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As supply chain industry reels, India delivers for DHLThe financial meltdown has hurt the global supply chain industry, especially in the auto and technology sectors. But DHL, the world\'s largest supply chain player, says India has bucked the trend in these two sectors. CNBCTV18 Neha Pandey reportsSource: Moneycontrol Top Headlines | 20 Mar 2009 | 5:00 pm LIC earmarks Rs 1400cr for IT forayAfter capturing the life insurance market, the Life Insurance Corporation of India (LIC) is going big on its IT initiatives. Four IT companies including, LT Infotech, Wipro, TCS and Infosys, are in the race for that business. LIC is looking at spending more that Rs 1,400 crore for the same.Source: Moneycontrol Top Headlines | 20 Mar 2009 | 4:52 pm Pyramid Saimira takes IT Dept to court over a/c attachmentPyramid Saimira has filed a petition against the Income Tax (IT) Department opposing the attachments of its bank accounts. The Chennaibased media company wanted to get a stay on the attachment which the High Court refused today because they have asked the IT Department to come up with their set of explanations that will be done on Monday.Source: Moneycontrol Top Headlines | 20 Mar 2009 | 4:44 pm As deadline ends, Satyam bidders want key fin detailsAt the Satyam board meeting gets underway at the time of filing this report, it is learnt that the board is meeting to decide on what kind of information it will give to the bidders, who clear the second level of the bidding process.Source: Moneycontrol Top Headlines | 20 Mar 2009 | 4:13 pm DLF eyes minority stake in DAL to aid REIT listing: SourcesDLF is considering picking up minority stake in DLF Assets or DAL, reports CNBCTV18 quoting sources this will help the DLF assets in their plans for REIT or real estate investment trusts listing and DLF will be its sponsor for the same.Source: Moneycontrol Top Headlines | 20 Mar 2009 | 3:46 pm Expect around 50% rev growth in FY10: Everest KantoPrem Khurana, CMD, Everest Kanto, said the company can achieve about 50% revenue growth in FY10. \"The way the markets are looking today, we will be growing quite fast in our large, jumbo cylinders and the other industrial segment. In the Indian CNG segment, we dont see large growth. It maybe around 2025%. But total growth will be quite higher.\"Source: Moneycontrol Top Headlines | 20 Mar 2009 | 3:24 pm Lending rates can\'t fall more than 50 bps: PNBKC Chakrabarty, CMD, Punjab National Bank, expects 20% credit growth in FY10. He feels interest rates should come down with inflation. \"But we do not expect deposit rates to come down below 7%, if average inflation is 34%. However, lending rates can come down by a maximum of 50 bps.\"Source: Moneycontrol Top Headlines | 20 Mar 2009 | 2:17 pm Expect order slowdown in FY10: LTSpeaking at a twoday conference organised by Edelweiss yesterday, LT said they were facing challenges like slowdown in orders, project delays or deferments, and also a stressed working capital cycle. The outlook for FY10, LT said, is similar to that of FY09. They expect a slowdown in orders next fiscal.Source: Moneycontrol Top Headlines | 20 Mar 2009 | 1:01 pm `US values India`s human resources`!Top US officials have told a group of Indian CEOs that Washington values India`s human resources.Source: Zee News : Business | 20 Mar 2009 | 12:16 pm Satyam Board meets to evaluate EoIs!The Satyam Board met Friday to evaluate the proposals of the suitors for acquiring up to 51 per cent stake in the crisis-ridden IT company among other issues.Source: Zee News : Business | 20 Mar 2009 | 12:16 pm India 75th best for business!India has got 75th rank in the Forbes list for `Best Countries For Business`.Source: Zee News : Business | 20 Mar 2009 | 12:16 pm Oil prices down in Asia, stay around $ 51!Oil prices eased in Asian trade Friday but stayed around USD 51 a barrel after a dramatic US central bank move to infuse USD one trillion into the financial system.Source: Zee News : Business | 20 Mar 2009 | 12:16 pm 60 year drop in world GDP!The world economy is set to contract for the first time in 60 years, IMF warned on Thursday.Source: Zee News : Business | 20 Mar 2009 | 12:16 pm Obama`s special envoy Holbrooke once served on AIG`s board!Obama administration special envoy Richard Holbooke was on the American International Group Inc board of directors in early 2008 when the insurance company locked in the bonuses now stoking national outrage.Source: Zee News : Business | 20 Mar 2009 | 12:16 pm Geithner refuses to quit over AIG furor!Treasury Secretary Timothy Geithner has fended off resignation calls from Republicans but said he shouldered the blame for the political mishandling of a furor over AIG bonuses.Source: Zee News : Business | 20 Mar 2009 | 12:16 pm US House passes bill for 90% tax on bailout bonuses!Swept up by a wave of populist economic anger, the US House of Representatives overwhelmingly voted Thursday to slap a 90 percent tax on bonuses for top executives at bailed-out firms like AIG.Source: Zee News : Business | 20 Mar 2009 | 12:16 pm EU reaches deal on USD 6.9bn stimulus plan!EU leaders have reached a deal on the use of 5bn euros in community funds to stimulate the economy.Source: Zee News : Business | 20 Mar 2009 | 12:16 pm Telenor carries out first part of $1.2 bln Unitech Wireless dealOSLO (Reuters) - Norwegian telecom group Telenor invested an initial $250 million in Indian operator Unitech Wireless for a 33.5 percent stake and will inject the remaining $970 million in three tranches this year, Telenor said on Friday.Source: Reuters: Money News | 20 Mar 2009 | 12:03 pm 20 March: on way to 15th Lok SabhaBJP drops Varun from list of party campaigners In an apparent bid to keep itself away from further controversy arising out of the anti-Muslim remarks of Varun Gandhi, the BJP has dropped him from the official list of party campaigners for the Lok Sabha polls. Click here to watch video Gandhi was originally among the list of 40 party leaders which the BJP had decided to submit to the Election Commission a day after the first notification for the polls come out on 23 March. “The official list of campaigners will be of official speakers of the party. The move (of removing Varun Gandhi’s name) is an effort towards not having any further controversies while we need to concentrate on the polls,” a top party leader, in charge of the campaign, said. The recent change in rules introduced by the Election Commission makes the party responsible along with the leader for any violation of the model code of conduct, the leader said. Gandhi’s name also does not figure in the list of leaders for whom the party today demanded extra security cover during their campaign. — PTI BSP releases candidate list for Uttar Pradesh Bahujan Samaj Party chief Mayawati on Friday released the list of party candidates for all the 80 Lok Sabha seats in Uttar Pradesh and announced that she would launch her nationwide campaign from Kerala Saturday. “Tomorrow, I will kick-start the BSP national campaign from Kerala with a rally in Thiruvananthapuram,” she told a press conference. The Uttar Pradesh chief minister also released the party’s Special Appeal to the electorate in Uttar Pradesh. “In the Special Appeal, I have raised certain issues and I will urge them to vote for BSP based on those issues,” she said. The Uttar Pradesh chief minister said she would be campaigning across the country non-stop from tomorrow till 11 May, but would take care of her official duties. “I will always return to the state after campaigning. I will not neglect the Uttar Pradesh government,” she said. Mayawati said the government will also ensure that the model code of conduct was adhered to by all parties in Uttar Pradesh. “Unlike the earlier state governments, we would not allow any unwanted elements to capture booths or disrupt elections”. “We will ensure that people of all religions, castes, and community are allowed to vote,” she said. — PTI Prime Minister fine and will campaign Recuperating steadily after undergoing bypass surgery, Prime Minister Manmohan Singh on Friday said he was fit to take part in the election campaigning. “I am alright. Of course, I will campaign,” Singh said in his first interaction with media on the sidelines of the defence investiture ceremony at Rashtrapati Bhavan. This was also the Prime Minister’s first public appearance since his heart surgery on 24 January . Singh, along with his wife Gursharan Kaur, sat through the 75-minute function in which defence personnel and others were honoured for showing exceptional gallantry in fighting terror and facing other challenges. Vice President Hamid Ansari, United Progresssive Aalliance chairperson Sonia Gandhi, leader of opposition L.K. Advani, defence minister A.K. Antony and a host of other dignitaries were present. Resuming his normal activities, the Prime Minister had on Thursday chaired a meeting of the Union Cabinet for the first time after the surgery. — PTI Varun moves Allahabad high court challenging FIR Embattled Bharatiya Janata Party leader Varun Gandhi, against whom a criminal case was filed over his alleged anti-Muslim speeches, on Friday knocked the dooors of two separate high courts seeking quashment of charges against him and prevent his possible arrest even as he appeared headed for more trouble for allegedly distributing money in Pilibhit. Varun moved the Allahabad high court with a petition seeking quashing of the FIR filed on 17 March at Barkheda Police Station in Piliphit under Sections 153 A (promoting enmity between