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Satyam winner may not sell assets for three yrs!Satyam Board may have laid down norms for the winner of the bid including no sale of the company`s assets for 3 years, not to pledge them to raise debt and no sudden lay-off of employees.Source: Zee News : Business | 15 Mar 2009 | 4:33 pm American insurance giant AIG to pay $165 million in bonuses!AIG is giving its executives tens of millions of dollars in new bonuses even though it received a taxpayer bailout of more than USD 170 billion dollars.Source: Zee News : Business | 15 Mar 2009 | 4:33 pm G-20 pledges sustained action on financial crisis!Finance officials from different countries pledged to do "whatever is necessary" to fix the global economy, including supervision of freewheeling hedge funds and restoring bank lending by dealing with the shaky securities.Source: Zee News : Business | 15 Mar 2009 | 4:33 pm World Bank sees NREGA as a barrier to development!The World Bank has described the much-acclaimed National Rural Employment Guarantee (NREGA) scheme of the UPA government as a policy barrier hurting economic development and poverty alleviation.Source: Zee News : Business | 15 Mar 2009 | 4:33 pm British PM promises tougher financial watchdog!Prime Minister Gordon Brown promised on Sunday to strengthen Britain`s financial watchdog, giving it more power and resources to supervise the country`s financial sector.Source: Zee News : Business | 15 Mar 2009 | 4:33 pm Notes on Notes | What does a slash in Repo, Reverse Repo mean?Hello Everyone! Welcome to Notes on Notes – a personal finance show featuring Harish Rao, a financial expert from Bangalore. Harish is also the guest editor of the hugely popular “Simple Equation Blog” on livemint.com. Every fortnight on this show, Harish will clarify news and demystify myths in the personal finance space and give you tips on how to smartly invest and grow your money. This week, Harish talks about what the cuts in Repo and Reverse Repo rates mean for end consumers and the real estate market in India.  The Insurance Regulatory and Development Authority of India (IRDA) has said India’s insurance sector faces no downside risks. J. Hari Narayan, chairman of Irda, said this was because that they did not permit credit default swaps any insurance against default and investment in derivatives. Private sector lender ICICI Bank has cut its home loan rates by 25-50 basis points for new customers effective immediately. The bank lowered the rate from 10% to 9.75% on home loans of less than Rs2 million. The rate on loans in the Rs2-3 million bracket has dropped to 10% from 10.5%. It has also cut rates in the Rs3 million bracket to 11.5% from 12%. The Reserve Bank of India said it may launch a housing start-up index on a quarterly basis. The index will be based on newly built residential units in urban India. The Indian central bank plans to set up a committee to oversee the exercise. The development of such an index is one of the major recommendations of a technical advisory group, constituted by the banking regulator to suggest a methodological framework and institutional arrangements for regular compilation of the Housing Start-up Index. Higher demand for housing has a positive impact on sectors such as steel and cement while the construction sector employs millions of workers. Source: LatestNews-Home - Livemint.com | 15 Mar 2009 | 12:00 pm CISF protection for private star hotels - Hindu
Source: Google News India - Business | 15 Mar 2009 | 11:59 am RIL may propose to sell or lease out its fuel pumps to IOCReliance Industries may propose to sell or lease out its 1,432 petrol pumps to Indian Oil Corporation even as it will reopen shortly the outlets that were shut a year ago.Source: Daily News & Analysis: Money News | 15 Mar 2009 | 11:56 am OPEC considers full compliance or fresh cutsVIENNA (Reuters) - OPEC ministers began talks on Sunday to decide whether to set new output targets or stick to existing curbs against a backdrop of swelling oil inventories and a shattered world economy.Source: Reuters: Money News | 15 Mar 2009 | 11:49 am Pyramid Saimira to challenge IT dept in court on Monday - Hindu
Source: Google News India - Business | 15 Mar 2009 | 11:12 am Pyramid Saimira to challenge I-T dept in court on MondayNew Delhi: Leading theatre chain Pyramid Saimira will move court on Monday against the Income-Tax department’s decision to attach the company’s over Rs240 crore bank accounts for alleged non-payment of tax. “We will file a case against the Income-Tax department at the Madras High Court on Monday,” a company source said. On Friday, the tax department in Chennai had attached the bank accounts of Pyramid Saimira as the company had allegedly not paid the complete self-assessment tax. As far as Pyramid Saimira Theatre Ltd is concerned, there are no tax dues as of now, company chairman and managing director P.S. Saminathan said in a statement. The company has filed a revised return wherein it has claimed a refund, he said, adding there is no tax demand on the company based on a completed assessment. “We feel this continued attachment by the I-T department is not in accordance with law and further their purported demand was for Rs26 crore and for that they have attached Rs165 crore of investment/Rs50 crore of normal trade receivables and Rs30 crore of theatre receivables, totalling Rs245 crore,” Saminathan said. He also complained that the tax department’s move has crippled the company’s normal operations. Source: LatestNews-Home - Livemint.com | 15 Mar 2009 | 11:06 am Marginal hike in aviation fuel pricesAfter a string of reductions, state-run oil companies Sunday raised aviation turbine fuel (ATF) prices by at least 1.69 percent, or Rs.162 per kilolitre (kl).Source: IndiaeNews.com: Business News | 15 Mar 2009 | 11:00 am Baroda carpet, Mughal dagger at Sotheby’s Doha auctionDubai: The Pearl Carpet of Baroda and a gold-hilted Mughal-era dagger ingrained with ruby and emerald will feature in Sotheby’s first-ever major international series of sales in the Middle East to be held in Doha on 18 and 19 March. Art aficionados and collectors from across the world will be taking part in the auction in which 20 dedicated telephone lines have been set up for people who cannot physically participate in the process. An exhibition of the items began at a Doha hotel on Saturday and will continue until 17 March. Andy Warhol’s Round Jackie, estimated at $2.5mn/3.5mn and Mohamed Ehsai’s calligraphic masterpiece Afarinesh (Creation), estimated to cost $0.3mn/0.4mn are said to be the two of the stars of the exhibition. The auction of Contemporary Art on 18 March will follow the sale of a Collection of Orientalist Art. March 19 is scheduled for the sales of Important Watches and Arts of the Islamic World, highlighted by potentially the most expensive exhibit, Pearl Carpet of Baroda, on which bidding is expected to start at $5 million,the report said. Officials expect “a good high” percentage of the exhibits to be auctioned off in Doha and collect more than $30 mn. Other items that will be offered for sale include rare paintings, a magnificent Breguet white gold and diamond repeating wristwatch and unique diamond bracelet watch. Source: LatestNews-Home - Livemint.com | 15 Mar 2009 | 10:46 am Pakistan opposition leader defies house arrest orderLahore: Former Pakistani prime minister and opposition leader Nawaz Sharif defied government attempts to place him under “protective security” on Sunday and said protests against the government would go on. Sharif has thrown his support behind a protest campaign by anti-government lawyers that threatens to bring turmoil to Pakistan as the government struggles to stem militancy and to revive a flagging economy. Police fired tear gas and lashed protesters with batons outside the high court in the city of Lahore, where Sharif had been due to address a rally, witnesses said. “You have seen that the entire country has been