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IBN Lokmat wins Sanskriti Kala Darpan Gaurav Award 09Sanskriti Kala Darpan, Maharashtras most revered and respected association aimed at recognizing the achievements and talent from Marathi film and theater television, honored IBN Lokmat for its outstanding performance and unmatched commitment to providing unbiased news as the Best Marathi News Channel.Source: Moneycontrol Top Headlines | 10 Mar 2009 | 1:11 pm “Pak to go ahead with IPI proj without India”!Pak will go ahead with the IPI gas pipeline project even without India`s participation, Prez Zardari said Monday.Source: Zee News : Business | 10 Mar 2009 | 11:57 am Amidst rising prices, US witnesses highest public transport use in 52 years!Despite rising unemployment and falling gasoline prices, more Americans are using public transport than in the last 52 years.Source: Zee News : Business | 10 Mar 2009 | 11:57 am Oil hovers near USD 47 a barrel in Asia after OPEC signals a likely production cut!Oil hovered near USD 47 a barrel Tuesday in Asia after OPEC signaled it will likely announce another production cut on Sunday.Source: Zee News : Business | 10 Mar 2009 | 11:57 am China inflation at minus 1.6% in Feb!China`s Statistics Bureau says the CPI, its main inflation benchmark, fell to minus 1.6% in Feb.Source: Zee News : Business | 10 Mar 2009 | 11:57 am No downside risks for India`s insurers: IRDA!India`s insurance sector faces no downside risks because investment in derivatives or credit default swaps is largely not permitted.Source: Zee News : Business | 10 Mar 2009 | 11:57 am RC Deka appointed AIIMS directorNew Delhi: Dr. R.C. Deka was on Tuesday appointed the new AIIIMS director for a tenure of five years. The name of Deka, dean of the All India Institute of Medical Sciences and also the head of ENT department, was cleared by the Appointments Committee of the Cabinet. “The order of the appointment of Dr. Deka has been issued today. He will be taking charge with immediate effect. His tenure will be for next five years or till further orders are issued,” said health secretary Naresh Dayal. The post was earlier looked after by acting director Dr. T.D. Dogra after the retirement of P. Venugopal in July 2008. Source: LatestNews-Home - Livemint.com | 10 Mar 2009 | 11:14 am Marvel eyes global growth, bets on India, ChinaBangalore: “Marvel Entertainment Inc sees its international business as its biggest driver over the next five years, with rapid growth expected particularly in India and China,” a top executive said. The media company, which started making its own films last year with ‘Iron Man’ and ‘The Incredible Hulk’, said that it had set up an international advisory board as it plans to capitalize on the global visibility its films are bringing to its characters. With the board, Marvel aims to decentralize its international expansion, work with local business leaders and establish operations in markets outside the US. “If you look five years into the future, China and India, because of the population mass, are the ones that (lend themselves) to the fastest growth,” said Simon Philips, president, worldwide consumer products, from London. “Marvel realizes in order to grow locally, it needs to set up initiatives that will work locally,” Philips said. “This is something that is part of a long-term strategy to make sure we have the best foundations in every market,” Philips said. “The global push will diversify its revenue and make Marvel more profitable as its fixed costs will remain relatively the same,” Wedbush Morgan Securities analyst Michael Pachter said. “Its international business could account for about 50 percent of its revenue over the next three to four years depending on the success of its film business,” said Pachter, who noted the segment currently forms about 35 percent of its business. ‘Iron Man’ — Marvel’s first self-produced film, which was distributed by Viacom’s Paramount Pictures and had the second-biggest non-sequel box office opening in history — got more than half its box-office revenue from international markets. “So that (international revenue) is going to be a gigantic piece of the business,” Pachter said. But Pachter also had some doubts about how well Marvel’s characters will be accepted outside the US. “It’s hard, culturally, to say that Spider-Man is ever going to sell in China. I don’t know,” he said. Spider-Man, whose theatrical rights has been licensed to Sony Pictures , is Marvel’s most popular character. Mixing local flavor As it ships its characters across the seas, New York-based Marvel is adding a dash of local flavor to its characters, which it hopes might address such acceptance-related concerns. Its partner, Japanese animation studio Madhouse Ltd, is recreating the Marvel universe for the Japanese market with new names, story lines and looks. Japan is another key growth market for Marvel. Madhouse is in the process of making 48 episodes of Marvel anime, due to premiere in Japan in 2010. “That is our test,” Marvel’s Philips said adding: “We’re watching this closely to see how it works.” Philips did not say whether Marvel has plans to localize its characters in India or China. “We are not yet ready to comment on other character localization plans,” he said adding: “However, we anticipate making some announcements in the coming months.” Films have been the fastest way to introduce Marvel characters outside the US. Also, the company expects revenue from its international segment to get a leg up with two self-made films scheduled for release both in 2010-2011. “These movies provide us a tremendous awareness driver that in turn enables us to develop lots of local initiatives,” Philips said. Beyond the US Spearheading the company’s attempt to tap talent and expertise in markets outside the US will be its international advisory board, chaired by James Halpin, a Marvel director since March 1995 and former chief executive of CompUSA Inc. “We’ve established this board primarily because it is a reflection of our growth internationally,” Philips said. The company named Peter Yip, CEO of China’s CDC Corp, and Bollywood film producer Manmohan Shetty, former chairman of Adlabs Films Ltd, to the board, highlighting the importance Marvel attaches to China and India. “They are both significant growth markets for the company and we are putting a considerable amount of attention into expanding our presence and business opportunities in those regions,” Philips said. “Marvel plans to name members representing the Europe, Middle East and Africa and Latin American regions,” Philips said. Source: LatestNews-Home - Livemint.com | 10 Mar 2009 | 11:10 am Audi to sell 1500 units in India this year - Economic Times
Source: Google News India - Business | 10 Mar 2009 | 11:06 am Skoda launches new Superb for Indian marketCzech auto major Skoda Tuesday launched an upgraded version of its premium sedan Superb at a discounted price for the Indian market.Source: IndiaeNews.com: Business News | 10 Mar 2009 | 11:00 am Jyothy Laboratories launch Rs40 cr ‘Fabric Spa’ ventureBangalore: Jyothy Laboratories launched its new venture, christened ‘Fabric Spa´, a laundry business set up with an initial cost of Rs40 crore. “The company has established a subsidiary Jyothy Fabricare Services Ltd (JFSL) for the purpose,” its deputy managing director Ullas Kamath said. It would provide premium service through Fabric Spa in June. “To begin with, the venture would comprise one main service station, five quick service stations and 25 collection and delivery stations here,” he said. “JFSL plans to start operations in Chennai, Hyderabad and Pune,” Kamath said. He said that the company has already obtained business from various Bangalore-based institutional and corporate clients. “Fabric Spa currently washes over 10,000 fabrics daily,” Kamath said. JFSL has already entered the economy market with acquisition of Bangalore-based laundry brand Snoways, which has a customer base of 8,000 with 20 retail outlets. “JFSL will broadly target three segments — super premium, premium and economy”, Kamath said. Source: LatestNews-Home - Livemint.com | 10 Mar 2009 | 10:58 am World economy to shrink below zero: IMF chiefDar es Salaam: The International Monetary Fund on Monday warned that the world economy will likely contract this year in a “Great Recession” and African leaders said the financial crisis could undo hard-won social-economic gains. “The IMF expects global growth to slow below zero this year, the worst performance in most of our lifetimes,” IMF managing director Dominique Strauss-Kahn told African political and financial leaders in the Tanzanian capital. “Continued deleveraging by world financial institutions, combined with a collapse in consumer and business confidence is depressing domestic demand across the globe, while world trade is falling at an alarming rate and commodity prices have tumbled,” Strauss-Kahn added. As advanced countries focus on problems in their own economies, Strauss-Kahn called on the international community not to forget Africa, where regional growth is expected to slow sharply to 3% this year, half the rate of the past five years. That forecast may “even be too optimistic”, he said. “Even though the crisis has been slow in reaching Africa’s shores, we all know it is coming and its impact will be severe,” he said. “We must ensure that the voices