different groups on ground of religion) and 188 (disobedience to order duly promulgated by a public servant) of Indian Penal Code and Section 125 of the Representation of the People Act. Varun alleged in his petition that the FIR, which was lodged nine days after he had made the speeches, was “a part of a political conspiracy to spoil” his political career and “tarnish” his “secular image”. He has also alleged the video footage of a public meeting, on the basis of which the Election Commission has taken the action against him, “has been tampered with” and did not contain his voice. Parallelly, Varun approached the Delhi high court seeking anticipatory bail with his counsel telling a bench headed by Chief Justice A.P. Shah that there was apprehension of his arrest since the provision for anticipatory bail was not available in Uttar Pradesh. — PTI Sangma meets Advani, Karat Unhappy over the imposition of Central rule in Meghalaya, senior Nationalist Congress Party leader P.A. Sangma on Friday held discussions on the issue with opposition leader in the Lok Sabha L.K. Advani and CPI(M) general secretary Prakash Karat. The senior NCP leader met Advani and held talks with him on the imposition of President’s rule in Meghalaya. Sangma drove to AKG Bhavan, the CPI(M) headquarters, where he apprised Karat about the situation in Meghalaya. The meeting lasted about 20 minutes. — PTI Source: Home - Livemint.com | 20 Mar 2009 | 12:01 pm 20 March: on way to 15th Lok SabhaBJP drops Varun from list of party campaigners In an apparent bid to keep itself away from further controversy arising out of the anti-Muslim remarks of Varun Gandhi, the BJP has dropped him from the official list of party campaigners for the Lok Sabha polls. Click here to watch video Gandhi was originally among the list of 40 party leaders which the BJP had decided to submit to the Election Commission a day after the first notification for the polls come out on 23 March. “The official list of campaigners will be of official speakers of the party. The move (of removing Varun Gandhi’s name) is an effort towards not having any further controversies while we need to concentrate on the polls,” a top party leader, in charge of the campaign, said. The recent change in rules introduced by the Election Commission makes the party responsible along with the leader for any violation of the model code of conduct, the leader said. Gandhi’s name also does not figure in the list of leaders for whom the party today demanded extra security cover during their campaign. — PTI BSP releases candidate list for Uttar Pradesh Bahujan Samaj Party chief Mayawati on Friday released the list of party candidates for all the 80 Lok Sabha seats in Uttar Pradesh and announced that she would launch her nationwide campaign from Kerala Saturday. “Tomorrow, I will kick-start the BSP national campaign from Kerala with a rally in Thiruvananthapuram,” she told a press conference. The Uttar Pradesh chief minister also released the party’s Special Appeal to the electorate in Uttar Pradesh. “In the Special Appeal, I have raised certain issues and I will urge them to vote for BSP based on those issues,” she said. The Uttar Pradesh chief minister said she would be campaigning across the country non-stop from tomorrow till 11 May, but would take care of her official duties. “I will always return to the state after campaigning. I will not neglect the Uttar Pradesh government,” she said. Mayawati said the government will also ensure that the model code of conduct was adhered to by all parties in Uttar Pradesh. “Unlike the earlier state governments, we would not allow any unwanted elements to capture booths or disrupt elections”. “We will ensure that people of all religions, castes, and community are allowed to vote,” she said. — PTI Prime Minister fine and will campaign Recuperating steadily after undergoing bypass surgery, Prime Minister Manmohan Singh on Friday said he was fit to take part in the election campaigning. “I am alright. Of course, I will campaign,” Singh said in his first interaction with media on the sidelines of the defence investiture ceremony at Rashtrapati Bhavan. This was also the Prime Minister’s first public appearance since his heart surgery on 24 January . Singh, along with his wife Gursharan Kaur, sat through the 75-minute function in which defence personnel and others were honoured for showing exceptional gallantry in fighting terror and facing other challenges. Vice President Hamid Ansari, United Progresssive Aalliance chairperson Sonia Gandhi, leader of opposition L.K. Advani, defence minister A.K. Antony and a host of other dignitaries were present. Resuming his normal activities, the Prime Minister had on Thursday chaired a meeting of the Union Cabinet for the first time after the surgery. — PTI Varun moves Allahabad high court challenging FIR Embattled Bharatiya Janata Party leader Varun Gandhi, against whom a criminal case was filed over his alleged anti-Muslim speeches, on Friday knocked the dooors of two separate high courts seeking quashment of charges against him and prevent his possible arrest even as he appeared headed for more trouble for allegedly distributing money in Pilibhit. Varun moved the Allahabad high court with a petition seeking quashing of the FIR filed on 17 March at Barkheda Police Station in Piliphit under Sections 153 A (promoting enmity between different groups on ground of religion) and 188 (disobedience to order duly promulgated by a public servant) of Indian Penal Code and Section 125 of the Representation of the People Act. Varun alleged in his petition that the FIR, which was lodged nine days after he had made the speeches, was “a part of a political conspiracy to spoil” his political career and “tarnish” his “secular image”. He has also alleged the video footage of a public meeting, on the basis of which the Election Commission has taken the action against him, “has been tampered with” and did not contain his voice. Parallelly, Varun approached the Delhi high court seeking anticipatory bail with his counsel telling a bench headed by Chief Justice A.P. Shah that there was apprehension of his arrest since the provision for anticipatory bail was not available in Uttar Pradesh. — PTI Sangma meets Advani, Karat Unhappy over the imposition of Central rule in Meghalaya, senior Nationalist Congress Party leader P.A. Sangma on Friday held discussions on the issue with opposition leader in the Lok Sabha L.K. Advani and CPI(M) general secretary Prakash Karat. The senior NCP leader met Advani and held talks with him on the imposition of President’s rule in Meghalaya. Sangma drove to AKG Bhavan, the CPI(M) headquarters, where he apprised Karat about the situation in Meghalaya. The meeting lasted about 20 minutes. — PTI Source: LatestNews-Home - Livemint.com | 20 Mar 2009 | 12:01 pm IOC seeks 50% partnership for operating RIL's pumps - Financial Express
Source: Google News India - Business | 20 Mar 2009 | 12:00 pm Varun gets anticipatory bail from Delhi High CourtNew Delhi: Varun Gandhi on Friday got temporary reprieve from the Delhi High Court which granted him anticipatory bail following allegations of making communal speeches but found no solace from the BJP which disapproved the contents of a CD on his speeches sent to it by the Election Commission. The High Court on a petition from Varun restrained the police from arresting him till the Allahabad High Court decides on his plea in connection with his reported anti-Muslim speeches. Justice Reva Khetrapal granted Varun’s plea, while rejecting the submission of Delhi Police that the court had no jurisdiction to entertain the petition as the FIR against him was lodged in Uttar Pradesh. Varun, in his petition before the Allahabad High Court, sought quashing of the FIR registered against him in Philibit for his alleged inflammatory and communal speeches. The Court granted the bail and asked the politician to pay a personal surety of Rs50,000. “The Bharatiya Janata Party categorically states that it completely disagrees, disassociates and disapproves the contents of the CD as sent to us,” party leader R Ramakrishna said in his single page reply to an EC notice. Uttar Pradesh officials today visited the residence of 29-year-old Varun, BJP’s Lok Sabha candidate from Pilibhit, and handed over a copy of the CD containing his hate speech. This comes three days after the Election Commission issued a notice to BJP and Varun for alleged violation of model code of conduct. A two-member team headed by A K Mishra, a tehsildar rank officer of the UP Government, handed over the CD at the residence of Varun’s mother and former Union Minister Maneka Gandhi here, where the BJP candidate stays. The officials were accompanied by a team from Delhi Police, which did not enter the residential premises. The team was at Gandhi’s residence for about half-an-hour. “We have come here in connection with the CD case. We have handed over a copy of the CD,” Mishra said. Varun’s office, when contacted, refused to give any further details. Varun had on Thursday moved the Delhi High Court seeking anticipatory bail. Sources in the UP police said the onus of challenging the contents of the CD lay on Varun. The EC had on Tuesday directed the Uttar Pradesh Chief Electoral Officer to file a case under Indian Penal Code and Representation of the People Act against Varun in connection with his speeches. The High Court issued notices to Delhi and Uttar Pradesh governments on Varun’s plea and listed the matter for further hearing on the question of jurisdiction on 27 