turned into a police state. They have blocked all roads, they have used all sorts of unlawful tactics,” Sharif told a throng of reporters gathered at the front step of his Lahore home. “We will continue marching towards our destination. Sons and daughters, the time has come to take to the streets.” Earlier, Sharif’s party said he had been ordered detained at his home for three days. Police officer Babur Awan also said a detention order had been issued. Police in riot gear virtually sealed off Sharif’s house with road blocks on all approaches, but government officials denied he had been placed under house arrest. One said Sharif had been placed under “protective security” for three days after he had refused various options for addressing his supporters under government protection. Interior ministry chief Rehman Malik said on Saturday security agencies had information “enemies of Pakistan” would launch suicide bomb attacks on the protest. But Sharif said the government was acting illegally in order to stop the protest campaign. He later drove off in his bullet-proof vehicle, apparently to address protesters. Parliament sit-in Police have detained hundreds of lawyers and opposition activists in a crackdown launched on Wednesday to prevent their cross-country “long march” protest that is due to climax with a sit-in outside parliament in Islamabad on Monday. Snuffing out protests with detentions and roadblocks, the government has also asked troops to be ready, if needed. Top lawyer and protest organiser Aitzaz Ahsan was detained at his house in Lahore, an aide said. Police sealed off a bar association in the city of Rawalpindi where lawyers were due to protest and they placed shipping containers on roads to block the way to nearby Islamabad. If the political crisis gets out of hand, the army could feel compelled to intervene, though most analysts say a military takeover is highly unlikely. The United States is deeply worried that the crisis is a distraction to Pakistan’s efforts to eliminate Taliban and al Qaeda enclaves on the Afghan border, vital to US plans to stabilise Afghanistan and defeat al Qaeda. In what appeared to be a step toward reconciliation with the opposition, the government said on Saturday it would seek a review of a Supreme Court ruling last month that barred the Sharifs from elected office. But his party rejected the move. The Sharifs said Zardari was behind the ruling, which was based on old convictions the Sharifs say were politically motivated. The ruling nullified a by-election victory by Shahbaz Sharif and disqualified him from being chief minister of Punjab, the most populous and influential of Pakistan’s provinces. The Sharif party’s government was thrown out of power in Punjab and Zardari imposed central rule there for two months. Reinstate judge The protesters’ main demand is the reinstatement of former Supreme Court chief justice Iftikhar Chaudhry, who was dismissed in 2007 by then president and army chief Pervez Musharraf. Zardari, widower of former prime minister Benazir Bhutto, has refused to reinstate the judge, seeing him as a threat to his own position. A senior official in Zardari’s party said on Saturday the president was refusing to cave in to pressure from Sharif and his supporters in the media. The official also dismissed talk of any “erosion” in support from the United States or the army. US Secretary of State Hillary Clinton spoke by telephone to Zardari and the Sharifs on Saturday. Source: Home - Livemint.com | 15 Mar 2009 | 10:42 am AIG to pay $165 mn in bonusesNew York: The American International Group plans to pay about $165 million in bonuses even though the troubled insurance giant received a taxpayer bailout of over $170 billion, says a media report. “The American International Group, which has received more than $170 billion in taxpayer bailout money from the Treasury and Federal Reserve, plans to pay about $165 million in bonuses by Sunday to executives in the same business unit that brought the company to the brink of collapse last year,” the New York Times said. The report said that “the bonuses will go forward because lawyers said the firm was contractually obligated to pay them.” The payments to AIG’s financial products unit are in addition to $121 million in previously scheduled bonuses for the company’s senior executives and 6,400 employees. Treasury Secretary Timothy F Geithner last week pressured AIG to cut the $9.6 million going to the top 50 executives in half and tie the rest to performance. AIG, however, defended the bonus payments and said that these bonuses were promised last year before the crisis and cannot be legally cancelled. NYT cited Edward M Liddy, the government-appointed chairman of AIG saying that at least some bonuses were needed to keep the most skilled executives. Source: World Business - Livemint.com | 15 Mar 2009 | 10:36 am AIG to pay $165 mn in bonusesNew York: The American International Group plans to pay about $165 million in bonuses even though the troubled insurance giant received a taxpayer bailout of over $170 billion, says a media report. “The American International Group, which has received more than $170 billion in taxpayer bailout money from the Treasury and Federal Reserve, plans to pay about $165 million in bonuses by Sunday to executives in the same business unit that brought the company to the brink of collapse last year,” the New York Times said. The report said that “the bonuses will go forward because lawyers said the firm was contractually obligated to pay them.” The payments to AIG’s financial products unit are in addition to $121 million in previously scheduled bonuses for the company’s senior executives and 6,400 employees. Treasury Secretary Timothy F Geithner last week pressured AIG to cut the $9.6 million going to the top 50 executives in half and tie the rest to performance. AIG, however, defended the bonus payments and said that these bonuses were promised last year before the crisis and cannot be legally cancelled. NYT cited Edward M Liddy, the government-appointed chairman of AIG saying that at least some bonuses were needed to keep the most skilled executives. Source: LatestNews-Home - Livemint.com | 15 Mar 2009 | 10:36 am Hero Electric targets 75 percent growth next fiscalElectric two-wheeler maker Hero Electric is targeting 75 percent sales growth next fiscal, a top official of the firm said.Source: IndiaeNews.com: Business News | 15 Mar 2009 | 10:30 am RIL may propose to sell or lease out its fuel pumps to IOCMumbai: Reliance Industries may propose to sell or lease out its 1,432 petrol pumps to Indian Oil Corporation even as it will start reopening the outlets that were shut a year ago, from Monday. Reliance may propose to transfer its petrol stations into a joint venture company run by the state firm, a source said. “The company had invested about Rs5,000 crore in setting up the retail network and it does not make sense for it to keep them idle,” he said. Partnership with IOC would help the company overcome the handicap of not being able to use fuel from its two refineries at Jamnagar in Gujarat because they have been converted into only-for-exports units. Also, it would enable the pumps to avail of subsidy if the government doesn’t free fuel pricing and international oil prices bounce back. But IOC has not yet taken a view on the fillers sent by Reliance, the source said. A Reliance spokesperson did not return call made to get company comments. The company, at the same time, is buying petrol and diesel from refiners like IOC and Ruias-owned Essar Oil to reopen its petrol pumps in phases. “The company has started removing the protective gear put around dispensing units when the petrol pumps were shut in March last year. From Monday (March 16), it will start selling petrol and diesel from some of these,” a source said. To begin with, outlets in Gujarat and Maharashtra will be reopened. Reliance will buy petrol and diesel from Essar to fuel its outlets in Gujarat. “The