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Toyota Kirloskar Motor to increase prices from April 09Toyota Kirloskar Motor (TKM) today announced an impending price hike in its key models, Innova and Corolla Altis, effective April 1st, 2009.Source: Moneycontrol Top Headlines | 16 Mar 2009 | 6:46 pm BCCIHome Ministry meet on IPL inconclusiveThe fate of Board of Control for Cricket in Indiapromoted Indian Premier League (IPL) is still uncertain with security issues dogging the Twenty20 cricket tournament.Source: Moneycontrol Top Headlines | 16 Mar 2009 | 6:45 pm Banking sector outperforms others in advance tax paymentsIndia Inc\'s fourth quarter advance tax numbers have started trickling in and the picture isn\'t pretty. While the entire banking space has outperformed, few pockets like oil marketing has registered a dramatic drop.Source: Moneycontrol Top Headlines | 16 Mar 2009 | 5:00 pm IPL 2.0: HDIL to rethink Kolkata Knight Riders sponsorship?Real estate major, HDIL, the title sponsor for Shahrukh Khan\'s Kolkata Knight Riders, may pull the plug this time around. HDIL may rethink about the sponsorship because of the enough confusion about the final dates of the IPL 2009 and also due to the the current downturn situation in the real estate space.Source: Moneycontrol Top Headlines | 16 Mar 2009 | 4:09 pm See realty turnaround by 2010 end: Cushman WakefieldKaustuv Roy, Executive Director, Cushman Wakefield, said that even as real estate booms and busts were cyclical in nature, \"we expect this downward trend to continue till then end of this year or so. Then, as prices stabilize by the year end or 2010 start, things would have recovered by end of 2010.\"Source: Moneycontrol Top Headlines | 16 Mar 2009 | 4:07 pm Tata Chem, Chambal Fert to gain from urea hike: An AnalysisGlobal prices of urea have increased to USD 290300 per tonne from USD 220 per tonne. CNBCTV18\'s Ekta Batra feels the immediate beneficiaries include Tata Chemicals and Chambal Fertilisers. A USD 25 per tonne rise in urea prices can lead to 7% and 13% increase in the estimated FY10 EPS of Tata Chemicals and Chambal Fertilisers respectively.Source: Moneycontrol Top Headlines | 16 Mar 2009 | 3:17 pm No director quit our board: Power Grid, Maha SeamlessSK Chaturvedy, CMD of Power Grid Corporation of India, clarified that not a single director has quit their board. While Anil Jain, CFO of Maharashtra Seamless, said there has been a change in one of the Independent Directors but that is more so to comply with the revised Sebi guidelines.Source: Moneycontrol Top Headlines | 16 Mar 2009 | 3:16 pm Tata Power denies 30% stake sale in Indonesian coal minesTata Power has strongly denied the rumours that it has sold stake in its Indonesian coal mines, reports CNBCTV18. The company has no intentions to sell stake in coal mines to Bumi Resources or others. Tata Power said the loan repayment requirements are expected to be met as per schedule.Source: Moneycontrol Top Headlines | 16 Mar 2009 | 2:00 pm Bernanke sees U.S. recovery beginning in 2010WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke suggested in a taped interview on Sunday that the U.S. recession could last most of the year and said the biggest risk was that the political will needed to fix the fractured financial system could be lacking.Source: Reuters: Money News | 16 Mar 2009 | 1:47 pm Sreeram Iyer is COO of Standard Chartered, IndiaStandard Chartered Bank on Monday said that it has appointed Sreeram Iyer as the chief operating officer for its India operations.Source: Daily News & Analysis: Money News | 16 Mar 2009 | 1:47 pm Hindalco to go for financial restructuringMumbai: Aluminium major Hindalco Industries on Monday said it will go for financial restructuring of its businesses so that huge costs incurred on acquisitions do not impact the company’s operating results, a Bombay Stock Exchange filing by the company stated. The company has called for an Extraordinary General Meeting on 2 April to seek shareholders’ approval for the same. “The present global economic scenario especially in the commodity space had an adverse impact on its domestic and overseas operations which may result in impairment in value of its assets\investments,” the filing said. To prevent its operational results from being impacted by such losses the firm would go for restructuring which may result in reduction of its capital through a Scheme of Arrangement to be overseen by the Bombay high court. “This scheme will result in non-operational costs being charged against a reserve created for the purpose out of the securities premium balance of the company and which would be classified as, Business Reconstruction Reserve Account,” it stated in the filing. The company’s growth strategy has led to incurring of various costs and it would continue to incur these in future, it added. It, however, did not indicate to what extent the capital would get reduced. Source: LatestNews-Home - Livemint.com | 16 Mar 2009 | 1:39 pm India's GDP growth to stabilize around 7%: CMIEIndia's real GDP is projected to grow by seven per cent in FY 10, the Centre for Monitoring Indian Economy (CMIE) said in its monthly review here.Source: Daily News & Analysis: Money News | 16 Mar 2009 | 1:37 pm India sugar drops 4th day as stock limits boost supply - Reuters India
Source: Google News India - Business | 16 Mar 2009 | 1:36 pm Rupee hits highest since Feb as equities gainMUMBAI (Reuters) - The rupee rode a strengthing stock market and a weakening dollar to its highest in more than two weeks on Monday, although dollar buying by oil refiners and other importers trimmed its gains.Source: Reuters: Money News | 16 Mar 2009 | 1:24 pm Reader's Digest, HCL Technologies in $350M pact - Forbes
Source: Google News India - Business | 16 Mar 2009 | 1:22 pm Japan issues grim report, U.S. banks provide hopeTOKYO/LONDON (Reuters) - The Tokyo government gave a bleak assessment of Japanese company profits on Monday after the Federal Reserve Chairman Ben Bernanke said the chief threat to U.S. recovery from recession was a lack of political will.Source: Reuters: Money News | 16 Mar 2009 | 1:18 pm iGate sees Satyam bid well below market priceBANGALORE (Reuters) - U.S. outsourcer iGate Corp said any bid it makes for Satyam Computer Services Ltd would be well below the current market price given uncertainty about the fraud-hit Indian firm's accounts and liabilities.Source: Reuters: Money News | 16 Mar 2009 | 1:16 pm India says readying energy efficiency trade policy - Reuters India
Source: Google News India - Business | 16 Mar 2009 | 1:12 pm Indian Railways earnings up 12.02 pct in Apr-Feb 2009 - Reuters India
Source: Google News India - Business | 16 Mar 2009 | 1:12 pm Globally CEO confidence level dips, India still optimistic: PwCNew Delhi: Confidence level of business leaders have plunged to its lowest level since 2003 but Indian CEOs are still optimistic with 70% of them having a bullish outlook for the short term as well as long term growth, global consultancy firm PricewaterhouseCoopers says. “As CEOs watched the damage spread, short-term confidence reached its lowest point in six years. Only 21% of respondents remain very confident about the prospects for growth over the next 12 months, with the exception of Indian CEOs, 70% of whom were still remarkably positive,” according to the PricewaterhouseCoopers Global CEO Survey. The survey, which covered 1,124 CEOs from more than 50 countries pointed out that the financial crisis has shattered short-term confidence level, which is deteriorating day by day and there is still uncertainty about the future. However, Indian CEOs expect their businesses to be less affected by recent problems in the global banking system, with only 50% of the respondents saying that they were likely to be affected by the credit crisis, as compared to 70% globally, PwC said. Indian CEOs’ perspective differed from that of their global peers in various spheres including their business growth strategies. For Indian CEOs M&A (merger and acquisition) activities were likely to play a greater role in the growth of their businesses than JVs, in contrast with the global trend. Besides, 60% of Indian respondents would like to grow their businesses by penetrating existing markets better, compared to 37% globally. “In the next 12 months 89% of Indian respondents expect to make a