of the poor are heard. We must ensure that Africa is not left out,” he added. The IMF chief warned that millions of people in Africa will be thrown back into poverty by the crisis, while fragile political systems will be tested. “This is not only about protecting economic growth and household incomes - it is also about containing the threat of civil unrest, perhaps even war. It is about people and their futures,” he added. He said the combined impact of economic and financial shocks on Africa’s growth will be severe. Financial flows are becoming more scarce, trade financing even scarcer and more expensive and foreign investment in Africa’s stock and bond markets has fallen, he added. Tanzania’s President Jakaya Kikwete said the crisis posed the biggest threat to the region in recent history. “So far, Africa’s voice on this unnerving situation has been muted as witnessed in different global initiatives and processes, which have emerged to respond to the crisis,” he told the 300 delegates at the conference. He said a meeting of the Group of 20 leaders in London on 2 April was an opportunity to send a clear message to the world on Africa’s concerns about the crisis. The big challenge going forward he said was how to maintain and sustain the gains in economic stability in Sub-Saharan Africa. Former United Nations secretary general Kofi Annan said Africa was facing “the equivalent of a tsumani” and the threat comes as the region was just getting into its stride, attracting more private-sector investment, lowering its debts and building stronger democracies. He said Africa needed immediate financial support and any reversal of aid promises by rich donor nations would be a breach of trust at a time when the world needs to unite. Still, he said Africa could not sit back and feel sorry for itself over a crisis that was not of its own making. “For our agenda to be credible, Africa must live up to its own commitments,” he said, adding that countries should abide by the rule of law, transparency and accountability. “Insisting that partners keep their promises, if we don’t keep ours, won’t work,” he added. Annan said as G20 developing and developed countries prepare to meet, it should be aware that while it has considerable influence it does not speak for the whole world. “Whatever they come up with, it will require a certain legitimacy to make the rules for the world and that will have to be done either through the IMF or the United Nations,” he said. Source: Home - Livemint.com | 10 Mar 2009 | 10:51 am Batelco closes in on Africa buy, sees flat profitMANAMA (Reuters) - Bahrain Telecommunications Co (Batelco) plans to make an acquisition in Africa within six months, its chief executive said, and could spend almost $2 billion.Source: Reuters: Money News | 10 Mar 2009 | 10:39 am Dust storm disrupts Kuwait oil exports, air trafficKuwait City: A blinding dust storm hit Kuwait on Tuesday, halting oil exports and forcing the closure of the Gulf emirate’s three ports besides disrupting air traffic, an official said. Winds blowing at a speed of up to 60 km an hour reduced visibility to less than 300 metres at Kuwait airport and less than 150 metres at ports. “We have halted oil exports until weather conditions improve,” said Kuwait National Petroleum Co. spokesman Mohammad al-Ajmi, although operations at Kuwait’s three oil refineries were not affected. Issam al-Zamel, head of operations at the civil aviation authority, said incoming planes were facing difficulty landing. Kuwait has had virtually no rain for the third winter in a row, making desert sand loose and easily carried by strong northwesterly winds. Source: LatestNews-Home - Livemint.com | 10 Mar 2009 | 10:34 am Turnover of PSUs up 36% in April-Sept this fiscalNew Delhi: The state-owned companies have performed well during the first half of the current fiscal, recording an impressive increase of about 36% in turnover. “As per the information received from CPSEs (Central Public Sector Enterprises), the turnover (during April-September 2008-09) is likely to grow by about 36% over the corresponding period last year,” according to the minister of heavy industries and public enterprises, Santosh Mohan Dev. This is significant as the turnover of the CPSEs during the whole of 2007-08 went up by 12.13% to Rs10.82 lakh crore. The 36% increase in turnover recorded by the central PSUs (public sector undertakings) during the first half does not reflect the impact of the global financial meltdown on the performance of the state-owned companies. The impact of the financial crisis, which hit the world in mid-September following collapse of iconic investment banker Lehman Brothers will become manifest during the second half of the fiscal. Describing the performance of the CPSEs encouraging, Dev in his foreword to the Public Enterprises Survey 2007-08, expressed the confidence that “the CPSEs would continue to play an important role in helping the country to achieve a high growth rate in the years to come”. Noting that oil market companies (OMCs) faced a difficult year on account of spike in crude prices in the international market, Dev said, “The share of OMCs in the total turnover of all CPSEs stood at 54% in 2007-08.” The CPSEs, he added, “served well the macro-economic objectives of low and stable prices, high economic growth and regional development.” The minister further said “some of the shell companies, floated by public sector financial companies/CPSEs have been successful in attracting private sector into the ultra mega power projects with an investments in the magnitude of more than Rs10,000 crore.” The CPSEs, the minister said, are implementing 58 mega (investment of more than Rs1,000 crore) and 32 major projects (investment between Rs100 crore and Rs1,000 crore) in the power sector. While the number of profit making CPSEs went up from 154 in 2006-07 to 159 companies in 2007-08, the number of loss making state-owned companies declined to 54 from 60 during the same period, he added. The profits of the central PSUs which are not in the red, he said, increased to Rs91,062 crore during 2007-08 from Rs89,578 crore in the previous fiscal. The losses of the central PSUs were up at Rs11,332 crore during the year as compared to Rs8,457 crore during 2006-07. Source: LatestNews-Home - Livemint.com | 10 Mar 2009 | 10:26 am IIM-L to hike feesLucknow: Following the footsteps of the Indian Institute of Management Kolkata, IIM Lucknow has decided to hike its fees from the coming academic session. “With the implementation of the sixth pay commission and in view of increasing operation cost, we are planning to hike the fees being charged from the students for two-year course from the new academic session,” IIM-L director Devi Singh said on Tuesday. Prof Singh pointed out that as compared to other IIMs in the country, the Lucknow campus was already charging less fee from the students. “While IIM Ahamdabad is charging Rs11 lakh, our fee for the two-year course is only Rs5 lakh, which is the lowest in the country. Even IIMs at Kozhikode and Indore are charging Rs6 lakh,” he said. While IIM-A hiked its fee in the last academic session, IIM-K recently announced to increase its fee up to Rs9 lakh. Singh said that the hike percentage would be decided after assessing the financial situation of the institute. “We will look into all aspects before deciding the new fee structure. The exercise will take few days after which a formal announcement would be made,” he said. The move to hike fee is being made following the Centre’s decision to stop bloc grant to the institute. “The Centre was extending bloc grant to ABC institutes for a period of five years. As we started getting the grant from 2004, our time is ending in the current fiscal,” the director said. Meanwhile, the IIM-L also plans to increase number of seats and faculty from the new academic session. At present, the student strength of the institute is 370, which it plans to increase up to 420 by next year. It also plans to add 10 qualified teachers in its existing faculty this year. Source: LatestNews-Home - Livemint.com | 10 Mar 2009 | 10:16 am India gold trade hopes new ways lure middle classMUMBAI (Reuters) - India's gold traders are hoping that new sales avenues will lure the country's burgeoning middle and lower-middle classes and boost sagging consumption of the yellow metal.Source: Reuters: Money News | 10 Mar 2009 | 10:12 am IPL security to be centrally managed, says Lalit ModiMumbai: Asserting that security of the players was paramount, IPL commissioner Lalit Modi has said that the cover around the participating cricketers at the T20 event would be centrally-managed and the budget for it 10 times more than last year. “Security is paramount for us. Players, officials and fans are all very important. Players’ security was the responsibility of the teams last year but this time we have gone venue by venue managing the security centrally. Of course we will coordinate with the teams,” Modi said at a function to unveil the new logo for IPL second season that starts 10 April. Ahmedabad and Visakhapatnam are the two new venues added to the IPL season-II and Modi said that the talks were also on to get Nagpur and Dharmshala on the the roster, not divulging much on the much-awaited schedule, saying it was still being fine-tuned. “We are talking to Dharmshala and Nagpur is also in fray. Schedule