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HUL restructures distribution strategyHindustan Unilever is pruning its distribution network strategy. It is rationalising its own sales force and adding more muscle to its distributors on the field.Source: Moneycontrol Top Headlines | 25 Mar 2009 | 4:53 pm Due diligence for Satyam bids beginsThe due diligence process at crisishit Satyam Computer Services has begun and will continue till April 4. The data room will be at Satyams Hyderabad headquarters. The financial bids will have to submitted by April 9.Source: Moneycontrol Top Headlines | 25 Mar 2009 | 4:37 pm Return of hybrid instruments shows increasing risk appetiteMove over 100% debt, hybrid instruments seem to be making a comeback. Recently, Koreas SK Telecom raised USD 332 million in convertible bonds. ArcelorMittal has raised its convertible bonds issue by 50% to GBP 1.1 billion from GBP 750 million. The popularity in the gray market for ArcelorMittals bonds shows a growing appetite for risk.Source: Moneycontrol Top Headlines | 25 Mar 2009 | 3:53 pm Orissa Sponge open offer only if SEBI agrees: Bhushan SteelThe High Court had passed an order on March 18 asking market regulator SEBI to look into Bhushan Steel\'s stake buy in Orissa Sponge. Commenting on the same, Nitin Johri, CFO of Bhushan Steel, said the company will go ahead with its open offer if Sebi approves it.Source: Moneycontrol Top Headlines | 25 Mar 2009 | 3:45 pm Ganesh Housing cuts prices by 30%, gets good responseGanesh Housing has recently brought down its prices from current prices of around Rs 2,5002,700 to an offer price of Rs 1,800 per sq ft. Commenting on the same, Shekhar G Patel, MD, Ganesh Housing, said people are willing to buy their residential properties at these price levels. \"We have already got 40% booking on the very first day.\"Source: Moneycontrol Top Headlines | 25 Mar 2009 | 3:17 pm Novartis may buy 39% in Indian arm at Rs 351/shThe parent company of Novartis is set to buy 39% additional stake in its Indian unit, which will take its stake to 8990%. They are offering Rs 351 per share. However, there is no indication from the company with regard to delisting.Source: Moneycontrol Top Headlines | 25 Mar 2009 | 3:05 pm Crompton Greaves not to up Avantha stake beyond 41%SM Trehan, Managing Director of Crompton Greaves, said the company will not increase stake in Avantha beyond 41%. \"The acquisition will be funded by internal accruals and we will not need to raise funds. We do not plan to raise more debt for Avantha.\" According to him, shareholder approval for investment in Avantha is not required under law.Source: Moneycontrol Top Headlines | 25 Mar 2009 | 2:37 pm Crompton Greaves not to raise stake in Avantha beyond 41%Crompton Greaves clarified that they are holding 41% stake as of now in Avantha. They would not like to bring it to 51%. The company would not like to leverage their balance sheet right now to raise debt and invest in this particular business.Source: Moneycontrol Top Headlines | 25 Mar 2009 | 1:32 pm Rupee bounces off 1-wk lows as shares gainMUMBAI (Reuters) - The rupee rebounded from one-week lows on Wednesday on late gains in the domestic share market and dollar sales by exporters, but month-end demand for the U.S. unit capped a sharp rise.Source: Reuters: Money News | 25 Mar 2009 | 12:21 pm Rupee recovers, still down by 3 paise against dollarThe Indian rupee on Wednesday recovered a major part of early losses but still ended marginally lower by three paise at 50.73/75 against the dollar.Source: India Business News | Business News - Times of India | 25 Mar 2009 | 12:15 pm GMR Infra to start separate construction biz div; surges 9 pc - Indopia
Source: Google News India - Business | 25 Mar 2009 | 12:14 pm Spice Group may withdraw from Satyam biddingBANGALORE (Reuters) - Spice Group may withdraw from the race to buy the fraud-hit Satyam Computer Services Ltd due to a lack of desired transparency in the bidding process, its chairman said on Wednesday.Source: Reuters: Money News | 25 Mar 2009 | 12:05 pm Airbus, Air India resume talks on A-380 aircraft sale - TravelBizMonitor
Source: Google News India - Business | 25 Mar 2009 | 12:02 pm GoAir CEO: no merger talks with SpicejetNEW DELHI (Reuters) - Privately held GoAir and its larger peer Spicejet are not in talks for a merger, the smaller carrier's chief executive said on Wednesday, terming such media reports as speculation and rumours.Source: Reuters: Money News | 25 Mar 2009 | 12:00 pm GAIL eyes transmitting 94.8 mmscmd natural gas - Hindu Business Line
Source: Google News India - Business | 25 Mar 2009 | 11:58 am Glaxo to buy stake in South Africa’s AspenJohannesburg / London: GlaxoSmithKline Plc plans to take a significant stake in Aspen Pharmacare Holdings Ltd to strengthen its partnership with the South African drugmaker, people familiar with the situation said. The move, which could be announced in the next week or so, underlines Glaxo’s commitment to growing in emerging markets as part of a strategy to diversify its business. Shares in Aspen jumped as much 12% to 54 rand on the news, while Glaxo was 1.2% firmer at 10.16 pounds by 1045 GMT. Glaxo and Aspen declined to comment. Aspen has a market value of around $2 billion, so buying into the group will be no financial strain for Glaxo, the world’s second-largest seller of prescription drugs. The equity stake is set to cement an existing relationship between the two companies and could set the scene for further expansion of their alliance, the sources said. Aspen -- Africa’s biggest producer of generic drugs, which also operates in Latin America and India -- has already partnered with Glaxo on selling medicines under a deal clinched last July. That deal gave the British-based group access to a broad range of low-cost unpatented drugs, which Glaxo plans to re-brand as its own for sale in emerging markets from 2010. Aspen said in January it was in negotiations that could affect its share price, triggering speculation at the time that Glaxo might buy all or part of the group. Earlier this month, Stephen Saad, Aspen’s chief executive officer, told Reuters that the firm had attracted buyer interest and he expected to give details of unspecified talks soon. “Saad is the founder of the company but he’s also a commercial man -- I don’t think he’d stand in the way of the deal if the price is right,” commented Andrew Joannou, a portfolio manager at Afena Capital. Aspen stock has risen by more than a third since the announcement about talks on 13 January. Aspen is the leading supplier of HIV/AIDS drugs in South Africa, which has the world’s highest incidence of people infected with HIV. Source: Home - Livemint.com | 25 Mar 2009 | 11:53 am India tourism set to boom despite set-backs - reportMUMBAI (Reuters) - The Indian tourism sector is seen generating $42.8 billion by 2017, a 42 percent surge from 2007, an industry research note by auditing and consulting firm Deloitte Touche said on Wednesday.Source: Reuters: Money News | 25 Mar 2009 | 11:50 am Government worried at tax not being deducted at sourceNew Delhi: The government is worried because employers are not deducting tax at source, something that has amounted to more than Rs1,000 crore. The Income-Tax Department has written to more than 1,000 employers in the past few months on complying with rules on tax deducted at source (TDS) and advance tax depository. “More than Rs1,000 crore tax in TDS and advance taxes are in the process (of being) extracted from deductors to be deposited in the government accounts. We have written letters to such assessees to ensure tax compliance under this head,” CBDT Member (Revenue) Saroj Bala said. The I-T department has electronic records of all non-complying taxpayers as part of the Online Tax Accounting System (OLTAS) and National Securities Depository Limited (NSDL) data, Bala said. The department has also given Commissioners and other officials at field formations CDs on TDS returns so that the tax accrued under this head could be streamlined. Source: LatestNews-Home - Livemint.com | 25 Mar 2009 | 11:43 am Synopsys introduces Lynx Design systemBangalore: Synopsys, a leader in software and IP for semiconductor design and manufacturing, has introduced Lynx Design Systems, a comprehensive and highly automated environment for implementing chips. Designed for scalable use in design organisations of all sizes, the Lynx Design Systems combines a production-proven ‘RTL TO GDSII’ design flow with productive-enhancing features to accelerate chip development while mitigating the risks of designing at new process nodes, Jai Durgam, senior director, Global Technical Services, Synopsys, Inc. said. Lynx open architecture is optimised for rapid, out-of-the-box deployment with Synopsys’ Galaxy Design Platform and is inherently configurable to readily incorporate third-party technology. The system address issues of companies being faced with allocating enormous internal resources to pre-validate design flows and libraries for a specific process or technology code, by enabling accelerated time-to-market without compromising design choice or performance. It helps in getting chips designed more efficiently and attacking total cost of design through systematic design flow management. Source: Tech News - Livemint.com | 25 Mar 2009 | 11:39 am Synopsys introduces Lynx Design