return on investment in products or services provided, compared to 69% globally, the report said. Globally, confidence level witnessed significant decline as this year 21% of CEOs said they were confident of revenue growth in the next 12 months, down from 50% in last year’s survey. Besides, the number of CEOs who said that they were very confident about the short-term prospects for revenue growth plummeted from 42% to 11%. In a bid to sustain their businesses in the current economic scenario, more than 80% said they were taking steps to reduce power costs through more energy-efficient operations, and more than half said they were seeking alternative energy sources. Though the financial crisis spurred unprecedented levels of government intervention, more than 45% of CEOs do not believe government efforts were effective, creating a skilled workforce or formulating clear and consistent long-term environmental policies. However, PwC said despite their criticisms “CEOs still accept the need to work with government on central issues, particularly where regulation is a business enabler”. Source: LatestNews-Home - Livemint.com | 16 Mar 2009 | 1:12 pm Globally CEO confidence level dips, India still optimistic: PwCNew Delhi: Confidence level of business leaders have plunged to its lowest level since 2003 but Indian CEOs are still optimistic with 70% of them having a bullish outlook for the short term as well as long term growth, global consultancy firm PricewaterhouseCoopers says. “As CEOs watched the damage spread, short-term confidence reached its lowest point in six years. Only 21% of respondents remain very confident about the prospects for growth over the next 12 months, with the exception of Indian CEOs, 70% of whom were still remarkably positive,” according to the PricewaterhouseCoopers Global CEO Survey. The survey, which covered 1,124 CEOs from more than 50 countries pointed out that the financial crisis has shattered short-term confidence level, which is deteriorating day by day and there is still uncertainty about the future. However, Indian CEOs expect their businesses to be less affected by recent problems in the global banking system, with only 50% of the respondents saying that they were likely to be affected by the credit crisis, as compared to 70% globally, PwC said. Indian CEOs’ perspective differed from that of their global peers in various spheres including their business growth strategies. For Indian CEOs M&A (merger and acquisition) activities were likely to play a greater role in the growth of their businesses than JVs, in contrast with the global trend. Besides, 60% of Indian respondents would like to grow their businesses by penetrating existing markets better, compared to 37% globally. “In the next 12 months 89% of Indian respondents expect to make a return on investment in products or services provided, compared to 69% globally, the report said. Globally, confidence level witnessed significant decline as this year 21% of CEOs said they were confident of revenue growth in the next 12 months, down from 50% in last year’s survey. Besides, the number of CEOs who said that they were very confident about the short-term prospects for revenue growth plummeted from 42% to 11%. In a bid to sustain their businesses in the current economic scenario, more than 80% said they were taking steps to reduce power costs through more energy-efficient operations, and more than half said they were seeking alternative energy sources. Though the financial crisis spurred unprecedented levels of government intervention, more than 45% of CEOs do not believe government efforts were effective, creating a skilled workforce or formulating clear and consistent long-term environmental policies. However, PwC said despite their criticisms “CEOs still accept the need to work with government on central issues, particularly where regulation is a business enabler”. Source: World Business - Livemint.com | 16 Mar 2009 | 1:12 pm ONGC in 2nd round talks with 3 for selling 25% stake in OPaL - Economic Times
Source: Google News India - Business | 16 Mar 2009 | 1:09 pm Oil falls below USD 45 a barrel after OPEC holds off cuts!World oil prices tumbled below 45 dollars a barrel in Asian trade on Monday after the OPEC cartel decided not to cut output during a weekend meeting.Source: Zee News : Business | 16 Mar 2009 | 12:58 pm Sensex opens higher by 70 pts!Sensex opened higher on Monday by over 70 pts on buying by funds in blue-chips stocks.Source: Zee News : Business | 16 Mar 2009 | 12:58 pm `Indian eco will revive faster than other countries`!The Indian economy will likely revive faster than other countries though it is difficult to predict when, Reserve Bank of India (RBI) Governor D Subbarao said.Source: Zee News : Business | 16 Mar 2009 | 12:58 pm `US recovery beginning in 2010` !Fed Reserve chief Ben Bernanke has suggested that the US recession could last through the year.Source: Zee News : Business | 16 Mar 2009 | 12:58 pm ANZ denies shifting jobs to India!ANZ Bank on Monday denied reports of shifting 500 Australian jobs to India.Source: Zee News : Business | 16 Mar 2009 | 12:58 pm ICAI to check books of cos whose directors resigned latelyUttam Prakash Agarwal, President, ICAI, said he will scrutinise the books of companies where independent directors resigned in the past two months. He added that around 181 independent directors have resigned in the last three months. However, Jain asserted that there is no suggestion of any financial wrongdoing by any of these companies.Source: Moneycontrol Top Headlines | 16 Mar 2009 | 12:56 pm IGate Teams Up With Private Equity Firm to Bid for Satyam Stake - Bloomberg
Source: Google News India - Business | 16 Mar 2009 | 12:52 pm Outsourcing recovery later in 2009 - WiproBANGALORE (Reuters) - Wipro Ltd sees a revival in demand for outsourcing services in the second half of this year as global firms look to cut costs, the joint-CEO of its IT business said on Monday.Source: Reuters: Money News | 16 Mar 2009 | 12:52 pm Coca Cola to leverage digital media to promote Thums UpNew Delhi: Global beverages player Coca Cola on Monday said it would leverage the digital media to promote its sparkling drink brand Thums Up. The company would be leveraging the digital media including mobile phone network and internet for the ‘Thums Up Thunder Wheels’ initiative and consumers can participate in a draw of lot to win TVS Apache RTR 160 motorbikes, Coca Cola India said in a statement. “Coca-Cola in India has always believed in adding excitement, refreshment and fun into the lives of its consumers. The launch of Thums Up Thunder Wheels national initiative is yet another endeavor in this regard,” Coca Cola India director-marketing Kashmira Chadha said. She said the initiative would be applicable for returnable glass bottle of 200 ml and 300 ml, besides PET bottles of up to 2.25 litre. The company is also planning to launch a television commercial as part of the campaign, she added. Source: LatestNews-Home - Livemint.com | 16 Mar 2009 | 12:38 pm Pull-back rally takes Nifty closer to 2800 - Economic Times
Source: Google News India - Business | 16 Mar 2009 | 12:35 pm Computer sales drop to 1.4 mn in Dec quarterBangalore: Computer sales in India dropped by nearly a fifth to 1.4 million during the quarter to December, as demand fell from consumers and corporates due to the current economic slowdown, the manufacturers body said on Monday. The manufacturers association of information technology or MAIT, the industry body said sales were down as small enterprises, back office service providers and corporates skipped purchases due to the economic uncertainty, while households put off purchases on concerns of job security. “With less than expected sales in the households and the enterprises, the desktops recorded a decline in consumption by 15%, while sales of notebooks fell by 30% over the same period last year,” said Vinnie Mehta, executive director of MAIT in a statement The industry is hopeful that the sales will better in the January-March quarter, he said. Mait expects annual PC sales to remain flat at 7.3 million units, the same as fiscal 2008-09 (EoM). Source: LatestNews-Home - Livemint.com | 16 Mar 2009 | 12:30 pm CPM releases manifesto, proposes financial regulationNew Delhi: India’s most influential hard-left party called on Monday ahead of a