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Semifinal and final of IPL in India not possible: ModiMumbai: IPL Commissioner Lalit Modi has ruled out the possibility of hosting at least the semifinals and final of Twenty 20 league in India. “We explored all possibilities of moving the semifinals and final to India. But it would have been too exhausting for the players. Players have to go back to England for the World Twenty20 Cup (beginning on June 5),” Modi said. The second edition of the IPL would be held abroad, most probably in England from 10 April to 24 May, following the decision to this effect taken by the Cricket Board on Sunday. Modi said that the Twenty 20 event would be a loss making venture for the Board as it had made all arrangements, including logistics, centrally. “Cost is not an issue. We will cover it all. We are not concerned whether we make a profit or loss. We need the continuity,” he said. He also said it was upto the franchises on the number of players they wanted to take to the host country in the second edition. “The franchisee owners have option to take any number of players. They can try to limit the number of players that are going to take up,” he said. Modi made it clear that the event cannot be held in more than one country because of logistical reasons. “In a tournament of this magnitude the 49 matches cannot be held in more than one country. Logistics come into account. It is a mammoth task and it is going to only one country,” Modi said. Source: LatestNews-Home - Livemint.com | 22 Mar 2009 | 12:50 pm India, Africa to discuss projects worth $12 bn at CII-EXIM Bank conclaveNew Delhi: India and Africa are likely to discuss various projects worth $12 billion in agriculture, mining and other sectors at the CII-EXIM Bank conclave, which would start here on Monday. The three-day conclave on India-Africa Project Partnership would start here tomorrow and over 400 delegates representing government bodies and businesses from Africa will discuss opportunities for project partnerships worth $12 billion. “India and Africa are making a joint bid to tune the current global economic uncertainty into an opportunity for business partnerships for establishing long-term business partnerships,” CII said in a statement. The discussion would be on projects in the mining, agriculture and agro-processing sectors among others, CII said. During the conclave held last year, the two side had discussed projects worth over $10 billion, CII said. external affairs minister Pranab Mukherjee would release a CII publication on the second day of the conclave. India’s trade with Africa was at $51 billion in 2007 while it was about $7 billion in 1997. Source: LatestNews-Home - Livemint.com | 22 Mar 2009 | 12:44 pm Resistance grows to Obama's bigger governmentWASHINGTON (Reuters) - A public furor over big bonuses paid by firms bailed out with U.S. taxpayer money is fueling resistance to President Barack Obama's ambitious plans to extend government intervention in the U.S. private sector.Source: Reuters: Money News | 22 Mar 2009 | 12:21 pm Govt mulls alternative set-up for handling misleading adsNew Delhi: Worried that a legal bulwark against misleading advertisements may be lacking after the MRTPC is wound up, the government is contemplating an alternative mechanism to address the issue. As the Competition Commission, which succeeds the Monopolies and Restrictive Trade Practices Act, has no powers to investigate cases of misleading advertisements, the Corporate Affairs ministry has written to the Ministry of Consumer Affairs to work out a mechanism on this. At present, the MRTPC has the powers to investigate cases pertaining to misleading advertisements, suo motu or on complaints. “We have written a letter to the Consumer Affairs Ministry on the issue of misleading advertisements,” an MCA official told PTI. The MRTPC, as per the Competition Act, will be wound up two years after the Competition Commission becomes fully functional. After deciding whether an advertisement is misleading, the MRTPC refers such cases to a consumer court. But, the CCI does not have the powers to handle misleading advertisements. As such, this issue will be left untouched if an alternative arrangement does not come up. Source: LatestNews-Home - Livemint.com | 22 Mar 2009 | 12:21 pm World's cheapest car goes on sale - BBC News
Source: Google News India - Business | 22 Mar 2009 | 12:20 pm Subhiksha debt restructuring by April !Beleaguered retail chain Subhiksha expects the ongoing corporate debt restructuring (CDR) process in the company to be completed by mid-April, following which it is hoping to secure debts to re-start business.Source: Zee News : Business | 22 Mar 2009 | 12:08 pm Nano set for commercial roll-out!The Nano, touted as the world`s cheapest car, will finally be launched from here Monday.Source: Zee News : Business | 22 Mar 2009 | 12:08 pm Hindustan National Glass eyes domestic, overseas acquisitions!Hindustan National Glass and Industries (HNGI), India`s largest player in the container glass industry, is mulling more acquisitions in the country and overseas to enhance its position in the industry.Source: Zee News : Business | 22 Mar 2009 | 12:08 pm Exporters ask RBI, Finmin to settle derivatives disputeNew Delhi: Exporters have asked the RBI and finance ministry to resolve their (exporters’) row on derivatives with banks resolved, or else the disputed amount of Rs1,500 crore may turn into non-performing assets in lenders’ accounts closing on 31 March. Rejecting the banks’ offer for converting the exporters’ losses on complex derivative products into term loans, the Federation of Indian Export Organisations (FIEO) has approached the RBI and the finance ministry for dispute resolution. ICICI Bank, ABN Amro, Axis Bank, Standard Chartered, State Bank of India are among those which sold currency-related derivatives to about 250 exporters from October 2007 onwards, when the rupee was appreciating fast, FIEO president A Sakthivel said. While exporters said they bought complex financial products to cover their currency-related risks, they suffered losses when the rupee made a U-turn from early this fiscal. From Rs39 to a dollar, the Indian currency has depreciated to over Rs50 between October 2007 and 20 March 2009. Almost all of them have refused to pay their loss amounts, stating that banks did not explain to them the complexities of the products. Sakthivel said the agreements signed with banks could not be enforced since they were in violation of RBI rules. “Banks are also in a dilemma because there are no clear instructions (from the RBI) what they should do ... After a few days it (Rs1,500 crore) would become NPA,“ Sakthivel said. Banks are due to close their annual books this month-end. Sakthivel said, “Banks want us to convert them (derivative losses) into term loans ... but we will not agree”. For now, the RBI has asked the banks to show the amount in a separate account. Asked why agreements signed with banks should not be honoured, the FIEO president said most of the exporters did not understand how the currency movements across the globe could affect the derivative deals. For instance, the products sold to exporters had a feature whereby the fluctuation between the dollar and Swiss franc would also hit them, he said. But can ignorance be an excuse for not honouring a contract? Sakthivel said it can be, because banks did not conform to RBI rules. “One of the exporter’s turnover was Rs5 crore; the derivatives sold (to him) (were of) Rs10 crore,” he said, adding that the RBI guidelines provide checks and balances, which were not included in the contracts. Source: LatestNews-Home - Livemint.com | 22 Mar 2009 | 12:02 pm Sir Creek row unresolved, India to make claim to continental shelfWhile the dispute over the Sir Creek maritime boundary with Pakistan in the Rann of Kutch remains to be resolved, India is filing its claim in the United Nations for extending its continental shelf before the May 13 deadline, a senior armed forces official said.Source: IndiaeNews.com: Business News | 22 Mar 2009 | 12:01 pm CSA confirms getting IPL hosting offerCape Town: After initially denying any approach by the BCCI, Cricket South Africa on Sunday