most important factor aiding the reopening is the positive margins on fuel,” the source said. Public sector firms like IOC, Bharat Petroleum and Hindustan Petroleum are selling diesel at a profit of Rs4.04 per litre over the imported cost. Private firms can capture a good market share by selling fuel a tad below the PSU rates and even then make handsome profits. Essar, which used the sliding oil prices since October 2008 to reopen about 1,200 out of its 1,290 petrol pumps and is planning to add another 1,500 in next one year, is selling diesel at Rs0.45 to Rs0.50 a litre lower than PSU rates. On an average its outlets are clocking about 100 kilolitre a month fuel sales, 80% of this is diesel. However, margins on petrol are just Rs0.33 a litre but diesel being the most used fuel and comprises of most of the volumes sold by outlets on highways, where most of Reliance petrol pumps are. Reliance had recently written to the three state fuel retailers IOC, BPCL and HPCL seeking partnership to revive its petrol pumps. It had shut all of its 1,432 petrol pumps in the country a year ago after sales dropped to almost nil as it could not match the subsidised price offered by public sector competition despite rising cost of crude oil. IOC, BPCL and HPCL get bonds from the government and discounts from crude producer ONGC for selling petrol, diesel, domestic LPG and kerosene below cost. Reliance is now using fuel from other refineries to reopen these outlets as the only-for-exports status for both its refineries at Jamnagar in Gujarat makes it prohibitive for it to sell fuel domestically. Jamnagar-1 is an Export-Oriented Unit while Jamnagar-2 is an SEZ refinery. The EOU status of 660,000 barrels per day Jamnagar-1 will end in March 2010 and supplying fuel domestically from it would attract double excise and customs duties, jacking up rates by Rs9-10 a litre. The source said the company had also written to PSU retailers on partnership in aviation business. Reliance, which entered the high-growth aviation fuel segment in 2007 and has presence at 14 airports in India, may want an infrastructure sharing arrangement with the PSUs who are a dominant jet fuel re-fueller at airports. IOC, BPCL and HPCL own aviation turbine fuel storages and hydrants at major airports and Reliance may want to share these to sell fuel to airlines. Reliance has refuelling facilities at 14 non-metro airports and work at three other airports was in advanced stage of completion. All major domestic airlines and few major international airlines (Emirates and Qatar Airways) have started refuelling from Reliance fuelling stations. It also operates a fuel storage and service facility at the Shamshabad international airport at Hyderabad in Andhra Pradesh. The source said the company may want access to PSU facilities and barter fuel at some airports. None of the three companies has till now shown any inclination for a partnership. Source: Home - Livemint.com | 15 Mar 2009 | 10:26 am Ambani’s skyscraper, Mittal’s Alps abode on Forbes’ listNew York: India’s richest resident Mukesh Ambani’s upcoming skyscraper in Mumbai and wealthiest NRI Lakshmi Mittal’s getaway in the Alps are among the world’s top ten ‘Billionaire Playgrounds’ for this year, despite the fortunes of the two individuals coming down by more than half. Others on the list include Russian billionaire Roman Abramovich’s 200-acre ranch on Wildcat Ridge in Colorado, Microsoft co-founder Paul Allen’s 416-foot megayacht Octopus and Apussuit Adventure Camp, a remote skiing resort in West Greenland frequented by software czar Bill Gates. The list of the top ten ‘billionaire playgrounds’, where the world’s super-rich go for fun, has been compiled by Forbes Traveler, a luxury travel publication of American business magazine Forbes, known for its lists of richest persons in the world. “Whether it’s seeking out crystal-clear Caribbean waters, retreating to a mountain hideaway or sailing the seven seas in style, the world’s billionaires are, in some ways, just like us. They want to relax in privacy and luxury. “The only difference is, they don’t get worried when the bill arrives,” Forbes Traveler said in a report on its website. About Lakshmi Mittal’s St Moritz holiday gateaway in Switzerland, the report said, “After this industrialist billionaire built his fortune mostly with steel, he moved to London but retained his Indian passport... “... In addition to his palatial residence on London’s Kensington Palace Garde, Mittal keeps a home in St Moritz. Mukesh Ambani, who has dethroned Mittal as the richest Indian in the world in the latest Forbes ranking, is building his own playground in Mumbai itself. “Why waste time (on) jets when you can build your playground closer home? Why not, in fact, make your home itself the playground? That’s what Mukesh Ambani is doing. The Indian petrochem and telecom tycoon is constructing a 550-foot, 27-story skyscraper residence in Mumbai at an estimated cost of $1 billion,” Forbes Traveler said. The house would reportedly resemble a virtual glass palace with six floors of parking and a helipad and its top four floors would provide a view of the Arabian Sea and also the city’s skyline. “All of this, for Ambani, his wife Neeta, their three children and Ambani’s mother plus a few hundred employees.” Bill Gates, who has wrested his position as the world’s richest person from friend and legendary investor Warren Buffett despite a fall in his net worth to $40 billion, flies to his playground in West Greenland whenever he needs a break. “Since officially retiring from Microsoft in July 2008, 52-year-old Bill Gates has ramped up his philanthropic travel in support of the nonprofit Bill & Melinda Gates Foundation. “When he needs a break from the African heat where much of the foundation’s efforts are concentrated he’s been known to hop a helicopter to Apussuit Adventure Camp, a remote skiing resort 15 miles outside Maniitsoq, West Greenland.” Mexican business tycoon Carlos Slim Helu likes to go to Cap Cana, the Dominican Republic’s hottest resort destination, the report said. Russian billionaire Roman Abramovich, when not sailing on one of his five yachts dubbed as Abramovich Navy, goes out for the world’s best skiing and as per reports has plunked down 18 million pounds for a 200-acre ranch on Wildcat Ridge near Aspen. At the same time, Paul Allen’s 416-foot yacht Octopus is a floating five-star hotel and features a pool, a basketball court, a movie theatre, two helicopters, a 10-person submarine, a jet-ski dock and a 60-person crew. The list also includes 64-year entrepreneur Ty Warner’s penthouse at the Four Seasons New York, which features a 25-foot ceiling, 360-degree view of Manhattan and is also available to the public for $34,000 per night. Besides, he also owns several of the world’s favourite resort playgrounds, including San Ysidro Ranch in Montecito and Las Ventanas al Paraiso Resort in Los Cabos, Mexico. Television celebrity Oprah Winfrey’s playground in Antigua and Italian prime minister and media magnate Silvio Berlusconi’s 150-acre Villa Certosa in Sardinia have also made it to the list. Source: Home - Livemint.com | 15 Mar 2009 | 10:08 am Ambani’s skyscraper, Mittal’s Alps abode on Forbes’ listNew York: India’s richest resident Mukesh Ambani’s upcoming skyscraper in Mumbai and wealthiest NRI Lakshmi Mittal’s getaway in the Alps are among the world’s top ten ‘Billionaire Playgrounds’ for this year, despite the fortunes of the two individuals coming down by more than half. Others on the list include Russian billionaire Roman Abramovich’s 200-acre ranch on Wildcat Ridge in Colorado, Microsoft co-founder Paul Allen’s 416-foot megayacht Octopus and Apussuit Adventure Camp, a remote skiing resort in West Greenland frequented by software czar Bill Gates. The list of the top ten ‘billionaire playgrounds’, where the world’s super-rich go for fun, has been compiled by Forbes Traveler, a luxury travel publication of American business