is still being fine-tunes as I speak,” he said. Explaining the security plan, Modi revealed that the IPL will not leave to the teams this year and take control of the arrangements centrally. “From the minute a (foreign) player lands here to the minute he leaves India; from the minute an Indian player enters the hotel to the minute he leaves, we will be managing the security. It’s a cumbersome template that was used during the India-England Test series last year,” he said. “That was a rigorous plan put in place, shared with the government and the international board, in that case the England and Wales Cricket Board,” Modi said. “Security budget will be 10 times more than last year,” he said without divulging the exact figure. On the reported apprehensions of the foreign players and the host state governments, Modi said: “Three state governments (of the eight involved) have already given us their clearance in writing. The other five are expected to give it in a day or so. One state government had asked for a change of date and we are working it out.” “No foreign player has so far contacted the IPL to say that he is apprehensive. They have never been uncomfortable about coming here. India is not Pakistan, we are a safe country,” he said. Modi also rejected the Federation of International Cricketers Association’s (FICA) demands for a say in the security arrangements for IPL. “The IPL is conducted by BCCI and the BCCI talks directly to the Boards. We have never been in touch with FICA. But of course they will talk to the other Boards and coordinate with them,” he said. Source: Home - Livemint.com | 10 Mar 2009 | 10:07 am Don’t compare India to Pakistan: Lalit ModiMumbai: IPL chairman Lalit Modi has dismissed security fears ahead of the second edition of the tournament, insisting it was wrong to compare the situation in India to Pakistan. “We are a very safe country. You are sitting here, I am sitting here, we all are sitting here. We are not Pakistan. I really see no concern,” Modi said. Security concerns around a tournament that attracts a large number of leading international players had intensified following last week’s attack on the Sri Lanka team bus in Lahore, Pakistan, which left six players and a coach wounded and eight people dead. “Let’s not liken the situation in another country to be the same as our country,” Modi, also a vice-president of the Indian cricket board (BCCI) said, as he unveiled plans for the tournament starting on 10 April. “After the Mumbai blasts, we still had games in Chennai (and Mohali),” he added of the two tests played by England, who resumed their aborted tour in December after receiving security assurances following the killing of 179 people in November’s attacks. Despite media reports suggesting international players had reservations about travelling to India, Modi said that not one had officially voiced security fears and that all contracted players available would be taking part. The IPL chairman, however, said security would be beefed up as a precautionary measure. “In terms of what that security plan is, it is a very cumbersome template. We did the exercise after the Mumbai blasts, for the Chennai match against England,” he said. “We had a rigorous plan put in place, contingency plan put in place, which was shared both with the security forces, government and the international board and implemented them without a hitch,” he said. He said: “We are now taking that as a safe template and applying that to every city that we are going to host matches — that’s why our security budget has gone up by 10 times.” Source: LatestNews-Home - Livemint.com | 10 Mar 2009 | 10:05 am Nokia in talks with content providers for virtual music storesJaipur: Finnish mobile handset maker Nokia is in talks with leading music content providers and music companies for rolling out its virtual music stores in India. “The company is tying up with around 150 music companies including Universal Music, Warner Bros, Sony BMG and other national music leaders,” Nokia India Regional General Manager (North) Chandan Dang said. Nokia is likely to offer the service in India with a free one-year subscription on purchase of select Nokia handsets. “We are planning the launch the services in the first half of this year. Our similar services in the UK launched on 5310Xpress music device is evincing good response from music lovers. However, our format may be different than the one in UK as preferences of Indians are different from the English. “Also, unlike the UK, in India the service should be made compatible on low-end handsets for a better click with Indian customers. The service will also help in boosting the handset sales,” he said. Consumers would be able to access and download music on their mobile phones and PCs. The service would allow users to download and store unlimited songs and even after the subscription expires. Source: Home - Livemint.com | 10 Mar 2009 | 9:52 am Nokia in talks with content providers for virtual music storesJaipur: Finnish mobile handset maker Nokia is in talks with leading music content providers and music companies for rolling out its virtual music stores in India. “The company is tying up with around 150 music companies including Universal Music, Warner Bros, Sony BMG and other national music leaders,” Nokia India Regional General Manager (North) Chandan Dang said. Nokia is likely to offer the service in India with a free one-year subscription on purchase of select Nokia handsets. “We are planning the launch the services in the first half of this year. Our similar services in the UK launched on 5310Xpress music device is evincing good response from music lovers. However, our format may be different than the one in UK as preferences of Indians are different from the English. “Also, unlike the UK, in India the service should be made compatible on low-end handsets for a better click with Indian customers. The service will also help in boosting the handset sales,” he said. Consumers would be able to access and download music on their mobile phones and PCs. The service would allow users to download and store unlimited songs and even after the subscription expires. Source: Tech News - Livemint.com | 10 Mar 2009 | 9:52 am RPTL signs PTA with western region power utilitiesMumbai: Reliance Power Transmission Limited (RPTL), has signed power transmission agreements with eight entities from the western region for two inter-state power transmission projects — B and C. RPTL, a wholly-owned subsidiary of Reliance Infrastructure has signed the agreements through its two SPVs for the projects under the Western Region System Strengthening Scheme-II (WRSSS-II). On the directive of the Central Electricity Regulatory Commission (CERC), the Power Grid Corporation of India, as the bid process co-ordinator, had invited tariff-based competitive bids in 2005 for establishing 400 KV double circuit transmission lines of around 1,500 kilometres under WRSSS-II in the western region, prominently in Maharashtra and Gujarat. On winning the project as the lowest bidder, RPTL, obtained transmission licence from the CERC and was entrusted to establish the transmission lines under the scheme. After prolonged deliberations with the western region entities, the power transmission agreements have been now signed. This is a major achievement that shall pave the way for attaining financial closure for these projects, costing Rs 1,800-crore, the release said. With this, RPTL will become the first-ever private transmission utility to build these first-ever 100% privately-owned inter-state transmission projects in the country, the release said. On completion of the projects as scheduled by the end of December 2010, they would facilitate the smooth flow of surplus power in eastern and northern regions of the country to the western region. These projects, once commissioned, will benefit the western region constituents such as the Maharashtra State Electricity Distribution Company, MP Power Trading Company, Gujarat Urja Vikas Nigam Limited, Chhattisgarh State Power Distribution Co, MP Audyogik Kendra Vikas Nigam Limited, the Goa Government’s electricity department and the electricity departments of the administrations of Daman & Diu and Dadra & Nagar Haveli, the release said. Source: LatestNews-Home - Livemint.com | 10 Mar 2009 | 9:51 am PM asks ministries not to sign FTAs till new govt takes officeNew Delhi: Prime Minister Manmohan Singh is believed to have directed all the ministries not to make any offers on free trade with any nation and refrain from signing any agreement till a new government takes office by May-end. The Prime Minister’s directive, which came after general elections were announced, would postpone signing of the India-Asean and India-South Korea free trade pacts. “Prime Minister has put an embargo on signing of any new FTAs or other trade agreements till a new government is in place,” a senior commerce ministry official said, adding that the ministries have also been asked not to make any trade related offers during bilateral meetings with countries. Many believe that the Prime Minister put an embargo on the FTAs as model code of elections had come into force and such important policy issues would need to be looked into after polls. Commerce minister Kamal Nath had said a comprehensive economic cooperation agreement between India and 10-nation economic