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Mumbai realty prices crack 3550%Home buyers should gear up for good news. Home sale volumes seem to be bouncing back but at steep discounts. Mumbai developers have started bringing down prices, and in some cases the dip is as high as 50%.Source: Moneycontrol Top Headlines | 26 Mar 2009 | 4:25 pm Nano suppliers to gain once volumes riseThere are speculations that trends in the auto ancillary space may be affected post the Nano launch. Analysts feel auto ancillaries supplying to the Nano will not see profit initially since it is a volume play. They feel that only when volumes pickup will the auto ancillaries make profit and that margins may vary from product to product.Source: Moneycontrol Top Headlines | 26 Mar 2009 | 3:55 pm Plans to order 40 ships in XI Five Year Plan on track: SCIS Hajra, Chairman and Managing Director, Shipping Corporation of India, said the company did plan to order few more ships in 200809, but due to the global meltdown has decided to defer placement of those orders to 200910. But our plans to order another 40 ships in the Eleventh FiveYear Plan, which extends right up to March 2012, remains.Source: Moneycontrol Top Headlines | 26 Mar 2009 | 3:36 pm See favourable trends for contract research: BioconKiran Mazumdar, CMD, Biocon, believes there is a favourable trend in the pharma sector. He said there has been an increase in orders for which efforts have been ongoing, which are now fructifying.Source: Moneycontrol Top Headlines | 26 Mar 2009 | 3:02 pm SP downgrades Tata Motors\' credit rating to B+ from BBManuel Guerena, Director, SP, has downgraded Tata Motors credit rating to B+ from BB. \"This combination has brought the companies grade to fall to the current level to what we believe is a little bit riskier than what it used to be.\"Source: Moneycontrol Top Headlines | 26 Mar 2009 | 2:58 pm Govt chalks up Rs 241000cr borrowing programme for FY10Officials of the Finance Ministry and the Reserve Bank of India met today to chalk up a plan on the government borrowing programme for the financial year starting April. The Rs 241,000 crore gross requirement will be broadly spilt into Rs 48,000 crore each for the first three months and Rs 32,000 crore each for the next three months.Source: Moneycontrol Top Headlines | 26 Mar 2009 | 2:39 pm Havells India bags $200m order for next 5 yearsHavells India has bagged an order worth USD 200 million for next five years. Commenting on the same, Anil Gupta, Joint MD, Havells India, said, The margins have increased dramatically. If one looks at the Indian standalone entity, we will be making similar margins of 20% gross margins as we have been making in the Indian market.Source: Moneycontrol Top Headlines | 26 Mar 2009 | 2:26 pm National Insurance Company unveils its new identityNational Insurance Company, the leaders in nonlife insurance today announced a change in their graphic identity, the logo. This change will signify easy communication process through structural, system and operational changes for the benefit of the customers.Source: Moneycontrol Top Headlines | 26 Mar 2009 | 1:22 pm Few Orissa Sponge promoters up stake using company fundsOrrisa Sponge promoters have complained to Sebi that some promoters have increased their stake from 27 lakh shares in 2002, to 83 lakh shares in December 2008. Some of the money that they used is allegedly the companys money. Many instances have been brought to light one of them being, violation of open offer norms.Source: Moneycontrol Top Headlines | 26 Mar 2009 | 1:18 pm No plan to slash car prices post Nano launch: MarutiCommenting on the effect of Tata Nano on Maruti, company\'s Chairman RC Bhargava has said that Nano will marginally impact the sales of Maruti 800 and added that the company has no plan to slash Alto price or other cars prices to compete with Nano.Source: Moneycontrol Top Headlines | 26 Mar 2009 | 1:00 pm Rupee recovers; rises 10 paise against dollar!The Indian rupee appreciated marginally by 10 paise against the US currency in opening trade on Thursday on expectations of increased capital inflows by foreign funds.Source: Zee News : Business | 26 Mar 2009 | 12:27 pm IBM among 8 shortlisted for Satyam bidding: Reports!The board of Satyam Computer Services has shortlisted about eight bidders, including IBM and private equity firm Apax Partners, for buying the fraud-hit outsourcer, an Indian daily said on Thursday.Source: Zee News : Business | 26 Mar 2009 | 12:27 pm Spice Corp undecided on Satyam bid!The board of spice Corp which met late yesterday night is in the process of taking a call whether to go ahead with the bidding for Satyam or not, given its apprehension about the lack of transparency.Source: Zee News : Business | 26 Mar 2009 | 12:27 pm US February new home sales rise 4.7 percent !Sales of newly built US single-family homes unexpectedly rose at their fastest pace in 10 months in February, while prices fell by a record margin from a year ago, a government report showed on Wednesday.Source: Zee News : Business | 26 Mar 2009 | 12:27 pm IBM to cut 5,000 jobs in US: Sources!IBM will cut about 5,000 jobs in the United States, adding to similarly large cuts in the past few months, sources with knowledge of the matter said on Wednesday.Source: Zee News : Business | 26 Mar 2009 | 12:27 pm No rift in G-20 over stimulus plan: Brown!British Premier Gordon Brown has said the talk of differences is exaggerated and the upcoming summit of the leading nations will not force governments to bring in financial packages.Source: Zee News : Business | 26 Mar 2009 | 12:27 pm Sensex climbs 166 pts in early trade!Continuing its winning-streak for the fourth straight session, Sensex on Thursday gathered another over 165 points in early trade on increased purchases by foreign funds, driven by firming global markets.Source: Zee News : Business | 26 Mar 2009 | 12:27 pm Staff strike will hit ONGC margins: Chairman - Hindu
Source: Google News India - Business | 26 Mar 2009 | 11:40 am Raju disclosed half truth: CBIThe CBI on Thursday said it would like to subject Satyam Computer's disgraced founder Ramalinga Raju to a lie-detector test, as it feels he has not shared everything about the accounting scam in the company.Source: India Business News | Business News - Times of India | 26 Mar 2009 | 11:39 am ING not applying for China bank licenceMUMBAI (Reuters) - ING has shelved plans to apply for a banking licence in China for now and plans to exit one of its two insurance joint ventures there, as it looks to shore up its capital needs, a top executive said on Thursday.Source: Reuters: Money News | 26 Mar 2009 | 11:33 am Hinduja partners with Sistema Teleservices - Economic Times
Source: Google News India - Business | 26 Mar 2009 | 11:28 am Challenge is to stem growth slowdown: RBINew Delhi: India’s economic slowdown has been steeper than previously estimated and the challenge is to arrest it, but further fiscal stimulus will carry a cost, Reserve Bank of India Governor Duvvuri Subbarao said on Thursday. His comments came soon after the government said it would tap markets for Rs2.4 trillion ($47.4 trillion) of borrowings in the first half of 2009-10, two-thirds of its projected record borrowing for the full fiscal year that starts on 1 April. “Growth moderation is steeper than what we earlier thought and I believe 2009-10 is going to be more challenging year for us than 2008-09,” he told a business function. The government expects Asia’s third-biggest economy has grown about 7% in the fiscal year that ends on 31 March, its slowest pace in six years, after growing at rates of 9% or more in the last three years. Subbarao said steps taken to boost spending and activity were necessary in the current extraordinary situation, but cautioned there was a cost to further fiscal stimulus and more borrowings would put pressure on credit markets. “I am sensitive to the fact that when credit demand picks up, private credit demand picks up, this is going to be more challenging but we will manage,” Subbarao said when referring to its management of the government borrowing programme. “We will cross the river when we get to it,” he said. The government’s finances have deteriorated sharply in 2008-09, weighed by a slowing economy, large subsidies, increase in salaries of civil servants and waiver or loans given to small farmers leading to a late rush of borrowings. Gross borrowings for 2008-09 have more than doubled to Rs3.06 trillion this year since October, the central bank has slashed its main lending rate by 400 basis points to shield the economy from the global financial crisis and shore up activity. Subbarao said 2009-10 would be a challenging unless business confidence and investment revived, and said cuts in policy rates needed to flow through to the broader economy. Data released on Thursday showed the wholesale price index rose 0.27% in the 12 months to 14 March, the smallest annual rise in the history of the current series. “We have responded appropriately and we will respond appropriately,” Subbarao said when asked if there was a case for monetary easing as inflation was near zero. “We set the policy rates, but policy rates have to transmit through the banks,” Subbarao said. Source: LatestNews-Home - Livemint.com | 26 Mar 2009 | 11:28 am RBI: challenge to stem growth slowdownNEW DELHI (Reuters) - The economic slowdown has been steeper than previously estimated and the challenge is to arrest it, but further fiscal stimulus will carry a cost, Reserve Bank of India Governor Duvvuri Subbarao said on Thursday.Source: Reuters: Money News | 26 Mar 2009 | 11:26 am Consumer electronics industry on growth path: VideoconMumbai: Bucking the economic downturn, the consumer electronics industry in the country has been on a growth path and is expected to achieve double digit sales growth at Rs26,000 crore during 2008\09. Industry major Videocon Industries reviewing the performance of the sector in its annual report sent to shareholders has said that the consumer electronics and home appliances segments of the industry achieved sales of Rs23,000 crore during 2007\08 and is expected to achieve sales of Rs26,000 crore for the period 