systemBangalore: Synopsys, a leader in software and IP for semiconductor design and manufacturing, has introduced Lynx Design Systems, a comprehensive and highly automated environment for implementing chips. Designed for scalable use in design organisations of all sizes, the Lynx Design Systems combines a production-proven ‘RTL TO GDSII’ design flow with productive-enhancing features to accelerate chip development while mitigating the risks of designing at new process nodes, Jai Durgam, senior director, Global Technical Services, Synopsys, Inc. said. Lynx open architecture is optimised for rapid, out-of-the-box deployment with Synopsys’ Galaxy Design Platform and is inherently configurable to readily incorporate third-party technology. The system address issues of companies being faced with allocating enormous internal resources to pre-validate design flows and libraries for a specific process or technology code, by enabling accelerated time-to-market without compromising design choice or performance. It helps in getting chips designed more efficiently and attacking total cost of design through systematic design flow management. Source: LatestNews-Home - Livemint.com | 25 Mar 2009 | 11:39 am Ranbaxy gets Australia nod for antipsychotic drugDrug major Ranbaxy has said it has received approval from the Australian health regulator to market its antipsychotic drug Ozidal Risperidone in that country.Source: India Business News | Business News - Times of India | 25 Mar 2009 | 11:34 am World’s biggest watch fair to open amid gloomBasel: Switzerland’s fabled watch industry is bracing for a grim year as the economic crisis bites at the livelihood of small watchmakers, experts said on the eve of the Baselworld watch fair. The annual trade show in the northern Swiss city of Basel, which opens on Thursday, is the largest global showcase for the watch and jewellery industry, bringing together companies from around the world. Executives in the industry travel every year here to view new products and to place orders for the year. But the host country’s watchmaking industry, the world’s biggest and a barometer of the global sector, has been struggling in recent months after the bottom dropped out of a booming market towards the end of 2008. In February, exports plummeted 22.4% year on year. Major names in the normally steady luxury end of the market, such as Rolex, Girard-Perregaux, Corum, Raymond Weil, Roger Dubuis, HGT and Cartier’s Swiss plants have announced plans to cut work hours or reduce jobs in recent weeks. About 1,000 jobs have been lost in the watchmaking belt in the northwestern Jura hills, the Swiss newspaper Le Temps estimated. Swiss watch exports should fall 15 to 20% in the first quarter, according to Bank Vontobel analyst Rene Weber. The seven-day Baselworld expects over 2,000 exhibitors from 45 countries. Source: LatestNews-Home - Livemint.com | 25 Mar 2009 | 11:34 am ICICI Securities launches offline trading platform in KochiICICI Securities Wednesday launched active trader service (ATS), an offline trading platform, in Kochi.Source: IndiaeNews.com: Business News | 25 Mar 2009 | 11:33 am Indian businesses brace for impact of IPL switchMumbai: Indian businesses from street vendors to multi-million dollar advertising agencies are braced for a financial jolt following the Indian Premier League’s (IPL) switch to South Africa. Organisers of the hugely popular Twenty20 tournament announced on Tuesday the eight-team league would be staged in South Africa from 18 April due to security reasons and would return to India next season. Cricket board (BCCI) wanted to stage the event overseas after failing to get government clearance for security cover as the tournament’s dates clash with the country’s general elections. The IPL, which involves many of the world’s leading players, was a huge success in its inaugural edition in cricket-crazy India last year, primarily because it is structured around city-based franchises with a fan base in home and away matches. Some analysts feel the shift would erode sizeable value from the Indian market for the second edition, adding to the woes from the global economic downturn. “It will not be the same as having the tournament at home,” Latika Khaneja, director of Collage Sports Management, said on Wednesday. “Advertisers will renegotiate their deals following the unfavourable change (of venue). The market is already down because of the recession. “From what I understand the BCCI is to bear the losses incurred by the franchises,” she added. Owners of the franchises include a leading Bollywood actor, one of the world’s richest men and a Formula One team boss. The commercial success of the first edition saw the IPL contribute close to Rs1 billion ($19.65 million) to the exchequer last year, but the BCCI does not expect to make much profit this time due to huge extra costs involved. VALUE FOR MONEY? The BCCI has reportedly sanctioned an initial $10 million to the league to cover the costs of the switch and is willing to triple that sum. It is also ready to underwrite a part of the franchises’ expenditure. Indian media has speculated the loss of revenue to small ancillary firms, merchandising companies, local sponsors and entertainment companies alone could be between Rs500 million and Rs750 million. The loss from gate receipts is estimated at over Rs500 million. “The hospitality industry will especially suffer,” Lokesh Sharma of 21st Century Media, a sports management and syndication firm, said. “That’s 10,000 rooms per night. Also the airline industry and tourism (will be hit).” However, the shift might actually add value to the IPL, added Sharma. “It will now be viewed as a truly international tournament and that’s value addition. I don’t see the major sponsors being affected, I think they will gain from it.” A spokesman for title sponsor DLF, India’s largest listed property firm, said the league was still value for money despite the overseas shift. “It’s a TV event. 99% are TV viewers. We’re confident of getting as much brand visibility as last year,” DLF’s Sanjey Roy said. The IPL has said match timings will suit prime time television in India, enjoying global cricket’s largest viewership and the game’s financial hub. Source: LatestNews-Home - Livemint.com | 25 Mar 2009 | 11:33 am Indian businesses brace for impact of IPL switchMumbai: Indian businesses from street vendors to multi-million dollar advertising agencies are braced for a financial jolt following the Indian Premier League’s (IPL) switch to South Africa. Organisers of the hugely popular Twenty20 tournament announced on Tuesday the eight-team league would be staged in South Africa from 18 April due to security reasons and would return to India next season. Cricket board (BCCI) wanted to stage the event overseas after failing to get government clearance for security cover as the tournament’s dates clash with the country’s general elections. The IPL, which involves many of the world’s leading players, was a huge success in its inaugural edition in cricket-crazy India last year, primarily because it is structured around city-based franchises with a fan base in home and away matches. Some analysts feel the shift would erode sizeable value from the Indian market for the second edition, adding to the woes from the global economic downturn. “It will not be the same as having the tournament at home,” Latika Khaneja, director of Collage Sports Management, said on Wednesday. “Advertisers will renegotiate their deals following the unfavourable change (of venue). The market is already down because of the recession. “From what I understand the BCCI is to bear the losses incurred by the franchises,” she added. Owners of the franchises include a leading Bollywood actor, one of the world’s richest men and a Formula One team boss. The commercial success of the first edition saw the IPL contribute close to Rs1 billion ($19.65 million) to the exchequer last year, but the BCCI does not expect to make much profit this time due to huge extra costs involved. VALUE FOR MONEY? The BCCI has reportedly sanctioned an initial $10 million to the league to cover the costs of the switch and is willing to triple that sum. It is also ready to underwrite a part of the franchises’ expenditure. Indian media has speculated the loss of revenue to small ancillary firms, merchandising companies, local sponsors and entertainment companies alone could be between Rs500 million and Rs750 million. The loss from gate receipts is estimated at over Rs500 million. “The hospitality industry will especially suffer,” Lokesh Sharma of 21st Century Media, a sports management and syndication firm, said. “That’s 10,000 rooms per night. Also the airline industry and tourism (will be hit).” However, the shift might actually add value to the IPL, added Sharma. “It will now be viewed as a truly international tournament and that’s value addition. I don’t see the major sponsors being affected, I think they will gain from it.” A spokesman for title sponsor DLF, India’s largest listed property firm, said the league was still value for money despite the overseas shift. “It’s a TV event. 