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Nano makes grand debut: Bookings start April 9Ratan Tata, Chairman, Tata Group, said the sale of Nano booking forms will start from April 925 and one lakh applicants will be selected randomly. Cost of the booking forms will be Rs 300.Source: Moneycontrol Top Headlines | 23 Mar 2009 | 4:15 pm Pantaloons to launch \'Central\' mall by May 2009Pantaloons are continuing with their expansions. Sources said that Crossroads Mall, which the company had acquired about two years ago is now ready for retailers possession and will be open for consumers by the end of May 2009. The mall will be launched under their premium brand called Central.Source: Moneycontrol Top Headlines | 23 Mar 2009 | 3:45 pm Does Nano launch make Tata Motors a buy?The wait for the Nano is finally over with Tata Motors announcing that the much awaited people\'s car will hit the roads on Monday. However, what investors in Tata Motors are anxious to know is if the launch will lift the stock since it has fallen over 75% from the 52week high of Rs 664.Source: Moneycontrol Top Headlines | 23 Mar 2009 | 1:39 pm Maruti 800 vs Nano: An AnalysisThe worlds cheapest car Tata Motor\'s Nano will make its commercial debut today. CNBCTV18 has learnt that the sector currently just has Maruti 800 under Rs 2.5 lakh category, so Maruti clearly has a monopoly and by launching Nano the market size of this particular segment will grow. CNBCTV18\'s Swati Khandelwal compares Maruti 800 and Nano.Source: Moneycontrol Top Headlines | 23 Mar 2009 | 1:33 pm Tata Motors speeds 8% on bourses driven by Nano!Shares of Tata Motors soared as much as eight per cent on the domestic bourses in the morning trade on Monday as the company is scheduled to launch its much-awaited and the world`s least expensive car, Nano, later in the day.Source: Zee News : Business | 23 Mar 2009 | 12:35 pm Sensex opens over 9K mark!The Bombay Stock Exchange benchmark Sensex on Monday opened higher by over 181 points.Source: Zee News : Business | 23 Mar 2009 | 12:35 pm `Nano` dream all set to become a reality!Nano, touted as the world`s cheapest car, will finally be launched from Mumbai on Monday. The Tata group is all set for the commercial roll-out of the small car that hit the global headlines last year.Source: Zee News : Business | 23 Mar 2009 | 12:35 pm Geithner announces plan to clean toxic assets!Treasury Secretary Timothy Geithner announced a new USD 500-billion federal program to remove toxic assets from bank balance sheets that he said "are now clogging" the US financial system.Source: Zee News : Business | 23 Mar 2009 | 12:35 pm Asia stocks up as US bad debt plan kindles hope!Asian stocks rose on Monday, with Japan`s Nikkei at a one-month high, and oil prices climbed toward USD 53 a barrel on investor hopes a US plan to rid banks of USD 1 trillion of toxic assets was closer to being implemented.Source: Zee News : Business | 23 Mar 2009 | 12:35 pm Oil climbs above $52 in Asia!Oil prices rose above USD 52 a barrel Monday in Asia, boosted by stronger Asian stock markets amid plans by the US government to buy bad assets from banks to contain the financial crisis.Source: Zee News : Business | 23 Mar 2009 | 12:35 pm Daimler to sell $2.7 bn shares!Abu Dhabi would be the biggest shareholder in Daimler AG after it would sell shares of USD 2.72 bn.Source: Zee News : Business | 23 Mar 2009 | 12:35 pm Obama sees `hope` for US economy!US Prez Barack Obama said there were "flickers of hope" for the recession-hit US economy.Source: Zee News : Business | 23 Mar 2009 | 12:35 pm Tata Motors soars 8% on bourses driven by NanoMumbai: Shares of Tata Motors soared as much as 8% on the domestic bourses in the morning trade on Monday as the company is scheduled to launch its much-awaited and the world’s least expensive car, Nano, later in the day. On the Bombay Stock Exchange, Tata Motors opened on a firm note and surged over 8% to touch an intra-day high of Rs173.85. Similarly, on the National Stock Exchange, the scrip opened at Rs165 and soon witnessed a rally and jumped 7.76 % from its previous close to touch a high of Rs173.40. Marketmen said the surge in the counter is largely due to the fact that Nano’s commercial launch would mark a milestone in a journey and the car has the potential to redefine the personal transportation in modern India. On the volume front, over 6.2 lakh shares exchanged hands on the BSE and 20.36 lakh shares got traded on the NSE. Tata Motors was later quoted at Rs170, up 5.66% on the NSE. It was trading at Rs169.75 on the BSE, up by 5.5%. The customers of Nano -- described as “People’s Car” by Tata Group chairman Ratan Tata -- can expect to own a four-wheeler at a price between Rs1.20 lakh and Rs1.30 lakh. 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. Source: Home - Livemint.com | 23 Mar 2009 | 11:53 am Nano says tata to truckmaker image - Economic Times
Source: Google News India - Business | 23 Mar 2009 | 11:50 am Spice Corp shortlisted by Satyam Board; to bid for IT firmNew Delhi: B K Modi-led Spice Corporation on Monday said it has been shortlisted by the Satyam Board to put its bid for a majority stake in the crisis-ridden IT firm. A senior official of Spice Corp said that the company would now get access to the financial data relating to revenues, number of employees and clients and other details to value the firm for putting the auction price. Source: Home - Livemint.com | 23 Mar 2009 | 11:47 am Mentha oil rises - Hindu Business Line
Source: Google News India - Business | 23 Mar 2009 | 11:44 am Lalit Modi rushes abroad to finalize IPL venueMumbai: The chairman of the Indian Premier League (IPL) will travel to England and South Africa over the next 24 hours in an effort to finalise an overseas venue for this year’s edition of the Twenty20 competition. The Indian cricket board announced on Sunday that it would stage next month’s event abroad after failing to get government clearance for security cover because the tournament dates clashed with the country’s general elections. “I’ll be visiting both England and South Africa in the next 24 hours,” IPL chief Lalit Modi told Reuters. “I’m booked both ways and I’m yet to decided where to go first.” The Indian board said the second edition would have to be played on its original dates between 10 April and 24 May due to the cramped international calendar and that they were in discussions with interested boards willing to host the event. England and South Africa have emerged as the main contenders. A decision on the overseas venue is expected to be announced in the next two days, another board official told Reuters. Indian media speculated that England was the preferred venue. “We have had discussions in the last 36 hours. We shall be meeting representatives of the IPL and the BCCI and shall be reporting back to the Board at the back end of the week,” England Cricket Board’s chief executive David Collier was quoted in British media. England is to host the Twenty20 World Cup in June. India are the defending champions. “It would make sense in having the event in England as it would help our cricketers prepare for the Twenty20 World Cup,” India’s bowling coach Venkatesh Prasad told Indian media. Meanwhile, the decision to move the event overseas for lack of security has been the subject of a national debate in the cricket-crazy country, with some calling it politically motivated. The