2008\09. The company which is a major player in consumer electronics said colour tv (ctv) is the dominant product and a major contributor in consumer electronics. It estimated that 1.4 crore tv sets were sold during calender year 2008 which was nine per cent higher over the previous year. Flat ctvs accounted for over 55% of the total domestic production while the share of conventional ctvs’s share was 37%. It said with upgradation of technology, there has been a shift from conventional tvs to flat tvs and from flat tvs to slim and ultra slim tvs. Flat tv comprises of liquid crystal display (LCD) and plasma tv of which LCDs are posting remarkable growth. The company said though plasmas are also enjoying growth, they are feeling the heat from their LCD counterpart. Smaller and more affordable LCDs have managed to penetrate the market compared to larger and more expensive plasma tvs. The company said refrigerators, another important segment of consumer electronics industry, are also doing well and sold 53 lakh units during 2008, a growth of 8%. A trend noticed here has been that consumers are preferring higher end products like frost free refrigerators. The company has estimated sales of washing machines for the industry as a whole for 2008 at 29 lakh units, having grown 11%. High-end segment comprising fully automatic and front loaders are experiencing maximum growth though semi-automatic segment continue to dominate accounting for 70% of total sales. As regards microwave, the company’s figures for the period are 10 lakh having grown by 48% over the previous year. Meanwhile, the company which follows October to September as its accounting year will hold its 20th annual general meeting at Aurangabad. Source: LatestNews-Home - Livemint.com | 26 Mar 2009 | 11:26 am Close: Sensex touches 10,000 mark on global rallyNew Delhi: The Bombay Stock Exchange benchmark Sensex extended its gains for the fourth successive day on Thursday and surpassed the psychological 10,000 level and NSE Nifty crossed the 3,000 mark. Domestic bourses continued northward as record low inflation was announced at 0.27% for week ended 14 March from previous week’s 0.44%. The new figure has raised expectations of further easing of the monetary policy by the RBI to pump liquidity into the market. Buying by foreign funds and firm US index futures also boosted the bullish sentiments. Market opened 1% up tracking positive cues from global markets following rally in US stock markets on Wednesday backed by better than expected economic and housing data. Positive activity emerged across the board mainly among capital goods, metal, power, bank, technology, IT and auto sectors. However, reality segment did not gain much favor from the market. The BSE index rose to touch the uppermost level during final trading hours as European markets also opened positively. The 30-share Sensex closed higher by 335.20 points at 10,003.10 and 50-share NSE Nifty ended up by 97.90 points at 3,082.25. Top gainers from the BSE Sensex pack were Tata Motors by 7.94% to Rs172.70, Larsen and Toubro by 6.10% Rs661.35, Sterlite Industries by 5.97% to Rs368.10, Tata Consultancy Services by 5.94% to Rs557.15, Bhel by 5.85%to Rs1,570.15, Tata Power by 5.57% to Rs781.40 and ONGC Ltd by 5.36% to Rs 804.60. There were some losers as well among the rallying stocks, Ranbaxy Laboratories plunged by 2.95% to Rs157.95, along with DLF Ltd by 0.31% to Rs176.10 and ACC Ltd by 0.62% to Rs560.40. The Asian markets were also riding on the better than expected US economic reports. Japan’s Nikkei ended 1.8 % higher and Hang Seng rose by 3.5%. Source: Home - Livemint.com | 26 Mar 2009 | 11:26 am BSE Sensex rallies 3.5 pct; index tops 10,000MUMBAI (Reuters) – The BSE Sensex topped 10,000 points on Thursday for the first time since Jan. 7, the day Satyam Computer unveiled the country's biggest corporate fraud and sparked a slide.Source: Reuters: Money News | 26 Mar 2009 | 11:24 am India sells 2019 bond at cut-off yield of 6.9694 pct - Reuters India
Source: Google News India - Business | 26 Mar 2009 | 11:18 am Inflation at 0.27% on 14 MarchNew Delhi: Inflation moved towards zero by declining to 0.27% for the second week of March, even as essential food prices continued to remain high due to high MSP (minimum support price) and inadequate production of pulses and coarse cereals. The 0.17 percentage point decline in wholesale prices inflation from 0.44% during the week ended 7 March was also attributed partly to a high base effect as the rate of price rise was 8.02% in the same period a year ago. “This is not because of lack of effective demand. It is basically due to the base effect and that is not something which we are unaware of, not something which we are not factoring (in),” economic affairs secretary Ashok Chawla said. The persistent decline in inflation has fuelled hopes that the Reserve Bank of India would further ease money supply to boost economic growth, which is slackening. “As for RBI cutting rates, in a month we can see some 50 basis point cut in key rates. Right now there has been enough liquidity and RBI has been proactive in taking measures,” Crisil principal economist DK Joshi said. Food prices in the primary articles group (which are not processed) rose 0.1% on a weekly basis and a whopping 7.10% on a yearly basis. In the manufactured category (processed variety), food prices increased 1.2% on a weekly basis and 6.63% year-on-year. Joshi said the rise in food prices was because of bad farm performance in pulses and coarse cereals, even as wheat and rice production has been good. “Food prices are high as prices of pulses, coarse cereals have been rising. Agriculture performance has not been good in coarse cereals and pulses,” he said. He said the rise was also due to high minimum support prices for farmers and expected the rate of food price rise to fall by June-July. Earlier this week, Prime Minister Manmohan Singh had said food prices have not fallen as the government sought to increase incomes in rural areas. “Farmers have never been given (in the past) such increases in terms of procurement prices,” he had said. The index for the major categories -- manufactured goods and primary articles -- rose, while that of fuels remained unchanged. Inflation is so close to zero that economists expect the possibility of it slipping into negative territory shortly. RIS director-general Nagesh Kumar said, “Inflation might slip into negative territory in the coming weeks and it should provide space for RBI to further lower policy rates.” Joshi said inflation will go into the negative zone within two weeks.. However, economists refuse to term it deflation. “Do not ask me to use such simplistic terms as deflation. Food prices are high, consumer price based inflation is high,“ chief economic advisor to the Finance Ministry Arvind Virmani had said on Wednesday. Among primary food products, prices of barley rose by 2%, while those of bajra, maize, fruit and vegetables, masur, urad and rice increased by 1% each. However, prices of sea fish and tea declined by 3% each; moong 2%; and condiments & spices and gram by 1% each. Among manufactured food items, prices of oil cakes were up 7%; imported edible oil by 6%; gur by 4%; and maida, sooji, rice bran oil and cottonseed oil by 1% each. Prices of bran were down by 3%, and rapeseed and mustard oil and coconut oil by 2% each. Source: Home - Livemint.com | 26 Mar 2009 | 11:17 am Govt announces borrowing plan, inflation rate fallsNEW DELHI (Reuters) - The government said it will sell 2.4 trillion ($47.4 billion) of bonds in the first half of 2009/10, two-thirds of its full-year target, raising fears in an already nervous market that funding needs may be bigger than expected.Source: Reuters: Money News | 26 Mar 2009 | 11:11 am 25% of H-1B visas to US given by Chennai consulateMadurai: One fourth of H-1B visas to the US from India are issued by the US Consulate in Chennai, which caters to the four southern states, Consul General Andrew T Simkin has said. On denial of H-1B visas, he said as there was a provision to apply for a Green Card after residing for six years in the US, some H-1B visa holders used the provision to settle in America. “Only when we suspect that a person will settle in America, we reject the visa application,” he added. Stating that India and America had many things in common, he said “there is tremendous scope for business between the two countries.” On the problems relating to stringent conditions of the Food and Drug Administration (FDA) faced by India’s processed food exporters, he said there was no scope for relaxing the conditions. But FDA would soon expand its wings to countries including India, so that exporters could understand the regulations and start exporting more by meeting the conditions. Source: LatestNews-Home - Livemint.com | 26 Mar 2009 | 11:06 am Buy Crompton Greaves, target of Rs 157: Sharekhan - Moneycontrol.com
Source: Google News India - Business | 26 Mar 2009 | 11:05 am IBM-Sun deal might leave Fujitsu sulkingTOKYO (Reuters) - The prospect of IBM purchasing loss-making Sun Microsystems might be good for Sun's long-suffering shareholders but it could be bad news for a partner across the Pacific: Fujitsu Ltd.Source: Reuters: Money News | 26 Mar 2009 | 11:05 am GoAir seeks finance for fleet expansion - domain-B
