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EPFO to attach Subhiksha MD personal a/c for PF defaultThe Employees Provident Fund Organisation, Chennai has initiated process to attach Subhiksha Managing Director R Subramanian\'s personal account for nonpayment of provident fund dues, reports CNBCTV18, quoting sources. Subhiksha owes Rs 1.46 crore as PF dues to its employees.Source: Moneycontrol Top Headlines | 9 Mar 2009 | 5:51 pm KPTL bags Rs 385cr pipeline orderKalpataru Power Transmission Limited has been awarded a prestigious contract at an estimated value of Rs. 385 Crores for laying of approx. 550 KMs of 28/30/48 pipeline as Part A of MundraBhathinda Pipeline Project for transportation of crude oil from Mundra to Guru Govind Singh Refinery at Bhatinda.Source: Moneycontrol Top Headlines | 9 Mar 2009 | 5:21 pm Slowdown blues: PVR scales down capex plans by 1015%Pramod Arora, Group President, PVR, expects FY09 to be a better as compared to FY08. However, he added that the company has scaled down its capex plans by 1015% this year due to the global slowdown.Source: Moneycontrol Top Headlines | 9 Mar 2009 | 4:49 pm Merck Co to buy ScheringPlough Corp for $41 bnMerck Co will buy USbased ScheringPlough Corporation for USD 41 billion. Merck Co will pay USD 23.61 per share, representing 34% premium to ScheringPlough closing price. ScheringPlough via its whollyowned subsidiary Dashtag holds 54% stake in Fulford India. This deal then is likely to trigger an open offer for the Indian company.Source: Moneycontrol Top Headlines | 9 Mar 2009 | 4:18 pm RIL may tie up with OMCs to revive petrol pumpsReliance Industries is looking at a joint venture to revive Reliance Petroleum\'s petrol pumps which were closed this time last year. Sources say RIL has sent formal letters to all oil marketing companies Indian Oil, HPCL and BPCL for some sort of tie up or joint venture (JV) over their petrol stations.Source: Moneycontrol Top Headlines | 9 Mar 2009 | 3:38 pm SterliteASARCO deal to be EPSaccretive by FY11: MacquarieRakesh Arora of Macquarie Research Equities said the ASARCO deal is priced lower than expected which is a positive surprise. \"The deal is effectively struck at USD 1.31.4 billion versus the expected USD 1.51.6 billion.\" He said the ASARCOSterlite deal may see EPS accretive by FY11.Source: Moneycontrol Top Headlines | 9 Mar 2009 | 2:37 pm Recession on track to be longest in post-war period!Factory jobs disappeared. Inflation soared. Unemployment climbed to alarming levels. The hungry lined up at soup kitchens.Source: Zee News : Business | 9 Mar 2009 | 12:43 pm Markets open in red!Sensex started the week in the red on Monday, opening 79.61 pts lower than its previous close.Source: Zee News : Business | 9 Mar 2009 | 12:43 pm Ranbaxy gets US FDA nod for cardio drugs!Drug-maker Ranbaxy Laboratories on Monday said that it has received approval from the US drug regulator to market and manufacture Ramipril, used in the treatment of cardiovascular diseases.Source: Zee News : Business | 9 Mar 2009 | 12:43 pm Global economy set to shrink in 2009: World Bank!With over half a million jobs lost in India alone in recent months, the World Bank predicts the global economy and global trade would both shrink this year for the first time since World War II.Source: Zee News : Business | 9 Mar 2009 | 12:43 pm Indian exports decline as world trade growth slips!India registered its first ever year-over-year decline in exports as world trade growth turned negative in the last quarter of 2008, raising fears of a protectionist backlash, according to a new World Bank report.Source: Zee News : Business | 9 Mar 2009 | 12:43 pm Hyderabad court to decide on ex-Satyam boss Raju`s CBI custody today !A local court here will on Monday take a decision on a petition moved by the Central Investigating Agency (CBI) seeking the custody of B Ramalinga Raju, founder of Satyam Computer, and others.Source: Zee News : Business | 9 Mar 2009 | 12:43 pm Satyam starts bidding process!Satyam on Monday said that it was commencing a bidding process to select an investor.Source: Zee News : Business | 9 Mar 2009 | 12:43 pm Car and bike sales grow in Feb !Domestic passenger car sales went up by 21.8 percent in February 2009 to 115,386 units, from 94,757 units in the same month last year.Source: Zee News : Business | 9 Mar 2009 | 12:43 pm Govt to attend ADB meet in Manila on impact of financial crisis on Asia today!Indian policymakers will meet their Asian counterparts at the ADB forum in Manila on Monday to share policy responses to the global financial crisis and their impact on the region.Source: Zee News : Business | 9 Mar 2009 | 12:43 pm 2000 AK-47 rifles but no bullets to fire - Indian Express
Source: Google News India - Business | 9 Mar 2009 | 12:36 pm Indian rupee nears record lows, outlook bearish - Reuters India
Source: Google News India - Business | 9 Mar 2009 | 12:24 pm Bad start to trading week, Sensex slips two percent - Hindu
Source: Google News India - Business | 9 Mar 2009 | 12:19 pm Car sales rebound in February (updated) - India Infoline.com
Source: Google News India - Business | 9 Mar 2009 | 12:18 pm AIG warned of global turmoil before rescue - BloombergReuters - American International Group Inc had warned of turmoil around the globe if the government allowed the insurer to fail when it appealed to U.S. regulators for its latest rescue, Bloomberg said citing an AIG presentation dated Feb. 26.Source: Reuters: Money News | 9 Mar 2009 | 12:15 pm Kalpataru gets Rs385 cr pipeline project from HPCL-Mittal JV - Livemint
Source: Google News India - Business | 9 Mar 2009 | 12:14 pm SC orders status quo on cable TV tariff for two weeks - Livemint
Source: Google News India - Business | 9 Mar 2009 | 12:12 pm India Rejects Goldman Sachs Criticism on ONGC Subsidy - Bloomberg
Source: Google News India - Business | 9 Mar 2009 | 12:12 pm Rolta guides 3035% revenue growth in FY09AD Tayal and Hiryana Ashar of Rolta India guides a 3035% revenue growth in FY09 at and PAT at 2530%. They said that the companys FCCB outstanding was at USD 150 million and that the companys loss was only notional. They expect the FCCB buyback to be completed by March 31.Source: Moneycontrol Top Headlines | 9 Mar 2009 | 12:11 pm India copper down over 3 pct on demand worries - Reuters India
Source: Google News India - Business | 9 Mar 2009 | 12:04 pm Bad start to trading week, Sensex slips 2 percentIndian equities markets closed in the red Monday as stocks across sectors came under selling pressure. A key index ended trade almost 2 percent lower than its previous close.Source: IndiaeNews.com: Business News | 9 Mar 2009 | 12:02 pm Dunlop's Sahaganj unit to start production in two monthsTyre maker Dunlop India, which reopened its Sahaganj plant in West Bengal March 6 after remaining shut for more than three months, Monday said it will retain all its workers and start production within two months.Source: IndiaeNews.com: Business News | 9 Mar 2009 | 12:01 pm ICICI Pru Life eyes higher growth in next fiscal - Hindu Business Line
Source: Google News India - Business | 9 Mar 2009 | 12:00 pm Penguin to bring classics back to Delhi's first open air libraryClassic literature is making a comeback to the capital through a unique open air library.Source: IndiaeNews.com: Business News | 9 Mar 2009 | 12:00 pm Indian-born industrialist setting up $2.5 bn urea unit in AustraliaAn Australian company promoted by a New Delhi-born industrialist Vikas Rambal Monday announced plans to construct a $2.5-billion urea manufacturing plant at the Shotts Industrial Park at Collie in Western Australia.Source: IndiaeNews.com: Business News | 9 Mar 2009 | 12:00 pm SAT stays SEBI order on Shankar Sharma - Hindu Business Line
Source: Google News India - Business | 9 Mar 2009 | 12:00 pm Trial in Mumbai attacks case to start on 23 MarchMumbai: The trial in the Mumbai terror attacks case will begin on 23 March with a metropolitan magistrate on Monday committing the proceedings to the special session court set up inside the high-security Arthur Road prison here. Mohammed Ajmal Amir Kasab, the lone terrorist caught in connection with the terror strikes, for the first time on Monday interacted through video conferencing with magistrate N N Shrimangale from the jail premises. “I am committing the case to sessions for trial,” the magistrate said. During the video conferencing, Kasab told the magistrate that he did not understand the chargesheet filed in English and Marathi. The magistrate told the accused that he could make his plea before the special court. Source: LatestNews-Home - Livemint.com | 9 Mar 2009 | 11:58 am Rupee nears record lows, outlook bearishMumbai: The rupee fell to within striking distance of a record low on Monday as local shares sank 2% to their lowest in nearly three and a half years, renewing fears more foreign investors may exit. The partially convertible rupee ended at Rs51.85/87 per dollar, 0.38% weaker than its previous close of Rs51.65/71, off the intraday low of Rs52.01 hit in late deals. It plummeted to a record low of Rs52.20 per dollar last week, and is down 1.5% so far this month. The rupee has shed 6.1% so far in 2009. “Volumes have been thin and traders have been nervous to add fresh positions,” said a dealer at a foreign bank. The currency market will be shut on Tuesday and Wednesday for holidays and traders said scattered dollar selling by the Reserve Bank of India around Rs52 per dollar capped sharper falls. Capital flows in and out of the stock