March. Varun contended that he was being falsely implicated. Source: LatestNews-Home - Livemint.com | 20 Mar 2009 | 11:59 am Don\'t hold any stake in Sistema: Shyam TelecomThe Russian government has picked up 20% stake in SistemaShyam. The Shyam Tele stock moved up about 18% on that news to Rs 56.50. Commenting on this development, Rajiv Mehrotra, Chairman and Founder, Shyam Telecom, clarified that Shyam Telecom is different from Shyam Telelink.Source: Moneycontrol Top Headlines | 20 Mar 2009 | 11:50 am Adani Wilmar looks to acquire assetsKolkata: Adani Wilmar Ltd, the country’s largest edible oil manufacturer, is looking at acquisition of assets to increase its solvent extraction (crushing) capacity, a company official said. Adani Wilmar CEO Atul Chaturvedi said that the company’s present crushing capacity was 6,000 tonnes per day (TPD). “We are looking to acquire assets in this area,” he said. Besides inorganic growth, the company is also looking at organic growth by doubling refining capacities at its port-based plant in Haldia in West Bengal. It is planning to invest about Rs600 crore over the next one year in the state. Adani Wilmar’s present refining capacity is 5,000 TPD and it has a present market share of 19%. Chaturvedi said that the company was targeting 2.5 million-tonnes-per-annum production capacity by 2012. Adani Wilmar, which has a turnover of Rs6,000 crore, is eyeing a turnover of Rs12,000 crore by 2012. The company manufactures edible oils like mustard, soyabean, sunflower, cottonseed, groundnut and coconut. Source: LatestNews-Home - Livemint.com | 20 Mar 2009 | 11:50 am Week in reviewNew Delhi: The broadcast sponsorship rights for the Indian Premier League or IPL have been restored to Multiscreen Media run by Sony Max TV. Sources say in an out of court settlement Multiscreen Media and World Sport will pay IPL 20% more than the original sum of $1.026 billion or about Rs5,212 crore. Click here to watch video Inflation dropped to its lowest level in three decades in India, but that is bringing no cheer to consumers as food prices continue to stay high. Inflation for the first week of March as measured by WPI has drastically slid to 0.44%. Inflation was at 2.43% the previous week and slid on the back of cheaper fuel items and manufacture. But CPI or the Consumer Price Index which really matters for the middle class is at 10.45 %. CPI is declared on a monthly basis and the last figure available is for January. Financial health indictors for the coming quarter are already flashing red. Corporate tax in the fourth quarter is Rs17,622 crore — a contraction of 13% versus last year. Low taxes are correlated to profits and point to a not so hopeful outlook for the first quarter of 2009-10. The retail sector is limping in the economic downturn. As sales slow, three of India’s biggest listed retail chains, Vishal Retail, Pantaloon Retail and Shoppers Stop are struggling with rising debt and interest costs. According to analysts, Vishal Retail’s debt to equity ratio has risen to 2.65:1. The industry norm is 1:1. Pantaloon will see its interest payout, as a proportion of sales rising this year, and Shoppers Stop could find it difficult to meet all its debt obligations. Analysts say retailers are forced to borrow money for short term, resulting in a higher level of debt—and higher interest payouts. BJP Lok Sabha candidate from Pilibhit, Varun Gandhi, on Friday filed his reply to the Election Commission’s notice in connection with his alleged anti-Muslim speeches. Meanwhile the Delhi High Court granted anticipatory bail to Varun restraining the police from arresting him till the Allahabad High Court decides on his petition. The alleged remarks kicked up a political storm. Finding itself in spot the BJP has distanced itself from his alleged remarks. Under attack from all sides, Varun has been alleging a political conspiracy. And economic slowdown or not the show must go on. At the Wills Lifestyle India Fashion Week, a record number 27 of new designers are showing this time, and they seem quite optimistic about the year ahead, even as they find ways of strategising around the downturn. Still, only about 170 registered buyers are at the show this season compared with 200 last year. Not just this, the buyers have come in with lower budgets, making the competition a lot tougher. Source: LatestNews-Home - Livemint.com | 20 Mar 2009 | 11:49 am Renault to create jobs in France Paris: Renault SA said Friday it plans to create 400 jobs in France by moving excess production of its Clio Campus model from Slovenia to the French site of Flins northwest of Paris. Nathalie Bourotte said the move will not entail any job losses at Renault’s Slovenian plant of Novo mesto, which makes the Twingo and Clio models and is at full capacity after a French government stimulus measure that has proven popular boosted demand for small models made there. As a result of Friday’s announcement, Renault expects to produce around 8,000 Clio Campus vehicles in Flins from June to October to meet this extra demand. The French site mostly produces the newer Clio III model. Industry minister Luc Chatel welcomed the move in a radio interview this morning, calling it a “repatriation of the production.” Bourotte said the decision was taken for business reasons to meet increased demand, allowing the Slovenian plant to increase production of the Twingo while the French plant makes more Clio Campus. “Novo Mesto has no more available capacity, which is why we took the decision,” she said. Source: LatestNews-Home - Livemint.com | 20 Mar 2009 | 11:41 am Tech Mahindra submits its final bid for SatyamNew Delhi: Software company Tech Mahindra has put in its formal bid for acquiring a majority stake in Satyam Computer. “We have put in expression of interest (EoI) as per the process set out by the Satyam Board,” a company spokesperson said. The company has submitted a proof for cash availability of Rs1,500 crore, the spokesperson said. Source: LatestNews-Home - Livemint.com | 20 Mar 2009 | 11:39 am NTPC approves Rs 50.29 cr investment for Orrisa plant - Economic Times
Source: Google News India - Business | 20 Mar 2009 | 11:37 am Pirates seize Greek cargo ship in Gulf of AdenAthens: Pirates have seized a Greek-owned cargo ship in the Gulf of Aden off the coast of Somalia, Greece’s merchant marine ministry said Friday. The ministry said the St. Vincent-flagged Titan, with 24 crew members on board, was seized late Thursday night. Three of the crew members, including the captain, are Greek. The Titan had been sailing from the Black Sea to Korea with a cargo of metal when it came under attack, the ministry said. Last month, pirates in the same area seized another Greek-owned cargo ship with a 22-member crew. Pirate attacks are frequent off the Somali coast, and have continued despite the presence of a large number of warships to protect commercial shipping. Also Friday, the Turkish military said one of its warships foiled a pirate attack on a Turkish commercial ship in the Gulf of Aden. Military spokesman Brig. Gen. Metin Gurak said the cargo vessel reported on Thursday that it was being attacked by two fast-moving skiffs carrying pirates. Gurak said the TCG Giresun immediately headed toward the region and sent a helicopter, foiling the attack. The warship is part of the multinational task force designed to combat the pirates. Source: LatestNews-Home - Livemint.com | 20 Mar 2009 | 11:37 am Worst is not over for Indian economy: Moody's - Sify
Source: Google News India - Business | 20 Mar 2009 | 11:35 am Xerox warns Q1 profit far short of forecastsNEW YORK (Reuters) - Xerox Corp, the world's top supplier of digital printer and document management services, warned on Friday that first-quarter earnings will fall far short of its earlier expectations, as a slowdown in technology spending undercuts revenue.Source: Reuters: Money News | 20 Mar 2009 | 11:33 am IPL: Modi says multiple schedules ready for multiple possibilitiesMumbai: Confident of staging the second edition of the high-profile Indian Premier League (IPL), its Commissioner Lalit Modi on Friday said the organisers were ready with “multiple schedules for multiple possibilities” and was just awaiting the government’s clearance before releasing it. “Why don’t we wait for the official comment from the government. We already have multiple schedules for multiple possibilities, as and when the government decides we will put out the schedule. We are ready for any eventuality,” he said at the BCCI headquarters here. Modi said there was a lot of media fiction in last few days and it would not be proper to make any comment at this moment. “Let’s not pre-empt anything. It won’t be right to pre-guess anything now. There is a lot of fiction there in the media, let us wait for the official word from the government,” he said. Source: LatestNews-Home - Livemint.com | 20 Mar 2009 | 11:32 am BSNL announces nationwide launch of Blackberry solutionsChandigarh: State-owned Bharat Sanchar Nigam Ltd (BSNL) today announced the countrywide rollout of its blackberry solutions on the 3G network by launching Blackberry smart phones here today. Blackberry smart phones have a price range of Rs14,499-34,399. Three blackberry handsets launched today are Blackberry Bold, Blackberry Curve 8310 and Blackberry 8700. “The launch would strategically expand our gamut of services,” BSNL chairman and managing director Kuldeep Goyal told reporters here today. He said that with the launch of Blackberry services, BSNL would look at selling 1,000 handsets in the domestic market