99% are TV viewers. We’re confident of getting as much brand visibility as last year,” DLF’s Sanjey Roy said. The IPL has said match timings will suit prime time television in India, enjoying global cricket’s largest viewership and the game’s financial hub. Source: Home - Livemint.com | 25 Mar 2009 | 11:33 am GMR Infra sets up construction divisionGMR Infrastructure, the Bangalore-based infrastructure developer focussed on airports, power and highways, Wednesday announced the setting up of a separate division for the construction business.Source: IndiaeNews.com: Business News | 25 Mar 2009 | 11:31 am British media regrets missing IPL richesLondon: The British media regreted a missed opportunity and counted the losses the country’s cricketers would have to incur after the Indian Premier League organisers opted for South Africa to conduct the cash-rich Twenty20 event a week later than the scheduled start. “IPL goes to sunny climes of South Africa,” read the headline of a column in ‘The Times’. “Lalit Modi, the IPL chairman, said the “overwhelming reason” for taking his refugee circus to South Africa was because of the weather. The IPL cheerleaders, in particular, will be relieved to perform their scantily clad gyrations in warmer climes than Old Trafford in April,” it added. The newspaper said BCCI’s decision to opt for South Africa was a reflection of the bonhomie between the two boards. “The decision by India to give the tournament to South Africa continues a love affair between the countries that blossomed 18 months ago when India won the inaugural World Twenty20 final in Johannesburg, beating Pakistan by five runs. It could be argued that without that win and the enthusiasm it generated for that form of the game in a hitherto apathetic country, there would be no IPL,” it said. The Daily Telegraph’ said “England players were the biggest losers when the Indian Premier League chose South Africa on Tuesday as its next venue, but the air of disappointment also blew through the county grounds.” “But with the IPL having to delay the tournament by a week, it will now run from 18 April to 24 May, it has cut short the time Andrew Flintoff and Kevin Pietersen will play for their franchises. “Both were signed for $1.55 million on the basis they would be available for three weeks and play in around half a dozen matches. Their salary, which is paid on a pro-rata basis, will be cut as they are likely to only appear in three or four matches.” It also blamed the attitude of some of the counties, who were harping on the “negatives” even before a decision had been made on the issue. “On Sunday many counties were highlighting the negatives, rather than the positives, about hosting the IPL and this has also shown that without Clarke and chief executive David Collier, who were both overseas until Tuesday, it is harder for the board to take quick, decisive action,” it said. ‘The Guardian’ said “IPL chairman Lalit Modi has sought to play the England and Wales Cricket Board and its South African counterpart against one another as possible hosts for the travelling circus of the Indian Premier League.” “After taking the dramatic decision to take the IPL abroad after talks with the government over security breakdown, his public hints to a hungry global news media about its likely destination have prompted speculation to swing wildly back and forth,” it said. Source: LatestNews-Home - Livemint.com | 25 Mar 2009 | 11:27 am IOC gets govt nod for merging BRPL with itself - Economic Times
Source: Google News India - Business | 25 Mar 2009 | 11:24 am Close: Sensex up 2%, best close since early JanMumbai: Indian shares shrugged off choppy Asian markets and rallied 2.1% on Wednesday to their highest close since early January, boosted by short covering ahead of the expiry of monthly derivatives contracts. The rise, for the third straight session, took gains to 20% from the 2009 low hit on 6 March, helping the market recoup most losses caused by the corporate fraud unveiled by outsourcer Satyam Computer Services 7 on January. Energy giant Reliance Industries and HDFC Bank led the rally, but traders said there was resistance and mobile operator Bharti Airtel and Oil & Natural Gas Corp dropped. The 30-share BSE index firmed 2.08%, or 196.86 points, to 9,667.90, its best close since 6 January, the day before Satyam said it had overstated profits for many years and triggered a market slide. The 50-share NSE index rose 1.6% to 2,984.35. The benchmark had started 0.3% lower and seesawed through the day, rising as much as 2.5% at one stage. D D Sharma, vice president at Anand Rathi Securities, said the rise was underpinned by the derivatives expiry on Thursday. “Short sellers need to cover their positions when the market is moving up with only one day left for the futures settlement,” he said. Twenty-two of the index components rose while in the broader market, gainers marginally led losers 1,271 to 1,221 on heavy volume of 346.7 million shares. Traders said potential risks for a sustained upside were the slowing economy and political instability worries. A Reuters poll showed inflation in mid-March was probably near zero, an all-time low since annual records started in 1977/78. An alliance led by the ruling Congress Party has lost ground over the last week amid coalition squabbles, but is still likely to win India’s April-May general election, a Reuters poll of 14 leading analysts has predicted. Economic growth is forecast to fall below 6% to a seven-year low in 2009/10 after the global crisis hits Asia’s third-largest economy harder than expected. Reliance Industries, which has the heaviest weight in the main index, rose 5.6% to Rs1,533.40, as it gets set to pump gas from its Krishna Godavari basin field off India’s east coast. The stock has leaped almost 44% since 13 January, when it hit the year’s low of Rs1,067.10. HDFC Bank climbed 3.6% to Rs974.40. ONGC, which had risen 8.9% over the previous five trading sessions, fell 2% to Rs763.70, and Bharti, which had climbed 5.7% over the same period, shed 2.1% to Rs591.05. Satyam Computer fell 3.1% to Rs40.50 after Spice Group said it may withdraw from the race to buy the struggling outsourcer due to a lack of desired transparency in the bidding process. Asian shares retreated from two-month highs as investors assessed whether a US plan to deal with banks’ toxic debt would revive the financial system and help pull the economy out of recession. Source: Home - Livemint.com | 25 Mar 2009 | 11:23 am BSE Sensex up 2 pct; best close since early JanMUMBAI (Reuters) – The BSE Sensex shrugged off choppy Asian markets and rallied 2.1 percent on Wednesday to its highest close since early January, boosted by short covering ahead of the expiry of monthly derivatives contracts.Source: Reuters: Money News | 25 Mar 2009 | 11:20 am Indian media, players disappointed over losing IPLNew Delhi: Indian media and top players expressed disappointment on Wednesday after cricket’s showpiece Indian Premier League (IPL) was moved to South Africa over security concerns in only its second year. The decision, announced in Johannesburg, follows days of uncertainty over the glitzy event, which was hailed as the sport’s future on its debut last year but was thrown into doubt by recent terror attacks in Mumbai and Lahore. Organisers took the dramatic step of shifting the event abroad after Indian authorities could not guarantee security because of a clash with national elections, naming South Africa as the venue just three days later. “To move the event outside India has been one of the hardest decisions that the Board of Control for Cricket in India (BCCI) has had to take,” said IPL commissioner Lalit Modi. “But I’m equally confident that staging it in South Africa will be a major success. We extend a huge gratitude to our friends at Cricket South Africa for agreeing to host the Indian Premier League in such a short time.” The IPL and South Africa now face the mammoth task of organising the eight-team tournament, probably played over six venues, in just over three weeks with the start scheduled for 18 April. The event is likely to be shortened from six weeks to five and include double-headers, with all matches broadcast live in South Africa by the Johannesburg-based SuperSport channel. The move abroad has been controversial in India, with an NDTV news channel showing 59% of people opposed it and only 26% were in favour. Some 50% thought the relocation was a disgrace to India, revealing a sense of anger that India was not a trustworthy host of top-grade cricket. “The decision to outsource the tournament, even as schedules were being repeatedly revised, has come as a bitter disappointment — publicly shared by the great Sachin Tendulkar — to millions of fans,” The Hindu newspaper said. “It is astonishing that Lalit Modi & Co. missed what every newspaper-reading schoolboy and schoolgirl was expected to know, namely that the 15th general election would be held in April-May 2009.” Tendulkar, who captains the IPL’s Mumbai Indians and holds the all-time record for Test runs, said the players “would certainly miss playing in front of our supporters.” “It is obviously going to be different,” he said. “In India it is about home games and away games. Right now, everything is going to be an away game.” Sri Lanka’s star spin bowler Muttiah Muralitharan, who plays for Chennai Super Kings, agreed the move was unfortunate but inevitable. “I guess it would not be the same this year,” he said. “But at the same time, the game must go on, else cricket would die. This is the right decision.” November’s Mumbai attacks, which