market have been a key driver for the rupee. Foreign investors have sold about $2.3 billion worth of shares in 2009 after dumping more than $13 billion in 2008. World stocks sank towards 14-year lows in a broad-based sell off, dragged lower by economic gloom in Europe and Asia. One-month offshore non-deliverble forwards were quoting at Rs52.28/52.38, weaker than the onshore spot rate, indicating a bearish near-term outlook for the rupee. Callum Henderson, global head of FX research at Standard Chartered Bank, said the dollar/rupee was in a consolidation phase but it should move further away from Rs52 per dollar soon. “The break above 50.60 set the dollar-rupee up for the next upswing, with the minimum bull flag objective placed near 52.50,” he said in a note. Source: Home - Livemint.com | 9 Mar 2009 | 11:57 am VHP describes Naveen Patnaik as ‘anti-Hindu’Bhubaneswar: Terming Orissa chief minister Naveen Patnaik as ‘anti-Hindu’, the VHP on Monday said it would launch a state-wide campign to generate awareness on necessity to protect the Hindu religion. “The Orissa government knows who killed Swami Laxamananda Saraswati and who are the people behind the murder. But the government takes no action against the culprits,” VHP leader Ashok Singhal said. He said eight months had passed since the killing of Saraswati, but yet the government could not arrest the culprits. Alleging that Patnaik was adopting a ‘minority appeasement’ policy like other parties, Singhal said that an Orissa bandh called by swami Laxamananda Saraswati Sradhanjali Samiti on 25 December was postponed on the assurance that the culprits would be arrested within two months. Singhal pointed out that Hindu saints were worried over the killing and humilation of sadhus at different places in the country. Replying to a question on the ruling BJD severing its ties with the BJP, Singhal said that the VHP was least bothered over the development. Source: LatestNews-Home - Livemint.com | 9 Mar 2009 | 11:55 am Kalpataru gets Rs385 cr pipeline project from HPCL-Mittal JVMumbai: Kalpataru Power Transmission today said it has bagged a Rs385-crore contract from HPCL-Mittal Energy joint venture for an oil pipeline project. “Under the contract, the company would lay nearly 550 kilometers long pipeline of Mundra-Bhatinda Pipeline project for crude oil transportation between the two cities,” Kalpataru said in a filing to the Bombay Stock Exchange. The oil pipeline is a part of Guru Govind Singh refinery, a joint venture project between state-run Hindustan Petroleum Corporation and L N Mittal-led Mittal Energy. The pipeline project would be completed in 18 months from the date of award, Kalpataru added. Guru Govind Singh refinery is being developed at Bhatinda in Punjab. Shares of Kalpataru Power and Transmission were trading at Rs233.25, up 2.46% in the late afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 9 Mar 2009 | 11:51 am ICICI Pru Life eyes higher growth in FY10Mumbai: ICICI Prudential Life Insurance expects to end the current fiscal with negative growth but with better growth prospects likely next year, hopes to achieve break-even in about two-years, a top company official said. “The (life insurance) industry has seen a 15-20% negative growth for the year. We hope to do better than the industry, but are likely to see a negative growth for this year,” ICICI Prudential Life Insurance’s Managing Director, Shikha Sharma, told reporters on the sidelines of a conference here today. However, the next fiscal (FY 10) is likely to bring in a “lower, but positive single-digit growth” for the life insurance industry, Sharma said. “Given a three-five-year outlook, we continue to be very bullish about the sector and I think it has the potential to grow around 20%. Our (ICICI Prudential’s) belief is that break-even will come in about two years,” Sharma said. Growth in FY 10, however, would remain low and in single-digit but it would be positive, the insurance major’s chief said. ”This year (FY 09) has been challenging for the (life insurance) industry. This is the first year that the industry has seen a negative growth over the previous year, because of the multiple shocks in the global environment. Much of the pain in the life industry has taken place this year,“ Sharma said. According to her, customers were confused about where to invest. But the need for protection is very much there and “savings will come back”, she said. The company’s total premium income for the year grew 35%, Sharma said. ICICI Prudential has been proactive in responding to the evolving market conditions. To combat the global economic downturn, the company has done a lot of retraining (of its personnel), she said, adding “some product changes need to be done again to cope with different market situations”. On her hiring plans, Sharma said that “we always keep hiring people to back-fill our attrition, but we will be managing (our) headcount.” She, however, refused to comment on the company’s attrition rate. Source: LatestNews-Home - Livemint.com | 9 Mar 2009 | 11:51 am Sterlite bags ASARCO at $1.7 bn vs $2.6 bnThe SterliteASARCO deal was inked at USD 1.7 billion. Sterlite signed a new agreement to purchase the operating assets of the USbased copper miner ASARCO.Source: Moneycontrol Top Headlines | 9 Mar 2009 | 11:43 am SC orders status quo on cable TV tariff for two weeksNew Delhi: The Supreme Court on Monday asked the multi-system operators and local cable operators to charge fee as per the directions of broadcast regulator Trai, which has proposed Rs132-260 for cable services in non-CAS areas. A bench headed by Chief Justice K G Balakrishnan in an interim order said the tariff, which was in existence at the time when the sectoral tribunal rejected Trai’s order putting a ceiling on cable service charges, will continue for next two weeks. “Status quo as on the date of the TDSAT order to continue,” it said, while adjourning the matter for two weeks. Broadcast regulator Trai on 4 October 2007, had issued a circular directing a price band of Rs132-260 for cable services based on a classification of cities and the number of pay channels provided by multi-system operators (MSOs). Earlier, the court had asked the broadcasters to work out some interim arrangement (till Trai completes its exercise of reframing the new tariff order within 4-6 months) on tariff to be charged across the country. The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) had set aside the Telecommunications (Broadcasting & Cable) Services (Second) Tariff (Eighth Amendment) Order 2007 and held that the regulator had violated principles of transparency. Trai had challenged the TDSAT judgement. Stating that the tribunal’s verdict will have tremendous impact on consumers and the broadcasting and the Cable TV services industry, Trai said the tariff order, which had been in existence for more than a year, should be continued as it had been successfully implemented. The tariff order had provided protection to about 80 million households in a very transparent and reasonable manner by stipulating ceilings on the monthly cable TV charges, senior counsel Harish Salve stated. Around 30 million new households would be deprived of tariff protection and would be at the mercy of service providers and “there is a strong likelihood of arbitrary hikes”, Trai stated. Trai in its appeal said the tariff order mandated broadcasters to offer their channels on a-la-carte basis and declare their bouquet rates as well as their a-la-carte rates for their channels in non-CAS areas on 1 December 2007. Source: LatestNews-Home - Livemint.com | 9 Mar 2009 | 11:41 am EU backs IMF fund boost as Japan swings to deficitBRUSSELS/TOKYO (Reuters) - The European Union is set to back an International Monetary Fund call for $500 billion to fight the global financial crisis, a document showed on Monday as Japan posted its first current account deficit in 13 years.Source: Reuters: Money News | 9 Mar 2009 | 11:36 am Too early to extract trends from Feb sales: TVS MotorsCommenting on the road ahead for the company, HS Goindhi, PresidentMarketing, TVS Motor, said sales have been picking up in small towns and rural areas. However, he feels any prediction beyond two months is foolhardy. It would be premature to extract trends from February sales figures.Source: Moneycontrol Top Headlines | 9 Mar 2009 | 11:34 am Edible oils rise on festival buyingNew Delhi: The wholesale edible oil prices on Monday rose up to Rs150 per quintal in the national capital on emergence of buying by vanaspati units to meet coming Holi festival demand. Marketmen said fresh buying by vanaspati millers to meet coming Holi, festival of colours, demand mainly pushed up edible oil prices. In the edible section, palmolein (rbd) and crude palm oil (ex-Kandla) rose by Rs100 and Rs60 to Rs3,800 and Rs3,080 per quintal respectively. Soyabean refined mill delivery and soyabean degum (delhi) also shot up by Rs100 and Rs150 to Rs4,850 and Rs4,650 per quintal. In line with the general firming trend, mustard expeller oil moved up by Rs100 to Rs4,800 per quintal. Mustard pakki and kachi ghani oils traded higher by Rs10 each to Rs655-810 and Rs810-895 per tin of 15 litres. Sesame and cottonseed mill delivery oils rose by Rs100 and Rs50 to Rs5,500 and Rs4,050 while rice bran (physical) gained Rs50 to Rs3,450 per quintal. Source: LatestNews-Home - Livemint.com | 9 Mar 2009 | 11:34 am Cong will wait till last moment for pact with SP: DigvijayGorakhpur, UP: A day after the Samajwadi