Source: Google News India - Business | 26 Mar 2009 | 11:02 am Sensex crosses 10,000, first time since Jan 2009After nearly three months, the Sensex, which has been on a four-day winning streak, added 335.20 points to end at 10,003.10, a level last seen on January 5.Source: India Business News | Business News - Times of India | 26 Mar 2009 | 11:02 am Americans say it’s too early to judge Obama’s performanceCincinnati: Americans are furious at Wall Street bonuses and wearied by job losses, but many seem ready to give President Barack Obama more time to deal with the nation’s economic crisis. After his second prime-time news conference to defend the decisions he’s made since taking office two months ago, Obama appears to enjoy the confidence -- or at least the patience -- of ordinary Americans anxious about the economy. “I think he’s done a pretty good job so far, and I didn’t vote for him,” said Jack Sizer, a Connecticut physician and management consultant. “Doing something, even if it doesn’t work out, is probably a good thing. He’s taking action versus inaction,” said Sizer, 71, a self-described conservative. Across the country in Phoenix, Arizona, former mortgage banker Sean Klasen said he was not expecting miracles in Obama’s first 100 days in office -- the traditional time frame many use to judge new American presidents. “I think right now people are going to be willing to give him a chance, especially considering what we went through with the last administration,” said Klasen, who has returned to college to train as an accountant after the housing meltdown cut short his mortgage career. Obama has gone on the offensive in recent days to explain his economic goals and decisions, appearing on a popular late-night talk show last week in addition to his high-profile televised news conference. The communications effort seems to have helped preserve the Democratic president’s approval ratings, which two separate polls show are hovering near a healthy 63% or 64% some 60 days after Obama took over the Oval Office. Obama won 52% of the popular vote in November’s presidential election, defeating Republican John McCain. In San Francisco, paralegal Sean O’Brien said he thought Obama’s performance on Tuesday night was “pretty good,” especially given the challenges that face the country. Since the recession began in December 2007, some 4.4 million jobs have been lost. More than half disappeared in the last four months alone. ‘A TREMENDOUS JOB´ “I think he is doing a tremendous job under extremely adverse circumstances. Yeah, the AIG thing was kind of a real disaster, but I anticipated there would be a few disasters,” said O’Brien, 48. “With time things will get better.” Obama and others have come under fire for allowing employees at failed insurance giant American International Group to give out $165 million in bonuses after the company received a $180 billion government bailout, an example of Wall Street excess that hit a nerve across America. In Overland Park, Kansas, financial manager Kimberly Tassone said that while she was disappointed Obama made little mention of the wars in Iraq and Afghanistan on Tuesday, she was pleased with his moves so far to address the financial crisis. “I do think there has been a substantial amount of progress in the short duration of his presidency so far, but to say ‘Problem solved’ ... I think that will take a long time,” said Tassone, 32, a registered independent who voted for Obama. But even supporters of Obama said it was difficult to know whether the decisions he has taken were doing any good. Democrat Angela Shogren, out walking her dog Moby near the White House in Washington, said she watched Obama’s news conference with her husband and isn’t sure whether she is more or less encouraged by the actions of the president. “It was a lot of the same, a lot of talk here and everywhere on what’s getting done and people are anxious to see results and I don’t think we are yet,” said Shogren, 28, who is looking for a job in public relations, adding that her job hunt was going “slow.” And not everyone was willing to give Obama more time. “I strongly disapprove of his actions so far,” said Boston business executive Randy Waters, arguing that Obama didn’t seem to be able to collaborate with lawmakers in Congress. “He says the Republicans have not provided alternatives. I’ve heard lots of alternatives from Republicans and even Democrats, but he discounts them as unacceptable,” said Waters, who has a son in the Army due to be deployed to Afghanistan. In a suburb of Dallas, McCain supporter and retired civil servant Robert Schultz said he didn’t bother to watch Obama’s news conference. “I had no interest in what he was going to say. To me it doesn’t make any difference what he says. The only thing that’s constant from his campaign is that he’s going to tax some people, somehow, to increase welfare payments in the country,” said Schultz, who watched a hockey game instead. But even Schultz, who worries Obama is a socialist, said Obama needs more time before his presidency can be judged. Source: LatestNews-Home - Livemint.com | 26 Mar 2009 | 10:59 am Nano won`t have much impact on M800: Maruti - India Infoline.com
Source: Google News India - Business | 26 Mar 2009 | 10:57 am Brown expects crisis solutions from G-20New York: British Prime Minister Gordon Brown lashed out at corporate greed, saying he would work to set global principles and standards for salaries in the finance sector at next week’s G-20 summit in London. Brown on Wednesday promised ‘‘detailed results’’ from the summit as he stopped in New York during a three-continent tour intended to drum up support for a coordinated international response to the global economic crisis. Brown is hosting the 2 April summit for leaders of the Group of 20, made up of rich and key developing nations that account for more than 80% of the world economy. He said the summit would seek to create international standards for executive compensation. Disclosures of huge paychecks and generous bonuses for executives in the financial sector have drawn increasing public ire as banks and insurance companies have had to be bailed out by governments because they made bad investments or took on too much risk. ‘‘We will even also publish principles about remuneration, so that there are similar standards and for remunerating bankers and the financial system in future in all countries and not just in one, to avoid a race to the bottom which is a consequence of not having any standards at all,’’ Brown said. Source: LatestNews-Home - Livemint.com | 26 Mar 2009 | 10:53 am Gold exports ooze from India, world’s biggest buyerMumbai: India, normally the world’s top gold importer, may have turned net exporter in the last few months as Indians melt down their jewellery to catch high prices. India imported no gold at all in February for the first time, and traders say it probably won’t again in March. In fact, gold now appears to be seeping out of India in the form of gold coins, which allow big traders to skirt restrictions on exports, a trend that underscores the resistance to spot gold prices challenging last year’s all-time $1,030.80 high. “In February and March many people have exported gold...about 6 tonnes may have gone out,” said a senior member of a large trade association in Mumbai’s gold hub Zaveri Bazaar. As Indian prices fell below global rates, an arbitrage opened for traders stuck with high stocks in a domestic market awash with gold as scrap sales surged as much as four-fold. “We exported 100 kgs for the first time last month...it was just enough to make a small profit,” the head of a large trading house in New Delhi said. The dramatic reversal in gold trade partly explained why world prices have been stuck at below $950 an ounce for the past month, despite continued heavy investment in exchange traded funds (ETFs) and several bouts of risk aversion. It may also pinpoint the pain threshold for Indian consumers, as well as the potential for changing retail behaviour in a rapidly developing economy — one that may be increasingly sensitive to high prices as the world battles recession. “There has been some degree of change in taste, both in terms of what kind of jewellery people want to buy and also changes in consumer spending priorities, with other things starting to feature on people’s wish list,” said Philip Klapwijk, chairman of the London-based research firm GFMS Ltd. In 2008 gold imports had almost halved to 396 tonnes, the lower end of typical annual imports of 400-800 that have prevailed even as population and incomes rose steadily. GAP PROMPTS EXPORTS India’s central bank restricts the trade of bullion to prevent it from affecting the partially convertible rupee, but value-added gold, such as jewellery or coins, can be exported. Though the exports do not evade the government’s rules, there is secrecy surrounding them because the gold coins would be used by the buyer as bullion, what the government wants to avoid. “This is not a normal sale — it is a disguised arrangement (to export bullion),” analyst Nayan Pansare, who works with jewellery export houses, said. “Most of the coins that are being exported would most likely get melted and turned into another form, possibly jewellery.” The motive is simple: profit. The discount for Indian gold futures versus spot global prices widened to 500 rupees ($10) per 10 grams when gold struck an all-time high of Rs16,040 ($317) per 10 grams on 20 February, well above the Rs150 gap that makes exports viable. On Thursday, the local market had a discount of Rs100 over the foreign prices with the April contract on the MCX trading at Rs15,230 ($300). “When the market is at a discount, you can see exports,” says independent analyst Bhargav Vaidya. GOLD JUST TOO EXPENSIVE Indians, whose culture encourages them to put their savings into gold, are being put off by soaring prices and a slowing economy, while the metal has also slipped down the list of priorities. The rupee currency has depreciated against the dollar sufficiently to push local gold futures to a domestic record high last month of Rs16,040 even though the global spot price is around 10% off its record of $1,030.80 an ounce hit a year ago. Economic growth of 5.3% in the December quarter was India’s slowest since the March quarter of 2003. While the country is far from recession, analysts say growth is grinding down to a level that threatens jobs and more poverty. “The next two years will be a difficult period for the economy,” said Pansare. “There will be nervousness and there may not be a big increase in gold demand.” As urbanisation gathers pace, gold has also been pushed down the shopping-lists of some middle class Indians in favour of real estate or appliances like air-conditioners and washing machines. SCRAP MAY NOT BE ENOUGH Droves of Indians rushed to profit from the high price by taking trinkets to gold shops for sale, giving a dramatic fillip to the trade in scraps. “As against a normal scrap sale of 2 kgs a day, about 7-8 kgs have been coming,” said Jitendra