in coming months. Introduced under the post-paid mobile service, Blackberry service would carry fixed monthly charges ranging between Rs299 and Rs999 for Blackberry Internet service (BIS) and Rs425 and Rs875 for Blackberry Enterprise services (BES). These are in addition to the voice plan charges and customers can avail of this service under the monthly existing plan of Rs225, Rs325, Rs525 and Rs725. Source: Tech News - Livemint.com | 20 Mar 2009 | 11:32 am Nano launches Monday, but wait not over yetMumbai: Tata Motors will launch the much awaited Nano, slated to be the world’s cheapest car at less than $2,000, on Monday but it may be the middle of the year before it is seen on Indian roads. The formal launch comes 15 months after the tiny, snub-nosed car debuted at a glittering world autoshow in Delhi, and is seen as an effort by the leading Indian vehicle maker to meet a deadline it had set to launch in the first quarter of 2009. Bookings will only be taken from the second week of April, with delivery some time after that. “It would take at least until July for the cars to be actually on the roads,” a sales manager at Mumbai dealership Fortune Cars said. The car was initially set to go on sale last October, but the main production plant had to be moved to Gujarat on the west coast following land protests in the eastern state of West Bengal. Only about 50,000 cars will be available in the first year, analysts say, until the 250,000-unit capacity in Gujarat comes on stream. “We get a lot of enquiries, all wanting to know about the price, the variants available,” said an official at Wasan Motors, another dealer. Tata Motors has provided little details about the Nano to the dealers, but analysts say the cash-strapped company is likely to ask for a deposit of Rs70,000 on booking. “There has been a lot of hype created around the car,” the manager at Fortune Cars said. ”Some are genuine customers, others are just curious.” Source: Home - Livemint.com | 20 Mar 2009 | 11:32 am BSNL announces nationwide launch of Blackberry solutionsChandigarh: State-owned Bharat Sanchar Nigam Ltd (BSNL) today announced the countrywide rollout of its blackberry solutions on the 3G network by launching Blackberry smart phones here today. Blackberry smart phones have a price range of Rs14,499-34,399. Three blackberry handsets launched today are Blackberry Bold, Blackberry Curve 8310 and Blackberry 8700. “The launch would strategically expand our gamut of services,” BSNL chairman and managing director Kuldeep Goyal told reporters here today. He said that with the launch of Blackberry services, BSNL would look at selling 1,000 handsets in the domestic market in coming months. Introduced under the post-paid mobile service, Blackberry service would carry fixed monthly charges ranging between Rs299 and Rs999 for Blackberry Internet service (BIS) and Rs425 and Rs875 for Blackberry Enterprise services (BES). These are in addition to the voice plan charges and customers can avail of this service under the monthly existing plan of Rs225, Rs325, Rs525 and Rs725. Source: LatestNews-Home - Livemint.com | 20 Mar 2009 | 11:32 am Worst is not over for Indian economy: Moody'sThe Indian economy is unlikely to grow more than five percent in 2009 as 'the worst of the global economic crisis is yet to come', according to the research arm of the global rating agency Moody's.Source: IndiaeNews.com: Business News | 20 Mar 2009 | 11:31 am BSE Sensex sheds 0.4 pct, but up 2.4 pct on weekMUMBAI (Reuters) - The BSE Sensex fell 0.4 percent on Friday, led down by ICICI Bank and Reliance Industries, as investors took profits in a market that climbed more than 7 percent over two weeks.Source: Reuters: Money News | 20 Mar 2009 | 11:17 am Europe shares slip as worries emerge over Fed moveLondon: European shares fell on Friday, led lower by financial stocks, on concerns that the US Federal Reserve’s action to pump another $1 trillion into the financial system could stoke inflation in the long term. At 1002 GMT (3:32pm), the FTSEurofirst 300 index of top European shares was 1.2% lower at 706.84 points after rising 0.6% in the previous session. It has fallen 15% so far this year after plunging 45% in 2008. Banks were the top losers in Europe, with Barclays down 4.8%, Societe Generale falling 2.5%, Standard Chartered down 4.6% and Credit Agricole falling 2.2%. “People have some concerns about the potential inflationary effects of what the Federal Reserve has done. If everything is implemented, then the balance sheet of the Federal Reserve will have gone up by about $3,000 billion,” said Luc Van Hecka, chief economist at KBC Securities. “That’s a lot of money and it’s not unusual that people tend to see this as a threat to price stability somewhere in the future.” The Federal Reserve said this week that it would buy $300 billion of long-dated Treasuries over the next six months, its first large-scale purchases of government debt since the early 1960s, while also boosting buying of mortgage-backed securities and agency debt in its bid to rescue the economy. HSBC fell 4.9% as the stock traded ex-rights. HSBC investors backed its record £12.9 billion rights issue on Thursday, and trading the nil-paid shares allows investors to sell their rights to new shares. “Whilst the positive trading sessions have been welcomed, it is clear to everybody that this is still a market fraught with volatility,” said Chris Hossain, senior sales manager at ODL Securities. Across Europe, the FTSE 100 index, Germany’s DAX and France’s CAC 40 were down 0.4-1.3%. Fresh data raised concerns about the state of the global economy. Germany’s economic contraction likely intensified in the first quarter of this year, its finance ministry said in its March monthly report. The International Monetary Fund warned the world economy could shrink as much as 1% this year, in its first contraction since World War II. It said more swift action to purge banks of toxic assets was necessary to make a gradual recovery next year possible. EU leaders are likely to agree to contribute at least $75 billion to the IMF to boost its firepower in the face of the worst financial crisis since the 1930s. “This looks like a good opportunity to start getting into the market again and this conviction is slowly gaining ground, but people are not in a hurry because they have noticed over the past year and a half that sometimes you get these relief rallies only to fizzle out again,” said Hecka of KBC Securities. Automakers were under pressure as demand for cars continued to be hit. BMW, Daimler AG, Porsche, Volkswagen AG, Peugeot, Fiat were down 1.1-4.5%. But miners were generally higher, tracking firmer metals prices. Anglo American, Antofagasta and Eurasian Natural Resources rose between 2-3.5%. Bayer shares jumped 7% following a green light for its key new drug Xarelto from a US panel. German industrial conglomerate ThyssenKrupp plans to cut more than 3,000 jobs or about 1.5% of its total staff amid a slump in demand, the Financial Times reported on Friday. Its shares were down 0.6%. Source: Home - Livemint.com | 20 Mar 2009 | 11:15 am ANALYSIS - As gold and ETFs briefly diverged, a subtle shift?TOKYO (Reuters) - For the past year, investment in the world's largest gold-backed exchange-traded fund has risen hand-in-hand with spot prices, sometimes lagging, sometimes leading, but always giving a boost to market sentiment.Source: Reuters: Money News | 20 Mar 2009 | 11:10 am IIFCL to get $1.2 bn from World Bank in April: KohliNew Delhi: State-run infrastructure financing company IIFCL on Friday said the World Bank will disburse $1.2 billion loan next month for its various infrastructure projects. “$1.2 billion, we have been told yesterday, that they (World Bank) are doing (disbursing it) in April meeting,” India Infrastructure Finance Company Ltd (IIFCL) chairman SS Kohli told reporters on the sidelines of a FICCI summit here, when asked about assistance from the World Bank. IIFCL has signed an agreement with the Asian Development Bank for a $200 million loan, he said. Till 17 March, the company had raised Rs2,600 crore from the second tranche of the Rs10,000 crore tax-free bonds programme. On further issue of bonds, he said, “After expiry on 31 March, we can talk about it. The (earlier) target was 31 March that has been done. Next guidelines have not been received.” From the first tranche, IIFCL had raised Rs7,370 crore of tax-free bonds during the third week of January. The bond, which was guaranteed by the government, will give a 6.85% tax-free return to investors and have a maturity period of five years. Source: LatestNews-Home - Livemint.com | 20 Mar 2009 | 11:10 am Close: Markets fall flat on mixed global cuesNew Delhi: Indian shares fell 0.4% on Friday, led down by ICICI Bank and Reliance Industries, as investors took profits in a market that climbed more than 7% over two weeks. Uncertainty related to India’s slowing economy and political outlook ahead of upcoming elections, along with a drop in world markets, made traders wary ahead of the weekend and halted a two-day rise. Tata Steel, aluminium producer Hindalco Industries and non-ferrous metals poducer Sterlite Industries shrugged off the broader decline and rose on the back firmer metal prices. The 30-share BSE index closed down 0.39% at 8,966.68 points, with 17 stocks declining, after falling as much as 1.5% at one stage. The 50-share NSE index ended little changed at 2,807.05. The benchmark gained 2.4% on the week, after gaining 5.2% the previous week, but is down 7.1% this year. This week’s rise