Party (SP) virtually ended the possibility of an alliance with Sonia Gandhi’s party, the Congress on Monday said it will wait till the last moment for an amicable seat sharing arrangement with the SP for the 80 Lok Sabha seats in Uttar Pradesh. “Doors will remain open till the last moment though we are prepared to contest from all seats. Yet, we will think on how many seats we can allot them (SP) like they have decided to leave us 6,” Congress General Secretary and UP in-charge Digvijay Singh said in a press conference here. On Sunday, SP supremo Mulayam Singh Yadav had pulled the plug on any alliance by announcing that his party would contest all but six seats in UP. However, the Congress general secretary on Monday said that his party would make every effort to keep communal forces at bay in UP and elsewhere and for that it would again seek the SP’s support to check the division of votes during the coming elections but it would not compromise on its self-respect. He said his party was thankful to the SP for coming to its aid during the trust vote in the Lok Sabha after the Left withdrew support on the nuclear deal issue. Maintaining that UP would decide who would come to power at the Centre after the elections, he said there was no alternative to the Congress if a secular government has to be established. Source: LatestNews-Home - Livemint.com | 9 Mar 2009 | 11:19 am Raju, four others sent to CBI custodyHyderabad: A local court on Monday sent Satyam’s former chairman B. Ramalinga Raju, his brother Rama Raju and three others to CBI custody for seven days from starting Tuesday. Besides the Raju brothers, the CBI would be quizzing Satyam’s former CFO Vadlamani Srinivas and audit house Price Waterhouse’s partners S. Gopalakrishnan and Talluri Srinivas in connection with the Rs7,800 crore accounting fraud at Satyam Computer. The court also dismissed the bail petitions of Gopalakrishnan and Srinivas. Source: LatestNews-Home - Livemint.com | 9 Mar 2009 | 11:18 am BSE Sensex nears 3-½ yr closing low; Satyam upMUMBAI (Reuters) – The BSE Sensex fell 2 percent to its lowest close in almost three and a half years on Monday as deepening concerns about the health of the world economy sent markets reeling across Asia and Europe.Source: Reuters: Money News | 9 Mar 2009 | 11:16 am Rights issue only way to raise capital now: Dewan HousingThe board of Dewan Housing Finance Corporation has approved a rights issue of Rs 105 crore. Commenting on this, Kapil Wadhawan of Dewan Housing said the company sees no other feasible way of raising capital other than the rights issue. He also said the cost of funds is coming down since the last 23 months.Source: Moneycontrol Top Headlines | 9 Mar 2009 | 11:13 am Ford India registers 35% growth in Feb 2009Chennai: Leading car maker Ford India on Monday announced a “healthy” 35% growth in month-on-month sales in February 2009. According to a company release here, the company sold 2636 cars in February against the 1956 units sold in January 2009. Further, Ford India posted an 8% year-on-year growth compared to February last year, the release said. Source: LatestNews-Home - Livemint.com | 9 Mar 2009 | 11:09 am BMW sales plummet in FebruaryFrankfurt: The German luxury car maker BMW said on Monday that February sales plunged by an annualised 24% but vowed to remain the world’s top high-end brand. The BMW group, which owns the Mini and Rolls-Royce brands, sold a total of 80,453 vehicles, a statement said. Its results contrasted sharply with overall German auto sales, which leapt 21.5% higher in February according to figures released by the VDA federation of auto manufacturers, while exports plunged by 51%. The statement quoted BMW sales director Ian Robertson as saying: “Despite the difficult conditions, the BMW group aims to remain the world’s leading supplier of premium automobiles in 2009 and after the first two months we are right on track.” A breakdown of the group’s data showed that BMW brand auto sales also shed 24 % from February 2008 to 68,803 cars, while Mini sales slumped by 27% on the year to 11,583 vehicles. On a two-month basis meant to smooth out one-off variations, BMW brand sales also lost 24% in January and February, while Mini sales were off by just over 30%. The result for BMW’s own brand was nonetheless better than the overall market for luxury cars, which was expected to contract by 27% in the same period, which meant BMW would gain market share in the premium sector. Last week, German rival Daimler said its sales had fallen by 25% last month. BMW also expects to get a boost from the introduction of a new Mini. Source: LatestNews-Home - Livemint.com | 9 Mar 2009 | 11:09 am BMW sales plummet in FebruaryFrankfurt: The German luxury car maker BMW said on Monday that February sales plunged by an annualised 24% but vowed to remain the world’s top high-end brand. The BMW group, which owns the Mini and Rolls-Royce brands, sold a total of 80,453 vehicles, a statement said. Its results contrasted sharply with overall German auto sales, which leapt 21.5% higher in February according to figures released by the VDA federation of auto manufacturers, while exports plunged by 51%. The statement quoted BMW sales director Ian Robertson as saying: “Despite the difficult conditions, the BMW group aims to remain the world’s leading supplier of premium automobiles in 2009 and after the first two months we are right on track.” A breakdown of the group’s data showed that BMW brand auto sales also shed 24 % from February 2008 to 68,803 cars, while Mini sales slumped by 27% on the year to 11,583 vehicles. On a two-month basis meant to smooth out one-off variations, BMW brand sales also lost 24% in January and February, while Mini sales were off by just over 30%. The result for BMW’s own brand was nonetheless better than the overall market for luxury cars, which was expected to contract by 27% in the same period, which meant BMW would gain market share in the premium sector. Last week, German rival Daimler said its sales had fallen by 25% last month. BMW also expects to get a boost from the introduction of a new Mini. Source: World Business - Livemint.com | 9 Mar 2009 | 11:09 am Merck to buy Schering-Plough for $41.1 billionNEW YORK (Reuters) - Merck & Co Inc said on Monday that it would acquire Schering-Plough Corp for $41.1 billion, uniting the makers of cholesterol drugs Zetia and Vytorin in the second megadeal for Big Pharma in weeks.Source: Reuters: Money News | 9 Mar 2009 | 11:06 am OPEC to make sharp cut in oil demand forecastDoha: Organization of the Petroleum Exporting Countries (OPEC) will cut its 2009 oil demand forecast this week, the group’s secretary general said on Monday, a move that may lend support to calls from some members for further supply curbs at a meeting on Sunday. OPEC expects the slowing global economy to burn a million barrels per day (bpd) less oil than the producer group forecast just a month ago, Abdullah al-Badri told reporters in Qatar on the sidelines of an energy conference. Badri, who has previously said the Organization of the Petroleum Exporting Countries may lower supply further when it meets in Vienna on Sunday, reiterated that an additional curb was among its choices. “All options are on the table,” he said when asked if OPEC needed to cut again to balance the market. OPEC is scheduled to release its latest Monthly Oil Market Report, written by economists based at its Vienna headquarters, on Friday. Its demand estimate is key to the OPEC oil ministers’ decision on how much oil to pump. Oil use is falling in 2009 for a second consecutive year, the first slide in a generation, due to the global economic crisis. OPEC’s most recent report forecast global demand will fall by 580,000 bpd in 2009 to average 85.13 million bpd. The group, which produces more than a third of the world’s oil, has pledged to cut 4.2 million bpd, around 5% of global supply, since September to tackle oil’s $100-a-barrel collapse from last year’s record high. The curbs had stabilized the oil market, Badri said. Compliance among OPEC members with agreed reductions stood at around 85%, he said. Still, demand for OPEC’s oil was down 1.9 million bpd from last year and the fall in consumption would continue to hurt the price, he said. “We expect to continue to see downward pressure on prices,” Badri told the conference earlier in a speech. The oil price was too low for OPEC but could have been worse given the deteriorating economy, Badri told reporters. “The price is not really acceptable to us,” Badri said. “But given the economic crisis it is OK.” US crude has fallen over $100 a barrel to around $46 a barrel from a peak last July near $150. The price was too low to encourage investment to meet future energy growth and could lead to future supply and demand imbalances, Badri said. “A $40, or even a $50 price, is not the price where you can invest - no way,” Badri said. OPEC members, who hold more than three quarters of the world’s proven oil reserves, have postponed some projects to expand supplies due to low prices and falling demand. Top oil exporter and OPEC’s most influential member Saudi Arabia has yet to state its position ahead of Sunday’s meeting. The kingdom said in January it would pump below its official OPEC target and do whatever was necessary to bring the market back into balance. Saudi King Abdullah named $75 as a fair price for oil last year, a price well above current levels. Other OPEC members have been divided in the run up to the