country’s two biggest political parties have traded barbs over IPL’s decision, the main opposition Bharatiya Janata Party (BJP) calling it a “national shame”. India’s home minister hit back on Monday, saying: “It appears that IPL is more than a game. It is a shrewd combination of sport and business. There is no reason to add politics to this combination.” But Indian fans and cricketers were disheartened by the shift. “It is disappointing that the IPL has been moved out of India. We will certainly miss playing in front of our supporters. It won’t be the same,” Sachin Tendulkar was quoted by Indian media. But owners of the eight franchises supported the move. “It’s disappointing, given the huge excitement that exists for the IPL in India. However, if the choice is no tournament or the tournament in another country, then we clearly prefer the latter,” Manoj Badale of the Rajasthan Royals said in a statement. Source: Home - Livemint.com | 23 Mar 2009 | 11:39 am Lalit Modi rushes abroad to finalize IPL venueMumbai: The chairman of the Indian Premier League (IPL) will travel to England and South Africa over the next 24 hours in an effort to finalise an overseas venue for this year’s edition of the Twenty20 competition. The Indian cricket board announced on Sunday that it would stage next month’s event abroad after failing to get government clearance for security cover because the tournament dates clashed with the country’s general elections. “I’ll be visiting both England and South Africa in the next 24 hours,” IPL chief Lalit Modi told Reuters. “I’m booked both ways and I’m yet to decided where to go first.” The Indian board said the second edition would have to be played on its original dates between 10 April and 24 May due to the cramped international calendar and that they were in discussions with interested boards willing to host the event. England and South Africa have emerged as the main contenders. A decision on the overseas venue is expected to be announced in the next two days, another board official told Reuters. Indian media speculated that England was the preferred venue. “We have had discussions in the last 36 hours. We shall be meeting representatives of the IPL and the BCCI and shall be reporting back to the Board at the back end of the week,” England Cricket Board’s chief executive David Collier was quoted in British media. England is to host the Twenty20 World Cup in June. India are the defending champions. “It would make sense in having the event in England as it would help our cricketers prepare for the Twenty20 World Cup,” India’s bowling coach Venkatesh Prasad told Indian media. Meanwhile, the decision to move the event overseas for lack of security has been the subject of a national debate in the cricket-crazy country, with some calling it politically motivated. The country’s two biggest political parties have traded barbs over IPL’s decision, the main opposition Bharatiya Janata Party (BJP) calling it a “national shame”. India’s home minister hit back on Monday, saying: “It appears that IPL is more than a game. It is a shrewd combination of sport and business. There is no reason to add politics to this combination.” But Indian fans and cricketers were disheartened by the shift. “It is disappointing that the IPL has been moved out of India. We will certainly miss playing in front of our supporters. It won’t be the same,” Sachin Tendulkar was quoted by Indian media. But owners of the eight franchises supported the move. “It’s disappointing, given the huge excitement that exists for the IPL in India. However, if the choice is no tournament or the tournament in another country, then we clearly prefer the latter,” Manoj Badale of the Rajasthan Royals said in a statement. Source: LatestNews-Home - Livemint.com | 23 Mar 2009 | 11:39 am BSE Sensex rallies 5.1 pct; Reliance, banks upMUMBAI (Reuters) – The BSE Sensex index rallied 5.1 percent on Monday, its biggest one-day rise since early December, after a fresh U.S. rescue package for the financial sector boosted investor confidence across Asia.Source: Reuters: Money News | 23 Mar 2009 | 11:38 am Close: Markets rally 5.1%; Reliance, banks upMumbai: India’s main stock index rallied 5.1% on Monday, its biggest one-day rise since early December, after a fresh US rescue package for the financial sector boosted investor confidence across Asia. Battered financial shares that had been on the mend in the past two weeks were among the main gainers, as the US plan to buy up to $1 trillion of toxic assets from banks bolstered global sentiment towards the sector. Reliance Industries, which has the heaviest weight in the main index, rallied 7.6% to Rs1,439.80, its best close since last 4 November, as the energy giant readies to begin gas supplies from its Krishna Godavari basin field off India’s east coast. Tata Motors, India’s largest vehicle maker, rose 3.2% to Rs166.05 ahead of the launch of its Nano, slated to be the world’s cheapest car at around $2,000. It rose more than 8% during trade. The 30-share BSE index, rose 457.34 points to 9,424.02, its highest close since 13 February 13, with all but one component rising. The 50-share NSE index rose 4.73% to 2,939.90, its highest close since 13 February. The benchmark, which had gained more than 7% in the past two weeks, has trimmed its losses in 2009 to 2.3%. Deven Choksey, managing director of K R Choksey Shares, said the rally was unexpected and was prompted by the world market recovery and partly by the rupee’s rebound after hitting an all-time low earlier this month. Markets across Asia and Europe climbed and US stocks futures were set to rally after Washington’s latest move to cleanse the US banking system of toxic assets that were blocking lending and worsening a deep US recession. Top lender State Bank of India climbed 7.3% to Rs1,023.45, ICICI Bank added 7.4% to Rs346.65, HDFC Bank gained 5.6% to Rs884.65, while Housing Development Finance Corp rose 8.4% to Rs1,528.80. Commodity stocks rose as metal prices rallied in London and Shanghai. Tata Steel jumped 10.4% to Rs194.40 rupees, Hindalco Industries gained 9.4% to 52.05 and Sterlite Industries added 5% to Rs331.40. Source: Home - Livemint.com | 23 Mar 2009 | 11:38 am Reliance MF announces 20% dividend on power sector schemeNew Delhi: Anil Dhirubhai Ambani Group firm Reliance Mutual Fund on Monday announced a dividend of 20% or Rs2 per unit for investors in its power sector scheme. “All unit holders registered under the Reliance power sector scheme as on 25 March 2009, will be eligible for this dividend,” Reliance Mutual Fund said in statement. The total dividend payout under this scheme to date, since January 2005, is close to 130%, the company said. “In spite of the volatile equity markets, Reliance Mutual Fund has maintained its strategy of giving timely and regular dividends on equity schemes. We always endeavour to offer best -in-class products and services to increase value to our investors,” Reliance Mutual Fund CEO Sundeep Sikka said. The Reliance power sector scheme is an open-ended power sector scheme with a primary investment objective in seeking to generate continuous returns by actively investing in equity or equity-related or fixed income securities of power and other associated companies. According to the company, as on 20 March, the net asset value (NAV) under the dividend plan of this scheme - retail and institutional plan - was Rs28.77 and