left 165 dead, raised security fears for the tournament and this month gunmen in Lahore, Pakistan ambushed the Sri Lankan team’s convoy, killing eight Pakistanis. The decision to move the IPL also caused fresh worries for next year’s Commonwealth Games in New Delhi, although organisers insist they are not worried about security. The IPL has been seen as a fresh start for cricket and a shift from its traditional power bases to South Asia, where lucrative TV rights provide the sport’s main source of income. The new order is highlighted by the IPL’s glittering auction, where team owners including Bollywood stars and Indian tycoons bid large sums of money to sign up the world’s top players. With the IPL heading for South Africa, the country is at the centre of the cricket world with Australia touring until 17 April and a 12-nation qualifying tournament for the 2011 World Cup starting next Wednesday. The International Cricket Council eight-nation Champions Trophy, the second biggest tournament after the World Cup, will also be held in South Africa during September and October. Source: LatestNews-Home - Livemint.com | 25 Mar 2009 | 11:20 am India Foils to gain from ban on Chinese aluminium: Ess DeeIndia puts 21% safeguard duty on flat rolled aluminium products from China, which will be levied till October 8. The Centre has also imposed a 35% safeguard duty on aluminium foil from China. Ess Dee Aluminium\'s India Foils acquisition will be benefited by the government\'s move as Chinese aluminium products will become expensive.Source: Moneycontrol Top Headlines | 25 Mar 2009 | 11:16 am Ranbaxy gets Australia nod for antipsychotic drugMumbai: Drug major Ranbaxy on Wednesday said it has received approval from the Australian health regulator to market its antipsychotic drug Ozidal Risperidone in that country. Ranbaxy Australia, the wholly-owned subsidiary of the company, has received an approval from the Therapeutic Goods Administration (TGA) for the registration of Ozidal Risperidone tablets in Australia, the drug manufacturer said in a filing to the Bombay Stock Exchange. The approval was based on the assessment by the TGA that the Ranbaxy formulation of Risperidone is bio-equivalent to Risperdal tablets of Janssen-Cilag Australia, it added. Risperidone is a drug used in psychiatric medicine for the treatment of Schizophrenia, a form of insanity. With the approval of this drug, Ranbaxy now has a total number of 27 molecules approved for marketing in Australia, the company said. The approved molecules cover a wide range of therapeutic areas including anti-hypertensive, anti-infective, anti convulsants and anti-depressants, it further said. Earlier this week, Ranbaxy Laboratories had said that it has received good manufacturing practice certificate from UK and Australian health regulators for its facility at Paonta Sahib in Himachal Pradesh. Shares of Ranbaxy on Wednesday closed at Rs162.75, down 0.76% on the BSE. Source: Home - Livemint.com | 25 Mar 2009 | 11:12 am AAA United BV to pick up additional 20% in Bombay RayonThe board of Bombay Rayon has approved the issue of 1.8 crore shares to AAA United BV, a private limited liability company from Netherlands, at Rs 185 per share. Prashant Agarwal of Bombay Rayon Fashions said AAA United has made an offer to pick up 20% in the company.Source: Moneycontrol Top Headlines | 25 Mar 2009 | 11:11 am Glaxo to buy stake in S.Africa's Aspen - sourcesJOHANNESBURG/LONDON (Reuters) - GlaxoSmithKline Plc plans to take a significant stake in Aspen Pharmacare Holdings Ltd to strengthen its partnership with the South African drugmaker, people familiar with the situation said.Source: Reuters: Money News | 25 Mar 2009 | 11:09 am Google top trio execs take home one dollar as salary in 2008Internet search giant Google Inc's top three executives - co-founders Larry Page, Sergey Brin and CEO Eric Schmidt - have voluntarily taken only one dollar in salaries last year.Source: Daily News & Analysis: Money News | 25 Mar 2009 | 11:08 am Porsche secures 10bn euro loan to buy VW sharesStuttgart, Germany: Porsche SE said Wednesday it has secured a €10 billion loan from several banks to help it pay for the shares of Volkswagen AG, to solidify its majority stake in Europe’s biggest automaker by sales. In a statement, Stuttgart-based Porsche Automobil Holding SE said that under the framework of the agreement, it can extend the volume of the amount to €12.5 billion ($16.8 billion). “In the wake of the extremely difficult global economic environment and the turbulence in the bond market, banks needed additional assessment, thus resulting in a need for extra time,” Porsche said. The credit line is being guaranteed by a consortium of 15 banks including Barclays Capital, Deutsche Bank AG, BNP Paribas, Santander, UBS and Credit Suisse Group. Porsche has been acquiring Volkswagen shares since 2005 and, as of January, owned nearly 51% of Wolfsburg-based VW’s shares. Porsche has reiterated several times it hopes to reach 75% sometime this year. Porsche Automobile Holding shares were down 0.5% at €38.20 in Frankfurt trading while Volkswagen shares were up 2.3% at €217. Source: LatestNews-Home - Livemint.com | 25 Mar 2009 | 11:03 am Novartis scrip hits upper circuit on stake-hike newsThe Novartis India scrip jumped almost 20 percent Wednesday to hit the upper circuit after Novartis AG of Switzerland, a group subsidiary, said it would make an open offer to acquire an additional 39 percent stake in the Indian unit.Source: IndiaeNews.com: Business News | 25 Mar 2009 | 11:02 am Orissa Youth Congress chief quitsThe Orissa chief of the Youth Congress submitted his resignation Wednesday to protest the party leadership ignoring his demand that youths be given a chance to contest the upcoming Lok Sabha and assembly elections.Source: IndiaeNews.com: Business News | 25 Mar 2009 | 11:02 am Sensex closes near day's highA key index of the Indian equities markets Wednesday closed around the day's high on the back of strong buying of realty and energy stocks.Source: IndiaeNews.com: Business News | 25 Mar 2009 | 11:02 am Gold recovers partly on rupeeMumbai: India’s gold futures partly recovered on Wednesday, buoyed by a weak rupee and slightly firm overseas markets, analysts said. The benchmark April gold contract was 0.67% higher at Rs15,174 per 10 grams at 11:29am, after a low of Rs15,010 in the previous session. A weak rupee makes the dollar-quoted asset expensive. The Indian rupee fell to a one-week low on Wednesday. COMEX gold for April delivery was 0.35% higher at $927.0 an ounce at 11:29am. Analysts said gold may perk up later in the session and would be supported by record overseas ETF buying. “Gold should be a little bullish today on rupee depreciation and record ETF holdings overseas,” said Gnanasekar Thiagarajan, director with Commtrendz Research in Mumbai. Gold may touch the resistance of Rs15,350 later in the session, Thiagarajan added. The world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings rose to a record 1,124.99 tonnes as of 24 March. “Prices are still looking intact on a rising trend inspite of a correction yesterday,” said BG Manjunath Prasad, a technical analyst with Way 2 Wealth Securities. Open interest for April gold on MCX was at 13,065 lots, down from 13,122 a day earlier. Volume on Tuesday was 70.4 kg. Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:30am. Source: Home - Livemint.com | 25 Mar 2009 | 11:02 am National Insurance chalking out Nano insurance schemeState-owned non-life insurance company National Insurance, which tied up with Tata Motors two months ago, expects the comprehensive insurance premium for the auto major's small car Nano to be around Rs.3,000-Rs.4,000 a year initially, a top company official said here Wednesday.Source: IndiaeNews.com: Business News | 25 Mar 2009 | 11:01 am Novartis to raise stake in Indian unit to 90 percent - Hindu
Source: Google News India - Business | 25 Mar 2009 | 11:00 am BMC stays auction of housing society in Powai - Hindu
Source: Google News India - Business | 25 Mar 2009 | 11:00 am Ranbaxy gets nod to sell anti-schizophrenia drug - Economic Times