meeting on whether another cut is necessary. Venezuela and Libya have said there is too much crude in the market and a further supply curb may be needed. But Iran, Angola and Ecuador see no need to cut again. Source: Home - Livemint.com | 9 Mar 2009 | 11:06 am Tobacco will annually kill six million people: ReportTobacco use is expected to kill six million people worldwide and drain $500 billion from the global economy each year, reveals the latest edition of the 'Tobacco Atlas' released here Monday.Source: IndiaeNews.com: Business News | 9 Mar 2009 | 11:00 am Close: Weak outlook drags Sensex 1.9% down; auto gainsNew Delhi: Markets traded the lowest near closing as selling pressure continued almost across the board, dragging the Bombay Stock Exchange Sensex down by 1.9% on Monday. Negative sentiment in the market conceived from weak global cues and bearish investors sentiments before the local holidays on Tuesday and Wednesday. Markets began the day 1% lower on the back of mixed Asian markets on worries of insufficient stimulus and fate of auto industry in the US. The 30-share BSE index failed to recover and ended 165.42 points down at 8,160.40 and 50-share NSE Nifty ended at 2,573.15 or 47 points less. Realty and banking suffered huge sell-off lowering them by 3.2% and 2.7% respectively. Realty stocks fell due to insignificant fall in interest rates during the time of liquidity problem. Banking industry still has to transfer benefits of recent rate cuts by the RBI and stockholders are also wary of financial stocks due to troubles in the global financial sector. Other frontline losers were FMCG, technology, IT, capital goods and metal. Auto index was the only exception riding high on increase in vehicle sales in the month of February. Maruti Suzuki gained by 0.25% to Rs650.70 and Mahindra and Mahindra rose by 0.22% to Rs317.60. Satyam surged by 15.78% to Rs48.80, on the NSE as the government-appointed board laid down bidding qualifications today inviting interested companies to bid for 51% stake in the software-outsourcing firm. Ranbaxy Laboratories traded lower by 4.46% to Rs135 even after the pharma received an approval from US Food and Drug Administration for its new cardiovascular drug Ramipril. The same FDA had accused Ranbaxy for data falsification two weeks back. Sterlite Industries fell 2.24% to Rs244.45 on acquisition of the US-based bankrupt copper miner Asarco for $1.7 billion, 35% lower than its previous bid. Jaiprakash Associates was on top of the BSE losers list, falling by 5.32% to Rs65.85, along with State Bank of India by 4.68% to Rs896.80, DLF Ltd by 4.54% to Rs138.70, Sun Pharmaceuticals by 4.20% to Rs978.65 and Reliance Communications by 4.03% to Rs132.25. Meanwhile, on the global front, European markets also opened weak dragged by Lloyds and HSBC stocks sell-off. London’s FTSE hits it’s 6-year low as bank stocks fell. In Asia Japan’s Nikkei fell 1.2% to a 26-year closing low on automaker losses amid concerns about the fate of General Motors. The domestic market will remain closed on Tuesday and Wednesday for religious festivals resuming trade on Thursday. Source: Home - Livemint.com | 9 Mar 2009 | 10:47 am Satyam launches bidding process; stock jumpsBANGALORE (Reuters) - Satyam Computer Services Ltd kicked off a bidding process on Monday to sell a majority stake in itself and two potential suitors quickly confirmed they would join the race for the fraud-hit outsourcer.Source: Reuters: Money News | 9 Mar 2009 | 10:36 am Markets pull down shutters in redIndian equities markets closed in the red Monday, with a key index ending trade almost 2 percent below its previous close.Source: IndiaeNews.com: Business News | 9 Mar 2009 | 10:32 am POLL - Inflation seen at 2.34 pct on Feb 28MUMBAI (Reuters) - Inflation rate is forecast to have dropped to near seven-year lows at the end of February, following lower prices of manufactured goods and food articles, a Reuters poll of 10 analysts showed on Monday.Source: Reuters: Money News | 9 Mar 2009 | 10:06 am Obama to reverse Bush stem cell restrictionsWashington: President Barack Obama plans to lift his predecessor’s restrictions on federal funding for stem cell research on Monday, the latest reversal of controversial policies implemented by the Bush administration. The long-promised move, coming nearly two months into his term, will allow a rush of research aimed at better treatment, if not cures, for ailments from diabetes to paralysis research that crosses partisan lines, backed by such notables as Nancy Reagan and the late actor Christopher Reeve. But it stirs intense controversy over whether government crosses a moral line with such research. Obama also planned to make a broad declaration that science, not political ideology, would guide his administration. “I would simply say this memorandum is not concerned solely, or even specifically, with stem cell research,” said Harold Varmus, chairman of the White House’s Council of Advisers on Science and Technology and a Nobel Prize-winning biologist. He said it would address how the government uses science and who is advising officials across federal agencies. In short, Obama plans to use an executive order and a memo to signal his commitment to refocus the government’s priorities. The proposed changes, which Obama planned to sign around noon Monday, do not fund creation of new lines, nor specify which existing lines can be used. They mean that scientists, who until now have had to rely on private donations to work with these newer stem cell lines, can apply for government money for the research, just like they do for studies of gene therapy or other treatment approaches. At the same event, the president planned to announce safeguards through the National Institutes of Health so science is protected from political interference. Embryonic stem cells are master cells that can morph into any cell of the body. Scientists hope to harness them so they can create replacement tissues to treat a variety of diseases such as new insulin-producing cells for diabetics, cells that could help those with Parkinson’s disease or maybe even Alzheimer’s, or new nerve connections to restore movement after spinal injury. The research is controversial because days-old embryos must be destroyed to obtain the cells. They typically are culled from fertility-clinic leftovers otherwise destined to be thrown away. President George W. Bush banned their use; he and his supporters said they were defending human life. “I believe it is unethical to use human life, even young embryonic life, to advance science,” said Tony Perkins, president of the Family Research Council, a conservative organization that opposes the move. “While such research is unfortunately legal, taxpayers should not have to foot the bill for experiments that require the destruction of human life,” said Perkins. “I urge President Obama to direct funding not only to the best science, but also to the surest common ground research using adult stem cells and stem cells created by reprogramming.” Source: Tech News - Livemint.com | 9 Mar 2009 | 10:05 am HLL Lifecare denies controversy over vaccine complexHLL Lifecare Ltd, which is setting up an integrated vaccine complex (IVC) in Tamil Nadu's Chengalpattu, has denied allegations that the central government closed down three state-run vaccine manufacturers last year to favour the IVC project.Source: IndiaeNews.com: Business News | 9 Mar 2009 | 10:00 am Market eyes stable cashflow for Reliance from KG gasMUMBAI (Reuters) - Reliance Industries' start up of gas supplies will help the energy giant weather a downturn in its refining and petrochemical business, with analysts saying it could lift profits by a third in 2009/10.Source: Reuters: Money News | 9 Mar 2009 | 9:59 am Satyam launches bidding process; stock jumpsBangalore: Satyam Computer Services Ltd kicked off a bidding process on Monday to sell a majority stake in itself and two potential suitors quickly confirmed they would join the race for the fraud-hit outsourcer. Shares in Satyam jumped as much as 19% after gaining 20% on Friday, valuing the company at about $650 million, still just a fraction of the $7 billion it was worth last May. The broader market was down more than 2%. Also Read L&T to go ahead with bid for Satyam The Satyam Fiasco (Full Coverage) “Nobody would like to take a short in the dark, so the final bid price and outcome will clearly depend on the kind of information they are able to get about the company,” said Tarun Sisodia, a Mumbai-based analyst at Anand Rathi Financial Services. Satyam’s government-appointed board is keen to bring in an investor to restore confidence among its roughly 50,000-strong staff and more than 600 customers, which include General Electric and Qantas Airways. Analysts said bidders were attracted by Satyam’s strong client base and its large workforce but setting a bidding price would be difficult without any audited accounts and clarity about its liabilities. Satyam said in a statement bidders need to submit their interest by Thursday to buy a 51% stake. The bidders will then be asked to submit a detailed expression of interest and provide availability of at least Rs1,500 crore ($290 million) by 20 March. India’s top engineering firm, Larsen & Toubro Ltd, which controls about 12% of Satyam, will put in an expression of interest, but a formal bid will depend upon clarity on financial statements and the extent of Satyam’s liabilities. “It is not possible for us to say that at any cost we will