said IPL officials have contacted them on the possibility of hosting the second edition of the Twenty20 tournament in the country. Only on Saturday, Majola had dismissed any talks of South Africa hosting the IPL as “rumours”. “CSA has had no official approach in this regard either from the Board of Control for Cricket in India (BCCI) or the IPL and we do not know where these rumours are emanating from,” he had said on Saturday. But after BCCI on Sunday announced that the IPL would be shifted out of India, Majola said his board has been contacted by its Indian counterpart though nothing concrete has yet come out. “We received an official approach this morning to be one of several options they are considering to host the tournament outside India. We do not know what the other options are and it is not for us to comment on that,” Majola said in a statement. “At this stage we are looking forward to holding discussions with IPL officials to discuss the proposal in detail. Source: LatestNews-Home - Livemint.com | 22 Mar 2009 | 11:39 am India Inc tones down office events to control costMumbai: Amidst the on-going downturn, Corporate India has been toning down office events to bare minimum, if not completely doing away with them, as a cost controlling measure, and curtailment of executive travel tops the priority list for streamlining costs. “Unfortunately, office events like staff picnics, annual day celebrations which facilitate employee bonding and were considered very crucial in the good times have now been curtailed completely or have been toned down to the bare minimum,” recruitment solution provider EmmayHR said in its recent report adding that 43% of respondents have already implemented this step. EmmayHR, now owned by the Randstad Holding nv, carried out an online survey to take a stock of the current HR challenges by Corporate India in which 921 decision makers across sectors in five cities took part. “Cost control is clearly the first step that companies are resorting to during these tough times. As many as 63% respondents mentioned that executive travel tops in the list towards streamlining costs and air travel is done only if it merits physical presence of the executive,” the survey revealed. The focus on cost control notwithstanding, India Inc is not oblivious of motivating employees as 63% of the respondents felt it essential to applaud the achievements of high performers not only to encourage them to sustain their performance but also inspire others to come up to the curve. “While the idea may not be unique or new but the methods of applauding moves from being purely commercial to elements which have higher perceived value,” it said, adding that some companies were encouraging employees to work out of home. Respondents, believe this is a great way to tide over the crisis as 62.5% prioritised it in the third rank among the 11 measures they want to initiate in their firms. “Organisations across sectors are re-looking at their existing human talent and assigning additional or new duties or roles to them. Organisations are also exploring every possible option to become lean and profitable,” it said. But, they are not averse to retain stars as the companies were banking on them to tide over the slump and emerge as a strong player when the economic graph turned upwards. “Given the current scenario, every company is banking on their rainmakers. If there was a need for retaining stars, it is now!” the survey said. Over 53% of respondents believe in involving high performers in the management decision making, the survey said. Source: LatestNews-Home - Livemint.com | 22 Mar 2009 | 11:34 am Nissan planning luxury hybrid in 2010: reportTokyo: Nissan Motor Co will offer a luxury gas-electric hybrid for the US and Japanese markets next year, Japan’s top business daily reported on Sunday, as competition intensifies in the green technology. Nissan’s Tokyo headquarters were closed for the weekend. Automakers are generally tightlipped about specific product plans, but Nissan already has shown prototypes of their hybrid models. Nissan has fallen behind Japanese rivals Toyota Motor Corp and Honda Motor Co in developing its own hybrids but has made no secret of its ambitions to play aggressive catchup. It now buys hybrid systems from Toyota for the Nissan Altima hybrid but is promising a vehicle packed with Nissan’s own hybrid system by 2010. Nissan is developing a different kind of battery for hybrids from those used by Toyota and Honda. Nissan officials say their battery is better at providing quicker and more power. The Nikkei, which did not cite sourcing, said Nissan’s hybrid system will be offered for the luxury Infiniti M, sold as the Fuga in Japan. Nissan plans to expand hybrid offerings to other luxury models and sports cars, the report said. Nissan officials have said the nation’s third-biggest automaker is working on a bigger hybrid system than Toyota’s popular Prius, the global top-seller among hybrids, and will make hybrid sports cars and luxury models. Source: LatestNews-Home - Livemint.com | 22 Mar 2009 | 11:27 am Reliance Infra to expand workforce by 10%New Delhi: At a time when companies are shedding workforce to battle economic slowdown, the infrastructure arm of the Anil Dhirubhai Ambani Group (ADAG) is planning to expand its headcount by 10%, hiring 1,500 employees during 2009-10 to step up its operations. “We are going to add 1,500 workforce to our existing numbers in the infrastructure segment next year as we are making forays into newer areas, winning more awards in highways, ports and other segments,” Reliance Infrastructure CEO Lalit Jalan said. “Reliance Infra alone employs 7,200 people. Including SPVs and subsidiaries, the total strength is 14,500,” he said. In the infrastructure space, the company is focused on roads, urban infrastructure, which includes mass rapid transit system, sealink and airports, speciality real estate, which includes business districts, trade towers, convention centre and special economic zones as well as free trade zones. Stressing there were no plans for downsizing, Jalan said, there have been no layoffs at Reliance Infrastructure. “In fact, our capacity is underutilised and underleveraged. We are the largest developer of road and highway projects for the National Highways Authority of India (NHAI) under the build, own, transfer (BOT) scheme,” he added. The total job losses in the first two months of 2009 were estimated to be about four lakh globally with the global economic downturn forcing companies to adopt various cost-cutting measures, including layoffs. Firms are estimated to have already cut close to 10 million jobs globally during 2008. Presenting a gloomy outlook, the International Labour Organisation has projected that job losses world-wide could be over 50 million in 2009, if the global economic situation continues to deteriorate. Source: Home - Livemint.com | 22 Mar 2009 | 11:22 am IPL moved abroad, BCCI blames govt attitudeMumbai: The IPL Twenty20 tournament, which proved to be hugely popular in its inaugural edition last year, will be played this year in another country, probably England or South Africa, in the wake of a tussle between the Government and the BCCI over security issues. The BCCI took the surprise decision on Sunday after the Union Home Ministry and some state governments had told the organisers that it may not be possible to provide adequate security for the 45-day tournament whose dates clash with the Lok Sabha polls. Even a rescheduling of the matches and change of some venues had not satisfied the security establishment which had heightened concerns after the Lahore terror attack on the Sri Lankan cricket team. Determined to go ahead with the tournament which involves big money - some estimates putting the figure at close to Rs10,000 crores mainly in TV rights and sponsorships - the BCCI threw a googly at the government by taking the tournament out of the country. After the meeting of the BCCI working Committee attended among others by union agriculture minister Sharad Pawar, the BCCI president Shashank Manohar told a press conference that they were forced to take the tournament out of the country because of the government’s attitude. Read full