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Seeing signs of turnaround in real estate, says HiranandaniReeling under an acute crisis, the Indian real estate sector has started showing signs of picking up, according to Niranjan Hiranandani, Managing Director of Hiranandani Group. Hiranandani said, In Thane, we have seen about 5,0006,000 apartments being sold in the past 4560 days. He added, I think we do see a revival of sorts.Source: Moneycontrol Top Headlines | 6 Mar 2009 | 4:18 pm Satyam auction price should be same as open offer: SpiceBK Modi of Spice Group said he was open to buying 51% stake in Satyam if the bidding process is transparent. Modi added the open offer price and not the market price should be a determinant for the auction price. The fair price for Satyam depends on extent of information coming from the company.Source: Moneycontrol Top Headlines | 6 Mar 2009 | 4:05 pm Unitech Wireless, Telenor close $1.2 bn dealUnitech\'s telecom arm, Unitech Wireless and Norwegian telecom major Telenor have closed the deal, reports CNBCTV18, quoting Luthra Luthra. Telenor had signed agreement to pick up 60% in Unitech Wireless for USD 1.2 billion.Source: Moneycontrol Top Headlines | 6 Mar 2009 | 3:35 pm Voltas sees uptick in H2\'09Certain business segments of Voltas have experienced slowdown. However, the company expects the situation to improve in the second half of the current year.Source: Moneycontrol Top Headlines | 6 Mar 2009 | 3:24 pm Citi not looking at selling stake in HDFC: Keki MistryKeki Mistry of HDFC said Citi was not a seller in today\'s block deals and added that the latter would inform the company before they sold their stake. Citi not looking to sell its stake when we last spoke to them.\" He believes plenty of investors would be interested in the Citi stake in their company.Source: Moneycontrol Top Headlines | 6 Mar 2009 | 2:56 pm Satyam bid offer: An analysisSatyam Computer Services has finally got the Securities and Exchange Board of India\'s (Sebi) approval for a global competitive bidding process. Around 31% would be offered to the bidder, and after that there would be a 20% open offer so that it can go up to 51%.Source: Moneycontrol Top Headlines | 6 Mar 2009 | 2:55 pm KEC International bags orders worth Rs 365 croresKEC International Ltd. (KEC), a global leader in the power transmission EPC business, has bagged two orders worth Rs. 340 crores from Power Grid Corporation of India Limited (PGCIL) and one order worth Rs 25 crores from Central Organization for Railway Electrification (CORE), Allahabad.Source: Moneycontrol Top Headlines | 6 Mar 2009 | 2:53 pm BMW sees 1020% growth in H2 CY09BMW beat Mercedes Benz in January sales figure. But Benz regained the top slot in February.Source: Moneycontrol Top Headlines | 6 Mar 2009 | 1:51 pm ICICI Bank cuts new home loan rates by 2550 bpsReacting to the Reserve Bank of India\'s recent rate cut, ICICI Bank has cut rates on new home loans by 2550 basis points (bps). Post the rate cut, new home loan rate up to Rs 20 lakh stand at 9.75%.Source: Moneycontrol Top Headlines | 6 Mar 2009 | 1:37 pm Eicher bus, truck sales halve in FebruaryMUMBAI (Reuters) - Local sales of Eicher-branded commercial vehicles halved in February, a company statement showed, underscoring weak demand from a slowing economy.Source: Reuters: Money News | 6 Mar 2009 | 12:41 pm Satyam hits upper circuit after SEBI nod for stake saleAccording to marketmen, the SEBI nod to Satyam boosted the sentiments but this does not reflect strength in the long term.Source: Daily News & Analysis: Money News | 6 Mar 2009 | 12:41 pm Satyam gets nod to sell 51 pct; suitors cautiousBANGALORE (Reuters) - Fraud-hit Satyam Computer Services won regulatory approval to sell a majority stake in itself, but potential suitors said there was still uncertainty about the Indian company's accounts and liabilities.Source: Reuters: Money News | 6 Mar 2009 | 12:28 pm Satyam to soon initiate process for controlling stake sale - Economic Times
Source: Google News India - Business | 6 Mar 2009 | 12:26 pm IOC plans to shut key units from April - sourceNEW DELHI (Reuters) - Indian Oil Corp plans maintenance work at key plants during April to September, including fully shutting its 160,000 bpd Mathura refinery from late June for about a month, a trade source said.Source: Reuters: Money News | 6 Mar 2009 | 12:22 pm Rupee inches up on stock cuesMumbai: Rupee inched up on Friday as stronger shares bolstered hopes capital outflows may steady, but ended down 1% for the week in which it hit a record low as deepening global woes cast a pall over riskier assets. Dealers said banks were also squaring positions ahead of twin market holidays next week and key US payroll data due later in the day. The partially convertible rupee ended at Rs51.63/65 per dollar, 0.25% stronger than Thursday’s close of Rs51.76/78. On Tuesday, the rupee had dropped to an all-time low of Rs52.20. It is down 5.7% so far in 2009. “Markets were rangebound for most of the session and trading interest was thin after the volatility in recent days,” said R.A. Sankara Narayanan, head of currency trading at Bank of India. Capital outflows have been a key driver of the rupee’s fall. Foreign investors have sold a net $2.1 billion of shares in 2009 after dumping more than $13 billion in 2008. Credit Suisse said in a recent note foreign investors’ stock holdings were worth around $110 billion, a third of a $380 billion peak. But it added that even in a worst case scenario, foreigners may take another $10-15 billion from the local market, beyond which additional outflows would be too small to count. Many dealing rooms were thinly staffed with traders at a market seminar in the southern city of Kochi. The dollar dropped more than 1% against a basket of currencies on Friday, reversing recent sharp gains as investors braced for data that is expected to show the US jobs market took a severe knock in February. One-month offshore non-deliverable forward contracts were quoting at Rs51.99/52.09, weaker than the onshore closing rate. Source: Home - Livemint.com | 6 Mar 2009 | 12:22 pm Indian rupee inches up on stock cues, volume thin - Reuters India
Source: Google News India - Business | 6 Mar 2009 | 12:15 pm Tata Motors to Make a Hybrid Nano? - Autorama.in
Source: Google News India - Business | 6 Mar 2009 | 12:10 pm Tata Steel's India sales jump 47 pct y/y in FebMUMBAI (Reuters) - Tata Steel Ltd, the world's sixth-largest steel maker, on Friday reported steel sales of 584,000 tonnes in February from its Indian operations, up 47 percent from a year earlier.Source: Reuters: Money News | 6 Mar 2009 | 12:09 pm Ranbaxy gets Australia nod for anti-fungal drugMUMBAI (Reuters) - Ranbaxy Laboratories Ltd said on Friday its unit had received approval from Australia's Therapeutic Goods Administration to market anti-fungal drug Terbinafine, a generic version of Novartis' Lamisil tablets.Source: Reuters: Money News | 6 Mar 2009 | 12:08 pm RCom slashes call rates to the US, CanadaTelecom operator Reliance Communications Friday launched an international calling card for the US and Canada - ICC 799 - which brings down call rates to these countries to Rs.1.99 per minute.Source: IndiaeNews.com: Business News | 6 Mar 2009 | 12:00 pm Three IAF pilots die in test flight crash near BangaloreThree Indian Air Force (IAF) test pilots died Friday when the prototype aircraft Saras of the state-run National Aerospace Laboratories (NAL) crashed near Bidadi, about 30 km from Bangalore, IAF sources said.Source: IndiaeNews.com: Business News | 6 Mar 2009 | 12:00 pm Choon-Kuhn Kwon is new head of POSCO-IndiaPOSCO-India, which is setting up a $12-billion steel plant in Orissa's Jagatsinghpur district, Friday announced that it has appointed Choon-Kuhn Kwon as its new chairman and managing director (CMD).Source: IndiaeNews.com: Business News | 6 Mar 2009 | 12:00 pm BSE Sensex bounces 1.6 pct; Satyam jumps 20 pctMUMBAI (Reuters) – The BSE Sensex recovered 1.6 percent on Friday as investors picked bargains in the battered market that fell early, after sliding to their lowest close in more than three years in the previous session.Source: Reuters: Money News | 6 Mar 2009 | 12:00 pm IPL on, no matches on day of counting: Lalit ModiMumbai: Indian Premier League (IPL) chief Lalit Modi insisted on Friday the billion-dollar tournament will go ahead as planned from next month, but with an altered schedule. The Twenty20 tournament featuring leading cricketers from around the world was thrown into doubt when the Union government said it wanted the event postponed to avoid a clash with general elections. But Modi said he was confident it would go ahead and hoped to get clearance from the government next week. “We are working on a revised schedule where matches do not clash with elections in a particular city,” Modi told reporters after a meeting of the IPL governing council. “It is a cumbersome process, but we hope to have a new schedule in place soon.” Modi said there would be no IPL match on 16 May, the day when votes will be counted. Union home minister P Chidambaram said earlier this week he would be “stretched” to provide adequate security for the popular tournament, as it clashed with the general elections. The IPL is due to be played across