general election for state control of the financial sector and restrictions on foreign investment to overcome an economic slowdown. Click here to watch video The Communist Party of India (Marxist) (CPI-M) held the balance of power for most of the tenure of the Congress Party-led government before withdrawing its support last year, and has often played a role in shaping coalition government policies. In its manifesto for the April-May general election, released on Monday, the CPI (M) also proposed a complete halt to privatisation of profitable state firms, a ban on foreign investment in the retail sector, and guidelines to prevent entry of foreign firms into some of India’s domestic markets. The main battle in the 16 April -13 May election will be between a coalition led by the left-of-centre Congress Party and an alliance led by the Bharatiya Janata Party, traditionally more pro-business. “The CPI(M) will work for the creating of a non-Congress, non-BJP government, which will strengthen democracy, ensure equitable economic development and social justice,” the party said in the document. After years of blocking economic reforms, the CPI(M) and smaller leftist parties withdrew their support for the government to protest against a civilian nuclear deal with the United States. The deal gives India access to nuclear fuel and technology on international markets. The party has since said it wants to be part of a “Third Front” alternative of smaller parties to the main national alliances.  (From left to right) Communist Party of India-Marxist leaders Brinda Karat, Sitaram Yechury, Prakash Karat and Mohammed Amin release the party manifesto ahead of general elections in New Delhi on 16 March 2009. The communists may struggle to retain the same number of seats in this election amid problems in some of its heartlands, such as West Bengal. But it could still muster enough seats to hold the balance of power, political analysts say. The manifesto had little impact on Indian markets, with traders saying that the CPI(M) does not have the same clout as in previous years. Indian 30-share BSE stock index was up 1.7% in late afternoon trade. Its leaders believe an economic slowdown in India sparked by the global financial crisis could see a backlash against foreign firms and lead voters to support more regulation of the financial sector. In the manifesto, the CPI(M) said it would also stop joint military exercises with the United States, a country of that it has traditionally been suspicious. Source: Home - Livemint.com | 16 Mar 2009 | 12:30 pm India gold may tread lower; Fed meet eyed - Reuters India
Source: Google News India - Business | 16 Mar 2009 | 12:27 pm India gold may tread lower; Fed meet eyedMUMBAI (Reuters) - India gold futures may tread lower this week on improving risk appetite for stocks and on hopes the rupee may strengthen, with traders awaiting the outcome of a Fed meeting on interest rate, analysts said.Source: Reuters: Money News | 16 Mar 2009 | 12:17 pm Special vehicle scouting to buy coal abroad: Steel Secy - Moneycontrol.com
Source: Google News India - Business | 16 Mar 2009 | 12:03 pm LIC Housing cuts home loan ratesMumbai: Leading mortgage financier LIC Housing Finance on Monday cut its home loan rates by 75 basis points for existing customers effective from 1 April. “We have cut lending rates for existing customers by (75 basis points) from April 1. We have seen our cost of funds coming down in the recent period and this decision (to cut rates) is in consequent to that,” LIC Housing Finance (LICHFL) director and chief executive R.R. Nair said . With the reduction, borrowers can now avail of loans at 10-10.5% against 10.75-11.25% earlier, Nair said. In January, the company had reduced its lending rates by 75 bps for the existing customers. “We have reduced our interest rates by (150 bps) since January this year. We are now offering rates that are lowest in two years,” he said. Source: LatestNews-Home - Livemint.com | 16 Mar 2009 | 12:01 pm Regulator plans separate agency to probe air accidentsIndia's aviation regulator Directorate General of Civil Aviation (DGCA) has assured its US counterpart that India will soon have a separate agency for investigating air accidents, a government official said Monday.Source: IndiaeNews.com: Business News | 16 Mar 2009 | 12:00 pm BodhTree partners with Red HatCity-based IT service provider BodhTree Consulting has entered into a strategic partnership with Red Hat as independent software vendor (ISV), the company said Monday.Source: IndiaeNews.com: Business News | 16 Mar 2009 | 12:00 pm Growth to slow to 6.5 pct in FY09 - ING VysyaMUMBAI (Reuters) - Indian economic growth will likely slow to 6.5 percent in the current fiscal year and drop further in the next year, an economist at ING Vysya Bank said on Monday.Source: Reuters: Money News | 16 Mar 2009 | 11:50 am How will bond mkts and RBI manage fiscal borrowing? - Moneycontrol.com
Source: Google News India - Business | 16 Mar 2009 | 11:47 am India hits out at developed nations on climate changeNew Delhi: India on Monday strongly hit out at developed nations for putting “conditions” and “adding dimensions” such as carbon tariff and trade competitiveness for action on climate change. “Action on climate change cannot be based on conditions. Once we start going in that directions than it means we start going for protectionism under green label and it is harmful to India’s interest seeking sustainable development,” said Shyam Saran, India’s special envoy on climate change. He was speaking at a seminar on ‘Business response to climate change’ organised by the CII-ITC Centre of Excellence for Sustainable Development. “So in that context we see issues coming up, sometimes in the form of carbon tariff or greater tariff change or opening up of market which the developed countries want to impose on us on the pretext of tackling climate change,” Saran added. Sharing the concern of corporates that imposition of carbon tariff would go against the interest of business and industry in India, he said, “This is what we have been resisting. Collaborations become irrelevant when competitive tendencies prevail.” “In international negotiations we have taken the position that climate change is a challenge which must be dealt on its own and through supportive global regime,” he said while indicating India’s stand to be taken at Copenhagen at the end of the year when countries will meet to discuss a global policy on climate change. Source: LatestNews-Home - Livemint.com | 16 Mar 2009 | 11:36 am BSE Sensex rallies 2.1 pct, extends gains 3rd dayMUMBAI (Reuters) - The BSE Sensex rallied 2.1 percent on Monday and stretched gains into a third consecutive session, on hopes a recovery in the U.S. banking sector could help support an economic turnaround.Source: Reuters: Money News | 16 Mar 2009 | 11:30 am Don\'t see Satyam as $2 bn revenue co going forward: iGATEPhaneesh Murthy, CEO of iGATE, stated that the company is less concerned about Satyam\'s margins and more on revenues. According to him, shareholder loss in Satyam could be around USD 100 million. He also expects number of serious bidders to come down dramatically and doesn\'t see Satyam as USD 2 billion revenue company going forward.Source: Moneycontrol Top Headlines | 16 Mar 2009 | 11:23 am Close: Markets regain losses to close 2% higherNew Delhi: Markets made up for earlier losses to close at day’s high of more than 2% on Monday after European markets opened positive on easing financial concerns. The Bombay Stocks Exchange benchmark Sensex began the day flat but positive on firm Asian markets after US banking system picked up. Buying sentiment was boosted after Citigroup, Bank of America and JPMorgan Chase reported profitable first two months in 2009. Markets soon slipped into volatile territory late morning as global economic concerns still lingered. Indices lost gains made last week, the best sessions since November 2008. IT and power index faced selling around noon but buying renewed from foreign funds, positive Asia and anticipation of European gains. The 30-share BSE index opened merely 37 points up then briefly getting choppy. But the Sensex closed 186.93 points up at 8,943.54 and 50-share NSE Nifty ended at 2,777.25 or 58 points higher. Near closing, strong buying emerged across the board with Realty leading by 