Satyam sale process: Tech Mah, LT, Spice Corp in fray

The first step of the much in news Satyam Computer Services Limited bid process will be completed at 5 pm today. The three bidders in the fray are Tech Mahindra, LT and BK Modi.
Source: Moneycontrol Top Headlines | 12 Mar 2009 | 4:11 pm

Roche to buy 44% in Genentech for $46.8 bn

Roche Holding, the world\'s largest maker of cancer drugs has struck a deal with USbased Genentech to acquire all outstanding shares in the biotech group for USD 46.8 billion. Roche upped its offer by 9.8% to USD 95 a share, to resolve the eightmonth long takeover tussle between longtime partners.
Source: Moneycontrol Top Headlines | 12 Mar 2009 | 3:53 pm

Promoters to infuse about Rs 300cr into Pantaloon Retail

The promoters of Pantaloon are planning to infuse nearly Rs 300 crore into Pantaloon Retail, CNBCTV18 reports, quoting sources. The fund raising is via the preferential route. According to sources, Pantaloon plans to open 10 Central stores, 35 Big Bazaars and 25 EZones in 2009. Pantaloon expects to end the year with a growth rate of 30%.
Source: Moneycontrol Top Headlines | 12 Mar 2009 | 3:49 pm

BEML eyes 10% topline growth in FY09

S Natrajan, CMD, BEML expects to clock 10% topline growth in FY09. The company’s order book, he said, currently stands at Rs 5,000 crore. Natrajan estimates mining and construction business to do more than Rs 100 crore over the last year and rail and metro business to cross more than Rs 400 crore.
Source: Moneycontrol Top Headlines | 12 Mar 2009 | 3:45 pm

Debt woes: Alok Industries to offer rights

Alok Industry, a leading textile company, has been under pressure for a long time due to a net debt of Rs 6000 crore. It has now decided to raise money via rights issue. The company has fixed rights issue price at Rs 11 per share. However, its investors are concerned because of the huge EPS dilution.
Source: Moneycontrol Top Headlines | 12 Mar 2009 | 3:37 pm

Expect 78% margin growth in FY09: Shree Cements

HM Bangur, MD, Shree Cements, said demand for February is about 8% higher than last year. He added that the company is operating at 100% capacity and expects 78% growth in margins next year.
Source: Moneycontrol Top Headlines | 12 Mar 2009 | 3:21 pm

Allcargo Global buys 5.97% in Gateway Distriparks

Allcargo Global has made a treasury investment in Gateway Distriparks by acquiring 5.97% stake. Commenting on the buyout, Shashi Kiran Shetty, CMD, Allcargo Global, said the deal is a value buy. He added that the company has over Rs 30 crore in cash at present.
Source: Moneycontrol Top Headlines | 12 Mar 2009 | 3:15 pm

Forbes list: Mukesh Ambani is richest Indian in the world

Mukesh Ambani, head honcho of petrochemical major Reliance Industries, is now the richest Indian in the world, as per the US magazine Forbes
Source: Moneycontrol Top Headlines | 12 Mar 2009 | 2:42 pm

No impact of IIP nos, most sectors doing fine: GMR Infra

Commenting on the January IIP numbers, A Subba Rao of GMR Infra said nothing good is happening in any sector in the ecomony as a whole. \"The future of the urban sector is also uncertain, which doesn’t indicate any longterm trend. However, there is no impact of the IIP numbers on GMR Group and most of our sectors are doing reasonably fine.”
Source: Moneycontrol Top Headlines | 12 Mar 2009 | 2:34 pm

US research firm pegs Satyam lawsuit liabilities at $100mn

A US based research firm has pegged Satyam\'s class action lawsuit liabilities at under USD 100 million. This is the figure that all the potential suitors as well as the market has been waiting for.
Source: Moneycontrol Top Headlines | 12 Mar 2009 | 2:22 pm

Bill Gates still world`s richest: Forbes !

US tycoons are back on top with Microsoft founder Bill Gates again the world`s richest man in a year when even billionaires felt the heat of the global recession, Forbes magazine said on Wednesday.
Source: Zee News : Business | 12 Mar 2009 | 12:35 pm

Mukesh and Mittal lead Indian businessmen in Forbes` list!

Reliance Industries chairman Mukesh Ambani and NRI steel baron Lakshmi Mittal lead the pack of 24 Indians in the Forbes` list of world`s richest people.
Source: Zee News : Business | 12 Mar 2009 | 12:35 pm

World Bank says global economy to shrink 1-2 percent this year!

The global economy is on track for its worst recession since the 1930s with output likely to shrink by 1-2 percent this year, World Bank President Robert Zoellick told a newspaper.
Source: Zee News : Business | 12 Mar 2009 | 12:35 pm

Asian shares turn lower after global rally!

Japanese shares fell 1 percent on Thursday and other Asian markets were on the defensive as investors viewed rare gains this week as overdone in light of a shaky global economy and financial system.
Source: Zee News : Business | 12 Mar 2009 | 12:35 pm

Satyam suitors to declare bidding intentions!

Suitors for fraud-hit Satyam have to give notice on Thursday that they are interested in bidding for the Indian outsourcing giant amid lingering uncertainty over the true state of its finances.
Source: Zee News : Business | 12 Mar 2009 | 12:35 pm

Inflation eases to 2.43%!

Inflation falls to 2.43 percent for the week ended Feb 28 from 3.03 percent in the previous week.
Source: Zee News : Business | 12 Mar 2009 | 12:35 pm

Japan economy shrank 12.1% in Q4!

Japan`s economy shrank less than first thought in the fourth quarter of 2008.
Source: Zee News : Business | 12 Mar 2009 | 12:35 pm

BMW results miss expectations

Frankfurt: BMW, the world’s largest premium carmaker, had a disastrous fourth quarter that made its 2008 results miss market expectations, sending its shares down nearly 12%.
Group earnings before interest and tax fell 78% to €921 million ($1.18 billion), it said on Thursday, well below the average estimate of €1.54 billion in a Reuters poll of 20 analysts.
It proposed cutting its 2008 dividend on common stock to €0.30 from €1.06 after taking a writedown of €1.06 billion for the reduced value of cars coming off leases and for bad debts.
Its shares pared losses to trade down 8.3% at €21.04 by 1028 GMT while the DJ Stoxx European car sector index was off 3%.
Demand for BMW’s sporty models like the Z4 roadster withered in the last quarter of 2008, forcing the company to reveal a decline of 4.3% in group sales volumes last year -- its first annual drop since 1993.
Much like rival Mercedes-Benz, BMW has thrived from the debt-fuelled consumerism in markets like the United States where they aggressively pushed volumes for years with attractively priced leasing deals that cost the carmaker just over €1 billion euros through the end of September alone.
Analysts are now re-evaluating previous assumptions regarding the premium market’s true potential, after the worst excesses of easy credit have come to a screeching halt.
In addition, increasingly stringent emission requirements are putting a massive strain on R&D budgets for Mercedes and BMW and forcing the carmakers to replace heavier engines that earn fatter margins with downsized motors.

Source: World Business - Livemint.com | 12 Mar 2009 | 11:32 am

Tech Mahindra says interested in Satyam

Mumbai: Tech Mahindra Ltd said on Thursday it had registered interest to participate in the bidding process for troubled outsourcer Satyam Computer Services Ltd.
It will evaluate the next step based on information received from Satyam, Tech Mahindra said in a statement.
Satyam closes registrations for potential bidders on Thursday, kicking off a process to sell a majority stake in the company caught in the country’s biggest corporate scandal.