Kantilal, a partner at a large Mumbai trader, Jugraj Kantilal & Co, which melts gold scrap into bars for sale to the market. But even if the trade in scrap has temporarily met demand, that situation will not persist for long, industry officials say. “India’s gold demand is very price elastic, but traditionally purchases are put off to another day, not for good, and I find it hard to believe they will become long term sellers,” said Jonathan Barratt, managing director of Commodity Broking Services in Sydney. Others also see a base level of demand that will need to be satisfied. “Only a small amount of recycled gold is coming into the market, it is not enough to meet all of India’s gold demand,” senior BBA official Harmesh Arora said, who said India could still import 400 tonnes this year. Analysts said a drop below $900 an ounce could restart gold imports, but only a dramatic fall could see gold imports recover to 800 tonnes or more. Source: Home - Livemint.com | 26 Mar 2009 | 10:51 am Optimism over US economy boosts Asia stocksHong Kong: Asian stocks rose to their highest in nearly three months on Thursday, led by energy and financial shares, and oil climbed on hopes the US economic slowdown may be easing. Major European stocks were expected to open higher, with stock futures up 0.9%, as investors globally waded back into riskier assets and trimmed safety trades. The US dollar steadied against major currencies after tumbling overnight on comments from US Treasury Secretary Timothy Geithner that he was open to expanding the use of the International Monetary Fund’s special drawing rights, appearing to endorse an idea put forward by China. Regional bonds were hit by stock market gains, while US Treasuries steadied after falling on Wednesday on concerns that a planned surge in government debt supply to fund stimulus plans would exceed demand. Strong US housing and durable goods data fed a global equity rally that has persisted for nearly three weeks, based on scattered signs of stabilisation and confidence the financial sector has seen its worst days. “The main factor holding the market up is increased optimism regarding an economic recovery later this year,” said Shane Oliver, head of investment strategy at AMP Capital Investors on the stock market rally. “It remains to be seen whether we have seen the bottom or not, but the rally we’ve been seeing in the last few weeks probably still has a bit further to go,” he added. The MSCI index of Asia-Pacific stocks outside Japan gained for a fourth consecutive session and climbed 2.1 percent to the highest since Jan. 8. Japan’s Nikkei average finished 1.8 percent higher, with large exporters such as Canon Inc and Sony Corp among the biggest boosts to the index. Hong Kong’s Hang Seng index jumped 3.4 percent, propelled by a 13 percent gain in Industrial and Commercial Bank of China after Goldman Sachs said it would extend the lockup on most of its stake in the firm. An easing of concerns about the U.S. economy and its banks, plus hopes the U.S. government is getting to grips with toxic assets has fuelled a rise of 18 percent in the MSCI ex Asia index so far this month. But officials urged more global action. Monetary and fiscal authorities have plenty of ammunition to combat the deepest downturn in decades and the measures already taken will be critical in driving a recovery, the presidents of the Federal Reserve banks of San Francisco and Cleveland said in separate remarks on Wednesday. Chinese Finance Minister Xie Xuren said countries should increase their economic stimulus packages if need be to boost market confidence, while a senior IMF official warned the world economy will not start its recovery as expected in 2010 if countries withdraw fiscal stimulus too soon. DOLLAR DOUBTS Geithner told policy makers and business executives at the Council on Foreign Relations that he was “quite open” to a Chinese suggestion to move toward greater use of SDRs, a basket of dollars, euros, sterling and the yen, used by the IMF. Earlier this week, Chinese central bank governor Zhou Xiaochuan said the world should consider using the IMF’s SDRs basket as a super-sovereign reserve currency. But the dollar pared losses after Geithner reiterated that he expected the currency to remain the top reserve currency for a long time. “The dollars reaction to his comments demonstrates that even statements by a US Treasury Secretary who clearly has not yet worked out that he has to choose his words carefully cannot question the role of the dollar as reserve currency -- if for no other reason than lack of alternatives,” said Commerzbank currency strategists in a note. The euro was steady at $1.3585, having pulled back from Wednesday’s high of $1.3653. Increasing risk appetite is taking away some of the bid for safe-haven debt. But bonds are also being undermined by concerns of massive government supplies to fund stimulus plans. U.S. Treasuries steadied on Thursday after yields reached their highest levels in a week on Wednesday following tepid demand in a record-large auction of five-year Treasury notes. The U.S. Treasury is set to auction $24 billion of seven-year notes on Thursday, bringing the week’s total issuance to a record $98 billion. Benchmark 10-year Treasury notes traded steady at a yield of 2.81 percent. New Zealand bonds fell sharply, sending yields as much as 35 basis points higher on the day as the central bank denied market speculation it would hold an emergency meeting to discuss a sharp spike in five-year bonds. In commodity markets, U.S. oil prices advanced 1.1 percent to $53.35, while . Source: Home - Livemint.com | 26 Mar 2009 | 10:45 am Sensex closes above 10K on expiry day; infra, banks surge - Moneycontrol.com
Source: Google News India - Business | 26 Mar 2009 | 10:43 am Air travel slump accelerates in February: IATAGeneva: The sharp decline in air travel accelerated in February as global passenger volumes nosedived 10.1% below levels recorded a year earlier, the airline industry association IATA said Thursday. The double-digit fall in passenger demand was almost twice that of the 5.6% decline recorded for January, the latest data from the International Air Transport Association showed. Airlines were unable to cut their capacity fast enough to keep up with the slump. “The 5.9% reduction in capacity -- the most aggressive since the crisis began -- could not keep pace with the fall in demand,” IATA said in a statement. Freight traffic fell by 22.1% in February, in line with falls in December and January. “Freight traffic, which began its decline in June 2008 before passenger markets were hit, has now had three consecutive months in the minus 22 to minus 23% range,” IATA added. Giovanni Bisignani, IATA’s director general, said: “We may have found a bottom to the freight decline, but the magnitude of the drop means that it will take time to recover.” But even as freight traffic stabilises, airlines are now feeling the squeeze in passenger traffic. Airlines in the Asia-Pacific region posted the sharpest fall in demand, 12.8%, as export-dependent economies cut back on business and leisure travel, particular those to long-haul destinations. Capacity cuts of 7.8% were unable to make up for the drop in demand in the region, said IATA. North American carriers posted a 12.0% drop, while European carriers saw traffic plunge 10.1%. Latin American airlines lost 3.8% in passnger traffic, but that was closely compensated by cuts in capacity of 2.4%. Only Middle Eastern carriers bucked the trend with a rise of 0.4% in international traffic. IATA on Tuesday sharply increased its loss forecast for airlines to $4.7 billion in 2009, saying it was set to be “one of the toughest years”. Source: World Business - Livemint.com | 26 Mar 2009 | 10:35 am Air travel slump accelerates in February: IATAGeneva: The sharp decline in air travel accelerated in February as global passenger volumes nosedived 10.1% below levels recorded a year earlier, the airline industry association IATA said Thursday. The double-digit fall in passenger demand was almost twice that of the 5.6% decline recorded for January, the latest data from the International Air Transport Association showed. Airlines were unable to cut their capacity fast enough to keep up with the slump. “The 5.9% reduction in capacity -- the most aggressive since the crisis began -- could not keep pace with the fall in demand,” IATA said in a statement. Freight traffic fell by 22.1% in February, in line with falls in December and January. “Freight traffic, which began its decline in June 2008 before passenger markets were hit, has now had three consecutive months in the minus 22 to minus 23% range,” IATA added. Giovanni Bisignani, IATA’s director general, said: “We may have found a bottom to the freight decline, but the magnitude of the drop means that it will take time to recover.” But even as freight traffic stabilises, airlines are now feeling the squeeze in passenger traffic. Airlines in the Asia-Pacific region posted the sharpest fall in demand, 12.8%, as export-dependent economies cut back on business and leisure travel, particular those to long-haul destinations. Capacity cuts of 7.8% were unable to make up for the drop in demand in the region, said IATA. North American carriers posted a 12.0% drop, while European carriers saw traffic plunge 10.1%. Latin American airlines lost 3.8% in passnger traffic, but that was closely compensated by cuts in capacity of 2.4%. Only Middle Eastern carriers bucked the trend with a rise of 0.4% in international traffic. IATA on Tuesday sharply increased its loss forecast for airlines to $4.7 billion in 2009, saying it was set to be “one of the toughest years”. Source: LatestNews-Home - Livemint.com | 26 Mar 2009 | 10:35 am Inflation eases further, but food items turn expensiveWholesale prices-based inflation fell to a new low in over 30 years to 0.27 per cent, but essential food items were dearer for reasons ranging from high farm-gate prices to a short supply of pulses and coarse cereals.Source: India Business News | Business News - Times of India | 26 Mar 2009 | 10:28 am Raju disclosed only part of Satyam fraud: CBI chiefNew Delhi: The CBI on Thursday said