eight cities in India from 10 April to 24 May. The parliamentary elections will be held in five phases between 16 April and 13 May. Chidambaram said on Friday he would consult security forces and the Election Commission when the IPL submits a revised schedule. “I want cricket to be played in India,” Chidambaram told reporters in Hyderabad. “Cricket when played in India is completely safe. But I have to take note of the fact that the two schedules (IPL and elections) are completely overlapping. Therefore, I suggested that the IPL should take a second look at the schedule. So they now have to come up with a new schedule.” Security concerns were heightened following Tuesday’s deadly assault on the Sri Lankan cricket team in Pakistan, which injured seven players and an assistant coach and killed eight others. Opening match to be held in Mumbai The opening match and the formal inauguration of the second season of the IPL is to be held in Mumbai on 10 April, IPL sources said. As per the original schedule issued by the organisers of the T20 league, Jaipur was to host the inaugural ceremony and the opener between first edition winners, Rajasthan Royals and Delhi Daredevils. But the schedule had to be reworked following security concerns in the wake of the terror attack on the Sri Lanka cricket team in Lahore and clashing of tournament dates with the general elections. The revised schedule will be announced later, IPL sources said. Source: Home - Livemint.com | 6 Mar 2009 | 11:55 am ICICI Bank cuts new home loan rates by 25-50 bps - Moneycontrol.com
Source: Google News India - Business | 6 Mar 2009 | 11:53 am PE deals in listed cos suffer $3.71 bn loss till dateNew Delhi: Private equity investments in listed firms have suffered a loss of as much as $3.71 billion so far this year amid continuous downfall and tough market conditions, a study by SMC Capitals says. An analysis of 93 private investment in public equity since 2007 shows that these deals have lost over $3.71 billion or 53% of their value due to high entry valuations and tough capital market conditions, the study ‘PIPE investments of 2007-08’ states. “Due to continuous downfall and rough market conditions, private investments in public equity (PIPEs) of 2007 and 2008 have lost about $3.71 billion against their total investment of $6.96 billion,” SMC Capitals Equity Head Jagannadham Thunuguntla said. The heavy erosion can probably result in private equity funds shying away from PIPEs to unlisted company investments where there is no pressure of current mark-to-market returns, despite attractive capital market valuations. Among the PIPE deals of 2007, the losses are all pervasive across the industries. Only Telecom is holding up better in comparison to other industries on the back of relatively good performance of investment by Temasek into Bharti. About 94% of the PIPE deals of 2007 are in negative zone, owing to high entry valuations and volatile capital market conditions. Source: LatestNews-Home - Livemint.com | 6 Mar 2009 | 11:53 am Experts cheer govt treating Maytas, Satyam case separatelyThe CLB has passed an order to have four government nominees on the Maytas Infra board. Former Sebi Member JR Varma and Kartik Ganpathy of Nishith Desai Associ are glad that government has treated Maytas and Satyam cases separately. OP Vaish, Director, Maytas Infrastructure feels more secured working on Maytas board as a government nominee.Source: Moneycontrol Top Headlines | 6 Mar 2009 | 11:51 am Tata Steel sales jump 47% in Feb - Business Standard
Source: Google News India - Business | 6 Mar 2009 | 11:46 am IOC plans to shut key units from AprilNew Delhi: State-run Indian Oil Corp plans maintenance work at key plants during April to September, including fully shutting its 160,000 bpd Mathura refinery from late June for about a month, a trade source said. In April, IOC plans to first shut a 50,000 bpd crude unit and attached downstream units for about a month at its 120,000 bpd Barauni plant in eastern Bihar state. Maintenance work at Barauni will begin mid-April, the official said on Friday. Major work at the firm’s Gujarat plant at Koyali will be carried out in two stages. “At Koyali, work will be carried out in two batches. First in May-June and second in August-September. Each shutdown will be of 25-30 days duration,” the source, who declined to be named, said. IOC will also shut two of its CDUs at Koyali for short periods of about a week during June-July, he said. The 274,000 bpd Koyali plant is IOC’s biggest refinery and houses five crude units. IOC plans to shut half of its 240,000 bpd Panipat refinery in northern Haryana state in September for about 20-25 days for routine turnaround. IOC’s director of refineries, B.N. Bankapur, said the work would be regular annual maintenance. “Every year, we take shutdown of various units depending on maintenance and statutory requirements,” he said. IOC directly owns seven refineries with a combined capacity of 947,000 bpd. Source: LatestNews-Home - Livemint.com | 6 Mar 2009 | 11:44 am All sectoral indices end in red this week, banks hit most - Moneycontrol.com
Source: Google News India - Business | 6 Mar 2009 | 11:40 am Alliance with Congress has ‘broken’, declares SPNew Delhi: Angry with the Congress for unilaterally announcing 24 candidates in Uttar Pradesh for the Lok Sabha polls, the Samajwadi Party on Friday declared that its alliance with that party was “broken”. “I don’t want to use any harsh words, but the alliance is broken.... The obituary of the alliance was written the day Congress had announced its list of 24 candidates in Uttar Pradesh,” SP general secretary Amar Singh told reporters here. After days of talks on seat sharing, he suggested that there was no meeting ground as the Samajwadi Party was ready to give a maximum of 17 seats while the Congress had been demanding a minimum of 25 of the total 80 seats in the politically crucial state. Singh’s refrain was that no political party — national or regional — gives seats it has won to any other party in the name of alliance “and the Congress wanted the best of both worlds”. The Congress on Wednesday released a list of 24 candidates, striking back at the SP which had unilaterally announced 62 nominees so far even as talks were underway. Singh, however, said that SP would not field candidates in Rae Bareily and Amethi from where Congress President Sonia Gandhi and and her son Rahul will contest. “Whether the alliance takes place or not, we will not field candidates in Rae Bareily and Amethi,” Singh said. Amar Singh said that Samajwadi Party had promised to save the UPA government and get the nuclear deal through. “We wanted to fulfill our third promise of fighting the Lok Sabha elections in UP together. However if our offer of 17 seats is not acceptable to Congress, then we accept our fate,” the SP leader said. He added sarcastically that “SP understands the predicament of Congress. It is a strong party in UP, where it has several strong leaders. Its strength in the state was reflected in the recent Bhadohi bypoll where it had finished seventh”. “Our principal opponent in Uttar Pradesh is BSP, however, if we feel that in any of the constituencies, our candidate is weak in comparison to BSP and Congress has a stronger candidate, then we will support the Congress in such constituencies,” he said. With Congress announcing its candidates on SP’s sitting seats, Singh said that “if they can put up candidates in our sitting seats, then we can also do so.... There are seats like Aligarh and Varanasi where Congress has sitting MPs. SP could field candidates on such seats”. Amar Singh also claimed that though there were several Congress leaders who wanted to contest on SP ticket, his party will not “provoke” Congress by giving tickets to such leaders. “We would not like to be blamed for aggravating the situation,” he said. The SP general secretary, however, said that he still has all the respect for Sonia Gandhi and “thanked” Congress general secretary Digvijay Singh for “finally accepting the utility of Samajwadi Party in saving the UPA government”. Source: LatestNews-Home - Livemint.com | 6 Mar 2009 | 11:37 am India's Sensex gains 127 pointsIndian equities reversed their loss-making trend Friday, with a key index soaring in the afternoon session to end 1.56 percent higher than its previous close.Source: IndiaeNews.com: Business News | 6 Mar 2009 | 11:30 am US moves undermines world efforts to tackle eco crisis: PranabNew Delhi: Criticising the US for resorting to protectionism in the wake of the global financial crisis, India on Friday warned such a “negative” trend will have a cascading effect on major economies and undermine efforts to overcome the downturn in the shortest possible time. “That the biggest economy in the world, the US, where this global financial tsunami originated, should be resorting to trade-restrictive practises is particularly disturbing,” external affairs minister Pranab Mukherjee said at the India Today Conclave here. He said the US government’s stimulus package imposing restrictions on public procurement or discouraging US firms from outsourcing or restricting foreign workers is not in keeping with the spirit of global cooperation. “It also runs counter to the current efforts