magazine Forbes, known for its lists of richest persons in the world. “Whether it’s seeking out crystal-clear Caribbean waters, retreating to a mountain hideaway or sailing the seven seas in style, the world’s billionaires are, in some ways, just like us. They want to relax in privacy and luxury. “The only difference is, they don’t get worried when the bill arrives,” Forbes Traveler said in a report on its website. About Lakshmi Mittal’s St Moritz holiday gateaway in Switzerland, the report said, “After this industrialist billionaire built his fortune mostly with steel, he moved to London but retained his Indian passport... “... In addition to his palatial residence on London’s Kensington Palace Garde, Mittal keeps a home in St Moritz. Mukesh Ambani, who has dethroned Mittal as the richest Indian in the world in the latest Forbes ranking, is building his own playground in Mumbai itself. “Why waste time (on) jets when you can build your playground closer home? Why not, in fact, make your home itself the playground? That’s what Mukesh Ambani is doing. The Indian petrochem and telecom tycoon is constructing a 550-foot, 27-story skyscraper residence in Mumbai at an estimated cost of $1 billion,” Forbes Traveler said. The house would reportedly resemble a virtual glass palace with six floors of parking and a helipad and its top four floors would provide a view of the Arabian Sea and also the city’s skyline. “All of this, for Ambani, his wife Neeta, their three children and Ambani’s mother plus a few hundred employees.” Bill Gates, who has wrested his position as the world’s richest person from friend and legendary investor Warren Buffett despite a fall in his net worth to $40 billion, flies to his playground in West Greenland whenever he needs a break. “Since officially retiring from Microsoft in July 2008, 52-year-old Bill Gates has ramped up his philanthropic travel in support of the nonprofit Bill & Melinda Gates Foundation. “When he needs a break from the African heat where much of the foundation’s efforts are concentrated he’s been known to hop a helicopter to Apussuit Adventure Camp, a remote skiing resort 15 miles outside Maniitsoq, West Greenland.” Mexican business tycoon Carlos Slim Helu likes to go to Cap Cana, the Dominican Republic’s hottest resort destination, the report said. Russian billionaire Roman Abramovich, when not sailing on one of his five yachts dubbed as Abramovich Navy, goes out for the world’s best skiing and as per reports has plunked down 18 million pounds for a 200-acre ranch on Wildcat Ridge near Aspen. At the same time, Paul Allen’s 416-foot yacht Octopus is a floating five-star hotel and features a pool, a basketball court, a movie theatre, two helicopters, a 10-person submarine, a jet-ski dock and a 60-person crew. The list also includes 64-year entrepreneur Ty Warner’s penthouse at the Four Seasons New York, which features a 25-foot ceiling, 360-degree view of Manhattan and is also available to the public for $34,000 per night. Besides, he also owns several of the world’s favourite resort playgrounds, including San Ysidro Ranch in Montecito and Las Ventanas al Paraiso Resort in Los Cabos, Mexico. Television celebrity Oprah Winfrey’s playground in Antigua and Italian prime minister and media magnate Silvio Berlusconi’s 150-acre Villa Certosa in Sardinia have also made it to the list. Source: World Business - Livemint.com | 15 Mar 2009 | 10:08 am '$65-bn investments on hold due to poor policy framework'Private developers are holding back investments worth $65 billion in India's infrastructure sector due to hindrances like poor policy framework, limited availability of long-term finance and land acquisition issues, according to an industry lobby report.Source: IndiaeNews.com: Business News | 15 Mar 2009 | 10:02 am India-Chile trade can reach $5 bn by 2014: CIIThe bilateral trade between India and Chile can reach $5 billion by 2014 from $2.1 billion last fiscal, according to an industry lobby report released Sunday.Source: IndiaeNews.com: Business News | 15 Mar 2009 | 10:00 am Online, mobile games galore before Lok Sabha pollsNew Delhi: Picture this: India’s next prime minister being selected by the click of a mouse or the press of a cell phone button! Though this is farce in actuality, gaming freaks can now look forward to a series of games based on Indian politics and ‘help’ their favourite politician win. Hyderabad-based 7Seas Technologies Limited has launched five online political games which have prominent Indian political leaders as main characters vying for the prime minister’s post. “Given the enthusiasm that the Indian elections are generating globally, we expect these online games to attract players of all age groups,” says L. Maruthi Sanker, managing director of 7Seas. “These fun-based games are for relaxation and creating political awareness,” Sanker said. “The main objective of these games is to provide relief to the gamers from their routine lives and at the same time create awareness among them on the Indian political scenario.” The country’s leading politicians Prime Minister Manmohan Singh, senior BJP leader L.K. Advani and Bahujan Samaj Party chief Mayawati will be part of these games. 7Seas, which had launched a funny game “Big Fight” before the US presidential elections featuring Barack Obama and John McCain, has also similar games featuring Andhra Pradesh politicians. “Five games feature Andhra Pradesh chief minister Y.S. Rajasekhara Reddy, TDP chief N. Chandrababu Naidu and Praja Rajyam founder Chiranjeevi,” says Sanker. Source: Tech News - Livemint.com | 15 Mar 2009 | 9:47 am Online, mobile games galore before Lok Sabha pollsNew Delhi: Picture this: India’s next prime minister being selected by the click of a mouse or the press of a cell phone button! Though this is farce in actuality, gaming freaks can now look forward to a series of games based on Indian politics and ‘help’ their favourite politician win. Hyderabad-based 7Seas Technologies Limited has launched five online political games which have prominent Indian political leaders as main characters vying for the prime minister’s post. “Given the enthusiasm that the Indian elections are generating globally, we expect these online games to attract players of all age groups,” says L. Maruthi Sanker, managing director of 7Seas. “These fun-based games are for relaxation and creating political awareness,” Sanker said. “The main objective of these games is to provide relief to the gamers from their routine lives and at the same time create awareness among them on the Indian political scenario.” The country’s leading politicians Prime Minister Manmohan Singh, senior BJP leader L.K. Advani and Bahujan Samaj Party chief Mayawati will be part of these games. 7Seas, which had launched a funny game “Big Fight” before the US presidential elections featuring Barack Obama and John McCain, has also similar games featuring Andhra Pradesh politicians. “Five games feature Andhra Pradesh chief minister Y.S. Rajasekhara Reddy, TDP chief N. Chandrababu Naidu and Praja Rajyam founder Chiranjeevi,” says Sanker. Source: LatestNews-Home - Livemint.com | 15 Mar 2009 | 9:47 am Oil firms raise ATF prices by Rs158 per klNew Delhi: Breaking the string of reductions, the state-owned oil firms today raised jet fuel or ATF prices marginally by Rs158 per kilolitre on an average. Aviation turbine fuel (ATF) will cost Rs27,275 per kl in Delhi from midnight tonight against Rs27,106 per kl, an Indian Oil Corporation official said. Prior to this, the public sector oil firms had reduced jet fuel prices 11 times since September last year. The oil firms had raised ATF prices by 3.3% only once on 16 January. In Mumbai, home to the nation’s busiest airport, ATF rates were raised to Rs28,023 per kl from Rs27,861 per kl. The increase in jet fuel prices announced today varied from airport to airport depending on local taxes and levies and an on average worked out to be Rs 158 per kl. ATF prices had peaked to Rs71,028.26 per kl (in Delhi) in August on international crude prices touching historic high of $147 a barrel. But they have since been slashed every month till October and twice in November but even after the latest price rise, jet fuel is still lower than diesel rates. Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum revise ATF rates on the 1st and 16th of every month based on the average international jet fuel rates in the preceding fortnight. Source: LatestNews-Home - Livemint.com | 15 Mar 2009 | 9:10 am Madoff family's assets are worth $826 million - Hindu