bid,” YM Deosthalee, chief financial officer at Larsen & Toubro, told a private television channel. New York-listed Satyam said qualified bidders will be shortlisted and given access to certain business, financial and legal materials and after completion of the due diligence process, bidders would need to submit their financial bids. Satyam has been struggling for survival since founder and Chairman Ramalinga Raju shocked investors in January, saying Satyam’s profits had been overstated for years and assets falsified in what has become India’s biggest corporate scandal. Raju, the managing director and the chief financial officer quit and were later arrested. Legal Mess Satyam faces class-action lawsuits from US shareholders that any new owner would have to assume some degree of liability for. Another potential suitor diversified Spice Group said it would submit an expression of interest, but the Hinduja Group declined comment on whether it would join the race. Spice Group chairman BK Modi said he was comfortable with the bid rules and hoped the entire bidding exercise would be transparent. “I hope there are a lot of parties, then only there is fun in bidding,” he said. Local media has said IBM may also bid for Satyam, but sources told Reuters the US giant was unlikely to do so as the advantage of expanding in India was outweighed by the legal and financial risks related to the scandal. Goldman Sachs and Indian investment bank Avendus Advisors are advising Satyam’s board on the sale process. Satyam chairman Kiran Karnik has said the restatement of accounts would take time. The board had appointed KPMG and Deloitte in January to restate Satyam accounts. Satyam said under relaxation of rules by the market regulator, there was no requirement to have a minimum floor price that was otherwise needed under Indian law for the initial subscription. Source: Home - Livemint.com | 9 Mar 2009 | 9:55 am OVL seeks more time from Nigeria to decide on oil blocksPTI New Delhi: ONGC Videsh Ltd has sought more time from the Nigerian government to decide on takeover of two highly prospective deep-sea oil blocks in the African nation as approval for its $291 million investment decision may have to wait till General Elections are completed. OVL last month sought an extension of the 60-day deadline set by Nigeria for payment of signature bonus for taking 60% stake in blocks 321 and 323 as Oil Ministry declined to take its proposal to the Cabinet before new government takes over in May-end, industry sources said. The company had in August 2005 won blocks 321 and 323, which hold inplace reserves of two billion barrels each, committing $485 million in signing amount. But Nigeria awarded these blocks to Korean National Oil Corp-led group claiming that the Korean firm had a first right of refusal. The Korean group signed Production Sharing Contracts for the two blocks in January 2006 but paid only $92 million signature bonus, forcing Nigeria to cancel the allocation. Sources said the Indian firm has asked Nigeria to furnish a copy of the contracts signed for the two blocks and details of the order that cancelled those contracts. While Nigeria has announced cancellation of the Korean contract, it is yet to formally rescind the agreement and OVL wants to see it in black-and-white before making payment of $291 million for 60% interest in the two blocks. Nigerian President had in January set 6 March as the deadline for OVL to make payment of the signature bonus, sources said, adding that OVL has not specified a new timeframe for deciding on the payment. OVL, UK-based Equator Exploration and Nigerian company Owel E&P Ltd in 2005 had made the winning offer of about $175 million signature bonus for block 321 and $310 million for 323. But KNOC exercised a right of first refusal which it had got in lieu downstream investment commitments. Nigeria awarded 60% stake in the two blocks to KNOC and gave a 30% interest to OVL and its partners. The remaining 10% was awarded to local companies. OVL refused the offer and the 30% share in the Gulf of Guinea blocks was taken by Equator, sources said. Nigeria in December notified the South Korean consortium of the cancellation, saying a fee of $323 million hasn’t been paid. The Korean consortium holds 60% of the two blocks, of which KNOC owns 43.88%, state Korea Electric Power Corp (Kepco) 8.78%, Daewoo Shipbuilding 5.85% and GT&R 1.5%. Sources said KNOC had paid $92 million in cash and offered a letter of credit to pay an additional $231 million to cover its 60% interest in the two oil blocks. Equator had paid a full one-third share totalling to $161.7 million. Source: Home - Livemint.com | 9 Mar 2009 | 9:40 am Big Pharma looks to vaccines to fill revenue gapLondon: Vaccines may be the next big thing for Big Pharma. Drugmakers’ traditional model is under threat from looming loss of exclusivity on some of the industry’s biggest sellers and companies are keen to diversify away from the core business of prescription medicines. “All of a sudden the black sheep of the family has become very exciting again and part of that is down to the absence of drugs coming through the regular pipeline,” said Simon Friend, global pharmaceutical leader at PricewaterhouseCoopers. U.S. healthcare reform, with President Barack Obama targeting high drug prices, is adding to the pressure and making vaccines -- previously notorious for low margins -- seem ever more attractive as both their sales and profitability improve. A new generation of high-price blockbusters like Wyeth’s Prevnar and Merck & Co Inc’s Gardasil have changed the landscape and tempted more companies. Sanofi-Aventis SA, Merck, GlaxoSmithKline Plc and Wyeth have historically dominated the field, but that is altering. Novartis AG became the world’s fifth largest vaccine maker in 2006, after buying full control of Chiron, while AstraZeneca Plc won a foothold in vaccines in 2007 by buying MedImmune. Now Pfizer Inc is gate-crashing the party with its plan to acquire Wyeth. One key advantage of vaccines is their relative immunity to generic competition. As biological medicines they are hard to manufacture, typically requiring a large capital investment of $100-600 million per plant, according to analysts at UBS. “Generics don’t play in the vaccines space, so you have them for a long time,” PwC’s Friend said. Recent vaccine growth is impressive, with sales by the top five producers -- together accounting for 85% of the market -- reaching $16 billion in 2008, up one-third in just two years. By 2012, market leader Sanofi predicts revenues of $22 billion and many analysts think that is conservative. Modern Science Driving that will be a wave of new products tapping what Philippe Monteyne, Glaxo’s head of global vaccine development, describes as “an explosive stage of growth” in research, due to progress in science, especially immunology. Recent advances in preventing diseases as diverse as cancer and flu have taken vaccines beyond their traditional marketplace in infancy, and established immunisation as a cost-effective option for adolescents, adults and the elderly. At the same time, a new field of so-called therapeutic vaccines -- designed to treat diseases like cancer by boosting the immune system, rather than simply preventing infections -- could in a few years revolutionise whole areas of medicine. As a result, many drug companies are eyeing vaccines as among their most promising $1 billion-a-year-plus products. Novartis, for example, has two meningitis vaccines, Menveo and MenB, in late-stage development that David Kaegi, a buyside analyst at asset manager Sarasin, sees as key major earners. “With multibillion-dollar sales potential, MenB is the most important product in Novartis’ pipeline,” he said. Sanofi has an experimental dengue fever vaccine that Chief Executive Chris Viehbacher says has billion-dollar sales potential, while Glaxo is pinning high hopes on Synflorix, a rival for Prevnar, and Cervarix, which competes with Gardasil. More M&A Expected Increasingly attractive fundamentals mean big companies have been eager to snap up promising vaccine assets -- a trend which is expected to continue. Crucell is one vaccine maker that has attracted plenty of interest. Wyeth was in talks to buy the Dutch company until it was itself bought by Pfizer. Either Sanofi -- which has been frequently linked to the Dutch group -- or another of the top players could still be interested. “I would expect somebody to take them out because this is just too rare an asset. It’s a question of whether it is in the next six months or the next 18 months,” said one healthcare banker. Austria’s Intercell is another vaccine maker that has been tipped as a takeover candidate, and already has a partnership deal with Novartis. Source: World Business - Livemint.com | 9 Mar 2009 | 9:35 am SpiceJet shares up on consolidation talks with GoAirThe shares of budget carrier SpiceJet were up nearly 10 percent on the Bombay Stock Exchange (BSE) Monday on reports that it was in talks with another low-cost airline GoAir for consolidating operations or even a possible merger.Source: IndiaeNews.com: Business News | 9 Mar 2009 | 9:31 am ANALYSIS - Big Pharma looks to vaccines to fill revenue gapLONDON/ZURICH (Reuters) - Vaccines may be the next big thing for Big Pharma.Source: Reuters: Money News | 9 Mar 2009 | 9:28 am FTSE hits 6-yr low as banks outweigh energy gainsLondon: Britain’s top share index fell 1.1% to a six-year low early on Monday as investors, spooked by