Source: Home - Livemint.com | 12 Mar 2009 | 11:24 am

Pakistanis protest against Zardari despite ban

Islamabad:Cheering opposition activists and lawyers set off for the Pakistani capital Thursday vowing to stage a sit-in outside the parliament building, defying a government ban on protests and hundreds of arrests nationwide.
With the showdown threatening to destabilize the country’s one-year-old democratically elected government at time of rising militant violence, US Ambassador Anne Patterson met with top opposition leader Nawaz Sharif in a bid to resolve the crisis, a Sharif spokesman said.
Former prime minister Sharif and the country’s lawyers’ movement are demanding President Asif Ali Zardari fulfill a pledge to restore independent-minded judges removed in 2007 by former president Pervez Musharraf whom some believe could be hostile to Zardari.
Sharif is also furious over a Supreme Court decision last month that barred him and his brother from elected office. After the ruling, the federal government dismissed the Punjab provincial administration led by Sharif’s brother, stoking popular anger at Zardari.
The lawyers, Sharif’s party and other small groupings plan to converge on the parliament building in Islamabad on Monday from cities across the country and remain there until their demands are met. The government is trying to stop them from leaving their home cities. It has banned protests in much of the country and arrested more than 360 activists.
Despite the crackdown, several hundred political party workers set off for Islamabad from the southern cities of Quetta and Karachi in convoys of buses and private cars, waving flags and cheering.
“God willing, we will achieve our target and we will go on a sit-in ... until the day when the judges under the chief justice Chaudhry Iftikhar are restored,” said Ali Ahmad Kurd, a leader of the lawyers in Quetta.
Earlier in Karachi, police arrested around 60 activists around the city and outside the high court, where they were planning to leave for Islamabad. Scuffles briefly broke out between police and protesters, witnesses and city police chief Waseem Ahmad said.
The arrests reminded many Pakistanis of similar moves against many of the same activists by Musharraf in 2007 clampdowns that dramatically reduced his popularity, ushered in the new government, and contributed to his ouster the following year.
Sharif spokesman Sadiqul Farooq said US diplomat Patterson was “trying to get things resolved” between Sharif and the government.
The US Embassy said it does not comment on the ambassador’s meetings, but foreign help in resolving political disputes in Pakistan has been common in the past.
The growing political unrest is raising the specter of a possible military intervention in a nuclear-armed nation prone to army coups. It could put Washington in a prickly position if the civilian government which itself rose to power on the back of the rallies and marches against Musharraf keeps clamping down on dissidents.
Zardari, the widower of assassinated former prime minister Benazir Bhutto, has cultivated ties with the US and sought to rally Pakistanis behind the fight with Islamic extremists. Sharif is considered closer to Islamic parties and conservative factions less inclined to support the US war effort.
Protesters have pledged a peaceful march, but Sharif has used words like “revolution” and other harsh terms in recent speeches, prompting the government to warn him against committing sedition.
Information Minister Sherry Rehman told reporters the rallies were banned to “avoid bloodshed in the streets.” While acknowledging her party had staged similar rallies in the past, she insisted that “we never called to raise the flag of rebellion.”
The ruling party has restored most of the judges fired by Musharraf, but a few, including a former Supreme Court chief justice, have not regained their seats.
Zardari is believed to fear that those judges could move to limit his power or reopen corruption cases against him that were dropped by Musharraf when the former general was seeking to forge a political alliance before last year’s elections.

Source: Home - Livemint.com | 12 Mar 2009 | 11:21 am

India Tata Comm sees capex up to $500 mln next FY - Reuters


India Tata Comm sees capex up to $500 mln next FY
Reuters
NEW DELHI, March 12 (Reuters) - India's Tata Communications (TATA.BO) has resources to fund ongoing capital expenditure and plans to spend about $400-$500 million during the fiscal year that begins April 1, a senior official said on Thursday.
Looking at capex of $400-500 mn for FY09: Tata Comm Moneycontrol.com
Tata Comm raises $350 million via debt Hindu
Reuters India
all 14 news articles

Source: Google News India - Business | 12 Mar 2009 | 11:18 am

Hotter Indian summer to boost cool drinks, sugar sale

MUMBAI (Reuters) - Rising temperatures across the sub continent promises a hotter Indian summer than the last, boosting sales of beverages and ice-cream and making sugar costly.

Source: Reuters: Money News | 12 Mar 2009 | 11:16 am

Mumbai Indians to sign record sponsorship deal with Idea Cellular

Mumbai: Indian Premier League franchise team Mumbai Indians is close to finalising a record sponsorship deal with Idea Cellular worth between $2-3 million.
“We have almost finalised the deal. It’s the biggest in IPL (so far),” a spokesperson for Mumbai Indians said.
The Mumbai Indians spokesperson said that the deal, if and when signed, would be worth $2million for preliminary matches played by the team and would rise to $3 million for the semi finals and final in case the team progresses that far.
However, a spokesperson for Idea said it was too early to give details about the proposed deal with Mumbai Indians.
“We are still at the negotiation stage and it’s premature to talk about figures”, he said.
Meanwhile, the Reliance Industries-owned IPL team is continuing its negotiations with the Cricket Club of India to play all its home matches at the Brabourne Stadium, the Mumbai Indians spokesperson explained.
“We are still in talks with the CCI authorities and the response has been quite positive. We don’t want to say anything more at this juncture”, he said.
If the talks are successful, Mumbai Indians would play all their seven home matches at the Brabourne Stadium in South Mumbai.
In 2008 their home matches were split between the Wankhede Stadium and D Y Patil Stadium in Navi Mumbai.

Source: LatestNews-Home - Livemint.com | 12 Mar 2009 | 11:15 am

Close: Sensex surges by 2.2% on improved economic data

New Delhi: Markets gained by 2.2% after a low inflation data at 2.34% revived buying sentiment. The Bombay Stock Exchange benchmark Sensex was also boosted as industrial production for January shrank only slightly by 0.5%.
The December IIP data was revised to -0.6% from the earlier -2.2% and comparatively the contraction in productivity is almost flat.
The new inflation figure is the lowest since January 2002 and has also raised expectations for rate cuts by Reserve Bank of India.
Sensex had ended negative on Monday as economic worries persisted, but markets rebounded by 2% today on Wall Street rally resuming trade after two-day religious holidays. The 30-share Sensex gained further but retreated from the day’s high dragged by Bharti Airtel shares to close at 8,343.75 or 183.35 points up and 50-share NSE Nifty gained 44.30 points to close at 2,617.45.
Auto segment surged the most with Tata Motors as one of the biggest gainer after investors expressed relief on British government’s decision to grant Jaguar Land Rover £27 million. Tata Motors rose by 6.77% to Rs145.95, Maturi Suzuki gained by 5.83% to Rs688.65 and Mahindra and Mahindra by 3.62% to Rs329.10.
Other segments with active buying were banking, oil and gas, metal, IT and FMCG. ICICI Bank maintained its gaining streak after announcing cuts in interest rate on new loans, it topped on the BSE pack by 8.10% to Rs 284.25.
Sterlite Industries also revived from its losses in the previous session on account of company’s decision to buy a bankrupt US copper miner Asarco for $1.7 billion.
Big companies were also among the big losers today as Bharti Airtel was the top loser down by 4.37% at Rs550.30. Stakeholders reacted impulsively to the news of CEO selling all his company shares in an open market.
The IT index was also higher as Wipro gained 3.09% to Rs212.1075.41, TCS by 2.79% at Rs475.30 and Infosys Technologies by 2.54% to Rs1,227.15.
Satyam Computer Services ended down 3.2% at Rs47.20, as the company closed registrations for potential bidders today beginnning the process to sell 51% stake in the firm
In the global front, European markets opened weak reacting to mixed Asian bourses. Japan’s Nikkei fell 2.4% as broad-based Topix index slid to a 25-year low but Hong Kong’s Hang Seng rose 0.6% as HSBC rallied.

Source: Home - Livemint.com | 12 Mar 2009 | 11:11 am

Credit Suisse appoints David Mulford as vice chairman intl

New Delhi: Zurich-based Credit Suisse today appointed former US Ambassador to India David Mulford as its Vice-Chairman International.
Mulford, who will start his role at Credit Suisse with immediate effect, is expected to focus on government as well as corporate clients across the globe, the bank said in statement.
The bank said that Mulford has a long association with Credit Suisse dating back to start of his investment banking career at White, Weld and Company as Head of International Finance. He was responsible for coordinating efforts with its partner, Credit Suisse White Weld on international business.
“David brings to Credit Suisse an unparalleled depth of experience and relationships spanning more than thirty years in investment banking and government service, working around the world in both developed and emerging markets,” Group’s CEO Brady Dougan said.
Mulford had a five-year term as the US Ambassador to India. He has also served the US government as Under Secretary and Assistant Secretary of the US Treasury for International Affairs from 1984 to 1992.

Source: World Business - Livemint.com | 12 Mar 2009 | 11:10 am

US sets two goals for G-20 Summit

US president Barack Obama said that his administration has set two goals for the G-20 summit–- jump-starting the economy and regulatory reforms.
Source: Daily News & Analysis: Money News | 12 Mar 2009 | 11:10 am

Credit Suisse appoints David Mulford as vice chairman intl

New Delhi: Zurich-based Credit Suisse today appointed former US Ambassador to India David Mulford as its Vice-Chairman International.
Mulford, who will start his role at Credit Suisse with immediate effect, is expected to focus on government as well as corporate clients across the globe, the bank said in statement.
The bank said that Mulford has a long association with Credit Suisse dating back to start of his investment banking career at White, Weld and Company as Head of International Finance. He was responsible for coordinating efforts with its partner, Credit Suisse White Weld on international business.
“David brings to Credit Suisse an unparalleled depth of experience and relationships spanning more than thirty years in investment banking and government service, working around the world in both developed and emerging markets,” Group’s CEO Brady Dougan said.
Mulford had a five-year term as the US Ambassador to India. He has also served the US government as Under Secretary and Assistant Secretary of the US Treasury for International Affairs from 1984 to 1992.

Source: LatestNews-Home - Livemint.com | 12 Mar 2009 | 11:10 am

Concession pact signed for construction of LNG terminal - Hindu


The Week
Concession pact signed for construction of LNG terminal
Hindu
Kochi (PTI): Cochin Port Trust (CPT) has signed a concession agreement with Petronet LNG Limited (PLL) for setting up the Liquefied Natural Gas (LNG) terminal and a re-gasification plant within the SEZ promoted by the port at Puthuvype island near here ...
LNG terminal construction deal inked Kerala Online
Concession pact signed for LNG Terminal The Week
All India Radio
all 5 news articles

Source: Google News India - Business | 12 Mar 2009 | 11:09 am

Central Bank freezes home loan rate at 8% for one year

Mumbai: Public sector lender Central Bank of India has frozen lending rate on new housing loans up to Rs20 lakh at 8% for a period of one year.
The bank has targeted to disburse an additional Rs500 crore of home loans by April end with the introduction of the new scheme, a statement said.
Lending rates for loans between Rs5 lakh and Rs20 lakh would now be offered at 8% as against 9.25% earlier, the bank said.
After one year, this rate would be reviewed according to the prevailing market situations, a Central Bank official said.
Customers who have been sanctioned loans between 12 March and 30 April 2009, can avail the benefit of the scheme, the bank said.
In February, Central Bank had reduced its lending rate on home loans up to Rs5 lakh from 8.5% to 8%.
State-owned banks started cutting their home loan rates after the country’s largest lender, State Bank of India, froze its new home loan rates at 8% for one year recently.

