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UK interior min in "adult film" row before G20 summit - Reuters India
Source: Google News India - Business | 29 Mar 2009 | 1:39 pm No British Airways flight to Kolkata from MondayBritish Airways suspended its direct service to London from here Sunday, with the last flight taking off at around 5 a.m., even as national carrier Air India resumed operations on the route the same day.Source: IndiaeNews.com: Business News | 29 Mar 2009 | 1:03 pm Geithner says U.S. ready to aid auto restructuringWASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Sunday that the government was ready to help struggling Detroit automakers restructure, but he declined to comment in detail on new steps expected to be announced by the White House Monday.Source: Reuters: Money News | 29 Mar 2009 | 1:02 pm IIM-Ahmedabad hikes tuition fees by Rs.50,000 a yearThe Indian Institute of Management, Ahmedabad (IIM-A), Sunday decided to raise its post-graduate tuition fees for first and second year students by Rs.50,000 annually from the 2010 academic session.Source: IndiaeNews.com: Business News | 29 Mar 2009 | 1:00 pm CBI's chargesheet soon against former Satyam chief, others - Times of India
Source: Google News India - Business | 29 Mar 2009 | 12:27 pm CBI's chargesheet soon against former Satyam chief, othersAccording to sources, the CBI has nearly completed its probe and may file a chargesheet in the first week of April, before the mandatory 90-day period lapses since the arrest of the accused.Source: India Business News | Business News - Times of India | 29 Mar 2009 | 12:19 pm Economic think-tank RIS pitches for $50 bn stimulus packageNew Delhi: Making a case for bigger and bolder stimulus package, economic think-tank Research and Information System (RIS) has pitched for a Rs2.5 lakh crore ($50 billion) package to boost industry, reeling under the impact of the global financial meltdown. “I think we need stimulus package of $50 billion...the growth momentum is affected due to lack of demand. If you stimulate expenditure, it could revive demand,” RIS director-general Nagesh Kumar told PTI. He further said that the government should not worry about rising fiscal deficit at this juncture and that a large stimulus package was needed, which could be spread over two financial years. On the impact of stimulus packages announced by the government in the past, he said, “I think they were desirable but the country needs more sizeable stimulus package.” Kumar, however, sounded positive on economic growth for the country by projecting 7% for 2009-10. Indian economy, according to advance estimates for national income, is expected to grow by 7.1% during 2008-09, down from 9% in the previous fiscal. “We are doing relatively well, India and China have become new growth poles of the world economy,” he added. To boost the economy following the global financial crisis, the government has come out with three stimulus packages since December. Source: LatestNews-Home - Livemint.com | 29 Mar 2009 | 12:11 pm No British Airways flight to Kolkata from March 30 - Economic Times
Source: Google News India - Business | 29 Mar 2009 | 12:07 pm G20 to issue statement on tax havens: US official!The G20 group of major economic powers will issue a statement next week encouraging countries that serve as "tax havens" to increase transparency and adopt international standards, a US official said.Source: Zee News : Business | 29 Mar 2009 | 11:47 am Tata grp outshine Sensex with double gains in a mth!Leading Tata group firms, including Tata Motors and Tata Steel, outperformed Sensex in March by surging more than twice of what the benchmark index has gained in the month so far.Source: Zee News : Business | 29 Mar 2009 | 11:47 am Air India to resume Kolkata-London flight !Air India will resume its service between Kolkata and London from Sunday even as British Airways has decided to suspend its operation from the city the same day due to shortage of passengers.Source: Zee News : Business | 29 Mar 2009 | 11:47 am D-Street may inch towards consolidation this week: Analysts!A wave of consolidation is likely to greet the Dalal Street this week as the bellwether Sensex, which regained the 10,000 level last week, is expected to retain the positive momentum, analysts say.Source: Zee News : Business | 29 Mar 2009 | 11:47 am Free cash withdrawals from all ATMs from April 1!Come April 1 and you need not have to sweat it out looking for an ATM of your own bank as you can use ATMs of your choice without shelling out any extra money.Source: Zee News : Business | 29 Mar 2009 | 11:47 am Talks with Canadian auto union still deadlocked: Chrysler!The Canadian branch of ailing US automaker Chrysler and the Canadian Auto Workers union have not yet reached an agreement to reduce costs, Chrysler`s chief negotiator said in a statement on Saturday.Source: Zee News : Business | 29 Mar 2009 | 11:47 am Google hiring after layoffs!Google is hiring to fill about 360 jobs, even after it announced plans this week to lay off almost 200 sales and marketing employees in its third round of job cuts this year.Source: Zee News : Business | 29 Mar 2009 | 11:47 am Investors’ wealth