anxiety about the financial sector, sold embattled banks, outweighing crude-led gains in energy stocks. By 0910 GMT, the FTSE 100 was down 35.89 points at 3,494.84 points, after touching its lowest point in six years. The fall followed a gain of 0.87 points on Friday. Banks took most points off the index as investors continued to shun the troubled sector, as news of further government stake-building added to the grim outlook. Lloyds Banking Group fell 9.5% as the bank starts meeting investors to garner support to insure £260 billion ($370 billion) of risky assets with the British government, which will get a stake of up to 77% in the bank. “Shareholders are not only very angry but, of course, they see their role in the business being diluted by the government. The share price reaction is inevitable,” said Jeremy Batstone-Carr, analyst at Charles Stanley. “There is going to be a spillover effect on the other banks.” Other banks also suffered, with Barclays, Royal Bank of Scotland and Standard Chartered down between 4.3 and 6.5%. HSBC was the biggest faller, however, tumbling 9.9% to its lowest level since 1996 as investors shorted the stock on hopes it would slide further after its planned rights issue. The UK banking index is down 8% and has tumbled almost 50% this year after slumping by 57% in 2008. Gloom on the outlook for the global economy sapped already beleaguered investor morale with Japan swinging to its first current account deficit in 13 years in January while Japan’s Nikkei average hit a 26-year closing low. Bank of England deputy governor Charles Bean said the central bank has scope to pump more money into the economy if an asset-buying spree unveiled last week failed to kickstart growth. Meanwhile, the White House’s chief economic adviser Larry Summers said world leaders need to pump more money into the economy in a coordinated effort to boost demand and pull the world out of recession. Energy stocks added most points to the index, supported by crude prices gaining ground. BP Royal Dutch Shell and Cairn Energy added between 0.3 and 1.7%. Tullow Oil added 8.9% after it said it had secured a $2 billion loans package that it will use to finance the development of large oil finds offshore Ghana. However, pervasive gloom on the economy, and hence the demand outlook for raw materials, hit miners as the copper price fell. Anglo American, Rio Tinto and Xstrata fell between 0.4 and 1.1%. Defensive pharmaceuticals stocks were also in positive territory as investors looked to assets perceived as relatively safe amid the gloomy economic outlook. Source: Home - Livemint.com | 9 Mar 2009 | 9:15 am Slowdown an opportunity, looking to acquire more: Vedanta chiefNew Delhi: After clinching Asarco’s buyout deal at $1.7 billion, NRI billionaire Anil Agarwal-led Vedanta Resources is looking at more acquisitions in mining in view of lower valuations of these assets due to slowdown. “... this is the time (to buy mining firms) because in resource sector it is really difficult to acquire ... in this distress if anything comes of our line then we will look at it and I think things will come ... but at the same time we are very cautious,” Vedanta Resources Chairman Anil Agarwal told PTI in an exclusive interview. Sterlite Industries, the Indian arm of London-based Vedanta Resources, last week entered into a deal to buyout America’s third largest copper producer Asarco for $1.7 billion. Going-ahead with its buyout plans, Agarwal said if such acquisitions take place it would be mainly in Central and South America, Canada and Australia. With Asarco in its fold, India’s leading copper producer Sterlite, is slated to be amongst the world’s top three blue metal firms in the world with the combined annual capacity expected to double to 1.2 million tonnes by next year. “This (Asarco) acquisition is in line with our strategy of leveraging our existing skills to become a diversified global copper producer and creating long-term value for shareholders,” Sterlite Chairman Anil Agarwal had said. Vedanta Resources has operations primarily in India, Africa and Australia and is undertaking a massive capacity expansion at all its premises aimed at becoming the world’s fifth largest metals and mining firm. In India, the London Stock Exchange-listed firm operates through its flagship firm Sterlite Industries, which has controlling stake in leading metal and mining firms such as Hindustan Zinc, Balco, Malco, Sesa Goa. Vedanta Resources has lined up a whopping Rs70,000 crore investment in its aluminium, copper, zinc and iron ore businesses in India by 2011-12. Of the proposed investment, the company has already invested nearly 50%. Source: Home - Livemint.com | 9 Mar 2009 | 9:13 am Markets continue in the redIndian equities were trading in the red Monday afternoon as investors continued to offload stocks across sectors. About 90 minutes before close, a key index was ruling about 2.1 percent lower than its previous close.Source: IndiaeNews.com: Business News | 9 Mar 2009 | 9:00 am Reliance scraps 1yr naphtha sale tender on low bidsSingapore: Reliance Industries has cancelled a tender offering up to 960,000 tonnes of naphtha for April 2009-March 2010 due to low price bids, trade sources said on Monday. The private refiner was looking to sell up to 80,000 tonnes of the feedstock every month for the 12-month period for liftings from Sikka, which could include supplies from its new refinery at Jamnagar, traders had said. “It got cancelled. Prices did not meet Reliance’s expectations,” said one of the sources. Levels of the bids submitted were not immediately known. The tender closed on 27 February and bids remained valid until 5 March. Premiums for Asian naphtha have fallen over the last two weeks as robust Chinese demand subsided, although current differentials were still relatively strong. Formosa bought 75,000 tonnes of spot April naphtha at around $6.00 a tonne above Japan spot quotes, cost-and-freight (C&F) basis, down from premiums above $10.00 fetched two weeks ago. Reliance’s offer also came after Abu Dhabi National Oil Co (ADNOC) sealed its term export contract with Asian buyers for April-March supplies at sharply higher premiums versus its January-December 2009 prices. “Premiums are slightly on the high side, and with the volatility in premiums and expected steady supply from Reliance, nobody would want to lock in long-term purchases,” said a trader who participated in the tender. Reliance recently commissioned its 580,000 barrels per day (bpd) refinery in Jamnagar and had already exported a few parcels from the new facility. “Indian naphtha supplies are expected to rise substantially in the near future because of Reliance’s east coast gas field,” the trader added. Reliance is expected to begin supplying gas from its deepwater block in the Krishna Godavari basin off India’s east coast by April, Oil Minister Murli Deora had said last month. The federal government has allocated an initial 40 million standard cubic metres of gas from Reliance’s D-6 field for gas-based urea plans, liquefied petroleum gas (LPG) plants and power firms, the minister said. Some Indian naphtha end users such as fertiliser plants use naphtha and gas interchangeably. A switch to gas will free up naphtha supplies for export. Source: Home - Livemint.com | 9 Mar 2009 | 8:54 am Chhattisgarh farmers protest Rs.55-bn power projectNearly a hundred farmers took out a rally here Monday to protest land acquisitions by GMR Energy at Raikheda village in Chhattisgarh for its Rs.55 billion power project.Source: IndiaeNews.com: Business News | 9 Mar 2009 | 8:31 am Global financial market losses at $50 trillion: ADBManila: The global financial crisis slashed the value of financial assets worldwide by $50 trillion last year, a study commissioned by the Asian Development Bank (ADB) said on Monday. Financial asset losses in developing Asia, which suffered more than other emerging markets, totalled $9.6 trillion, or just over one year’s worth of developing Asia’s gross domestic product, the study said. “The previous sense of strength and invulnerability is now gone,” said the ADB-sponsored study, noting that “there were concerns about the effect of a shallow recession in the United States, but the general perception was that Asia, the largest regional emerging market group, was doing well”. “The loss of financial wealth is enormous,” said the study entitled, “Global Financial Turmoil and Emerging Market Economies: Major Contagion and a shocking loss of wealth.” “As noted earlier, the loss of wealth at a world-wide level may amount to an astounding $50 trillion, or one year’s worth of GDP. Such losses will have an enormous impact on domestic expenditure.” Haruhiko Kuroda, ADB president, said Asia was hit harder than other parts of the developing world because its markets have expanded more rapidly. The ratio of financial assets to GDP rose to 370% of GDP in developing Asia in 2007 from 250% in 2003, the study said. In comparison, Latin America’s ratio only rose by modest 30% with the result that estimated losses on financial assets were a much lower $2.1 trillion, or 57% of GDP. Based on the study, the estimates measure the losses in equity and bond markets, including those based on mortgages and other assets, and the depreciations of currencies against the US dollar. The estimates did not include financial derivatives such as credit default swaps that further multiplied the size of the financial markets. The data provides clear proof of the close