Source: Google News India - Business | 15 Mar 2009 | 8:46 am The Loot re-negotiating rentals, eyes 200 stores by March 2010PTI Mumbai: Discount store chain, The Loot, is re-negotiating rentals on many of its stores in the range of 15-30% besides planning to expand its store network to 200 from the present 95 by March 2010, a top company official said. “We have been re-negotiating rentals since the last 45 days. We feel we will be able to achieve substantial savings,” The Loot’s Managing Director, Jay Gupta, told PTI here. The company is re-negotiating rents on its stores in metros as well as in smaller towns, he said. “We also intend to expand our network pan-India to 200 from the present 95,” he said, adding that “by end-March this year, we will add five more stores taking our network to 100.” He said that the company has managed to secure reductions of 15-20% in rents in the metros and 20-30% in smaller towns. “The places where we have re-negotiated rentals include Mumbai, Pune and Ahmedabad, among others,” Gupta said. On expansion, he said that while the fall in real estate prices was “certainly a favourable factor” the company would be cautious while expanding. “We will take measured risks,” he said. Source: LatestNews-Home - Livemint.com | 15 Mar 2009 | 8:44 am Role of regulators being probed in Satyam case: CBI - Economic Times
Source: Google News India - Business | 15 Mar 2009 | 8:38 am No alliance with other parties, says MayawatiNew Delhi: Ruling out an alliance with any party for the Lok Sabha elections, BSP chief Mayawati on Sunday indicated that the question of prime ministership will be decided with the Third Front parties after the elections in a bid to keep Congress-led UPA and BJP-led NDA out of power. Addressing a press conference here, Mayawati said tonight’s dinner she is hosting for Third Front leaders will neither discuss the question of prime ministership nor the front’s electoral strategy, but would definitely discuss plans to keep UPA and NDA out of power. “BSP has decided to contest the elections to the 15th Lok Sabha all alone in all the states and it will have no electoral alliance with any party before the polls,” Mayawati said. “However,” the BSP leader said, “we will think of a post-poll tie-up after the election results are out in an effort to defeat UPA and NDA’s designs to come to power.” Stating that her plans for a dinner meeting with the Third Front leaders at her new residence in the capital was certainly on, the BSP leader clarified that the meeting would not discuss the issue of prime ministerial candidate for the Front. “The dinner meeting is an informal meeting of parties opposed to the Congress-led UPA and BJP-led NDA. The meeting is not going to discuss the issue of prime ministership nor the Third Front’s poll strategy,” she said. “We will definitely discuss the strategy of not allowing the UPA or NDA to come to power after the Lok Sabha elections and defeating the two alliances in the polls,” she said. To a question if she would accept the prime ministership if the Third Front offered it to her, Mayawati, without giving a direct reply, said, “I have already answered that question.” Source: Home - Livemint.com | 15 Mar 2009 | 7:45 am No tax concession on gains in Satyam open offerNew Delhi: No tax concession will be available to those Satyam shareholders, who would be selling their shares after the open offer is made by a strategic investor in the fraud-hit IT firm, official sources said. “There is no case for tax concessions to be given to Satyam shareholders as is being aired in certain quarters,” the sources said. The question of tax concession arises only in case of short-term capital gains, as long-term holder of Satyam shares would in fact be incurring loss as the scrip plummeted after the company’s disgraced founder Chairman Ramalinga Raju confessed to fudging of accounts. Since the gains would be made only in case of those who would have bought the shares recently, the sources said such shareholders would have to be taxed as they made a killing in the stock market. About long-term shareholders, who would be holding the scrip for more than a year, the question of tax does not arise at all since they would in fact be making losses, the sources added. Shares of the company were trading at over Rs170 before the fudging of accounts book was revealed while the same shares are trading at about Rs45 now after hitting the low of Rs11 on the Bombay Stock Exchange. Source: Home - Livemint.com | 15 Mar 2009 | 7:41 am Mkt to see volatility, inch towards consolidation: analystsMumbai: Dalal Street is likely to witness volatility this week, as the stock market heads towards consolidation tracking global cues, analysts say. “The market will witness sideways consolidation and small bouts of buying will be seen. As the market has seen lower levels in the recent sessions, some upside can be expected now,” SMC Global Vice President Rajesh Jain said. Analysts exuded optimism that Dalal Street in the days ahead could see a bear market rally as the negative news in the market are lessening. “With the US markets moving up and the gravity of bad news lessening, there is a silver lining that the Street can see a bear market rally,” Ashika Stock Brokers Research Head Paras Bothra said. Last week, the Bombay Stock Exchange benchmark Sensex gained 431 points in a volatile trade. The BSE barometer settled the trade on Friday with a jump of 413 points or 5% at 8,757, while the wide-based Nifty gained 102 points to end at 2,719.25. The Sensex registered its highest gain in the current calendar year, on the back of all-round buying triggered by stronger global cues. Prior to this, the Sensex had gained by 492.28 points or 5.37% on 10 December 2008. On Friday, the domestic currency also strengthened in line with the stock market, showing gains. The Indian rupee rose by 35 paise to close at 51.51/52 against the dollar. Marketmen said this week would see some consolidation as prices are currently at lower levels. “With no major announcements expected in domestic front, the market would wait for cues from the global market. As the market has breached the higher bottom, there can be short covering,” Taurus Mutual Fund Managing Director RK Gupta said. On Friday, the US market ended in the positive zone with the Dow Jones Industrial Average rising 54 points to 7,224 and the Standard & Poor’s 500 Index rose 0.77% to 757 points. Besides, other Asian markets also closed in the positive terrain. During the week, FIIs made net investments worth Rs212 crore in the Indian equities. They have been net sellers of Rs9,228.30 crore in shares so far this year. Besides, the WPI-based inflation dipped to over six year low of 2.43% for the week ended 28 February. Source: Home - Livemint.com | 15 Mar 2009 | 7:38 am World Bank to clear USD 2.6 bn loan for India soonWorld Bank, which has decided to step up its exposure to India to USD 14 billion, will soon clear a USD 2.6 billion special loan package.Source: Daily News & Analysis: Money News | 15 Mar 2009 | 7:35 am World Bank to clear $2.6 bn loan for India soonMumbai: World Bank, which has decided to step up its exposure to India to $14 billion in the next three years, will soon clear a $2.6 billion special loan package. Under the package, India Infrastructure Finance Company is expected to get $1.2 billion, Sidbi $400 million and Power Grid Corporation $1 billion. The