5% gains. Other sectors that lifted the market were oil and gas, banking, FMCG and PSU by 3.4%, 2.86%, 2.84% and 2.7% respectively. Banking stocks gained on rally in bond yield and on hopes that lower interest rates may boost investor sentiments. ICICI Bank surged by 4.52% to Rs322.65 and State Bank of India by 3.65% to Rs987.80. IT stockholders were hesitant on fears that weak global economy would cut the amount firms spent on technology. Infosys Technologies was among the few losers falling by 0.62% to Rs1,288.25. others outsourcers made moderate gains, Tata Consultancy Services rose by 2.62% to Rs519.80 and Wipro by 1.65% to Rs228.25. Jaiprakash Associates was the top gainer in the rally, rising by 8.96% to Rs77.25, followed by Mahindra and Mahindra by 8.48% to Rs374.05, Ranbaxy Laboratories by 6.82% to Rs147.95, Reliance Communication Ltd by 6.74% to Rs156.75 and DLF Ltd by 6.16% to Rs161.95. After previous week’s almost 8% loss following news of a chief executive official selling all his company stocks, Bharti Airtel today rose by 2.37% to Rs571.95 on reports the company will restructure its businesses. In Asia, bank stocks nudged Japan’s Nikkei up by 1.8% and Hong Kong’s Hang Seng by 3.6% to mark its fifth straight session of gains. Source: Home - Livemint.com | 16 Mar 2009 | 11:21 am CPI(M) pushes financial regulationNEW DELHI (Reuters) - India's most influential hard-left party called on Monday ahead of a general election for state control of the financial sector and restrictions on foreign investment to overcome an economic slowdown.Source: Reuters: Money News | 16 Mar 2009 | 11:06 am India’s GDP expected to grow at 7%: CMIEMumbai: India’s real GDP is projected to grow by 7% in FY10, the Centre for Monitoring Indian Economy (CMIE) said in its monthly review here. CMIE expects the growth rate to climb slowly from around 6% in the first-half to about 8% in the second-half of FY10. The real GDP (gross domestic product) would be close to the 7.1% growth that is likely to be achieved in FY09. The global liquidity crisis in late September 2008 has suddenly brought the economy’s story of 9% growth to a grinding halt. FY10 would gradually recover from this jolt. Signs of recovery are already evident in the little data that is available for January 2009. While the global economy seems to be getting into a deep crisis, the domestic Indian economy is likely to see a smarter and quicker recovery in FY10, it said. The agricultural sector has traditionally been the principal source of volatility in the overall growth of the Indian economy. A decline in GDP growth is usually the result of a fall in agricultural production. In the last ten-year period ending 2005, the agricultural sector recorded a fall in output in every alternate year. CMIE pointed out that this seriously debilitating trend seems to have been reversed. The agriculture sector has registered positive growth for four consecutive years-from FY06 to FY09. CMIE expects it to register a positive growth rate again for the fifth consecutive year, in FY10. We expect the growth rate to slow down to 2.4%. Nevertheless, a fifth consecutive year of positive growth in agriculture would contribute directly to the growth in FY10 and would have a positive impact on domestic demand, CMIE report said. The agriculture sector registered a 2.2% fall in output in the third quarter of FY09. This decline was not expected, although it comes after a 2.4% fall in kharif sowing and, it comes over a high base since the corresponding quarter a year ago had seen a growth of 6.9%. We believe that at least a part of the fall may get corrected with revisions in agriculture production data. This is likely to happen in the case of cotton and to a small extent in the case of rice. The fall of October-December 2008 does not dilute the new confidence in agriculture because production is increasingly shifting in favour of the Rabi season. And, while Kharif sowing was down by 2.4%, Rabi sowing is up by 3.1%. Higher MSPs and market prices have spurred sowings in favour of cash crops, CMIE said. Source: LatestNews-Home - Livemint.com | 16 Mar 2009 | 11:05 am Australia to cut skilled immigrant workersSydney: Australia will reduce its skilled migration intake by 14% this year in an attempt to stem competition for local jobs, Immigration and Citizenship minister Chris Evans said on Monday. The move will see the skilled migration programme intake in 2008-09 cut from 133,500 to 115,000, with jobs in the construction industry largely affected by the decision. “Clearly, the economic circumstances in Australia have changed as a result of the global financial crisis so it is prudent to reduce this year’s migration intake accordingly,” Evans said in a statement. According to the Australian Bureau of Statistics, the unemployment rate in Australia rose from 4.8% in January to 5.2% in February, the highest level in four years and worse than earlier expected. Evans said although critical skills shortages remain in the health, engineering and information technology fields, the government was acting to protect local jobs. Source: LatestNews-Home - Livemint.com | 16 Mar 2009 | 11:05 am Oil output may grow 4.8% in FY10: CMIEMumbai: The country’s oil output may shoot up by 4.8% to reach 361.4 lakh tonnes in the next fiscal driven by Reliance Industries resuming crude oil production from its KG D6 wells coupled with capacity addition by other private and joint venture firms, says a report. “We expect the growth in crude oil production to pace up in the following months. In 2009-10, we expect domestic crude oil production to grow by 4.8% to 361.4 lakh tonnes,” the Centre for Monitoring Indian Economy (CMIE) said in its February 2009 review. The growth in production is expected to be largely driven by private and joint venture companies, it said. Mukesh Ambani-led RIL resumed crude production from its eastern offshore KG basin block earlier this month, after an equipment failure led to a three-month shutdown. The company first began pumping oil in September 2008. RIL started production with 5,000 barrels a day from this basin and claims to produce around 40,000 barrels a day by March 2009, CMIE said. “Further, the capacity addition by Cairn India and ONGC in 2009-10 are expected to contribute to the healthy growth in crude oil production,” it added. CMIE however, revised downward its crude output figures for the current fiscal ending 31 March. “We expect crude oil production to decline by 0.5% to 340-lakh tonnes in 2008-09 from our earlier estimate of 1.1% growth in production,” it said. Production tanked by 8.1% in January touching a four-year low to 26.6%. “The steep decline in output can be largely attributed to the three-day strike by ONGC workers in January 2009,” CMIE said adding that the monthly decline was an “aberration”. “ONGC, which accounts for 75% of the total domestic crude output, witnessed a 8.7% decline in production during the month,” it said. “The growth in refinery throughput in 2009-10 is expected to be largely fuelled by Reliance Petroleum’s (RPL) export-oriented refinery at Jamnagar,” CMIE pointed out. Source: LatestNews-Home - Livemint.com | 16 Mar 2009 | 10:54 am Intellectual Ventures signs pact with IIT-BombayMumbai: US-based invention investment company Intellectual Ventures and Indian Institute of Technology-Bombay on Monday signed a pact to license and commercialize inventions of students and faculty of the institute. The treaty, signed by Ashok Misra, chairman Intellectual Ventures (India) and Krithi Ramamritham, dean reasearch and development of IIT-B, is expected to result in the wider dissemination and practical utilization of inventions generated by IIT-B faculty, students and staff. Intellectual Ventures (IV), a pre-venture capital company, will both license IIT-B inventions accepted under this programme and work on a number of possible commercialization strategies for them, Misra said. “IV will pay IIT-B fees for such licensing and also bear the cost of patenting associated with these inventions,” he said. IV will also set up an intellectual centre within a year at IIT-B in an area of 4,000 sq feet to hold workshops and interact with faculty and students, Misra said. The engagement between IIT-B and IV is expected to enhance the atmosphere for invention at the institute and also encourage more innovators to address