connections between the markets and economies around the world, leaving few, if any, countries immune to financial or economic fallouts elsewhere, the study said. “This is by far the most serious crisis to hit the world economy since the Great Depression,” Kuroda said at the opening of the two-day forum on the impact of global economic and financial crisis at the ADB headquarters in Manila. Another ADB-commissioned study said South Asian countries could weather the financial crisis by taking both short- and long-term measures to stimulate their economies. The subregion has been hit by capital outflows and weaker commodity prices, and faces a sharp slowdown in exports and remittances as global troubles worsen. The ADB study suggested a number f measures to cushion the impact of the crisis, including rate reductions in India and Sri Lanka. It also urged India and other countries in the subregion to consider incentives to encourage overseas workers to remit money home, such as special savings instruments and possible currency swap arrangements to keep financial systems stable. Source: Home - Livemint.com | 9 Mar 2009 | 8:30 am FIIs not to return to India before next yearNew Delhi: Foreign Institutional Investors (FIIs), who have started selling their stocks in India sharply after the collapse of Lehman Brothers in September, will continue to stay away in 2009, with some recovery expected only next year, say global analytical firms. “FIIs will likely remain weak for the whole of 2009. A rebound may be seen next year when international investors regain confidence,” Moody’s economy.com economist Sherman Chan said. Sherman further said that India will most likely start to recover in the last quarter of the next fiscal. Echoing a similar view, Fitch Sovereign Ratings Asia Pacific head James McCormack said, “Our expectation is that the global economy will begin to recover in 2010, and at that time India will begin to recover as well.” To a query when is the return of FIIs expected into India, he added, “We do not anticipate meaningful returns of capital flows to emerging markets until the middle of 2010 (calendar), at the earliest.” However, Crisil Principal Economist D K Joshi is more optimistic and expects FIIs recovery in the second half of the next fiscal as there would be some improvement in the global scenario by then, providing impetus to the Indian economy. “I expect FII recovery in the second half of the next fiscal as there would be some improvement in the global scenario which will help FII inflows in India,” he said. Net FII outflows from the equity market in India stood at around 8,333 million dollars since September. During the period, there was net inflows of $433.50 million only in the month of December in the equity market. In other months, there has been net outflows by FIIs. Outflows of funds by FIIs have led to sharp fall in benchmark equity index Sensex since Lehman Brothers applied for bankruptcy in the middle of September. Besides, global gloomy economic conditions have also affected the FII inflows. The Sensex has nosedived by 5,675 points since then to close at 8,325 points on Friday. Source: Home - Livemint.com | 9 Mar 2009 | 8:00 am Car sales jump in Feb but recovery distantNEW DELHI (Reuters) - Car sales in India snapped a four-month slide in February, rising nearly 22 percent from a year ago, as banks lowered loan rates and firms passed on tax cuts, bolstering efforts to stem an economic slowdown.Source: Reuters: Money News | 9 Mar 2009 | 6:21 am Sensex ends at fresh 40-month lowDistinctly weak global trends weighed on the local bourses as the benchmark Sensex fell by 165.42 points and registered its 40-month closing low of 8,160.40.Source: Daily News & Analysis: Money News | 9 Mar 2009 | 5:22 am Global economy to shrink: World BankAs many 94 out of 116 developing countries have experienced a slowdown in economic growth. Of these countries, 43 have high levels of poverty.Source: Daily News & Analysis: Money News | 9 Mar 2009 | 4:43 am HCL Tech emerges lowest bidder for BSNL dealNew Delhi, March 8 IT major HCL Technologies has emerged as the lowest bidder with a quote of Rs 230 crore for the enterprise resource planning (ERP) project of Bharat Sanchar Nigam Ltd.Source: Business Line - Home Page | 9 Mar 2009 | 12:00 am Buyers negotiate prices as demand, property value dipDwindling demand and falling property prices appear to have created a platform for buyers to negotiate prices with developers, which till a year ago was unheardSource: Business Line - Home Page | 9 Mar 2009 | 12:00 am Bold steps to revive US economyThe present problems of the world economy are rooted in grave imbalances that have arisen in the financial system of the US, and following them, in the other advanced countries of Europe and Japan. The budget statement that President ObamaSource: Business Line - Home Page | 9 Mar 2009 | 12:00 am Australia not to supply uranium to India for nowAdelaide, March 8 Will BHP Billiton’s ambitious plans of more than quadrupling its uranium production capacity force the Australian Government to rethink its policy of not supplying the yellow cake to India because of the latter not being aSource: Business Line - Home Page | 9 Mar 2009 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 9 Mar 2009 | 12:00 am Geodesic (Rs 52.25): BuyWe recommend a buy in Geodesic from a short-term trading perspective. It is evident from the charts of Geodesic that it was on a medium-term downtrend from its December 2008 high of Rs 95 to late January 2009 low of Rs 38. This low is apparentlySource: Business Line - Home Page | 9 Mar 2009 | 12:00 am Dealers see car loan rejections decliningNew Delhi, March 8 Car dealers are anticipating a lower rejection rates on car loans. This is because car makers are taking in multiple public sector banks as partners for auto financing. This has expanded the number of banks one can chooseSource: Business Line - Home Page | 9 Mar 2009 | 12:00 am Comex gold may test resistance levelsGold futures, ended higher, as market participants got back into gold after in a flight to safety as equities declined. Participants were re-entering the market following payrolls data. The US non-farm payrolls fell 6,51,000 in February, inSource: Business Line - Home Page | 9 Mar 2009 | 12:00 am Accounting norms can do the trick for corporate profitabilityThey are not quite qualifying the published numbers; but auditors of some of the leading companies of India differ from the managements of these companies as to the quantum of profits earned by them.Source: Business Line - Home Page | 9 Mar 2009 | 12:00 am Fixed income tools — for all seasonsIf you are among those who manage to generate a small surplus every month after meeting all household expenses, then you are fortunate. In the current gloomy macro-economic scenario, whereby the country’s economic growth is cooling off,Source: Business Line - Home Page | 9 Mar 2009 | 12:00 am Indications of an extended weak phaseLast week was eventful as the markets surrendered gains to test lows made almost three-and-a-half years back.Source: Daily News & Analysis: Money News | 8 Mar 2009 | 10:29 pm Robust order book makes Zen a good betZen Technologies Ltd, a Hyderabad-based company established in 1993, is a designer, developer and manufacturer of training simulators.Source: Daily News & Analysis: Money News | 8 Mar 2009 | 10:27 pm Positive planetary energy likely to drive up stocksStocks in Mumbai sank 5% last week as global economic worries once again caught up with Indian investors.Source: Daily News & Analysis: Money News | 8 Mar 2009 | 10:26 pm Downside may have been arrested, for nowIndian markets continued their downward trend last week, slipping below crucial support levels almost every day.Source: Daily News & Analysis: Money News | 8 Mar 2009 | 10:25 pm Bears and bulls wrestle for control over the bullion counterthe yellow Metal may see buys only after the Rs 16,000 hurdle is overcome on high volumes and open interest expansion.Source: Daily News & Analysis: Money News | 8 Mar 2009 | 10:22 pm 'Investors could miss the bus by waiting too long'The valuations will always been high except for the current period. But that's the case with all investments. You can never in your lifetime buy low and sell high.Source: Daily News & Analysis: Money News | 8 Mar 2009 | 10:20 pm Fate of GM, banks may spark sell-offWith stocks mired in multi-year lows and the fate of General Motors and banks hanging in the balance, investors are unlikely to curb their flight from risk this week.Source: Daily News & Analysis: Money News | 8 Mar 2009 | 10:18 pm Broker resistance sets back NSE's early trading planSebi Asks exchange to bring fresh proposal after addressing concerns of members.Source: Daily News & Analysis: Money News | 8 Mar 2009 | 10:17 pm The smallest VaioNew Delhi: You’ve seen the TV advertisement with the girl with the remarkably mobile hips and a laptop that won’t quit popping out of her pocket. There is no doubt that the Sony Vaio P is a looker. It combines the shiny, almost liquid finish of the popular consumer Vaio laptops, like the CR series, with the portability of a netbook. And even by netbook standards the Vaio P series is remarkably compact. Click here to watch video But the sleek size comes with a compromise. The P series is not immune to the small screens and cramped keyboards that plague most small netbooks. Which is a pity because Sony has packed in an 8-inch screen that is gorgeous and crunched down the