Source: LatestNews-Home - Livemint.com | 12 Mar 2009 | 11:08 am

Rupee rises on share gains, weaker dollar

Mumbai: The Indian rupee pared some of its gains on Thursday afternoon as importers bought the US unit, but gains in domestic shares continued to help sentiment.
At 1:30pm, the partially convertible rupee was at Rs51.71/74 per dollar, off a high of Rs51.5250, but still stronger than Monday’s close of Rs51.85/87. Markets were shut on Tuesday and Wednesday for local holidays.
Indian shares rose more than 3%, bucking weak trends in other Asian markets, as investors played catch-up with Wall Street gains after a two-day market holiday.
Inflation and factory output data were largely in line with expectations and thus, failed to have any large impact on the rupee, dealers said.
India’s industrial output fell 0.5% in January from a year earlier, inflation rose 2.43% at the end of February from a year earlier, government data showed.
In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were quoting at 51.8475 and 51.8500 respectively, with the total traded volume on both exchanges at about $450 million.

Source: Home - Livemint.com | 12 Mar 2009 | 11:05 am

'Poor infrastructure driving up operating costs for India Inc'

Infrastructure inefficiencies like poor roads and inadequate power generation are the major factors that drive up India Inc's operating costs, a survey said Thursday.
Source: IndiaeNews.com: Business News | 12 Mar 2009 | 11:03 am

Bond yields at 3-month peak on supply woes

Mumbai: Indian federal bond yields soared to three-and-half-month highs on Thursday as investors braced for heavy supplies even as a fresh batch of data showed economic conditions worsened.
Investor appetite remained dented as the government was expected to pump up its bond issuances to meet a fiscal deficit that was already near double digits, traders said.
Benchmark yields have jumped 185 basis points so far this year even as the central bank has slashed rates by 100 basis points.
At 1:42pm, the 2018 federal bond yield was at 7.06 percent after hitting 7.11%, its highest since 28 November, 2008. The yield had closed at 6.84% on Monday and the following two days were holidays.
A total of Rs341 billion ($6.6 billion) of federal and state paper is expected to hit the debt market in a holiday-shortened week, while the central bank is buying back up to Rs105 billion on Thursday.
“There are no positives for the market and the central bank’s open market operations are also not very market friendly as most papers it plans to buy back are illiquid and not widely held,” said Satish Jeurkar, head of fixed-income at Saraswat Co-operative Bank.
Volume was low at Rs30.65 billion on the central bank’s electronic trading platform with the 8.24% 2018 bond being the most heavily traded.
Traders said the sharp rise in bond yields blew out a bunch of stop-loss positions around 7%, forcing some traders to sell bonds aggressively.
Excluding redemptions of intervention bonds, ICICI Securities estimates the market faces supplies of Rs4.5 trillion in 2009/10 against an investor demand of Rs3.05 trillion, underlining the demand-supply gap.
The yield curve, a gauge for expectations of interest rates in the economy, steepened to its highest level in eight years and approached 11-year peaks as the short-end of the curve fell following aggressive rate cuts while medium-end spiked.
Aggressive rate cuts by the central bank to stimulate growth has failed to cheer bond investors even as fresh data showed factory output contracted in January and inflation dived to near seven-year lows.

Source: LatestNews-Home - Livemint.com | 12 Mar 2009 | 11:03 am

Infiniti to open 20 Croma retail stores next fiscal

Infiniti Retail Ltd, a 100 percent subsidiary of Tata Sons, plans to open 20 Croma stores with an investment of Rs.600-800 million (Rs.60-80 crore) in 2009-10, a top official said Thursday.
Source: IndiaeNews.com: Business News | 12 Mar 2009 | 11:02 am

Gateway Distriparks surges as Allcargo buys stake - Economic Times


Gateway Distriparks surges as Allcargo buys stake
Economic Times
MUMBAI: Shares of Gateway Distriparks were in the limelight after Allcargo Global Logistics acquired about 6.1 million shares or 5.97 per cent stake in the rival.
Allcargo Global unit buys 5.97 pct of Gateway Distriparks Reuters India
Allcargo Global acquires 5.97% stake in Gateway Distriparks Ltd Equity Bulls
Myiris.com
all 5 news articles

Source: Google News India - Business | 12 Mar 2009 | 11:02 am

Gas leak delays launch of space shuttle Discovery

Cape Canaveral, US: The launch of the US space shuttle Discovery was postponed just hours before liftoff after Nasa engineers found a gas leak in the filling system for its external tank.
Nasa spokesman Allard Beutel said the shuttle’s mission towards the International Space Station, with a Japanese astronaut among its seven crew, was delayed for at least 24 hours after the leak of highly flammable hydrogen gas was discovered.
“The launch was scrubbed at 1837 GMT for at least 24 hours ... so we won’t launch tonight,” Beutel said.
It was yet another frustrating delay for the Discovery and its crew which have already seen the launch put back four times from its original date of 12 February.
Nasa engineers discovered the leak soon after they began filling the Discovery’s external tank at noon (1600 GMT), and the hitch came just hours before the planned 0120 Thursday GMT launch at the Kennedy Space Center in Cape Canaveral, Florida.
The leak was found to be coming from a valve regulating the hydrogen pressure which is located inside the tank towards the top, Bill Johnson, communications director, said.
Nasa officials were to meet around 2100 GMT Wednesday to decide on their next move.

Source: LatestNews-Home - Livemint.com | 12 Mar 2009 | 11:02 am

Madoff 'due to enter guilty plea' - BBC News


Times Online
Madoff 'due to enter guilty plea'
BBC News
Disgraced Bernard Madoff is expected to plead guilty to all 11 charges linked to his alleged $50bn (£35bn) fraud when he goes before a US judge later.
Madoff Life in Jail Means Inmates Who Blame Money Man for Crash Bloomberg
Madoff must face his victims in court guardian.co.uk
Economic Times - Reuters - ABC News - Times Online
all 2,985 news articles

Source: Google News India - Business | 12 Mar 2009 | 10:57 am

Nifty closes at 2600; Bharti, Suzlon fall - Economic Times


Business Standard
Nifty closes at 2600; Bharti, Suzlon fall
Economic Times
MUMBAI: Indian benchmarks retreated in the last half an hour of trade but still ended in the green as traders booked profits at higher levels.
Sensex ends up 183pts; ICICI Bank zooms 8% Business Standard
RIL, ICICI lead Sensex rally NDTV.com
Hindu - Reuters India - Wall Street Journal - India Infoline.com
all 88 news articles  हिन्दी में

Source: Google News India - Business | 12 Mar 2009 | 10:56 am

Killing another in self-defence is one’s right: SC

New Delhi: Thirty years after they killed a man, the Supreme Court on Thursday let off two accused holding that they were entitled to acquittal as the act was committed in exercise of self-defence which is permitted under the law.
A person can kill another when there exists a reasonable apprehension that his adversary is going to cause him/her grievous injury even though he might not have actually inflicted any, the Supreme Court ruled.
“In that event he can go the extent of causing the latter’s death in the exercise of the right of private (self) defence even though the latter may not have inflicted any blow or injury on him,” a bench of Justices Dalveer Bhandari and H S Bedi observed.
The bench passed the ruling while dismissing an appeal filed by the UP Government challenging the acquittal of Gajey Singh and Rajpal Singh in a murder case that occurred on 27 January, 1979 in Meerut town following an old enmity.
In this case, Lakhi Ram along with a few others had gone to the place of Gajey and Rajpal where a scuffle took place and the duo was assaulted with sharp weapons.
In retaliation, Rajpal at Gajey fired a shot resulting in the death of Ram.
The trial court convicted the duo for murder and sentenced them to life imprisonment, but the accused were acquitted by the Allahabad High Court which held that they committed the act in self defence.
Aggrieved by the High Court’s verdict, the state government appealed in the apex court.
Interpreting Section 100 of the IPC, the apex court said the law justifies the killing of an assailant under the “right of private defence” which was rightly exercised by Gajey and Rajpal.
According to Section 100 of the IPC, killing of another person is not an offence, if the same was done in the exercise of self-defence.
In the instant case, the apex court said that there was sufficient evidence to indicate that Ram and his accomplices had come to the house of the accused and assaulted them with sharp weapons resulting in grievous injuries to both of them.
“In such a situation, accused persons could have a reasonable apprehension of death or at least of grievous hurt. It was a case of single gun shot which was not repeated. Therefore, it cannot be said that the accused persons had exceeded their right of private defence in any manner,” the bench observed.