coverage ofIPL-Govt clash Manohar said that the BCCI was in touch with Boards of other countries and a decision on the venue for the IPL will be taken in 2-3 days. BCCI sources said that the England or South Africa appear to be most likely venues. “Because of the attitude of the government that they are not ready to spare security forces for the cricket tournament... we are forced to take the decision to move the event out of India,” Manohar said. “So the Board has decided to take the tournament out of the country. We are in discussion with other Boards who are willing to host the event. I apologise to the people of India for moving the tournament out,” Manohar said. “But we’re are going ahead with the event so that they can at least watch the event on television,” he added. The BCCI President said venue would be decided in next couple of days. “We are in discussion with other boards and will decide the venue in next two-three days,” he said IPL commissioner and chairman Lalit Modi, who was also at the press conference, said the number of matches, format and timing of the event will remain unchanged and the organisers would not tinker with the “integrity of the tournament”. “Dates and timings of the matches will remain the same. The Indian audiences can watch the matches at 4pm and 8pm IST as they did in the inaugural season,” Modi said. Modi said the increased cost of holding the matches overseas was not important but the tournament’s integrity was. “We are not bothered about the cost factor but the issue is the integrity of the tournament. The issue is holding all 59 matches as scheduled,” the IPL Commissioner said. Modi said the telecast row concerning the tournament between the BCCI and Sony was also expected to be sorted out in 24 hours. Manohar also expressed his displeasure at the state governments’ attitude, saying Andhra Pradesh and Maharashtra Government changed there stance at the last moment. “The AP government revoked its earlier permission... and Maharashtra Chief Minister wrote a letter that we can’t host matches in that state until 13 May. We had scheduled 18 matches for Maharashtra,” he said. Manohar said that the BCCI officials would now have a discussion with the eight franchise team owners and said on an optimistic note, in the presence of team owners Vijay Mallya and Nita Ambani, as well as N Srinivasan (the BCCI secretary), that he did not think they will have any objection. “We will hold discussions with the owners. I don’t think the franchises would oppose us,” he said. The schedule of the tournament has been fixed from 10 April-24 May and BCCI said in a press release that there did not exist any other window for holding the IPL sometime later. The BCCI statement said it was not possible to hold the event on any other dated that the original schedule due to busy international calender. “The BCCI is conscious of the general elections, which will be held between 16 April and 13 May, 2009. The BCCI has had several discussions with the Ministry of Home Affairs on the scheduling of IPL matches. "...It is pertinent to understand that within the present International calendar of events, there is no other window for IPL to be played during this year. Immediately after the IPL, the teams will be in England on 25 May for the ICC Twenty20 World Cup commencing from 2 June. “After the ICC Twenty20 World Cup, the Indian team will play 4 ODIs in the West Indies after which, the team will tour Zimbabwe for a tri-series involving Zimbabwe and South Africa. “In September, India would play Champions Trophy in South Africa, following which would be the Champions League. Between October 2009 and March 2010, there are three home series against Australia, Sri Lanka and South Africa,” it said. The release also said the tournament provided a large revenue last year so, it would not hold a truncated event. “The experience of the first IPL has shown that apart from providing employment at the various venues, IPL has also contributed close to Rs.100 crores to the exchequer. “The BCCI, therefore, is not in a position to either play a truncated IPL or to cancel the 2nd edition of the IPL... The BCCI is left with no other option but to conduct the Indian Premier League in another country,” Source: Home - Livemint.com | 22 Mar 2009 | 11:19 am US sees 20 bank failures in less than 3 monthsNew York: The ongoing financial crisis, termed as the worst since the Great Depression, has claimed 20 US banks as its victims so far this year. In the first two months of this year, 16 banks went belly up which is more than half the total number of such failures in 2008. Last year, 25 banks were closed by the US authorities. The Federal Deposit Insurance Corporation, which is often appointed as the receiver for failed banks, said TeamBank, Colorado National Bank and FirstCity Bank were shut on 20 March. On 6 March, Freedom Bank of Georgia had collapsed. With the collapse of Teambank National Association of Paola, Kansas, Colorado National Bank of Colorado Springs and FirstCity Bank based in Stockbridge, GA, a whopping 72 banks have collapsed since 2000. Majority of the bank failures happened last year after the financial situation worsened with the bankruptcy of 158- year-old investment banking entity Lehman Brothers in September. Kansas-based Teambank had assets of $669.8 million and total deposits of $492.8 million. To protect the depositors, the FDIC entered into a purchase and assumption agreement with the Great Southern Bank to assume all of the deposits of Teambank and would pay $18.8 million. FirstCity Bank, had USD 297 million of assets and $278 million of deposits as of 18 March, while Colorado National had total assets of USD 123.5 million and total deposits of $82.7 million as of 31 December, 2008. The deposits of TeamBank would be taken over by the Great Southern Bank in Springfield, Missouri. Herring Bank in Amarillo, Texas, would control the deposits of Colorado National Bank. On 6 March, the Freedom Bank of Georgia had collapsed, with assets of $173 million and deposits worth $161 million as on 4 March, 2009. In February, 10 banks were closed, making it the highest for any month since 2000. A total of six banks had failed in January. Security Savings Bank, Heritage Community Bank, Silver Falls Bank, Beaverton and Alliance Bank, National Bank of Commerce, and Ocala National Bank are among the entities which collapsed this year. Starting January 2008, a whopping 42 banks have failed which is more than half the total collapses since 2000. However, there were no bank failures in 2005 and 2006. Source: Home - Livemint.com | 22 Mar 2009 | 11:19 am Nano launch: Indian auto industry on verge of new dawn-breakNew Delhi: History will be created in Mumbai on Monday when Tata Motors launches the world’s least expensive car, Nano — a car that can redefine personal transportation in modern India. Described as “People’s Car” by Tata Group chairman Ratan Tata, Nano’s commercial launch will mark a milestone in a journey, which was replete with controversies, hurdles and criticism from competitors. As far as customers are concerned, they can expect to own a car coming at a price between Rs1.20 lakh and Rs1.30 lakh, depending on the version of Nano, although bookings will start only in April second week. According to dealer sources, if the company keeps the ex-factory price at Rs1 lakh, as promised by Tata, then the base model could easily have an on-road price of Rs1.20 lakh after adding taxes such as excise duty, education cess and road tax, along with transportation cost, local taxes, insurance and registration fees and a lifetime parking fees (wherever applicable). Last month, Tata Motors had appointed public sector lender State Bank of India as the sole booking agent for the world’s least expensive car from the stable of Tatas. The booking amount is reportedly fixed at Rs70,000. Ever since the idea of making a car costing only Rs1 lakh for Indian passengers was conceived way back in 2003 by Ratan Tata, his dream had to face challenges — both technical and political. At a time when input costs were soaring, keeping cost of production of a comfortable mini car powered by a 623cc engine giving a competitive mileage, was a challenge big