it would like to subject Satyam Computer’s disgraced founder Ramalinga Raju to a lie-detector test, as it feels he has not shared everything about the accounting scam in the company. CBI director Ashwani Kumar said the Satyam fraud was unique, as it was the founder, and not an outsider, who is the accused. The fraud has “not been committed by an outsider but probably been committed by a person who himself has confessed to (being) a part of it. “We feel that Raju has not shared everything that he knows about it. This is a case of corporate fraud and the suspect is the same person who has brought up this huge organisation,” the CBI chief said on the sidelines of a function here. He said the CBI has filed an application before before the local court in Hyderabad seeking nod to conduct polygraph test on Raju and his brother, besides the company’s former CFO. According to sources, the fraud involves an amount that is much bigger than the Rs7,800 crore estimated originally. It could be close to Rs10,000 crore based on over 7,000 fake invoices and forged documents retrieved by the agency. Raju had on 7 January disclosed that he had falsified profits of the IT company for many years and fudged accounts. Source: LatestNews-Home - Livemint.com | 26 Mar 2009 | 10:26 am ONGC to come out with IPO for its $2.5 bn plantNew Delhi: ONGC will come out with an initial public offer (IPO) of its unit that is building a petrochemical plant at Dahej in 2011-12. “We would look for an IPO closer to the completion of the $2.5 billion project ... We do not need funds for next two years,” ONGC chairman RS Sharma said. ONGC holds 26% stake in ONGC Petro-additions Ltd (OPaL), while state-run GAIL has 19% and GSPC has 5%. Sharma said the company has received commitment for more than Rs8,000 crore for the debt component of the project from banks. Source: LatestNews-Home - Livemint.com | 26 Mar 2009 | 10:20 am India 5-yr rate swaps at 2-wk high on supply plans - Reuters India
Source: Google News India - Business | 26 Mar 2009 | 10:11 am Centre asks states to set performance targets for public unitsNew Delhi: The Centre has asked states to set specific performance targets for the public sector units owned by them, on the lines of the Central Public Sector Enterprises. The Department of Public Enterprises (DPEs) has sent the draft on the model Memorandums of Understanding (MoUs) that should be signed between the state governments and enterprises under their control. “Wheresoever public money is involved, there should be responsibility, autonomy and a monitoring system,” Secretary in the Department of Public Enterprises (DPEs) R Bandyopadhyay said. As is the case with the CPSEs, the State Level Public Enterprises (SLPEs) would also be given the targets in conformity with the long-term mission and vision of the enterprises. Minister of Heavy Industry and Public Enterprises Sontosh Mohan Dev has recently written to the chief ministers, forwarding draft of the model MoUs. The DPE had held consultations with the Principal Secretaries of the states in preparing the uniform target setting mechanism. The states can make changes in the MoUs with the SLPEs, depending on their peculiar requirements. Against 242 CPSEs, there are about 1,000 SLPEs, which the Centre feels can show improvement if the monitoring mechanism is strengthened and accountability enhanced. The DPE also favours autonomy for these SLPEs. Some of the state governments have already introduced the MoU system for their SLPEs. Source: LatestNews-Home - Livemint.com | 26 Mar 2009 | 10:11 am Bharti says has headroom to raise FDI, but no plan nowNEW DELHI (Reuters) - Bharti Airtel Ltd, India's top mobile telecom firm, has headroom to raise foreign direct investment (FDI) in the company but has no plans to raise funds, Chairman Sunil Mittal said on Thursday.Source: Reuters: Money News | 26 Mar 2009 | 10:03 am Asia Gas Oil-Reliance sells 180000T to Glencore - Reuters India
Source: Google News India - Business | 26 Mar 2009 | 10:03 am Shyam Sistema launches CDMA services in Tamil NaduSistema Shyam Teleservices, the joint venture between India's Shyam group and Russian telecom major Sistema SSA, Thursday launched its CDMA mobile services in 373 towns in the Tamil Nadu circle.Source: IndiaeNews.com: Business News | 26 Mar 2009 | 10:01 am Reliance Money ties-up with Kuoni to retail forex productsMumbai: Reliance Anil Dhirubhai Ambani Group-controlled Reliance Money, today announced a strategic business tie-up with India’s largest travel company, Kuoni India, for retailing forex products. Under this tie-up, Reliance Money will partner with Kuoni India to set-up shop-in-shops at all the Kuoni and SOTC outlets across the country. They would also facilitate customer acquisition process of Reliance Money, a press release issued here said. “The purpose of this tie-up is to get close to customers and provide them a convenient and cost-effective platform for meeting their forex requirements. Our tie-up with Kuoni India would help us provide customers additional convenient locations for completing their forex transactions,” Reliance Money CEO, Sudip Bandyopadhyay, said. Rising foreign exchange revenue from the travel industry is encouraging both the international and domestic segment to expand their business. Reliance Money would retail its forex products and services through the national network of over 70 Kuoni outlets, Bandyopadhyay said. Source: LatestNews-Home - Livemint.com | 26 Mar 2009 | 9:53 am Congress-led coalition loses key ally PMK in Tamil NaduNew Delhi: Congress lost an ally in the potentially key southern Tamil Nadu state on Thursday, only weeks ahead a general election in April and May, local television said. The Pattali Makkal Katchi (PMK) party said it would join the All India Anna Dravida Munnetra Kazhagam (AIADMK), which has opposed India’s ruling Congress party. Tamil Nadu was a key swing state in the last election in 2004, helping the Congress-led coalition to victory. The main national vote battle is between a coalition led by Congress, the United Progressive Alliance (UPA), and the National Democratic Alliance (NDA), an alliance led by the Hindu-nationalist Bharatiya Janata Party (BJP). A “Third Front” of communist and regional parties is challenging them. A meeting between the PMK and the AIADMK was going on in Tamil Nadu and television said party members voted in favour of an alliance in the state. If confirmed by officials, it would be a blow for Congress, which has also struggled to cement alliances in the populous states of Bihar and Uttar Pradesh. Source: Home - Livemint.com | 26 Mar 2009 | 9:48 am IBM-Sun deal might leave Fujitsu sulkingSource: World Business - Livemint.com | 26 Mar 2009 | 9:25 am Havells India bags $200m order for next 5 years - Moneycontrol.com
Source: Google News India - Business | 26 Mar 2009 | 9:21 am Rupee steady, gains in Asian unitsMumbai: The Indian rupee was largely steady in afternoon trade on Thursday helped by gains in other regional currencies and a rise in the local share market, which raised hopes for capital inflows. At 2:25pm, the partially convertible rupee was at Rs50.65/66 per dollar, off a high of Rs50.50 but higher than its Wednesday’s close of Rs50.74/75. Indian shares climbed more than 2.4%, extending their rise to a fourth consecutive day, after unexpectedly strong US economic data boosted markets across Asia. Foreigners have been net buyers of nearly $550 million worth of shares over eight sessions to Tuesday, which has helped the rupee gain more than 3% from its record low of 52.2 earlier this month. Asian currencies rose on Thursday as stocks rallied from Tokyo to Mumbai, but the gains were capped by the dollar’s rebound against key currencies and lingering investor concerns about the global economy. Source: Home - Livemint.com | 26 Mar 2009 | 9:03 am Markets extend gains in afternoonIndian equities extended their gains about an hour before the closing bell Thursday, with a key index ruling 2.35 percent higher than its previous close.Source: IndiaeNews.com: Business News | 26 Mar 2009 | 9:02 am India's inflation rate falls eighth straight week to 0.27 percentIndia's annual rate of inflation declined for the eighth straight week and dropped to another historic low of 0.27 percent for the week ended March 14, as against 0.44 percent for the week before, official data showed Thursday.Source: IndiaeNews.com: Business News | 26 Mar 2009 | 9:00 am Mazda to battle hybrids with engine improvementsTokyo: Mazda Motor Corp said on Thursday it expected to develop a diesel engine that was cheaper and about as fuel-efficient as some hybrid cars by 2011 as part of its efforts to improve mileage without the aid of costly electric systems. The Hiroshima-based automaker has set a target of raising its global car fleet’s fuel economy by 30% by 2015, and plans to rely on advances in internal combustion engines, automatic transmissions and vehicle weight reduction to reach that goal. As one pillar of that plan, Mazda is working on a clean diesel engine with a displacement of about 2.0 litres that would be as fuel-efficient as a 660cc gasoline microcar and a “mild” hybrid car, Mazda’s head of research and development said. “We believe that improving today’s conventional engines at a low cost is the most effective way to get fuel-efficient cars to proliferate,” R&D Chief Seita Kanai told reporters in Tokyo. Gasoline-electric hybrid cars are gaining popularity but still carry a premium over conventional gasoline and diesel cars. Hybrid proponents such as Toyota Motor Corp have argued that tighter emissions regulations in future would mean that cleaning the exhaust from diesel engines could cost as much as or more than gasoline-electric hybrid technology. But Kanai said Mazda’s new diesel engine would cost less, not more, partly due to its proprietary single-nanotechnology, which reduces the use of precious metals in emission-cleaning catalysts, and a new diesel particulate filter that negates the need for expensive after-treatment parts. Mazda also plans to reduce the weight of new models in and after 2011 by more than 100 kg (220 lb), or about a tenth of an average car, and by another 10% or more