Source: Google News India - Business | 25 Mar 2009 | 10:57 am Sensex posts third straight gain backed by Reliance IndustriesBenchmarks were choppy with a positive bias Wednesday ahead of March F&O series expiry and poor performance by the global markets.Source: India Business News | Business News - Times of India | 25 Mar 2009 | 10:53 am Number of co-directorships should be restricted to ten: IraniMumbai: Terming as “far too high” the number of company directorships allowed to an independent director under Indian laws, a senior industry official said independent directors need to decide as to how many boards they can do justice to. “My personal opinion is that the number of directorships that you can have is far too high. One has to decide how many boards one can do justice to,” former chief of Tata Steel and currently director, Tata Sons, Jamshed J Irani, said at a seminar here. In India, presently, an independent director can be on the boards of 15 companies. Irani said he personally felt the law should allow for only 10 directorships. “In some US companies, they don’t have more than five directorships, not by law but by practice,” he said. The role of independent directors and audit firms has come under the scanner after the Satyam scam, in which its founder chairman, B Ramalinga Raju, mis-stated the company’s accounts to the tune of over Rs7,000 crore. “Just now, you’re allowed 15 (directorships) by the law and that is also in the companies listed on the stock exchange. There may be plenty of unlisted companies and those may not be counted,” Irani said. “In the Tata Group, we try to follow the same practices in our unlisted companies as are being followed in the listed companies, including composition of the board, circulation of agenda papers and so on,” he said. Irani, presently on the boards of Tata Sons, Tata Steel, Tata Motors and HDFC among others, said the number of independent directors on a company’s board “does not matter”. Market watchdog Sebi has mandated that boards of listed companies should have 50% independent directors. “The number of independent directors does not matter. One good independent director is (all that is) needed,” he said, adding that companies should record and minute their views and provide for these not to be over-ruled. Asked the steps to be taken to strengthen the role of independent directors, Irani said, “I don’t think we need more regulations or any changes. A nomination committee comprising of independent directors should be set up to choose more independent directors.” He said it is quite possible that independent directors feel restrained in the presence of the chairman and the chief executive officer of a company. “Resignation is a final step, when you find that you’re in a minority,” Irani replied, when asked whether putting in one’s papers was a way out if faced with great opposition from other board members. He also said that an independent director must not let his objectivity be compromised, irrespective of the relations he has with the promoter-family. Source: LatestNews-Home - Livemint.com | 25 Mar 2009 | 10:51 am Geithner, Bernanke Seek to Plug Gaps in Finance Rules - Bloomberg
Source: Google News India - Business | 25 Mar 2009 | 10:50 am Crompton to fund Avantha buy through accruals - MD - Reuters India
Source: Google News India - Business | 25 Mar 2009 | 10:48 am Obama for cost cuts to guard US against India, China challengeObama has said Americans need to reduce expenditure and cut costs, or else India and China will outperform them.Source: Daily News & Analysis: Money News | 25 Mar 2009 | 10:44 am RIL may ink gas deal with fertiliser firms on March 27Reliance Industries Ltd has reached agreement with fertiliser firms on sale of gas from its eastern offshore KG-D6 fields and may sign the contracts on March 27.Source: India Business News | Business News - Times of India | 25 Mar 2009 | 10:43 am Sensex overcomes volatility to end above 9700 - Economic Times
Source: Google News India - Business | 25 Mar 2009 | 10:35 am BSE, NSE on combined trading platformStock trading can now be done on BSE's online trading platform using NSE's software, free of cost till 2011.Source: India Business News | Business News - Times of India | 25 Mar 2009 | 10:28 am Volkswagen transporter unit targets growth in BRICHANOVER, Germany (Reuters) - Volkswagen's light commercial vehicles business will begin assembly in Russia in May and is examining options to build transporter models in China and India, it said on Wednesday.Source: Reuters: Money News | 25 Mar 2009 | 10:27 am Low crude price pokes PetroChina profitShanghai: PetroChina, the world’s second-biggest energy company by market value, says its 2008 net profit fell 22% from a year earlier as lower prices and weakening demand offset improvements in its refining sector. PetroChina, a unit of China’s China National Petroleum Corp., said on Wednesday that its full year net profit was 113.8 billion yuan ($16.7 billion). That compared with 146.8 billion yuan in 2007. The decline was slightly larger than analysts’ forecasts. PetroChina said its revenues rose 28% over a year earlier to 1.07 trillion yuan ($156.7 billion). Revenues in 2007 were 836.4 billion. Source: LatestNews-Home - Livemint.com | 25 Mar 2009 | 10:19 am India needs coordinated policy - govt adviserNEW DELHI (Reuters) - A slowdown in industrial activity and low inflation has monetary policy implications, and there is a need for coordination of Reserve Bank policy and fiscal policy, a government adviser said on Wednesday.Source: Reuters: Money News | 25 Mar 2009 | 10:17 am Indian aviation to grow 0.7% in 2009: IATAKuala Lumpur: India’s air transport sector will see a capacity increase of 0.7% in 2009 though the global aviation sector will incur a loss of nearly $5 billion, IATA said. India, whose market for international air services tripled in size between 2000 and 2008, was expected to see capacity increase by 0.7% in 2009, while demand dropped between 2 and 3%, said International Air Transport Association (IATA) director-general and CEO Giovanni Bisignani on Tuesday. Citing rapid deterioration in global economic conditions as the reason for the drop, Bisignani said, “The state of the airline industry today is grim. Demand has deteriorated much more rapidly with the economic slowdown than could have been anticipated even a few months ago.” “Our loss forecast for 2009 is now $4.7 billion. Combined with an industry debt of $170 billion, pressure on the industry balance sheet is extreme,” he said adding industry revenues were expected to fall by 12% or $62 billion to $467 billion this year. Asian regions would also be seeing a decline in air transport, he said adding the region was expected to see a 6.8% fall in demand. International demand to and from China was expected to contract between five to 10% over the year. West Asia would be the only region with demand growth in 2009 (1.2%) but this would be overshadowed by the impact of a 3.8% increase in capacity, Bisignani said. Source: LatestNews-Home - Livemint.com | 25 Mar 2009 | 10:07 am GoAir chief squashes talk of SpiceJet mergerNew Delhi: GoAir chief executive Edgardo Badiali on Wednesday said media reports about a merger between the privately-held airline and listed carrier SpiceJet were just rumour and speculation. A recent report in the Business Standard newspaper said GoAir was in talks to merge with or to sell a stake to budget carrier SpiceJet. Source: Home - Livemint.com | 25 Mar 2009 | 9:43 am Nasa to make space data available onlineNew York: US space agency Nasa has entered into a collaboration with software giant Microsoft Corporation to develop a new technology which will make planetary images and data accessible worldwide through Internet. The joint venture will work to develop a new technology to make Nasa’s content, including high-resolution images and data from Mars and the Moon, available on WorldWide Telescope, Microsoft’s online virtual telescope. “Making NASA’s scientific and astronomical data more accessible to the public is a high priority for NASA, especially given the new administration’s recent emphasis on open government and transparency,” said Ed Weiler, associate administrator for Nasa’s Science Mission Directorate. Under the agreement, Nasa’s Ames Research Centre in Moffett Field, California, will process and host more than 100 terabytes of data, enough to fill 20,000 DVDs. WorldWide Telescope will incorporate the data and feature images sent from Nasa’s Mars Reconnaissance Orbiter. The tool will also have images from a camera aboard Nasa’s Lunar Reconnaissance Orbiter, scheduled to be launched this May. “This collaboration will enable people around the world to explore new images of the Moon and Mars in a rich, interactive environment through the WorldWide Telescope,” said Tony Hey, Corporate Vice-President of Microsoft External Research. Source: Tech News - Livemint.com | 25 Mar 2009 | 9:35 am Novartis seeks to up stake in India unitZURICH (Reuters) - Swiss drug maker Novartis said on Wednesday it had made an open offer worth around $87 million to increase its stake in subsidiary Novartis India to nearly 90 percent if successful.Source: Reuters: Money News | 25 Mar 2009 | 9:24 am Number of co directorships should be restricted to 10: IraniTata Sons director Jamshed J Irani on Wednesday said Independent directors need to decide as to how many boards they can do justice to.Source: Daily News & Analysis: Money News | 25 Mar 2009 | 9:19 am HSBC says 1,200 staff face axe in BritainLondon: HSBC said Wednesday it could axe up to 1,200 workers in Britain as Europe’s biggest bank reacts to the financial crisis. “There are difficult decisions that have to be made as we adapt to a new environment and ensure we are well positioned for the future,” said HSBC managing director Paul Thurston. “The operating environment for banks in the UK is extremely challenging and will remain so for some time,” he added. HSBC, which employs 58,000 workers in Britain, said the plan to cut 2% of its workforce there would hit its IT and human resources operations. HSBC is cutting staff and boosting its capital by £12.5 billion (€13.6 billion, $18.3 billion) to withstand the financial crisis. The London-based bank outlined its plan for a record British rights issue earlier this month when it reported a 70% plunge in annual net profits. HSBC, which enjoys solid growth in Asia, had been regarded as one of the more robust global banks as the crisis devastated many top lenders and has refused British government financial help in contrast to some of its rivals. However its bad