Bank is in advanced stages of approving this special package, World Bank’s economic adviser (India) Giovanna Prennushi told reporters. World Bank is also working on a $3 billion loan for recapitalisation of public sector banks. In December last, the World Bank had decided to step up its exposure to India beginning 2009 to $14 billion from about $8.1 billion during the previous three years. Till February this year, World Bank has approved five projects in India with a total commitment of $1.34 billion. World Bank had sanctioned a $400 million loan earlier this year to Power Grid Corporation, the third largest transmission utility in the world. World Bank’s increasing exposure to the Indian infrastructure sector is in line with its thinking that such investments would help developing nations to tide over the global recession. “The only mantra now is to remove infrastructure bottlenecks so that the economy is ready for a high growth path when global revival takes place,” World Bank’s chief economist Justin Yifu Lin had said recently. “Investment in infrastructure could revitalise manufacturing in India, which accounts for only 16% of the country’s total output and contribute significantly to job creation,” he said. The potential impact on productivity and growth could be a strong contribution to India’s development, he said, adding that India could both kick-start demand in the face of current crisis as well as pave way for longer-term growth. Lin proposed that developed countries invest a share of their stimulus plans into infrastructure projects in developing countries. World Bank’s Group President Robert B Zoellick has proposed an umbrella ‘Vulnerability Fund’ to which developed countries could dedicate 0.7% cent of their planned economic stimulus. Source: LatestNews-Home - Livemint.com | 15 Mar 2009 | 7:17 am No tax concession on gains in Satyam open offerNo tax concession will be available to Satyam shareholders, who would be selling their shares after the open offer is made by a strategic investor.Source: Daily News & Analysis: Money News | 15 Mar 2009 | 7:11 am Bajaj small car not affected by constraints of Renault-Nissan - Livemint
Source: Google News India - Business | 15 Mar 2009 | 7:07 am UN in talks with Satyam for contract terminationThe United Nations is now likely to terminate its contract awarded on a talent management project with Satyam Computer services.Source: Daily News & Analysis: Money News | 15 Mar 2009 | 7:06 am Designers experiment with cotton as evening wearNew Delhi, March 15 ( IANS) Cotton, an otherwise cool and comfortable fabric, was considered passe when it came to making an evening fashion statement. But this is changing thanks to the efforts of the US-based Cotton Council International (CCI), which is educating the people about the versatility of this fabric.Source: IndiaeNews.com: Business News | 15 Mar 2009 | 7:00 am TCS is focusing on emerging mkts: RamadoraiNew York: India’s largest software exporter TCS is focussing on emerging markets for growth opportunities, company’s CEO S Ramadorai has said. “We’re feeling pressure in terms of contraction of demand...We are focusing on emerging markets for growth opportunities, whether it is India, Latin America, potentially China,” Ramadorai said in an interview to Forbes Asia magazine. He also added that emerging markets cannot compensate for the contraction in (demand from clients in) the US, UK or Europe. According to Ramadorai, the major markets -- US, UK or Europe -- contributes about 85% of the company’s total business. “So any contraction here cannot be made up by growth there,” he said in the interview published online. Ramadorai also added that TCS is experiencing pricing pressure of “anywhere from 4% to 15%”. Source: Home - Livemint.com | 15 Mar 2009 | 6:59 am Bajaj small car not affected by constraints of Renault-NissanNew Delhi: Bajaj Auto, which is planning to launch its low-cost car by 2011, has said that any financial or other constraints faced by its partners Renault-Nissan will not affect implementation of the project, but did not rule out some adjustments in the schedule. “Bajaj is proceeding as before to implement this project and any financial or other constraints that Renault-Nissan may have no bearing on the ability of Bajaj to implement this project,” Bajaj Auto Ltd (BAL) managing director Rajiv Bajaj said in a statement. He, however, did not elaborate on what kind of financial constraints Renault-Nissan is facing while carrying out the project. But the global partners denied of such constraints. Without giving any time-frame, Bajaj also said the project schedule might see some adjustments due to review of some “specifications”. “The project remains largely on schedule though in the course of development some specifications have been reviewed leading to adjustments in the overall schedule,” he added. However when contacted, a Renault India spokesperson denied that the company was facing any constraints in supporting the low-cost car project. “There is no question of constraints at all, not even financial,” the official added. Last year Bajaj had announced a joint venture with Renault-Nissan to produce a $2,500 car by 2011 to compete with Nano, the world’s cheapest car from Tata Motors. The JV for manufacturing the small car, code-named ULC, is owned 50% by BAL and 25% each by French car maker Renault and Japan’s Nissan. Source: LatestNews-Home - Livemint.com | 15 Mar 2009 | 6:39 am Vedanta to spend Rs125 cr on CSR in India next fiscalNew Delhi: Metal czar Anil Agarwal-promoted Vedanta Resources has lined up Rs125 crore investment for CSR activities in India next fiscal, even as the global economic slowdown is set to squeeze its profits by over 30% in 2008-09. Touted as one amongst world’s leading philanthropists by the US magazine Forbes, Anil Agarwal told PTI in an interview that the capital expenditure in corporate social responsibility is part of the company’s business plan to “give back to society”. “...We think most of our wealth should go back to the society,” NRI billionaire and Vedanta Resources Group Chairman Agarwal said. Among the areas where Vedanta Group would be investing include education, health, nutrition and women empowerment. The investments would be made across Rajasthan, Orissa, Chhatisgarh, Tamil Nadu and Goa where it has its operations. The group proposes to cover 2.5 million under-privileged children through computer education, mid-day meal and ‘anganwadi´ projects in over three years span. Vedanta claims to have already spent Rs186.5 crore over the last four years on various CSR activities in these states. Besides earmarking Rs125 crore for CSR activities in 2009-10, the global metal and mining company has undertaken ambitious projects, including $3.2 billion (about Rs16,500 crore) university in Orissa and a Rs300-crore cancer hospital in Raipur. Source: LatestNews-Home - Livemint.com | 15 Mar 2009 | 6:35 am India has scope for more rate cuts - World BankMUMBAI (Reuters) - India has scope for more rate cuts as inflation was no longer a concern, the World Bank's chief economist said on Friday.Source: Reuters: Money News | 15 Mar 2009 | 6:34 am Economy becoming important in deciding electoral fortunesThe state of the economy is increasingly being considered a crucial element in elections as voters now tend to give greater priority to ground realities of price rise and job opportunities, though caste and regional considerations continue to remain important. The situation of course differs from state to state.Source: IndiaeNews.com: Business News | 15 Mar 2009 | 6:30 am Exports in February may dip 21%New Delhi: India’s exports are estimated to have dipped 21% in February -- a decline for fifth month in a row and the biggest contraction this fiscal, reflecting collapse of demand for Indian goods in the developed economies, bleeding under recession. While official data for February is yet to be released, an official said exports in the penultimate