bloc Asean (Association of South East Asian Nations) could be signed in April. A delegation of European Commission is scheduled to visit New Delhi to discuss India-EU free trade agreement in the coming weeks. India-South Korea trade pact is also ready for signing but this now stands deferred till the formation of new government. Five phased Lok Sabha polls are scheduled from 15 April and counting of votes would be taken up on 16 May. The new government is likely to be in place by late May. Source: LatestNews-Home - Livemint.com | 10 Mar 2009 | 9:49 am Gold traders work on luring middle classMumbai: India’s gold traders are hoping that new sales avenues will lure the country’s burgeoning middle and lower-middle classes and boost sagging consumption of the yellow metal. Investment-led demand for gold is now rising faster than appetite for jewellery as investors flock to safe haven assets even as they cut down on conspicuous consumption. According to World Gold Council (WGC) data, investment demand accounted for 29% or 190.5 tonnes of the 660.2 tonnes India consumed in 2008. Now, traders are hoping that at least two new channels will help boost demand. India’s post offices and micro finance institutions have been selling gold coins to sneak into the country’s unorganized gold market, which still stands at about 80 percent of the total. The service marked its debut in October and was available in over 100 postal offices initially. Coins can now be bought at about 150 offices across the country. The initiative will be rolled out across 500 post offices by the end of the calendar year, said Ajay Mitra, India managing director of the World Gold Council, an organization funded by gold miners. “A lot of new customers are now buying gold coins through postal services,” he said. “I think year-on-year, we are looking at 20-25% five year CAGR (Compounded Annual Growth Rate) in the coins market,” Mitra added. India’s postal service has around 155,000 offices across the country. Officials concur that the response to the initiative has been good, with customers lining up to buy gold coins. The lowest denomination available was a coin weighing 0.5 grams costing about Rs1,000 (about $19.3). Analysts cite “a sense of financial security” as the likely reason. ”Initially people would buy gold coins as an investment product, but may use it in difficult times to fall back on,” said Nayan Pansare, Mumbai-based consultant to the jewellery industry. Micro finance institutions are also set to tap into this opportunity. “The concept of owning gold coins will get more popular and would widen the market,” said George Muthoot, director with Cochin-based Muthoot Fincorp, a micro-financer mostly focused on South India. The Council has a list of potential partners and is still in the negotiation stage. Mitra expects to close the talks by the end of the month, and begin deploying the project by the next quarter. Prices mar picture But sellers remain gloomy about the high prices. ”Naturally, it will affect demand and people will wait for lower prices” said George Muthoot. Gold futures on the Multi Commodity Exchange traded at Rs15,196 per 10 grams at 1:37pm, after hitting a record Rs16,040 20 on February. ICICI Bank quoted gold at Rs15,500, up about 19% from a year ago. A 10-gram Axis Bank gold coin was quoted at Rs18,218. According to market estimates Indians are said to hold around 15,000 tonnes of the yellow metal. India, the world’s largest consumer of gold, imports around 500-800 tonnes of the yellow metal annually. Source: Home - Livemint.com | 10 Mar 2009 | 9:48 am RPTL signs PTA with western region power utilities - Economic Times
Source: Google News India - Business | 10 Mar 2009 | 9:44 am Oil slips below $47 after Saudi supply reportsLondon: Oil slipped below $47 a barrel on Tuesday after reports Saudi Arabia was keeping supply allocations to customers steady for April, suggesting Opec may maintain existing production output quotas on Sunday. The Organization of the Petroleum Exporting Countries meets in Vienna on 15 March and must decide whether to cut production further in an attempt to support oil prices that have fallen by around 70 percent from a peak of almost $150 last year. Opec’s largest member, Saudi Arabia, notified customers of largely steady supplies for April from March, traders said on Tuesday, a day after a Saudi-owned newspaper said the world’s top exporter wanted stricter compliance with existing curbs before considering more cuts. Dealers were also looking ahead to weekly US oil stocks data expected to show another fall in inventories. US light crude for April delivery fell 28 cents a barrel to $46.79 by 3:15pm having gained more than 3% on Monday, on Opec’s hints of further cuts and after a naval incident between the United States and China. London Brent crude was up 5 cents at $44.18 after settling 72 cents lower on Monday at $44.13. Oil traders and analysts said Saudi Arabia appeared to be hinting that there would be no change in production quotas at the Vienna Opec meeting. “This is evidence that Opec is not going to cut,” said Sintje Diek, oil analyst at HSH Nordbank in Hamburg. “Nevertheless, I would not completely exclude that they will announce another production cut on Sunday.” Opec has already promised to cut 4.2 million barrels per day (bpd) of production from its output levels since September. Opec Secretary-General Abdullah al-Badri said on Monday the 12-member producer group would consider reducing output again at the meeting. Opec will predict 2009 demand for its oil will be 1 million barrels per day (bpd) lower than the previous year in a monthly report due on Friday, Badri also said. The US Energy Information Administration will release later on Tuesday its monthly short-term energy outlook, which will likely contain a cut in its demand forecast. The EIA’s forecast is the first of three widely watched reports on world petroleum use to be released this week. The EIA has lowered its estimate for 2009 global oil demand in 10 out of its last 13 monthly forecasts. Compliance with existing curbs is very high at more than 80 percent, according to independent observers, but that still leaves room for more discipline. Industry group the American Petroleum Institute will release at 2am its weekly US stocks data, which analysts forecast would show a bullish 400,000 barrel decline in crude stocks as inventories fall further from February’s record highs. Last week, crude stocks fell by an unexpected 700,000 barrels. Analysts polled also expected an 800,000 barrel fall in gasoline inventories and a 200,000 barrel rise in distillates stocks. The US Energy Information Administration will release its weekly data on Wednesday. Source: Home - Livemint.com | 10 Mar 2009 | 9:44 am Central forces can be spared in April for IPL: ministerGhaziabad: The government on Tuesday said paramilitary forces could be spared in the month of April to provide security in the Indian Premier League (IPL) but would be a problem in May. “In April, we have paramilitary forces to be spared but it would be problematic in the month of May. If precautions are taken and advices heeded, then the threat to the security of IPL could be minimised,” union minister of state for home affairs Sriprakash Jaiswal told reporters when asked whether the central forces would be provided for IPL matches. Jaiswal said although security threats always exist but if the IPL functionaries give a suitable schedule, things could be worked out. The minister said the state governments “also want the tournament to happen” and the Home Ministry has given suggestions to all the stakeholders of the tournament, like the IPL authorities and the state governments, so that security, elections and the tournament are conducted smoothly. “The kind of environment that exists around the country ... security should also be fool proof and we have asked the IPL authorities and the state governments to think in this direction and we hope that IPL will consider all these points with full responsibility,” Jaiswal said on the sidelines of the CISF’s 40th Raising Day celebrations. Source: LatestNews-Home - Livemint.com | 10 Mar 2009 | 9:44 am IOC to raise Haldia refinery capacity by DecNEW DELHI (Reuters) - Indian Oil Corp will shut a crude unit at its 120,000 barrels per day (bpd) Haldia refinery for about two months from mid-October to raise the refinery's capacity by 25 percent, a company official said on Tuesday.Source: Reuters: Money News | 10 Mar 2009 | 9:39 am CBI questions Rajus, ex-CFO in Satyam scam - Economic Times