debts surged to almost $25 billion last year, mainly as a result of the collapse of the US subprime housing market. HSBC recently said it was shutting most of its HFC and Beneficial branches in the United States, with the loss of 6,100 jobs. HSBC has meanwhile already shed 1,100 employees - including 500 in Britain - at its investment banking division since late 2008. HSBC was one of the first banks to warn of problems with products linked to the subprime or high-risk US mortgage sector. Last September, it scrapped a $6billion deal to buy a major South Korean bank after the financial Source: World Business - Livemint.com | 25 Mar 2009 | 9:16 am European stocks drop after Wall Street slideLondon: Europe’s main stock markets fell at the open on Wednesday following a slump on Wall Street overnight. London’s FTSE 100 index shed 0.41% to 3,895.61 points, Frankfurt’s Dax 30 lost 0.29% to reach 4,175.33 points and in Paris the CAC 40 retreated by 0.64% in value to stand at 2,855.97 points. Wall Street fell heavily on Tuesday as investors retreated from a sizzling stock rally a day earlier fueled by a new US government plan to clean up toxic assets in the banking system. The Dow Jones Industrial Average sank 1.49% to close at 7,659.97 points, as selling pressures intensified late in the day following Monday’s surge of 6.84% for blue chips. Japanese share prices ended narrowly mixed Wednesday with the Nikkei dropping 0.10% as investors took profits following the recent rally to a 10-week high, dealers said. The Nikkei-225 index fell 8.31 points to 8,479.99. Source: Home - Livemint.com | 25 Mar 2009 | 8:57 am Pepe Jeans London unveils 'Street' collectionKeeping in mind the summer season, the collection Pepe Jeans Spring collection, is very casual day wear for men and women.Source: Daily News & Analysis: Money News | 25 Mar 2009 | 8:47 am Tata Comm gets $83 mn for Tata Tele stakeNew Delhi: India’s Tata Communications said on Wednesday it had received Rs4.24 billion ($83 million) from selling some of its stake in group firm Tata Teleservices. Tata Communications did not say the size of the stake it had sold in the mobile operator. Earlier this month, a senior company official said Tata Communications had a 15% stake Tata Teleservices and would be selling 0.6% to Japan’s NTT DoCoMo, which is buying a total 26% stake in Tata Teleservices. Source: Home - Livemint.com | 25 Mar 2009 | 8:44 am Bongaigaon Refinery to merge with Indian OilThe government has approved a proposal for merging Bongaigaon Refinery and Petrochemicals into its parent company, the state-run Indian Oil Corp (IOC).Source: IndiaeNews.com: Business News | 25 Mar 2009 | 8:32 am Markets back in the green after quiet startHealthy buying in a lot of sectors saw Indian markets climb back into the green after a weak start Wednesday, with a key index ruling 0.99 percent above its previous close a little before noon.Source: IndiaeNews.com: Business News | 25 Mar 2009 | 8:31 am Ford India to hike Ikon prices by AprilFord India will increase the price of its entry-level sedan Ikon by up to 1.5 per cent from April.Source: Daily News & Analysis: Money News | 25 Mar 2009 | 8:25 am Port sector revival held up on funds crunchMumbai: Expansion and greenfield projects at Indian ports have almost ground to a halt as an economic slowdown has choked investment into the sector, which holds great potential as a growth driver, industry players said. A fund shortage has delayed expansion at several Indian ports, raising concerns of higher time lags and congestion after an expected traffic revival in June, they added. “Apart from 2-3 terminals coming up in 3-4 major ports, other projects are expected to face delays,” said Manish Sharma, director at consultancy firm KPMG. Among these are JSW group’s captive port on India’s eastern coast, Reliance Industries’ Rewas project on the west coast, besides a few others in south India. Much of the estimated Rs55,800 crore needed to revive the sector was expected to come from private players. However, this is unlikely due to longer gestation period, tighter credit and a sharper-than-expected drop in economic growth, analysts said. India is expected to grow around 7% in FY09, its slowest in six years, with even slower growth seen next year. However, cargo traffic is expected to see a revival in June, but the country’s 12 major ports -- which saw volume drop over 8% in April-Feb 2009 compared with last year -- are not equipped to handle it, analysts said. “A scenario where capacity additions are put on hold, while cargo volumes pick up in due course could potentially lead to the recurrence of extreme port congestions in the future, similar to those witnessed in the recent past,” KPMG’s Sharma said. With its strategic location straddling major trade routes and a long coastline that boasts a port every 20 miles, India’s port sector was expected to be a major driver of trade and economic progress, but has not managed to deliver so far. Even during the last 2-3 years, when trade was at its peak, India’s largest container port, Jawaharlal Nehru Port Trust (JNPT), had a waiting period of up to 10 days. Port of Singapore, in comparison, took just about half a day. Capacity utilization in India is also abysmal with three-fourths of its 200-odd ports being defunct or seasonal. “There is a need for deeper draught ports and services such as bunkering, coastal shipping, connectivity and hinterland development,” Bhavesh Gandhi, executive vice chairman of Pipavav Port, said at a conference in Mumbai recently. Major ports -- which handle 7 million twenty foot equivalent units of container cargo compared with about 29 million by Port of Singapore -- are expected to see 7.7% volume growth each year till 2013-14, government data showed. Hope Floats The public-private partnership model will help boost growth in the sector, Gandhi added. Of late, companies have started to invest in traditionally state-owned ports on a build-operate-transfer basis for 25 to 50 years to cash in on India’s growing trade, but lacked the desired momentum, industry officials said. AP Moller Maersk, General Electric, Singapore’s PSA International, UK-based 3i Group have already invested heavily in new and existing port projects. In the current scenario, these companies and also other domestic players now stand to benefit from cheap land and construction costs, which should help speed up development in the sector, analysts and port officials said. “This slowdown is an opportune time for capacity expansion by existing ports due to lower cost of construction as well as equipment and significantly less market risk,” a spokesman at Mundra Port & SEZ said. Source: Home - Livemint.com | 25 Mar 2009 | 8:24 am It's industry versus farmland in Bengal campaignLand acquisition and industrialisation have emerged as two of the key issues in West Bengal as campaigning for a no-holds-barred Lok Sabha contest gains momentum.Source: IndiaeNews.com: Business News | 25 Mar 2009 | 7:32 am GDP growth: Closer to 3.5% than 5.3%The economic slowdown is much sharper than suggested by the govt as it does not adopt standard global method arguing its agricultural data is rain-dependent.Source: India Business News | Business News - Times of India | 25 Mar 2009 | 7:30 am Former lieutenant governor sentenced to jail for bounced chequesFormer lieutenant governor of Mizoram S.K. Chibber and five others have been been sentenced to one-and-a-half years in jail and fined Rs.5,000 because cheques issued by their firm in 1998 had bounced. But the complainants plan to now move court for better compensation.Source: IndiaeNews.com: Business News | 25 Mar 2009 | 7:30 am Spice may withdraw from Satyam bidSpice Group has alleged there was no openness and transparency in the bidding for Satyam and said it would soon decide on whether to go ahead with the bidding process.Source: India Business News | Business News - Times of India | 25 Mar 2009 | 7:25 am Obama sees progress on crisis; Japan trade tumblesWASHINGTON/TOKYO (Reuters) - President Barack Obama tried to assure Americans his team's effort to revive the U.S. economy was starting to bear fruit just as Japan's crumbling exports underscored the depth of the world recession.Source: Reuters: Money News | 25 Mar 2009 | 7:10 am Rupee off 1-week lows tracking share gainsMumbai: The Indian rupee came off 1-week lows in late morning trade on Wednesday helped by a near 2% rise in the domestic share market but dollar demand from importers and weaker Asian currencies prevented a further rise. At 12:20pm, the partially convertible rupee was at rS50.78/80 per dollar, off an early trough of rS51.10, its lowest since 19 March and weaker than its previous close of Rs50.73/74. Indian shares rebounded from a shaky start and climbed as much as 1.9% led by Reliance Industries and Infosys Technologies, but trade was choppy underlining resistance. Most Asian currencies were weaker against the dollar which continued to weigh on rupee sentiment. Dollar demand from oil refiners and importers to meet month-end demand also limited a further rise. Asian currencies retreated on Wednesday as investors took profits from their recent rallies, with the high-yielding Indonesian rupiah suffering sharp losses in both spot and offshore forwards. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were quoting at 50.8650 and 50.8625 respectively, with the total traded volume on both exchanges at about $511 million. Source: Home - Livemint.com | 25 Mar 2009 | 6:49 am Facebook vows improvements after user backlashWashington: Faced with a torrent of complaints over its latest redesign, the social networking hub Facebook has vowed a series of “improvements” to eliminate clutter and make the website more user friendly. “Since we launched Facebook’s home page design, we’ve received thousands of emails, wall posts and comments from you along with direct feedback from all of our friends and family,” product director Christopher Cox said in a blog post late on Tuesday. Cox pointed to several areas “where we’re focusing on improvements immediately and over the next several weeks,” after the site earlier this month introduced a busier, twitter-like feed on its popular networking site. “We’ve heard feedback that there is a lot of application content appearing in the stream. We will be giving you tools to control and reduce application content that your friends share into your stream,” Cox wrote. Rather than reload the page in order to see new posts, Facebook will introduce “the ability to turn on auto updating in the near future so you no longer need to refresh the page,” he said. Photo tags, or notifications that pictures of a user’s “friends” have been posted, will also be added to the stream of updates on the main page in the coming weeks, Cox said. Improvements were also being made to a new “Highlights” section on the homepage so it will “update more frequently and will show you more content throughout the day to mirror more closely the content that the earlier news feed provided.” The social networking site has ballooned in popularity since it was begun in 2004, and now has an estimated 175 million users. However, a series of revamps in recent months has left many users disgruntled and sparked a legion of anti-change groups on the site. “Redesigns are generally hard to manage, in part because change is always hard and in part because we may miss improvements that any individual user may like to see,” Cox admitted. “With the recent home page changes, we’re trying to present the right balance between what’s happening right now and what’s interesting over a longer period of time.” Source: Tech News - Livemint.com | 25 Mar 2009 | 6:35 am Australia’s Qantas to cut 90 senior jobsSydney: Qantas Airways Ltd, Australia’s top airline, moved to rein in costs with another round of job cuts, this time targeting its senior management team, to help it ride out the global financial crisis. Qantas will shed 90 top management positions adding to 1,500 job cuts announced last year, it said on Wednesday. The airline said in a statement it would a maintain a salary freeze and make a number of role changes for remaining managers. “Starting today, we will be making some longer term organisational changes to the management of the Qantas Group to develop a leaner, more fast-moving organisation,” Qantas chief executive Alan Joyce said in the statement. Most of the job cuts announced on Wednesday would be achieved by the end of April, a source briefed on the situation told Reuters. The cuts announced last year also included some senior management positions, the source added. Qantas did not say how much the latest round of redundancies would cost. Airlines around the world are grappling with slumping demand as business and leisure travellers cut back amid the tough economic times. The International Air Transport Association (IATA) sees the global air transport industry posting a loss in $4.7 billion in 2009, up from its previous estimate of a $2.5 billion loss, reflecting the deterioration of global economic conditions. That comes on top of an estimated $8.5 billion loss last year. IATA said on Tuesday that industry revenues are expected to fall by 12% to $467 billion, worse than the drop seen after the 11 September attacks in the United States. Shares in Qantas, one of the few airlines in the world still making a profit, added 0.9% to A$1.77, in-line with increase in Australia’s benchmark S&P/ASX 200 index. Source: World Business - Livemint.com | 25 Mar 2009 | 5:35 am France competing with US on nuke biz in IndiaFrench PM Francois Fillone has conceded that his country is in competition with the US with regard to bagging commercial deals for the civilian nuclear plants in India.Source: Daily News & Analysis: Money News | 25 Mar 2009 | 5:28 am Sensex opens flatThe Bombay Stock Exchange benchmark Sensex on Wednesday fell marginally by over 28 points in opening trade on emergence of profit-selling by funds.Source: Daily News & Analysis: Money News | 25 Mar 2009 | 5:14 am Infosys' offer to staff: One year NGO stint at half pay"An employee can work with a non-profit organisation for a year and we'll pay him half the salary for the duration," Infosys co-chairman Nandan Nilekani said.Source: India Business News | Business News - Times of India | 25 Mar 2009 | 5:12 am Rupee depreciates further; approaches 51 against dollarThe rupee depreciated by another 28 paise to 50.98 against the US currency in opening trade on Wednesday on fears of weak opening on the domestic bourses in line with weak trends on other Asian equity markets.Source: India Business News | Business News - Times of India | 25 Mar 2009 | 4:28 am Plan to finalise buyer by April 30: SatyamAs part of the terms of the takeover transaction, Satyam said the buyer's shareholding, acquired through a preferential allotment of shares and open offer to public, would have a lock-in period of three years.Source: India Business News | Business News - Times of India | 25 Mar 2009 | 3:26 am Lift ban on sale of dual use items: India to US!India asks US to lift ban on sale of dual use items, noting besides USD 150bn biz for US nuke power reactors it could lead to another USD 120bn in defence sales.Source: Zee News : Business | 25 Mar 2009 | 12:20 am Satyam defers joining dates of 9,000 freshers !Citing global economic slowdown as one of the reasons, Satyam Computer has deferred the joining dates of 9,000 freshers to whom the company had issued offer letters.Source: Zee News : Business | 25 Mar 2009 | 12:20 am Cash strapped Infy wants employess to work with NGOs !Left without as much work for all its emoployees, Infosys is offering some of them an option to work with a non-profit organisation for a year and get paid half their salary.Source: Zee News : Business | 25 Mar 2009 | 12:20 am GM announces 160 white-collar layoffs!Dreaded white-collar job cuts at General Motors Corp started on Tuesday as the wounded automaker began to deliver on promises to the government to shrink its work force so it can be profitable at lower sales levels.Source: Zee News : Business | 25 Mar 2009 | 12:20 am World airlines set to lose USD 4.7bn in 2009: IATA!World airlines are set to lose USD 4.7bn this year as a result of global recession that has shrunk passenger and cargo demand, IATA said on Tuesday.Source: Zee News : Business | 25 Mar 2009 | 12:20 am `Economy to revive in big way in 6-7 months`!India`s economy will revive in a big way in six to seven months as stimulus packages start to take effect, Prime Minister Manmohan Singh said on Tuesday.Source: Zee News : Business | 25 Mar 2009 | 12:20 am Fed chairman to get grilled on AIG!Fed Res chairman and Treasury Secy are making a rare joint appearance at a Congressional hearing.Source: Zee News : Business | 25 Mar 2009 | 12:20 am UK inflation climbs to 3.2% in Feb!The consumer price inflation in UK rose to 3.2 per cent for the month of February even as the Retail Prices Index, which includes housing costs, dipped to zero during the same period.Source: Zee News : Business | 25 Mar 2009 | 12:20 am SBI sees tremendous response from Nano buyers!Bookings for Rs 1 lakh Nano car by the Tata Motors are pouring in from all parts of the country as the sole booking agent SBI on Tuesday said it has distributed lakhs of applications for the world`s cheapest car.Source: Zee News : Business | 25 Mar 2009 | 12:20 am RBI asks banks to work extra time on March 30, 31!The Reserve Bank on Tuesday asked its regional offices and banks to work extra time on March 30, 31 to take care of the probable rush of tax-payers due to annual closing of the financial year 2008-09.Source: Zee News : Business | 25 Mar 2009 | 12:20 am Why Maruti didn't come up with NanoTen years back, if someone would have said that a car cheaper than Maruti 800 can be produced and sold commercially, most people would have deemed that to be impossible.Source: Daily News & Analysis: Money News | 25 Mar 2009 | 12:12 am HDFC slashes retail PLR by 50 bpsMumbai, March 24 HDFC on Tuesday announced that it will reduce its retail prime lending rate (RPLR) by 50 basis points to 14 per cent with effect from March 25. The cut in RPLR will accrue to all existing floating rate customers over the nextSource: Business Line - Home Page | 25 Mar 2009 | 12:00 am Banks deluged with proposals for restructuring loansMumbai, March 24 Banks are flooded with lakhs of proposals from corporates, SMEs and home loan borrowers for restructuring their loans, running into thousands of crores of rupees.Source: Business Line - Home Page | 25 Mar 2009 | 12:00 am Defence sets new terms for vacating spectrumNew Delhi, March 24 Talks between the Department of Telecom and the Ministry of Defence for vacating spectrum have hit another bump