important technological problems, Ramamritham said. Source: LatestNews-Home - Livemint.com | 16 Mar 2009 | 10:53 am Sony TV drags BCCI to court over IPL broadcasting rightsMumbai: A fresh row broke out over the issue of telecast rights of the IPL with Sony Entertainment dragging BCCI to the Bombay High Court which restrained the Cricket Board from entering into any further agreement related to the T-20 tournament. Sony moved the High Court against BCCI’s move to enter into a contract with World Sports Group (WSG) after terminating its agreement with Sony on broadcasting rights in the country. The court yesterday granted the injunction to Sony restraining Board for Control of Cricket in India from entering into any further agreements related to the IPL. When the petition came up for further hearing before Justice S J Kathawala, the BCCI lawyer sought time to take instructions and produce the relevant documents. The court said till the matter is heard, BCCI shall not grant any approval to WSG under the newly entered contract. According to the BCCI counsel, the agreement with Sony was terminated on the evening of 14 March and the new one with WSG was signed on the morning of March 15 and the court’s injunction came only in the afternoon on that day. Source: Home - Livemint.com | 16 Mar 2009 | 10:48 am Tatas' debt to cross Rs 1-trillion mark; still manageableAnalysts, however, noted that Tatas' funding challenges are manageable and debt obligations could be met through free cash flow.Source: Daily News & Analysis: Money News | 16 Mar 2009 | 10:33 am Markets close in the green, Sensex up 2.2 percentIndian equities closed in the green Monday, with a key index ending trade 2.22 percent higher than its previous close.Source: IndiaeNews.com: Business News | 16 Mar 2009 | 10:31 am Parsvnath's Ahmedabad luxury hotel to be ready by 2010Parsvnath Hotels Ltd (PHL), a subsidiary of real estate major Parsvnath Developers, Monday said its Rs.2.5-billion (Rs.250-crore) five-star hotel project in Vejalpur near here would be completed by 2010-end.Source: IndiaeNews.com: Business News | 16 Mar 2009 | 10:31 am Oil drops over 3% as Opec keeps output steadySingapore: Oil fell more than 3% on Monday, to below $45 a barrel, as traders questioned whether Opec’s decision to enforce better compliance with previous curbs instead of new production cuts was enough to stem eroding demand. While top producer Saudi Arabia had signalled a week ago that it wanted stricter adherence to the cartel’s previous 4.2 million barrel per day (bpd) cuts rather than additional formal restraints, other members had campaigned for explicit action now to avert a further rise in already swollen oil inventories. At its meeting on Sunday in Vienna, Opec agreed to enforce existing curbs more strictly and said it would meet again at the end of May to review progress, surprising some traders who had expected the group’s more hawkish members to prevail. US light crude for April delivery fell $1.63 to $44.62 a barrel by 12:25pm after having earlier dropped as low as $43.85. London Brent crude fell $1.28 to $43.65. “Its a very reasonable decision for OPEC to take at this point, but that means they shouldn’t expect to see oil prices at $50 for the foreseeable future,” said Jonathan Kornafel, Asia Director of US-based Hudson Capital Energy in Singapore. Opec’s adherence with previous cuts has been estimated at about 80 percent and full compliance would take away more than 800,000 barrels per day. The cartel’s Angolan President said in an interview on Sunday that the supply curbs had brought some stability to oil markets, although prices remained too low to encourage investment in new supplies. US Energy Secretary Steven Chu said he was pleased with the outcome. US economy data A heavy calendar of economic reports is on tap for the week and negative surprises from any of the releases - such as Monday’s industrial production data or Tuesday’s housing start figures - could drag oil prices lower still, analysts said. Oil prices have tumbled about $100 from record highs over $147 a barrel in July 2008 as the global economic crisis weighs on energy demand, but it has recovered from levels below $35 a month ago. An Opec report released Friday showed world oil demand contracting faster than expected, and the International Energy Agency lowered its oil demand forecast by more than a million barrels per day for 2009. Still, analysts said gains in the equities market could offer some support for oil prices as traders might adopt a more favourable view of future oil demand on the heels of better economic guidance. Asian shares rallied to a one-month high on Monday as reassurances over the health of the US banking industry sparked a broad recovery in investor appetite for risk. Crude oil speculators on the New York Mercantile Exchange increased net short positions in the week to March 10, data from the US Commodity Futures Trading Commission released on Friday showed. Source: Home - Livemint.com | 16 Mar 2009 | 10:30 am Europe stocks rise for 5th session, Barclays jumpsLondon: European shares jumped for a fifth straight session on Monday, led higher by financials, as investor sentiment improved following further assurances over the health of the US banking sector. At 3:20pm, the FTSEurofirst 300 index of top shares was up 2.3% at 718.41 points, extending the previous session’s gain of 0.8%. But it is still down 14% this year after plunging 45% in 2008. The broader STOXX 600 was up 2.1% at 172.15 points, with banks and insurers topping the gainers list. Among banks, UBS rose 6.6%, Societe Generale was up 6.5 %, Natixis jumped 8.6 percent and Dexia climbed 14% as sentiment improved following positive comments made by US banks last week. Executives from Citigroup, Bank of America and JPMorgan Chase said their banks had been profitable for the first two months of the year and attempted to soothe worries about the chances of government nationalisation of the sector. Barclays jumped 14.6% after the British bank confirmed it has held talks over the potential sale of its iShares unit, but said it had not yet decided whether to proceed with any disposals. “Many banks, including Barclays, have referred to strong trading in the early part of the year, yet investors and, in some cases, regulators continue to demand higher capital ratios,” Cazenove said in a note. HSBC also said it had no need to raise further cash, removing some of the uncertainty over possible further fund-raising by Europe’s biggest bank. HSBC was up 0.6%. Across Europe, the FTSE 100 index, Germany’s DAX and France’s CAC 40 were up 1.6% to 2.4%. Investors were expected to stay cautious on equities as the financial system remains fragile, despite a $700 billion bailout of the banking system approved by US Congress in October. Ministers from the world’s largest economies pledged to regulate hedge funds and start closer checks on credit ratings agencies to prevent a repeat of a financial markets crisis that is crippling businesses and putting millions more out of work. US Federal Reserve Chairman Ben Bernanke also suggested on Sunday that the US recession could last most of the year and said the biggest risk was that the political will needed to fix the fractured financial system could be lacking. “The eternal battle between the bulls and the bears will intensify this week,” said Chris Hossain, senior sales manager at ODL Securities. “Whilst it is hard to say if we have seen the worst, we certainly haven’t seen a week like last week in a long time.” The FTSEurofirst 300 closed higher for a second week in a row on Friday after slipping for 4 consecutive weeks. Several energy companies fell as crude prices dropped 4.6%, BP, Tullow Oil and StatoilHydro were down 0.7-2.4%. Among miners, Rio Tinto fell 2.1% after Australia extended its review of Chinese aluminium maker Chinalco’s $19.5 billion investment in the global miner, as major Rio shareholders voiced growing concern over the deal. Source: Home - Livemint.com | 16 Mar 2009 | 10:24 am Personal computer sales dip 19 percent in Q3Personal computer (PC) sales, including desktops and laptops, declined 19 percent in the October-December quarter as against the year-ago period, an industry lobby said Monday.Source: IndiaeNews.com: Business News | 16 Mar 2009 | 10:01 am Jharkhand traders protest rising crime rateTraders