Source: LatestNews-Home - Livemint.com | 12 Mar 2009 | 10:56 am

Satyam sale process underway; bidders face deadline

BANGALORE (Reuters) - Fraud-hit Satyam Computer Services closes registrations for potential bidders on Thursday, kicking off a process to sell a majority stake in the company caught in the country's biggest corporate scandal.

Source: Reuters: Money News | 12 Mar 2009 | 10:51 am

Bharti Airtel shares fall as CEO sells entire holding

New Delhi: Shares in Bharti Airtel fell as much as 6% on Thursday after the leading Indian telecom firm’s chief executive sold his holding in the company.
Manoj Kohli, who sold 123,000 shares through open market transactions in two tranches on 6 March and 9, later said he had done so for personal reasons. Kohli said he still held 180,000 options and would continue as CEO and joint managing director.
Bharti Airtel shares, which have more than 6% weight in the main index, closed down 6.4% at Rs550.3 in a Mumbai market that was up 2.7%. It was the steepest fall for the stock in four months.
Kohli would have got about $1.5 million for the shares he sold, but his holding represented only 0.006% of Bharti’s equity and he was not a founding member of the company, but investor remained concerned.
“The market is worried why all of a sudden the CEO had to sell his holding,” said R.K. Gupta, managing director at Taurus Asset Management.
He said investors were jittery about such insider stake sales after recent corporate scandals, including the alleged fraud at outsourcer Satyam Computer.
“So nobody wants to take a risk. And we see Bharti stock remaining under pressure. The recent Trai announcement to cut interconnection charges is also negative for them,” Gupta said.
TERMINATION CHARGE IMPACT
The Telecom Regulatory Authority of India (Trai) said on Monday it would reduce by a third from 1 April the termination charge telecoms firms pay each other for domestic calls to 20paise a minute (less than half a US cent) from 30paise earlier.
The firm from which a call originates pays a termination charge to the called network and call rates are expected to fall after the reduction in the termination charge.
Bharti, which had 91.11 million mobile users at end-February, is a net recipient of interconnect revenues and lower termination charges would hit its gross revenue for the year ending March 2010 by 4% and per-share earnings (EPS) by 1%, Macquarie Securities estimates, assuming no tariff cut.
If Bharti decides to cut outgoing calls tariff in a manner that it retains half the benefit of the lower termination charge and the remaining is passed to the consumer, the negative impact on gross revenue would be about 8 percent and EPS would be hit by 11%, Macquarie said.
Still, Macquarie analysts led by Shubham Majumdar retained their “outperform” rating on the Bharti stock.
“Review of the termination charge does add to the risk, but we believe that the market is already factoring in worst case outcomes,” they wrote in a note.

Source: Home - Livemint.com | 12 Mar 2009 | 10:50 am

Similarities in Mumbai and Lahore attack: NY police chief

Washington: As attackers of Sri Lankan cricketers continued to elude police, experts have found similarities between Mumbai and Lahore strikes and have cited evidence to show that terrorists were changing tactics to go for commando-style operations over suicide bombings.
Intelligence division of the New York Police Department (NYPD) have carried out a study of the twin terrorists strikes and said there was evidence of a “shift in tactics” from suicide bombs to a commando-style military assault with small team of highly trained, heavily armed operatives launching simultaneous, sustained attacks.
Testifying before a Congressional sub-committee on Mumbai terrorist attack on Wednesday, the New York City Police Commissioner, Raymond W Kelly has said “We are paying very close attention to this trend.”
Appearing before the House Committee on Homeland Security, Kelly also pointed out other similarities as choice of location: dense, relatively unprotected urban areas where the terrorists could establish strategic choke points to impede the response of authorities.
This was the fourth hearing by a Congressional committee on Mumbai attack, which killed more than 170 people including several American nationals.
“We also know that some form of detailed, pre-attack surveillance was carried out in both cases, as evidenced by terrorists thorough familiarity with their targets.
“Likewise, both sets of attackers coordinated their movements closely through the use of basic technology, cell phones in Mumbai and small battery powered two-way radios in Lahore,” he said.
Kelly said the assault teams themselves were composed of physically fit males between the ages of 20 and 30. They were similar composition and in size, with 10 people involved in the Mumbai attack and an estimated 12 in Lahore. In each instances, the team appeared to break down into smaller, two-man operating units once the attack was launched.
While in both Mumbai and Lahore the attackers were armed with assault rifles, semi-automatic pistols and grenades, they carried backpacks with additional ammunition and explosives, more than enough to sustain a prolonged siege, he observed.
“Both groups were calm, unhurried and methodical. They also carried food and drugs to enhance their performance and stamina.
“In Mumbai, the terrorists reportedly used cocaine and amphetamines to stay awake. In Lahore, remnants of unspecified high energy biscuits were recovered from the scene,” he said.
Kelly said it appears both the attacks were initially not designed to be suicidal. The goals of the terrorists included hostage taking, extending the violence and the resulting media coverage and escaping.

Source: LatestNews-Home - Livemint.com | 12 Mar 2009 | 10:43 am

Bharti Airtel shares fall as CEO sells holding

NEW DELHI (Reuters) - Shares in Bharti Airtel fell as much as 6 percent on Thursday after the leading Indian telecom firm's chief executive sold his holding in the company.

Source: Reuters: Money News | 12 Mar 2009 | 10:38 am

India sugar futures up, whites import unlikely soon - Reuters India


India sugar futures up, whites import unlikely soon
Reuters India
MUMBAI, March 12 (Reuters) - Indian sugar futures edged up on Thursday in anticipation of higher demand in coming weeks, while the expectations for white sugar imports in the near future faded.
Sugar futures up on low output estimates Hindu
India Mills Slow Sugar Imports on Weak Rupee, Prices Bloomberg
Commodity Online - India Infoline.com - guardian.co.uk - MarketWatch (press release)
all 22 news articles

Source: Google News India - Business | 12 Mar 2009 | 10:37 am

Nintendo sells 100 million DS consoles

Tokyo: Nintendo said sales of its handheld DS have topped 100 million machines less than five years since its launch, reaching the milestone faster than any other game console.
Worldwide sales of the dual-screen DS passed 100 million on 6 March, including the original model -- which was launched in November 2004 -- as well as the DS Lite and DSi, Nintendo said in a statement on Wednesday.
The success of Nintendo DS consoles has been helped by the popularity of “brain-training” and other games titles that have broadened the customer base from core gamers to women and older people.
“We aim to shift from one machine for one family to one machine for one person,” the Kyoto-based company said.
The latest model with built-in cameras, the DSi, went on sale in Japan in November and is due to be released in the United States in April.
The DS trumped Sony’s PlayStation 2, which took five years and nine months to achieve the 100 million mark.
Nintendo has also enjoyed strong sales of its Wii home console, helping it to weather the economic downturn better than other electronics makers.

Source: Tech News - Livemint.com | 12 Mar 2009 | 10:31 am

Nintendo sells 100 million DS consoles

Tokyo: Nintendo said sales of its handheld DS have topped 100 million machines less than five years since its launch, reaching the milestone faster than any other game console.
Worldwide sales of the dual-screen DS passed 100 million on 6 March, including the original model -- which was launched in November 2004 -- as well as the DS Lite and DSi, Nintendo said in a statement on Wednesday.
The success of Nintendo DS consoles has been helped by the popularity of “brain-training” and other games titles that have broadened the customer base from core gamers to women and older people.
“We aim to shift from one machine for one family to one machine for one person,” the Kyoto-based company said.
The latest model with built-in cameras, the DSi, went on sale in Japan in November and is due to be released in the United States in April.
The DS trumped Sony’s PlayStation 2, which took five years and nine months to achieve the 100 million mark.
Nintendo has also enjoyed strong sales of its Wii home console, helping it to weather the economic downturn better than other electronics makers.

Source: LatestNews-Home - Livemint.com | 12 Mar 2009 | 10:31 am

Earnings of workers down by 3.45% in Q3: report

New Delhi: Average incomes of workers in labour-intensive sectors came down by 3.45% a month during the third quarter of this fiscal due to the deepening global economic crisis, an official report said.
Economists believe the declining trend would continue in the coming months.
“The average earnings have declined at the rate of 3.45% per month during the period of study (October-December 2008),” the ministry of labour and employment said in its report after a survey of eight sectors including mining, textiles, gems and jewellery, and automobiles.
Average monthly income had gone up to Rs17,228 in October 2008 probably due to the inclusion of festival bonuses, while it was Rs16,934 in the previous month, it said.
Thereafter, earnings show a declining trend during November and December.
Average monthly earnings went down by 11.43% in November to Rs15,259 and by 0.5% to Rs15,182 in the following month, the report said.
“This (fall in earnings) is consistent with the slowdown in the global economy ... there is no surprise”, Crisil principal economist D K Joshi said, adding that the trend would continue in the coming months.
The report said about half a million workers lost their jobs during October-December 2008.
As per the Global Wage Report 2008-09 of the International Labour Office, it is apprehended that the global economic crisis would to lead to cuts in wages of millions of workers worldwide in the coming year.
It predicts that slow or negative growth, combined with a highly volatile food and energy crisis, would erode the real wages of the world’s 1.5 billion wage earners, particularly low-wage and poorer households.
HDFC Bank’s chief economist Abheek Barua said that he was not surprised by the number. “There were a lot of layoffs as credit is not available. This will continue.”
India is currently estimated to have a total workforce of 500 million, which is expected to grow by 20 million every year over the next 10 years.