Source: Google News India - Business | 10 Mar 2009 | 9:30 am Credit-starved small firms look beyond banksLONDON (Reuters) - Small businesses in Europe are failing for want of sums that in terms of national economies -- or even some bankers' pensions -- amount to small change.Source: Reuters: Money News | 10 Mar 2009 | 9:27 am Citi’s Pandit defends capital strength: memoLondon: Citigroup was profitable in the first two months of 2009 and is confident about its capital strength after tough internal stress tests, according to a memo from chief executive Vikram Pandit obtained by Reuters. Citigroup declined to comment on the memo, sent as an email to colleagues and obtained by Reuters on Tuesday. The memo was accompanied by speaking notes for Pandit. The memo came after the cost of insuring Citi’s debt against default hit a record on Monday. In the notes, Citigroup said it was having its best quarter-to-date performance since the third quarter of 2007. Revenues excluding externally disclosed marks were $19 billion in January and February alone, almost reaching the $21 billion of the first quarter last year. “That said, we are still one month away from the end of the quarter and market volatility could alter results,” the bank said in the speaking notes. The memo also said that the bank was confident about its capital strength after it had done stress tests, using assumptions that were more pessimistic than those of the US Federal Reserve. In the memo, Pandit said he was disappointed with Citi’s stock price and “broad-based misperceptions about our company and its financial position”. “We believe our credit spreads are disconnected from our condition and are inconsistent with the government’s announcements regarding support for the financial system.” Source: Home - Livemint.com | 10 Mar 2009 | 9:27 am NASSCOM's update on US and Europe visit - CIOL
Source: Google News India - Business | 10 Mar 2009 | 9:24 am Volvo Buses diversifies in India, eyes new revenue streamsBangalore: Faced with slowdown in growth, Volvo Buses India announced a foray into the consultancy services business expecting 50% of its revenues to come from engagements other than sales in five years. “Volvo Buses India sold 440 buses in the country in the calendar year 2008, up from 200 in the previous year,” its Managing Director Akash Passey said. But for 2009, the company is expecting a sales growth of 20%. Passey said that the company expects soft offers — consultancy services, activities pertaining to managing customers’ fleet and any engagement other than sales of buses — to constitute 50% of its total annual revenues by the end of five years. Speaking on the consultancy business, he said that the company is looking for partnerships and collaborations with civic and transport authorities to decongest cities, help create a more efficient system and take up projects to provide sustainable solutions customised for a city’s transportation needs. Under this initiative, global Volvo experts would soon interact with Bangalore Metropolitan Transport Corporation. “The Central and the State governments are committed to build transport solutions that meet growing urbanisation needs,” Passey said adding: “We are well poised to partner with various civic authorities in building transport infrastructure to bring in tomorrow’s solutions today.” He said Volvo currently has orders to deliver 200 buses in India, including around 150 inter-city buses from state road transport corporations secured in the last four weeks. “We are focusing more on public transportation system,” Passey said, adding that the company would increase its production capacity by 25% this year. Source: Home - Livemint.com | 10 Mar 2009 | 9:18 am Tata ties up with public sector banks to promote Nano - IBNLive.com
Source: Google News India - Business | 10 Mar 2009 | 9:02 am CBI questions Rajus, ex-CFO in Satyam scamThe investigations into Rs.78 billion (Rs.7,800 crore) scam in Satyam Computer Services picked up momentum as the Central Bureau of Investigation (CBI) Tuesday questioned the IT firm's disgraced former chairman B. Ramalinga Raju and four other accused.Source: IndiaeNews.com: Business News | 10 Mar 2009 | 9:01 am Ten films in Moser Baer\'s production kitty for 2009Moser Baer Entertainment Ltd, a unit of Moser Baer India Ltd, plans to invest Rs 120 crore in film production and acquiring home video rights across languages.Source: Moneycontrol Top Headlines | 10 Mar 2009 | 8:55 am Dunlop looking to wind up Ambattur facilityDunlop India is considering a proposal to wind up its closed tyre manufacturing facility at Ambattur in Tamil Nadu and sell the 32 acres.Source: Moneycontrol Top Headlines | 10 Mar 2009 | 8:53 am Car sales rise for first time after Sept \'08Passenger car sales have increased for the first time in February, after a consistent drop since September 2008, on a yearonyear basis.Source: Moneycontrol Top Headlines | 10 Mar 2009 | 8:47 am Dalai Lama demands Tibet autonomy, mourns pastDharamsala: The Dalai Lama marked his 50 years in exile on Tuesday by demanding “meaningful autonomy” for his Tibetan homeland, where Chinese authorities tightened security to stifle protests against their rule. Speaking before some 10,000 Tibetans from around the world, the 73-year-old leader slammed China for bringing “untold suffering and destruction” to Tibet and turning the region at times into “hell on earth”. “From time immemorial, the Tibetan and Chinese peoples have been neighbours,” the Dalai Lama said from the courtyard of the main Buddhist temple in Dharamsala, the north Indian hill town where the Tibetan government-in-exile is based. “We Tibetans are looking for a legitimate and meaningful autonomy.” Tibet, and ethnic Tibetan areas in neighbouring provinces of China, are under a security clampdown aimed at stifling protest against Chinese rule. The Dalai Lama mourned what he called the suffering and destruction wrought by Chinese Communist policies and campaigns. “These thrust Tibetans into such depths of suffering and hardship that they literally experienced hell on earth,” he said, as the crowd listened with rapt attention. Many were seen crying with folded hands as he said: “Even today, Tibetans in Tibet live in constant fear.” The Tibetan anthem was played and a minute’s silence was observed in the memory of victims of last year’s Chinese crackdown in Tibet. About 20 young men and women, dressed mostly in black Tibetan dress to mourn victims of the crackdown, came in before the speech playing drums and bagpipes and singing “Rise up, rise up”. Shortly after the speech, thousands of Tibetans, many among them children, marched through the narrow streets of Dharamsala carrying “Free Tibet” posters and protesting against a Chinese security clampdown in Tibet. “Whatever the Dalai Lama said is right, we totally believe in him and will follow him,” Rinzin Choedon, a 12-year-old school student, said. “Today it is not an ordinary day for us, today we can make a remark to the whole world as Tibet is an international issue and China has to agree that Tibet is a free nation.” Yet while decrying China’s crackdown on unrest 12 months ago and a lack of progress in talks between his envoys and Beijing, the Dalai Lama said the two sides must find a way forward together. Security clampdown in Tibet In the high plateau of Qinghai province which borders Tibet, meanwhile, riot police with signs banning firearms blocked roads and turned back reporters trying to enter the monastery town of Tongren, known as Rebkong in Tibetan. “Can’t you see? It’s so tense. What can I say about March 10? Look at all these soldiers and police here,” said a farm woman named Manang. Armed police do not expect unrest but are ready to “deal with any situation”, a police commissar said on the eve of the speech. “There will be no problems this year. It’s all very stable,” Danbainima, a Tibetan delegate to a parliamentary advisory body, told Reuters on the sidelines of parliament in Beijing. The tense anniversary passes amid muted speculation about the Dalai Lama’s longevity and the future of his cause after recent stays in hospital. On Monday Chinese President Hu Jintao warned his government would not relax its control of the mountain region Mao Zedong’s Communist forces took in 1950, calling for “a sturdy Great Wall against separatism”. Communist Party mouthpiece the People’s Daily carried an editorial on Tuesday extolling Tibet’s development in the last 50 years and slamming what it called the misery of the old feudal society, in which people fought dogs for food and illiteracy was widespread. “Nobody hopes to go backwards in history, and only a few slave owners dwell on the life that once was. Tibet’s happiness today is the happiness of the people, not that of the slave owners,” it said. Beijing says the Dalai Lama’s calls for Tibetan high-level autonomy are tantamount to a demand for independence. But many exiled Tibetans would like to go further than the conciliatory approach of their spiritual leader. A meeting of exiles last November reaffirmed his “middle way” path, but many said their patience with Beijing may not last. The Dalai Lama’s message is sure to make its way quickly to his homeland, where he is widely revered despite years of official vilification. Beijing blames his “clique” for the unrest that erupted across the region last year -- a claim he rejects. Source: Home - Livemint.com | 10 Mar 2009 | 8:46 am Reliance resolves issues, to sign pact with fertiliser cos - Hindu Business Line