after 2016. This would also be achieved at lower cost, Kanai said. “The norm in the industry is to ‘buy´ weight reduction at a cost, but we won’t do that,” he said. Source: World Business - Livemint.com | 26 Mar 2009 | 8:34 am IBM plans to fire 5,000 US workers; India to benefitThe technology giant has been steadily building its work force in India and other locations, while reducing the number of employees based in the US.Source: Daily News & Analysis: Money News | 26 Mar 2009 | 8:31 am Obama to tighten reins on Wall St; U.S. data cheerWASHINGTON (Reuters) - The U.S. government will propose tough new financial rules on Thursday as part of its push to revive the economy and curb excessive risk-taking that nearly wrecked its banks and set off a world financial crisis.Source: Reuters: Money News | 26 Mar 2009 | 8:26 am Kingfisher reports 24% drop in annual profitsLondon: Kingfisher, Europe’s biggest home-improvements retailer, said Thursday that annual net profit dropped 24% to $305 million. Profit after tax for the year to 31 January retreated as Kingfisher experienced “a particularly challenging retail environment,” the group’s chief executive Ian Cheshire said in an earnings statement. Cheshire added that the group’s “performance in a very difficult Chinese housing market has been worse than anticipated at the start” of its current financial year. “But we still believe that there is long-term potential in China and have initiated a clear and thorough set of actions to return this business to profitability.” Kingfisher said it incurred an exceptional loss of £107 million in 2008-2009 relating to a project aimed at turning around fortunes at retail chain B&Q China. Kingfisher, which also owns the B&Q chain in Britain and the Castorama and Brico Depot stores in France, said group revenue rose almost 11% to £10.03 billion in the year to January compared with the equivalent period in 2007-2008. Pre-tax profits slumped 75% to £90 million. The board has proposed a final dividend of 3.4 pence per share, making the Source: World Business - Livemint.com | 26 Mar 2009 | 8:21 am Yash Raj Films denies shutting down music labelEntertainment conglomerate Yash Raj Films (YRF) is not shutting down its music label and overseas distribution network.Source: IndiaeNews.com: Business News | 26 Mar 2009 | 8:01 am Google gets its game onSan Francisco: Google got its game on late Wednesday, launching videogame-themed wallpaper for customized home pages and providing a glimpse at online play making its way to the website. The California Internet titan arranged for scenes from an array of blockbuster videogame titles to be used as backdrops to personalize iGoogle home pages that people use to help organize online lives. Google vice president of search products and user experience Marissa Mayer unveiled the themes at a warehouse party on the opening night of a Game Developers Conference exposition in San Francisco. “IGoogle is about allowing people to express their personalities and there is no better way for that than videogames,” Mayer said. “Not only is the artwork unbelievably good, there is a real emotional connection with people.” Nine major videogame studios contributed themes for iGoogle, with titles including “Zelda,” “World of Warcraft,” “Spore,” and “Guitar Hero.” Outside software developers taking part in an Open Social project are creating videogames that people will be able to install on iGoogle pages and play with friends. IGoogle versions of “Mafia Wars” and Chess.com applications popular on social networking websites such as Facebook were among the games being demonstrated. “We are looking at putting games into iGoogle pages,” said Mayer, who confided she has played “Guitar Hero” and sports games but is a fan of ‘rock-dropping´ titles such as “Tetris” and “Bejeweled.” Outside game developers showing off iGoogle titles at gathering said they expected their applications to be added to the California firm’s custom home pages by the end of the year. Source: Tech News - Livemint.com | 26 Mar 2009 | 7:59 am Maruti sees some impact of Nano on salesNEW DELHI (Reuters) - India's leading car maker, Maruti Suzuki, has no plans to enter the Nano segment, even though it expects the world's cheapest car to have a marginal impact on sales of its 800cc small car.Source: Reuters: Money News | 26 Mar 2009 | 7:48 am Inflation nears zero at 0.27%Inflation fell further to 0.27 per cent even as prices of some essential commodities like cereals and vegetables rose.Source: Daily News & Analysis: Money News | 26 Mar 2009 | 7:46 am Roche secures 96% of Genentech, plans to delistZurich: Swiss drugmaker Roche Holding AG has secured more than 96% of shares in Genentech Inc, effectively completing its $46.8 billion buyout of the U.S. biotech group. Roche said on Thursday it now holds some 93% of outstanding Genentech shares, a further 3% are guaranteed to be delivered within the next three business days and it will integrate the U.S. biotech group as soon as possible. The Swiss group agreed earlier this month to acquire the 44% of shares in the U.S. firm it does not already own for $95 each, ending a long pursuit of the U.S. biotech group and its lucrative cancer drugs. Roche said remaining holders of Genentech shares would revive $95 a share. It will make Genentech a wholly owned subsidiary as soon as possible and, following the merger, the U.S. company’s stock will no longer be traded on the New York Stock Exchange. Roche’s Genentech buy is the third big acquisition by a drugmaker this year, following Pfizer Inc’s $68 billion acquisition of Wyeth and Merck & Co Inc’s $41 billion tie-up with Schering Plough Corp. The deal underlines big pharmaceutical companies’ drive to secure promising new medicines as the flow of traditional drugs from research labs stalls and patents on current billion-dollar sellers expire. Source: World Business - Livemint.com | 26 Mar 2009 | 7:29 am China business grew 28% in FY ’09: DellBeijing: The chief executive of Dell Inc said on Thursday that shipments in unit terms in China grew 28% in fiscal 2009 as the mainland accounted for about 5% of the company’s global business. Chief executive Michael Dell also told reporters that the world’s second-largest personal computer maker purchased $23 billion of products from China last year. “Our business in China grew in units by 28%,” Dell said at an event to introduce the firm’s newest products. Dell said last year purchases from China would increase 26% to $29 billion in 2009, helping it reduce costs while the company’s main market, the United States, faced recession. “Last year we spent $23 billion in China, and that made us one of the largest purchasers of electronic equipment and goods in China and one of the largest exporters,” he said. Dell said customers were still hesitant to buy, but the company had seen “steady” orders since the middle of January. Dell is also facing an uphill battle with network equipment maker Cisco Systems and Hewlett-Packard. Cisco has announced a foray into the server market and HP has started to offer a more complete package of technology services to its corporate clients after its purchase of EDS. Source: Tech News - Livemint.com | 26 Mar 2009 | 7:21 am Discovery undocks from international space stationFlorida: After eight days together, space shuttle Discovery pulled away from the international space station, ending a successful effort to boost electrical power and science research at the orbiting outpost. The two spacecraft went separate ways on Wednesday as they soared above the Indian Ocean. The undocking puts Discovery and its seven-member crew on course for a Saturday touchdown. ‘‘Godspeed,’’ called out the space station’s skipper, Mike Fincke. He added: ‘‘Come again.’’ Nasa was eager to see the space station with its new glistening pair of solar wings following Discovery’s departure. The shuttle took a victory lap around the station, primarily for picture-taking. But because there was no television availability during the flyaround, Mission Control and the rest of the world had to wait for the astronauts to beam down the recorded video views. With the installation last week of the final set of solar wings, the space station finally resembles the artist renderings from years past, balanced with four wings on both sides. Nasa expects the extra electrical power to drastically increase the amount of research in the various labs that make up the 350-kilometer high outpost. Source: Tech News - Livemint.com | 26 Mar 2009 | 7:10 am India's inflation rate falls eighth straight week to 0.27 percentIndia's annual rate of inflation declined for the eighth straight week and fell to another historic low of 0.27 percent for the week ended March 14, against 0.44 percent for the week before, official data showed Thursday.Source: IndiaeNews.com: Business News | 26 Mar 2009 | 7:00 am CBI wants Rajus, ex Satyam CFO to undergo lie detector testThe Central Bureau of Investigation (CBI) wants Satyam founder B. Ramalinga Raju and two others to go through a lie detector test and believes they 'are not sharing everything' in connection with the Rs.78 billion ($1.5 billion) fraud in the IT major.Source: IndiaeNews.com: Business News | 26 Mar 2009 | 6:30 am 'Irrational tax structure crippling Indian art industry'An 'irrational tax structure' is crippling the art industry and the government should slash import and value-added taxes (VAT) on artworks to help the sector flourish, says an industry lobby group.Source: IndiaeNews.com: Business News | 26 Mar 2009 | 6:30 am Can you contest a Lok Sabha election?As India moves towards its general election next month, parties are making phased announcements of candidates from various constituencies, and independent candidates are announcing their own intention to run. But for the aam aadmi, what is the process of getting to run in a Lok Sabha election? What qualifies or disqualifies a potential candidate?  