iconic chiclet-style Vaio keyboard rather efficiently. Yes the mouse buttons and space bar is too close for comfort but anyone who has used a Vaio before will have no trouble migrating to the keyboard on the P Series. But the real deal-breaker is the price. The test piece we received for review will set you back by around Rs64,990. That is just too much money for an 51-GB, 8-inch netbook that is not a laptop replacement by any stretch of imagination. If you’re in the market for a sexy, shiny tiny laptop to impress clients and colleagues and for some rapid emailing and browsing, then the Vaio P is hard to beat for panache. For everyone else there are other netbooks in the market available for much, much less. Source: Tech News - Livemint.com | 8 Mar 2009 | 7:21 pm BBC, WSG in race for Games telecastLeading foreign production companies BBC Outdoor Broadcasting, Tokyo Broadcasting, Canadian Broadcasting Corporation (CBC), the World Sports Group (WSG) and Swiss company Alfa Cam are in the race to bag public service broadcaster Prasar Bharatis contract to cover the 2010 Commonwealth Games in New Delhi in the High Definition Television (HDTV) format.Source: Business Standard | Front Page Headlines | 8 Mar 2009 | 6:44 pm Auditors may get powers to refuse to sign accountsAuditors may get powers to refuse signing a companys accounts if these are not found to be in order. A special group constituted by the Institute of Chartered Accountants of India (ICAI), the statutory body regulating the profession in India, is veering round to the view that the institute should push for statutory backing to such a move.Source: Business Standard | Front Page Headlines | 8 Mar 2009 | 6:42 pm SpiceJet, GoAir in talks for consolidationCEOs met late last month to discuss agreement.Source: Business Standard | Front Page Headlines | 8 Mar 2009 | 6:39 pm FCCB buyback deadline may be extendedThe Reserve Bank of India (RBI) is considering a proposal to allow companies another six months to buy back or prepay their Foreign Currency Convertible Bonds (FCCBs).Source: Business Standard | Front Page Headlines | 8 Mar 2009 | 6:37 pm Service providers set data transfer limits on unlimited Internet plansHyderabad / New Delhi: Over the past few weeks, all those paying for unlimited broadband Internet connection—be it to watch movies in the comfort of their homes using services such as BigFlix or to call friends abroad using Skype—were in for a rude shock, with leading Internet service providers, or ISPs, in India sneaking in fine print under the name “fair usage” seeking to limit the “unlimited”. Bharti Airtel Ltd and Tata Communications Internet Services Ltd, or TCISL, in February adopted a so-called fair usage policy, or FUP, as part of the terms and conditions that govern the use of broadband Internet which puts data caps or download restrictions on unlimited plans. Another broadband service provider, Sify Ltd, recently indicated to the country’s telecom regulator that it too favours limiting unlimited plans. The broader implications are that it allows ISPs to control access to the Internet. This means that in the 256 kilobytes per second (kbps) connection, where Airtel has a download limit of 50GB, once this limit is reached, it halves the speed to 128kbps. For Tata, after the billing cycle is over, it informs subscribers that the predefined limit has been hit and they must move to a higher plan or the service would be terminated. Such policies, adopted by service providers in early February, have caused a stir among the user community and in the online world. In the case of TCISL, data transfer in excess of the “fair usage limit” shall be treated as a violation, and if the customer refuses to move up to a different, usually more expensive, plan having download limits, the service provider reserves the right to suspend or terminate the account of such “violating” users. Airtel’s policy has created a flurry of activity among bloggers and on Airtel’s online user forums, including on Facebook, the popular social networking site. Protesting the change in policy, at least 2,000 Airtel broadband customers have signed up in less than a week for an online petition at the India Broadband Forum, a forum that tracks developments in the broadband scene. An online petition addressed to Airtel chairman and managing director Sunil Bharti Mittal says: “We feel that this policy under the garb of ‘fair usage’ seeks to essentially place limits on ‘unlimited’ plans... We feel that this is a regressive move towards Internet usage in India.” An India Broadband Forum (IBF) spokesperson said the issue is not just about restriction of download limits but a more pervasive one concerning what is known as net neutrality. “The broader implications are that it allows ISPs to control access to the Internet. Today, it will be about how much you can download. Tomorrow, it will be about what sites you can access and what you cannot (also called net neutrality),” forum spokesperson Vaibhav Kumar said. An Airtel spokesperson said the firm is merely following globally accepted practices by ISPs. “FUP is an internationally accepted norm among the global broadband operators. We have observed that a few of our customers have been using an excessive amount of bandwidth, thus impairing the browsing experience of an overwhelming majority.” TCISL chief operating officer Prateek Pashine said, “We have defined limits based on the average usage of a user that we have estimated, and if a subscriber goes beyond those limits, then we would ask him to upgrade to a higher plan. If he does not, then we retain the right to terminate the services... This does not impact the usage of 99% of our around 250,000 subscribers.” “While the Net is supposed to be neutral and allow for equal access to all, there is a cost (attached) to it. Forcing people to move to a higher plan due to higher usage is not the correct way to do it,” said Romal Shetty, director at global advisory and consulting firm KPMG. “In India, voice has gained a huge amount of popularity but data have not really been a big success or created that much traction. The strategy should be to get more people hooked on to it. When the firms set their pricing, they expected a certain amount of volumes and since they have not got that, they are making people move to higher plans or are reducing the access for the remainder of the billing cycle,” Shetty said. Meanwhile, industry body Internet Service Providers Association of India (Ispai), of which Airtel is a member, said ISPs should follow regulatory guidelines while bringing in new measures. About the controversy surrounding the new FUPs being adopted by service providers, Ispai president Rajesh Chharia said, “Service providers should follow the guidelines set by regulatory authorities and ensure that the customers’ experience as per Trai (the Telecom Regulatory Authority of India) guidelines are not compromised.” Internet and Mobile Association of India president Subho Ray said, “If the service is provided under ‘broadband’ to the customers when they signed in, it cannot be reduced to 128 (kbps) since the government of India definition of broadband is minimum 256 (kbps). This is a violation of government policy as well as short-changing customers if they had signed in for a broadband service.” Besides user experience issues, the online petitioners say this could be a bad sign for broadband penetration in India. “…policies such as the FUP allow ISPs to curb their traffic rather than upgrade their own infrastructure and bandwidth, which in the end is profitable for the ISPs but highly regressive towards the spread and usage of the Internet in India,” Kumar said. A Reliance Communications Ltd spokesperson said: “Our unlimited plans offer unlimited downloads without any restrictions.” State-run Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd didn’t respond to request for comment. shauvik.g@livemint.com Source: Tech News - Livemint.com | 8 Mar 2009 | 5:35 pm Star gazers can view Saturn closest tomorrowPTI Hyderabad: With planet Saturn coming in opposition to Sun tomorrow, star gazers can view Saturn to be the brightest, biggest and closest it can get to Earth this Year, according to Hyderabad-based Planetary Society of India. “A planet is at opposition when it is opposite the Sun from our viewpoint on Earth. On 9 March, Sun-Earth-Saturn would be in a straight line and opposite to each other. The result is that the object is fully illuminated by Sun and it appears disk-like,” said Planetary Society of India founder and secretary N Raghunandan Kumar here today. People can view this spectacular phenomena at 1.23 AM on 9 March, he said adding people can also spot the planet with naked eye after sunset up to last week of August this year. On 9 March, one can use Moon to spot Saturn. “It can be found far below moon, while on 11 March it can be found above moon towards left side,” Kumar said. Saturn would appear as star like object for the naked eye. However, if one can see through telescope they can view its finest features along with magnificent rings which would disappear from our view by September four, when the rings would tend to go edge as we see from Earth, he added. With a view to create awareness about Saturn, the Society will organise ‘Saturn Observation Campaign India-2009´ from 21 March to 15 August in different parts of the city, Kumar said. Source: Tech News - Livemint.com | 8 Mar 2009 | 1:00 pm
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