Source: Google News India - Business | 10 Mar 2009 | 8:34 am ONGC to start drilling wells in Gulf of KhambhatOil and Natural Gas Corp (ONGC) will soon start drilling three exploration wells at a depth of 2,500 to 4,500 metres in the Gulf of Khambhat off northwest Gujarat, officials said.Source: IndiaeNews.com: Business News | 10 Mar 2009 | 8:32 am Saras project to continue: CSIRNew Delhi: Unfazed by the crash of the prototype 14-seater passenger aircraft, scientists will go ahead with the project to develop the country’s first indigenous plane. “The Saras project will continue, we will not shelve it,” S.K. Brahmachari, director general, Council of Scientific and Industrial Research (CSIR) said. The second prototype of Saras civilian plane had crashed on Friday near Bangalore killing three IAF test pilots. The aircraft built by National Aerospace Laboratories (NAL) was completely destroyed in the accident. NAL is one of the 37 research institutes governed by CSIR. Brahmachari has held discussions with officers of the Indian Air Force and civil aviation authorties after the accident. He said that the prototype-I of the aircraft will be modified and converted to a prototype-III by fitting the higher thrust Pratt and Whitney engines. The Union Cabinet has already approved additional funds for the project as well as for developing a 70-seater passenger aircraft. Brahmachari, who met scientists at NAL and relatives of the deceased pilots on Saturday, said that father of one of the pilots told him that completion of the project would be a fitting tribute to his son. Source: Home - Livemint.com | 10 Mar 2009 | 8:17 am Nikkei dips 0.4% to fresh 26-year closing lowTokyo: Japan’s Nikkei average dipped 0.4% on Tuesday to a fresh 26-year closing low as drugmakers slid amid worries about their global competitiveness after Merck proposed to take over Schering-Plough. The Nikkei has lost about a fifth of its value this year as a deepening global recession takes a heavy toll on the export-driven Japanese economy. But losses were limited on Tuesday as expectations for the government to step into the market in what are often called price keeping operations or PKOs lent support. Market participants say buying by what they believe to be public pension funds has been supporting the benchmark when it approaches 7,000. “Hopes that the government will implement powerful PKOs are keeping the Nikkei from breaking below 7,000. If it weren’t for those hopes, it would have gone below that level by now,” said Fumiyuki Nakanishi, manager at SMBC Friend Securities. “As part of moves to reduce risky assets, investors are shifting funds to cash from equities,” said Nakanishi. Foreign investors have been heavy sellers of Japanese stocks, in part due to needs to repatriate funds as economic conditions deteriorate in their home markets. Data last week showed foreigners sold a net ¥156.9 billion ($1.6 billion) of Japanese stocks during the week ended February 28, their thirteenth consecutive week as net sellers. The benchmark Nikkei .N225 shed 31.05 points in light trade to 7,054.98, a new 26-year closing low and expectations are high that it may soon break below 6,994.90 -a 26-year intraday low hit in October. Although the market has been creeping towards the key level, technical charts show the Nikkei’s downward momentum is not as strong as when the index fell in October. “Buying buy pension funds, expectations that the worst is over for manufacturers’ inventory adjustments and signs that economic indicators may be bottoming out are giving a bit of support to the market,” said Takashi Kamiya, chief economist at T&D Asset Management. The broader Topix declined 1% to 703.50, a new 25-year closing low. Shares of drugmakers dropped after Merck’s proposed a $41 billion takeover of Schering-Plough. Source: Home - Livemint.com | 10 Mar 2009 | 8:16 am Global economy to contract in "Great Recession" - IMFDAR ES SALAAM (Reuters) - The world economy is likely to shrink to "below zero" this year, in what many are now referring to as the "Great Recession", the head of the International Monetary Fund said on Tuesday.Source: Reuters: Money News | 10 Mar 2009 | 8:08 am Economic crisis pulls at Kashmir carpet industrySRINAGAR, India (Reuters Life!) - The global economic crisis is threatening to unravel Indian Kashmir's popular carpet industry, which was largely unaffected by a bloody 20-year rebellion, officials and traders say.Source: Reuters: Money News | 10 Mar 2009 | 8:02 am EPFO may take punitive steps as Subhiksha fails to deposit PF - Economic Times
Source: Google News India - Business | 10 Mar 2009 | 8:02 am Japan vows action; U.S., Europe split ahead of G20TOKYO (Reuters) - Japan pledged on Tuesday to do whatever it takes to drag its ailing economy out of recession as a rift emerged between the United States and Europe over whether governments have done enough to fight the financial crisis.Source: Reuters: Money News | 10 Mar 2009 | 7:58 am YouTube blocks music videos viewing in UKSan Francisco: London: Google Inc. said Monday it will block UK users from watching music videos on its popular video-sharing site YouTube after negotiations with Britain’s music royalty-collecting body broke down. Google said it would begin blocking British users starting Monday night. The Internet titan said it knew the move would cause “significant disappointment.” But it said its hand was forced by PRS for Music, which it said is asking for royalties that would cause Google to lose money every time a video was played on YouTube. “Our previous license from PRS for Music has expired, and we’ve been unable so far to come to an agreement to renew it on terms that are economically sustainable for us,” Google said in a statement. Until a solution is found, it added, “we will be blocking premium music videos in the UK that have been supplied or claimed by record labels.” PRS for Music, which collects money on behalf of writers and publishers worldwide, said it was outraged by Google’s move. “Google has told us they are taking this step because they wish to pay significantly less than at present to the writers of the music on which their service relies, despite the massive increase in YouTube viewing,” the group said in a statement. Neither group revealed how much money is at stake in their negotiations. YouTube has become an increasingly popular destination for record labels squeezed by declining sales for compact discs. The Web site has deals with three of the four major record labels but some rights-holders have balked at their cut of the advertising revenue. In December, Warner Music pulled all of its music from YouTube, saying the payments it received did not fairly compensate the label or its artists and songwriters. It was not clear how long the music videos would stay blocked. Both PRS for Music and Google said they hoped their dispute could be resolved quickly. The video Leona Lewis’s Bleeding Love, licensed by Sony BMG Music Entertainment UK Ltd., which has garnered more than 83 million hits, was still visible from the UK late Monday. Source: Tech News - Livemint.com | 10 Mar 2009 | 7:23 am Satyam founder in federal crime bureau custodyBANGALORE (Reuters) - The founder of fraud-hit Satyam Computer Services and four others have been sent to the custody of India's federal crime bureau for investigation into the country's biggest corporate scandal, the bureau said.Source: Reuters: Money News | 10 Mar 2009 | 7:06 am Delhi auto drivers taken for a ride by financiers' mafiaDelhiites often complain of autorickshaw drivers overcharging and being rude, but not many passengers know that a majority of these drivers are a harried lot as they fall victim to auto financiers who are out to con them of their money and even their vehicles.Source: IndiaeNews.com: Business News | 10 Mar 2009 | 6:31 am The Body Shop cuts costs, plans expansion to tap growing marketWith the $950-million Indian cosmetics market expected to grow 15-20 percent annually despite the slowdown, Britain-based personal care products retailer The Body Shop has drawn up a fresh strategy, including aggressive discounts and opening of new stores, to tap the market.Source: IndiaeNews.com: Business News | 10 Mar 2009 | 6:01 am Honda Cars in India Get Expensive - CarTradeIndia.com
Source: Google News India - Business | 10 Mar 2009 | 5:46 am June quarter hiring to remain weak y/y - surveyNEW DELHI (Reuters) - The Indian job market will remain weak in the June quarter with a record number of companies undecided on hiring due to economic concerns, but it will be better than in the March quarter, a survey showed.Source: Reuters: Money News | 10 Mar 2009 | 4:19 am Shaan, Rathore to sing BJP jingles - Economic Times
Source: Google News India - Business | 10 Mar 2009 | 4:10 am TRAI cuts telecoms charges, call tariffs may fallNEW DELHI (Reuters) - The Telecoms Regulatory Authority of India will from April 1 cut by a third the termination charge firms pay each other for domestic calls while increasing the rate for incoming international calls, pressuring firms to lower call tariffs.Source: Reuters: Money News | 10 Mar 2009 | 4:05 am Dunlop looking to wind up Ambattur facility - Moneycontrol.com
