenders floated some monthsSource: Business Line - Home Page | 5 Mar 2009 | 12:00 am Parties visit 'Cyberia' to net votersMore and more political parties are leveraging the web to raise funds and reach out to India's younger voters.Source: Business Standard | Front Page Headlines | 4 Mar 2009 | 6:49 pm BCCI may rejig IPL datesA day after the terrorist attacks on Sri Lankan cricketers in Lahore, the organisers of the Indian Premier League (IPL) and the ministry of home affairs are discussing ways to ensure the schedule of the multi-crore cricket tournament is not unduly disrupted.Source: Business Standard | Front Page Headlines | 4 Mar 2009 | 6:48 pm RBI surprises market with repo, reverse repo rate cutsBanks to consider lowering lending rates in a few days.Source: Business Standard | Front Page Headlines | 4 Mar 2009 | 6:42 pm Scientists discover Saturn’s new moonPasadena, US: Scientists have found a new faint moon hidden in one of Saturn’s outer rings. The moon was spotted by the international Cassini spacecraft and measures about half a kilometre wide. It was announced on Tuesday in a notice by the International Astronomical Union. Researchers have long puzzled over the formation of Saturn’s G ring, one of the planet’s more mysterious arcs. They now think the ring was formed from icy debris that scattered when meteorites crash into the new-found moon. Scientists confirmed the moon’s existence last summer after analysing images from Cassini. Saturn has at least five dozen moons. Source: Tech News - Livemint.com | 4 Mar 2009 | 6:19 pm Delhi Fashion Week's participants list out, few names missingThe list of designers participating in the upcoming Delhi Fashion Week (DFW) was announced here Wednesday. While it was an eclectic mix of established and new names in the industry, some prominent names were missing.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 4:30 pm Reserve Bank again cuts key ratesThe Reserve Bank of India Wednesday attempted to address the country's deepening economic woes - which became evident with the third quarter economic growth falling to 5.6 percent, the lowest since 2003 - by reducing the repo and the reverse repo rates by 50 basis points each.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 4:02 pm Reserve Bank cuts key rates once againWith the economic growth rate for the third quarter falling to 5.3 percent - the lowest since 2003 - the Reserve Bank of India (RBI) Wednesday evening announced monetary stimulus in the form of reductions in the repo rate and the reverse repo rate by 50 basis points each.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 2:32 pm Reserve Bank again cuts key ratesWith the economic growth rate for the third quarter falling to 5.3 percent - the lowest since 2003 - the Reserve Bank of India (RBI) Wednesday evening announced monetary stimulus in the form of reductions in the repo rate and the reverse repo rate by 50 basis points each.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 2:31 pm Delhi, Mumbai airport staff to be reducedThe Airports Authority of India (AAI) has asked at least 4,000 of its employees working at the Delhi and Mumbai airports to either opt for the voluntary retirement scheme (VRS) or work at other AAI-owned airports, an official said Wednesday.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 2:30 pm Volunteers check and counsel unruly Metro commutersAround 250 volunteers of a citizen's forum Wednesday travelled in the Delhi Metro counselling commuters to abide by rules and to maintain discipline during the journey.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 2:30 pm Regulator warns insurers against violating guidelinesIndia's insurance regulator has warned insurers against violating its anti-money laundering (AML) guidelines, and said it would take 'serious actions' if such cases were found.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 1:31 pm Job offers for IIM-Bangalore graduates melt downGraduating students of the prestigious Indian Institute of Management-Bangalore (IIM-B) are feeling the heat of the global meltdown, with fewer job offers and lower compensation this year at the summer campus placements, a top official of the B-school said Wednesday.Source: IndiaeNews.com: Business News | 4 Mar 2009 | 1:30 pm
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