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PM asks India Inc to be sensitive to poorPM Manmohan Singh on Saturday asked India's top industrialists to be sensitive to the impact of the economic crisis on the weaker sections of the society.Source: India Business News | Business News - Times of India | 28 Mar 2009 | 12:57 pm US bailout plan needs to be scaled up: Harvard EconomistSpeaking on the changing landscape in global finance and whether Obama\'s bank rescue plan will succeed, Feldstein feels that the current US bank bailout plan it is better than the previous plans. However, he was quick to caution that it is not clear if it will work but feels it can be given a chance to work.Source: Moneycontrol Top Headlines | 28 Mar 2009 | 12:53 pm Union Bank of India signs pact with Tata MotorsUnited Bank of India (UBI) on Saturday signed an agreement with Tata Motors for financing the Rs-one lakh Nano car.Source: India Business News | Business News - Times of India | 28 Mar 2009 | 12:53 pm IT cos in STPIs worried over end of tax holidaysIt\'s not just unfavourable policies in the US that IT companies have to contend with. Things back home are also not looking good for the sector. And, that\'s because, when tax exemptions to IT companies operating out of software parks is withdrawn, margins of these companies may fall by nearly 50%.Source: Moneycontrol Top Headlines | 28 Mar 2009 | 12:46 pm Economy needs more stimulus in 2009-10: MontekNew Delhi: The Indian economy needs more stimulus in the next fiscal to counter the impact of global economic slowdown, Planning Commission deputy chairman Montek Singh Ahluwalia said on Saturday. “We need a little more stimulus in 2009-10. But there are certain issues which have to be taken up,” Ahluwalia said on the sidelines of a function here. About the GDP growth projection by the Planning Commission, Ahluwalia said multiple models have been used to derive the figures and have been suggested to the Prime Minister. “We have sent a note to the Prime Minister. Planning Commission dosen’t have any projection. What we said to the Prime Minister -- we used multiple models to know what is likely to be growth rate next year,” he said. “There is certain base level of growth which we thought was around 9%. Then you knock off from the growth the affects of shock. Then we add to it the affect of the positive stimuli... So there are different numbers depending on the affects of shock and stimulus measures,” he added. Earlier, Ahluwalia projected a growth rate slightly less than 7% in the current fiscal and the next fiscal. “We are likely to get a growth rate less than 7%... between 6.5 and 6.7% in 2008-09,” Ahluwalia had said. On market borrowings impacting the interest rate, Ahluwalia said, “If you borrow it can only raise the interest rate for any given level of monetisation. Markets borrowings are not zero anyway.” Market borrowings, he said, “has always been market borrowings and there will be market borrowings.” “The impact of the exchange rate is the function that whether monetary policy accommodates the borrowing or not. So its not that market borrowing increases and interest rates go up. It is based on how much you borrow and tighten and interest rates will go up,” he added. Earlier addressing a function on ‘Competition and Regulation in India’ by CUTS international he suggested assessment and ranking of state electricity regulatory authorities by the industry body CII or other bodies and replicating it in all states based on best practices. Source: Home - Livemint.com | 28 Mar 2009 | 12:37 pm 41 companies contribute 10 percent of tax revenueAlmost 10 percent of the government's tax receipts come from just 41 companies, a survey has revealed. The report was released here Saturday.Source: IndiaeNews.com: Business News | 28 Mar 2009 | 12:30 pm Jones Lang sees India leading Asia businessMumbai: Real estate services firm Jones Lang LaSalle expects its India business to lead growth in Asia as demand for office space continues from the still rapidly growing services sector, its chief executive said on Saturday. India’s economy, Asia’s third-largest, is expected to slow down to 7% in 2008-09, hit by the global economic downturn. The services sector, despite recent hiccups, is however set to grow at nearly 10% in the period. “In India, demand for services is fairly robust as the IT, BPO and KPO segments grow nicely. Perhaps, demand might grow even more steeply once the confidence comes back to the market,” Colin Dyer, also Jones Lang’s president, told Reuters in an interview. Chicago-based Jones Lang LaSalle, with 2008 revenue of $2.7 billion, expects India to contribute 6-7% of worldwide revenue in three years, up from 3-4% currently. The company’s business in Asia-Pacific slowed in 2008, but was still the fastest growing globally, primarily led by growth in the two large markets of India and China. “The Australian, Singapore, Japan, Hong Kong economies are probably all in recession or close to recession, while China has clearly been impacted by fall in manufacturing goods from Europe and US,” Dyer said. “In the context of Asia, India is in a very good position.” Last year, inflated prices and lack of finance led to sales slumping in India after five years of boom. But Dyer expects steady demand for office space from growing businesses and more realistic pricing to help revive transactions soon. Revival only by next year The global real estate downturn, sparked by a credit crisis, dragged US property values down 15% last year, while values in a key Europe market like UK fell a quarter. Jones Lang LaSalle suffered flat revenue growth in 2008, with its US and Europe businesses hit the most. While its investment sales business nearly halved, growth in leasing, corporate outsourcing and tenant representation helped only slightly. “There is no revival at this point in demand for space nor in the level of activity. What you can say is the rate of reduction has slowed,” Dyer said. He expects confidence returning globally only by the end of 2009 or the beginning of next year. “Stock markets in general tell us when we are about to see a recovery. If stock markets are stable for a couple of months, that’s a good sign that people are gaining confidence and will start to reinvest,” Dyer said. Meanwhile, Jones Lang, which last year closed 15 acquisitions globally, will focus on consolidating its business, “we won’t acquire anything this year, we’ll just wait. But we’re seeing opportunities to hire individuals, teams, and bring new skills.” Source: Home - Livemint.com | 28 Mar 2009 | 12:19 pm PM sees scope for interest rate moderationNew Delhi: Prime Minister Manmohan Singh said on Saturday plenty of liquidity and low inflation gave room for further interest rate cuts. Speaking to top Indian businessmen, Singh also said there were encouraging signs in some sectors of the economy. “With ample liquidity and low inflation, there is scope perhaps for a further moderation in interest rates,” Singh said. “While public sector banks have reduced the prime lending rates in the last three months between 150 and 200 basis points, other scheduled commercial banks are yet to respond in equal measure,” he said. Since October, the Reserve Bank of India (RBI) has cut its key lending rate by 400 basis points. The government has cut factory gate duties and service tax rates to protect growth and jobs. But commercial banks have been reluctant to lend due to increased risk aversion. Asia’s third-largest economy is estimated to slow to 7.1% in 2008-09 from growth of 9% or more in previous years as the global slowdown hurts key sectors of the economy. But Singh said the auto, steel, cement and farm sectors were showing some signs of revival. “The auto sector after a difficult patch seems to be showing signs of recovery. Food grain production for 2008-09 is likely to be in excess of 228 million tonnes,” he said. “The rural demand for goods and services appears quite robust and the outlook in the agricultural sector gives room for optimism”. Singh said the government was closely monitoring sectors which were still facing difficulties. “We are aware that a big push to infrastructure would have a counter-cyclical influence and have taken steps to ensure that this happens in 2009-10 and beyond,” he said. Source: Home - Livemint.com | 28 Mar 2009 | 12:11 pm Gold declines on fresh selling, weak global cues - Times of India
Source: Google News India - Business | 28 Mar 2009 | 12:02 pm Bharti Airtel's accounts come under watchdog scannerThe Department of Telecommunications has proposed a special audit into the accounts of leading telecom operator Bharti Airtel as the regulator has raised doubts that the company may be shifting revenues from one source to another, resulting in lower fee to the government.Source: IndiaeNews.com: Business News | 28 Mar 2009 | 12:00 pm GMR Hyderabad Int\'l Airport reevaluates biz modelGMR Hyderabad International Airport (GHIAL) is on the brink of completing one year of commercial operations. But, the airport is not jumping of joy. And, that\'s because, it is yet to stand on its own feet, financially speaking. With domestic passenger traffic at the airport dropping nearly 16%, it is now reviewing its business plan.Source: Moneycontrol Top Headlines | 28 Mar 2009 | 11:59 am Gold declines on fresh selling, weak global cuesGold prices fell by Rs 50 to Rs 15,300 per 10 gram in the national capital on Saturday on emergence of selling by stockists sparked by weakening trend in overseas market.Source: India Business News | Business News - Times of India | 28 Mar 2009 | 11:47 am My deal an acknowledgement to non-fiction: Ramchandra GuhaAuthor Ramchandra Guha, has who clinched a Rs.97 lakh deal with Penguin India for seven books, feels that the 'amount paid by the publisher is an acknowledgement of the imbalance that exists between fiction and non-fiction'.Source: IndiaeNews.com: Business News | 28 Mar 2009 | 11:30 am Lucknow and Brisbane to become sister citiesUttar Pradesh's capital Lucknow and Brisbane, one of the most populous cities in Australia, are all set to become sister cities for their mutual benefit and development, an official said.Source: IndiaeNews.com: Business News | 28 Mar 2009 | 11:01 am PM sees scope for interest rate moderationNEW DELHI (Reuters) - Prime Minister Manmohan Singh said on Saturday plenty of liquidity and low inflation gave room for further interest rate cuts.Source: Reuters: Money News | 28 Mar 2009 | 11:01 am Court to hear CBI plea for lie detection on Raju on Apr 1 - Business Standard