Rs189.7, respectively. With a corpus of over Rs81,627 crore (as on 28 Feb 2009), the ADAG fund house is the largest mutual fund in the country. Source: LatestNews-Home - Livemint.com | 23 Mar 2009 | 11:33 am Specifications of Tata Nano that made its commercial debut MondayFollowing are the specifications of Nano, the small car of the Tata group, which chairman Ratan Tata said would roll out from July this year:Source: IndiaeNews.com: Business News | 23 Mar 2009 | 11:32 am Srei Infrastructure to borrow $100 mn from Dutch firmNon-banking finance company Srei Infrastructure Finance plans to secure a $100-million external commercial borrowing from the Netherlands-based financial institution FMO, a top company official said here Monday.Source: IndiaeNews.com: Business News | 23 Mar 2009 | 11:31 am Airlines told not to show surcharge, airport fees as taxesIt also warned against any cartelisation move in the industry and asked the airlines not to take collective decisions while fixing air fares.Source: Daily News & Analysis: Money News | 23 Mar 2009 | 11:31 am Spice shortlisted by Satyam for bidding - Financial Express
Source: Google News India - Business | 23 Mar 2009 | 11:28 am India gold futures may tread higher on dollarMUMBAI (Reuters) - India gold futures are expected to tread higher this week on expectations of a weak dollar after the Federal Reserve's plan to buy bonds, analysts said.Source: Reuters: Money News | 23 Mar 2009 | 11:21 am Daily Mail and General Trust to cut 1,000 jobsLondon: The Daily Mail and General Trust said Monday it expects to shed a thousand jobs in its Northcliffe Media unit, which produces more than 110 local publications. The trust said advertising revenues at Northcliffe Media were expected to be down 37% in the current quarter, worse than the group’s overall drop of 24%. The number of job cuts planned in Northcliffe are double the level the group announced in November, and represent 22% of its current staff. Further reductions are being made in other operations, the trust said, but gave no details. In the latest five months, DMGT said revenue had fallen by 12%. Northcliffe Media’s publications include the Bath Chronicle, the Leicester Mercury, the Bristol Evening Post and the Derby Telegraph. Source: LatestNews-Home - Livemint.com | 23 Mar 2009 | 11:17 am ING chief to staff: please pay back your bonusNetherlands: The incoming chief executive of Dutch financial services company ING Groep NV made a “moral appeal” on Monday for his senior staff to pay back their 2008 bonuses. The call by Jan Hommen comes with ING under fire for handing its new chief financial officer 100,000 ING shares as part of his enlistment package, despite a government bailout of billions of euros to prop up the banking and insurance group. Some ING managers have indicated they were prepared to relinquish their bonuses, Hommen was quoted as saying in an interview published on Monday in the daily De Volkskrant. “That is why we are asking the top 1,200 (managers) to give up their bonus,” he said. No bonuses were planned for this year, he said, and the group is reviewing its policy on pay packages. ING reportedly paid out €300 million in bonuses for 2008. In February, ING reported a net loss of €3.1 billion for the previous quarter and said it planned to cut operating costs by euro1 billion in 2009. The shortfall was caused by losses of €1.07 billion at ING’s banking arm, mostly due to larger provisions for bad loans, and €2.04 billion at its insurance arm, primarily because of investments gone sour. Dutch finance minister Wouter Bos welcomed ING’s decision, but said it did not go far enough. “It’s a good start,” he said. “We will announce this week a number of measures and the main rule will be that if you are supported by the government, the tax payer, then there is no room for bonuses.” Source: World Business - Livemint.com | 23 Mar 2009 | 11:15 am ING chief to staff: please pay back your bonusNetherlands: The incoming chief executive of Dutch financial services company ING Groep NV made a “moral appeal” on Monday for his senior staff to pay back their 2008 bonuses. The call by Jan Hommen comes with ING under fire for handing its new chief financial officer 100,000 ING shares as part of his enlistment package, despite a government bailout of billions of euros to prop up the banking and insurance group. Some ING managers have indicated they were prepared to relinquish their bonuses, Hommen was quoted as saying in an interview published on Monday in the daily De Volkskrant. “That is why we are asking the top 1,200 (managers) to give up their bonus,” he said. No bonuses were planned for this year, he said, and the group is reviewing its policy on pay packages. ING reportedly paid out €300 million in bonuses for 2008. In February, ING reported a net loss of €3.1 billion for the previous quarter and said it planned to cut operating costs by euro1 billion in 2009. The shortfall was caused by losses of €1.07 billion at ING’s banking arm, mostly due to larger provisions for bad loans, and €2.04 billion at its insurance arm, primarily because of investments gone sour. Dutch finance minister Wouter Bos welcomed ING’s decision, but said it did not go far enough. “It’s a good start,” he said. “We will announce this week a number of measures and the main rule will be that if you are supported by the government, the tax payer, then there is no room for bonuses.” Source: LatestNews-Home - Livemint.com | 23 Mar 2009 | 11:15 am Nano\'s initial booking not a barometer for success: KhattarJagdish Khattar, Former Managing Director of Maruti Suzuki, is of the opinion that Nanos initial booking will not be the barometer for its success. Though there will be robust demand, Nano supply constraints will remain a chief botheration. Tata Motors should have had more vehicles in stock before launching.\"Source: Moneycontrol Top Headlines | 23 Mar 2009 | 11:12 am Bullish on photovoltaic business going forward: Moser BaerYogesh Mathur, Group CFO, Moser Baer, said the photovoltaic business has seen a slowdown due to the financial meltdown. However, he was quick to add that the medium to longterm prospects of the photovoltaic business remain bullish.Source: Moneycontrol Top Headlines | 23 Mar 2009 | 11:09 am $500 billion US plan to help clean up banks’ toxic assets - Hindu Business Line