Source: LatestNews-Home - Livemint.com | 12 Mar 2009 | 10:30 am

BRIC countries to meet ahead of G20 - source

MOSCOW (Reuters) - Finance ministers and central bankers from Brazil, Russia, India and China will convene ahead of the Group of 20 finance chiefs' meeting in London on Friday, a Russian delegation source told Reuters on Thursday.

Source: Reuters: Money News | 12 Mar 2009 | 10:27 am

Inflation dips to 2.43%

New Delhi: Inflation fell for the sixth consecutive week, to 2.43%, the lowest in over six years, as prices of food items like pulses, dairy products and edible oil softened further in the last week of February.
Even the prices of manufactured items, including iron and steel, textiles, chemicals and batteries, declined during the week ended 28 February.
Wholesale prices-based inflation is now at a level seen in June 2002, by falling 0.6 percentage points from 3.03% a week ago. It was 6.21% during the corresponding week a year ago.
Terming the decline below 3% on expected lines, economists expect inflation to reach zero in the next couple of months.
“This is on expected lines. It was during last February and March that inflation spiked. The prices of commodities, primarily oil and foodgrains, have moderated,” said chief statistician of India Pronab Sen.
According to Icrier director Rajiv Kumar, “It is no surprise. In fact, we should now begin to start worrying about deflation. We could see zero inflation in 2-3 months.”
During the week, the prices of maize, arhar and moong declined by 1% each. Dairy products fell by about 2% while edible oil also fell by about 1%.
Among manufactured products, prices of textile items
like nylon filament yarn declined by 2% while sacking bags fell by 1%. At the same time, steel ingots were cheaper by as much as 13% and batteries prices softened by 3%.
The fuel index remained unchanged at its previous week’s level of 323.5.
During the week, prices of fruit and vegetables and bajra were expensive by 2% each while bakery products and masur prices firmed up by 1% each.
Elsewhere, cement and some inorganic chemicals prices also firmed up.
The declining inflation has also raised hopes of further cuts in the benchmark rates by the Reserve Bank to spur the economy as industrial production declined for the second month in a row to 0.5% in January 2009.
Crisil principal economist DK Joshi said, “I believe there could be a cut of 50 basis points in both the repo and reverse repo rates next month.”
Last week, the RBI slashed the short-term lending and borrowing rates -- the repo and reverse repo -- by 50 basis points to arrest economic slowdown with India’s GDP growth falling to over a five-year low of 5.3% in Q3.
Inflation for the week ended 3 January 2009, was revised upward to 5.33% from 5.24% in the provisional estimates.

Source: Home - Livemint.com | 12 Mar 2009 | 10:23 am

Satyam board to meet on Friday to scrutinise EOI - Economic Times


SINDH TODAY
Satyam board to meet on Friday to scrutinise EOI
Economic Times
HYDERABAD/MUMBAI: The government appointed Satyam Computer Services board will meet tomorrow to scrutinize the Expression on Interest (EoI) submitted by potential bidders for the company.
Satyam sale process: Tech Mah, L&T, Spice Corp in fray Moneycontrol.com
Tech Mahindra bids for Satyam Sify
Hindu - Myiris.com - Equity Bulls - Reuters India
all 26 news articles

Source: Google News India - Business | 12 Mar 2009 | 10:15 am

L&T puts in interest for Satyam bidding

MUMBAI (Reuters) - Engineering and construction firm Larsen & Toubro Ltd has registered interest to participate in the bidding process for Satyam Computer Services Ltd, its spokesman said.

Source: Reuters: Money News | 12 Mar 2009 | 10:14 am

India sells a total of 80 bln rupees of t-bills - Reuters India


India sells a total of 80 bln rupees of t-bills
Reuters India
MUMBAI, March 12 (Reuters) - India's central bank set a cut-off price of 98.87 rupees at the auction of the 91-day treasury bills, higher than 98.85 at the previous auction last week, it said in a statement on Thursday.
Rupee rises 38 paise against dollar Economic Times
Rupee jumps as stocks gain India Infoline.com
Bloomberg - Press Trust of India - RTT News - Myiris.com
all 32 news articles

Source: Google News India - Business | 12 Mar 2009 | 10:14 am

BSE Sensex provisionally closes up 1.9 pct

MUMBAI (Reuters) - The BSE Sensex provisionally rose 1.87 percent on Thursday, as trading resumed after a two-day holiday and investors tried to catch up with Wall Street gains during the break.

Source: Reuters: Money News | 12 Mar 2009 | 10:12 am

Volkswagen sales fall 15% in Jan, Feb

Frankfurt: German carmaker Volkswagen AG said Thursday the company’s sales fell 15% during the first two months of the year and that 2009 sales and profits won’t match record levels in 2008.
The Wolfsburg-based company, Europe’s largest carmaker by sales, reported record sales and profits for 2008 earlier this month. But it said the global economic crisis wouldn’t pass it by, and that it wouldn’t be able to match last year’s results in 2009.
Volkswagen said earlier this month that its 2008 net profit rose 15.4% on record deliveries to €4.8 billion ($6.4 billion) from €4.1 billion in 2007. Sales were 4.5% higher, climbing to €114 billion from €109 billion.
The company said despite the weak euro the first two months of this year, the company is poised to release 20 new models by 2010, which should spark sales.
The company’s brands include Volkswagen, Audi, Seat, Skoda and Bentley.

Source: World Business - Livemint.com | 12 Mar 2009 | 10:12 am

Volkswagen sales fall 15% in Jan, Feb

Frankfurt: German carmaker Volkswagen AG said Thursday the company’s sales fell 15% during the first two months of the year and that 2009 sales and profits won’t match record levels in 2008.
The Wolfsburg-based company, Europe’s largest carmaker by sales, reported record sales and profits for 2008 earlier this month. But it said the global economic crisis wouldn’t pass it by, and that it wouldn’t be able to match last year’s results in 2009.
Volkswagen said earlier this month that its 2008 net profit rose 15.4% on record deliveries to €4.8 billion ($6.4 billion) from €4.1 billion in 2007. Sales were 4.5% higher, climbing to €114 billion from €109 billion.
The company said despite the weak euro the first two months of this year, the company is poised to release 20 new models by 2010, which should spark sales.
The company’s brands include Volkswagen, Audi, Seat, Skoda and Bentley.

Source: LatestNews-Home - Livemint.com | 12 Mar 2009 | 10:12 am

No impact of IIP nos, most sectors doing fine: GMR Infra - Moneycontrol.com


Zee News
No impact of IIP nos, most sectors doing fine: GMR Infra
Moneycontrol.com
The January Index of Industrial Production (IIP) number has come in at -0.5% versus -0.6% in December 2008. The December figure of -2.2% has now been revised to -0.6%.
Industrial growth turns negative for third time in FY '09 Press Trust of India
Industrial production fall extends to January as well domain-B
Myiris.com - TopNews - RTT News - Press Information Bureau (press release)
all 23 news articles

Source: Google News India - Business | 12 Mar 2009 | 10:06 am

Factory output drops in Jan, more falls seen

NEW DELHI (Reuters) - India's factory output fell for the third time in four months in January, and with government and Reserve Bank steps to lift a sagging economy likely to take months to kick in further falls are expected.