enough. While Tatas were able to overcome it, the group was unable to beat political challenge from Trinamool Congress and had to shift manufacturing base from the original location at Singur in West Bengal to Sanand in Gujarat. It delayed not only the original plans for the commercial launch of Nano by about five months, but also affected its availability. Till the time the Sanand facility is ready by 2010, Nano will be produced from Tata Motors’ factories at Pantnagar in Uttarakhand and Pune in Maharashtra in limited numbers. After the launch in Mumbai, Nano would be displayed at the company’s dealerships from the first week of April, while the bookings would start from the following week. The booking process and other details of the Rs1 lakh car would be announced on the day of launch. While critics had been sceptical about the car meeting safety and emission norms, Tata had said during the unveiling of Nano on 10 January, 2008, in Auto Expo in Delhi that the car would meet Bharat Stage-III emission norms and could also meet the stringent Euro 4 norms. The car has also gone through a full frontal crash test as per standard norms, he said. Besides, the European version of the car was unveiled in the first week of this month at the Geneva Motor Show. The company plans to roll out the car by 2011, complying with Euro V emission norms and some added features. The Nano is 8% shorter than Maruti 800, the cheapest car on offer currently in India, on bumper to bumper length, but is 21% more spacious, Tata had claimed in Auto Expo. The 623cc Nano comes with a 33 HP petrol engine, but a diesel variant would also be launched soon. The Nano would come in three variants — standard and two deluxe models with air conditioning. Source: Home - Livemint.com | 22 Mar 2009 | 11:18 am Egregious Wall Street bonuses may escape unscathedNEW YORK (Reuters) - The rush to recover bonuses paid by companies getting taxpayer money might not only drain talent away from Wall Street, but perversely, could actually fail to recover cash from the most egregious offenders.Source: Reuters: Money News | 22 Mar 2009 | 11:12 am Satyam fraud could amount to Rs10,000 cr:CBINew Delhi: Its probe into the accounting fraud in Satyam Computer has given CBI enough reason to believe that the scam involves a much bigger amount, close to Rs10,000 crore, than what was disclosed by the IT company’s founder Ramalinga Raju, who is now awaiting trial. Sources said the agency has retrieved over 7,000 fake invoices and forged documents showing fixed deposits and bank balances and their evaluation shows that the size of the scam is over Rs9,600 crore, much more than the Rs7,800 crore disclosed by Raju on 7 January. They said the investigating agency during the probe found that the accused relied heavily on technology to generate nearly 7,000 fake invoices to the tune of Rs4,500 crore and fed the same into Satyam’s books. Full coverage of Satyam fiasco The sources said these inflated figures were also reflected in the balance sheet in the form of audit reports which helped the company to cheat the public who were purchasing its shares. The buck did not stop here as the accused also have given false and fabricated statements, found by the CBI, about high capital of the company. The accused forged documents and created fake fixed deposit receipts to the tune of Rs3,300 crore. The FDRs were shown by the accused as available deposits by the company, the sources said, adding the accused had also allegedly manipulated the bank guarantees to show the balance in bank accounts as Rs1,800 crore. The CBI alleged that the accused had forged bank documents showing the existence of the cash balance in five banks including ICICI Bank, HSBC, Citibank and BNP Paribas but the banks clarified that they do not have any cash balance in the name of the firm. CBI is at present questioning the disgraced former chairman of Satyam, B Ramalinga Raju, and others including the auditors of PriceWaterhouse. Their custody was handed over to the CBI yesterday for two days. Besides Raju, his brother Rama Raju, Satyam’s former CFO Vadlamani Srinivas, PW partners S Gopalakrishnan and Talluri Srinivas are in jail awaiting trial in connection with the case dubbed as India’s biggest corporate fraud. In a related development, the CBI was examining the “digital evidence” about the share transactions at National Stock Exchange and Bombay Stock Exchange and did not rule out the possibility of questioning some officials of Securities and Exchange Board of India (Sebi), the capital market regulator. Sebi too is independently probing the fraud. The CBI was probing the rotation of funds and role of front companies used in rotation of funds, the sources said, adding that it was found that the accused had floated more than 320 companies and nearly 60 companies had same addresses. Experts including Chartered Accountants from the Institute of Chartered Accountants of India (ICAI) and Institute of Cost and Works Accountants of India (ICWAI) are also assisting the CBI in probing the role of the regulator in this case, the sources said. The CBI registered a case against Raju and others for their alleged involvement in what it called a unique accounting fraud at the Hyderabad-based company. The scam has made the CBI constitute a Multi-disciplinary Investigation Team (MDIT) headed by Deputy Inspector General V V Lakshmi Narayana which will be headquartered in Hyderabad to undertake a thorough probe. The case against them was registered under 120-B (criminal conspiracy), 409 (criminal breach of trust), 420 (cheating), 467 and 468 (forgery), 471 (using forged document as genuine), 477-A (falsification of accounts). The case was handed over to the CBI on 18 February by the Centre after a request for the same was received from the Andhra Pradesh government. On 7 January, Raju disclosed to fudging accounts and inflating profits over the last several years. He was arrested by the Andhra Pradesh Police on 9 January. Source: Home - Livemint.com | 22 Mar 2009 | 10:54 am Chaudhry returns as chief justice of PakistanIslamabad: Pakistan’s chief justice Iftikhar Muhammad Chaudhry was reinstated on Sunday, cheered on by hundreds of triumphant supporters 16 months after his surprise ouster threw the nation into chaos. The government’s decision to restore Chaudhry, an independent figure in a judiciary long seen as corrupt, has raised hopes of an end to a debilitating crisis that has at times brought the nation to a virtual standstill. Cheering supporters gathered at his house and sang the national anthem as Pakistan’s flag was raised, a symbol of victory after a hard-fought political battle that helped end the rule of previous president Pervez Musharraf. “It marks the end of the active struggle of lawyers and the people of Pakistan,” said Aitzaz Ahsan, leader of the movement of lawyers who have been campaigning for Chaudhry’s reinstatement. The supreme court said Chaudhry had been restored to office at midnight. Security forces banned vehicles for a one-kilometre (half-mile) radius and subjected visitors to body searches outside the home of the chief justice, who got right down to work assigning cases in a court system facing a mass backlog. One of those who helped unfurl the flag was lawyer Israr Shah, who lost both legs in a suicide attack on a July 2007 protest over Chaudhry’s dismissal that left 17 people dead. Chaudhry and 60 other top judges were sacked in 2007 by Musharraf, who feared the supreme court would disqualify him from running for re-election as president while remaining head of the military. In a dramatic climbdown, following months of broken promises and bitter protests, Prime Minister Yousuf Raza Gilani announced Monday that the government had decided to reinstate the deposed chief justice. It was a move aimed at ending a new wave of turmoil after a three-week showdown between opposition leader Nawaz Sharif, who was demanding Chaudhry’s reinstatement, and Musharraf’s unpopular successor, President Asif Ali Zardari. Gilani’s announcement on television at dawn came after a crackdown failed to thwart opposition activists and lawyers from starting to head toward the capital Islamabad in what was to have been a nationwide “long march.” The