here Monday closed their shops till noon to protest the killing of three businessmen in Jharkhand in one month.Source: IndiaeNews.com: Business News | 16 Mar 2009 | 10:00 am Markets pull back into greenIndian equities pulled back into the green Monday afternoon after having slipped into the red around noon. A key index was ruling almost two percent higher about an hour before the closing bell.Source: IndiaeNews.com: Business News | 16 Mar 2009 | 9:30 am HCL gets $350 mn outsourcing deal from Readers Digest groupNew Delhi: Software exporter HCL Technologies today said it has bagged a 350 million dollar IT outsourcing services deal from media and marketing house Readers Digest Association. As part of the engagement, HCL Technologies would provide application development and infrastructure support across the application stack of Oracle, open technologies, main frame, infrastructure support for network, security, storage, end user computing and data centres, HCL said in a statement. HCL would also take a number of RDA employees on its rolls, as per the seven-year deal. The deal comes amid the Indian IT industry struggling to clinch big outsourcing deals due to the current global financial crisis. RDA senior vice president for Global Operations (IT and Business Redesign) Al Perruzza said: “It is a key enabler to our business. We expect that HCL will bring down cost of operations significantly, while improving services and bringing technology and capabilities to transform our IT functionality and service.” Source: Home - Livemint.com | 16 Mar 2009 | 9:19 am IPL fate hangs in balanceNew Delhi: The Indian Premier League’s 2009 season remained in doubt Monday as organizers failed to secure the Union government’s clearance on security for players and spectators during the lucrative Twenty20 tournament. A meeting between the Board of Control for Cricket in India (BCCI) officials and top bureaucrats of the home ministry ended without resolution Monday, less than a month before the competition is due to start. “There’s been no decision. The home ministry and the BCCI conveyed their respective views, and we also explained the concerns of the various stakeholders,” Narainswamy Srinivasan, secretary of the Board of Control for Cricket in India (BCCI), said after the 90-minute meeting. The home ministry, which has expressed concern about the six-week IPL tournament clashing with the country’s general elections and stretching security forces too far, has now rejected two proposed schedules submitted by the IPL. The league was scheduled to run 10 April-24 May, while the Lok Sabha elections will take place across the country in five different phases between 16 April and 13 May. Tournament organizers altered their original match schedule after home minister Palaniappan Chidambaram cited security problems due to the clash between the elections and the IPL. Even the revised match schedule, designed to keep matches away from a city or state on the relevant polling dates, was rejected on Friday. The BCCI sought Monday’s meeting with the central government’s home ministry as several states had expressed a reluctance to host matches. IPL officials are keen to stick to the same timeframe as it might not be possible to find another slot for the tournament on a crowded international calendar, with most of the star players required for the Twenty20 World Cup in England in June. Some players and officials have expressed concerns about playing on the subcontinent after the recent terrorist attacks on the Sri Lankan team in Lahore, Pakistan. Seven Sri Lankan Test players, an assistant coach and a match official were among those injured in a deadly ambush by gunmen as the team travelled to a cricket stadium. Six policemen and a driver were killed. The Lahore attacks have forced IPL organizers to undertake a detailed assessment of the security arrangements. The IPL has promised to take charge of all player security arrangements for the event, with tournament chief Lalit Modi saying the security budget was 10-times what it had been for the 2008 event. Source: Home - Livemint.com | 16 Mar 2009 | 9:19 am Rupee up on shares rally, stronger Asian unitsMumbai: The Indian rupee rose towards two-week highs in afternoon trade on Monday as gains in the local share market and a weaker dollar overseas boosted sentiment but further rise was prevented by dollar demand from importers. At 1:50pm, the partially convertible rupee was at Rs51.42/43 per dollar, after touching Rs51.33 early, its highest since 27 February and slightly stronger than its previous close of Rs51.48/50. Dealers said gains in other regional currencies such as the Korean won had helped the rupee rise. Most Asian units were higher against the dollar. Indian shares were trading up more than 1.5% on Monday afternoon, recovering from a fall of 0.7% earlier helped by gains in regional indices and expected gains in Europe. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were quoting at 51.57 and 51.5775 respectively, with the total traded volume on both exchanges at about $455 million. Source: Home - Livemint.com | 16 Mar 2009 | 9:01 am Tatas’ debt to cross Rs1 trillion mark; still manageableNew Delhi: Tata group’s total debt is set to exceed Rs1,00,000 crore in the current fiscal, but it appears comfortable on the liquidity front, a report has said. “We expect the total debt of the Tata group as of the end of FY’09 (ending this month) at over Rs1 trillion, of which Rs117 billion is due through March 2010,” analysts at domestic brokerage unit of financial major Kotak group said. When contacted, Tata Sons spokesperson told PTI: “We are not in a position to comment on such reports. As you are aware Tata Sons does not aggregate the debt of individual group companies as each company is a standalone legal entity and is evaluated accordingly.” Increase of more than Rs30,000 crore in group’s overall outstanding debt position from year-ago level of about Rs70,000 crore is primarily due to its aggressive capital expenditure plans and past acquisitions, the report stated. Analysts, however, noted that Tatas’ funding challenges are manageable and debt obligations could be met through free cash flow generated at various group companies and proceeds from the stake sale by holding company Tata Sons. “We believe the group’s liquidity position is comfortable at an aggregate level,” Kotak Institutional Equities Research analysts said, adding that possible fund-raising options include monetising Tata Motors’ commercial vehicle division and stake sale by Tata Sons in TCS and Tata Tele Services. Source: Home - Livemint.com | 16 Mar 2009 | 8:48 am CPI(M) wants no dilution of govt stake in banksNEW DELHI (Reuters) - The Communist Party of India (Marxist), India's biggest leftist party, wants no dilution of the government's equity in state-run banks and it proposed that the bank regulation bill be scrapped, according to its manifesto released on Monday.Source: Reuters: Money News | 16 Mar 2009 | 8:13 am CPI-M says its intervention saved Indian financial sector, jobsThe Communist Party of India-Marxist (CPI-M) Monday claimed credit for protecting thousands of jobs and the money invested in insurance, banking and pension, saying only constant Left intervention had kept the country's financial sector healthy.Source: IndiaeNews.com: Business News | 16 Mar 2009 | 8:00 am IGate sees Satyam bid below current mkt price: TVMumbai: US-based outsourcer iGate Corp’s bid for fraud-hit Satyam Computer Services Ltd will be well short of the current market price, its chief executive told a television channel on Monday. “I mean what we have picked up in terms of the financial, I do believe our bid will be quite a bit south of the 90 cents a share, which is currently the market price of Satyam,” Phaneesh Murthy said on CNBC-TV18. By 11:45am Satyam shares were trading 0.4% lower at Rs45.30 in line with the broader Mumbai market. iGate is among a clutch of firms that have expressed interest in buying Satyam, which has been battling for survival since its founder and chairman Ramalinga Raju quit on 7 January saying profits had been overstated for years and assets falsified. New York-listed Satyam said on Friday that Indian and international firms, including private equity companies, had registered to bid for a controlling stake in the company. Indian engineering