Source: Google News India - Business | 23 Mar 2009 | 11:02 am RIL to charge higher margin on KG-D6 gasNew Delhi: Reliance Industries Ltd (RIL) has raised by 25% the marketing margin on the natural gas it will sell from its eastern offshore KG-D6 field. RIL, which is to begin gas production from the Krishna Godavari basin KG-D6 fields this week, has raised the marketing margin to $0.15 per million British thermal unit from $0.12 per mmBtu earlier, a source said. The rate, which would be charged over the $4.20 per million British thermal unit base gas price, is however lower than the $0.18 per mmBtu margin charged by state-run GAIL. The increase, he said, was due to the additional risk of ‘ship-or-pay’, an obligation under which the company would be obliged to transport the committed volumes or pay for the gas. A company spokesperson did not offer any comments. RIL has communicated the new marketing margin in the revised Gas Sales and Purchase Agreement (GSPA) to 12 identified fertiliser companies that will consume KG-D6 gas. The fertiliser companies have opposed the revision but the two sides have considerably narrowed their differences and are likely to sign the GSPA by weekend. The delivered price, including taxes and transportation charges, of Reliance gas in Andhra Pradesh would be $5.34 per mmBtu while in Maharashtra it would cost $5.87. In Gujarat it would cost $5.87 and along the HVJ pipeline $6.21. Source: LatestNews-Home - Livemint.com | 23 Mar 2009 | 11:02 am RIL to charge higher margin on KG-D6 gasNew Delhi: Reliance Industries Ltd (RIL) has raised by 25% the marketing margin on the natural gas it will sell from its eastern offshore KG-D6 field. RIL, which is to begin gas production from the Krishna Godavari basin KG-D6 fields this week, has raised the marketing margin to $0.15 per million British thermal unit from $0.12 per mmBtu earlier, a source said. The rate, which would be charged over the $4.20 per million British thermal unit base gas price, is however lower than the $0.18 per mmBtu margin charged by state-run GAIL. The increase, he said, was due to the additional risk of ‘ship-or-pay’, an obligation under which the company would be obliged to transport the committed volumes or pay for the gas. A company spokesperson did not offer any comments. RIL has communicated the new marketing margin in the revised Gas Sales and Purchase Agreement (GSPA) to 12 identified fertiliser companies that will consume KG-D6 gas. The fertiliser companies have opposed the revision but the two sides have considerably narrowed their differences and are likely to sign the GSPA by weekend. The delivered price, including taxes and transportation charges, of Reliance gas in Andhra Pradesh would be $5.34 per mmBtu while in Maharashtra it would cost $5.87. In Gujarat it would cost $5.87 and along the HVJ pipeline $6.21. Source: Home - Livemint.com | 23 Mar 2009 | 11:02 am Nano's Gujarat plant to be ready by year-endEven as Tata Motors announced the commercial rollout of the small car Nano in Mumbai Monday, company officials said the main factory here, 45 km from Ahmedabad, will be up and running by this year-end.Source: IndiaeNews.com: Business News | 23 Mar 2009 | 11:01 am Obama's first trade mission to India is on solar powerThe new administration of US President Barack Obama has sent its first trade mission to India, and it's on solar energy. 'It shows how energy is becoming the focal point in the US-India relationship,' a US government official said here Monday.Source: IndiaeNews.com: Business News | 23 Mar 2009 | 11:01 am Nuclear Power Corp, BHEL sign deal with GE-HitachiNuclear Power Corp of India Ltd (NPCIL) and Bharat Heavy Electricals Ltd (BHEL) Monday inked two separate deals with GE-Hitachi to build nuclear reactors for power generation in India.Source: IndiaeNews.com: Business News | 23 Mar 2009 | 11:01 am Nano booking to start from April 9The booking of the Nano, the Rs one-lakh people's car from the Tata stable, will begin on April 9 and remain open till April 23.Source: Daily News & Analysis: Money News | 23 Mar 2009 | 11:01 am IMF says clean up banks to tackle dire world crisisGENEVA (Reuters) - The world is in a dire economic crisis, but no recovery is possible until the financial sector is cleaned up, the head of the International Monetary Fund said on Monday.Source: Reuters: Money News | 23 Mar 2009 | 10:59 am Religare to tweak rights issue announced in October '08 - Moneycontrol.com
Source: Google News India - Business | 23 Mar 2009 | 10:58 am Banks lead European stocks higher; awaits US planFrankfurt: European shares rose for a third straight session on Monday, with financials the major gainers as investors trained their sights on a US Treasury plan to buy toxic assets from banks. By 4pm, the pan-European FTSEurofirst 300 index of top shares was up 1.6% at 729.02 points. However, the FTSEurofirst 300 index is still down around 12% for the year. “Investors are waiting for details of the Treasury department plan for the problem assets in the US banks. There is also talk of a bigger stimulus package in Japan and in China there is talk the authorities want to promote consolidation in the auto and steel sectors that could be seen as bullish for profitability,” said Bernard McAlinden, market strategist at NCB Stockbrokers. Bank stocks were higher. Barclays gained over 9% after private equity group Hellman & Friedman, Bain Capital and TPG showed interest in buying its iShares business. Credit Suisse, Societe Generale, Banco Santander, BNP Paribas and UniCredit were up 1.9% to 5.5%. According to a Washington official, the government will put in $75 billion to $100 billion from its bailout fund to team up with private investors and buy toxic assets from banks in a move to thaw frozen credit markets and revive the recession-hit economy. Treasury Secretary Timothy Geithner is due to release details of the plan at 6pm on Monday. “Investors are slowly beginning to believe that the various plans from the governments will work. Markets have been sold down too far and now are adjusting to a better norm ... particularly in the financial sector. There is a little bit of confidence out there this morning,” said Howard Wheeldon, strategist at BGC Partners. Daimler rose 6.1% after Abu Dhabi government-linked Aabar Investment completed a $1.82 billion capital hike on Monday after taking a 9.1% stake in the group to become the top stakeholder in the German carmaker. Energy stocks also gained as crude jumped 1.5%, BG Group, BP, Royal Dutch Shell and Total were up 0.8 percent to 2.3%. Miners were higher as copper rose 3%. Rio Tinto was up 5% as the Daily Mail said the group is preparing to hand unprecedented boardroom power to its Chinese backer. Xstrata was 0.7% higher after the Wall Street Journal said acquisition opportunities are developing in the mining sector, with share prices weak and some companies being forced to sell assets. Later investors will eye US existing home sales for February with economists in a Reuters poll expecting sales to come in at an annual rate of $4.45 million, down from $4.49 million in January. Across Europe, the FTSE 100 index was up 2%, Germany’s DAX was 1.8% higher and France’s CAC 40 was up 1.3%. Source: Home - Livemint.com | 23 Mar 2009 | 10:56 am AGP’s poll promiseGuwahati: Political solution of the insurgency problem in Assam, rooting out of fundamentalism, halting of infiltration were some of the poll assurances given by regional party Asom Gana Parishad for the upcoming Lok Sabha elections on Monday. Releasing the party manifesto, AGP president Chandra Mohan Patowary said his party assured the people that they would carry the voice of the people to Parliament, implement the Assam Accord, work for welfare of ethnic communities and inclusion of six agitating communities in the scheduled tribe list. An upper house in the state assembly, resolution of the recurring floods and erosion problem, resolution of Assam’s border disputes with neighbouring states, declaring agriculture as an industry and introduction of federal structure were some of its other poll promises. The party also promised improvement of railway services and welfare of women, children, old and economically backward people. Source: LatestNews-Home - Livemint.com | 23 Mar 2009 | 10:55 am Mitsubishi to slash 1,000 jobs, shut 50 branches: reportNew York: Japanese banking major Mitsubishi UFJ Financial Group Inc on Monday said it is planning to close 50 branches and slash 1,000 jobs over the