pledge to reinstate Chaudhry appears for the moment to have defused a crisis in the nuclear-armed Muslim nation, a frontline state in the US-led war on terror which is battling Taliban and Al-Qaeda militants. Millions of Pakistanis have great hopes that his return will cleanse the judiciary of rampant corruption and clear the backlog. Chaudhry, who did not attend Sunday’s ceremony and refuses to make political statements, has a reputation as an upstanding, independent-minded judge - qualities that experts say will set the tone for a cleaner judiciary. Analysts point to what they say is an impressive set of credentials. Sworn in on 30 June, 2005, Chaudhry soon blocked a deal to privatise steel mills, which would have earned the government millions of dollars. He took up the cases of missing people allegedly held by Pakistani security forces or handed over to the United States on terror charges. And he questioned Musharraf’s eligibility to contest the presidential election - a stand that first cost him his job. But while experts say his restoration is an important step, they warn he faces huge challenges to end corruption and secure government reforms. Gilani was set Sunday to hold his first face to face talks with Sharif since the supreme court on 25 February disqualified the opposition leader and his brother Shahbaz from contesting elections, sparking the latest crisis. The government has filed appeals to overturn the ruling and the meeting at Sharif’s estate is widely seen as a further move towards reconciliation. Source: Home - Livemint.com | 22 Mar 2009 | 10:38 am India, Africa to beef up business tiesOver 400 delegates from African countries are participating in a three-day India-Africa business conclave that started here Sunday, seeking ways to boost bilateral economic ties, an industry lobby said.Source: IndiaeNews.com: Business News | 22 Mar 2009 | 10:31 am Reliance Infra keen on Hyderabad Metro if Maytas opts outNew Delhi: Anil Ambani group’s Reliance Infra is open to bidding for the over Rs12,000 crore Hyderabad Metro Rail project if the current developer Maytas Infra, promoted by the family of scam-hit Satyam founder Ramalinga Raju, is no longer with it. “We will bid for the Hyderabad Metro Project, held by Maytas, if the bids for this are invited,” a Reliance Infra official, who did not want to be named said. Maytas Infra is under the scanner of investigating agencies in connection with the Rs7,800-crore accounting fraud at Satyam Computer. Maytas recently sought extension for completing the financial closure for the Rs12,132 crore project amid speculation that the Andhra Pradesh government might repeal the contract. The official said that Reliance Infra had participated in the bidding process for the project last year but it was awarded to Maytas. “So, why not (try) now again,” he added. He said that the company is now executing two prestigious metro projects, in Mumbai and New Delhi, and had the expertise to execute the Hyderabad project. Source: LatestNews-Home - Livemint.com | 22 Mar 2009 | 10:09 am Trai suggests new parameters for quality servicesNew Delhi: The telecom regulator Trai has prescribed new parameters to improve the quality of services offered by the mobile and landline service providers in the country. If the prescribed parameters come into force the pre-paid customers’ segment will come under the quality of service regulation. At present only post-paid customers’ billing credibility is assessed through the QoS Regulation. Trai has also suggested additional regulations for pre- paid users on issues that include billing and calldrops. “The review of quality of service regulations was needed to streamline the monitoring and measurement of quality of service parameters, after considering the new inputs from the service providers and consumers and other stakeholders,” Trai said in a statement. The new parameters also include issue related to Point of Interconnect Congestion, resolution of billing complaints, the period of applying credit/waiver/adjustment to customers accounts, assessing the metering and billing credibility in respect of charging of pre-paid customers. For resolving the billing complaints, the regulator has reduced the period from four weeks to one week within which refund is to be made to customers in case of a billing complaint. Source: LatestNews-Home - Livemint.com | 22 Mar 2009 | 9:57 am US H-1B visa restrictions to end in two yearsWashington: The US government’s controversial restriction on companies from hiring skilled foreign workers with non-immigrant H-1B visas will continue for only two years, the immigration department has said. As part of a stimulus package passed last month for revival of the economy, President Barack Obama signed a new law, named “Employ American Workers Act”, which makes it difficult for the companies having received government bailout funds to hire H-1B foreign workers. However, the US Citizenship and Immigration Services (USCIS), in a circular issued with its invitation of H-1B applications for the next fiscal, has now made it clear that the EAWA requirements are not permanent and would “sunset two years from the date of enactment.” EAWA, which prevents a company from displacing US workers when hiring H-1B specialty occupation workers if the company received stimulus funds, took effect on 17 February, 2009 and it applies to any “hire” taking place before 17 February, 2011. The Act defines “hire” as an employer permitting a new employee to commence a period of employment; that is, the introduction of a new employee to the employer’s US workforce. USCIS has said that it would begin accepting H-1B visa applications from 1 April for the next fiscal 1 and would subject the applications to various terms and conditions related to EAWA. Total such visas to be issued in the fiscal, beginning 1 October, would remain capped at 65,000. Besides, USCIS would also consider the first 20,000 H-1B petitions filed on behalf of foreigners who have earned a US masters’ degree or higher education. The new law has created an uproar in Indian IT space, as professionals from the country form the majority of people going to the US on H-1B visa to work in IT-related functions at banking and financial services firms. The financial services firms are the main recipients of the stimulus packages in the US and would be therefore subjected to various restrictions in hiring H-1B visa holders. An H-1B non-immigrant is a foreign national who comes to the United States temporarily to work in a specialty occupation. A specialty occupation position is one that generally requires a bachelor’s or higher degree and specialized knowledge. US businesses use the H-1B program to employ foreign workers in specialty occupations that require theoretical or technical expertise in specialized fields, such as scientists, engineers, or computer programmers. USCIS said that it was revising its application form for non-immigrant workers to include a question asking whether the petitioner employer had received covered funding. Under EAWA, any company that has received covered funding and seeks to hire H-1B workers is considered to be an “H-1B dependent employer” and such employers would now required to make additional attestations to the US Department of Labour, while filing a Labor Condition Application (LCA). These include, the company’s steps to recruit US workers using industry-wide standards and offering compensation that is at least as great as those offered to the H-1B non-immigrant. The company would also have to attest that it had offered the job to any US worker who applied and was equally or better qualified for the job that is intended for the H-1B non-immigrant. Besides, the company should not have “displaced” any US worker employed within the period beginning 90 days prior to the filing of the H-1B petition and ending 90 days after its filing. A US worker is displaced if the worker is laid off from a job that is essentially the equivalent of the job for which an H-1B non-immigrant is sought. The company would also have to declare that it would not place an H-1B worker to work for another employer unless it has inquired whether the other employer has displaced or will displace a