month of the fiscal 2008-09 are set to shrink to about $11 billion compared to $14.23 billion in the same period last year. He said even the truncated exports target of $175 billion for 2008-09 would be hard to meet. Commerce and industry minister had already ruled out meeting the $200 billion target set earlier. Exports for April-January 2008-09 have aggregated to $144.26 billion, showing a growth of 13.2%. Value of merchandise shipments expanded by 21.62% in the corresponding period last year. After showing impressive gains till September 2008-09, exports went into the negative zone from October when the contraction was 12.1%. November and December also saw shrinking of volume as against the comparable months in the previous fiscal. Federation of Indian Export Organisations (Fieo) president A Sakthivel said, “By seeing the declining trend it is very difficult even to achieve the truncated figure of $175 billion for the current fiscal. We can at best touch $168 billion.” He said that the declining trend would continue till September and may be after that there would be any possibility of revival of exports. The US and the European Union contribute about 35% to the country’s exports basket. With the US and several European economies in recession the demand for overseas goods in these countries have shrunk. Textile, handicrafts, leather and leather goods are the worst hit sectors forcing exporting units to lay-off workers. According to an estimate of the Fieo, 10 million people employed in the exporting units would be laid off this financial year. Source: Home - Livemint.com | 15 Mar 2009 | 6:22 am Satyam winner may be barred from selling assets for 3 yrsNew Delhi: Satyam Board is believed to have laid down some basic norms for the winner of the bid, including no sale of the company’s assets for three years, not to pledge them to raise debt, no sudden lay-off of employees and should have enough cash on hand to infuse immediately. These are the mainframe of the Requests-For-Proposal (RFP) among others that the Board sent to the registered bidders on Friday night. Chairman of the Board Kiran Karnik told PTI, “We have sent RFP to all the registered bidders. The board is taking all steps to do it (stake sale) as soon as possible...we are on track with our internal deadline.” He refrained from revealing the time-line set by the board, though sources said deadline could be anytime in April. Meanwhile, the bidders are also getting their act together to reply to RFP. iGate chief Phaneesh Murthy is in India presumably to see the process himself though the company said it is his routine visit. According to a bidder, who has signed up, the Board has made it clear that the legal cases (and expenses) against Satyam (in US) will be the responsibility of the winner. The bidder said the essence of RFP appears to eliminate fly-by-night players, who would acquire the company to make a quick buck at a later stage. At Friday’s share price, the company was valued at Rs3,066 crore. The cost of the US lawsuits, according to a bidder, could be between $400 million and $700 million. A buyer is likely to be in place next month, said a source in the know of the development. The Satyam Board that met last week said it has received adequate response from Indian and international bidders, including PE firms. The company has asked the potential bidders to formally respond to RFP by 20 March, along with proof that their net worth was at least Rs1,500 crore - one of the eligibility criteria for the bidders. Satyam said once this was done, interested bidders will be provided data and information regarding the company to enable them to submit technical and financial bids. Going by that, shortlisted bidders could emerge by March- end, after which the financial bids will be submitted. A due diligence, which is the access to the data room, will be provided after 25 March only to the shortlisted bidders. Tech Mahindra, L&T and B K Modi’s Spice Corp have registered among a number of PE firms. The Satyam Board said it has got ‘adequate´ response from the bidders. Source: Home - Livemint.com | 15 Mar 2009 | 6:13 am Satyam winner may be barred from selling assets for three yrsSatyam Board is believed to have laid down basic norms for the bid winner, including no sale of the company's assets for three yearsSource: Daily News & Analysis: Money News | 15 Mar 2009 | 6:07 am Pigeon business spreading wings in KeralaWant to make some extra money by spending a couple of hours a day with birds? City-based Kerala Pigeon Foundation (KPF) says it's quite possible, given the increasing demand for pigeons in the local market.Source: IndiaeNews.com: Business News | 15 Mar 2009 | 5:31 am ICICI Securities puts listing plans on holdMumbai: With a bearish stock market, ICICI Securities has said it has put on hold plans to go for an initial public offer. “We are not having any listing plans right now...we have adequate capital...In the current situation, when valuations are depressed, it (listing) will not be beneficial for shareholders,” ICICI’s broking arm Managing Director & CEO, Madhabi Puri Buch, told PTI here. The company will wait for a more appropriate time (to hit the capital market), Buch said. In January last year, ICICI Securities Board had approved an IPO to offload 15% of its equity to retail and institutional investors. Asked when she expected revival in the IPO market, Buch said disinvestment of large public-sector undertakings could be the way forward and she did not expect this to happen until the new Government takes over after Lok Sabha elections. A couple of large IPOs of PSUs could set the ball rolling triggering more IPOs, she said, adding, the earliest this could happen was in the second quarter of the next fiscal. On FII outflow, Buch said, she did not expect anymore ‘knee-jerk´ reactions from foreign investors and the large part of FIIs in India were long-term investors. Source: Home - Livemint.com | 15 Mar 2009 | 5:30 am EXCLUSIVE - AIG CEO slated for U.S. Congress testimony - aidesWASHINGTON (Reuters) - The CEO of American International Group Inc is expected to testify on Wednesday at a U.S. congressional hearing on the bailout of the troubled insurer, two congressional aides said on Saturday.Source: Reuters: Money News | 15 Mar 2009 | 3:36 am TATA Motors inks MoU with State Bank of Travancore - SteelGuru
Source: Google News India - Business | 15 Mar 2009 | 3:28 am Brazil expects IMF funding decision at April G20HORSHAM, England (Reuters) - Leaders from the G20 leading economies will decide at their meeting next month on the amount of new funds that will be given to the IMF, Brazilian central bank head Henrique Meirelles said on Saturday.Source: Reuters: Money News | 15 Mar 2009 | 3:26 am Japan unveils $5 bln green loans for Asia at G20HORSHAM, England (Reuters) - Japan announced a $5 billion loan fund on Saturday to help developing nations, hard hit by the global credit crisis, to put in place running water, solar power systems and other environmental infrastructure.Source: Reuters: Money News | 15 Mar 2009 | 3:25 am G20 backs rescue funds boost as crisis summit loomsHORSHAM, England (Reuters) - G20 finance ministers promised money on Saturday to rescue troubled emerging market economies and said they would use their full fiscal and monetary firepower to combat the worst downturn since the 1930s.Source: Reuters: Money News | 15 Mar 2009 | 3:19 am EXCLUSIVE - U.S. pressure leads AIG to cut bonusesWASHINGTON (Reuters) - Embattled insurer American International Group agreed on Saturday to revamp its system for paying bonuses after the Obama administration objected to plans for hundreds of millions of dollars in such payouts.Source: Reuters: Money News | 15 Mar 2009 | 3:16 am Floating rate a better option now - Economic Times