with the defence forces wanting new conditions to be included in the proposed memorandum of understanding.Source: Business Line - Home Page | 25 Mar 2009 | 12:00 am Satyam sets more conditions for winnerHyderabad, March 24 As it set an April 30 deadline for the stake sale of Satyam Computer Services, the six-member board has put in more don’ts to the winner thanSource: Business Line - Home Page | 25 Mar 2009 | 12:00 am Hindustan Zinc (Rs 421.80): SellWe recommend a sell on the Hindustan Zinc stock from a short-term perspective. It is clearly evident from the charts of Hindustan Zinc that after encountering resistance at around Rs 440 in early January 2009, it was on a medium-term downtrendSource: Business Line - Home Page | 25 Mar 2009 | 12:00 am Manmohan is Congress candidate for PMNew Delhi, March 24 The Prime Minister, Dr Manmohan Singh, will be the prime ministerial candidate of the Congress party for the forthcoming general elections, the United Progressive Alliance Chairperson, Ms Sonia Gandhi, said after releasing theSource: Business Line - Home Page | 25 Mar 2009 | 12:00 am Obama bets on ‘toxic’ asset planThe long-awaited Obama administration’s plan to rid banks of their ‘toxic’ assets was announced on Monday. The gist is that a public-private partnership will be established to acquire loans and securities from banks through aSource: Business Line - Home Page | 25 Mar 2009 | 12:00 am Spin doctors working on punch linesBangalore, March 24 The tagline of Mr Barack Obama’s win was ‘Yes, we can’. It is anybody’s guess what will work in India, but politicians and their image makers are at it.Source: Business Line - Home Page | 25 Mar 2009 | 12:00 am Govt nominates IOC, MRPL to lift Cairn crudeNew Delhi, March 24 Indian Oil Corporation Ltd (IOC) and Mangalore Refinery & Petrochemicals Ltd (MRPL) are among the public sector refiners who have been nominated by the Government to lift Cairn India’s RajasthanSource: Business Line - Home Page | 25 Mar 2009 | 12:00 am Day Trading GuideWe reiterate our sell recommendation on DLF. The near-term outlook for ICICI Bank and SBI is bearish. These stocks witnessed selling pressure at higher levels on Tuesday and formed bearishSource: Business Line - Home Page | 25 Mar 2009 | 12:00 am CBI seeks nod to give Raju & Co the lie-detector testThe CBI has filed a petition seeking the permission to conduct a lie-detector test on all the three accused in a city court.Source: Daily News & Analysis: Money News | 24 Mar 2009 | 9:52 pm Vehicle will benefit rural India: ExpertsWith Nano billed as a people's car, city transport experts are divided on the benefits or pain that will be caused by it on the streets.Source: Daily News & Analysis: Money News | 24 Mar 2009 | 9:46 pm Business model of newspapers is obsolete: news media chiefsWashington: Uncertainty about revenue and the form in which news and information will be delivered present key challenges for 21st century news media, according to a panel of industry leaders.  Quite optimistic: Tom Curley, president and CEO of AP. He says opportunities abound in spite of the current economic problems. Seokyong Lee / Bloomberg Readers and listeners have not left journalism, said those participating on Monday night in a forum on journalism and public policy at the National Press Club. However, the business model upon which newspapers have operated is obsolete, the industry leaders said. Reports of layoffs and furloughs at newspapers around the country have become common in recent months. Gannett Co., which publishes 85 daily newspapers, announced on Monday that it was asking most of its 41,500 employees to give up a week’s pay for the second time this year. The same day, Advance Publications, which publishes daily papers in nearly two dozen cities, said it was ordering 10-day furloughs and a pension freeze at nearly all its daily newspapers. “There’s no question it’s revenue—and where it’s going and how to get it and how to hold onto it,” said Tom Curley, president and CEO of AP. “This is not about a declining market. This is about a growing market. The problem is the revenue is going in different directions.” Curley said the end of the business model in which advertising subsidized print news is forcing news media to turn to their readers rather than advertisers for revenue. “We really have to take a page out of cable and CNN and get more money, more revenue from subscribers, from users and viewers, and that is the big change,” Curley said. That also means news media, particularly traditional media, must learn quickly to use more effectively the tools of target advertising, he said. CNN president Jon Klein said that his network has been insulated from the downturn in the newspaper industry because it has firmly established itself in cable television and in online news. “We’re very careful about the cost side because when you don’t know exactly where the revenue’s going to turn out, you’ve got to be cautious. So we’re being prudent, but we are happy with where we are. We’re not in panic mode,” Klein said. Klein said CNN continues to look into creating its own wire service, which could draw on its 800 local affiliates in the US and its bureaus around the world. The network has been talking to newspaper editors and television and radio owners about what they would want, he said. “We’re seeing some early interest,” Klein said. “I think it will be enough to launch something, probably sometime this year, we think.” Alberto Ibarguen, president and CEO of the Knight Foundation, said that along with the revenue problem is the psychological shift facing journalism, one that is moving the industry from a “news consumer” who reads or listens to news to a “news user” who interacts with the information. “I think this is a time for experimentation,” Ibarguen said. “We should think about news as a utility,” he said. “You pay the light bill, you pay the cable bill. Maybe you pay a news bill. I don’t know. But we ought to have all of these things on the table and stop trying to figure out, ‘How do we get back to 1970?’” Besides revenue issues, journalism is facing a younger generation using news media in different ways, said Vivian Schiller, president and CEO of National Public Radio (NPR). Then the challenge, she said, becomes “how do we create that same satisfying—in our case, NPR—experience for them so that they continue to stay with us and across all platforms”. Curley said opportunities abound in spite of the current economic problems. “Our profession is going to undergo some enormous growth after we get through this valley, so I would not give up on it,” he said. “The next couple of years are going to be tough, but I would not give up on it.” The forum was organized for The Kalb Report, a public television programme hosted by journalist Marvin Kalb and co-sponsored by the National Press Club, George Washington University and Harvard University’s Joan Shorenstein Center on the Press Politics and Public Policy. It was underwritten by a grant from the Ethics and Excellence in Journalism Foundation. Source: World Business - Livemint.com | 24 Mar 2009 | 7:29 pm IPL relocation prompts advertisers to mull budget cuts, pulloutThe decision to relocate the second edition of the Indian Premier League (IPL) Twenty20 tournament to South Africa has prompted several key advertisers such as Hyundai, Havell's and Reebok, among others, to consider cutting back budgets or pulling out.Source: Business Standard | Front Page Headlines | 24 Mar 2009 | 6:44 pm HDFC cuts PLR 50 basis pointsHDFC, the countrys largest mortgage player, today announced a 50 basis point reduction in its retail prime lending rate to 14 per cent for current and new customers.Source: Business Standard | Front Page Headlines | 24 Mar 2009 | 6:40 pm Congress banks on 'stimulus' for aam aadmiThe Indian National Congress, the single-largest party in the current Lok Sabha with 150 seats, committed itself to massive public spending to strengthen its aam aadmi (common man) platform through vastly extended employment guarantee, social sector and farm loan waiver schemes, even as it ruled out privatisation in banking and insurance in the manifesto released today.Source: Business Standard | Front Page Headlines | 24 Mar 2009 | 6:38 pm ICICI to raise Rs1,200 cr by selling bondsMumbai: ICICI Bank Ltd has said that it would raise Rs1,200 crore through sale of bonds. The issue carries a green-shoe option of Rs300 crore. “It is a 15 year paper with a call option after 10 years,” an ICICI Bank spokesman said adding: “The paper will carry a coupon of 9.95%.” The bank’s capital adequacy ratio at end-December stood at 15.6%, well over the regulatory requirement of 9%. “We have a lot of room to raise tier-II capital as tier-I for us is 12% and tier-II less than 4%. Every quarter we raise some amount of tier-II consistently. This quarter, the amount is little lower than previous quarters. Other banks also raise tier-II regularly,” the spokesman added. An analyst with a Mumbai-based brokerage, on condition of anonymity, said: “The bank could be raising the tier-II capital to meet some asset liability mismatch as many corporates have not renewed their bulk deposits with the bank. Additionally, it is also to meet some project finance needs.’’ Source: World Business - Livemint.com | 24 Mar 2009 | 2:55 pm
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