US worker within 90 days before or after the placement of the H-1B worker. Source: LatestNews-Home - Livemint.com | 22 Mar 2009 | 9:52 am More stimulus expected from the next govt: Moody’sNew Delhi: The new government at the Centre is likely to come out with stimulus measures to boost the economy as well as to “sustain the sentiment”, an economist with financial services firm Moody’s has said. “Even if the new government is cash-strapped, more stimulatory measures or supportive steps will be announced. This is needed not just for boosting the economy but also for sustaining sentiment,” Moody’s economy.com economist Sherman Chan told PTI in reply to an e-mail query. However, the large public debt burden would constrain the size of any fiscal boost. To boost the economy, the government came out with two fiscal stimulus packages in December and January, which included excise duty reduction and various incentives across the sectors. Besides, as part of the interim budget, the government also announced excise duty and service tax cut. Sherman further said that the RBI might further slash short-term lending (repo) rate by 100 basis points to four per cent by the middle of 2009 as economic conditions remain tough and inflation is falling sharply. “With inflation now close to zero, there is a strong case for further interest rate cuts, which are needed to encourage consumption,” Sherman said. Sherman added that the commercial interest rates remain high and the pressure is on RBI to inject liquidity into the financial system to try and bring down borrowing costs. Since October, the RBI had infused over Rs4,00,000 crore into the financial system by cutting interest rates. On 4 March, the apex bank slashed repo rate to 5% from 9% in September last year. It cut reverse repo to 3.5% in the same period. However, in spite of these measures, growth in industrial production fell into negative territory and contracted by 0.5% in January. Meanwhile, the third quarter growth rate also slipped to 5.3% against the whopping 8.9% growth in the same period a year ago and export also declined by 15.9% in January. However, inflation dropped to 0.44% for the first week of March, the lowest mark since 1975-76, against 2.43% a week ago, raising expectation of further monetary easing measures by the Reserve Bank. Source: Home - Livemint.com | 22 Mar 2009 | 9:32 am Nano launch: Indian auto industry on verge of new dawn-breakHistory will be created in Mumbai when Tata Motors launches the world's least expensive car, Nano.Source: Daily News & Analysis: Money News | 22 Mar 2009 | 9:32 am Assocham calls for lower rates for agro, infra projectsA leading industry lobby Sunday urged the country's central bank to lower prime lending rates (PLR) for agriculture and infrastructure projects to 10 percent from the current 15 percent to help economic expansion.Source: IndiaeNews.com: Business News | 22 Mar 2009 | 9:30 am IDBI Bank to syndicate USD 1-billion loan for Air IndiaIDBI Bank is negotiating to give Air India a loan of USD one-billion to help the airline acquire 12 aircraft for domestic operations.Source: Daily News & Analysis: Money News | 22 Mar 2009 | 9:24 am IIT, IIM alumni to join poll fray - Hindu
Source: Google News India - Business | 22 Mar 2009 | 8:21 am CBI believes Satyam fraud much higher than disclosed by RajuIts probe into the accounting fraud in Satyam Computer has given CBI enough reason to believe that the scam involves a much bigger amount, close to Rs 10,000 crore.Source: Daily News & Analysis: Money News | 22 Mar 2009 | 8:20 am Billionaires say greed not good, want lower taxesHaving seen billions of dollars evaporate in the ongoing economic blizzard, billionaires believe that greed is absolutely bad.Source: Daily News & Analysis: Money News | 22 Mar 2009 | 7:53 am Essar group may go private, delays refinery expansionMUMBAI (Reuters) - Energy-to-steel conglomerate Essar Group is planning to become totally private, and none of its group companies will be listed, two newspapers said on Sunday, quoting group Chairman Shashi Ruia.Source: Reuters: Money News | 22 Mar 2009 | 7:42 am Chhattisgarh gets poll panel okay to implement pay commissionThe Election Commission has approved the Chhattisgarh government's request to implement the Sixth Pay Commission recommendations from April 1 that will benefit about 250,000 state government employees, official sources said Sunday.Source: IndiaeNews.com: Business News | 22 Mar 2009 | 7:30 am Fashion week affects business at venue's shopping arcadeThey had high expectations from the Wills Lifestyle India Fashion Week (WIFW) at the Eros Intercontinental, but the owners and sales executives at the hotel's shopping arcade are now very disappointed as the March 18-22 event has dented their business and dipped their sales.Source: IndiaeNews.com: Business News | 22 Mar 2009 | 7:30 am Share pledge disclosures weigh on blue-chip stocksNew Delhi: Shares of a dozen blue-chip firms, including Reliance Capital and Zee Entertainment, are being hammered on the National Stock Exchange ever since their promoters disclosed their share pledge details. An analysis of over a dozen stocks included in the 50- share benchmark index Nifty shows that shares of these firms remained in the negative territory till the last trading session after being hit following the promoters’ disclosure of pledging shares with lenders. Scrip of Anil Ambani Group firm Reliance Capital declined over 7% the day after the company disclosed that one of its promoters group firm AAA Enterprises had pledged over 4% of its stake in the company. On Friday last week, Reliance Cap was down 27% at Rs313.05 compared with the Rs431 level on 13 February when the company disclosed the pledging. Similarly, Zee Entertainment shares were trading down over 22% on 20 March compared to 10 February when its promoters disclosed pledging of nearly 12% of the company’s stake with lenders. According to marketmen share pledging by promoters is not a new thing and they have been doing it for many years to raise funds. In wake of the Satyam scandal, the market regulator Sebi made it mandatory for every listed company to come out with their disclosures. "Although share pledging is not a new phenomenon, but disclosures by promoters may have given a negative trigger to blue chip stocks and the overall bearish trend is making it difficult for them to climb back to earlier levels," a leading analyst from a leading brokerage firm said. Two Tata group firms Tata Steel and Tata Power, promoters of which have pledged as much as 13.53% and 14.59%, respectively are also trading in the red since the disclosure of pledged shares. Friday, Tata Power ended at Rs667.75, down 17% from 11 February when its pledged shares details were disclosed. Shares of Tata Steel have plunged over 11%. Further, realty major Unitech’s shares were down over 10%, wind power major Suzlon Energy (down 19%), Sun Pharma (down 9%) and two other ADA group firms Reliance Communications and Reliance Infrastructure are down 7% and 9% each. However, Mahindra and Mahindra, Tata Motors, Tata Communications and TCS have managed to rise after the initial negative response from investors and are now trading in the green compared to the day when their pledge shares details were disclosed. On Friday, M&M shares settled up 13% over its close of 16 February (the share pledge announcement date), while Tata Motors gained 16%. Tata Comm and TCS were up 4.38% and 0.11%, respectively on the NSE. According to data available on both the bourses, promoters of over 500 companies have pledged shares in the range of one per cent to nearly 86 per cent of their holdings in the respective companies with financial institutions and other lenders. The companies have pledged their shares with public sector banks like the State Bank of India, IDBI, Union Bank of India, Oriental Bank of Commerce, Canara Bank, PNB, besides the private sector lenders ICICI Bank and HDFC among others. Source: Home - Livemint.com | 22 Mar 2009 | 6:51 am Gold, only to diversify - Sify