was underpinned by foreign fund buying of a net $280.9 million over five sessions to Thursday. It also helped propel the rupee to a three-week high and set it on course for its best week in 2009. “Global uncertainties continue to have an impact on the economic situation here. Election worries will keep the market volatile,” Jigar Shah, senior vice president at Kim Eng Securities, said. India goes to the polls in April and May, with little prospect of a single party winning a majority on its own, while the economy is seen slowing down sharply as the global crisis squeezes demand worldwide. Traders said they expected the market to trade in a narrow range over the next few weeks, with a weak bias until there was more clarity on the political outcome. Reliance, which has the heaviest weight in the main index, shed 0.5% to 1,338.55 rupees on profit taking. Still, the energy giant which is set to start pumping gas from its field off India’s east coast this month, gained 4.4% on the week. Private sector lender ICICI Bank fell 4.5% to Rs322.90, while government-run bigger rival State Bank of India dropped 1.5% to Rs953.55. The banking sector fell almost 2% but ended the week up 2.1%. Hindalco jumped 5.7% to Rs47.60 rupees, while Tata Steel climbed 1.7% and Sterlite rose 0.4%. In the broader section, advancers edged past losers 1,255 to 1,225 on relatively light volume of 251.4 million shares. Asian shares declined, with MSCI’s measure of Asian markets outside Japan falling 1.2 %. Japan was closed for a holiday. Source: Home - Livemint.com | 20 Mar 2009 | 11:01 am As deadline nears, Satyam bidders want key fin details - Moneycontrol.com
Source: Google News India - Business | 20 Mar 2009 | 11:00 am Lower int rates needed to boost infra spending - Reuters India
Source: Google News India - Business | 20 Mar 2009 | 10:59 am Worst yet to come for Indian economy: Moody'sThe positive movement of the stock market and mixed economic indicators are expected to be short-lived and the worst is not over for the Indian economy.Source: Daily News & Analysis: Money News | 20 Mar 2009 | 10:58 am Worst yet to come for Indian economy: Moody’sNew Delhi: The positive movement of the stock market and mixed economic indicators are expected to be short-lived and the worst is not over for the Indian economy, according to Moody’s. “The positive sentiment is expected to be short-lived, as India essentially only started feeling the pinch of the global downturn in the December quarter and the worst is yet to come,” Moody’s economy.com said in a research report. The industrial production growth slipped into negative territory for the third time in the current fiscal by 0.5% in January while exports also dropped by 15.9% on a year on year (yoy) basis in the month. However, expectations of further monetary easing measures by the Reserve Bank increased after inflation fell to 0.44% for the first week of March against 2.43% a week ago. Since October, RBI has infused over Rs4,00,000 crore in the system by cutting ratios and signalling interest rate cut. There is also some positive news from Dalal Street as the Bombay Stock Exchange benchmark index Sensex surged 245 points in this week. Moody’s added that the Indian economy is likely to grow by 6.3% with some downward risk in the current fiscal against government estimate of 7.1%. For the year 2009, India’s growth rate is unlikely to exceed 5%, but a recovery in the opening quarter of 2010 due to expected rebound of the US economy in the December quarter, should lift annual expansion to about 5% for fiscal 2009-2010, it said. It further added that the market sentiment is still unstable in India and so far in 2009 there has been a net outflow from the Indian stock market. Even businesses in India continue to be troubled by liquidity concerns and tight access to credit. “As the current focus of many firms is to refinance debt and survive the financial turmoil, investment is expected to be subdued this year,” the report added. Moody’s expects long-term investors to continue to value India’s underlying growth potential, but speculators who are facing liquidity constraints, are likely to stay clear of emerging markets on signs of turbulence. “As the current focus of many firms is to refinance debt and survive the financial turmoil, investment is expected to be subdued this year,” it added. Source: Home - Livemint.com | 20 Mar 2009 | 10:58 am Sony Ericsson warning stuns ailing mobile sectorHELSINKI (Reuters) - Sony Ericsson sparked fresh fear of crumbling consumer demand on Friday when the world's No 4 handset maker said it would sell barely half of the phones it sold last quarter.Source: Reuters: Money News | 20 Mar 2009 | 10:54 am Akruti City ends down 28% on F&O ban - Business Standard
Source: Google News India - Business | 20 Mar 2009 | 10:53 am Beefing up IMF: Beware of the flight of capital - Business Standard
Source: Google News India - Business | 20 Mar 2009 | 10:40 am FOREX-Dollar steadies, eyes steepest weekly fall in 24 years - Reuters
Source: Google News India - Business | 20 Mar 2009 | 10:38 am Sensex ends choppsy session flat; metals, oil & gas up - Economic Times
Source: Google News India - Business | 20 Mar 2009 | 10:37 am Vedanta's CSR changing lives of farmers in Orissa's KalahandiJanak Sahu, a paddy farmer in Harekrushnapur village, used to practice single crop farming for around 140 days. The rest of the year he worked as a daily wage labourer, and his annual income never exceeded Rs.25,000.Source: IndiaeNews.com: Business News | 20 Mar 2009 | 10:31 am Global economy to dip for 1st time since World War II: IMFWashington: The International Monetary Fund has said the global economy in 2009 is likely to contract for the first time since the Second World War. “At this point, we expect global GDP to decline between half a per cent and one per cent in 2009 before recovery gradually gets underway in 2010,” a senior IMF official told reporters at its Washington headquarters on a briefing held to release its G-20 Surveillance Note yesterday. “The major advanced economies, the United States, the Euro Area and Japan, are all suffering severe recessions. The emerging and developing economies are slowing abruptly and many of these are also likely to see falls in activity in 2009,” the official said. However, he added that the forecast is not complete yet. This downgrade essentially reflects two assessments. “First, the data for the fourth quarter of 2008 and for early 2009 show an even sharper contraction in output and trade than we had anticipated earlier as negative interactions between real and financial sectors have intensified,” he said. The IMF now estimate that global GDP contracted by an extraordinary 5% at an annualised rate in the fourth quarter of 2008. Moreover, global output continues to decline at a similar pace in the current quarter based on recent data on industrial production, business and household sentiment and trade. “Second, progress in putting in place policies to deal with the financial crisis has been slow and financial strains are likely to place a continuing drag on activity,” the senior IMF official said. Observing that credit conditions remain severely impaired and uncertainty about bank balance sheets remains high impeding a return of market confidence,” the official said. “We do still see a global recovery getting gradually underway in 2010, but I should emphasise that the turnaround depends on strong policy implementation.” Asserting that there will be no enduring recovery until financial-sector stability is restored, the official said this will require determined and well-coordinated policy implementation by financial authorities. “The essential elements include credible recognition of losses in problem assets, public support for the recapitalisation of weak but still viable banks and for the effective resolution of insolvent banks,” he said. “It will be important for greater international coordination of financial-sector policies to avoid unintended cross-border spillovers. It will also be important that actions taken be consistent with a long-term vision of a healthy, efficient and dynamic financial system,” the senior IMF official said. Source: Home - Livemint.com | 20 Mar 2009 | 10:17 am Small car, big delay: Just 800 Nano cars readyTata Motors, the manufacturer of the Rs one lakh car is unable to meet deadlines. Delivery of the car may take another 12 months due to what the company calls production constraints.Source: Moneycontrol Top Headlines | 20 Mar 2009 | 10:16 am Philips makes big push in India, launches new productsPhilips Electronics India Friday gave a big push to its expansion in the country by launching over 150 new products in the lighting and home decorative sector and a new line of home healthcare products.Source: IndiaeNews.com: Business News | 20 Mar 2009 | 10:00 am Nano launches Monday, but wait not over yetMUMBAI (Reuters) - Tata Motors will launch the much awaited Nano, slated to be the world's cheapest car at less than $2,000, on Monday but it may be the middle of the year before it is seen on Indian roads.Source: Reuters: Money News | 20 Mar 2009 | 9:57 am L&T likely to submit EoI for Satyam by todayThe RFP states that any bidder must show proof of Rs 1,500 crore as cash balance when submitting the EoI.Source: Daily News & Analysis: Money News | 20 Mar 2009 | 9:54 am ANALYSIS - Sun Micro seen as first salvo in tech battleNEW YORK (Reuters) - Quite a few technology companies could lose their independence in the next year or so as the battle among industry giants