firm Larsen & Toubro, IT services firm Tech Mahindra and diversified Spice Group are among those registered as potential bidders. Murthy said bidding would be a tough task due to the uncertainty about Satyam’s finances and liabilities arising from the class action lawsuits filed in the United States on behalf of Satyam’s shareholders there. “I think it’s a big struggle for any public company to bid for this company,” he told the television channel. “Therefore, while I think now there are multiple players in the fray I do believe that net, net the number of players is going to come down dramatically very, very soon.” Satyam said on Friday it had received an adequate response but did not name or number the bidders. Two investment banking sources told Reuters some eight potential suitors had registered to bid for a 51% stake. iGate had said on Friday it wanted to see the latest financial statements and an update on Satyam’s liabilities before it decided to make a formal bid. Source: Home - Livemint.com | 16 Mar 2009 | 7:05 am HCL bags $350 million outsourcing deal from Reader's DigestHCL Technologies, a leading global IT solutions major, Monday announced a $350-million deal from Reader's Digest spread over seven years to provide a wide range of outsourcing services.Source: IndiaeNews.com: Business News | 16 Mar 2009 | 7:01 am Markets slip into red after positive startIndian equities markets slipped marginally into red shortly before noon Monday, after positive global bourses had helped a key index start trade in the green.Source: IndiaeNews.com: Business News | 16 Mar 2009 | 6:02 am Sensex tracks firm overseas trends, adds 187 ptsTracking firm global trends, the Bombay Stock Exchange benchmark Sensex on Monday gained nearly 187 points on sustained buying in heavyweights.Source: Daily News & Analysis: Money News | 16 Mar 2009 | 5:12 am Shuttle Discovery lifts off on mission to ISSCape Canaveral: The shuttle Discovery blasted off on a mission to outfit the International Space Station with a final pair of solar wings ahead of the arrival in a few weeks of an expanded space crew. The spacecraft launched from the Kennedy Space Centre in Florida. Just over eight minutes later, the shuttle entered orbit and was soaring at 28,000 kilometres per hour. The journey was expected to take two days to reach the ISS, where the seven-member crew was to deliver and install the fourth and final pair of solar wings on the orbiting ISS. Mike Leinbach, launch director for the mission, said the lift-off was picture perfect. “I have seen a lot of launches and this was the most visually beautiful,” he told reporters in a briefing. “It was just spectacular. When the orbiter and the tank, booster got up in the sun light it was just gorgeous.” The mission, one of the last major tasks of the more than decade-long effort to construct the station, has been shortened by one day after a hydrogen leak last week led to a scrub of an earlier launch date. But NASA officials said that the problem had been cleared up and that there has been no recurrence of the malfunction. The leak was discovered Wednesday, when the external tank was 98% full of liquid hydrogen prompting it to be emptied for the checks. Source: Tech News - Livemint.com | 16 Mar 2009 | 3:53 am Now, mall developers may have to foot fixtures’ billNew Delhi, March 15 In the face of a slowdown, retailers looking to lease space have started asking developers to bear the cost of fit-outs and fixtures for new stores.Source: Business Line - Home Page | 16 Mar 2009 | 12:00 am FRBM and recessionThe fiscal deficit of the Government has been very much in the news. Commonly understood, fiscal deficit is the difference between the Government’s receipts and the expenditure. The borrowings of the Government are equal to fiscal deficit. TheSource: Business Line - Home Page | 16 Mar 2009 | 12:00 am Sugar imports, even at zero duty, unviableNew Delhi, March 15 Sugar imports — both raws and whites even at zero duty — have become unviable in the present scenario where the Centre is going all out to ensure that prices do not cross the Rs 25 a kg level at the retail end inSource: Business Line - Home Page | 16 Mar 2009 | 12:00 am Marginal hike in jet fuel pricesNew Delhi, March 15 State-owned oil firms have marginally hiked jet fuel prices by an average Rs 158 a kilolitre. With this move, Aviation Turbine Fuel (ATF) will cost Rs 27,275 a kilolitre in Delhi from Sunday midnight as against Rs 27,106Source: Business Line - Home Page | 16 Mar 2009 | 12:00 am ‘Fear factor’ in markets lowerBL Research Bureau The Sensex was back at its three-year low just last week, but the ‘fear factor’, as measured by market volatility readings, is well below the peak recorded in October/November 2008.Source: Business Line - Home Page | 16 Mar 2009 | 12:00 am Gold futures may test resistance levelsGold futures ended higher on speculation that recession will deepen, boosting the appeal of the precious metal as a store of value. Buying of physical gold to back ETFs has represented a major part of demand in recent months. Investment in theSource: Business Line - Home Page | 16 Mar 2009 | 12:00 am Corporate loans: Banks calling the tuneMumbai, March 15 At a time when the spotlight has shifted from equity to debt funding , some banks have started dictating terms while lending to the corporates whose ongoing projects are facing funding problems.Source: Business Line - Home Page | 16 Mar 2009 | 12:00 am Lakshmi Vilas Bank (Rs 60): BuyWe recommend a buy on Lakshmi Vilas Bank from a short-term perspective. It is clearly visible from the charts of Lakshmi Vilas Bank that it was on an intermediate-term downtrend from September 2008 to early March 2009 low (from Rs 110 to Rs 51),Source: Business Line - Home Page | 16 Mar 2009 | 12:00 am Nokia rejigs India operationsNew Delhi, March 15 To keep its leadership position intact, mobile handset maker Nokia has restructured its organisational set up in India.Source: Business Line - Home Page | 16 Mar 2009 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 16 Mar 2009 | 12:00 am CBI raids Raju's Madhapur 'den'Satyam Computer Services' jailed founder B Ramalinga Raju is finding himself in deeper trouble with the CBI obtaining more evidence against him.Source: Daily News & Analysis: Money News | 15 Mar 2009 | 10:26 pm Infy eyes $200 m healthcare buyoutIndia's IT service companies, Infosys Technologies is focusing on smaller acquisitions in the healthcare space.Source: Daily News & Analysis: Money News | 15 Mar 2009 | 10:06 pm Gold ETFs start shining for MFsMutual funds, which appreciate the difficulty in raising money through equity schemes amidst heightened risk aversion, are seeing a glittering ray of light in the yellow metal.Source: Daily News & Analysis: Money News | 15 Mar 2009 | 10:05 pm 'Brace for 10 years of insipid global growth'In early 2007, when the world was awash in liquidity, economist Jim Walker warned of a "coming Apocalypse". And even today, his outlook on the global economy is grim.Source: Daily News & Analysis: Money News | 15 Mar 2009 | 10:04 pm Omaxe restructures Rs 450 cr debtReal estate developer Omaxe has restructured about Rs 450 crore of outstanding debt and is in talks with public sector banks for further debt restructuring.Source: Daily News & Analysis: Money News | 15 Mar 2009 | 10:04 pm YS Bhave, Anil Razdan in race for Trai top slotThe race for the chairman's position at the Telecom Regulatory Authority of India is learnt to have narrowed down to two - YS Bhave and Anil Razdan.Source: Daily News & Analysis: Money News | 15 Mar 2009 | 10:03 pm Power ministry trips open access planPlanning Commission to ask PMs Office to intervene.Source: Business Standard | Front Page Headlines | 15 Mar 2009 | 7:07 pm Gopinath cargo airline to take off in MayTo take delivery of freighters from April onwards.Source: Business Standard | Front Page Headlines | 15 Mar 2009 | 6:36 pm 2-wheeler, auto-rickshaws may feel Nano impactWorld's cheapest car begins the final lap to launch.Source: Business Standard | Front Page Headlines | 15 Mar 2009 | 6:35 pm I-T widens scope of Hutch-Voda tax scrutinyThe income tax (I-T) department has widened the scope of the investigation of the tax liability on Vodafone-Essar, Indias fourth-largest mobile service provider, to other offshore transactions associated with Vodafones