swells by Rs7 trillion last weekMumbai: The rally in the stock market has added a whopping Rs2.51 trillion to investors’ wealth last week, accounting for over one-third of the total Rs7 trillion gains made by investors since October when the Sensex had plunged below 8,000 levels. The total investors’ wealth, measured in terms of combined market capitalization of all the listed companies, has increased by over Rs7,00,000 crore to Rs31,46,000 crore on Friday. The total market capitalization had been Rs24,10,256 crore on 27 October, when the benchmark Sensex had dropped to a 52-week low of 7,697 points. From the beginning of the year, the benchmark 30-share index Sensex has made gradual recovery and the sharp surge last week has led the index to cross the 10,000 level again. The counter rally in the market last week saw the Sensex gaining over 1,000 points, amid the benchmark index making its biggest single day gain. Interestingly, the sharp gain last week added a whopping over Rs2,51,429 crore to the total investors wealth, regaining a large part of the lost ground during the meltdown. Further, the 30 Sensex companies, which account for over 47% of the total market capitalization of all the companies, saw their combined market valuation rise by over Rs1.51 crore in the week ended 27 March. The combined market capitalization of the 30 bluechip stocks rose to Rs15,53,000 crore on Friday, from Rs14,02,000 crore on 20 March. Among the Sensex companies Reliance Industries, Oil and Natural Gas Corporation (ONGC), State Bank of India and Bharti Airtel were among the major gainers with their stock prices surging between 9 and 20%. At the end of trade on Friday, the market capitalization of country’s most valued firm Reliance Industries rose to Rs2,43,624 crore, a gain of nearly Rs33,000 crore over the last week. Besides, the country’s largest lender, State Bank of India, added about Rs11,000 crore last week, taking its total valuation to Rs71,446 crore at the last trading session on Friday, while Sunil Mittal-led Bharti Airtel added Rs10,042 crore. Source: LatestNews-Home - Livemint.com | 29 Mar 2009 | 11:40 am Air India starts Delhi-Chicago daily flightNational carrier Air India launched its daily Delhi-Chicago flight via Frankfurt, the airline's official said. The flight took off around 1.50 am on Sunday, the airline spokesperson Chandra Kumar said.Source: India Business News | Business News - Times of India | 29 Mar 2009 | 11:30 am Sinopec Q4 profit nearly doublesHong Kong: Top Asian oil refiner Sinopec Corp posted a near doubling in quarterly profit on Sunday, its first gain in more than a year, as a steep decline in crude oil prices fuelled a surge in refining profits. But the world’s second-largest refiner after Exxon Mobil posted a first drop in annual profit in 7 years, with full-year net a little over half what it was in 2007, as soaring crude oil prices in the first half and low state-capped fuel prices squeezed margins. The firm had flagged to investors that its 2008 net profit would fall around 50%. October-December net profit was 13.3 billion yuan, versus 6.71 billion yuan a year earlier, according to Reuters calculations, beating a forecast for 7.94 billion yuan from 15 analysts polled by Reuters Estimates. Full-year net profit fell to 29.7 billion yuan from 56.5 billion yuan in 2007. The state-owned refiner’s fortunes have shifted in recent months after crude prices dropped sharply and Beijing moved to hike fuel prices, guaranteeing higher profit margins. Sinopec shares are up 29% this month, helped by the fuel price hike, while PetroChina has gained 20% and CNOOC is up 23%. Source: LatestNews-Home - Livemint.com | 29 Mar 2009 | 11:29 am Virtual ban on fresh recruitments: AssochamHit by the economic slowdown, India Inc has virtually stopped fresh recruitments to cut costs, an industry lobby said.Source: India Business News | Business News - Times of India | 29 Mar 2009 | 11:18 am IIM-A increases fees for PGPM by Rs 50000 from 2010-11 - Economic Times
Source: Google News India - Business | 29 Mar 2009 | 11:15 am Bring back Indian money stashed abroad: Advani tells PMBharatiya Janata Party (BJP) leader L.K. Advani Sunday asked Prime Minister Manmohan Singh to raise at the G-20 summit the issue of Indian money stashed abroad and promised to look into the problem of black money if his party comes to power.Source: IndiaeNews.com: Business News | 29 Mar 2009 | 11:00 am Ficci-PwC pitches for reduction in corporate tax to 25%New Delhi: Making a strong case for reduction in the corporate tax rate to 25 %, a Ficci-PwC study has said that companies have to pay about 24% taxes. “The study has led us to (the) conclusion that (the) corporate tax rate should not be more than 25% and dividend distribution tax not more than 10% ... (the) tax burden is too high,” Ficci secretary-General Amit Mitra said while releasing the survey jointly conducted by the industry chamber and global tax consultant PricewaterhouseCoopers. Companies pay up to 16% of their turnover as taxes, according to the report. The survey will help support a constructive dialogue between the government and industry regarding the future shape and competitiveness of the