IBM, Hewlett-Packard Co and Cisco Systems Inc heats up.Source: Reuters: Money News | 20 Mar 2009 | 9:49 am Now, Indian banks' turn to tap investorsMUMBAI/HONG KONG (Reuters) - As so many of their peers across the world have already done, Indian banks appear ready to hit up investors for more cash.Source: Reuters: Money News | 20 Mar 2009 | 9:42 am Rupee rises on dollar selling, inflow hopesMumbai: The rupee strengthened by 18 paise against the US currency in early trade on Friday on dollar selling by banks and expectations of capital inflows amid firm equity markets. At the Interbank Foreign Exchange (Forex) market, the domestic unit was quoted 18 paise higher at Rs50.20 a dollar, the highest since 26 February. Dealers said hopes of increased capital inflows from foreign funds into the domestic stock markets, supported the rupee. Some dollar selling by banks and the greenback’s weakness against other major currencies also helped the domestic currency strengthen, they added. On Thursday, the rupee rose the most this year by 92 paise to Rs50.38/50.39 a dollar. Rupee has gained almost 3.60% from record low of Rs52.20 a dollar, hit earlier this month, mostly on the back of rebound on the stock markets. Source: Home - Livemint.com | 20 Mar 2009 | 9:33 am Chilean president offers incentives to Indian investorsChilean President Michelle Bachelet Friday invited Indian IT companies to partner with their Chilean counterparts to 'build global projects' and also to help her country's development.Source: IndiaeNews.com: Business News | 20 Mar 2009 | 9:30 am Satyam board meets as bid interest deadline nearsBangalore: The board of Satyam Computer Services Ltd began a meeting on Friday as the deadline neared for suitors to submit their expressions of interest in acquiring a majority stake in the fraud-hit Indian outsourcer. Potential bidders must submit a detailed expression of interest and have available at least Rs15 billion ($300 million) by 5pm. A Satyam spokeswoman declined to comment on the agenda of the board meeting, but analysts said the board was likely to review the details of potential buyers. Indian engineering firm Larsen & Toubro, IT services firm Tech Mahindra, diversified Spice Group and US outsourcer iGate Corp all said they had registered as potential bidders. Read full coverage of Satyam Fiasco Spice Group Chairman B K Modi told Reuters the company would submit its expression of interest by Friday afternoon, and a Larsen spokesman said the company was also expected to do so later in the day. Officials at iGate and Tech Mahindra could not be immediately reached. New York-listed Satyam has been struggling since founder and Chairman Ramalinga Raju shocked investors in January, saying profits had been overstated for years and assets falsified in what has become India’s biggest corporate scandal. The new government-appointed board is keen to bring in an investor to restore confidence among its roughly 50,000-strong staff and more than 600 customers, which include General Electric and Qantas Airways. Satyam said last week Indian and foreign firms, including private equity companies, had registered to bid for a 51% stake but gave no details of names or number. Source: Home - Livemint.com | 20 Mar 2009 | 8:53 am ICRA subsidiary acquires US IT firm - Economic Times
Source: Google News India - Business | 20 Mar 2009 | 8:49 am U.S. throws lifeline to distressed auto suppliersWASHINGTON/DETROIT (Reuters) - The Obama administration pledged up to $5 billion on Thursday to aid stressed auto suppliers crucial to the survival of U.S. car manufacturers.Source: Reuters: Money News | 20 Mar 2009 | 8:31 am Satyam board meets as bid interest deadline nearsBANGALORE (Reuters) - The board of Satyam Computer Services Ltd began a meeting on Friday as the deadline neared for suitors to submit their expressions of interest in acquiring a majority stake in the fraud-hit Indian outsourcer.Source: Reuters: Money News | 20 Mar 2009 | 8:24 am Committee formed to provide more accurate data on agricultureThe central government has constituted an expert committee that will work on providing better data for the agriculture sector, and also examine the use of remote sensing applications in agricultural statistics, according to a statement issued here Friday by the agriculture ministry.Source: IndiaeNews.com: Business News | 20 Mar 2009 | 7:30 am Asian markets mixed on US inflation worriesHong Kong: Asian stock markets were mixed Friday as investors turned cautious amid worries the US Federal Reserve’s latest move to combat recession in the world’s largest economy will lead to rampant inflation. Trade was lackluster in most markets, with Tokyo closed for a holiday, as the region closed out one of its strongest weeks this year with a whimper. Sentiment took a hit after Wall Street’s rally petered out Thursday. In the US, investor euphoria over the central bank’s aggressive $1.2 trillion plan to buy government bonds and debt securities gave way to fears the new spending would stoke inflation long term. Those concerns have pummeled the dollar, which stabilized in Asia but was still headed for a 4% loss against the yen this week. That hurts Japan’s big exporters by eroding their foreign income. While the market may see more upside, continuing woes in the financial system would likely lead to more selling in the weeks ahead, analysts said. “I don’t think anyone reasonably expects this to be a long-term rally or that we’ve hit bottom,” said Andrew Orchard, Asian strategist for Royal Bank of Scotland in Hong Kong. “The problems with the financial system are still unknown.” Hong Kong’s Hang Seng Index fell 207.85 points, or 1.6%, to 12,923.07, and Australia’s benchmark S&P/ASX 200 stock index declined 0.4%to 3,465.8. Stocks in mainland China rose for a fifth day, with the Shanghai Composite advancing 0.5% to 2,277.89. South Korea’s Kospi climbed 0.8% to 1,171.04. Trading will reopen in Tokyo on Monday. Markets in the Philippines and Thailand also rose. Overnight in the New York, banking and other financial shares dragged on the broader market, and the major indexes finished down. The Dow Jones industrial average fell 85.78, or 1.2%, to 7,400.80. The broader Standard & Poor’s 500 index fell 10.31, or 1.3%, to 784.04, while Nasdaq composite index fell 7.74, or 0.5 percent, to 1,483.48. US futures pointed to more losses on Wall Street. Dow futures were down 63 points, or 0.9% to 7,348, while S&P 500 futures were down 7.4 points, or 1% to 772.7. The dollar recovered some after tumbling overnight, gaining to 94.62 yen from 94.53 yen earlier but down from nearly 99 yen two days ago. The euro was lower at $1.3652 from $1.3660. Oil prices eased after surging overnight on a weakened dollar and evidence that Opec has significantly slowed production. Benchmark crude for April delivery was down 49 cents at $51.12. Source: Home - Livemint.com | 20 Mar 2009 | 6:59 am Dollar rebounds after large lossesHong Kong: The US dollar edged higher on Friday but still headed for its biggest weekly fall in 24 years on investor fears that it will lose its status as the world’s reserve currency, while oil prices ceded ground after a recent rally. US Treasuries were steady in Asian trade after yields on Wednesday recorded their biggest single-day drop since the 1987 market crash on the Federal Reserve’s surprise announcement it will purchase $300 billion in longer-dated US government debt. Asian stocks fell but looked set to gain for a second consecutive week - marking their best back to back weekly gains since mid-December - as the Fed’s plan to inject a combined $1.15 trillion into the US financial system improved battered confidence in banks. European shares were also set to fall as recent gains appeared to run out of steam. The Fed this week tackled head-on the woes afflicting the world’s top economy but the approach also creates uncertainties, mainly in the form of a weakening dollar and prospects of surging inflation once the economy starts recovering. “This is a historic moment, the start of debasement of the world’s reserve currency, and it feels to many participants that in the grand sweep of history we are witnessing the end of ‘Rome´ on the Potomac,” said Alan Ruskin, a RBS strategist in Greenwich. The Fed’s massive expansion of its balance sheet could lead to an oversupply of the US dollar and erode the safe-haven appeal that just earlier this month had sent the currency to a three-year high against a basket of currencies, analysts said. With Tokyo markets closed for a public holiday, the US dollar index gained 0.3% to 83.294, after falling as far as 82.631 on Thursday to mark a 10-week low. The dollar is still headed for a loss of around 5% for the week against the basket of major currencies - the steepest fall since 1985 when big economies agreed to a formal depreciation of the dollar in the Plaza Accord. “US dollars will be flooding the world as the printing presses work overtime,” said Stephen Koukoulas, a strategist at TD Securities in London in a note to clients. The fall in the dollar has sent the euro to its biggest weekly increase since its inception in 1999. On Friday the euro was resting at $1.3655, having climbed to about a two-month peak of $1.3737 in New York. The New Zealand dollar was the biggest beneficiary of the dollar’s woes and the revival of risk appetite, surging 6.5% on the week - on track for its best week since the currency was floated in 1985. The kiwi was at $0.5570. The spectre that central banks will overdo their fight against falling prices, causing a big comeback