Source: Reuters: Money News | 12 Mar 2009 | 9:57 am

Recession shrinks billionaires, Gates richest man again

New York: Microsoft Corp founder Bill Gates is the richest man again, overtaking investor Warren Buffett, as the global financial meltdown wiped out $2 trillion from the net worth of the world’s billionaires, Forbes Magazine said on Wednesday.
The number of billionaires in the world fell by nearly a third to 793 in the past year, with large numbers dropping off the list in Russia, India and Turkey.
Gates regained his title as the richest man in the world, with $40 billion after slipping to third last year when he was worth $58 billion. Buffett, last year’s richest man, fell to second place with $37 billion, down from $62 billion. Mexican telecommunications tycoon Carlos Slim took third place with $35 billion, down from $60 billion.
Collectively, the top three billionaires lost $68 billion in the year to 13 Febeuary, when Forbes took a snapshot of wealth around the world to compile its annual list of billionaires.
Chief executive of Forbes Magazines Steve Forbes said that, while few would shed a tear for the plight of a billionaire, it was bad for the economy when entrepreneurs were in trouble.
Also See | The 25 Richest People in India (PDF)
Forbes List | Indians: Then And Now
“Billionaires don’t have to worry about their next meal, but if their wealth is declining and you’re not creating numerous new billionaires, it means the rest of the world is not doing very well,” he told reporters. “The typical billionaire is down at least one third on their net worth.”
The net worth of the world’s billionaires fell from $4.4 trillion to $2.4 trillion, while the number of billionaires was down to 793 from 1,125.
“It’s the first time since 2003 that we have lost billionaires, but we’ve never before lost anywhere near this number,” said Luisa Kroll, senior editor of Forbes.
“It’s really hard to find something to cheer about unless you get some perverse pleasure in realizing that some of the most successful ... people in the world ... can’t figure out this global economic turmoil better than the rest of us.”
New York City replaced Moscow as home to the most billionaires, with 55. Russia, which saw the number of super- rich soar in recent years, suffered among the biggest shocks, with the number of billionaires down to 32 from 87.
WHAT GOES UP FAST, COMES DOWN FAST
Other developing countries that saw fast growth in previous years were hit hard as well, including Turkey, where the number of billionaires fell to 13 from 35, partly due to the collapse in the value of the lira currency, and India.
Indian businessman Anil Ambani, the biggest gainer on last year’s list, was the biggest loser this time, with $32 billion wiped out over the last 12 months. Ranked sixth last year, he fell to 34 with an estimated wealth of $10.1 billion.
“India took a huge whack,” Kroll said, noting that last year Indians held four of the top 10 spots and now only two, and the number of Indian billionaires more than halved to 24.
Of those who remained or returned to the list, 656 saw their net worth fall, 52 held even and only 44 managed to expand their wealth.
The only person in the top 20 who did not lose money was New York Mayor Michael Bloomberg, whose net worth was revised up to $16 billion from $11.5 billion because of a revaluation of his media company, Bloomberg LP, Forbes said. He is now the richest man in New York, jumping from 65 in the world to 17.
Forbes Senior Editor Matthew Miller said that, in the current climate, those who lost only 20% of their wealth were doing relatively well; for example members of the Walton family which founded discount retailer Wal-Mart Stores Inc.
Another discount retailer riding out the storm was Japan’s Tadashi Yanai. His firm Fast Retailing, known for its Uniqlo stores, helped push him from 296th last year to 76th and raised his net wealth to $6 billion from $3.6 billion.
Others who managed to get richer were investors George Soros and Ronald Perelman, as well as short-seller John Paulson, who has profited from the fall in financial stocks, and entertainer Oprah Winfrey who jumped to 234 from 462.
Among those conspicuous by their absence from the list was Facebook founder Mark Zuckerberg, one of last year’s stars when he became the youngest self-made billionaire to make the list.
Also dropping out were big name casualties of the financial crisis on Wall Street - former American International Group Inc chief executive Maurice “Hank” Greenberg and former Citigroup Inc chief executive Sanford Weill.
Allen Stanford, the Texan accused of an $8 billion fraud by US regulators, was also booted off the list.
Crime, however, did not disqualify one notable new entry to the list - Mexican drug lord Joaquin “Shorty” Guzman, who is among the world’s most wanted men and now worth $1 billion.

Source: Home - Livemint.com | 12 Mar 2009 | 9:51 am

Roche wins Genentech with raised $46.8 bln offer

ZURICH (Reuters) - Roche Holding AG has struck a deal with Genentech Inc to acquire all outstanding shares in the U.S. biotech group for $46.8 billion, or $95 a share, the Swiss drugmaker said on Thursday.

Source: Reuters: Money News | 12 Mar 2009 | 9:42 am

Forbes list: Mukesh Ambani is richest Indian in the world - Moneycontrol.com


Business Standard

Source: Google News India - Business | 12 Mar 2009 | 9:34 am

Tech Mahindra registers interest in Satyam bidding process

IT services major Tech Mahindra has registered its interest in bidding for 51 percent stake in scam-hit Satyam Computers, it was announced Thursday.
Source: IndiaeNews.com: Business News | 12 Mar 2009 | 9:31 am

At 2.43 percent, India's rate of inflation lowest since June 2002

India's annual rate of inflation fell further to 2.43 percent for the week ended Feb 28 from 3.03 the week before, official data showed Thursday.
Source: IndiaeNews.com: Business News | 12 Mar 2009 | 9:30 am

Google to target ads based on surfing habits

San Francisco: Google Inc. will use its surveillance of Web surfing habits to figure out which ads are best suited to each individual’s interests a practice likely to illuminate just how much the Internet search leader has been learning about millions of people around the world.
Under the program announced Wednesday, someone who frequents sites about dogs might see more ads for flea treatment products even when visiting another Web destination that has nothing to do with pets.
The tactic relies on technology that Google got last year in a $3.2 billion acquisition of the Internet ad service DoubleClick Inc. Some of the opposition to the deal revolved around potential privacy intrusions, but Google overcame those misgivings during an extensive review to win regulators’ approval for the deal.
The ads, set to debut within the next few weeks, initially will appear on Google’s YouTube and thousands of other sites that belong to Google’s ad network.
Google is following major rivals like Yahoo Inc. and Microsoft Corp. that already have been customizing ads based on the past activities of specific Web browsers. Until now, Google had been tying its ads solely to search requests and the general content on Web pages.
Although Yahoo and Microsoft already have been tying ads to people’s presumed interests, Google’s embrace of this “behavioral” targeting is more troubling to privacy watchdogs. That is because the Mountain View-based company already has used its dominant position in the Internet search market to build a huge database of potentially sensitive information about the kinds of things that people are looking for on the Web.
Now Google is taking it a step further by tracking people’s favorite websites to divine individual tastes and then package ads falling under the same areas of interest. The company intensified its monitoring activity in December when it began putting a sliver of DoubleClick’s computer code, called a “cookie,” on its advertising partners’ Web sites.
“This is a very serious development,” said Marc Rotenberg, executive director of the Electronic Privacy Information Center. “I don’t think the world’s largest search engine should be in the business of profiling people.”
Rotenberg is hoping Google’s embrace of behavioral targeting prompts the Federal Trade Commission to take another look at the DoubleClick acquisition and perhaps mandate privacy safeguards.
Hoping to avoid a backlash and appease regulators, Google has set up its system so individuals can specify their areas of interest or shun certain forms of advertising at http://www.google.com/ads/preferences.
The Progress & Freedom Foundation, a Washington-based think tank, applauded Google for creating a “gold standard” that puts the company’s stamp on behavioral targeting ads and provides clear explanations on how to avoid them. The group brushed off the criticism of Google’s expansion into behavioral targeting as “paroxysms of privacy hysteria.”
Google is betting most people will enjoy seeing more ads catering to their interests. In the process, Google is hoping it can boost its revenue, which climbed 31% to nearly $22 billion last year despite a recession that hammered many of its customers and partners.

Source: Tech News - Livemint.com | 12 Mar 2009 | 9:24 am

Tech Mahindra says interested in Satyam

MUMBAI (Reuters) - Tech Mahindra Ltd said on Thursday it had registered interest to participate in the bidding process for troubled outsourcer Satyam Computer Services Ltd.

Source: Reuters: Money News | 12 Mar 2009 | 9:20 am

Facebook begins rolling out revamped home page

San Francisco:Top online social-networking service Facebook on Wednesday began rolling out a revamped home page that emphasizes fresh news.
“The update will happen slowly, so everyone should have the new home page over the coming days,” Facebook product manager Peter Deng wrote in a statement.
The California firm has received more than 30,000 email messages from users about the new home page since it revealed the planned changes a week ago, according to Deng.
Changes include making the status update question “What’s on your mind?” building on a theme in a Facebook home page redesign last year.
Home page upgrades include a publisher tool making it easier to post photos, video or other content to profile pages and share developments with Facebook friends.
Facebook updates are sent in real time from the new home page and emphasize the freshest information.
“As more and more is shared, we want you to be able to find out everything that is going on in the world around you at any given moment, or shape the stream of information most relevant to you,” Deng wrote.
Filtering tools on the new home page let people be more selective about who they want to get news from, according to Facebook founder Mark Zuckerberg.
“Over the past five years, Facebook has evolved to make sharing information more efficient and to give people more control,” Zuckerberg said of the website he started in 2004.
“This year, we are going to continue making the flow of information even faster and more customized.”
Facebook is courting Twitter lovers with new public pages that fire instant updates to limitless audiences in a fashion echoing the essence of the hot micro-blogging service.
Facebook still limits to 5,000 the number of friends that users can link to personal profiles, but has removed the cap from public pages tailored for celebrities, politicians and others with messages for the masses.
Those signed up for the new Facebook public pages at its launch last week included US president Barack Obama, French president Nicolas Sarkozy and rock band U2.
Fast-growing Facebook boasts more than 175 million members and founder Mark Zuckerberg believes that number will crest 200 million by the end of this year.

Source: Tech News - Livemint.com | 12 Mar 2009 | 9:14 am

India gold gains further, buyers stay away

Mumbai: India gold prices extended gains for a second day on Thursday and domestic buyers were unwilling to take positions anticipating falls, dealers said.
“There are advance orders placed by traders below $900,” said a dealer with a state-run bank in Mumbai, “since it had gone below $900 levels on Tuesday, people are waiting for lower levels.”
Dealers said traders were not in a position to enter into deals as banks, the primary sellers of gold, were closed on Tuesday and Wednesday for a public holidays.
The benchmark April gold contract was 0.18% higher at Rs15,143 per 10 grams at 1:51pm, after hitting a high of Rs15,225 earlier.
The contract had touched a low of Rs14,815 on Tuesday as rebounding equity markets reduced the yellow metal’s appeal as a safe haven asset.
The disparity between bank and local gold was also affecting demand, they added.