Source: Google News India - Business | 10 Mar 2009 | 3:48 am Obama lifts Bush restrictions on stem cell researchWashington: President Barack Obama lifted restrictions on federal funding of human embryonic stem cell research on Monday, angering abortion opponents but cheering those who believe the study could produce treatments for many diseases. “We will lift the ban on federal funding for promising embryonic stem cell research,” Obama said to vigorous applause at a White House gathering. “We will also vigorously support scientists who pursue this research. And we will aim for America to lead the world in the discoveries it one day may yield.” Shares of companies specializing in stem cell research burst upward on the news, with Geron Corp up by as much as much as 35% and StemCells Inc up 73% at one point. Other related company shares rose, too. The decision was a clear repudiation of the approach taken by Obama’s predecessor, George W Bush US law limits the use of federal money to make human stem cells, but Bush tightened the restrictions even further to include work using such cells. Bush’s decision prompted charges that he was basing his decision on politics and religion rather than science. Religious conservatives who supported Bush generally opposed embryonic stem cell research because it involves destruction of embryos, which they view as human life. Obama rejected that view. “When it comes to stem cell research, rather than furthering discovery, our government has forced what I believe is a false choice between sound science and moral values,” he said. “As a person of faith, I believe we are called to care for each other and work to ease human suffering. I believe we have been given the capacity and will to pursue this research -- and the humanity and conscience to do so responsibly.” Aides said Obama would not dictate details about how stem cell research should be overseen but would give the National Institutes of Health 120 days to come up with guidelines. “We will never undertake this research lightly,” Obama said. “We will develop strict guidelines, which we will rigorously enforce, because we cannot ever tolerate misuse or abuse.” Some scientists accused Bush of sacrificing scientific research and subverting scientific findings to appease his conservative political and religious base, not only on stem cells but on climate change policy, energy and reproductive and end of life issues. Obama also signed a presidential memorandum directing the head of the White House Office of Science and Technology Policy to develop a strategy for “restoring scientific integrity to government decision making.” The NIH will take into consideration guidelines from the National Academy of Sciences and the International Society for Stem Cell Research, said Dr Harold Varmus, a former NIH director who is also president of the Memorial Sloan-Kettering Cancer Center in New York and an adviser to Obama. Kansas Senator Sam Brownback issued a statement of dissent: “If an embryo is a life, and I believe strongly that it is life, then no government has the right to sanction their destruction for research purposes.” He argued that other sources of stem cells that do not come from human embryos offer as much promise. Stem cell experts agree that all types of stem cells should be developed, but it is not clear which offer the best route to a new type of therapy called regenerative medicine, in which it is hoped doctors can replace brain cells destroyed by Alzheimer’s disease, reverse genetic defects such as cystic fibrosis, and regrow severed spinal cords. Source: Tech News - Livemint.com | 10 Mar 2009 | 3:47 am India Inc for easing accounting norms on exchange differencesNew Delhi, March 9 Pressure is mounting on the accountancy regulator, the Institute of Chartered Accountants of India (ICAI), to provide relief to Indian corporates that are faced with foreign exchange related losses, especially after the recentSource: Business Line - Home Page | 10 Mar 2009 | 12:00 am Satyam fixes March 20 as deadline for suitorsHyderabad/New Delhi/ Mumbai, March 9 Satyam Computer Services has set March 20 as the deadline for prospective investors to submit Expression of Interest (EoI) to pick 51 per cent equity in theSource: Business Line - Home Page | 10 Mar 2009 | 12:00 am Car sales rise for first time after Sept ’08New Delhi, March 9 Passenger car sales have increased for the first time in February, after a consistent drop since September 2008, on a year-on-year basis.Source: Business Line - Home Page | 10 Mar 2009 | 12:00 am Asarco deal to open US market for Sterlite IndustriesA much lower sale consideration than originally expected, a phased payment schedule and the fact that Sterlite will assume no fresh debt for this buyout make Sterlite’s acquisition of Asarco a good deal for the Indian company.Source: Business Line - Home Page | 10 Mar 2009 | 12:00 am FIIs buying props up HDFCMumbai, March 9 The recent interest from foreign institutional investors in the stock of Housing Development Finance Corporation (HDFC) seems to have boosted the housing finance company’s stockSource: Business Line - Home Page | 10 Mar 2009 | 12:00 am Telecom tariffs likely to come down from AprilTelecom tariffs are expected to come down from April 1 with the telecom regulator on Monday announcing a 33 per cent reduction in charges operators pay each other.Source: Business Line - Home Page | 10 Mar 2009 | 12:00 am Scrips come under selling pressureMumbai, March 9 Banks, FMCG and realty stocks came under heavy selling pressure on Monday as FIIs continue to offload their holdings. The benchmark Sensex and Nifty fell close to two per cent as the weak Asian markets and the two-day localSource: Business Line - Home Page | 10 Mar 2009 | 12:00 am Slipping on fiscal deficit targetsNew Delhi, March 9 The UPA Government, which had expressed a strong intent at the beginning of its term to go by the rule-book in achieving the Fiscal Responsibility and Budget Management targets, is completing its five-year term withoutSource: Business Line - Home Page | 10 Mar 2009 | 12:00 am Reinsurance treaty terms unchangedBangalore, March 9 Domestic general insurers have completed their reinsurance treaty negotiations for the next financial year with little change in theSource: Business Line - Home Page | 10 Mar 2009 | 12:00 am Merck-Schering Plough deal: What happens to subsidiaries?Mumbai, March 9 Only late last month, multinational drug-maker Merck’s India head, Mr Naveen Rao, had indicated that its global strategy was not to pursue acquisitions merely to “bump us up in ranking”. But, the company wouldSource: Business Line - Home Page | 10 Mar 2009 | 12:00 am IndusInd Bank may buy RBS\' Indian operationsIndusInd Bank has entered the race to buy the Indian operations of the beleaguered Royal Bank of Scotland (RBS). Sources say IndusInd Bank is looking at bidding for the retail and commercial banking business of RBS.Source: Moneycontrol Top Headlines | 9 Mar 2009 | 10:25 pm Polls=good year for advertising? Nah!Over the last two months, there have been an increasing number of ads on print, outdoor, radio and television by the government.Source: Daily News & Analysis: Money News | 9 Mar 2009 | 9:53 pm US credit card customers under Indian scannerRecession-spooked US credit card companies are playing hardball to ensure that customers do not default.Source: Daily News & Analysis: Money News | 9 Mar 2009 | 9:46 pm IIM Calcutta places students without big fat pay checksIIM Calcutta has managed to keep its head above water, at least as far as placements are concerned. It has managed 100% placements, with average salary dipping just 12%. CNBCTV18\'s Kritika Saxena delves deeper.Source: Moneycontrol Top Headlines | 9 Mar 2009 | 9:22 pm Sshhhh...we offer mediclaim to senior citizensNone of the four public sector general insurance companies is keen to promote these policies, which cater to the 60-80 years age bracket.Source: Daily News & Analysis: Money News | 9 Mar 2009 | 9:22 pm India funds bleed in flight for $The insatiable demand for dollars in the United States is leading to a worldwide asset sale, bludgeoning stock valuations everywhere and toppling currencies.Source: Daily News & Analysis: Money News | 9 Mar 2009 | 9:15 pm Big pharma deals inevitable as revenues dry up: PWC IndiaCommenting on the development and various acquisitions and deals in the pharmaceutical world, Sujay Shetty, Associate Director Pharmaceutical Life Sciences, PWC India, said such deals were now inevitable as revenues dry upSource: Moneycontrol Top Headlines | 9 Mar 2009 | 9:14 pm Powermin seeks to trim T&D losses to 15%If the power ministry has its way, then you could possibly be shelling out about 30% less money every month towards electricity bill payment.Source: Daily News & Analysis: Money News | 9 Mar 2009 | 9:12 pm Carmakers look to drive on PSU loansPublic sector banks charge interest rates of 10-14%, which is less than the 13-16% charged by their private counterparts.Source: Daily News & Analysis: Money News | 9 Mar 2009 | 9:05 pm HDIL rolls over only Rs 1800 cr of loansThat's nearly 30% less than what has been reported in the media --- Rs 2,500 crore. HDIL has to repay debts of Rs 1,600 crore.Source: Daily News & Analysis: Money News | 9 Mar 2009 | 9:03 pm Tata Motors, PSU banks tieup ahead of Nano launchTata Motors is in a rush to tie up with public sector banks before the launch of its Nano. CNBCTV18\'s Swati Khandelwal finds out what seems to be driving this move.Source: Moneycontrol Top Headlines | 9 Mar 2009 | 9:01 pm 'Indian design doesn't have its own identity'Basco's, the first Japanese design firm to launch in India. DNA met up with Harry Cheng, chief operating officer of Basco's.Source: Daily News & Analysis: Money News | 9 Mar 2009 | 8:57 pm How Hoodibaba was crackedEven now, when Balki remembers the campaign, he feels that for a client to accept such a meaningless word was phenomenalSource: Daily News & Analysis: Money News | 9 Mar 2009 | 8:55 pm Satyam sale: Will study noclaims clause, says Hinduja GrpPrabal Banerji, Group CFO of Hinduja Group, one of the companies in the Satyam fray, said the company will need to have a legal view on the noclaims clause, which may disallow the buyer to sue the