Source: Google News India - Business | 22 Mar 2009 | 6:36 am 'Outplacement' is new corporate mantra in stressed timesIn these difficult times for the corporate sector when job cuts have become commonplace, employers are not leaving their fired staff in the cold. Rather, many are hiring what are called outplacement agencies to find suitable new openings for their erstwhile employees.Source: IndiaeNews.com: Business News | 22 Mar 2009 | 6:31 am Slowdown-hit India Inc has wish list ready for next governmentHit by a demand slowdown and meltdown in the global economy, India Inc has its wish list ready for the next government, with sector-specific policy reforms and tax sops on top of the agenda to tide over the crisis.Source: IndiaeNews.com: Business News | 22 Mar 2009 | 6:30 am Top firms add Rs37k cr in a week; ONGC leads gainMumbai: The country’s 10 most valued firms continued their gaining streak by adding over Rs37,000 crore to their market capitalisation last week, with the state-run ONGC accounting for over one-third of the total gain. The Oil and Natural Gas Corp (ONGC) added Rs10,502 crore last week to its valuation, after its shares surged nearly 7% on the Bombay Stock Exchange. At the end of Friday’s trade, the country’s most valued PSU entity ONGC’s market cap stood at Rs1,61,495 crore, against Rs1,50,994 crore a week ago. The elite club of top-10 firms, comprising four private entities and six public sector companies, gained Rs37,212 crore during last week, taking the total valuation to Rs10,24,177 crore. In the previous week, the valuation of the club was at Rs9,86,966 crore. Mukesh Ambani-led Reliance Industries, the country’s most valued firm, added Rs8,845 crore to its valuation. At the end of Friday’s trade, RIL had a market cap of Rs2,10,661 crore. The shuffling in the premier club saw state run MMTC replacing Bhel at the sixth spot. MMTC rose one spot after adding Rs4,983 crore to its valuation, while Bhel moved down by a notch to the seventh despite adding Rs 284 crore. "Although share pledging is not a new phenomenon, but disclosures by promoters may have given a negative trigger to blue chip stocks and the overall bearish trend is making it difficult for them to climb back to earlier levels,“ a leading analyst from a leading brokerage firm said. Two Tata group firms Tata Steel and Tata Power, promoters of which have pledged as much as 13.53% and 14.59, respectively are also trading in the red since the disclosure of pledged shares. Friday, Tata Power ended at Rs667.75, down 17% from 11 February when its pledged shares details were disclosed. Shares of Tata Steel have plunged over 11%. Further, realty major Unitech’s shares were down over 10% wind power major Suzlon Energy (down 19%), Sun Pharma (down 9%) and two other ADA group firms Reliance Communications and Reliance Infrastructure are down 7% and 9% each. However, Mahindra & Mahindra, Tata Motors, Tata Communications and TCS have managed to rise after the initial negative response from investors and are now trading in the green compared to the day when their pledge shares details were disclosed. Source: Home - Livemint.com | 22 Mar 2009 | 6:16 am Bank Muscat sold 81 pct of stake in HDFCDUBAI (Reuters) - Bank Muscat said on Sunday it had sold about 81 percent of its stake in HDFC Bank and earned about 39 million rials ($101.3 million) in pre-tax profit from the sale.Source: Reuters: Money News | 22 Mar 2009 | 6:05 am Singur mourns as Nano rolls out from MumbaiThe abandoned factory stands as a silent reminder of the frenzied activity and the air of expectancy one saw here less than a year ago. The prevailing feeling now is of loss and sadness as the Nano prepares to roll out far away in Mumbai Monday.Source: IndiaeNews.com: Business News | 22 Mar 2009 | 6:00 am Subhiksha expects to close debt restructuring by AprilNew Delhi: Beleaguered retail chain Subhiksha expects the ongoing corporate debt restructuring (CDR) process in the company to be completed by mid-April, following which it is hoping to secure debts to re-start business. “Yes, we expect to have clarity on the CDR package around that time (mid-April),” Subhiksha Trading Services Ltd Managing Director R Subramanian told PTI in reply to an email query. He said the company expects to secure debts to revive its operations once the CDR is over. The company had earlier said it needed Rs300 crore injection immediately to kick-start operations again. “This (securing the money) will be decided only when CDR package is finalised. We hope that soon after CDR is done we can do this,” Subramanian said. Subhiksha had closed operations of its 1,600 stores across the country in January due to liquidity crunch. Regarding the Employees Provident Fund Organisation (EPFO) Commissioner’s order asking ICICI Venture, part owner of the retail chain, to cough up Rs1 crore for payment of employees PF dues, Subramanian said: “We have only seen press reports in the media on this. We have no official intimation.” “We, off course, would be happy for support from all stakeholders for clearance of employee dues,“ Subramanian added. Subramanian had last week paid Rs73.87 lakh as employees PF from his personal savings as per his share of the dues following an order from EPFO. Source: Home - Livemint.com | 22 Mar 2009 | 5:25 am Childrens' Investment Fund sells Indian state bank holdingsHONG KONG (Reuters) - The Childrens' Investment Fund, the $9.5 billion London activist hedge fund, has liquidated its holdings in Indian state-owned banks, according to the Financial Times, in one of the biggest single selldowns by a foreign institutional investor in the country's stock market.Source: Reuters: Money News | 22 Mar 2009 | 5:00 am Nano set for commercial roll-out MondayThe Nano, touted as the world's cheapest car, will finally be launched from here Monday.Source: IndiaeNews.com: Business News | 22 Mar 2009 | 5:00 am Wipro gets ESIC’s Rs1,182 cr e-governance dealMumbai: The Employees State Insurance Corporation (ESIC) has awarded a Rs1,182-crore contract to software major Wipro Technologies for converting its paper-based administrative and operational system into a paperless E-governance system, a top ESIC official said. “ESIC has signed a Rs1,182-crore contract with Wipro Technologies for converting its paper-based administrative and operational system into a paperless E-governance system. The five-phase project would be implemented in the next five years,” ESIC (Maharashtra) Additional Commissioner S C Chakraborty said at a meeting on ‘Recent Developments in Employees State Insurance Scheme´ organised by the Indian Merchants Chamber here. “We expect this (contract) to vastly improve ESIC’s service delivery,” Chakraborty said. The ESIC was incorporated under Article 41, 42 and 47 of the Indian Constitution for extending social security to needy people. While social security was under the Concurrent list, medical care was under the State list. “Hence, the ESI scheme is being operated jointly by both state and central governments, sharing the costs on a 1:7 ratio respectively,” Chakraborty said. There are over 5,000 ESI dispensaries in the country and about four crore employees and their dependents benefit from them. Source: World Business - Livemint.com | 22 Mar 2009 | 4:56 am AIG bonuses $50mn higher than disclosed: reportWashington: The political scandal over AIG bonuses hit a new high on Saturday as US media reported the bailed-out insurance giant paid $218 million, over 50 million more than had been disclosed. Connecticut Attorney General Richard Blumenthal calculated the new figures for bonuses paid out by the embattled American International Group after receiving documents from the company Friday, the Hartford Courant reported. The company was quick to reject Blumenthal’s number, asserting that the bonuses amounted to the previously disclosed total of $165 million. AIG spokesman Joseph Norton said that the company’s CEO, Edward Liddy, had fully explained the bonuses to Treasury Secretary Timothy Geithner. “Mr Liddy said in his correspondence to Mr Geithner that a payment under the retention program was made in December before this latest March payment,” Norton said. “At this point, not having seen what Mr Blumenthal said, we believe that’s what he is referring to. The March payments were $165 million, not $218 million.” Blumenthal told the newspaper he was not referring only to bonus payments made in March. “We’ve not only added the numbers, but the company has given us documents that have the number at $218 million ,” Blumenthal said. “Some of that total is from earlier bonuses, but the main point is all of it seems to be out of taxpayer funds ... Whether the payments were made in December or March seems to be beside the point. The total that was disclosed so far was $165 million.” In a legal document, AIG said “about $55 million of retention pay was previously paid around December” while another $93 million was scratched “because of losses at the company,” according to the Courant. The federal government has already pumped over $170 billion of taxpayer money into AIG. Source: World Business - Livemint.com | 22 Mar 2009 | 4:34 am Chavez trims budget, adds debt to counter crisisCARACAS (Reuters) - Venezuelan President Hugo Chavez on Saturday almost tripled his government's borrowing plan and trimmed his budget to offset a slide in oil revenues, but resisted pressure to devalue the local bolivar currency.Source: Reuters: Money News | 22 Mar 2009 | 3:26 am Satyam: L&T & Tech Mahindra are punters' favourites - Economic Times