Source: Home - Livemint.com | 12 Mar 2009 | 9:03 am

Regulator asks satellite TV operators to carry out free repairs

India's telecom regulator Thursday asked direct-to-home (DTH) service providers to carry out repairs of equipment during the warranty period free of cost and leave packages unchanged in the first six months of enrolment of a subscriber.
Source: IndiaeNews.com: Business News | 12 Mar 2009 | 9:01 am

Markets extend gains in afternoon trade

Indian equities extended their gains in the afternoon trade Thursday, with a key index ruling about 2.79 percent higher than its previous close an hour before the closing bell.
Source: IndiaeNews.com: Business News | 12 Mar 2009 | 9:00 am

European shares fall on economic growth woes

Frankfurt: European shares fell early on Thursday, tracking declines in Asian stock markets, amid renewed worries about the health of the global economy.
At 1:40pm, the FTSEurofirst 300 index of top European shares was down 0.8% at 687.43 points.
Financials such as Deutsche Bank, down 5.1%, UBS, down 3.1%, and BNP Paribas, down 3.9%, led the slide.
World Bank President Robert Zoellick told the Daily Mail newspaper that the global economy is on track for its worst recession since the 1930s with output likely to shrink by 1 to 2% this year.

Source: Home - Livemint.com | 12 Mar 2009 | 8:55 am

Satyam sale process underway; bidders face deadline

Bangalore: Satyam Computer Services Ltd. closes registrations for potential bidders on Thursday, kicking off a process to sell a majority stake in the company caught in the country’s biggest corporate scandal.
Some firms are likely to put in expressions of interest, attracted by Satyam’s strong client base and its large workforce, but final bids will depend on clarity on Satyam’s finances and legal liabilities.
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.
“We will see many companies registering their interest by the end of the deadline today, but it remains to be seen how many of them will stay the course after the due diligence,” said Tejas Doshi, head of research at Bombay-based Sushil Finance.
Satyam has said it would provide shortlisted bidders access to certain business, financial and legal information.
“Unless the Satyam board makes available enough data based on which a buyer can put a value to the company, I don’t think there will be many left in the final stages of bidding to take a shot in the dark,” Doshi said.
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.
The government intervened quickly and appointed new board members and state-run financial companies have provided funding to the beleaguered firm.
Raju, the managing director and the chief financial officer quit and were later arrested.
Satyam, whose shares jumped nearly 40% in the previous two sessions, eased 1.9% to Rs47.8 by 0815 GMT on Thursday. The company’s market value has plunged to $630 million from $7 billion last May.
Bidders
A spokesman for the top engineering firm, Larsen & Toubro Ltd, which controls about 12% of Satyam, said it would submit its interest to acquire the company.
Bidders need to register their interest by end of Thursday to buy a 51% stake in Satyam. They will be asked to submit a detailed expression of interest and show availability of at least Rs1,500 crore ($290 million) by 20 March.
Analysts say global IT servcies companies are unlikely to join the race for Satyam
Capgemini, Europe’s largest computer consultancy, has no interest in buying a stake in Satyam, a spokesman said on Wednesday. Earlier, sources told Reuters IBM was unlikely to be interested in bidding.
Another potential suitor, diversified Hinduja Group, said it had not yet decided whether to submit its bid interest.
Satyam also faces class-action lawsuits from US shareholders, and the Times of India newspaper reported on Thursday this could cause a liability of between $440 million and $840 million, quoting Spice Group chairman BK Modi.
Satyam’s board had appointed KPMG and Deloitte in January to restate accounts.

Source: Home - Livemint.com | 12 Mar 2009 | 8:55 am

Roche to take over Genentech in $47 bn deal

Basel: Roche says it has agreed with Genentech to buy remaining shares of the U.S.-based company for $46.8 billion, in a takeover described as the largest in Swiss corporate history.
The deal announced Thursday for $95 a share of outstanding Genentech stock ends a long struggle between the Basel-based pharmaceutical giant and the board of its cancer-drug partner Genentech.
Roche, which already owns 56% of Genentech stock, had increased its bid to $93 per share last Friday after its $86.50-per-share offer failed to pick up support from shareholders of the California-based company.
Originally Roche had offered $89 per share but the Genentech board rejected that as too low.

Source: World Business - Livemint.com | 12 Mar 2009 | 8:07 am

Leading firms eye railways' $4 bn logistics parks

Indian Railways' ambitious $4 billion (Rs.20,000 crore) programme inviting the private sector to build and develop multi-modal logistics parks along the proposed eastern and western dedicated freight corridors has evoked interest from leading players in the field.
Source: IndiaeNews.com: Business News | 12 Mar 2009 | 8:00 am

Global crisis makes Indo-US ties more important: Menon

Foreign secretary Shivshanker Menon said that the current global crisis makes Indo-US economic co-operation all the more significant.
Source: Daily News & Analysis: Money News | 12 Mar 2009 | 7:55 am

Markets go flat by noon

Trading in Indian equities turned flat by noon Thursday after a surge in the morning, despite a fall in inflation and a lower-than-expected fall in industrial production in January.
Source: IndiaeNews.com: Business News | 12 Mar 2009 | 7:31 am

India's industrial production falls 0.5 percent in January

India's industrial production fell 0.5 percent in January to log a decline for the second month in a row, despite the stimulus packages announced by the government to pump prime the economy in the wake of the global slowdown.
Source: IndiaeNews.com: Business News | 12 Mar 2009 | 7:31 am

Old-timers reminisce as Nirula's turns 75

They got us our first hot chocolate fudge, burger, pizza and lots more. As the quintessentially Delhi institution Nirula's turns 75, its popularity remains intact among all from 80 to eight.
Source: IndiaeNews.com: Business News | 12 Mar 2009 | 7:02 am

Agreement with auto union to save Ford $500 mn yearly

Detroit: Ford Motor Co expects operating savings of $500 million per year from an agreement with the United Auto Workers that also will make its labour costs competitive with Japanese rivals, the company said on Wednesday.
The agreement trims average wages and benefits for UAW hourly workers to about $55 per hour this year, from more than $70 per hour when Ford was negotiating a watershed contract with the union two years ago.
That figure is expected to drop to about $50 per hour by 2011, or roughly on a par with what Japanese automakers led by Toyota Motor Corp will be paying their non-union US factory workers, Ford said.
Labour costs represent only about 10% of the total cost of producing a vehicle in the United States, but Detroit automakers have faced increasing pressure to eliminate a wage and benefit gap with the US operations of their Japanese rivals, referred to in the industry as transplant automakers.
Ford’s cross-town rivals General Motors Corp and Chrysler LLC are required to make wages and benefits paid to US factory workers competitive with Toyota and other Japanese automakers under the terms of their government bailouts.
Chrysler, about 80% controlled by Cerberus Capital Management LP, and GM have received $17.4 billion of emergency government loans and have requested billions more in emergency loans to complete restructurings.
GM and Chrysler also have reached tentative agreements with the UAW on labour issues, but have withheld details until talks are completed on the funding of their healthcare trusts.
Wages and benefits in the GM-UAW agreement are patterned on the Ford contract, but the contracts differ in other areas such as employee placement and company-specific details, UAW Vice President Cal Rapson said in a letter to members on Monday.
Ford’s agreement with the UAW, which workers ratified earlier in March, suspends some performance and bonus payments, reduces overtime costs and cuts a paid holiday, as well as restructuring funding of a union retiree healthcare trust.
Joe Hinrichs, Ford’s global head of manufacturing, said the savings from the operating agreement and restructuring of the funding of the trust, the Voluntary Employee Beneficiary Association (VEBA), are “critical to our future competitiveness.”
The annual savings could exceed $500 million if industry conditions allowed Ford to exercise all of the changes in the agreement, Hinrichs said.
Ford has about 42,000 hourly workers covered by the contract. About half of the annual savings would come from the elimination of performance bonuses and the Christmas bonus and the suspension of cost of living increases.
Ford restructured payments into the VEBA, including the option to contribute about half in company stock, to conserve cash. The plan to make payments in stock requires shareholder approval at the Ford annual meeting this year.
Ford, which posted a record $14.7 billion net loss for 2008, has said it believes it has adequate liquidity to operate through the economic downturn without seeking emergency US government loans.
One analyst said Ford’s deal with the UAW appeared to meet the cost savings targets set out by the Treasury Department for its aid to GM and Chrysler.
Ford has announced salaried job cuts and executive pay reductions and last week launched an effort to reduce $25.8 billion of automotive debt by up to 40% through conversion of debt to equity and tender offers.
Ford also has agreed to offer buyouts to UAW-represented workers from 1 April through 22 May. Ford has offered buyouts previously to hourly workers and the offers will be lower than those in the past due to the current economic conditions.
Ford plans to consolidate assembly work between adjacent Michigan Truck and Wayne Assembly plants near Detroit. The automaker is converting its Michigan Truck plant to build the European-designed 2010 Ford Focus small car.
The Wayne facility will continue to perform stamping and some body work and the consolidation is not expected to result in job cuts from the Wayne facility.