Indian tax system, said PwC executive director Ketan Dalal. The average tax rate (TTR) of the 41 companies that participated in the survey is about 35.9% of their profits, the survey said. Source: LatestNews-Home - Livemint.com | 29 Mar 2009 | 10:43 am Investments in emerging nations to revive global eco: HindujaNew York: Viewing the economic crisis as just a “trailer to the real movie”, NRI industrialist S P Hinduja has said the billions in bailouts by governments were more like a stop-gap oxygen therapy, whereas the situation requires investments in emerging economies. “Giving large sums of money to the very people who caused the problems in the first place seems very unwise, to put it mildly,” said Srichand P Hinduja, Chairman of the diversified Hinduja Group. In a commentary written for US business publication Forbes ahead of next week’s G-20 leaders meeting in London, he said: “What we are witnessing is the trailer to the real movie. “The recession could last anywhere between 3-5 years, possibly even longer. The worst pain is, I fear, yet to come.” “What governments are offering by bailout of financial institutions and industrial manufacturers is temporary oxygen in an attempt to stave off the worst effects of the deepening recession. As nature seeks to correct the imbalance, we have to recognise that both socialism and capitalism have failed,” Hinduja wrote in the article. In comparison, directing attention to the need of emerging economies would produce immediate results and “enable the developed world to enjoy the benefits of expanding economies to create a new consumer market share among the billions on low incomes and the unemployed throughout the world.” Source: LatestNews-Home - Livemint.com | 29 Mar 2009 | 10:38 am Virtual ban on fresh recruitments: AssochamHit by the economic slowdown, India Inc has virtually stopped fresh recruitments to cut costs, an industry lobby said.Source: IndiaeNews.com: Business News | 29 Mar 2009 | 10:31 am Raise issue of Indian black money in foreign banks at G-20: Advani asks PMBharatiya Janata Party (BJP) leader L.K. Advani Sunday asked Prime Minister Manmohan Singh to raise in the upcoming G20 summit at London the issue of India's black money stashed in foreign banks.Source: IndiaeNews.com: Business News | 29 Mar 2009 | 10:30 am Air India starts Delhi-Chicago daily flightNational carrier Air India Sunday launched its daily Delhi-Chicago flight via Frankfurt, the airline's official said.Source: IndiaeNews.com: Business News | 29 Mar 2009 | 10:30 am MCX to revive IPO plans, may file fresh prospectusMumbai: Within a year of shelving its plans to tap the capital market with an initial public offer (IPO), the country’s largest commodity bourse, MCX, is believed to be reviving it and may soon approach the regulator. Jignesh Shah-led Financial Technologies, the promoter of Multi-Commodity Exchange, is believed to have sounded out some investment bankers and brokers recently about the possibility of reviving plans for the IPO, market sources said. The FTIL and MCX management are said to have been enthused by the recent upsurge on the bourses and expectations for a possible recovery in the stock market as well as overall economic scenario by the second half of 2009. When asked if MCX was reviving the IPO plans and could soon file a fresh draft red herring prospectus (DRHP) with market regulator Sebi, a company spokesperson did not give a direct reply. “As per company policy, we do not respond to day to day market news and rumours. We also do not do selective disclosures,” the spokesperson said in an emailed statement. “At the time of achieving the milestone we report it to stock exchanges so that the information regarding development is uniformly distributed to all stakeholders,” he added. There are also speculations that the IPO revival plans could be due to pressure from some investors such as Citigroup and Fidelity, who wanted to exit after MCX’s listing. Source: LatestNews-Home - Livemint.com | 29 Mar 2009 | 10:29 am India to buy $20 mln of Emaar-MGF flats - paperMUMBAI (Reuters) – The government will buy up to 1 billion rupees ($20 million) worth of flats from real estate firm Emaar MGF Land, the Business Standard newspaper reported on Sunday, citing a senior ministry official.Source: Reuters: Money News | 29 Mar 2009 | 10:20 am China-based hackers break into PCs of Dalai, Indian embassyNew York: A vast cyber spy network controlled from China has infiltrated government and private computers in 103 countries, including those of Indian embassy in Washington and the Tibetan spiritual leader Dalai Lama, a media report said Sunday. Canadian researchers, the New York Times reported, have concluded that the computers based almost exclusively in China are controlling the network and stealing documents, but stopped short of saying that the Chinese government was involved. It quoted researchers as saying that they had found no evidence that the US government offices had been infiltrated, although a NATO computer was monitored by the spies for half a day and computers of the Indian embassy in Washington were infiltrated. The researchers, who are based at the Munk Center for International Studies