next three years, a media report says. According to a report by the Wall Street Journal, the biggest bank of Japan in terms of assets, is planning to reduce headcount and shut down about 50 branches over a period of three years as part of its ongoing effort to cut costs. “The plan for its core banking unit Bank of Tokyo-Mitsubishi UFJ, includes shutting down at least 200 automatic teller machines,” the WSJ report published online stated. WSJ report added, MUFG has stopped short of laying off people and would instead eliminate 1,000 jobs through natural attrition and move another thousand into new positions within the group. The daily pointed out that laying-off of people in Japan is extremely difficult because of the tough labour laws protecting staff and public pressure on companies to preserve social stability. However, many Japanese companies have laid off people in recent months because of the sharp downturn in the country’s economy. Shares of Mitsubishi UFJ were trading up 4.70% at ¥512 in the late afternoon trade at the Tokyo Stock Exchange. Source: LatestNews-Home - Livemint.com | 23 Mar 2009 | 10:54 am Tata rolls out NanoMumbaii: Tata Motors on Monday launches the world’s cheapest car, the Nano, hoping to revolutionise travel for millions of Indians and buck a slump in auto sales caused by the global economic crisis. Company chairman Ratan Tata said the booking for Nano will start on 9 April and go on till 23 April. he also added that Nano production from Sanand plant in Gujarat will begin only by early 2010. Company boss Ratan Tata hopes the car, which is slated to cost just Rs100,000 ($2,000) for the no-frills model, will get India’s middle-class urban population off motorcycles and into safer four-wheelers. Demand is expected to outstrip supply with production limited to just 30,000 to 50,000 cars in the first year because of limited production capacity - a fraction of the original target of 250,000, auto analysts said. “There’s no safety in two-wheelers especially with the whole family,” said New Delhi resident Ganesh Khand, 38, who now has a motorbike but wants a Nano to be able to transport his wife and two daughters safely. Even the more affluent Indians are eyeing up the Nano, which has a two-cylinder engine, four-speed manual transmission and a top speed of 105 kilometres per hour. It has no air conditioning, electric windows or power steering, but deluxe versions will be available. “This is a value-for-money car,” said Hasmukh Kakadia, 39, a Mumbai investment analyst. Shares of Tata Motors jumped as much as 8% early on Monday to hit an intraday high of 173.85 before retracing on profit-taking to Rs167.35, still up 4.01%, or Rs6.45, and outperforming the broader market. The launch comes at a tough time for India’s top vehicle maker, hit by the economic slowdown and credit crunch at home and abroad -- at a time when it is trying to absorb the British luxury marques Jaguar and Land Rover,which it bought last year for $2.3 billion. Source: Home - Livemint.com | 23 Mar 2009 | 10:54 am Tata Motors seeing mth-on-mth upturn in salesMUMBAI (Reuters) - Tata Motors, India's top vehicles maker, is seeing an upturn in automobile sales on month-on-month basis, Managing Director Ravi Kant said on Monday.Source: Reuters: Money News | 23 Mar 2009 | 10:48 am Help us to win war on terror: Zardari pleads to US, UKIslamabad: Stating that war on terror is Pakistan’s own battle, President Asif Ali Zardari has said it can only be won if Islamabad gets more help from the US and Britain. “It is my war. It is my fight. It is our fight, it is Pakistan’s war. We will fight it but if you help us we can do it sooner,” Zardari said in an interview. Asked what message he would like to send to countries like the US and Britain, he said: “The message is: you’ve got democracy. Democracy is part of the solution but the second part of the solution is with you. So please give us the help that we need.” He claimed that Pakistan had not “received a dollar”. Zardari said: Until then we don’t have the tools to fight. The President said the Taliban are not in control of any part of Pakistan and suggestions that Islamic law is being imposed in some parts of the country are just “media hype”. Zardari was adamant that settling the recent crisis over a countrywide protest by lawyers and opposition PML-N to reinstate judges deposed during the 2007 emergency was not a “climb down” and had not weakened his position as President. The ruling PPP gave in to pressure generated by the protest and announced it would restore the judges. Observers believe the restoration of the judges has strengthened the hand of Sharif, Pakistan’s most popular politician, and weakened Zardari’s position. Source: LatestNews-Home - Livemint.com | 23 Mar 2009 | 10:46 am RIL to charge higher margin on KG-D6 gas - Economic Times
Source: Google News India - Business | 23 Mar 2009 | 10:43 am India's sugar production may rise to 20 mn tonnes next year - Hindu
Source: Google News India - Business | 23 Mar 2009 | 10:38 am Sangma distances himself from UPA, to campaign for BJPShillong: Distancing himself from the UPA, NCP leader P A Sangma has said he would campaign for the BJP in Arunachal Pradesh and Sikkim in the run-up to the ensuing Lok Sabha polls. “I will campaign for the BJP in Arunachals West constituency (for Kiren Rijiju) and Sikkim (for S S Ahluwalia),” Sangma told a local news channel late on Sunday night. On Sunday, in Guwahati, Sangma had cobbled up a non-Congress political forum in the Northeast comprising 13 parties, which, he said, would aggressively campaign against the UPA in the forthcoming LS polls. The forum — North East Peoples Forum — included the Asom Gana Parishad (AGP), Asom United Democratic Front (AUDF), BJP, Bodoland Peoples Progressive Front (BPPF), Nagaland Peoples Front, Manipur Peoples Party (MPP) and CPI. Sangma, on a campaign to enlist support for the Meghalaya Progressive Alliance demanding revocation of Central Rule in Meghalaya, claimed, “UPA will undoubtedly collapse in the forthcoming Lok Sabha elections.” Pointing to the rift between the UPA and the LJP and RJD in Bihar, Sangma said the collapse of the UPA has now become ‘imminent’. Asked about his party president and union minister Sharad Pawar’s role when the union cabinet recommended PR in Meghalaya, he said, “Pawar protested it, but he was sidelined. Its majority that matters in democracy. The Congress bulldozed Central Rule in Meghalaya. Its their culture.” The NCP leader had met BJP leader L K Advani and leaders of the Left and JD(U) to drum up support for his campaign against the Centres decision to impose PR in Meghalaya. Sangma, the founder member of NCP, also said the tie-up between the NCP and the Congress was limited to seat sharing in Maharashtra. Originally a Congressman, Sangma was a founder member of the NCP, before he along with Sharad Pawar and Tariq Anwar were expelled from the Congress for questioning the right of Sonia Gandhi to lead the party in 1999. In 2004, Sangma created a split in the NCP. Sangmas faction merged with the Trinamool Congress. A year later, he returned to NCP. Source: LatestNews-Home - Livemint.com | 23 Mar 2009 | 10:38 am CPI(M) welcomes EC’s censure of Varun GandhiRanchi: The CPI(M) on Monday welcomed the Election Commission’s censure of BJP candidate Varun Gandhi for his controversial election speech. “That was our demand. And we welcome the