of inflation, is another concern. The Fed’s aggressive and unconventional policies have again pushed the central bank’s balance sheet above $2 trillion, according to data released on Thursday. US Treasuries steadied in Asian trade after yields dropped by the most in nearly 22 years after the Fed’s decision. The MSCI index of Asia-Pacific stocks outside Japan lost 1% on Friday though the index is headed for its second consecutive weekly gain, bringing its advance for the month of more than 9%. Though regional banks have gained during that period - with Australia and New Zealand Banking Group up 18% and South Korea’s Shinhan Financial Group up 22% over the past two weeks - there is plenty of concerns. For export-dependent Asia, chief among them is the status of global trade, while falls in the dollar could spark gains in local emerging currencies just when manufacturers in the region are facing a bleak prospect. The global economy will shrink as much as 1% this year - its first contraction since World War Two - the International Monetary Fund warned on Thursday, urging quick action to deal with problem assets on banks’ balance sheets. Asian stock indexes posted mixed performances, with shares in Seoul, Shannghai and Singapore posting gains. However, stocks in Australia, Hong Kong, Taiwan and India fell. Prices for commodities rallied this week as the weakening dollar made them cheaper for overseas investors, while others looked for a hedge against potential inflation. Still, oil prices dipped 57 cents to $51.04 a barrel after on Thursday surging more than 7%. Gold eased to $956.40 an ounce from New York’s notional close of $958.60 as dealers in China and Southeast Asia booked profits after the yellow metal hit on Thursday its highest in nearly three weeks. Source: Home - Livemint.com | 20 Mar 2009 | 6:40 am Range-bound Indian equities trade in negative territoryIndian equities opened on a weak note Friday and were ruling in the negative territory, amid range-bound trading, on weak cues from the US and mixed signals from other Asian peers.Source: IndiaeNews.com: Business News | 20 Mar 2009 | 6:30 am Sensex falls 69 points on weak global cuesThe benchmark Sensex opened lower by over 69 points on Friday on profit-selling by funds amid weak global trends.Source: Daily News & Analysis: Money News | 20 Mar 2009 | 5:55 am Half of US auto suppliers face bankruptcy: studyDetroit: More than half of the top US auto parts suppliers could file for bankruptcy protection in 2009 with at least one million job losses, according to a study by global consultants A T Kearney. Those suppliers, which ship parts directly to automakers, are pressured from above by production cuts by the automakers and from below by increasingly fragile companies that supply them with components, the study found. The survey encompassed 60 top North American auto parts suppliers, but did not name any of the suppliers. It was compiled through interviews with senior executives at suppliers in the United States. The US government has pledged up to $5 billion to aid financially stressed auto parts makers that are crucial to General Motors Corp and Chrysler. Chrysler, about 80% controlled by Cerberus Capital Management, and GM have accepted $17.4 billion of emergency government loans and are looking for an additional $22 billion. Ford Motor Co, which has not sought emergency government assistance, said on Thursday that it was not participating in the supplier relief program at this time. “Absent significant financial assistance from the government, we are headed toward a scenario that is going to be 50 percent or more of the supply base going through bankruptcy,” Doug Harvey, an A T Kearney partner in its automotive practice in Detroit, told Reuters in an interview. AT Kearney looked at three scenarios for the supply base. The other two scenarios include a “soft landing” resulting in 35 percent of the companies restructuring in bankruptcy and a “pessimistic” reading pushing that to 70% or more with many liquidations. The “soft-landing scenario” looks more like “wishful thinking” at this point, with the industry heading more toward the middle ground and leaning toward pessimistic, Harvey said. In each scenario, the study found that suppliers faced increased risk of bankruptcy through 2010. US auto parts makers have come under increasing financial pressure in recent months with steep production cuts by their customers starting toward the end of 2008 that have severely constrained revenue from the beginning of the year. Auto sales have slumped for more than three years, but the declines accelerated as the recession deepened last year and monthly rates have plunged to the lowest levels in 27 years. The study found that the larger suppliers expect up to 23% of the smaller companies that supply them with parts to face financial distress within a year. Most of those smaller companies are privately held and do not disclose their finances publicly, making it difficult to probe the depths of the stresses in the vast supply base. However, data from Sageworks, which compiles information on private companies, highlighted the stress on these smaller suppliers. Double-digit sales growth in the 2004 to 2005 period had all but disappeared by 2008, and a $15,600 profit per employee in 2005 turned to a $13,600 loss, according to Sageworks. Harvey sees the administration’s announcement of support for suppliers, coming even before it makes recommendations on GM and Chrysler, as reinforcing the immediate needs of the supply sector to avoid mass bankruptcies. Source: World Business - Livemint.com | 20 Mar 2009 | 5:53 am Slowdown, competition bring down hotel room rents by 25 percentA steep fall in occupancy ratio in the wake of the global slowdown and tight competition among hotel operators in a shrinking market have brought down hotel room rents drastically across the country, say industry officials.Source: IndiaeNews.com: Business News | 20 Mar 2009 | 5:31 am Microsoft releases Internet Explorer 8Washington: Microsoft on Thursday released Internet Explorer 8, a new version of its ubiquitous Web browser, adding features which the US software giant claims makes it safer and loads pages faster. Internet Explorer 8 was available for downloading in 25 languages starting on Thursday at www.microsoft.com/ie8, the Redmond, Washington-based computer software giant announced in a statement. Microsoft said IE 8 was faster than previous IE browsers and included “leading-edge security features in direct response to people’s increasing concerns about online safety.” “Customers have made clear what they want in a Web browser — safety, speed and greater ease of use,” Microsoft chief executive Steve Ballmer said. “With Internet Explorer 8, we are delivering a browser that gets people to the information they need, fast, and provides protection that no other browser can match,” he said in a statement. Microsoft said page load times had been speeded up in IE8 and the new version of the browser blocks “two to four times as many malicious sites as other browsers on the market today.” According to the Internet research firm Net Applications, IE had a total browser market share of 67.5% in January. Mozilla’s Firefox was next with 21.53%, followed by Apple’s Safari with 8.29% and Google Chrome with 1.12%. Microsoft’s dominance of the browser market through IE and operating systems through Windows has drawn the attention of anti-trust authorities in the United States and Europe. Earlier this month, Microsoft said a control panel in its next-generation of Windows will let users shut off IE8 and other built-in programs. The announcement came less than two months after the European Commission accused Microsoft of unfairly tying IE to Windows. Opera Software filed a complaint with the commission in 2007 accusing Microsoft of denying Windows users “a real choice of browser.” Mozilla and Google also objected to the bundling of IE with Windows, with Google calling the IE-dominated browser market “largely uncompetitive.” Source: Tech News - Livemint.com | 20 Mar 2009 | 4:27 am Spectre of protectionism haunts emerging markets: IMFWith demand for exports falling, investment slumping, and cross-border lending drying up in a spreading economic crisis, emerging market countries are increasingly concerned about protectionism, according to the International Monetary Fund (IMF).Source: IndiaeNews.com: Business News | 20 Mar 2009 | 3:30 am Auto component manufacturers to benefit from Centre’s move to fund bus purchaseChennai, March 19 The recent announcement by the Centre to procure 15,000 buses worth Rs 4,800 crore under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) has given a leg up to auto component manufacturers also. State transportSource: Business Line - Home Page | 20 Mar 2009 | 12:00 am RBI wins important battle on regulationNew Delhi, March 19 The Reserve Bank of India has won an important intellectual battle over how to regulate the financial sector. It did not want principles-based regulation in India – which is a euphemism for granting more latitude toSource: Business Line - Home Page | 20 Mar 2009 | 12:00 am Coalitions crowding out major partiesThe Indian electorate has been making it clear from the 1990s that it is not for single-party rule. Politicians, particularly those from the two major national parties — the Congress and the BJP — have accepted this reality and thatSource: Business Line - Home Page | 20 Mar 2009 | 12:00 am Import duty on soyabean oil scrapped: PillaiNew Delhi, March 19 The Government has done away