Source: Google News India - Business | 15 Mar 2009 | 12:04 am Pvt PF trusts can actively manage funds in equities from April 1New Delhi, March 14 The decks have been cleared for provident funds and superannuation trusts managed by the private sector to take a greater exposure in the stock market.Source: Business Line - Home Page | 15 Mar 2009 | 12:00 am Weekly news round-upThe Satyam Computer Services call for registrations for the bidding process has received an overwhelming response, with over 100 requests coming in from India and abroad. Sources close to the development say that a true picture would emerge only onSource: Business Line - Home Page | 15 Mar 2009 | 12:00 am Women worse hit in recession than men, says N. RamChennai, March 14 Women are facing a hard time today given the global economic slowdown, said Mr N. Ram, Editor-in-Chief, TheSource: Business Line - Home Page | 15 Mar 2009 | 12:00 am ‘Only 10-11 serious contenders seen bidding for Satyam’Hyderabad, March 14 Satyam Computer Services, which has sent Request for Proposals (RFPs) to all those who have shown interest in the bidding process, expects that there would be at least 10-11 serious contenders to take over theSource: Business Line - Home Page | 15 Mar 2009 | 12:00 am Only 4 equity MF schemes show positive return in 3 yearsMumbai, March 14 Against the backdrop of a lacklustre stock market, only four equity diversified mutual fund schemes have given positive returns over the three-year period ending March 12, 2009, a compilation of annualised returns by ValueSource: Business Line - Home Page | 15 Mar 2009 | 12:00 am Higher retail prices of food items make households feel the pinchNew Delhi, March 14 Households continue to feel the pinch, despite headline inflation crashing to a near seven-year low. Prices of most essential food items are still ruling high across the country.Source: Business Line - Home Page | 15 Mar 2009 | 12:00 am Falling rupee brings no joy to knitwear exportersCoimbatore, March 14 Instead of rejoicing over the appreciation of the dollar, knitwear exporters in Tirupur seem to be more confused and depressed than before.Source: Business Line - Home Page | 15 Mar 2009 | 12:00 am BJP promises free mobiles to poor, broadband for all at Rs 200New Delhi, March 14 The Bhartiya Janata Party on Saturday spelt out specific proposals for the IT and telecom sectors if it is elected to power in the upcoming general elections.Source: Business Line - Home Page | 15 Mar 2009 | 12:00 am Is India ready for luxury?The last two decades have seen an influx of 'luxury' - bags, watches and cars - in the Indian market. However, is it still a far off dream due to high duty structures and low distribution?Source: Daily News & Analysis: Money News | 14 Mar 2009 | 10:13 pm 'Primitive branding won't do for youth'Image management guru Dilip Cherian, head of Perfect Relations, fielded some questions on what's different about the 2009 elections.Source: Daily News & Analysis: Money News | 14 Mar 2009 | 9:52 pm Creating a VIP brand, without a briefIn an age where parties and their leaders are driven by expediency rather than ideology, how are agencies grappling with the task of building a strong political brand?Source: Daily News & Analysis: Money News | 14 Mar 2009 | 9:47 pm Check this Skoda outI emerged from Dehradun's Jolly Grant airport to the spectacular sight of 10 spanking new Skoda Superbs, their colours shining magnificiently in the bright sun.Source: Daily News & Analysis: Money News | 14 Mar 2009 | 9:11 pm BJP promises infotech nirvana for allA multi-purpose identity card for all citizens, 12 million new information technology-enabled jobs in rural areas, laptops priced at Rs 10,000 for 10 million students, a smart mobile phone for every family below the poverty line. The Bharatiya Janata Party today promised IT sops to all in the country farmers, students, poor people and computer hardware manufacturers if it is voted to power in the next general elections.Source: Business Standard | Front Page Headlines | 14 Mar 2009 | 6:57 pm Federal Bank, Catholic Syrian close to share swap dealThe merger process of the two Kerala-based private banks Catholic Syrian bank (CSB) and the Federal Bank is likely to materialise soon with a swap arrangement in the works.Source: Business Standard | Front Page Headlines | 14 Mar 2009 | 6:55 pm ICWAI wants to do 2nd audit of listed firms - Business Standard
Source: Google News India - Business | 14 Mar 2009 | 6:33 pm Weekly news round-up - Hindu Business Line
Source: Google News India - Business | 14 Mar 2009 | 6:24 pm India's gems exports declined 35 percent in February - Times of India
Source: Google News India - Business | 14 Mar 2009 | 3:51 pm Will exit Satyam if financial data is incomplete: iGATECommenting on the Satyam sale, Phaneesh Murthy, CEO of iGATE, said that the availability of financials brought them back into the bidding race. iGATE, Murthy added, is bidding along with large US PE fund and stated that he would walk away if he is uncomfortable with the disclosed financials.Source: Moneycontrol Top Headlines | 14 Mar 2009 | 3:21 pm India's gems exports declined 35 percent in FebruaryIndia's gems and jewellery exports declined 34.57 percent in February owing to the sharp depreciation of the rupee and slower demand, according to data released Saturday.Source: IndiaeNews.com: Business News | 14 Mar 2009 | 3:00 pm MAs prejudicial to minority members interest: SP TulsianSP Tulsian of sptulsian.com said even if minority shareholders find a merger or acquisition prejudicial to their interest, they cannot raise their voice as concerns should be first raised by the nonpromoter category. \"In the recent past, we have seen promoters merging their closely held companies to increase their stakes in the merged entity.\"Source: Moneycontrol Top Headlines | 14 Mar 2009 | 2:55 pm G20 Horsham meet sees widening gap between the US and EuropeAmid the growing signs of the divide, Britain's chancellor Alistair Darling is downplaying hopes that the summit could provide a definite agreement on the solution for the crisis.Source: Daily News & Analysis: Money News | 14 Mar 2009 | 2:20 pm Bajaj says its low-cost car will be out in 2011Bajaj Auto Ltd Saturday said its small car, being developed in partnership with Renault SA and Nissan Motor, will be rolled out in 2011 as per schedule.Source: IndiaeNews.com: Business News | 14 Mar 2009 | 1:30 pm Mergers acquisitions: A historical perspectiveHistorically, there are lot of controversies involved as far as the MA deals are concerned, reports CNBCTV18s Sunita Nagpal. Shareholders of Tata Steel found the acquisition price of Corus ar USD 12.2 billion too high. Similar concerns were expressed when Hindalco acquired Novalis.Source: Moneycontrol Top Headlines | 14 Mar 2009 | 1:20 pm Qualified Satyam bidders to show bank guarantee of Rs 100crSatyam has mailed the Request for Proposals, or RFPs, to the registered entitites late last night. It is believed that the qualified bidders will have to furnish a bank guarantee of Rs 100 crore two days before submitting the final bid. It has also attached a twoyear lockin period on the sale of Satyam assets.Source: Moneycontrol Top Headlines | 14 Mar 2009 | 1:13 pm Plastic lobby fights back against Delhi govts banAfter a plastic ban by the Delhi government, the plastic lobby has hit back. Use plastic to be environment friendly, that\'s the latest message across the city. CNBCTV18\'s Priyanka Dube delves deeper.Source: Moneycontrol Top Headlines | 14 Mar 2009 | 1:10 pm Ex-servicemen return 7,500 gallantry medals over pension spatIn pursuit of their demand for 'one rank one pension', retired soldiers of varying ranks here Saturday returned 7,500 medals won in combat and for distinguished service.Source: IndiaeNews.com: Business News | 14 Mar 2009 | 1:02 pm IT Dept attaches Pyramid Saimira\'s bank accountsChennaibased media company Pyramid Saimira is in trouble. It admits that the Income Tax Department has attached all its bank accounts, and operations have come to a stand still.Source: Moneycontrol Top Headlines | 14 Mar 2009 | 11:52 am
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