EC’s advisory,” CPI(M) parliamentary board leader Basudev Acharya told a news conference here. Lauding the Election Commission’s recommendation to the BJP asking it not to field Varun Gandhi as a candidate in the ensuing Lok Sabha polls, Acharya recalled that the EC had defranchised Shiv Sena chief Bal Thackeray for his remarks over a decade ago. “The EC is right. Twelve years ago it had defranchised Bal Thackeray for his remarks,” he said when asked whether the EC could censure Varun Gandhi before a formal probe report. The EC had on Sunday found no merit in Gandhi’s contention that the tapes of his speech were doctored. Source: LatestNews-Home - Livemint.com | 23 Mar 2009 | 10:31 am Chidambaram hits out at BCCI, Narendra ModiHome Minister P. Chidambaram Monday described as 'unwarranted' the Indian cricket board's criticism of the central government for allegedly not ensuring security for Indian Premier League (IPL) cricket tournament that has now been moved out of the country.Source: IndiaeNews.com: Business News | 23 Mar 2009 | 10:30 am Telecom secretary Behura front-runner for TRAI chairman - IT Examiner
Source: Google News India - Business | 23 Mar 2009 | 10:27 am Sensex above 9350; Bank, Metal, Oil & Gas indices up 5-6% - Moneycontrol.com
Source: Google News India - Business | 23 Mar 2009 | 10:08 am India to deepen ties with regional groups in AfricaIndia continues to remain a 'reliable partner' of Africa and is looking at deepening relations with regional groups in the continent, a senior Indian diplomat said here Monday.Source: IndiaeNews.com: Business News | 23 Mar 2009 | 10:03 am Nano will be on Indian roads in JulyTata Motors Monday said deliveries of its small car Nano will start in July. The first set of bookings, for some 100,000 cars, will be accepted from April 9 to 25.Source: IndiaeNews.com: Business News | 23 Mar 2009 | 10:02 am Sensex jumps 5.43 percentA strong start in European markets added impetus to the bull run at Indian equities markets Monday as a key index ended trade 5.43 percent higher than its previous close.Source: IndiaeNews.com: Business News | 23 Mar 2009 | 10:02 am Mixed business at WIFW as buyers become choosyAs expected, recession has taken its toll on the fashion industry with buyers playing safe and sticking to their regular designers and experimenting less with the new ones at the just concluded 12th edition of the Wills Lifestyle India Fashion Week (WIFW).Source: IndiaeNews.com: Business News | 23 Mar 2009 | 10:01 am Satyam board sends confirmation mails to qualifying biddersThe deadline for the Satyam bid process has come and gone and now we officially know that the LT, Tech Mahindra and BK Modis Spice Group and among the bidders running in the race for Satyam right now. Spice Corp has been qualified by the Satyam board for the second stage of the bidding process.Source: Moneycontrol Top Headlines | 23 Mar 2009 | 10:00 am Spice Corp cleared for 2nd stage of Satyam bidding: BK ModiSpice Corporation among bidders has been qualified by the Satyam board for second stage of bidding, sources said. BK Modi of Spice Group confirmed that the company has indeed been selected for the second stage, but added that he was unaware as to whom the other parties in the race for Satyam were.Source: Moneycontrol Top Headlines | 23 Mar 2009 | 9:58 am Hillary Clinton, e-diplomat, embraces new mediaWashington: Her videos aren’t quite viral yet and she’s not tweeting, but secretary of state Hillary Rodham Clinton is embracing new media, using the Web to promote the US agency and her role as the nation’s top envoy. Clinton’s State Department has embarked on a digital diplomacy drive aimed at spreading the word about American foreign policy and restoring Washington’s image. Part of a broader Internet outreach by President Barack Obama’s administration, Clinton’s Web efforts already have outpaced those of her predecessors. Clinton’s team has built on e-diplomacy innovations developed during George W. Bush’s presidency: They have revamped the department’s Web site (www.state.gov) and the Dipnote blog (http://blogs.state.gov and http://twitter.com/dipnote) with a fresh array of features, graphics and colorful posts. Users can track her foreign travel on an interactive map (http://www.state.gov/secretary/trvl/map/?trip_id=5). They can keep up virtually with her every move through Facebook, Twitter, Flickr and YouTube (http://www.youtube.com/user/statevideo). They can pose questions through an “ask-the-secretary” column (http://www.state.gov/r/pa/ei/ask/secretary/117297.htm) that recently was revised to “text the secretary.” (http://www.state.gov/r/pa/ei/ask/secretary/120236.htm) “New media is critical in this new era of diplomacy, where smart power and expanded dialogues are essential to achieving our foreign policy goals,” said Cheryl Mills, Clinton’s chief of staff. Source: Tech News - Livemint.com | 23 Mar 2009 | 9:52 am Biocon opens new research facilityNew Delhi: Biotechnology firm Biocon on Monday announced the opening up of its new research and development facility, in collaboration with US-based Bristol Myers Squibb, at Biocon Park in Bangalore. Syngene International, a subsidiary of Biocon and Bristol, has entered into an agreement to develop integrated drug discovery and development capabilities at Syngene, Biocon said in a statement. The facility will house 360 researchers by the end of the year and could accommodate as many as 450 employees in the future. Facility will be dedicated to the discovery and development of new drugs, from initial hit to lead optimisation to early pharmaceutical development to clinical nomination to phase I and phase II clinical studies, the company said. “The opening up of this facility is an integral part of our company’s strategy to access top talent around the world and establish a research and development presence in Asia,” Bristol-Myers Squibb executive vice-president Elliot Sigal said. Established in 1978, Biocon Ltd is one of the leading biotechnology firms in India. Source: Home - Livemint.com | 23 Mar 2009 | 9:45 am Subhash Projects bags Rs 492 cr order - Business Standard
Source: Google News India - Business | 23 Mar 2009 | 9:39 am Nano to debut todayThe worlds cheapest car will make its commercial debut today. It has been a long journey for Tata Motorsfrom warding off critics who scoffed at the idea of the Nano, to being caught in a political battle at Singurthe small car has come a long way. Possibly, this is a car that had the most tumultuous journey to reach its market.Source: Moneycontrol Top Headlines | 23 Mar 2009 | 9:26 am Ranbaxy gets nod for Poanta Sahib facility from UK and AusNew Delhi: Drug firm Ranbaxy Laboratories Ltd today said it has received good manufacturing practice certificate from UK and Australian health regulators for its facility at Paonta Sahib in Himachal Pradesh. “Medicines and Healthcare products Regulatory Agency (MHRA) of the UK and the Therapeutic Goods Administration (TGA), Department of Health and Ageing of the Australian Government have issued Good Manufacturing Practice (GMP) certificates for the company’s manufacturing site at Paonta Sahib, following a joint audit conducted in October 2008,” Ranbaxy said in a statement. The MHRA approval will not only cover product filings for the UK but will also apply to product filings for the entire European Union, it added. Both authorities had earlier inspected this facility