government in case the real value of Satyam turns out to be less than what was thought of at the time of sale.Source: Moneycontrol Top Headlines | 9 Mar 2009 | 8:50 pm TRAI reduces domestic termination charge by 33%Telecom regulator, TRAI has come out with new norms on interconnect charges for Indian networks. The move was long awaited and will have considerable impact on existing operators. TRAI has reduced domestic termination charge by 33%.Source: Moneycontrol Top Headlines | 9 Mar 2009 | 8:24 pm Mercedes 'cautiously optimistic' about rideMercedes-Benz India appears hopeful of growth this year despite the global slowdown and predictions of degrowth in the luxury car market.Source: Daily News & Analysis: Money News | 9 Mar 2009 | 8:11 pm Watch Manmohan, Advani, Maya compete at 'Olympics'Imagine Prime Minister Manmohan Singh, Bahujan Samaj Party chief Mayawati and Bharatiya Janata Partys prime ministerial candidate L K Advani working out and pumping iron before competing against each other in six disciplines swimming, running, 100-metre hurdles, shot put, javelin throw and long jump at a national-level Olympics.Source: Business Standard | Front Page Headlines | 9 Mar 2009 | 6:59 pm Regulator cuts receiving charges between operatorsCDMA players welcome move, GSM incumbents unhappy.Source: Business Standard | Front Page Headlines | 9 Mar 2009 | 6:58 pm Mantra for global consultancies in India: Heal thyself!On September 6, 2001, a crack McKinsey team led by Indian-born Rajat Gupta, its global CEO at that time, made a presentation to the NDA government on how to double Indias GDP growth rate to 10 per cent.Source: Business Standard | Front Page Headlines | 9 Mar 2009 | 6:53 pm CNBC thrives as hosts blur line between news and commentWas the last week the worst one in CNBC’s 20-year history—or the best?  In the news: Jim Cramer, host of CNBC’s Mad Money, on the sets in New Jersey. One month shy of its 20th anniversary, the channel is being jokingly called ‘the recession network’ within the halls of its headquarters. G. Paul Burnett / NYT All the while, CNBC covered the incessant downward slide of the economy with special reports on particularly bad days for the markets. Cramer, the host of Mad Money, barely had time for his usual shuffleboard games at the Elk’s Lodge near his home. The lodge “is a booyah-free zone”, he said, using his trademark exclamation. “I was not able to get away from the booyahs this week.” Whether the attention is positive or negative, it is certain that this tumultuous financial season is CNBC’s reason for being. One month shy of its 20th anniversary, CNBC is being jokingly called “the recession network” within the halls of its headquarters in New Jersey. After it achieved record ratings last fall, the network’s audience remains above its annual average. But CNBC’s executives and hosts seem well aware that their ratings have traditionally stagnated in down times for the Dow. “People do not want to come to a show each night and hear how poor they are,” Cramer said. But in a change from previous downturns, CNBC is now a place for politics, to borrow a phrase from its sister channel MSNBC. The network’s journalists have been encouraged to speak their minds, making the line between reporter and commentator almost indistinguishable at times. “When they are all sitting around the table, it’s hard to tell a business pundit versus a reporter,” said Tom Rosenstiel, the director of the Project for Excellence in Journalism. For instance, Larry Kudlow, a conservative economist who is considering a run for the US Senate, is the co-host of an 11am news hour. Three CNBC employees, who insisted on anonymity to discuss internal deliberations, said that the role of opinion on the channel had been a subject of frequent discussion. With economic attention focused on Washington, the network is spending less time on bullish stock picks and more time assessing the government’s actions. In recent weeks, some have perceived the network to be leading the campaign against President Barack Obama’s economic agenda. Cramer, who calls himself a lifelong Democrat, said last week that the administration’s agenda was “destroying the life savings of millions of Americans”. One week earlier Kudlow declared that Obama was “declaring war on investors, entrepreneurs, small businesses, large corporations, and private equity and venture capital funds”. Those investors and businessmen, of course, are CNBC’s core audience. What some critics have characterized as a “war on wealth”, could affect the network’s brand because the moneyed class makes up much of its core audience. Partisanship aside, this is CNBC’s equivalent of a war. Just as the first cable news channel, CNN, rose to prominence during the Gulf War in 1991, and another one, the Fox News Channel, became a ratings leader in the period before the Iraq war in 2002 and 2003, CNBC is on a war footing. Last Monday, when the Dow Jones Industrial Average and the Standard and Poor’s 500 stock index reached 12-year lows, the network produced a special report from 8-11pm. CNBC’s moment in the spotlight has actually lasted nearly two years. An analysis of Nielsen ratings shows that the network’s home audience started to surge in August 2007, as the upheaval began in the credit markets. They peaked in March 2008, when Bear Stearns Cos. Inc. was sold to JPMorgan Chase and Co. in a deal arranged by Washington. After hitting a plateau that spring, the ratings soared last fall when other investment banks collapsed, setting records for the network. In the first two months of 2009, CNBC averaged 282,000 home viewers at any given time, up from 264,000 in the same period in 2008 and 233,000 in the same period in 2007. CNBC’s chief competitors, Bloomberg and the Fox Business Network, are not publicly rated by Nielsen. CNBC says the Nielsen ratings undercounts its audience, as they do not measure out-of-home viewership on trading floors and offices. (CNBC and The New York Times have a content sharing agreement.) Asked in a phone interview about CNBC’s time in the spotlight on Friday, the network’s president, Mark Hoffman, said it was a “unique time for the organization”. “It has certainly received a lot more notoriety, and along with that a lot more audience.” He acknowledged that the notoriety has both “benefits and liabilities”. Twice in the last month, the White House has chastised CNBC’s personalities, first after the reporter Rick Santelli energetically expressed his opposition to Obama’s housing plans on the floor of the Chicago Board of Trade. CNBC eagerly promoted the segment, and conservatives seized on it, holding “tea party” protests across the country. Robert Gibbs, the White House press secretary, dismissed Santelli’s arguments and offered him a decaffeinated cup of coffee. Later, the Today show co-host Matt Lauer clashed with Santelli over the assertion that Gibbs had threatened the reporter. CNBC came up at Gibbs’s briefing again last week after Cramer accused Obama of causing “the greatest wealth destruction I have seen by a president”. Gibbs said that “if you turn on a certain programme, it’s geared to a very small audience, no offence to my good friends or friend at CNBC”. Still, the headlines about CNBC are a testament to its relevance. On 4 March, Jon Stewart, the host of The Daily Show on Comedy Central, spent eight minutes skewering CNBC after Santelli backed out of an interview on the show. Stewart played video clips from the network of faulty predictions about the economic crisis. “If I had only followed CNBC’s advice, I’d have a million dollars today,” Stewart said, “provided that I’d started with $100 million (Rs518 crore)”. ©2009/THE NEW YORK TIMES feedback@livemint.com Source: World Business - Livemint.com | 9 Mar 2009 | 3:39 pm Devi Singh takes charge as IIM-Lucknow director for second timeEnding six months' uncertainty, Devi Singh Monday resumed charge as the director of the Indian Institute of Management-Lucknow (IIM-L) for the second consecutive time.Source: IndiaeNews.com: Business News | 9 Mar 2009 | 3:31 pm Metro services to be restricted on HoliMetro services will be closed till 2 p.m Wednesday for Holi because of less passenger footfall and security concerns, an official said Monday.Source: IndiaeNews.com: Business News | 9 Mar 2009 | 2:32 pm Aditya Birla completes Apollo Sindhoori acquisitionDiversified company Aditya Birla Nuvo Ltd Monday said it has completed the acquisition of 76 percent stake in the retail broking firm of the Apollo Hospitals Group.Source: IndiaeNews.com: Business News | 9 Mar 2009 | 2:32 pm Two US firms selected for number portability servicesThe Department of Telecommunications (DoT) has selected two US-based companies - Telcordia Technologies and Syniverse Technologies - to provide mobile number portability (MNP) services in India, a government spokesperson said Monday.Source: IndiaeNews.com: Business News | 9 Mar 2009 | 2:31 pm HLL Lifecare expects 40 percent growth in 2008-09HLL Lifecare Ltd, premier manufacturer of contraceptives and various healthcare products, expects a 40 percent growth in turnover this fiscal from last year's Rs.3.16 billion (Rs.316 crore) despite the economic downturn, a top official said.Source: IndiaeNews.com: Business News | 9 Mar 2009 | 1:31 pm 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
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