Source: Google News India - Business | 28 Mar 2009 | 10:23 am Crisis in mind, PM urges India Inc to be sensitivePrime Minister Manmohan Singh Saturday asked India's top industrialists to be sensitive to the adverse impact of the current economic crisis on the weaker sections of the society and sought their help in meeting the challenges.Source: IndiaeNews.com: Business News | 28 Mar 2009 | 10:03 am PM asks RBI to look into high interest ratesPrime Minister Manmohan Singh today informed industry leaders that he has asked the Reserve Bank to look into the issue of high interest rates coming in the way of reviving economic growth.Source: India Business News | Business News - Times of India | 28 Mar 2009 | 9:28 am Economy needs more stimulus in 2009-10: Ahluwalia - Economic Times
Source: Google News India - Business | 28 Mar 2009 | 9:27 am Central Bank cuts BPLR by 50 bps from April 1 - Business Standard
Source: Google News India - Business | 28 Mar 2009 | 9:09 am Economy needs more stimulus in 2009-10: AhluwaliaThe Indian economy needs more stimulus in the next fiscal to counter the impact of global economic slowdown, planning commission deputy chairman Montek Singh Ahluwalia said.Source: India Business News | Business News - Times of India | 28 Mar 2009 | 9:06 am Airtel, telcos may face special auditCommunication and IT minister A Raja has asked department of telecom to have the case examined about any revenue loss caused by private telecom operators.Source: India Business News | Business News - Times of India | 28 Mar 2009 | 9:00 am 10 mn jobs lost in India, UPA not doing enough: BuddhadebClaiming that nearly 10 million jobs have been lost in the country due to the global slowdown, West Bengal Chief Minister Buddhadeb Bhattacharjee has flayed the Congress-led United Progressive Alliance (UPA) government for neglecting the interests of the common man in its response to the economic crisis.Source: IndiaeNews.com: Business News | 28 Mar 2009 | 9:00 am Jones Lang LaSalle sees India leading Asia businessMUMBAI (Reuters) - Real estate services firm Jones Lang LaSalle expects its India business to lead growth in Asia as demand for office space continues from the still rapidly growing services sector, its chief executive said on Saturday.Source: Reuters: Money News | 28 Mar 2009 | 8:54 am DoT may get Bharti Airtels accounts auditedThe Department of Telecom may undertake a special audit of Bharti Airtels accounts for the year 200708 to examine allegations of irregular revenue reporting by the company to pay lower fees to the Government.Source: Moneycontrol Top Headlines | 28 Mar 2009 | 8:53 am Nano: The third R - Sify
Source: Google News India - Business | 28 Mar 2009 | 8:37 am Scale the heights of adventure with 'Himalayan Odyssey'If you are adventurous and fancy an adrenaline rush, then the sixth edition of the Himalayan Odyssey is right up your street. It's a 15-day road journey that promises to leave you with a sense of achievement as you ride a motorbike on the tough and torturous tracks of the Himalayan region.Source: IndiaeNews.com: Business News | 28 Mar 2009 | 8:31 am HPCL ups Iran crude imports, BPCL stops - sourcesNEW DELHI (REUTERS) - Hindustan Petroleum Corp has tripled an annual crude import deal with Iran for 2009/10 while Bharat Petroleum Corp may not buy crude from Tehran, company sources on Saturday.Source: Reuters: Money News | 28 Mar 2009 | 8:28 am Varun Gandhi surrenders, sent to judicial custodyPilibhit: In a bid to make political capital, Varun Gandhi on Saturday surrendered before a local court in connection with a case against him for hate speeches after which he was arrested and sent to judicial remand till Monday. Amid high drama, Gandhi, who left his home in Delhi in the wee hours, arrived here to a tumultuous welcome from a large number of BJP workers and saffron activists who clashed with police violating prohibitory orders in force. Lawyers of 29-year-old Gandhi against whom three cases have been filed for allegedly making inflammatory communal speeches during his election campaign, filed a surrender plea before chief judicial magistrate Vipin Kumar. “This is a conspiracy in which I have been framed. I have full faith in the law and in the judiciary. I believe in my principles and I am willing to fight for them... I am ready to go to jail,” Gandhi after reaching the town from where he is making his electoral debut. After the Allahabad high court rejected his petition for quashing the FIR against him, Gandhi changed his strategy and did not seek for extension of bail granted by the Delhi high court and preferred to court arrest. In the CJM’s court, his lawyers immediately filed a bail application on which hearing has been deferred till Monday after the prosecution sought time. The throng of supporters attempted to block police from taking Gandhi to the district jail and later threw stones in the jail compound. Source: Home - Livemint.com | 28 Mar 2009 | 8:17 am PM reviews economy with industry leadersThe PM reviewed the current economic situation with top industry leaders and sought their views on India's stand at the G20 summit.Source: Daily News & Analysis: Money News | 28 Mar 2009 | 8:03 am Indian equities end week on a high as global cues strengthenIndian equities markets climbed several notches into the green in the week just ended, enthused by strong sentiments across global bourses and short covering on account of futures and options contract expiry Thursday. A key index closed 12.06 percent higher than its previous weekly close.Source: IndiaeNews.com: Business News | 28 Mar 2009 | 8:01 am Weekly wrap: Sensex soars 1082 pts - Sify
Source: Google News India - Business | 28 Mar 2009 | 7:56 am Malaysia says 2010 budget spend to be 200bln ringgitKUALA LUMPUR (Reuters) - Malaysia's government is likely to spend in the region of 200 billion ringgit ($55.37 billion) in the 2010 budget, the country's incoming prime minister said on Saturday.Source: Reuters: Money News | 28 Mar 2009 | 6:54 am Singur people want Nano back: BuddhadebGlobal auto major Tata Motors may have moved out its Nano plant from the state but the people of Singur still want the project, says West Bengal Chief Minister Buddhadeb Bhattacharjee.Source: IndiaeNews.com: Business News | 28 Mar 2009 | 5:31 am Infosys eyeing U.S. buy opportunities - paperMUMBAI (Reuters) - Indian software services firm Infosys Technologies Ltd expects to find acquisition opportunities in the U.S. during the current downturn, the Mint newspaper reported on Saturday.Source: Reuters: Money News | 28 Mar 2009 | 5:00 am Britain, Chile urge G20 action to beat crisisVINA DEL MAR, Chile (Reuters) - British Prime Minister Gordon Brown and Chilean President Michelle Bachelet urged fellow world leaders on Friday to shun protectionism and act at next week's G20 summit to overcome the global crisis.Source: Reuters: Money News | 28 Mar 2009 | 4:36 am Sunil Mittal joins US think tank boardSunil Mittal, chairman and managing director of India's Bharti Group, has joined the Board of Trustees of the Carnegie Endowment for International Peace, a Washington think tank.Source: IndiaeNews.com: Business News | 28 Mar 2009 | 4:30 am Wall St Week Ahead - Stocks bulls may hit the pause buttonNEW YORK (Reuters) - U.S. stocks are set to run into some turbulence next week as investors pause to gauge if profit expectations and economic prospects will justify the market's further advance from the 12-year lows touched earlier this month.Source: Reuters: Money News | 28 Mar 2009 | 1:26 am RIL inks KG gas sale-purchase contracts with 12 fertiliser cos - Economic Times