to stem the sharp decline in the economic growth worldwide, especially in the US and other developed markets,” he said. Asserting that it would be shortsighted to go into protectionist mode, Mukherjee dubbed the US move as a “negative trend” which is “likely to have a cascading effect in other major economies and thereby undermine the global efforts to overcome the current crisis in the shortest possible time-frame.” Mukherjee pointed out that the G-20 meeting in Washington last year had underscored the “critical importance of rejecting protectionism and not turning inward in times of financial uncertainty.” He stressed on the need to re-orient the growth paradigm to be followed by the international institutions and the donor countries. “It is all the more critical because the developing countries still have positive growth rates and can provide the basis for global economic recovery,” Mukherjee said. “A well directed aid and trade effort can help in generating domestic economic demand and green growth,” he said. On 26, 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. Source: LatestNews-Home - Livemint.com | 6 Mar 2009 | 11:28 am Bond yields rise, auction results disappointMumbai: Bond yields rose to more three month highs in late trade on Friday after results of the government’s Rs120 billion federal debt auction came in much higher than expectations. At 5:05pm, the yield on the 8.24% bond maturing in 2018 was at 6.67%, off its high of 6.72%, its highest since 5 December 2008 and higher than the previous closing of 6.51%. The Reserve Bank of India (RBI) said on Friday it had set a cut-off price of Rs96.75 at the auction of the 6.05% federal bonds maturing in 2019 higher than corresponding to a yield of 6.50%. Dealers said partial devolvement in all the three papers also dented market sentiment. Dealing rooms also were thinly staffed as many traders were away for a market seminar in the southern city of Kochi and ahead of market holidays on Tuesday and Wednesday. Source: LatestNews-Home - Livemint.com | 6 Mar 2009 | 11:28 am Chidambaram reviews security in Maharashtra Mumbai: Union Home Minister P Chidambaram reviewed the security situation in Maharashtra with top home department officials here on Friday. The meeting was attended by Maharashtra home minister Jayant Patil, additional chief secretary (home) Chitkala Zutshi and senior home department officials among others. “The meeting is a routine one and will take stock of the security situation in the state,” Zutshi said. Source: LatestNews-Home - Livemint.com | 6 Mar 2009 | 11:22 am India sells 2019, 2027, 2039 bonds - Reuters India
Source: Google News India - Business | 6 Mar 2009 | 11:21 am SP not happy with Congress’ list of candidates in UPNew Delhi: Refusing to give more than 17 Lok Sabha seats to Congress in Uttar Pradesh, the Samajwadi Party on Friday expressed unhappiness over Congress’ announcement of 24 candidates, saying it amounted to writing an “obituary” for the alliance. “Samajwadi Party cannot leave more than 17 seats for Congress in Uttar Pradesh,” SP general secretary Amar Singh asserted, indicating trouble for seat-sharing talks with the Congress in the state which has 80 Lok Sabha seats. Criticising Congress for announcing 24 candidates from the politically important state, he said “it amounted to writing an obituary for the SP-Congress alliance.” He, however, said that SP would not field candidates in Rae Bareily and Amethi from where Congress President Sonia Gandhi and General Secretary Rahul Gandhi will contest, irrespective of whether the tie-up happens or not. “Whether the alliance takes place or not, we will not field candidates in Rae Bareli and Amethi,” Singh said. The Congress on Wednesday released a list of 24 candidates, striking back at the Samajwadi Party which has unilaterally announced 62 nominees so far even as seat-sharing talks are still underway. However, both Congress and SP have not yet announced break down of channels of communication. Source: LatestNews-Home - Livemint.com | 6 Mar 2009 | 11:18 am Close: Markets up by 1.5%, regain from record lowsNew Delhi: Markets ended 1.56% up after trading the highest near closing on Friday as investors rushed to make the most from bargains after record low closings in the previous three sessions. Volatility prevailed in the Bombay Stock Exchange benchmark Sensex after indices pared losses from a weak opening on the back of weak global cues. The Asian markets traded lower on disappointment of no stimulus from China and DowJones slipped to it’s 12-year low as General Motors warned of bankruptcy possibility. The 30-share BSE index today regained from its almost 3-year fall on Thursday to end at 8,325.82 or 127.90 points up and 50-share NSE Nifty closed 43.45 points up at 2,620.15. Buying activity revived among strong stocks like IT, technology, oil and gas, metal and power. Extending global financial worries banking stocks had opened weak, almost 4% down but later some recoveries were made. ICICI banks surged to break its three-day fall after the bank announced cut in interest rates for new home loan buyers. The new interest rates for home loans less than Rs20 lakh now will be 9.75% as against 10%. While for loans between Rs20-30 lakh , the new rate will be 10% as against 10.5% and for loan of Rs30 lakh and above, the interest rate would be 11.5% as against 12%. Housing Development and Finance Corp topped the rally rising by 6.4% to Rs1,223.35. Outsourcing sectors made considerable gain with TCS surging by 3.84% to Rs480.80, Wipro by 3.37% to Rs213.20 and Infosys Technology Ltd by 3.08% to Rs1,021.55. Satyam Computers stocks experienced most of the buying making impressive gain of 19.94% after approval form Sebi to sell 51% stake. Losers from the BSE pack are Maruti Suzuki by 2.77%, Hindustan Unilever Ltd by 2.65%, Ranbaxy Laboratories by 2.15%, ITC Ltd by 1.61%, DLF Ltd by 1.12% and Tata Motors by 0.57%. On the global markets front the Asian markets ended lower following Wall Street losses overnight downbeat by GM woes. Hang Seng and Nikkei ended 3.5% and 2.3% down respectively. Source: Home - Livemint.com | 6 Mar 2009 | 11:03 am Pakistan lacks will, ability to fight terror: MukherjeeThe attack on Sri Lankan cricketers in Pakistan exposes Islamabad's lack of will in tackling terror, which in turn poses a major hurdle to the process of change, External Affairs Minister Pranab Mukherjee said here Friday.Source: IndiaeNews.com: Business News | 6 Mar 2009 | 11:01 am Markets close in positive terrainIndian equities closed in the green Friday, with a key index soaring in afternoon to end 1.56 percent higher than its previous close.Source: IndiaeNews.com: Business News | 6 Mar 2009 | 11:00 am Taliban’s rule expands after peace pact with Pak: reportNew York: An agreement signed by the Pakistani Army with Taliban seems to have allowed the militant group free rein to expand their harsh religious rule rather than establishing peace, a media report said on Friday. Just days after the truce was signed, a member of a prominent anti-Taliban family returned to his mountain village, having received assurances from the government that it was safe. He was promptly kidnapped by the Taliban, tortured and murdered, The New York Times reported. The militants then erected roadblocks to search cars for any relatives who dared travel there for his funeral. None did, the paper said. This week, two Pakistani soldiers who were part of a convoy escorting a water tanker were shot and killed because they failed to inform the Taliban in advance of their movements. The NWFP government, the report said, signed an accord with the local Taliban leader that imposes Islamic law or Sharia in the area and institutes a host of new regulations, including a ban on music. Local residents are skeptical that girls’ schools will be allowed to reopen, it adds. Previous accords with the militants in Pakistan’s tribal areas, the Times noted, have effectively created mini-states with sanctuaries for Al-Qaeda and militants. The Pakistani government argued that the truce in Swat would free up the Pakistani Army, reduce civilian suffering and satisfy popular dissatisfaction with the local judiciary. Hundreds of thousands of people who have fled in the past six months to camps in surrounding districts or to relatives’ homes are staying put, unsure what they would encounter if they dared to return, the paper said. North-West Frontier Province Chief Minister Ameer Haider Hoti said during a visit to Swat this week that the girls’ schools would reopen. But the Times says the provincial government is strapped for money and there is speculation that the government cannot afford to rebuild the burned schools. Moreover, European donors who have budgeted money for development in Swat said there was now hesitation in helping if the Taliban were in effective control. Despite the truce, most people remain terrified of the Taliban, said Mohammad Amad, executive director of a private aid group Initiative for Development and Empowerment Axis. Militants continue to hunt down anyone who backs the government and the army, it adds. The Taliban has also announced in the local mosque that every family in the village would have to contribute one young man to their ranks, Amad was