with the 20 per cent customs duty on crude soyabean oil imports in order to keep it on par with imported palm oil that is currently allowed dutySource: Business Line - Home Page | 20 Mar 2009 | 12:00 am Govt issues draft guidelines for auto loan disbursalsBangalore, March 19 The Department of Banking, Ministry of Finance, has come out with draft guidelines for banks on disbursing auto loans, which includes terms for repossession ofSource: Business Line - Home Page | 20 Mar 2009 | 12:00 am Software vendors look to big defence contractsMumbai, March 19 Software companies in India are anticipating a bonanza, with the country’s defence forces expected to dish out ICT orders worth $500 million (Rs 2,500 crore) in the next 24-36 months.Source: Business Line - Home Page | 20 Mar 2009 | 12:00 am Day Trading GuideBuy DLF in dips with tight stop-loss at Rs 165. Utilise rallies to sell ICICI Bank and SBI, while maintaining stop- loss at Rs 346 and Rs 1,000 respectively. Infosys isSource: Business Line - Home Page | 20 Mar 2009 | 12:00 am Inflation plummets to 0.44%New Delhi, March 19 The annual Wholesale Price Index-based inflation inched closer to zero in the first week of March, setting the stage for the Reserve Bank of India to cut interest rates further to prop up growth.Source: Business Line - Home Page | 20 Mar 2009 | 12:00 am Rupee gains sharply as $ slides on Fed debt buyback planMumbai, March 19 The rupee staged a sharp recovery against the dollar on Thursday, appreciating by around 92 paise, riding on the greenback’s weakness in the overseas markets.Source: Business Line - Home Page | 20 Mar 2009 | 12:00 am Oracle Financial (Rs 692.85): BuyWe recommend a buy in Oracle Financial Services from a short-term trading perspective. It is evident from the charts of the stock that from the resistance level of Rs 1,500, it declined and found support at around Rs 405 in late October 2008. ThisSource: Business Line - Home Page | 20 Mar 2009 | 12:00 am No property tax for small apartmentsThe state legislative council on Thursday approved the bill to calculate property tax on capital value instead of rateable value in Mumbai.Source: Daily News & Analysis: Money News | 19 Mar 2009 | 8:38 pm 'More IIM grads needed in ad world'Eight bigwigs of the advertising industry shared their thoughts and theories on everything - from Slumdog Millionaire to thereal story behind celebrity brand endorsements.Source: Daily News & Analysis: Money News | 19 Mar 2009 | 8:26 pm Don't just buy the cheapest mediclaim coverSelect the policy that suits you best, based on a host of parameters such as coverage of pre-existing diseases.Source: Daily News & Analysis: Money News | 19 Mar 2009 | 8:23 pm When salaries fall after MBAAs packages slide 20-25% across B-schools, many graduates are forced to settle for pays lower than what they got before they joined the management course.Source: Daily News & Analysis: Money News | 19 Mar 2009 | 8:21 pm DRL rejigs global generics bizDr Reddy's Laboratories (DRL), the Hyderabad-based pharmaceuticals major, is reworking its global generics finished dosages strategy.Source: Daily News & Analysis: Money News | 19 Mar 2009 | 8:19 pm Maytas on debt restructuring driveThe restructured board of Maytas Infra is likely to decide on a debt restructuring exercise as part of its efforts to get the company back into business.Source: Daily News & Analysis: Money News | 19 Mar 2009 | 8:17 pm New property tax rules will boost realty marketThe state legislative council on Thursday approved the bill to calculate property tax on capital value instead of the rateable value-based system.Source: Daily News & Analysis: Money News | 19 Mar 2009 | 7:51 pm Yamaha's India sales plan hits roadblockJapanese two-wheeler major Yamaha's plans to transfer its Indian sales business to a new entity India Yamaha Motor Pvt Ltd (IYMPL) have hit a hurdle, with the industry ministry opposing the companys proposal to import products. IYMPL is a wholly-owned subsidiary of Yamaha Motor Co.Source: Business Standard | Front Page Headlines | 19 Mar 2009 | 6:43 pm L agrees to disburse 4 years' pending dividend to GrasimMove seen as first step to cross-holding dispute settlement.Source: Business Standard | Front Page Headlines | 19 Mar 2009 | 6:42 pm Sebi proposes longer trading sessionsThe Securities and Exchange Board of India (Sebi) is examining the option of extending trading hours on the financial exchanges to align these with international markets a move that drew mixed response from market participants.Source: Business Standard | Front Page Headlines | 19 Mar 2009 | 6:40 pm RBS to sell India retail business to raise fundsMumbai: The beleaguered Royal Bank of Scotland Group Plc. (RBS) is actively scouting for a buyer for its retail and commercial banking assets in India.  Distress sale? RBS Group chairman Philip Hampton. Bloomberg RBS Group chairman Philip Hampton met the Indian banking regulator on Thursday to formally start the exercise. It has given a mandate to Morgan Stanley to look for a buyer for its retail and commercial banking assets across Asia. RBS, 70% owned by the UK government, announced a record £24.1 billion (Rs1.73 trillion) loss for fiscal 2008 in February, the biggest in British corporate history. It is selling its non-core businesses in select markets to raise funds. “India is our core market and a very critical part of our business. It will continue to remain so. We will strengthen our wholesale and investment banking businesses here but sell the retail and SME (small and medium enterprises) businesses,” Hampton said. In India, it is present through 31 branches and has 10,000 employees following the acquisition of the Asian operations of ABN Amro Bank NV in 2007. According to Hampton, RBS would not need so many branches for its wholesale, investment banking and wealth management operations—the three businesses the bank will not sell. But he declined to say whether it will sell branch licences or surrender them. These branches are critical for the valuation of India assets of RBS as foreign banks find it difficult to secure branch licences here. Under the World Trade Organization norms, the Reserve Bank of India is expected to issue 12 such licences a year. It issues many more licences but they are never enough as most foreign banks want to expand their business in Asia’s third largest economy, which was growing at about 9% till last year. “It all depends on the regulator. We want to complete the sale within a reasonable time,” Hampton said. “We are open to all (suitors). It could be an international bank which is already present here; an international bank which is seeking a re-entry into India or even a local private bank. It could be a bank which has presence in retail business or is not present but wants to start retail business.” Australia and New Zealand Banking Group Ltd (ANZ), Hongkong and Shanghai Banking Corp. Ltd and Standard Chartered Bank Plc. are reportedly in the race to acquire ABN Amro’s retail and commercial operations here. Kotak Mahindra Bank Ltd, too, is in the race. The bank’s loan assets in India grew 28% to Rs36,617 crore in fiscal 2008, from Rs28,518 crore in 2007, but India operations reported a 27% decline in net profit for 2007-08 to Rs280.60 crore, from Rs385.30 crore in the previous fiscal year. Hampton said the wholesale and investment banking businesses which include corporate banking, treasury operations, cash management, export and trade finance, account for 70% of its business in Asia Pacific. “Our long-term growth prospects are in these segments and India is very critical here. We can’t have full competitive strength in every market. We can’t be everything, everywhere,” he said. The wholesale and investment banking businesses, along with wealth management, employ about 300 people and the bank’s business process outsourcing and information technology related units employ another 7,500. The Asia business reported an operating loss of £113 million in 2008, against an operating loss of £20 million the previous fiscal. The British bank, in an analyst presentation, had said: “The bank saw good growth in the private banking and cards and consumer finance business, while increased business investment was driving cost growth.” It, however, added that “the increased provisioning was related primarily to Indian franchise.” Impairments in the Asia retail and commercial banking increased by 44% to £171 million, reflecting an increase in provisioning levels across a number of consumer finance markets in the region. With economic growth slowing down, banks in India are seeing rising defaults in their consumer finance business and almost all of them are shrinking their retail assets such as credit cards and consumer loans. Source: World Business - Livemint.com | 19 Mar 2009 | 6:05 pm 'Slumdog Millionaire' kids dance to 'Jai Ho' at WIFWWith wide smiles, immense confidence and effortless twirls, Rubina Ali Qureshi and Azharuddin Mohammed Ismail, the child stars of Oscar winning film 'Slumdog Millionaire', Thursday walked the Wills Lifestyle India Fashion Week (WIFW) ramp and performed a jig on the film's hit song 'Jai ho'.Source: IndiaeNews.com: Business News | 19 Mar 2009 | 4:31 pm 'Apex court panel ignored land degradation in Aravali range'A Supreme Court appointed panel was Thursday accused of ignoring for five years the continued degradation of the land in the Aravali ranges near Faridabad in Haryana due to rampant mining.Source: IndiaeNews.com: Business News | 19 Mar 2009 | 3:32 pm
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