Source: Google News India - Business | 28 Mar 2009 | 12:25 am ‘Market will take care of itself, look after the country first’Coimbatore: As old alliances are torn asunder and new formations are clobbered together to fight the Lok Sabha elections, stock market players are worried about the sort of political formation that would emergeSource: Business Line - Home Page | 28 Mar 2009 | 12:00 am Are steel and cement leading a nascent recovery?New Delhi, March 27 If the performance of the steel and cement industries is any indication, a nascent recovery in economic activity seems under way.Source: Business Line - Home Page | 28 Mar 2009 | 12:00 am Dhamra Port to sign cargo pact with Tata SteelDhamra (Orissa), March 27 With a little more than a year to go before the scheduled commissioning of Dhamra port, the promoter, Dhamra Port Company Ltd (DPCL), a joint venture of Tata Steel and Larsen & Toubro, is mulling signing cargoSource: Business Line - Home Page | 28 Mar 2009 | 12:00 am Banks credit offtake robust at year-endMumbai, March 27 The typical year-end phenomenon of robust credit offtake is once again on full display with banks lending Rs 22,423 crore in the fortnight ended March 13, 2009.Source: Business Line - Home Page | 28 Mar 2009 | 12:00 am Nano impact drives up Tata group stocksKolkata, March 27 Market has sensed that the wheels of fortune are changing for the Tata group companies, particularly Tata Motors.Source: Business Line - Home Page | 28 Mar 2009 | 12:00 am Banks cut lending ratesKolkata, March 27 In a bid to make credit cheaper and to enhance credit flow to productive sectors in the current market scenario, three Kolkata-based banks have decided to reduce their benchmark prime lending rates effective from April 1.Source: Business Line - Home Page | 28 Mar 2009 | 12:00 am Montek sees GDP growth to be about 6.5% in 2008-09New Delhi, March 27 The Planning Commission sees the gross domestic product growth for the current fiscal to be between 6.5 and 6.7 per cent. This forecast falls between IMF’s early March projection of 6.3 per cent GDP growth and theSource: Business Line - Home Page | 28 Mar 2009 | 12:00 am Mallya meets SBI top brass, seeks credit line for Kingfisher AirlinesNew Delhi, March 27 Kingfisher Airlines has approached State Bank of India for a credit line to meet its operational needs, sources privy to the development said.Source: Business Line - Home Page | 28 Mar 2009 | 12:00 am Vote for dear Earth, if only you care!Switch off your lights for one hour on Saturday night, and vote for the Earth!Source: Business Line - Home Page | 28 Mar 2009 | 12:00 am Spice Group pulls out of Satyam bidding processNew Delhi/Hyderabad March 27 Spice Group on Friday said it is pulling out of the race to acquire controlling stake in Satyam Computer Services “for now”.Source: Business Line - Home Page | 28 Mar 2009 | 12:00 am For local pharma, move to next level will take concerted playMoving away from a proposal mooted in 2001 to set aside a meagre Rs 150 crore to fund drug discovery research, the department of pharmaceuticals now seems be more at grips with the global trends.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 10:20 pm RIL, fertiliser cos sign 12 gas sale pactsReliance has signed 12 gas sale agreements with fertiliser companies, which will breathe life into 15 fertiliser units across the country. These include the likes of Rashtriya Chemicals Fertilisers, Tata Chemicals, Kribhco, IIFCO, Chambal Fertilizers, and Nagarjuna Chemicals, to name a few.Source: Moneycontrol Top Headlines | 27 Mar 2009 | 10:16 pm Tax haul edges past last year's figureDirect tax collections for this fiscal, as of mid-March, were Rs 3,12,800 crore, up nominally from Rs 3,12,202 crore in the same period last fiscal.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 10:03 pm DCGI revokes Shreya Lifes antidiabetes drug import permitMumbaibased Shreya Life Sciences runs in to rough turf as the Indian drug regulator Drug Controller General of India revokes the import permit held by the company for an antidiabetes drug made in Canada. DCGI has revoked import permit for antidiabetes drug, Oral Recosulin as the drug is marketed in India without any local human drug trials.Source: Moneycontrol Top Headlines | 27 Mar 2009 | 9:48 pm Can RBS sell its branches?The Reserve Bank\'s decision on sale of branch licences could be the decisive factor in RBS\' India sale. Sources in the Reserve Bank say it does not allow sale of branches to other banks, but history shows that the central bank could make exceptions to this rule.Source: Moneycontrol Top Headlines | 27 Mar 2009 | 9:40 pm 'We want B-schools to take to the case-study method'Harvard Business Publishing, a prominent US publisher, started India operations in November 2008 by setting up a wholly owned subsidiary.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 9:29 pm AI offers ticket to London for Rs 6.9K, NY for Rs 22KNational carrier Air India is looking to start a non-stop service between New Delhi and San Francisco this winter.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 9:18 pm XLRI student bags $110000 salary from Novartis - Economic Times
Source: Google News India - Business | 27 Mar 2009 | 9:16 pm Obama tries to save Wall St, Detroit; stocks waneNEW YORK (Reuters) - The United States tried to save its financial and automotive industries on Friday, with President Barack Obama urging bankers to sell their toxic assets and his autos task force finalizing a rescue plan.Source: Reuters: Money News | 27 Mar 2009 | 9:15 pm 'Economic benefits of outsourcing are compelling'In 2007, business process outsourcing firm EXLService Holdings witnessed an attrition rate of 41%. By December 2008, the rate had corrected to 34%.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 9:14 pm BandraWorli sealink: Phase II award to see HCC bleed againMumbai will get a new skyline, when the BandraWorli sealink opens post elections. But CNBCTV18 learns, Hindustan Construction Company (HCC) which incurred losses in phase one is set to lose further once phase two of sea link project is awarded. CNBCTV18s Anumeet Kaur Bisen reports.Source: Moneycontrol Top Headlines | 27 Mar 2009 | 9:13 pm China 'dumps' radials as bias tyresATMA says India may lose sales worth Rs 700 cr due to imports of Chinese tyres.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 9:12 pm 2009 will be worse: MontekIndia's economy will be "significantly worse" in 2009 compared to the previous year, a top policy advisor said on Friday, and the woes will not end in the fiscal year ending March 2010.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 9:02 pm IT cos\' margins to be hit on stricter H1B visa normsThe next few weeks going ahead could be crucial for the Indian IT sector. An amendment putting additional restrictions on H1B visa workers could well become law in the US. CNBCTV18s Sunanda Jayaseelan reports.Source: Moneycontrol Top Headlines | 27 Mar 2009 | 9:00 pm Lupin buys Philippines generics companyThe purchase of 51% stake in the company was funded through internal cash accruals, Lupin said, without divulging the financial details.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 9:00 pm Steel firms gear up for price warWith input costs down, they will have to cut prices to lift demand.Source: Daily News & Analysis: Money News | 27 Mar 2009 | 8:59 pm Stricter H1B visa norms won\'t affect Indian IT cos: NASSCOMThere may be further restrictions on H1B visa rules. US Senators Grassley and Durbin are pushing for an amendment that may directly impact Indian IT companies. Ganesh Natarajan of NASSCOM said there would be some move towards restricting free access of people to US. \"We are confident this will not affect the fortunes of Indian IT companies.\"Source: Moneycontrol Top Headlines | 27 Mar 2009 | 8:36 pm New version Activa from Honda - Hindu
Source: Google News India - Business | 27 Mar 2009 | 8:28 pm Lupin buys 51% in Philippine co - Hindu
Source: Google News India - Business | 27 Mar 2009 | 8:28 pm OnMobile to be vendor of Vodafone solutionsNew Delhi: Mobile phone company Vodafone Group Plc. has chosen India’s software firm OnMobile Global Ltd as a preferred vendor to provide music and entertainment solutions in 30 countries, a person with knowledge of the deal said. The agreement will allow OnMobile easier access to country units of the world’s largest cellular phone services firm and help it to close potential transactions faster, said an industry executive. Both the executive and the person familiar with the matter spoke on condition of anonymity. Mint couldn’t immediately ascertain the revenue impact of the decision.  New avenue: OnMobile chief executive officer Arvind Rao. Till late Friday, a Vodafone spokesman had not replied to email questions from Mint sent early afternoon. Shares of OnMobile ended Friday trading at the Bombay Stock Exchange at Rs314.10, up 5.7%. The shares have climbed 29.2% in a week, outpacing the exchange’s benchmark Sensex, which rose 12.1% in the same period. “This deal puts OnMobile on to a short list for Vodafone’s operating companies across the country, making their products preferred by purchasing managers of the operators. The company also gains preference making for things like global contracts and preferred pricing easier to come in the company’s direction,” said G. V. Giri, an analyst with the institutional equities division of brokerage India Infoline Ltd, pointing out that OnMobile has set a target of 25% of its revenues coming from international customers for the fiscal year ending Tuesday, compared with 15% in the pervious financial year. OnMobile reported Rs270 crore revenues last fiscal year. As a percentage of revenues, so-called value-added—non-voice services such as text messaging, Internet access or gaming—offerings account for an average 9% of the telecom industry’s revenues globally, according to Girish Trivedi, deputy director of information and communication technologies at consultancy firm Frost and Sullivan, but is expected to grow rapidly in the years ahead as data-rich offerings are consumed more on cellular phones. There are at least three billion mobile phones in the world today. Companies such as OnMobile, a company that was spun-off from software services firm Infosys Technologies Ltd in 2000, or Cellebrum Technologies Ltd, have taken advantage of India’s inherent strengths in software services development and a booming mobile phone services market to develop products and services. Such offerings have, at times, challenged the dominance of phone system vendors such as Telefon AB LM Ericsson and Nokia Oyj in software suites handling, say, text messaging services, ring back tones, and gaming, music or other downloads. The preferred vendor agreement between Vodafone and OnMobile is not the first such deal. Groups such as MTN Group Ltd, that runs networks in 21 countries, has such an arrangement with Gurgaon-based Bharti Telesoft Ltd from November last year. That deal was to standardise its messaging services across all networks of MTN, Africa’s biggest cell operator. A group of telecom companies opts for this kind of deal to consolidate and standardize its value-added offerings as this allows scaling up and also bringing down costs for the phone operator, the industry executive quoted earlier said. “The operators also prefer this kind of deal as it gives a similar and consistent user experience to the subscriber,” he said. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 7:40 pm G20 summit to cost 19 mn pounds: British ministerLondon: Hosting the G20 summit in London next week is costing Britain around £19 million ($27 million), a junior foreign minister said on Friday. In a webchat on Prime Minister Gordon Brown’s official website, Mark Malloch-Brown said the costs were low compared to other such international summits. “It’s estimated that the cost will be £19 million,” Malloch-Brown wrote, adding that the 2 April gathering would be worth every penny if the meeting helped restore global economic confidence. “A lot of this is security as we have a lot of very high-profile leaders in town. We have been at pains to design a summit where people will be treated with proper hospitality but where entertainment is kept simple and straightforward.” He continued: “This cost compares favourably to other international summits, a number of which have cost many times more than this in recent years. And if it is the signal of restored confidence in the world economy it’ll be worth every penny of it. “Remember, as a national community, we’ve already spent more than $2 trillion on fiscal stimulus measures.” A foreign ministry spokeswoman told AFP the costs were divided between staffing for the event, the hiring of the venue, event security and policing, but could not provide a detailed breakdown. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 7:39 pm Nasscom: campus hiring must be closer to graduation datesNew Delhi: Nasscom, the lobby group of India’s software and back office services industry, has asked its members not to disrupt the academic session in engineering colleges by hiring students early, a move recruitment specialists predicted may not gain much traction. The National Association of Software and Service Companies, better known as Nasscom, has said hiring graduating students closer to when they are ready to graduate will allow companies to plan their manpower needs better in the uncertain climate of an economic slowdown such as the current one. Companies in India’s nearly Rs2 trillion software and back office services industry, typically, hire students from the country’s thousands of engineering colleges from the sixth semester—sometimes as early as the fifth semester—in an eight-semester course. “...companies have to make an estimate of their requirements almost 18-24 months prior to their need. This worked well in the past with some degree of certainty of growth, but is increasingly difficult during the current economic environment,” Nasscom president Som Mittal said in an email to member companies sent by him early afternoon on Friday. He confirmed the contents of the mail for Mint late evening, adding he had written to colleges too. “In many cases, it has led to joining dates of students getting staggered and deferred, which benefits neither the company nor the student.” Hundreds of students hired like this across India are being asked to defer joining dates. Rishi Das, chief executive of CareerNet Consulting, a firm that helps 50 technology firms with on-campus hiring from 400 colleges, said of the engineering batches graduating this year: “Typically about 30-40% of whatever is offered on campus is getting delayed or dropped.” Half of these offers were made between January and June 2008, he said. Other hiring experts said Nasscom could only play an advisory role in individual companies’ hiring decisions. “I don’t know if it’s an attempt to clear the backlog (in engineering schools). If you don’t clear the 2008-09 batch, what is the point of making offers to the 2010-11 batch”, said E. Balaji, chief executive of Ma Foi Management Consultants, a staffing company which counts 15% to 18% of hires it places in the information technology sector. Balaji said recruitment ultimately is a decision that every company takes individually. “They will give a hearing to Nasscom. But final decision will be taken by individual companies,” he said. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 7:39 pm Spice quits Satyam raceSpice had tried to put forth its case before the Satyam board over the last few days, but was not satisfied by the response of the company.Source: India Business News | Business News - Times of India | 27 Mar 2009 | 7:33 pm IL&FS Fin raises stake in Maytas InfraThe company's other major shareholders include government-backed financial institutions IFCI that holds 17.42% stake through invocation of a pledge.Source: India Business News | Business News - Times of India | 27 Mar 2009 | 7:29 pm The US could kill Indian outsourcingMumbai: George F Baker professor of economics at Harvard University, Martin Stuart Feldstein, 70, has been heading the US National Bureau of Economic Research for 25 years. Feldstein has also advised US presidents on the economy, his latest role being a member of Barack Obama’s economic recovery advisory board. The economist was in Mumbai and spoke with Mint on a variety of issues, including the latest bailout plan of the US treasury, his worries and how planned curbs on Wall Street could impact outsourcing. Edited excerpts: On the latest US bailout plan.  Raising concern: Martin Feldstein. Ashesh Shah / Mint On his worries about the plan One issue is: Is it enough? A trillion dollars is a lot of money even in the US. By contrast, banks have more than $10 trillion balance sheets and they have residential mortgages of $3 trillion. They have mortgage-backed securities on top of that and commercial mortgages of $2 trillion...And if this new treasury plan—the private-public partnership—doesn’t take away most of the impaired assets, then what exactly does it accomplish? It will still not put the banks in a position where...they can lend. There’s also a question of whether the banks will actually sell the mortgages. When you are a bank looking at several hundred millions of mortgages, would you want to write them down and sell them 50 cents to the dollar? On excess liquidity leading to inflation. Most of the money pumped in is going directly to the Federal Reserve. The Fed’s balance sheet expands; the reserves expand; and the bank’s balance sheets expand. But they are not lending this money, they are depositing this at the Fed. And the Fed pays interest on those deposits. I think there is a potential for inflation. It is not this year’s worry, but I think it is something that could come along. If there is $2 trillion or more excess reserves in the banks, they will have every reason to want to use those reserves to make loans. That would push up demand and could be inflationary. Beyond what they want, the Fed can normally go into open market operations. But it doesn’t have $1 trillion or $2 trillion of assets with which to conduct open market operations. All they got is junk—for lack of a better name. And it is not clear, when the time comes, they will be able to persuade the banks to take the junk back. On the possibility of Asia’s export-led growth model collapsing as US consumers start saving. It won’t collapse. I think it will be less when the dollar comes down, as I think it will, and there will be more demand from the US consumers for US-made goods and services. On outsourcing. Well, I read in the Wall Street Journal today that IBM is laying off people in the US and expanding in India. The US companies are under financial pressure; it becomes a question of more incentives. When you need to save money, those things (a call centre or accounting back office in India or China) look attractive. On curbs on the financial sector in the US and its impact on outsourcing in India. It’s scary. It’s a frightening thought. What I don’t know is whether they will actually try to enforce that and if they do, there will be indirect ways of going around it. Because of the British tradition, the English language and the quality of secondary education, India has an ability to be competitive in outsourcing. Could we kill it unintentionally or intentionally? Yes, the US could and that is a real danger. Source: Home - Livemint.com | 27 Mar 2009 | 7:28 pm Bhel to open marketing office in KazakhstanNew Delhi: At a time when companies are shelving expansion plans and cutting costs, state-owned Bharat Heavy Electricals Ltd (Bhel) is planning to open a marketing office in Kazakhstan and use it to access markets in the Commonwealth of Independent States (CIS). “We were debating whether to open an office in Moscow or in Almaty (capital of Kazakhstan). The board approved Almaty as Moscow is very expensive (to run operations from) and there is no local power generation equipment manufacturer in Kazakhstan unlike Russia,” said a Bhel executive who didn’t want to be identified. “We also chose Kazakhstan as it has a politically stable system.” “While we have got orders in Azerbaijan, we are scouting for orders in countries such as Belarus and Ukraine,” he added. The company will also look at orders from countries such as Armenia, Georgia, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan and Ukraine, he said. Bhel already operates in the region. While NTPC Ltd, the country’s largest power generation company, plans to set up power projects in Kazakhstan so that it gets to import coal from that country, Bhel has also been operating in Tajikistan