Professor Chakrabarty holds a doctorate from the London School of Economics, has several publications to his name, and has lectured extensively in India and abroad. Source: Home - Livemint.com | 26 Mar 2009 | 6:23 am IBM to cut 5,000 jobs in US: sourcesNew York: IBM will cut about 5,000 jobs in the United States, adding to similarly large cuts in the past few months, sources with knowledge of the matter told Reuters on Wednesday. The job cuts will account for over 4% of IBM’s US workforce, which totaled around 115,000 at the end of 2008. The sources, who were not authorized to speak publicly on the issue, said the cuts will mostly be in IBM’s global services business, which includes outsourcing and consulting services. An International Business Machines Corp spokesman declined to comment. The company, which had a total workforce of 398,455 as of the end of 2008, has not disclosed how many jobs it has cut so far this year, but has said it was making “structural changes” to reduce spending and improve productivity. “I think the company showed a lot more stability than most its competitors. At the same time, I think it’s wise to remember that the economy remains unsettled,” said Charles King, principal analyst with technology research firm Pund-IT. “It makes sense for a company like IBM to take a close look at its employees and projects that are in process and so on, and play the safe game.” Wednesday’s news also comes as IBM is in exclusive talks to buy Sun Microsystems Inc, according to sources familiar with the matter, a move that would create a clear leader in the high-end computer server market. IBM, which now earns around two-thirds of its revenue from outside the United States, has been expanding its workforce in emerging markets like India and China. At the end of 2008, employment in the BRIC countries - Brazil, Russia, India and China - totaled around 113,000. IBM has been hit by slower US technology spending, and its fourth-quarter revenue fell 6.4% from a year ago, although it has fared better than many rivals thanks to its global footprint and a decreased emphasis on hardware sales. A month ago, IBM affirmed its full-year forecast of $9.20 earnings per share, and said contract signings for its business services had grown so far this year. IBM shares fell 0.42% to close at $97.95 on the New York Stock Exchange. Source: Home - Livemint.com | 26 Mar 2009 | 6:19 am IBM to cut 5,000 jobs in US: sourcesNew York: IBM will cut about 5,000 jobs in the United States, adding to similarly large cuts in the past few months, sources with knowledge of the matter told Reuters on Wednesday. The job cuts will account for over 4% of IBM’s US workforce, which totaled around 115,000 at the end of 2008. The sources, who were not authorized to speak publicly on the issue, said the cuts will mostly be in IBM’s global services business, which includes outsourcing and consulting services. An International Business Machines Corp spokesman declined to comment. The company, which had a total workforce of 398,455 as of the end of 2008, has not disclosed how many jobs it has cut so far this year, but has said it was making “structural changes” to reduce spending and improve productivity. “I think the company showed a lot more stability than most its competitors. At the same time, I think it’s wise to remember that the economy remains unsettled,” said Charles King, principal analyst with technology research firm Pund-IT. “It makes sense for a company like IBM to take a close look at its employees and projects that are in process and so on, and play the safe game.” Wednesday’s news also comes as IBM is in exclusive talks to buy Sun Microsystems Inc, according to sources familiar with the matter, a move that would create a clear leader in the high-end computer server market. IBM, which now earns around two-thirds of its revenue from outside the United States, has been expanding its workforce in emerging markets like India and China. At the end of 2008, employment in the BRIC countries - Brazil, Russia, India and China - totaled around 113,000. IBM has been hit by slower US technology spending, and its fourth-quarter revenue fell 6.4% from a year ago, although it has fared better than many rivals thanks to its global footprint and a decreased emphasis on hardware sales. A month ago, IBM affirmed its full-year forecast of $9.20 earnings per share, and said contract signings for its business services had grown so far this year. IBM shares fell 0.42% to close at $97.95 on the New York Stock Exchange. Source: World Business - Livemint.com | 26 Mar 2009 | 6:19 am Markets in green as global bourses make steady gainsIndian equities markets were ruling in the green Thursday as most bourses around the world displayed positive sentiments on signs that demand in the key US sectors like housing had picked up. About an hour after opening bell, a key index was trading 1.47 percent above its last closing figure.Source: IndiaeNews.com: Business News | 26 Mar 2009 | 6:01 am AIG executive resigns on newspaperNew York: A top executive with the insurance giant AIG resigned Wednesday via an opinion article in the New York Times, bitterly complaining of being “betrayed” by company management and “unfairly persecuted” by politicians. Jake DeSantis, an executive vice president with the American International Group’s financial products unit, addressed his open letter to AIG CEO Edward Liddy. “We in the financial products unit have been betrayed by AIG and are being unfairly persecuted by elected officials,” DeSantis said. “In response to this, I will now leave the company and donate my entire post-tax retention payment to those suffering from the global economic downturn.” DeSantis, who said he was proud of his 11 years of work at AIG, said: “I was in no way involved in - or responsible for - the credit default swap transactions that have hamstrung AIG.” Nor were most of the remaining employees in the division, he said. “Most of those responsible have left the company and have conspicuously escaped the public outrage,” he wrote. After recieving more than $170 billion in federal bailout money, AIG handed out $165 million in bonuses to top executives, unleashing a firestorm of criticism among the US public and on Capitol Hill. DeSantis said that Liddy is “aware that most of the employees of (the) financial products unit had nothing to do with the large losses. And I am disappointed and frustrated over your lack of support for us. “I and many others in the unit feel betrayed that you failed to stand up for us in the face of untrue and unfair accusations from certain members of Congress ... and from the press over our retention payments,” DeSantis wrote. DeSantis wrote he is donating his $742,000 dollar-plus retention bonus “directly to organizations that are helping people who are suffering from the global downturn.” Source: Home - Livemint.com | 26 Mar 2009 | 5:58 am AIG executive resigns on newspaperNew York: A top executive with the insurance giant AIG resigned Wednesday via an opinion article in the New York Times, bitterly complaining of being “betrayed” by company management and “unfairly persecuted” by politicians. Jake DeSantis, an executive vice president with the American International Group’s financial products unit, addressed his open letter to AIG CEO Edward Liddy. “We in the financial products unit have been betrayed by AIG and are being unfairly persecuted by elected officials,” DeSantis said. “In response to this, I will now leave the company and donate my entire post-tax retention payment to those suffering from the global economic downturn.” DeSantis, who said he was proud of his 11 years of work at AIG, said: “I was in no way involved in - or responsible for - the credit default swap transactions that have hamstrung AIG.” Nor were most of the remaining employees in the division, he said. “Most of those responsible have left the company and have conspicuously escaped the public outrage,” he wrote. After recieving more than $170 billion in federal bailout money, AIG handed out $165 million in bonuses to top executives, unleashing a firestorm of criticism among the US public and on Capitol Hill. DeSantis said that Liddy is “aware that most of the employees of (the) financial products unit had nothing to do with the large losses. And I am disappointed and frustrated over your lack of support for us. “I and many others in the unit feel betrayed that you failed to stand up for us in the face of untrue and unfair accusations from certain members of Congress ... and from the press over our retention payments,” DeSantis wrote. DeSantis wrote he is donating his $742,000 dollar-plus retention bonus “directly to organizations that are helping people who are suffering from the global downturn.” Source: World Business - Livemint.com | 26 Mar 2009 | 5:58 am Mallya's Whyte & Mackay appoints John Beard as CEOJohn Beard has been appointed as chief executive of the Scottish whiskey major Whyte & Mackay, which was bought by Indian liquor baron Vijay Mallya.Source: Daily News & Analysis: Money News | 26 Mar 2009 | 5:45 am Oil rebounds above $53 after fall on US oil stocksSingapore: Oil rebounded back above $53 a barrel on Thursday, after falling more than a dollar in the previous session on bearish US oil inventory numbers, as investors focused on hopes of an early return to economic growth Asian stocks rose to their highest in 11 weeks on Thursday, bolstered by strong U.S. new home sales and durable goods data out on Wednesday. But US government figures showed crude stocks had risen to their highest levels since July 1993, indicating continued weak demand in the world’s largest oil consumer. US light crude for May delivery rose 50 cents a barrel to $53.27 a barrel by 0212 GMT, having shed $1.21 on Wednesday to settle at $52.77. London Brent crude rose 76 cents to $52.51. “Inventories are up their highest sice 1993 as demand is weaker. The oil markets are reacting to the stronger economy but prices should stay in the 50s for the time being,” said Tetsu Emori, fund manager at Astmax Co Ltd. The EIA showed seasonal distillates and gasoline draws in its weekly stocks data but said demand over the past four weeks for distillates, which include diesel, is running 9 percent below last year due to an economically driven slump in trucking, shipping, and manufacture. Crude stocks could rise further over the next few weeks as refiners cut production further. “Additional refinery