at the University of Toronto, had been asked by the office of the Dalai Lama, the exiled Tibetan leader whom China regularly denounces, to examine its computers for signs of malicious software or malware, the paper said, quoting a report being issued shortly. Their sleuthing, it said, opened a window into a broader operation that, in less than 2 years, has infiltrated at least 1,295 computers in 103 countries, including many belonging to embassies, foreign ministries and other government offices, as well as the Dalai Lama’s Tibetan exile centers in India, Brussels, London and New York. The researchers, who have a record of detecting computer espionage, said they believed that in addition to the spying on the Dalai Lama, the system, which they called GhostNet, was focussed on the governments of South Asian and Southeast Asian countries, the paper reported. It quoted intelligence analysts as saying that many governments, including those of China, Russia and the United States, and other parties use sophisticated computer programmes to covertly gather information. The newly reported spying operation is by far the largest to come to light in terms of countries affected, the paper said. This is also believed to be the first time researchers have been able to expose the workings of a computer system used in an intrusion of this magnitude. Still going strong, the operation continues to invade and monitor more than a dozen new computers a week, the paper said quoting the report — “Tracking ‘GhostNet´: Investigating a Cyber Espionage Network.” Working with the Tibetans, the researchers found that specific correspondence had been stolen and that the intruders had gained control of the electronic mail server computers of the Dalai Lama’s organisation, the Times said. The electronic spy game has had at least some real-world impact, the researchers were quoted as saying. For example, they said, after an e-mail invitation was sent by the Dalai’s office to a foreign diplomat, Chinese government made a call to the diplomat discouraging a visit. Source: Tech News - Livemint.com | 29 Mar 2009 | 10:17 am China-based hackers break into PCs of Dalai, Indian embassyNew York: A vast cyber spy network controlled from China has infiltrated government and private computers in 103 countries, including those of Indian embassy in Washington and the Tibetan spiritual leader Dalai Lama, a media report said Sunday. Canadian researchers, the New York Times reported, have concluded that the computers based almost exclusively in China are controlling the network and stealing documents, but stopped short of saying that the Chinese government was involved. It quoted researchers as saying that they had found no evidence that the US government offices had been infiltrated, although a NATO computer was monitored by the spies for half a day and computers of the Indian embassy in Washington were infiltrated. The researchers, who are based at the Munk Center for International Studies at the University of Toronto, had been asked by the office of the Dalai Lama, the exiled Tibetan leader whom China regularly denounces, to examine its computers for signs of malicious software or malware, the paper said, quoting a report being issued shortly. Their sleuthing, it said, opened a window into a broader operation that, in less than 2 years, has infiltrated at least 1,295 computers in 103 countries, including many belonging to embassies, foreign ministries and other government offices, as well as the Dalai Lama’s Tibetan exile centers in India, Brussels, London and New York. The researchers, who have a record of detecting computer espionage, said they believed that in addition to the spying on the Dalai Lama, the system, which they called GhostNet, was focussed on the governments of South Asian and Southeast Asian countries, the paper reported. It quoted intelligence analysts as saying that many governments, including those of China, Russia and the United States, and other parties use sophisticated computer programmes to covertly gather information. The newly reported spying operation is by far the largest to come to light in terms of countries affected, the paper said. This is also believed to be the first time researchers have been able to expose the workings of a computer system used in an intrusion of this magnitude. Still going strong, the operation continues to invade and monitor more than a dozen new computers a week, the paper said quoting the report — “Tracking ‘GhostNet´: Investigating a Cyber Espionage Network.” Working with the Tibetans, the researchers found that specific correspondence had been stolen and that the intruders had gained control of the electronic mail server computers of the Dalai Lama’s organisation, the Times said. The electronic spy game has had at least some real-world impact, the researchers were quoted as saying. For example, they said, after an e-mail invitation was sent by the Dalai’s office to a foreign diplomat, Chinese government made a call to the diplomat discouraging a visit. Source: LatestNews-Home - Livemint.com | 29 Mar 2009 | 10:17 am Varun charged with attempt to murder, riotingPilibhit: BJP Lok Sabha candidate Varun Gandhi has been charged with attempt to murder, rioting and other offences in an FIR filed in connection with violence that erupted here even as police on Sunday maintained a close vigil to maintain law and order in this district. 