quoted as saying. Local and provincial officials appear to be powerless in the face of the Taliban, and many remain in exile in Peshawar, the Times reports, adding some officials have fled to Islamabad, some as far afield as London. Source: LatestNews-Home - Livemint.com | 6 Mar 2009 | 11:00 am At $1, Citi share worth just a soft drinkNew York: Buying one share of Citigroup will cost its CEO Vikram Pandit his full-year salary — $1, which can also buy a soft drink at any neighbourhood McDonald’s store. There are, in fact, as many as eight items available at the US outlets of McDonald’s for $1, which is now the price of one share of Citigroup — the global financial behemoth having assets worth about $2 trillion. In the previous trading session at New York Stock Exchange (NYSE), Citi shares plunged by 10% to hit a sub-$1 low of 97 cents, before closing at $1.02. This marks a sharp plunge from its 52-week high of $27 and over $50 a share before Pandit took over in December 2007. With this sharp plunge, Citi has got the dubious distinction of being among the cheapest blue-chip stocks and probably the only one in the benchmark Dow Jones Industrial Average index stocks worth just about $1. It is, however, closely followed by struggling carmakers GM and Ford, whose prices are now below $2. For $1 — also the annual salary of Pandit — a plenty of products are available outside stock market, including some mouth-watering items at McDonald’s. The budget restaurant chain has as many as eight $1 products on its menu — McChicken and McDouble burgers, a pack of fries, a plate of pies, a glass of soft drink, one hot fudge sundae, one plate of salad and fruit & yogurt perfait At the current market price, the market capitalisation of Citi is around $5.6 billion. With Citi price touching 97 cents in the intra-day trade on Thursday, the shares have touched the lowest level ever since 1998, when Citicorp and Travelers Group merged to form the Citigroup. Battered by the raging financial crisis, Citi has been in the red for five straight quarters of losses, incurring total losses of more than $37 billion. Citi has also received three lifelines from the US Federal government in recent months which includes fresh capital injection to the tune of $45 billion. Last month, US agreed to convert its preferential stocks in the firm into common shares, a move that would make the government a 36% shareholder in the financial services entity. Source: LatestNews-Home - Livemint.com | 6 Mar 2009 | 10:53 am Recession leads to closing down of Indian restaurants in UK London: Economic downturn has led to the closing down of nearly 150 Indian restaurants which tickle palates across the UK and urge the Labour government to come to their rescue. As more such shops are likely to be shut in the next few months, the Indian restaurant industry has urged the government to come to its rescue in the same way it supported struggling banks and the car industry. The industry has also sought the scrapping of VAT as one of the measures to revive the struggling restaurants. Enam Ali, chairman of the Guild of Bangladeshi Restaurateurs, said about 140 Indian restaurants across Britain had closed since Christmas. “A major part of the problem is the big drop in sterling against the currencies of India and Bangladesh where many ingredients come from. In uncertain times people don’t go out for meals as much, even if they still have the same income, because they are worried about the future,” he said. Amidst job losses in various sectors, there has been a sharp decline in people eating out in Indian restaurants and pubs. Several pubs have also closed down in the recent months across the country with people preferring to imbibe alcohol or entertain at home. Besides falling number of consumers, Indian restaurants have also been hit by higher prices of ingredients and tougher immigration laws that make it difficult to recruit chefs from the Indian sub-continent. Among the worst affected are Indian restaurants in Leicester, a town in the east Midlands with a large population of Indian origin. Restaurant owners have petitioned Labour MP Keith Vaz, for help resolve immigration issues and to urge the government to scrap VAT to revive their business. Abu Taher, owner of T&K Balti House, told the local media: “Business is down by half and if it keeps on like this with no-one coming out to eat, we cannot survive more than six months. “Meanwhile, the price of foods — rice, chicken and lamb in particular — has doubled. In this difficult time, we urge the government to abolish VAT for small businesses to invigorate the sector and safeguard the livelihood of thousands. “If the government doesn’t do something then small businesses will not survive,” he said. Syed Rahman, of Cuisine of India, said: “All our costs have gone up since last year. We’re not as busy as we were because people are worried about their jobs. It’s a really dreadful situation and we fear there is worse to come.” Restaurant owners such as Sunny Kanda have been struggling to deal with the crackdown on foreign workers last year that made it difficult to recruit chefs from the Indian subcontinent and keep existing ones. Kanda, who owns Saffron Spice, said the restaurant could be closed within six months. He said: “Since I took over it’s gone from being busy on weekdays to being dead, and weekend trade is also down. “Business is almost half what it was and I’m spending money on lawyers to keep my chef because of the visa clampdown.” Liz Hall, head of research, at PriceWaterhouseCoopers, said, “The UK love affair with eating out and staying in hotels has been put on hold — but for how long we do not know. “Personal and corporate belts have now been severely tightened and this has led to a significant reduction in revenues. Of course, as in previous recessions demand will one day recover. “However, we do not know how many cold, dark winters and long, wet summers lie ahead for UK pubs, restaurants and hotels before they play their part in an upturn.” There are few takers for ‘chicken tikka masala’, dubbed as Britain’s national dish and other spicy flavours as many people affected by job losses and credit crunch are preferring to cook at home or buy readymade meals from the supermarkets. Leicester-based Sudha Vemuri said: “I think twice before offering my child a special treat. People now have less disposable income, not only Asians but also others. Naturally, many Indian restaurants and Indian shops here are suffering.” Abdul Miah, owner of an Indian takeaway in Bristol, said, “It’s a bad time for us all”. Source: LatestNews-Home - Livemint.com | 6 Mar 2009 | 10:47 am Europe shares rise ahead of US jobs dataLondon: European shares edged higher early on Friday in a choppy session ahead of key US unemployment data, with commodities leading the risers. By 0929 GMT, the pan-European FTSEurofirst 300 index of top shares was up 0.4% at 673.50 points, having been down as much as 668 points earlier in the session. The index is down around 19% this year. “It is intriguing why the market is trading up. We know markets are supposedly very nervous ahead of the US non-farm payrolls ... Maybe this is just a little bit of calm before the storm kicks in,” said Jim Wood-Smith, head of research at Williams de Broe. “Resource stocks are really pushing the market into positive territory. I presume that this is on the back of news coming out of the Chinese central bank overnight that they are going to be taking aggressive measures to help the economy,” he said. Energy stocks were in demand. China’s central bank chief, Zhou Xiaochuan, said that he sees signs of the economy recovering and officials would err on the side of acting sooner rather than later to revive growth in the world’s third largest economy. BP, Royal Dutch Shell and Total rose 0.2-0.9%. Mining stocks were on the up as copper gained 2.3% and gold rose to $940 per ounce. Anglo American, Antofagasta, BHP Billiton, Eurasian Natural Resources Corporation and Rio Tinto were up 0.5-2.3%. Automobiles were higher. French carmaker PSA Peugeot-Citroen gained 0.5% as chief executive Christian Streiff told a German newspaper the group is negotiating with Germany’s BMW over an expansion of their existing cooperation. BMW was down 0.7%. The banking sector fell back from earlier gains. UniCredit, BNP Paribas, Societe Generale and Banco Santander were down 1.7-6.7%. UK banks Barclays and Lloyds Banking Group, however, were up 1.8% and 3.9%, respectively. Life insurers were also in the doldrums, with Aviva, Legal & General, Prudential and Swiss Life all down between 1.2 and 8.1%. Among drugmakers, who were also weaker, AstraZeneca, Novo Nordisk and Sanofi-Aventis were down between 1.5 and 4%. Later in the session, investors will eye the US non farm payrolls. Economists expect the payrolls report will show the economy shed 648,000 jobs in February compared with 598,000 jobs lost in January. The unemployment rate is expected to have risen to 7.9% in February compared with a rate of 7.6% in January. “Growth estimates around the world are still sliding and we have not seen any signs of stabilization in the US or global economies. There are nerves ahead of the employment report today ... there is no good news anywhere,” said Bernard McAlinden, strategist at NCB Stockbrokers. Across Europe, the FTSE 100 index was up 0.9%, Germany’s DAX was 0.7% higher and France’s CAC 40 was up 0.7%. Source: Home - Livemint.com | 6 Mar 2009 | 10:21 am Gold resumes sharply higher by Rs 240 per tenGold futures rose overnight in New York as crude oil and US stock prices fell, increasing the metal's investment appeal.Source: Daily News & Analysis: Money News | 6 Mar 2009 | 10:16 am Tata Motors ties-up with BoI for financing its passenger carsThis facility will be available at all metro, urban and semi-urban branches of Bank of India and 329 sales touch-points of Tata Motors.Source: Daily News & Analysis: Money News | 6 Mar 2009 | 10:14 am Goldman Sachs has run-in history with ONGC - Business Standard