run cuts look set to put renewed downward pressure on crude prices, while providing product prices with a measure of support in the face of weak demand,” said brokerage firm Newedge in a report, as it noted that refinery runs on the East Coast have already slid to a near-all-time record low. The weak oil fundamentals dragged prices lower on Wednesday, defeating the more bullish mode on the equity markets which closed higher on upbeat US housing and durable good data. The US government reported that new home sales in the US unexpectedly rose at their fastest pace in 10 months in February, while US orders for long-lasting manufactured goods also unexpectedly rebounded in the same month. Oil has tumbled from highs above $147 last July as the global economic crisis has dented energy demand worldwide but recovered from lows below $35 touched in December thanks to supplies curbs by the Organization of the Petroleum Exporting Countries (Opec). The organisation has agreed to cut output by 4.2 million barrels from September levels but an EIA report on Wednesday estimated that the producing group as a whole reached a 67% compliance to the targeted cuts in February, down from previous estimates of compliance at around 80%. Source: Home - Livemint.com | 26 Mar 2009 | 5:38 am Sensex regains 10K level on short-covering, firm US trendsAfter nearly three months, the Bombay Stock Exchange benchmark Sensex regained the 10,000 point level on Thursday.Source: Daily News & Analysis: Money News | 26 Mar 2009 | 5:21 am Spice undecided on Satyam bidThe board of spice Corp which met late yesterday night is in the process of taking a call whether to go ahead with the bidding for Satyam or not, given its apprehension about the lack of transparency.Source: India Business News | Business News - Times of India | 26 Mar 2009 | 5:12 am Sensex climbs 166 pts in early trade on firm global cuesThe Bombay Stock Exchange benchmark Sensex today gathered another over 165 points in early trade on increased purchases by foreign funds, driven by firming global markets.Source: India Business News | Business News - Times of India | 26 Mar 2009 | 5:07 am Markets open higher, Sensex up by 1.42 percentIndian markets opened in the green Thursday, with a key index ruling 1.42 percent higher than its last closing figure.Source: IndiaeNews.com: Business News | 26 Mar 2009 | 5:00 am IBM among 8 shortlisted for Satyam bidding - reportBANGALORE (Reuters) - The board of Satyam Computer Services has shortlisted about eight bidders, including IBM and private equity firm Apax Partners, for buying the fraud-hit outsourcer, the Economic Times said on Thursday.Source: Reuters: Money News | 26 Mar 2009 | 4:44 am Rupee recovers; rises 10 paise against dollarThe Indian rupee appreciated marginally by 10 paise against the US currency in opening trade today on expectations of increased capital inflows by foreign funds as domestic bourses may open higher and dollar's weakness against some currencies.Source: India Business News | Business News - Times of India | 26 Mar 2009 | 4:35 am AIG execs in Europe resist returning bonuses - sourceNEW YORK (Reuters) - AIG executives in Europe are adamant they should not have to return their controversial bonuses and some feel that pressure on them to do so may amount to blackmail, according to a company employee and internal emails.Source: Reuters: Money News | 26 Mar 2009 | 2:57 am Expat salary TDS: SC rules against penalty on foreign cosNew Delhi, March 25 The Supreme Court today confirmed the Delhi High Court pronouncement that penalty cannot be imposed on the various foreign companies, mainly Japanese, that had failed to deduct tax at source on the portion of salaries paidSource: Business Line - Home Page | 26 Mar 2009 | 12:00 am US move on toxic assets whets FII appetite for Indian stocks againMumbai, March 25 The Obama administration’s recent plan to cleanse toxic assets of up to $1 trillion from the US banks has stoked Foreign Institutional Investors (FII) interest in Indian stocks.Source: Business Line - Home Page | 26 Mar 2009 | 12:00 am Top guns go ballisticChennai: The unmistakable signal that the season for soft speak and gentleman-like electioneering is over was given by the two men angling for the prime minister’s job — incumbent Dr Manmohan Singh and aspirant Mr L.Source: Business Line - Home Page | 26 Mar 2009 | 12:00 am Re faces strong resistance at 50The Federal Reserve’s announcement that it intended to infuse over $1 trillion into the US financial system sent the dollar reeling downward on March 18, causing a sharp appreciation of other currencies. Rupee too gained over 2 per centSource: Business Line - Home Page | 26 Mar 2009 | 12:00 am Day Trading GuideNegating our prior view, DLF gained 6 per cent in the last trading session. Initiate fresh long-position if DLF surpasses Rs 185, with tight stop-loss. Both ICICI Bank and SBISource: Business Line - Home Page | 26 Mar 2009 | 12:00 am B-schools to restructure 2010 placement proceduresKolkata/Ahmedabad, March 25 Top-grade B-schools in the country are gearing up to restructure placement procedures for the season in 2010 in order to cope with the economicSource: Business Line - Home Page | 26 Mar 2009 | 12:00 am Yes Bank (Rs 49.85): BuyWe recommend a buy on Yes Bank from a short-term trading perspective. It is apparent from the charts of Yes Bank that after meeting resistance around Rs 90 in early January, it fell by nearly 55 per cent and found support around Rs 41 in earlySource: Business Line - Home Page | 26 Mar 2009 | 12:00 am Textile sector profitability hit as exports continue to dropNew Delhi, March 25 The Indian textiles sector, the country’s largest employer after agriculture, continues to take a pounding amid a worsening export performance.Source: Business Line - Home Page | 26 Mar 2009 | 12:00 am Novartis set to raise stake in Indian subsidiary to 90%Mumbai, March 25 In a move that will give drug-maker Novartis more freedom to operate in the local market, the Swiss company is set to increase stake in its Indian subsidiary to nearly 90 per cent from the existing 51 per cent.Source: Business Line - Home Page | 26 Mar 2009 | 12:00 am Spice Group may opt out of Satyam bidNew Delhi, March 25 Uncertainty looms over whether Spice Group will remain in the race to acquire controlling stake in Satyam Computer Services.Source: Business Line - Home Page | 26 Mar 2009 | 12:00 am National Insurance to restructureState-owned National Insurance Company (NIC) is undergoing internal restructuring, including changes in its claims settlement model and a new logo.Source: Daily News & Analysis: Money News | 25 Mar 2009 | 9:23 pm China's super currency call may not floatChina has launched a full-throated campaign calling for an alternative to the US dollar as a global reserve currency.Source: Daily News & Analysis: Money News | 25 Mar 2009 | 9:21 pm Coking coal rates set to drop 60%BHP Billiton contracts prices with Japanese steel makers at $115-129/tonne.Source: Daily News & Analysis: Money News | 25 Mar 2009 | 9:18 pm Adani Wilmar looking to double sales by 2012Adani Wilmar Ltd, the Ahmedabad-based edible oil manufacturer and marketer, is looking to double sales in the next three years by increasing penetration in India.Source: Daily News & Analysis: Money News | 25 Mar 2009 | 9:17 pm Yahoo seeks 40% jump in ad revenuesOnline segment seen growing 25-30% as advertisers rework TV, print budgets.Source: Daily News & Analysis: Money News | 25 Mar 2009 | 9:16 pm GoAir lines up $400 m fleet spreadLow-cost carrier GoAir is eyeing breakeven next fiscal and has drawn up a $400 million aircraft acquisition plan to expand the current fleet of A320s.Source: Daily News & Analysis: Money News | 25 Mar 2009 | 9:15 pm Travel less, TCS tells staffTata Consultancy Services (TCS) has adopted measures like avoiding travel where possible, and moving people from abroad to India to cut costs, a senior official of the company said.Source: India Business News | Business News - Times of India | 25 Mar 2009 | 8:13 pm Tata cos mop up Rs 742cr via stake sale in TTSLTwo Tata group entities raised Rs 741.72 crore by selling part of their holdings in Tata Teleservices, the group's telecom outfit.Source: India Business News | Business News - Times of India | 25 Mar 2009 | 8:11 pm S&P cuts Tata Motors ratings over cash flowsEven as the country and the Tata group celebrat the launch of Nano, global ratings major S&P put a spanner in the feel-good momentum.Source: India Business News | Business News - Times of India | 25 Mar 2009 | 8:10 pm Skoda advances small car launchSkoda Auto a Volkswagen (VW) group company has advanced its small car launch by more than a year and is now targeting a rollout in 2011.Source: India Business News | Business News - Times of India | 25 Mar 2009 | 8:08 pm Jyoti Basu, 94, the YouTube starThe former West Bengal chief minister outperforms his younger Left colleagues in cyberspace.Source: Business Standard | Front Page Headlines | 25 Mar 2009 | 6:37 pm Novartis offers to buy 39% more in Indian subsidiaryNovartis India Ltd. surged by the daily limit in Mumbai trading after Swiss parent Novartis AG said it will buy as much as 39 per cent in the unit for Rs 440 crore ($87 million).Source: Business Standard | Front Page Headlines | 25 Mar 2009 | 6:36 pm Breather for India Inc as AS 11 deferred to 2011This accounting standard deals with mark-to-market provisioning in corporate profit and loss accounts for foreign exchange-related gains and losses.Source: Business Standard | Front Page Headlines | 25 Mar 2009 | 6:34 pm Despite the slowdown, FMCG cos see sales volumes surgeSlowdown? If there is one, producers of colas, tea, biscuits and toiletries or fast moving consumer (FMCG) goods haven't noticed.Source: Business Standard | Front Page Headlines | 25 Mar 2009 | 6:32 pm Chinese team in Kerala to study IT sectorAn eight-member delegation from China's Shenyang city Wednesday visited the information technology campus Technopark here to pick up tips on software outsourcing.Source: IndiaeNews.com: Business News | 25 Mar 2009 | 3:01 pm 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
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