along with public sector NHPC Ltd to build and rehabilitate several commercially unviable hydroelectric projects. India is trying to politically and economically engage countries in Central Asia to secure fuel supplies, especially gas, because countries in the region have significant reserves of oil and natural gas and could help meet India’s growing demand. However, some analysts are not convinced of the efficacy of Bhel’s move. “In the immediate term, I do not see this substantially increasing Bhel’s overseas orders,” said Madanagopal R., an equity research analyst at Mumbai-based Centrum Broking Pvt. Ltd. Of Bhel’s order book position of Rs1.25 trillion, international orders account for around Rs7,500 crore. West Asia, Africa and Central Asia are the primary international markets for Bhel, which plans to raise exports to Rs10,300 crore by 2012. Bhel has the capacity to manufacture power equipment capable of generating 10,000MW a year, which it plans to raise to 15,000MW by December. Bhel posted a net profit of Rs2,859 crore on revenue of Rs21,401 crore in the year 2007-08. The heavy equipment manufacturer has generated orders worth Rs24,000 crore in the current fiscal and aims to become a $10 billion-plus firm by 2012. Source: Home - Livemint.com | 27 Mar 2009 | 7:28 pm The US could kill Indian outsourcingMumbai: George F Baker professor of economics at Harvard University, Martin Stuart Feldstein, 70, has been heading the US National Bureau of Economic Research for 25 years. Feldstein has also advised US presidents on the economy, his latest role being a member of Barack Obama’s economic recovery advisory board. The economist was in Mumbai and spoke with Mint on a variety of issues, including the latest bailout plan of the US treasury, his worries and how planned curbs on Wall Street could impact outsourcing. Edited excerpts: On the latest US bailout plan. Raising concern: Martin Feldstein. Ashesh Shah / Mint On his worries about the plan One issue is: Is it enough? A trillion dollars is a lot of money even in the US. By contrast, banks have more than $10 trillion balance sheets and they have residential mortgages of $3 trillion. They have mortgage-backed securities on top of that and commercial mortgages of $2 trillion...And if this new treasury plan—the private-public partnership—doesn’t take away most of the impaired assets, then what exactly does it accomplish? It will still not put the banks in a position where...they can lend. There’s also a question of whether the banks will actually sell the mortgages. When you are a bank looking at several hundred millions of mortgages, would you want to write them down and sell them 50 cents to the dollar? On excess liquidity leading to inflation. Most of the money pumped in is going directly to the Federal Reserve. The Fed’s balance sheet expands; the reserves expand; and the bank’s balance sheets expand. But they are not lending this money, they are depositing this at the Fed. And the Fed pays interest on those deposits. I think there is a potential for inflation. It is not this year’s worry, but I think it is something that could come along. If there is $2 trillion or more excess reserves in the banks, they will have every reason to want to use those reserves to make loans. That would push up demand and could be inflationary. Beyond what they want, the Fed can normally go into open market operations. But it doesn’t have $1 trillion or $2 trillion of assets with which to conduct open market operations. All they got is junk—for lack of a better name. And it is not clear, when the time comes, they will be able to persuade the banks to take the junk back. On the possibility of Asia’s export-led growth model collapsing as US consumers start saving. It won’t collapse. I think it will be less when the dollar comes down, as I think it will, and there will be more demand from the US consumers for US-made goods and services. On outsourcing. Well, I read in the Wall Street Journal today that IBM is laying off people in the US and expanding in India. The US companies are under financial pressure; it becomes a question of more incentives. When you need to save money, those things (a call centre or accounting back office in India or China) look attractive. On curbs on the financial sector in the US and its impact on outsourcing in India. It’s scary. It’s a frightening thought. What I don’t know is whether they will actually try to enforce that and if they do, there will be indirect ways of going around it. Because of the British tradition, the English language and the quality of secondary education, India has an ability to be competitive in outsourcing. Could we kill it unintentionally or intentionally? Yes, the US could and that is a real danger. Source: World Business - Livemint.com | 27 Mar 2009 | 7:28 pm West Asian carriers chart more flightsMumbai: West Asian airlines are increasing flight frequencies between India and the US, the UK and parts of Europe with an eye to draw passengers to hubs in Abu Dhabi, Dubai and Doha. This could stymie plans of local carriers to make India an air travel hub. Naveen Chawla, regional manager for India at Doha-based Qatar Airways, said the airline deploys 15% of its capacity in India, and that 70% of its passengers out of India are onward travellers that use Doha as a stopover. As part of this strategic initiative, the carrier on Friday announced non-stop services between Doha and Houston, Texas, beginning 30 March. Saudi Arabian Airlines earlier this week announced adding three new Indian destinations—Bangalore, Kozhikode and Lucknow—beginning 30 March. On that date, Etihad Airways, the national airline of the United Arab Emirates (UAE), will change schedules to key destinations from and within India to greater increased long-haul connectivity. Emirates, too, is increasing connectivity to India via its hub Dubai. Global airlines are not being picky about which they service, but are focusing on smaller ones These global carriers are not being picky about where they go. Besides Kerala—which is a lode of labour for West Asian countries—and metropolitan cities, they are adding cities such as Nagpur and Tiruchirapalli to their network. Qatar Airways also plans to start flights to Amritsar and Goa later in the year. According to three different travel houses that Mint spoke to, West Asian carriers are on average 30% cheaper to fly beyond their respective hubs. “The entire Middle East carriers, especially the airlines from UAE, pose a major strategic threat to all the other carries operating out of India, including Indian carriers,” said Kapil Kaul, chief executive officer, Indian subcontinent and West Asia, at Centre for Asia Pacific Aviation, an aviation consulting firm. In an October interview to Mint, Naresh Goyal, founder chairman of Jet Airways (India) Ltd, India’s top private carrier by passengers, had alleged that West Asian carriers were dumping capacity in India, thus making life of Indian carriers difficult by taking away passengers. “The big boys of the business like Lufthansa, British Airways and Singapore Airlines (are) already feeling the heat from UAE airlines and the recent consolidation in Europe is also to somewhat address the long-term challenge from Emirates. India unfortunately is still in a self-denial,” Kaul said. Neerja Bhatia, Etihad’s country manager for India and Sri Lanka, said in an 18 March statement: “We have consciously structured flight schedules to India to provide better connectivity and frequency to the key destinations across the world through our hub in Abu Dhabi.” Etihad currently has flights to Kochi, Kozhikode, Thiruvananthapuram (all in Kerala), Mumbai, New Delhi and Chennai. Under its revised schedule, Thiruvananthapuram will connect to long-haul destinations such as Canada and New York. Flights to West Asian, European and Mediterranean destinations will also see an increase in frequency. An airport consultant to a number of private airport projects in India said West Asian nations are making substantial investments in their airports. “Dubai, Doha and Abu Dhabi will see huge transformation in coming years. Moreover, flying distance from these places are helping them to position them as a hub. Indian carriers are far behind in this terms,” he said, requesting anonymity because some of his projects are in progress. Source: Home - Livemint.com | 27 Mar 2009 | 7:27 pm Directors get fat pay packets in downturnAt a time when corporates across the world are having to resort to layoffs and wage cuts, some Indian companies are paying directors more than the prescribed limit for managerial remuneration.Source: India Business News | Business News - Times of India | 27 Mar 2009 | 7:26 pm Fidelity sells 77% stake in Financial TechA bulk of the offloaded shares were bought by the trustee of Reliance Mutual Fund.Source: India Business News | Business News - Times of India | 27 Mar 2009 | 7:24 pm CII announces new corporate governance codeNew Delhi: Concerned over corporate governance issues post-Satyam fiasco, industry body Confederation of Indian Industry (CII) on Friday announced the formulation of new corporate governance code for corporate sector to bring more transparency and better governance. Chairman of CII special task force Naresh Chandra, while announcing the corporate governance norms, said that large and heavily publicised corporate frauds often provoke legislative and regulatory action, Satyam being the latest example. However, for preventing such scandals, laws should be better managed and strengthened rather than imposing further regulations, he said while speaking at the annual summit of the industry body. “The code would assist companies to take a voluntary step beyond the stated letter of law,” he said. Present on the occasion, J J Irani, director Tata Sons, said that independent directors need to work with the management to prevent such happenings. Also, third party auditors can also play an important role in probing such frauds. The companies should strengthen their corporate governance and separate the role of chief executive officer and chairman, which will bring in greater transparency, he said, adding that the internal audit system of the company should be made robust and as independent as possible. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 7:14 pm Global sales of Nintendo’s Wii top 50 millionTokyo: Japanese game maker Nintendo Co. said global sales of its popular Wii video game console have topped 50 million since it went on sale worldwide in late 2006. Nearly 50% of the total sales of the Wii machine were in the United States and Canada, with Europe accounting for about 40% and Japan taking much of the rest, said the maker of Pokemon and Super Mario games. The Wii hit stores first in the United States in November 2006, and went on sale in Japan and Europe in early December of the same year. The Wii game console has quickly become a smash hit, in large part due to its unique wireless controller. The wand-like controller is equipped with motion sensors that allow users to control game action by jabbing and swinging it through the air. Wii games, including “Wii Fit,” “Wii Play,” and “Mario Kart Wii,” have all become global best sellers. Apart from the Wii console, Nintendo has sold more than 100 million Nintendo DS portable handheld game machines worldwide in just four years and 3 months — a milestone reached at the quickest pace for any video game console. Compared to Sony, which has long appealed to hard-core gamers with its PlayStation series, Nintendo has scored hits with easier-to-play games that attract newcomers to gaming, including the elderly. Nintendo’s DS comes with a touch panel, making it possible to play some games without dealing with complex button-pushing. Source: Tech News - Livemint.com | 27 Mar 2009 | 7:08 pm Global sales of Nintendo’s Wii top 50 millionTokyo: Japanese game maker Nintendo Co. said global sales of its popular Wii video game console have topped 50 million since it went on sale worldwide in late 2006. Nearly 50% of the total sales of the Wii machine were in the United States and Canada, with Europe accounting for about 40% and Japan taking much of the rest, said the maker of Pokemon and Super Mario games. The Wii hit stores first in the United States in November 2006, and went on sale in Japan and Europe in early December of the same year. The Wii game console has quickly become a smash hit, in large part due to its unique wireless controller. The wand-like controller is equipped with motion sensors that allow users to control game action by jabbing and swinging it through the air. Wii games, including “Wii Fit,” “Wii Play,” and “Mario Kart Wii,” have all become global best sellers. Apart from the Wii console, Nintendo has sold more than 100 million Nintendo DS portable handheld game machines worldwide in just four years and 3 months — a milestone reached at the quickest pace for any video game console. Compared to Sony, which has long appealed to hard-core gamers with its PlayStation series, Nintendo has scored hits with easier-to-play games that attract newcomers to gaming, including the elderly. Nintendo’s DS comes with a touch panel, making it possible to play some games without dealing with complex button-pushing. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 7:08 pm BSNL to add one million lines by next yearHyderabad: State-run Bharat Sanchar Nigam Ltd (BSNL) will add one million lines in the country through advanced new generation switches technology by next year and will shortly finalise the bids for the purpose, said a senior BSNL official here today. “We will add one million lines through next generation soft switches by next year. By 2015, all our existing switches will be converted to this latest technology which is prevalent in the world,” BSNL (Planning and New Services) Director R K Aggarwal told reporters after the launch of ‘Live Video Tutoring´ and ‘BSNL Hungama portal´— two broadband value added services from BSNL here. The new generation switches technology will provide convergence of voice, video, multimedia content and data services apart messaging and location mail services, he said. “Six bids have been received for the purpose. We have opened the bids and finalise on making the orders in about next one-and-half months,” Aggarwal said. The third-generation (3G) services will be rolled out in southern states in the next two-three months, he said adding it will be expanded to 750 cities nation-wide. Five lakh poles will be set up by 2010 as a part of the fibre-to-home techonolgy that enables much higher speed for broadband internet service compared to the existing speed, Aggarwal said. Source: Tech News - Livemint.com | 27 Mar 2009 | 7:02 pm BSNL to add one million lines by next yearHyderabad: State-run Bharat Sanchar Nigam Ltd (BSNL) will add one million lines in the country through advanced new generation switches technology by next year and will shortly finalise the bids for the purpose, said a senior BSNL official here today. “We will add one million lines through next generation soft switches by next year. By 2015, all our existing switches will be converted to this latest technology which is prevalent in the world,” BSNL (Planning and New Services) Director R K Aggarwal told reporters after the launch of ‘Live Video Tutoring´ and ‘BSNL Hungama portal´— two broadband value added services from BSNL here. The new generation switches technology will provide convergence of voice, video, multimedia content and data services apart messaging and location mail services, he said. “Six bids have been received for the purpose. We have opened the bids and finalise on making the orders in about next one-and-half months,” Aggarwal said. The third-generation (3G) services will be rolled out in southern states in the next two-three months, he said adding it will be expanded to 750 cities nation-wide. Five lakh poles will be set up by 2010 as a part of the fibre-to-home techonolgy that enables much higher speed for broadband internet service compared to the existing speed, Aggarwal said. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 7:02 pm Walt Disney stake hike proposal in UTVi tests new FDI guidelinesIn a move that could test the governments new Foreign Direct Investment (FDI) guidelines, UTV Software Communications, in which Walt Disney Company holds a majority stake, is planning to increase its shareholding from 20 to 49 per cent in a Special Purpose Vehicle (SPV) that owns and controls the business news channel UTVi.Source: Business Standard | Front Page Headlines | 27 Mar 2009 | 6:59 pm BCCI, Zee fight over Twenty20 trademarksNew Delhi: The old foes are at it again. After having fought pitched battles over telecast rights, cricket players and cricket leagues, the Subhash Chandra-promoted Essel Group and the Board of Control for Cricket in India (BCCI) are yet again locked in a fight—this time over trademarks and logos. Over the past 15 months, the Essel Group, popularly referred to as Zee Group after the television channels it runs, has filed at least four dozen applications with the country’s trademark office seeking registration of various combinations of Twenty20. These include Twenty-20 Cricket, T Twenty, Twenty-Twenty Cricket, T 20, and 20-20 cricket. BCCI has now challenged them all, according to the website of India’s Controller General of Patents, Designs and Trademarks. The applications were filed by one of Essel Group’s companies, Essel Sports Pvt. Ltd which wanted to use the trademarks for businesses such as electronic equipment, advertising and business management, entertainment and sports. Twenty20, or T20, is a cricket format that involves two teams. Each team plays a single inning of 20 overs. The format was first launched in the UK in 2003. It became popular in India after the country’s team drubbed arch rival Pakistan in the inaugural Twenty20 World Cup played in South Africa in 2007. In a separate case, BCCI has also challenged the logo of the Indian Cricket League, or ICL, the 20-over domestic cricket league launched by the Zee Group in April 2007, according to information available on the trademark authority’s website. Zee Sports Ltd, the sports channel in Zee’s bouquet, had applied for the registration of ICL and its logo in April 2007. The logo comprises a giant cricket ball in the backdrop with a cricketer swinging his bat and Indian Cricket League written at the bottom. BCCI filed an objection to it, after the application was made public by the trademark office in August. BCCI launched its own power-packed, billion-dollar cricket league called Indian Premier League, or IPL, in September 2007. IPL was seen as an attempt to thwart Zee’s efforts to challenge BCCI’s monopoly over cricket in the country. To date, ICL remains a sort of an outlaw league, not recognized by either BCCI or the International Cricket Council, and with its players facing censure, even bans from their respective cricket boards. To cash in on the popularity of the 20-over format, BCCI, in partnership with the cricket boards of Australia, Pakistan, England and South Africa, also announced the launch of Twenty20 Champions League in 2008. This could not be held because of the terrorist attacks in Mumbai in November. India’s cricket board has raised more than $2 billion (Rs10,100 crore) only by selling the telecast rights of the two 20-over cricket series. Mint first reported in October that the