Source: Google News India - Business | 6 Mar 2009 | 10:11 am How much rate cut? - Reuters India
Source: Google News India - Business | 6 Mar 2009 | 10:08 am Bharati Shipyard gets order worth 2.81 bln rupees - Reuters India
Source: Google News India - Business | 6 Mar 2009 | 10:08 am ICICI Bank cuts home loan rates by 25-50 bpsMUMBAI (Reuters) - ICICI Bank has cut its home loan rates by 25-50 basis points for new customers effective immediately, a spokesman said on Friday.Source: Reuters: Money News | 6 Mar 2009 | 9:53 am Four Gujarat pharma units found stashing used syringesIn what could be termed an eye opener for other pollution control bodies across India, the Gujarat Pollution Control Board (GPCB) has so far found four pharmaceutical units near here storing used syringes and needles in their warehouses.Source: IndiaeNews.com: Business News | 6 Mar 2009 | 9:32 am Markets back in the green, Sensex up 1.18 percentIndian equities markets soared back into the green in the afternoon trade Friday after plummeting in morning session. A key index was ruling 1.18 percent above its previous close an hour before the closing bell.Source: IndiaeNews.com: Business News | 6 Mar 2009 | 9:32 am Regulator to discuss cartelisation with airline operatorsThe Directorate General of Civil Aviation (DGCA), the country's aviation sector regulator, will meet airline operators to discuss the cartelisation issue, it said Friday.Source: IndiaeNews.com: Business News | 6 Mar 2009 | 9:31 am ICICI Bank cuts new home loan rates by 25-50 bpsMumbai: Private sector lender ICICI Bank has cut its home loan rates by 25-50 basis points for new customers effective immediately, a spokesman said on Friday. The bank lowered the rate to 9.75% from 10% on home loans of less than Rs2 million. The rate on loans for Rs2-3 million has dropped to 10% from 10.5%, and for above Rs3 million it has been cut to 11.5% from 12%. Source: Home - Livemint.com | 6 Mar 2009 | 9:12 am Final touchdown for IAF's MiG-23 fighter jetsIt was a nostalgic moment for the Indian Air Force (IAF) Friday as it phased out its MiG-23 BN 'swing wing' ground attack fighter jets here after 28 years of glorious service and flying more than 154,000 hours.Source: IndiaeNews.com: Business News | 6 Mar 2009 | 9:01 am Satyam bid to begin as Sebi approves 51% stake saleNew Delhi: The global bidding process for the stake sale in crisis-ridden Satyam Computer will begin shortly, the company’s board member Deepak Parekh said on Thursday. The software exporter has received market regulator Sebi’s approval to sell 51% of the stake through a global bidding process. “The bidding process will begin shortly,” Parekh told reporters here after meeting Corporate Affairs Minister P C Gupta. Parekh, along with Satyam Chairman Kiran Karnik and board member Tarun Das, today met the minister. Meanwhile, Gupta said the bidding process is being done on a “war footing” and added that a retired Supreme Court judge would be overseeing the whole process, which would ensure that it is done in a transparent manner. “There is no delay ... The whole process is going on and it is being done on a war footing,” he noted. The minister further added that bidders who have doubts on any issue can contact the Satyam board or the government for clarification. Satyam received approval from Securities and Exchange Board of India to kickstart a process to sell a 51% stake, in a move likely to attract more bidders. The company said in a statement, it expects to invite expressions of interest from qualified investors, with more than $150 million in net assets, under a global bidding process. Shares in Satyam were valued at about $460 million as of Thursday’s close, a fraction of the $7 billion it was worth last May. The New York-listed firm is struggling to survive after its founder and chairman Ramalinga Raju quit in January, saying profits had been overstated for years and assets falsified. Satyam’s government-appointed board wants to bring in a strategic investor to restore confidence among its about 50,000 staff and more than 600 customers, which include General Electric, Cisco and Qantas Airways. Also Read L&T, Hinduja undecided on Satyam bid The Satyam Fiasco (Full Coverage) India’s top engineering firm Larsen & Toubro, which controls about 12% of Satyam, and diversified business Spice Group and Hinduja Group have been keen to buy Satyam - which has been mired in India’s biggest corporate scandal. “I expect more players to join the race for Satyam as there is more clarity now,” said VK Sharma, head of research at Anagram Stock Broking. “But it puts Larsen at a slight disadvantage as others are now equally placed and kind of guaranteed a 51% stake. So they will be more aggressive.” As part of a two-phase sale process, a chosen investor would acquire newly issued equity shares representing 31% of Satyam’s share capital and then make a public offer to buy a minimum of 20% more, as required by Indian law. In case the investor fails to acquire 51% even after the close of the open offer, it would be able to subscribe to additional equity shares, Satyam said in a statement. Satyam shares surges 14% Shares of Satyam Computer Services surged nearly 14% on bourses after the company received approval from Sebi. Shares of the beleaguered IT firm surged by 8.26% to Rs38 on the Bombay Stock Exchange. On the National Stock Exchange, the scrip jumped by 13.67% to touch a high of Rs39.90. The scrip was later trading at Rs36.30, up 3.42% on BSE. Satyam was trading at Rs36.55, up 4.13% on NSE. A total of 44.02 lakh shares of Satyam changed hands on the bourses. Source: Home - Livemint.com | 6 Mar 2009 | 8:30 am Japan hits 25-year low, but China hopes help AsiaHong Kong: Japan’s broad stock index slid to a 25-year low on Friday after a warning from General Motors about possible bankruptcy slammed Wall Street, but hopes for more stimulus spending in China limited losses in most Asian markets. World stocks struck a six-year low on the drop in Japan, which was led by shares in the country’s big exporters and banks, with investors spooked after shares in Citigroup fell below $1 the previous day. European stocks were set to open steady or dip slightly, according to financial bookmakers, as investors braced for what was expected to be a grim US jobs report later in the day. “I’m worried about America, and the place where we can place our hopes now is China,” said Yoku Ihara, manager at Retela Crea Securities in Tokyo, adding that he was concerned about the progress of the US economic stimulus plans. Asian equity markets held up better than their counterparts in the United States and Europe, thanks partly to hopes that China will boost its planned $585 billion in infrastructure spending to help offset the damage from collapsing exports. China’s central bank chief, Zhou Xiaochuan, said on Friday that he sees signs of the economy recovering and officials would err on the side of acting sooner rather than later to revive growth in the world’s third largest economy. The dollar retreated and oil prices climbed in a slight reversal of Thursday’s moves sparked by the stock market slide, while Japan’s woes pushed investors into safe-haven government bonds. Japan’s TOPIX shed 2.7% to hit its lowest since December 1983, while the Nikkei lost 3.5% to be less than 200 points above a 26-year low hit last October. The MSCI index of Asia-Pacific stocks outside Japan was down 0.5%. Australia fell 1.4% and Hong Kong shed 1.6%. On Thursday, the US S&P 500 tumbled 4.3%. “If you see fire breaking out in someone else’s house, it causes worries about your own, too. The latest development in the US corporate sector is very worrisome,” said Y S Rhoo, a market analyst at Hyundai Securities in Seoul. The deepening sell-off in major stock markets came ahead of the US payrolls report at 1330 GMT, which is expected to show companies slashed 648,000 jobs in February, taking layoffs in the last four months to 2.4 million - more than double the number of jobs created altogether in 2007. The unemployment rate is forecast to hit a 25-year high of 7.9%. The European Central Bank and Bank of England chopped interest rates to record lows on Thursday as they struggled to pull their economies out of a tailspin. The BoE went a step further, saying it will print money to buy £75 billion worth of government bonds as central banks try to limit the damage from the financial crisis and sharpest recession in decades. But Merrill Lynch analysts said in a research note that there were