buyout of Hutchison Whampoas 67 per cent stake in an $11.08 billion deal in 2007.??Sources close to the development said the department had sent a notice to the company seeking details and clarifications on a host of issues besides the original agreementSource: Business Standard | Front Page Headlines | 15 Mar 2009 | 6:34 pm IT industry will tide over current downturn’Mumbai: Infosys Technologies Ltd CEO and co-founder S.Gopalakrishnan said on Sunday that the Indian information technology (IT) industry would tide over the current downturn and may surpass the US in terms of having the largest number of IT professionals in the next three years. “In the IT revolution, we are at the centre. We are underinvested, but that is an opportunity. A lot of investment is being done in R&D (research and development) here because talent is available here. Our education system provides for that,” he said. Source: Tech News - Livemint.com | 15 Mar 2009 | 5:40 pm Downturn highlights HR role, shows few firms get it rightWhat is the role of human resource departments as the world goes through turmoil, and what is their future as so many industries face extreme change? --Effendi Ibnoe, Bali, Indonesia Your question arrived in our inbox on the same day that we received a note from an acquaintance who had just been let go from his job in publishing—certainly one of the industries facing, as you put it, “extreme change”. He described his layoff as practically an Orwellian experience: He was ushered into a conference room to meet an outplacement consultant who, after dispensing with logistics, informed him that she would call him at home that evening to make sure that “everything was all right”. “I assured her I had friends and loved ones and a dog,” he wrote, “and since my relationship with her could be measured in terms of seconds, they could take care of that end of things.” Click here to watch video “Memo to HR professionals: Instead of putting your dismissed employees (in a room) with solicitous outplacement reps,” he noted wryly, “put them in a room with some crockery for a few therapeutic minutes of smashing things against a wall.” We’d suggest another, more serious memo to HR. “Layoffs are your moment of truth,” it would say. “Your company must treat departing employees with the same attentiveness and dignity that it did when they were hired. HR proves its mettle and its worth during layoffs, demonstrating whether a company really cares about its people or just spouts lip service to that effect.” Also See Jack and Suzy Welch’s earlier videos Look, we’ve written before about HR and the game-changing role we believe it can—and should—play as the engine of an organization’s hiring, appraisal and development processes. We’ve asserted that too many companies relegate HR to the mundane busy-work of newsletters, picnics and benefits, and we’ve made the case that every CEO should elevate his head of HR to the same level as the CFO.  So, on to your question regarding what HR’s correct role is now, especially in terms of layoffs. We’d suggest three roles. First, HR’s role is to make sure that people are laid off by their managers, not by strangers. Being fired is dehumanizing in any event, but getting the news from a hired gun only makes matters worse. That’s why HR must make sure managers accept their duty, which is not to delegate the one conversation at work that must be personal. The bad news should be delivered face-to-face. Second, HR’s role is to serve as the company’s arbiter of equity. Nothing raises hackles more during a layoff than the sense that some people—read: the loudmouths and litigious—are getting better deals than others. HR can mitigate that dynamic by making sure that severance arrangements, if they exist, are appropriate and evenhanded across units and divisions. You simply don’t want people to leave your organization feeling as though they were dealt with unjustly. They need to feel: “HR kept the process clean. I’m not happy, but at least I know I was treated fairly.” Finally, HR’s role is to absorb pain. In the hours and days after being let go, people need to vent, and it is HR’s job to be completely available to console them. At some point, an outplacement consultant can come into the mix to assist with the transition, but HR can never let “the departed” feel as though they’ve been sent to a leper colony. Someone connected to each let-go employee—either a colleague or HR staffer—should check in with them regularly. And not just to ask “Is everything OK?” and be done with it, but to listen to the answer with an open heart, and, when appropriate, offer to serve as a reference to prospective employers. Three years ago we wrote a column called “So many CEOs get this wrong”, and while we received many letters in support of our stance that too many companies undervalue HR, a significant minority wrote in to pooh-pooh HR as being irrelevant to the “real work” of business. Given the current circumstances, we wonder how those HR minimalists are feeling now. If their companies are in crisis—or their own careers—perhaps they’ve at last seen the light. ©2009/BY NYT SYNDICATE Write to Jack & Suzy Jack and Suzy are eager to hear about your career dilemmas and challenges at work, and look forward to answering some of your questions in future columns. Jack and Suzy Welch are the authors of the international best-seller,Winning. Their latest book is Winning: The Answers: Confronting 74 of the Toughest Questions in Business Today. Mint readers can email them questions at winning@livemint.com. Please include your name, occupation and city. Only select questions will be answered. Source: World Business - Livemint.com | 15 Mar 2009 | 4:36 pm AIG to pay $165 mn in bonus despite protestsWashington: Despite being bailed out with more than $170 billion (Rs8.79 trillion) from the treasury and Federal Reserve, American International Group Inc. (AIG) is preparing to pay about $165 million in bonuses to executives in the same business unit that brought the company to the brink of collapse last year. Word of the bonuses last week stirred such deep consternation inside the Obama administration that treasury secretary Timothy F. Geithner told the firm they were unacceptable and demanded they be renegotiated, said a senior administration official, who was not authorized to speak on the record. But the bonuses will go forward because lawyers said the firm was contractually obligated to pay them.  Defensive mode: Edward M. Liddy, the government-appointed chief of AIG, said the bonuses were needed to keep the most skilled executives. Jay Mallin / Bloomberg The payment of so much money at a company at the heart of the financial collapse that sent the broader economy into a tailspin almost certainly will fuel a popular backlash against the government’s efforts to prop up Wall Street. Past bonuses already have prompted President Barack Obama and the Congress to impose tough rules on corporate executive compensation at firms bailed out with taxpayer money. AIG, nearly 80% of which is now owned by the government, defended its bonuses, arguing that they were promised last year before the crisis and cannot be legally cancelled. In a letter to Geithner, Edward M. Liddy, the government-appointed chairman of AIG, said at least some bonuses were needed to keep the most skilled executives. “We cannot attract and retain the best and the brightest talent to lead and staff the AIG businesses—which are now being operated principally on behalf of American taxpayers—if employees believe their compensation is subject to continued and arbitrary adjustment by the US treasury,” he wrote to Geithner on Saturday. Still, Liddy seemed stung by his talk with Geithner, calling their conversation last Wednesday “a difficult one for me” and noting that he receives no bonus himself. “Needless to say, in the current circumstances,” Liddy wrote, “I do not like these arrangements and find it distasteful and difficult to recommend to you that we must proceed with them.” An AIG spokeswoman said the company had no comment beyond the text of the letter. The bonuses were first reported by The Washington Post. © 2009/THE NEW YORK TIMES feedback@livemint.com Mary Williams Walsh contributed to this story. Source: World Business - Livemint.com | 15 Mar 2009 | 4:26 pm
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