Source: World Business - Livemint.com | 12 Mar 2009 | 5:45 am

Sensex gains 183 pts on fresh buying in refinery, bank stocks

The Sensex gained over 183 points amid investors indulging in the rise in the US markets and inflation declining to over a six-year low.
Source: Daily News & Analysis: Money News | 12 Mar 2009 | 5:27 am

World population will be 7 billion by 2012

New York: The world’s population will hit 7 billion early in 2012 and cross 9 billion in 2050, with the majority of the increase taking place in developing countries, revised United Nations estimates show.
India, United States, China, Bangladesh and Pakistan are among nine countries which are projected to account for half of the world’s population increase from 2010 to 2050. The others are Nigeria, Ethiopia, the Democratic Republic of Congo (DRC) and Tanzania.
“There have been no big changes for the recent estimates and we have not changed the assumptions for the future,” Hania Zlotnik, Director of the Population Division at the Department of Economic and Social Affairs, told reporters yesterday.
“We’re still projecting that by 2050 the population of the world will be around 9.1 billion,” she said, as she presented the 2008 Revision of the World Population Prospects.
Zlotnik noted that current projections are based on the assumption that fertility is going to decline from the current global level of 2.5 children per woman to 2.1 children per woman from now until 2050.
The population of the 49 least developed countries (LDCs) is still the fastest growing in the world, at 2.3% per year, the Population Division said.

Source: Tech News - Livemint.com | 12 Mar 2009 | 4:16 am

Canadian auto workers approve GM dea

Toronto: Members of the Canadian Auto Workers union have voted 87% in favor of a new cost-cutting contract with General Motors.
The deal is needed to qualify the struggling automaker for Canadian government aid.
The agreement reached between the union and company last weekend includes a wage freeze to September 2012, the elimination of an annual bonus and a reduction in paid time off, among other concessions.
GM has also promised workers that Detroit-based parent General Motors Corp. will keep 20% of its total North American manufacturing volume in Canada.
CAW national president Ken Lewenza has said a key goal would be that Canada maintain its market share and that Sunday’s deal should help do that.
“These changes are difficult for our members and retirees, but CAW members at GM agree that accepting these changes is the best choice under the circumstances,” Lewenza said Wednesday.
Many workers who voted on the deal said they supported the agreement only reluctantly, calling it “painful” but “realistic.”
Without government aid from Canada and the United States, General Motors has warned it could go bankrupt.
The 10,000 workers covered by the contract held ratification votes Tuesday and Wednesday.
The union said it plans to continue its practice of pattern bargaining with the three North American automakers and said talks will begin this week with either Ford Motor Co. or Chrysler LLC.
Chrysler executives, though, have concerns that the wage freeze didn’t go far enough because it is still higher than the average pay of auto workers in the U.S., according to a person briefed on the Auburn Hills, Michigan-based automaker’s bargaining strategy.
The CAW reached a deal with Ford last May that freezes wages and cuts vacation pay but avoids changes to base wages. The CAW, though, did not allow a two-tier wage system used in the U.S. in a contract with the United Auto Workers, where new hires would be paid about half the hourly wages of older employees and get fewer benefits.
In Canada, new hires would start work at 70% of the top wage, reaching the maximum three years later.
The Ford deal eventually became the pattern for GM and Chrysler in Canada, but Chrysler officials are concerned that the costs are higher than U.S. wages, said the person, who asked not to be identified because the negotiations are private.
GM Canada is eligible for loans of up to 3 billion Canadian dollars _ or $2.3 billion in U.S. dollars _ under a government aid package. It submitted a restructuring plan last month.
Chrysler last year asked for $1 billion in bridge financing from the Canadian government.
Last week, Lewenza said the Canadian union had reviewed the United Auto Workers’ tentative concessions agreement with GM and would negotiate its terms based on that agreement.

Source: World Business - Livemint.com | 12 Mar 2009 | 3:56 am

Day Trading Guide


Source: Business Line - Home Page | 12 Mar 2009 | 12:00 am

Ipca Laboratories (Rs 328.35): Buy

We recommend a buy on Ipca Laboratories from a short-term trading perspective. It is apparent from the charts of Ipca Laboratories that it has been on a long-term down-trend since its lifetime high of Rs 794 recorded in July 2007. In October
Source: Business Line - Home Page | 12 Mar 2009 | 12:00 am

Tata Motors, Ashok Leyland see more bus orders next fiscal

Bangalore, March 11 The country’s top two domestic bus makers – Tata Motors and Ashok Leyland – expect between 10 per cent and 15 per cent growth next fiscal thanks to the Centre’s recently announced stimulus
Source: Business Line - Home Page | 12 Mar 2009 | 12:00 am

Slowdown takes fire out of branded fuels

New Delhi, March 11 Despite a narrowing down of the price differential between regular and branded auto fuels, the sales of the branded or premium version of both diesel and petrol have taken a hit because of the downturn.
Source: Business Line - Home Page | 12 Mar 2009 | 12:00 am

Delays and dilutions cost Govt Rs 50,000 cr

New Delhi, March 11 Delays and wrong decisions by the Department of Telecommunications have cost India almost Rs 50,000 crore of revenue.
Source: Business Line - Home Page | 12 Mar 2009 | 12:00 am

CA institute wants RBI to appoint bank auditors

New Delhi, March 11 The Institute of Chartered Accountants of India (ICAI) has once again made a case for appointment of auditors for public sector banks to be centralised with the Reserve Bank of India .
Source: Business Line - Home Page | 12 Mar 2009 | 12:00 am

Mercury may rise further in the North

Thiruvananthapuram, March 11 Rain clouds blown away north-northeast from the peninsular south chose to dump most of their moisture along coastal Tamil Nadu accounting for some heavy to very heavy precipitation through Wednesday.
Source: Business Line - Home Page | 12 Mar 2009 | 12:00 am

Wheat procurement may face storage space woes

Chennai, March 11 With warehouses almost brimming with wheat and rice, the Union Government could face problems of storage space when it sets out to procure wheat for the buffer stocks from April
Source: Business Line - Home Page | 12 Mar 2009 | 12:00 am

Satyam staff worried as bidding process begins

With the Satyam Computer Services Board setting the ball rolling for selecting the strategic investors, associates at different levels are a worried lot – as to what will happen to their future when a new management takes
Source: Business Line - Home Page | 12 Mar 2009 | 12:00 am

Rupee to decline below 52

Volatility in stock markets and continued outflow of foreign institutional investor funds made the rupee hover around the 52-mark against the greenback over the past week. Selling of dollars by exporters and select banks prevented a slide below
Source: Business Line - Home Page | 12 Mar 2009 | 12:00 am

IT cos are tweaking pricing models

Indian tech majors are evolving innovative pricing models to woo and give comfort to their recession-hit clients.
Source: Daily News & Analysis: Money News | 11 Mar 2009 | 10:38 pm

We're hoping to do a Fiat with JLR in India: Ratan Tata

At the Geneva Motor Show recently, Ratan Tata spoke on his plans for Tata Motors, the Nano and the Prima, among many things else.
Source: Daily News & Analysis: Money News | 11 Mar 2009 | 10:34 pm

As market falls, penny count zooms

Anyone who remembers the bull market rally until January 2008 may be excused for thinking equity investments are an expensive proposition.
Source: Daily News & Analysis: Money News | 11 Mar 2009 | 10:28 pm

'Even at 3-5%, India's GDP growth could be world's best in 2009'

India is relatively well placed to ride out the global recession, but it still needs to fix its fiscal deficits, perhaps by returning to disinvestment.
Source: Daily News & Analysis: Money News | 11 Mar 2009 | 10:24 pm

'China may be the world's worst-affected economy'

The next shock to the global economy, already reeling from recession, could come from China, which witnessed excessive 'malinvestment' during the boom years.
Source: Daily News & Analysis: Money News | 11 Mar 2009 | 10:17 pm

I will kill you later! Or, tales of financial innovation

In financial markets, as everybody knows there is little real innovation but sales and structuring desk are pretty skilled in coming with jazzy names and acronyms.
Source: Daily News & Analysis: Money News | 11 Mar 2009 | 10:15 pm

UK firms ship back Indian lawyers

It is not just the Indian techies who are at the receiving end of protectionism and the global downturn.
Source: Daily News & Analysis: Money News | 11 Mar 2009 | 10:15 pm

World's richest not so rich, Gates regains top spot

NEW YORK (Reuters) - Microsoft Corp founder Bill Gates is the richest man again, overtaking investor Warren Buffett, as the global financial meltdown wiped out $2 trillion from the net worth of the world's billionaires, Forbes Magazine said on Wednesday.

Source: Reuters: Money News | 11 Mar 2009 | 10:08 pm

Children's Fund top FII seller this year

The Childrens Investment Fund Management and its affiliates have emerged as the single-largest seller of Indian stocks among foreign institutional investors (FIIs).
Source: Business Standard | Front Page Headlines | 11 Mar 2009 | 6:55 pm

JLR to get UK grant for green car

The UK government today approved a grant of 27 million (Rs 192 crore) to Tata Group-owned Jaguar Land Rover (JLR) for producing a new eco-friendly car based on the Land Rovers LRX Concept that was first showcased at the 2008 edition of Geneva Motor Show.
Source: Business Standard | Front Page Headlines | 11 Mar 2009 | 6:53 pm

Poll blues prompt ICAI to defer AS 11 relaxation

The upcoming general elections could take its toll on the bottom lines of a host of Indian companies that have accessed overseas debt.
Source: Business Standard | Front Page Headlines | 11 Mar 2009 | 6:51 pm