several signs that Asia’s economies were starting to stabilise, including a recovery in Chinese manufacturing and Korean exports to China. Highlighting the see-saw nature of Asia markets, the South Korean won - the most battered of regional currencies - recovered to post gains on the day after initially falling to an 11-year low. Dollar dips The dollar index, a gauge of its performance against six major currencies, dropped 0.7% to 88.418 and retreated from a three-year peak reached this week as market players cut long positions before the jobs report. The euro climbed 0.8% to $1.2643 Oil prices also pushed higher after tumbling 4% on Thursday on worries about demand as the deep global recession drags on. US crude oil futures edged up 72 cents to $44.33 a barrel. Safe-haven buying helped nudge the benchmark 10-year Japanese government bond yield down 2 basis points to 1.290%. Gold climbed $6.80 to $938.80 an ounce after rising more than 2% in the previous session. Source: Home - Livemint.com | 6 Mar 2009 | 8:29 am Jan infrastructure output up 1.4 pct y/yNEW DELHI (Reuters) – Infrastructure sector output grew 1.4 percent in January from a year earlier, below an unrevised 2.3 percent in December, government data showed on Friday.Source: Reuters: Money News | 6 Mar 2009 | 8:22 am Satyam to soon initiate process for controlling stake saleThe global bidding process for the stake sale in crisis-ridden Satyam Computer will begin shortly, the company's board member Deepak Parekh said on Friday.Source: Daily News & Analysis: Money News | 6 Mar 2009 | 8:06 am Essar Oil to shut plant from mid-AprilNew Delhi: Essar Oil will shut its 210,000 bpd Vadinar refinery in western India for 18-20 days from 13 April for routine maintenance, company sources said on Friday. The firm earlier planned to shut the plant from 23 March. “There is no particular reason as to why we have deferred the shutdown. We thought that we should have it in next financial year,” said one of the company sources, who could not be named. He said there would be no expansion work during the shutdown. “There will be a minor debottlenecking but no expansion. We will mainly shut the CDU (crude distillation unit) and FCCU (fluid catalytic cracker unit), so other units will not be functional during that period.” Essar’s refinery has one 210,000 bpd crude unit and a 3.5 million tonnes a year FCCU. A second source said the refinery would be shut for 18-20 days, “but there is every possibility it will be stretched further”. An Essar spokesman declined immediate comment. Essar last fully closed its refinery in July 2007, when it was shut for three weeks to ramp up capacity to 210,000 bpd and add secondary units, including a 3.7 million tonnes a year diesel hydro desulphurisation unit. The refinery was commissioned in November 2006. Source: Home - Livemint.com | 6 Mar 2009 | 7:29 am NEWSMAKER - Lawyer gets threats, wins praise over despised MadoffNEW YORK (Reuters) - Lawyer Ira Lee Sorkin receives death threats for defending one of America's most vilified people, accused swindler Bernard Madoff.Source: Reuters: Money News | 6 Mar 2009 | 7:21 am Infra can boost GDP; Industry-govt partnership needed: AmbaniAnil Ambani expressed hope that the Indian industry and the government will work as partners to create large scale infrastructure across all sectors in the country.Source: Daily News & Analysis: Money News | 6 Mar 2009 | 7:13 am Internet growing weapon in Asian radicalizationSydney: Extremist groups in Southeast Asia are increasingly using the internet and social networking to radicalize the youth of the region, said a new security report released on Friday. Internet usage in Southeast Asia has exploded since 2000 and extremist groups have developed a sophisticated online presence, including professional media units. “For extremist groups in our region, the internet is an increasingly important tool for recruitment to violence,” said the report by the Australian Strategic Policy Institute and S Rajaratnam School of International Studies in Singapore. “Importantly, they aren’t attacking only the West, but are drawing on their narrative to attack the governance arrangements of regional states,” said the report titled “Countering internet radicalisation in Southeast Asia”. The report said online extremism first appeared in Southeast Asia in early 2000, particularly in the Bahasa Indonesia and Malay language cyber-environment. Since then internet usage in the region has exploded and so too have extremist websites, chat rooms and blogs. The number of radical and extremist websites in Bahasa and Malay rose from 15 in 2007 to 117 in 2008. Of those, sympathetic websites rose from 10 to 16 and sympathetic blogs and social networking rose from zero to 82. Between 2006 and July 2007, radical regional websites have disseminated al-Qaeda and Southeast Asian militant group Jemaah Islamiah propaganda videos, pictures and statements, it said. In Indonesia, which has battled extremist Muslim groups responsible for bombings, internet usage rose from 2 million in 2000 to 20 million in January 2008. The country now represents 80 to 90% of visitors to 10 radical and extremist websites in the region, said the report. The Philippines, which has a Muslim insurgency, has seen internet usage rise to 14 million from 2 million in 2000, Malaysia 14.9 million from 3.7 million and Thailand 8.5 million from 2.3 million in the same period. “The Bahasa and Malay language websites include sites manned by radical and extremist groups, Islamic boarding schools (pesantrens), and groups of individuals who sympathise with and support the ideology of violent jihad,” said the report. Media Savvy One of the first appearances of a “tradecraft manual” was in August 2007 in the then forum, Jihad al-Firdaus. The forum had a section on electronic jihad, including several hacking manuals. In 2008 the region’s first sophisticated bomb-making manual and bomb-making video were posted on the Forum Al-Tawbah, which is registered in Shah Alam, Selangor and Malaysia, said the report. But it said there had been no serious attempt to plan militant operations in these forums, adding further details of their activities were in private messages or personal emails. Extremists were using a variety of technology to spread their message. “Blogs and personal social networking accounts provided more than half of the increase in 2008,” said the report. Militant groups have also become internet media savvy. The Mujahidin Syura Council, an extremist group that claims to operate in southern Thailand, launched an official media wing in July 2008 as a blog on Google, said the report. The Khattab Media Publication’s blog is mainly written in Malay and was used to announce the start of a new military campaign, codenamed Operation Tawbah (Operation Repentance). Another group, Hizbut Tahrir Indonesia, often produces high-quality videos of its activities and uploads them onto YouTube. Many of the videos focus on the failings of the Indonesian government and the need to implement sharia law and establish an Islamic caliphate, said the report. “Extremist groups without access to mainstream media place great value on having online media units to boost their reputations and recruit people via the internet,” it said. The report said that regional governments had done little to stop the rise of online radicalization, partly because attempts to regulate cyberspace have been a political minefield. It said while websites inciting violence are subject to criminal laws in some countries, there are often no specific regulations covering the internet. “Some governments don’t want to appear un-Islamic by coming down hard on Islamist groups, and some don’t want to appear undemocratic by seeming to rein in freedom of expression in cyberspace,” it said. “The problem of online radicalisation crosses national borders and will require a concerted international response.” Source: Tech News - Livemint.com | 6 Mar 2009 | 6:51 am No sign of financial crisis in India - RBIMUMBAI (Reuters) - There are no signs of financial crisis in India, Reserve Bank of India Deputy Governor Usha Thorat said on Friday.Source: Reuters: Money News | 6 Mar 2009 | 6:44 am Exim Bank eyeing 20% growth in FY10 on back of auto revivalMumbai: Export-Import Bank of India targets a 20% growth in its loan assets on the back of an expected revival in the auto sector in the next financial year, a top company executive said. “We are expecting a growth of 20% in our loan assets during FY10 on account of the expected revival in the auto sector,” Exim Bank’s chairman and managing director T C Venkat Subramanian told PTI here. The continued good export performance of engineering and pharmaceutical sectors would also help the bank clock a good performance, he said. The growth in the bank’s loan assets during the next fiscal would be due to improvement in the export prospects of the auto and auto component sectors which are highly-efficient and resilient, he said. “The Indian auto sector is internationally competent because of its technology, product innovation and product engineering, and so can bounce back quickly,” Subramanian said. The revival of the automotive sector would be due to improvement in the domestic market and expected