Source: Google News India - Business | 22 Mar 2009 | 2:54 am Home loan rates may drop again, say analysts - Economic Times
Source: Google News India - Business | 22 Mar 2009 | 12:27 am List of 5 final bidders for Satyam likely by March 25Mumbai, March 21 Satyam Computer Services today inched closer to finding a buyer as the company began the process of evaluating the financial bids it received from interestedSource: Business Line - Home Page | 22 Mar 2009 | 12:00 am Labelling norms: States urged not book cases on erring food cosNew Delhi, March 21 Bowing to industry pressure, the Centre has ‘requested’ State Governments not to book cases against companies not complying with the Health Ministry’s recently notified nutritional labelling provisions onSource: Business Line - Home Page | 22 Mar 2009 | 12:00 am The big launchThe wait is finally over. After the many months of frenzied anticipation and controversy, Tata Motors’ much-awaited low-cost-car Nano is set to be launched in Mumbai on Monday. Business Line brings you tomorrow a specialSource: Business Line - Home Page | 22 Mar 2009 | 12:00 am FII equity investments down $18.6 b in first half of 2008-09Mumbai, March 21 Equity investments by Foreign Institutional Investors stood at $80 billion as on September-end 2008, down by $18.6 billion in the first six months of the current financial year, according to the latest figures released by ReserveSource: Business Line - Home Page | 22 Mar 2009 | 12:00 am Essar group to keep away from listingChennai, March 21 Essar Steel has been delisted. Essar Oil and Essar Shipping and Logistics will soon be. The Essar group, as a matter of policy, will go private and none of the group companies will be listed on the stock markets, says Mr ShasiSource: Business Line - Home Page | 22 Mar 2009 | 12:00 am Buybacks offer little protection to stock pricesBL Research Bureau While more and more listed companies are taking the buyback route to signal that their stocks are undervalued, buybacks completed over the last six months suggest that the strategy has done little to protect stock prices fromSource: Business Line - Home Page | 22 Mar 2009 | 12:00 am Weekly News Round-upL&T, Spice Corp and Tech Mahindra have submitted their EoIs to take part in the Satyam bidding process, even as iGate backed off from the race. The exact number of EoIs is immediately not known as reports suggested that some multinationals andSource: Business Line - Home Page | 22 Mar 2009 | 12:00 am NTPC, Coal India impasse on fuel supply pact endsKolkata, March 21 The impasse over signing of fuel supply agreement (FSA) between NTPC and Coal India Ltd has been resolved. The FSA will be signed shortly.Source: Business Line - Home Page | 22 Mar 2009 | 12:00 am 105 companies make 284 offers at IIM LucknowNew Delhi, March 21 The just-concluded placement season at IIM-Lucknow saw 105 companies make a total of 284 offers. Offers in marketing and finance continued to dominate the placementSource: Business Line - Home Page | 22 Mar 2009 | 12:00 am Inflation set to turn negative - Economic Times
Source: Google News India - Business | 21 Mar 2009 | 11:26 pm Essar sets up steel centre at Oragadam - Hindu
Source: Google News India - Business | 21 Mar 2009 | 10:06 pm CEO Pandit fumes at taxes on bonusesCitigroup's offices are being renovated to make way for 17 private offices with icemakers, blast-proof window film, 'soft seating', space for administrative assistants.Source: Daily News & Analysis: Money News | 21 Mar 2009 | 9:18 pm Young parents bank on stem cells to safeguard baby's future healthThey do not hesitate to take loans to fund the expenses.Source: Business Standard | Front Page Headlines | 21 Mar 2009 | 7:13 pm No question of truncating IPL, says Lalit ModiThe schedule for the second edition of the Indian Premier League (IPL), the Twenty20 format cricket tournament organised by the Board of Control for Cricket in India (BCCI), will not be cut short, according to IPL Commissioner and BCCI vice-president Lalit Modi.Source: Business Standard | Front Page Headlines | 21 Mar 2009 | 7:12 pm 'We'll use coercive diplomacy against Pak'There is enough evidence to prove that Pakistans official agencies were involved in the Mumbai terror attacks, Home Minister P Chidambaram tells Karan Thapar in an interview for CNN-IBNs Devils Advocate. The interview will be telecast on Sunday.Source: Business Standard | Front Page Headlines | 21 Mar 2009 | 7:10 pm Survival designs, after a fashionIndian fashion designers at parallel fashion weeks draw up new strategies.Source: Business Standard | Front Page Headlines | 21 Mar 2009 | 7:08 pm BSE gets tough on price manipulationSends notice to members listing nine types of violations for which penalty norms have been revised.Source: Business Standard | Front Page Headlines | 21 Mar 2009 | 7:06 pm NTPC, Coal India impasse on fuel supply pact ends - Hindu Business Line
Source: Google News India - Business | 21 Mar 2009 | 6:35 pm Automobile company surrenders Rs.100 mn after income tax raidA leading automobile designing company, which is known for manufacturing poll campaign vehicles for top politicians in the country, Saturday surrendered nearly Rs.100 million (Rs.10 crore) following income tax raids on its offices and other establishments, officials said.Source: IndiaeNews.com: Business News | 21 Mar 2009 | 6:00 pm NREGS\' 3rd anniversary marks a changeMonday, February 2, was the third anniversary of the National Rural Employment Guarantee Scheme (NREGS). Interestingly among those felicitated was the collector of Sivaganga, which is Home Minster P Chidambarams constituency.Source: Moneycontrol Top Headlines | 21 Mar 2009 | 2:00 pm Satyam to shortlist bidders soonThe Satyam board meet is underway in Mumbai. This comes after LT, Tech Mahindra and the Spice group filed expressions of interest (EOI) and iGate pulled out of the race on Friday.Source: Moneycontrol Top Headlines | 21 Mar 2009 | 1:58 pm Satyam board meets in Mumbai, evaluates suitorsSatyam's Government-appointed Satyam board to evaluate the EoIs from suitors to acquire a majority stake in the IT major as also to take stock of the company's performance.Source: Daily News & Analysis: Money News | 21 Mar 2009 | 1:02 pm M\'shtra govt to bail out Ratnagiri Power Project?The Rs 7,000 crore, which large banks have lent to the Ratnagiri Power Project, has to be restructured by March 31 or there is a risk of the loan having to be booked as a nonperforming loan. However, if the Maharashtra government agrees to buy Ratnagiri\'s power at a 50% higher price, the restructuring will be through and it most likely, it will.Source: Moneycontrol Top Headlines | 21 Mar 2009 | 12:36 pm CBI takes Rajus into custody - Times of India
Source: Google News India - Business | 21 Mar 2009 | 12:30 pm Essar Steel sets up Rs 75 crore steel processing facilityThe facility, which would offer customised steel products was inaugurated by Bank of India chairman and managing director TS Narayanasami.Source: Daily News & Analysis: Money News | 21 Mar 2009 | 12:27 pm
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