Zee Group had sought to trademark T20. Lalit Modi, vice-president of BCCI and chairman and commissioner of the board’s Twenty20 cricket league, IPL, had then casually dismissed Zee’s application by saying: “Anybody can apply for one (trademark). We have several of our own so there will be no reason to contest Zee’s move.” Modi and IPL’s chief executive, Sundar Raman, were not available for comment on the current development. ICL’s business head Himanshu Mody, however, clarified that there was not much similarity between the logos of IPL and ICL. There is “nothing similar between IPL and ICL, the logos are different and even the colours are different...in fact, if there is any close resemblance, it is between the EPL (English Premier League) and IPL.” “As per the trademark rules, any application can be contested, which is what BCCI has done,” he added. Trademark experts said the Zee group may not be able to secure an exclusivity over the various T20 trademarks. “They (Zee) haven’t created the word...they were not the first to opt the word…,” said New Delhi-based trademark attorney Neil Mason. “...also Twenty20 essentially means a game of 20 overs cricket between two teams...to expect one company to claim a monopoly over Twenty20, ...would be naïve and impossible.” Interestingly, Zee started filing its trademark applications weeks after India won the inaugural Twenty20 World Cup and cricket’s shortest format became immensely popular in India. Trademark experts say it generally takes between months and at least a year for India’s Controller General of Patents, Designs and Trademarks to process applications and to open them up for public scrutiny. The trademark office made Zee’s applications public in October and BCCI has challenged them. “Even though BCCI cannot claim monopoly over Twenty20, it probably doesn’t want to get to a situation where someone else gets a registration,” Mason said. rasul.b@livemint.com Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 6:58 pm Spice withdraws bid for SatyamB K Modi-owned Spice Group, which completed the second round of bidding for Satyam Computer Services, today withdrew from the race to buy the troubled company, citing lack of transparency in the bidding process.Source: Business Standard | Front Page Headlines | 27 Mar 2009 | 6:56 pm Sales halted, DCGI to investigateNew Delhi: The drugs controller general of India (DCGI) has revoked the permission granted to Mumbai-based Shreya Life Sciences Pvt. Ltd to import anti-diabetes drug Oral Recosulin, made by Canada-based Generex Biotechnology Corp., after a Mint investigation revealed that the product had been given marketing approval in India without any local human clinical trials being conducted as required by the country’s drug laws. A letter to this effect, issued by DCGI on 26 March with a copy to drug controllers at ports across the country, has been reviewed by Mint. In the letter, the drugs controller has asked Shreya to provide details of the quantity of the drug imported and, in case these were being used for a post-marketing study or a sort of clinical trial after the product has been launched, the status of this study. Also See Tough Treatment (PDF) DCGI has also suspended sale of the drug and launched an investigation into the marketing approval granted to both Generex and Shreya. When contacted, Ram Shelat, director (domestic business), Shreya Life Sciences declined comment, saying only that the company is reviewing the paper. Also Read New diabetes drug approved without trial The company had received permission to import 10 million packs of Oral Recosulin, each of which was being sold in India for Rs2,400. Oral Recosulin is insulin that is administered locally and not injected. It is categorized as a new drug in India because it uses a new delivery mechanism. The Drugs and Cosmetic Act of India makes it mandatory for a new drug undergo so called phase III human clinical trials in India before being approved for marketing here. An exception can be made only if it is in public interest and based on data available from other countries. “The company can no longer import this product into India and whatever has been imported has been put on hold with immediate effect. This means that packs of the product can’t be distributed in the market any more and what is already available has to be withdrawn,” said a senior health ministry official familiar with the issue who spoke on condition of anonymity. He added that DCGI would investigate the matter and then decide if the company should be allowed to go ahead with the post-marketing study or if the permission to import the drug should be cancelled and it be asked to conduct a clinical trial. The import permission was granted in 2007 to Generex Biotechnology, and later transferred to Shreya Life Sciences. It was restricted to 10 million packs. Usually, such import permissions have no restrictions on quantity of the drug being imported. Shreya, however, was to conduct the post-marketing study and submit a report to the regulator. “Now this permission will further be acted upon after the DCGI receives and studies the post-marketing data submitted by the company,” said the same official. On 26 March, Mint had reported that the marketing approval given for Oral Recosulin by DCGI highlighted a lapse in the regulatory mechanism as no clinical trials were conducted in India before the drug was launched. Before it was granted approval in India, this anti-diabetes drug was being sold only in one other country, Ecuador, which has no drugs regulator. Source: Home - Livemint.com | 27 Mar 2009 | 6:55 pm A lesson from ZimbabweGood economic news is rare these days, but there is a welcome glimmer of hope in an unlikely country—Zimbabwe. This African country is otherwise too small and inconsequential in the larger scheme of things. But it was till recently a model for bad economic policy. The citizens of Zimbabwe had to battle inflation that touched 231 million per cent in July, as currency notes worth trillions of Zimbabwe dollars could not buy a meal. All this was thanks to bizzare policies that forced that country’s central bank to print money without any thought. Various news reports now suggest that prices are dropping in Zimbabwe, after the new national unity coalition of Robert Mugabe and Morgan Tsvangirai— sworn enemies till recently —allowed businesses and people to abandon the worthless local currency and use US dollars and South African rand. The economy has stabilized and there is stuff on sale in stores once again. Zimbabwe is a small reminder that Economics 101 matters. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 6:26 pm Despite EC order, few affidavits posted onlineNew Delhi: Despite an Election Commission notice urging chief electoral officers to scan and upload candidates’ affidavits on their websites “not later than 24 hours” after they have been received, most states have yet to comply with this stipulation. This lapse is significant because at the end of last week, a study by a non-profit institute found that 63 of the candidates who had filed their candidature had criminal records, and the first phase of the elections is to kick off on 16 April. Also See Election Scan (Graphic) These affidavits function as summaries of candidates’ criminal records as well as disclosures of their assets and are intended to give voters information they need before they enter the polling booths. Of the 15 states voting (at least partially) in the first phase of the Lok Sabha elections, only three states— Chhattisgarh, Mizoram and Kerala—have posted filed affidavits online to any significant degree. At the time of writing, the official websites of the chief electoral officers of Maharashtra and Andhra Pradesh were inaccessible, while that of Jammu and Kashmir did not even show the schedule for the phased elections in the state. “This is the first time we’re specifying this kind of 24-hour timeline, but it seems now like they’re not always able to do this everywhere,” said K.F. Wilfred, Election Commission secretary. “They aren’t doing this purposely—maybe they’re just not as good at it in some places. So now we may be able to have the affidavits online in 24 hours in all places, and a delay of a day or two may have to be acceptable.” But Anil Bairwal, national coordinator of the Association for Democratic Reforms (ADR), points to the importance of these affidavits. “Between the announcement of the candidates and the elections, there is not much time for people to debate their candidates,” he said. As political parties continue to nominate candidates with criminal backgrounds, the information contained in the affidavits becomes vital to the democratic process. Last week, for example, ADR and National Election Watch had found 63 declared candidates with criminal records, including 39 with “serious criminal cases, like murder, attempt to murder, robbery, theft (and) kidnapping.” Some chief electoral officers, Bairwal added, didn’t even know that the notice about uploading affidavits within 24 hours has been issued: “We had to send a copy of it to them.” In Orissa, Prabhakar Sahu, a spokesperson for the state’s chief electoral officer Alka Panda, confirmed that her office had not received the Election Commission’s communication, even though at least 40 nominations have been filed already. “When the letter reaches, accordingly the action will be taken,” Sahu said. “It should take only two or three hours.” In Meghalaya, nominations began to be filed on 23 March, and the state’s chief electoral officer, Prashant Naik, said that he had received seven candidates’ nominations till date. “We do have affidavits from previous elections on our website, but not yet for these