stability in the international market in a few months, he said. ”The domestic market is growing as interest rates are declining and people are buying vehicles. Once international market conditions stabilize, companies will start outsourcing to India which will help the sector,“ he said. The bank, during FY09, is targeting a growth of 15% in loan assets at Rs38,000 crore compared to 24% in last fiscal (FY 07-08) at Rs32,000 crore loan assets, he said. “Due to slump in exports and current downturn in the international market which has forced companies to go slow on their expansion plans, and a slowdown in overseas acquisitions by Indian companies, we expect a growth of 15% in our loan assets at Rs38,000-crore this fiscal,” Subramanian said. Engineering and pharmaceuticals are two sectors where the bank is experiencing growth during this fiscal, he said. “In engineering, we are seeing a growth of 15% as the country’s exports in the sector is also growing at 30-40%. Our pharmaceuticals segment is also doing well with a 15-20% growth rate,” he said. Auto, textile and leather are a few sectors where the bank is witnessing less growth, he said. The bank, which has nine offices in the country and six internationally, is planning to open a new office in Chandigarh in April, he said. Exim bank already has two offices in Africa and one each in Europe, the US, Dubai and Singapore. Source: Home - Livemint.com | 6 Mar 2009 | 6:30 am Gold rises further on flight to safetyMumbai: Gold futures extended gains on Friday on continued flight-to-safety buying amid sagging equity markets, but a firm rupee kept a lid on gains, analysts said. “The way stock markets have tanked has resulted in risk aversion in favour of gold,” said Gnanasekar Thiagarajan, director of Commtrendz Research in Mumbai. Weak equity markets typically leads investors to gold, which is seen as a safe-haven asset. Gold would face ‘good resistance´ at Rs15,650-15,675 and will have to clear Rs15,780-15,800 in order to revisit its recent record high, Thiagarajan added. Gold futures had witnessed an all-time high of Rs16,040 per 10 grams on 20 February as investors turned to the yellow metal amid the deepening global recession. The benchmark April contract was 0.76% higher at Rs15,514 per 10 grams at 11:09am, after hitting a high of Rs15,539 earlier. A firm rupee makes dollar-quoted precious metal cheaper. The rupee strengthened after opening lower on Friday as gains in other Asian currencies against the dollar boosted sentiment even as the domestic stock market dropped more than 1.5% early. “The bias is still positive,” said Harish Galipelli, head of research with Karvy Comtrade, adding gold may trade in the range of Rs15,250-15,550 for the day. “We might see some consolidation for next two to three weeks in the range of Rs14,800-16,000,” said Galipelli. Open interest in April gold on MCX was at 17,509 lots, up from 17,435 a day earlier. Volume on Thursday was 62.18 kg. Source: Home - Livemint.com | 6 Mar 2009 | 5:58 am Satyam shares surges 14 pc after SEBI stake sale nodShares of Satyam surged nearly 14 per cent after the company received approval from SEBI for a bidding process to sell 51 per cent stake.Source: Daily News & Analysis: Money News | 6 Mar 2009 | 5:47 am Sensex gains 128 pts on buying in IT, metal & refinery sharesFag-end buying in IT, metals and refinery counters helped the benchmark Sensex to turn the corner, making good its early losses to close up 128 points.Source: Daily News & Analysis: Money News | 6 Mar 2009 | 5:11 am Satyam to sell 51pc; gets SEBI nod for stake saleSatyamy received approval from SEBI to facilitate a bidding process enabling it to sell 51 per cent stake to a strategic investor.Source: Daily News & Analysis: Money News | 6 Mar 2009 | 4:45 am Ready-to-use workplace facility in emergenciesMumbai, March 5 Picture this: A terrorist attack or a power outage has happened in that part of the city where your BPO company has delivery centres. As the Chief Delivery Officer of the company, the first thing that comes to your mind is to moveSource: Business Line - Home Page | 6 Mar 2009 | 12:00 am Price Waterhouse to recast operationsMumbai, March 5 As part of its image makeover drive following the Satyam fiasco, Price Waterhouse, the Indian audit arm of PriceWaterhouseCoopers, has decided to revamp itsSource: Business Line - Home Page | 6 Mar 2009 | 12:00 am Day Trading GuideFresh short-position can be initiated if DLF declines below Rs 142 and ONGC tumbles below 640, with tight stop-loss. Contrary to our view, ICICI Bank and SBI declined inSource: Business Line - Home Page | 6 Mar 2009 | 12:00 am Sensex hits 3-year low as negative sentiment rulesMumbai, March 5 The Sensex on Thursday plunged to its lowest in over three years as foreign institutional investors continued to sell stocks. The Reserve Bank on Wednesday cut interest rate but that did not enthuse the marketSource: Business Line - Home Page | 6 Mar 2009 | 12:00 am NTPC (Rs 172.90): SellWe recommend a sell in National Thermal Power Corporation (NTPC) from a short-term trading perspective. It is apparent from the charts that the stock was on an intermediate-term uptrend from its October 2008 low of Rs 113 to its January 2009 highSource: Business Line - Home Page | 6 Mar 2009 | 12:00 am Crude oil production in Jan drops 8%New Delhi, March 5 The domestic crude oil production fell by 8 per cent in January and natural gas output dropped by 4 per cent. The refineries output also fell by 2.6 per cent with fall in demand.Source: Business Line - Home Page | 6 Mar 2009 | 12:00 am Return licence, get Rs 5 lakh: Tobacco BoardBangalore, March 5 The Tobacco Board has estimated an outlay of Rs 5,000 crore to halve the commodity output by 2020 as part of India’s commitment to World Health Organisation’s Framework Convention for Tobacco ControlSource: Business Line - Home Page | 6 Mar 2009 | 12:00 am Low output, domestic demand hit tea exportsChennai, March 5 A lower production in South India and a strong internal market combined to affect tea exports in January, according to tradeSource: Business Line - Home Page | 6 Mar 2009 | 12:00 am Income-tax collections decline in FebruaryThe Centre’s personal income-tax collections in February stood at Rs 5,920 crore, substantially lower than the Rs 8,762 crore collected in the same month in the previous year.Source: Business Line - Home Page | 6 Mar 2009 | 12:00 am Banks take cue from RBI, cut ratesMumbai, March 5 Banks have started cutting lending and deposit rates. After the Reserve Bank of India announced a 50-basis-point cuts in repo and reverse repo rates on Wednesday, at least three public sector banks announced a reduction in lendingSource: Business Line - Home Page | 6 Mar 2009 | 12:00 am Offers dry up, leaner pay cheques at IIMsPlacement weeks have never been longer, or more stressful, for a graduating batch of Indian Institute of Management (IIM) students.Source: Daily News & Analysis: Money News | 5 Mar 2009 | 10:01 pm 3G auction GoM: Is it of anyIt's official now that a group of ministers (GoM) for deliberating on the auction of 3G (third generation) telecom spectrum has been constituted.Source: Daily News & Analysis: Money News | 5 Mar 2009 | 9:35 pm CLB permits govt nominees on both Maytas boardsThe Company Law Board (CLB), which was hearing two petitions from the government to supersede the boards of Maytas Properties Ltd and Maytas Infra Ltd, today allowed four government nominee-directors on the board of Maytas Infra, in addition to the existing three directors.Source: Business Standard | Front Page Headlines | 5 Mar 2009 | 6:45 pm Cash-strapped firms seek to farm out oil blocksFalling crude prices and the global credit crunch have jeopardised Indias efforts to attract more investment in oil exploration and production (E&P), with several domestic and international companies opting to sell part of their participating interest in E&P projects.Source: Business Standard | Front Page Headlines | 5 Mar 2009 | 6:41 pm Hopes fade at job fairs in ChinaBeijing: One overcast morning this week, seven months after Beijing hosted the costliest Olympics in history, this reporter stands in line with unemployed Chinese graduates to buy a 10 yuan (Rs76) entry ticket to a job fair. A computer science and technology student graduating in June, armed with 40 new copies of his resume, accompanies the reporter past the guards and the baggage checks. “This is my third job fair since late February,’’ says Wang Hao.  