in 2006 and found it to be compliant with the respective principles and guidelines of GMP. After which the facility was awarded with GMP certificates that were valid for two years. Both authorities again re-audited the facility in November 2008 after which the GMP certification has been extended for another three years by the MHRA and for two years by the TGA, the Gurgaon-based firm said. However, Paonta Sahib facility of the company was blacklisted by the US Food and Drug Administration (FDA) for falsifying data in their drug applications. Source: Home - Livemint.com | 23 Mar 2009 | 9:14 am Tata's Nano to be launched todayTata Group chairman Ratan Tata is all set to launch the Nano, the 4-seater, 100,000-rupee price tag super-cheap car for the masses, on Monday.Source: Daily News & Analysis: Money News | 23 Mar 2009 | 9:11 am Renault India head resigns, announces top management rejigFrench auto major Renault on Monday announced a top management rejig at its Indian subsidiary after the resignation of its head of operations in the country, Sylvain Bilaine.Source: Daily News & Analysis: Money News | 23 Mar 2009 | 9:05 am Bank of India aiming for Rs 4,000cr biz in KeralaThe public sector Bank of India is targeting a Rs 4,000crore business from Kerala in the next financial year, a 25 per cent growth compared to the previous fiscal, Mr M. Narendra, Executive Director of the Bank, has said.Source: Moneycontrol Top Headlines | 23 Mar 2009 | 8:54 am Q+A - Tata Motors to launch NanoMUMBAI (Reuters) - Tata Motors, India's top vehicle maker, on Monday launches the Nano, the world's cheapest car, in a move that could dramatically change the auto market in the world's second most populous nation.Source: Reuters: Money News | 23 Mar 2009 | 8:49 am U.S. offers financing to woo buyers of toxic assetsWASHINGTON (Reuters) - The United States offered on Monday financing for private investors to help cleanse banks of up to $1 trillion in toxic assets that are blocking lending and worsening a deep U.S. recession.Source: Reuters: Money News | 23 Mar 2009 | 8:40 am TCS sees client spending under stressMUMBAI (Reuters) - Tata Consultancy Services Ltd, India's top software exporter, has seen discretionary spending by clients under stress, a top executive said on Monday.Source: Reuters: Money News | 23 Mar 2009 | 8:15 am Vedanta to pay $34 mln to up MALCO stake to 93 pctLONDON (Reuters) - Indian-focused mining group Vedanta Resources Plc plans to pay $34 million to boost its stake in Madras Aluminium Company Limited (MALCO) to 93 percent from 80 after an offer to minorities shareholders.Source: Reuters: Money News | 23 Mar 2009 | 7:55 am PNB sees 20% credit growth in 2009-10Mumbai: Punjab National Bank expects a 20% credit growth in 2009-10 but is likely to adopt a cautious approach to lending, chairman KC Chakrabarty said on Monday. “We need to utilise credit in an efficient manner and we will be cautious in lending to over-leveraged sectors,” Chakrabarty said, but did not specify any sector. If Reserve Bank of India cut rates further, his bank would examine opportunities to lower rates, he said, adding the bank would not slow down its spending on technology. Source: Home - Livemint.com | 23 Mar 2009 | 7:00 am Sensex climbs 181 pts on firm Asian marketsTracking rising Asian markets, the BSE benchmark Sensex on Monday opened higher by over 181 points on increased buying by funds in heavy-weight blue-chips stocks.Source: Daily News & Analysis: Money News | 23 Mar 2009 | 5:33 am Obama says risks still haunt U.S. financial systemWASHINGTON (Reuters) - The U.S. financial system still faces risks requiring government intervention to avoid a more destructive recession, President Barack Obama said, before a critical week of fleshing out and selling his recovery plan.Source: Reuters: Money News | 23 Mar 2009 | 2:44 am Global rice stocks seen at 7-year highChennai, March 22 Global rice stocks carried over to the current annual year are projected to be at a seven-year high of 118 million tonnes (mt).Source: Business Line - Home Page | 23 Mar 2009 | 12:00 am Reliance set to ink pact with fertiliser cos for KG block gasNew Delhi, March 22 Reliance Industries Ltd (RIL) is set to sign gas sale and purchase agreement (GSPA) with the identified urea plants sometime next week.Source: Business Line - Home Page | 23 Mar 2009 | 12:00 am Indian Premier League matches to be held abroadMumbai, March 22 Security has finally stumped plans of the Indian Premier League’s (IPL) second season of Twenty20 matches that will now have to be held overseas.Source: Business Line - Home Page | 23 Mar 2009 | 12:00 am Oriental Insurance to rework coverMumbai, March 22 With the Indian Premier League being shifted out of the Indian sub-continent, Oriental Insurance Company will now have to rework the cover it provides to the Twenty20Source: Business Line - Home Page | 23 Mar 2009 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 23 Mar 2009 | 12:00 am Jet Airways India (Rs 160.60): SellWe recommend a sell in Jet Airways from a short-term trading perspective. It is apparent from the charts of Jet Airways that after recording a 52-low at Rs 115 on March 12, the stock bounced up.Source: Business Line - Home Page | 23 Mar 2009 | 12:00 am IPL financial dynamics on sticky wicket?Mumbai, March 22 Shifting the venue of the IPL in its second season to another country will queer the pitch for the fledging tournament in terms of the financial dynamics.Source: Business Line - Home Page | 23 Mar 2009 | 12:00 am The Great Indian engineering featChennai, March 22 Tall, snub-nosed and egg-shaped, the Nano, at first glance, seems to look like a futuristic autorickshaw with its front wheel tucked in. Like most autorickshaws, the Nano will also have a rear engine. And the TataSource: Business Line - Home Page | 23 Mar 2009 | 12:00 am Revolutions in wheels and tyresWheels India, a TVS group company, worked closely with Tata Motors in developing the wheels for the Nano, challenging a number of assumptions along theSource: Business Line - Home Page | 23 Mar 2009 | 12:00 am Builders wooing NRI buyersNew Delhi, March 22 The global property meltdown may have cast a shadow on foreign roadshows by Indian developers over the last few quarters. But some builders are now going all out to woo Indians living abroad. Their belief - the job marketSource: Business Line - Home Page | 23 Mar 2009 | 12:00 am 'Many nations in the West are already bankrupt'The US Federal Reserve recently decided to expand its balance sheet by $1.15 trillion, which means it will be printing more dollars.Source: Daily News & Analysis: Money News | 22 Mar 2009 | 10:02 pm Next: BOLT from BSE on NSE NOW!Reliable sources say, the two have inked a significant deal, which could be the harbinger of increased cooperation between them.Source: Daily News & Analysis: Money News | 22 Mar 2009 | 9:50 pm Big play for foreign banks unlikelyAnalysts said India has no compulsion to open up its banking sector further since RBI has already given foreign banks more than the initial agreement.Source: Daily News & Analysis: Money News | 22 Mar 2009 | 9:48 pm Wipro's mindful of business continuityAfter the terror attack on November 26, 2008, business continuity management (BCM) seems to have become the buzzword in the Indian industry.Source: Daily News & Analysis: Money News | 22 Mar 2009 | 8:54 pm DLF set to merge DAL; DE Shaw to exitDLF, India's