elections,” he admitted. “Tomorrow there’s a scheduled videoconference with the Election Commission to discuss this, and after that we will begin uploading them immediately.” Hemanta Narzary, chief electoral officer of Assam, said his office would enlist the help of the National Informatics Centre, the Indian government’s Web services organization, to upload its affidavits. “We have received only one nomination over the last couple of days but there were four nominations filed today,” he said. “So we hope to start putting the affidavits on our website soon.” Asked if the 24-hour deadline was reasonable, Narzary laughed and said: “It isn’t as if by uploading the affidavits in 24 hours, it will provide a scoop of any sort. But if the Election Commission has said it, we will try to get it done.” The 24-hour deadline “was a positive step, although I don’t know about the logistics of it. How fast the machinery can be activated will have to be seen, because there are always teething problems in this kind of move,” said All Indian Congress Committee secretary Tom Vadakkan. “But it’s wise to become as transparent as possible. Any information—as fast as it is available—should be useful.” Graphics by Paras Jain / Mint Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 6:26 pm LIC wants higher stake in Axis Bank, moves IrdaMumbai: The Life Insurance Corp. of India (LIC), the country’s largest insurer, has sought regulatory approval to increase its stake in Axis Bank Ltd, pitching for a greater say in India’s third largest private bank’s operations. LIC holds 10.36% in Axis Bank and needs approval from the Insurance Regulatory and Development Authority (Irda) as well as the Reserve Bank of India (RBI) to hike its stake.  Greater play: Jeevan Bharti, the building which houses state-owned Life Insurance Corp.’s corporate office in New Delhi. Rajkumar / Mint “It had moved the finance ministry with a proposal to raise its stake sometime back but did not find favour with the ministry,” said a person familiar with the development who didn’t want to be identified. As per RBI norms, one bank cannot own more than 5% in another bank but institutions and promoters can hold up to 10% stake. Irda regulations, too, cap an insurance firm’s holding at 10% in any company, which applies only to instances of new investments. R. Kannan, member, actuary, Irda, said the regulator is looking into LIC’s proposal. “We are looking at the various instruments and ways in which they could do it... My dilemma is whether to treat a 50-year-old person and a three-year-old boy similarly,” Kannan told Mint. “In these volatile times you need strong long-term investors. We need to be cautious and draw a trade off taking into account the importance of LIC (as an institution) in long-term saving.” LIC officials did not respond to phone calls and emails. “Any holding beyond 10% becomes a strategic investment. Currently, the bank is adequately capitalised and would not need capital anytime soon,’’ a senior Axis Bank executive said on condition of anonymity. “LIC comes up with this demand time and again... LIC had earlier approached the government to acquire SUUTI’s stake in Axis Bank. However, the government refused to do so.” SUUTI, or the Special Undertaking of UTI, holds 27.08% stake in Axis Bank, formerly known as UTI Bank Ltd. The undertaking had last August hired investment banks to advise it on the sale of a 21% stake in Axis Bank, then worth Rs5,400 crore. Any increase in LIC’s stake in Axis Bank will give the insurance company more control in the day-to-day running of the bank. It would also support its business growth as LIC can then sell its products and services through the bank’s network. Axis Bank has 749 branches and 3,171 automated teller machines across 454 cities and towns in India. Rise in stake will give the insurer more control in the day-to-day running of the private bank Some of the public sector banks are floating their own insurance subsidiaries, increasing competition for LIC, as the lenders prefer marketing their own products than tie-up with a third party. Axis Bank has an arrangement with MetLife India Insurance Co. Ltd to sell its insurance products through its branches. For general insurance, the bank has a tie-up with Bajaj Allianz General Insurance Co Ltd. LIC has always had a soft corner for banking stocks. It owns 26.32% stake in the Mangalore-based Corporation Bank, for which it got approval under special dispensation from RBI to hold beyond the stipulated 10%. More recently, as bank stocks started testing new lows in past six months, LIC has been actively increasing its holdings in banks. The insurer has in recent months hiked its stake in State Bank of India, the country’s largest, to 9.16% from 4.58%, and in ICICI Bank Ltd, India’s second biggest lender, to 9.38% from 0.93%. In February and March, LIC bought shares worth Rs57.65 crore in Indian Overseas Bank through open-market transactions to hike its stake to 9.96% from 7.09%. The insurer has also increased its holdings in HDFC Bank Ltd, Punjab National Bank, Bank of Baroda, Bank of India, Canara Bank and Syndicate Bank. anita.b@livemint.com Source: Home - Livemint.com | 27 Mar 2009 | 6:14 pm PIL on suspension of convictions withdrawnNew Delhi: The petitioners of a public interest litigation (PIL) that questioned the power of courts to suspend convictions of political candidates was withdrawn before a bench headed by Chief Justice K.G. Balakrishnan on Friday. The petition, filed by three Lucknow-based lawyers—Hanuman Tripathi, Krishna Saran and Alok Saran— expressed concern that “hard core criminals found guilty of abductions, murders, extortions and even terrorism are getting suspension of their convictions from courts”, based on a 2007 judgement of the apex court that suspended a criminal conviction of former cricketer Navjot Singh Sidhu, who is now a member of Parliament representing the Bharatiya Janata Party. The bench said that such a question involving a judgement by the three-judge bench could not be raised in a PIL but in a review petition. Upon this, Senior counsel K.T.S. Tulsi appearing for the petitioners chose to withdraw the petition, said advocate Vipin Kumar Jai who filed the petition for the petitioners. Source: LatestNews-Home - Livemint.com | 27 Mar 2009 | 6:09 pm Stocks up 12.1% on week, but losing steamMumbai: The Bombay Stock Exchange (BSE) index, Sensex, surged for a fifth consecutive day on Friday, taking gains for the week to 12.1%, its best performance since the last week of October 2008, but there were signs of investor fatigue. Click here to watch video Shares seesawed through the day after the Sensex recovered a quarter of its value since hitting a 2009 low in early March, triggering profit taking in blue chips such as Reliance Industries and Infosys Technologies. The benchmark rose for a third week in a row for the first time since late July last year, while the banking sector index jumped 19.1% in its best weekly performance since at least June 2003. “It doesn’t look like this rally can be sustained over the next two to three weeks. Looking ahead, we have the elections. A lot of things are happening, and there are reasons for concern,” Arun Kejriwal, a strategist at research firm KRIS, said. The BSE index closed up 0.5% at 10,048.49 points, a day after it had climbed past five-digits for the first time since 7 January - when Satyam Computer unveiled the country’s biggest corporate fraud, sparking a slide. The rebound was helped by foreign buying of almost $620 million since mid-March, on increasing optimism the global economy was on a steady path to recovery. However, most Indian fund managers are not enthused by the rally and are in no hurry to cut cash levels, with uncertainty about the political outlook ahead of month-long general elections that begin in mid-April. Analysts said investors would also have to brace for a weak quarterly earnings season in April, with the outlook for the economy anything but bright. A top policy adviser said the economic problems will be much worse in 2009 than in the past year. “Is the problem going to end in 2009-10? I don’t think so,” Planning Commission deputy chairman Montek Singh Ahluwalia said. India’s 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. Still, banks were in demand on the improving global outlook for battered financials. Government-run State Bank of India, the country’s top lender, firmed 2.9% to Rs1,125.35. Private-sector lender ICICI Bank rose almost 3% to Rs385.20 and HDFC Bank gained 0.2% to Rs996.60. Reliance Industries, which had risen 17% in the past four days, shed 1.2% to Rs1,548. Infosys fell 2.5% to Rs1,346.75, but ended the week up 3.8%. Maruti Suzuki slipped 0.7% to Rs765.85 after the leading car maker said it expected Tata Motors’ ultra low-cost car to have a marginal impact on sales of its small-car model. Matrix Laboratories Ltd jumped 20% to Rs141.40, after generic drugmaker Mylan Inc said it plans to acquire the remaining 29% it does not already own in the Indian firm. In the broader section, advancers led losers in the ratio of 1.5:1 on moderate volume of 383 million shares. The 50-share NSE index was up 0.9% at 3,108.65. Asian stocks mostly rose as hopes the global economy could not get any worse kept investors buying riskier assets. Source: Home - Livemint.com | 27 Mar 2009 | 5:25 pm Spice out of Satyam race for now - officialBANGALORE (Reuters) - Spice Group, a potential suitor for fraud-hit Satyam Computer Services, will not proceed with its bid for now as it has not got the desired level of transparency, an official said on Friday.Source: Reuters: Money News | 27 Mar 2009 | 1:58 pm
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