Sea of unemployed: A file photo of security workers restraining college students waiting to enter a job fair in Wuhan, in China’s Hubei province. AP As the 20th anniversary of the June 1989 military crackdown on student protesters at Tiananmen Square approaches, Beijing is nervous about maintaining stability—especially among unemployed students and migrants. On Thursday, Premier Wen Jiabao announced a target of nine million jobs in cities this year, officially China’s “toughest year” since 2000. Meanwhile, the Communist Party of China has urged graduates to lower expectations and accept clerical government jobs created in villages or enlist in the army, instead of being unemployed in the boomtowns. After years of 10%-plus growth, the Chinese economy slowed to an almost insignificant 2% growth in the last quarter of 2008. Fitch Ratings has warned that the country’s growth could slow to 5.6% this year, from 9% last year. But Wen has promised to spend more, if required, to ensure that the country’s economy expands by 8% this year. India, too, has been hit by the global economic crisis, and a recent study by the country’s labour ministry said almost half-a-million jobs have been lost—mostly in companies targeting export markets. Graduates from India’s engineering and business schools are scrambling to find jobs, and some information technology (IT) firms have, in the wake of a sudden slowing in business, told hires from the graduating batch of 2008 that they will have to wait to join the company. Still, China’s problems, and the sharpness of the slowdown in the country’s economy, dwarf India’s. That slowdown in growth is reflected in the job fair, where, in a hall with 350 stalls, management and finance graduates compete for jobs with graduates who studied for secretarial posts. One job-hunter says it is not unusual for the organizers of such fairs to bundle and trash resumes after the event. “We used to think we were China’s luckiest generation to graduate after the Olympics, which would bring international opportunities,” says an applicant who majored in English and was an Olympics volunteer. “Today, most of us give up on job fairs after two-three visits.” She wants to be an assistant to a senior executive. And it is a tall order. “The last interviewers didn’t call back because I am short,” she says. “Appearance is very important for a job.” Still, Beijing’s graduates smile knowingly at the mention of rumours of cosmetic surgeries, but don’t complain about discrimination. Last year, assistants at presentation ceremonies for the Olympics medals were picked for perfect six-teeth smiles and general appearance. At a hospital in the eastern agrarian province of Anhui, cosmetic surgeon Zhao Yu said he performs four-five cosmetic surgeries every day on male and female graduates. “After the Spring Festival (after January), our centre has seen a remarkable rise in the number of college students who come to have cosmetic surgeries,’’ Zhao was quoted as saying by Xinhua in a 1 March report. Xinhua also quoted a 22-year-old, who majored in English in Hefei and who had failed interviews and paid 10,000 yuan to make her face thinner and eyes bigger. “I felt my face (was) broad and eyes small; the appearance made me lack confidence and perhaps affected judgement of interviewers.” Inside the fair, Wang’s hopes fade as most jobs are for sales staff and assistants. China wants to create millions of IT jobs to compete with India, but most graduates of 2009 are faced with jobs unrelated to their specialization. “Only one student in my class of 66 IT students got a job in IT,” says Wang. In two hours, he has handed over only 10 copies of his resume. Some stalls do not accept it. And there are no spot interviews. His father, a taxi driver-turned-entrepreneur, aid 8,000 yuan a year for the college tuition, hoping Wang would work for a famous firm. But the son has a back-up plan. He recently appeared for an examination for public servants. “A government job is stable,” he says. “For me, this is the last job fair.” Source: World Business - Livemint.com | 5 Mar 2009 | 6:41 pm New Indian stealth warship halted by US bar on GEIf the United States ranks near the bottom amongst Indias defence suppliers, Washingtons penchant for imposing sanctions and restrictions has much to do with it. Now, the US appears to have shot itself in the foot again. The Indian Navy chose to power its indigenously designed, cutting-edge stealth warship, the INS Shivalik, with gas turbines from American company General Electric (GE). But even as the Shivalik readies for sea trials, the US State Department has ordered GE to stop all work on the turbines it has supplied.Source: Business Standard | Front Page Headlines | 5 Mar 2009 | 6:38 pm Information Technology | Turkey’s AirTies, Smart Digivision tie up on IPTVNew Delhi: Turkey-based technology developer of wireless communications and consumer electronics AirTies, and Smart Digivision, an India-based telecommunications service provider, announced a partnership in New Delhi, on Thursday. Together they will bring IPTV technology to India. IPTV is short for Internet Protocol Television, a system that uses the Internet to deliver high-definition quality to television viewers. AirTies and Smart Digivision will bring interactive services and on-demand content to set-top box devices in millions of homes. “Through this service Indian families will be able to watch what they want, wherever they want,” said AirTies chief executive officer Bülent Çelebi. Source: Tech News - Livemint.com | 5 Mar 2009 | 4:27 pm Geneva show opens to public wary of auto purchasesGeneva: Spectators flocked to the public opening Thursday of the Geneva Auto Show, where they could gawk at the world premieres of over 100 new models without the pressure to buy during a period of economic uncertainty. Albert Willimann of Switzerland surveyed a gleaming white new Audi A4 priced at 71,800 francs ($61,075). He likes the German brand, which is on course to overtake Mercedes and BMW in the European market next year, for its reliability. But he said the new models were too pricey for him. “Second hand cars, a year or two old, are interesting right now,” Willimann said. Even in Switzerland, where there is no auto industry to weaken the national economy, visitors said they were acutely aware of the difficulties some manufacturers are facing at the moment. U.S. companies - which have been the hardest hit so far - are taking a back seat at this year’s show, scaling down their new releases and executive presence. None of the Big Three’s chief executives, who took flak when they flew in private jets to testify in Washington last year, showed up. General Motors Corp. and Chrysler have already received $17.4 billion in federal loans to stay afloat, and together want additional loans of $21.6 billion. On Thursday is was revealed that GM’s auditors have raised “substantial doubt” about the company’s ability to stay in business. The fate of GM’s European brands is in the balance, too. Germany’s Adam Opel needs euro3.3 billion by the second quarter to stay in business, while Saab recently filed for bankruptcy. “I’m sad that European companies like Saab and Opel are being affected by what’s happening in America,” said Marcus Germann, who visits the show every year just to see the latest technology. An engineer by training, Germann said he would think twice about buying a new car from a company on the brink of collapse. Organizers said they had no problem filling the floor space ceded this year by the likes of GM, and were still anticipating to match last year’s attendance of 700,000 before the March 15 close. Volkswagen, which managed to still post a profit in 2008, is one of the few automakers to put on a show for its new car presentations. Pop singer Pink feted executives with a song promoting the new Polo on the eve of the show, and dancers wearing a colorful palette of green, purple, red and turquoise introduced the car during the media presentation. One ray of hope for U.S. auto makers hoping to sell to European customers came in the form of Chevrolet’s Spark, a compact car that immediately drew admirers to the GM brand’s otherwise empty stall. “It’s so cute, so pretty,” said Rosetta Puliafito, who said the car’s American origin would not influence her buying decision. “My father has a Chevrolet, and he’s an Italian,” she said. The show featured fewer lavish presentations, and many executives spent more time than they would have in the past working on their dealer and sales networks. Lamborghini CEO Stephan Winkelmann said the company will consider closely which auto shows it attends as part of its cost-cutting measures to weather the financial crisis. The company will consider offsite events, to avoid higher costs. “We will keep Geneva because it is very important to us,” Winkelmann said. Jim Press, Chrysler’s president and vice chairman, said auto shows like Geneva remained an important part of the company’s strategy, largely because they provide a venue for buyers and auto lovers to connect with the product. “Customers come and glimpse the future. They can look at the thing and they enjoy an emotional connection. How many business do people pay to come to see your product?” Press said. But he added that the crisis is forcing a rethink in priorities. “Auto shows are a great venue where it makes sense for investing for sales. I think some of the big lavish expenditures where people are spending money for publicity and not generating sales, that doesn’t make sense, especially in this environment.” Source: World Business - Livemint.com | 5 Mar 2009 | 3:55 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 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 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 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 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 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 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
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