largest realtor by market capitalisation, is set to merge subsidiary DLF Assets Ltd (DAL) to provide an exit route to its second-largest investor.Source: Daily News & Analysis: Money News | 22 Mar 2009 | 8:52 pm BCCI may lose Rs 200 crore from IPL's overseas relocationThe Board of Control of Cricket in India (BCCI) stands to lose around Rs 200 crore as a result of the decision to shift the second edition of its prestigious and profitable Indian Premier League (IPL) Twenty20 tournament to either South Africa or England. The decision follows the inability expressed by various state governments to provide security for the event, which overlaps with the general elections.Source: Business Standard | Front Page Headlines | 22 Mar 2009 | 6:40 pm Environmentalists see red over green sopsA self-certification benefit for polluting industries and a three-year exemption from certain procedural norms for those seeking environmental clearance at the state level are among the sweeping changes proposed by the Manmohan Singh government in what is seen as an election-eve gift to industry.Source: Business Standard | Front Page Headlines | 22 Mar 2009 | 6:38 pm DLF to buy SEZ armDLF Ltd, the countrys largest listed realty company, will acquire DLF Asset Ltd (DAL), the real estate investment trust owned by promoters K P Singh and his family, for an enterprise value (equity plus debt) of around Rs 7,000 crore.Source: Business Standard | Front Page Headlines | 22 Mar 2009 | 6:36 pm Govt may widen cost audit scopeAll manufacturing companies with a paid-up capital of Rs 50 crore or more will be required to conduct a statutory cost audit if the recommendations of an expert committee appointed by the Ministry of Corporate Affairs are accepted.Source: Business Standard | Front Page Headlines | 22 Mar 2009 | 6:34 pm Managers should be able to eat today while dreaming of tomorrowJack, your comments about shareholder value being “dumb” sure ignited a debate, both pro and con. Did you really say what the ‘FT’ said you did? Every direct quote in the FT is accurate. In a wide-ranging interview about the future of capitalism, I was asked what I thought of “shareholder value as a strategy”. My response was that the question, on the face of it was a dumb idea. Shareholder value is an outcome—not a strategy. Click here to watch video Is that a new position for you? Some people seemed to think you’d had some kind of conversion experience. Absolutely not. It’s obvious that strategies are what drive a business. You might, for instance, have a strategy around innovation aimed at producing the leading products in every cycle, or you might have a strategy to become the low-cost global supplier, or you could have a strategy to globalize a company, taking its strengths in one market and translating them to every market. But you would never tell your employees, “Shareholder value is our strategy.” That’s not a strategy you can touch. That’s not a strategy that helps you know what to do when you come to work every day. It doesn’t energize or motivate anyone. So basically my point is, increasing the value of your company in both the short and long term is an outcome of the implementation of successful strategies. I’ve always felt that way and I’ve always said I felt that way. The article implied you were the chief proponent of short-term management, based on a speech you delivered in 1981. What do you think about that? The article also noted that I never mentioned the term “shareholder value” in that particular speech. In fact, that speech was all about a long-term strategy for General Electric and how the company was going to operate over the next 20 years. Somehow, that speech got spun in the FT article to equate short-term earnings and shareholder value. That I just don’t get. OK, so how do you feel about a short-term earnings focus? Look, the job of a leader and his or her team is to deliver to commitments in the short-term while investing in the long-term health of the business. Bottom line: that’s management. Good managers know how to eat today and dream about tomorrow at the same time. Any fool can just deliver in the short term by squeezing, squeezing, squeezing. Similarly, just about anyone can lay back and dream, saying, “Come see me in several years, I’m working on our long-term strategy.” Neither one of these approaches will deliver sustained shareholder value. You have to do both. Everything is being questioned right now: what firms do, how they reward people and who they’re for And if you do? You’ll see everyone win. Employees will benefit from job security and better rewards. Customers will benefit from better products or services. Communities will benefit because successful companies and their employees give back. And obviously, shareholders will benefit because they can count on companies who deliver on both their short-term commitments and long-term vision. Why do you think your comments caused so much reaction? As people struggle in the current economic climate, everything is being questioned. People are asking what corporations do, how they reward people and who they’re for. The context of the FT interview was about the future of capitalism. That’s on everyone’s minds right now and it’s a good debate to have. ©2009/BY NYT SYNDICATE Write to Jack & Suzy Jack and Suzy are eager to hear about your career dilemmas and challenges at work, and look forward to answering some of your questions in future columns. Jack and Suzy Welch are the authors of the international best-seller, Winning. Their latest book is Winning: The Answers: Confronting 74 of the Toughest Questions in Business Today. Mint readers can email them questions at winning@livemint.com Please include your name, occupation and city. Only select questions will be answered. Source: World Business - Livemint.com | 22 Mar 2009 | 4:57 pm The Simple SurferThe Datawind Pocketsurfer is a somewhat odd device in the mobile internet device market. The portable device, very reminiscent of old-fashioned Casio digital diaries, plays no audio or video and you can’t upload or download anything. Click here to watch video Still there are a few reasons you might want to give it a looksee. Top on that is the hassle-free internet connection you get packaged with the device. At a shade below Rs12,000 you get the device and an annual internet package for 35 hours per month without a form to fill or a account to open. So no running behind Airtel or Vodafone for a data plan as in the case of your mobile phone or Blackberry. Secondly the device is extremely fast when it comes to downloading pages. Similar to the server compression method of the Opera Mini browser, all the webpages you browse on the Pocketsurfer are first routed through a Datawind server that crunches the page down. This makes the Pocketsurfer even faster than the Opera Mini on a Blackberry. The screen and keyboard are compact if not particularly eye-catching and navigating pages will take time to get used to. Seasoned mobile internet users may not find enough reason here to switch to the Pocketsurfer. But anyone looking for connectivity and mobility in an uncomplicated package should give the product a look. Especially for corporate users looking to rollout cheap mobile internet for employees the Pocketsurfer could be just the thing. Source: Tech News - Livemint.com | 22 Mar 2009 | 4:40 pm
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