29-year-old Varun, along with Uttar Pradesh BJP chief Kalraj Mishra, local MLA Sukhlal and former party MLA B K Gupta, have been named in another FIR registered for violation of prohibitory orders under section 144 CrPC on Saturday when the BJP candidate courted arrest in a case related to his alleged anti-Muslim speeches, Kotwali police sources said. Varun, who is in judicial custody, has been booked under sections 147, 148 and 149 (rioting and related charges), 307 (attempt to murder), 332 (voluntarily causing hurt to deter public servant from his duty), 336 (doing any act that endangers human life or the personal safety of others) and certain sections of IPC and public safety and certain state acts for the violence around the district jail here, they said. The FIR relating to rioting and other chages has been filed by Pilibhit district jailor Mukesh Arora against Varun and his supporters after BJP activists fought a pitched battle with the police and laid a siege of the jail premises. Meanwhile, Pilibhit district magistrate Ashok Chauhan discounted the allegation of BJP MP and Varun’s mother Maneka Gandhi that a Muslim officer had injured several of supporters and said he was not deployed there. Source: Home - Livemint.com | 29 Mar 2009 | 10:12 am NSE to sell MCX stake, finds investment no more strategicMumbai: The country’s leading stock exchange, National Stock Exchange, or NSE, is looking to offload its stake in commodity bourse Multi Commodity Exchange, or MCX, as it no longer finds the investment strategically important. Financial Technologies, the promoter of the country’s largest commodity bourse MCX, has also agreed to NSE’s offer and has said that it would facilitate the transaction at a right time. The National Stock Exchange holds 1% stake in MCX. However, MCX has said that it would not sell its 1% stake in NSE. The two bourses have been operating in different areas for long - while NSE has been into stocks and only commodities are traded at MCX platform. However, the two exchanges have started to compete with each other in the recent past. Speaking to PTI over phone, FTIL chairman Jignesh Shah said that NSE has written to them about selling their 1% stake and “we have replied that at a right opportune time, we will facilitate that.” Shah added that “we hold 1% stake in NSE and we will continue to hold that.” “We confirm that we have written to MCX to exit the stake. The stake had been taken originally when MCX had approached us to do so as a token stake,” an NSE spokesperson told PTI in an e-mailed statement. Source: Home - Livemint.com | 29 Mar 2009 | 10:07 am Indian companies stop fresh recruitments: AssochamNew Delhi: Indian companies have virtually stopped fresh recruitments to cut costs in the wake of global credit crunch, says a study by industry body Assocham. Out of 150 human resource professionals interviewed, 90% said that “there is a virtual ban on fresh recruitments in the private sector as attrition rate has almost subsided in all sectors of economy.” The study said that as the global slowdown is getting deeper, HR professionals are under severe pressure for working out innovative ways and means to cut unnecessary organisational frills and reduce fringe benefits such as bonus and other allowances, besides curtailment in administrative costs. In order to avoid layoffs, HR professionals have advised managements to cut wages in the range of 10-15% at middle and senior-middle levels and 25-35% at senior levels, it said. “Efforts are being put in the direction that only 5-7% wage cuts are being recommended for lower-level employees,” it said, adding that the focus of firms is more towards cutting administrative costs such as optimum use of stationery, conveyance and reduced electricity consumption. Source: Home - Livemint.com | 29 Mar 2009 | 10:04 am Cognizant, Pepsico among 50 best American cos: BusinessWeekCognizant ranked at the 31st spot is led by Francisco D'Souza, while Pepsico, which is at the 40th spot, is headed by Indra Nooyi.Source: Daily News & Analysis: Money News | 29 Mar 2009 | 9:57 am Billionaires hunting for deals amid economic slowdownBillionaires like Mexico's Carlos Slim Helu and US investor George Soros are looking for investment opportunities.Source: Daily News & Analysis: Money News | 29 Mar 2009 | 9:44 am Mittal threatens to stop work on Bhatinda refinerySteel czar Lakshmi N Mittal has threatened to stop work on the Rs 18,919-crore oil refinery project at Bhatinda in Punjab.Source: Daily News & Analysis: Money News | 29 Mar 2009 | 9:42 am Reliance Infra keen on expanding power distribution businessNew Delhi: Anil Dhirubhai Ambani group (ADAG) company Reliance Infrastructure Sunday said it will bid for more power distribution business in Maharashtra, UP, Bihar and other states, claiming it helped the Delhi Government save Rs19,000 crore through improvement in power supply. “We are geared up to bid for distribution work in 20 cities including nine in Uttar Pradesh, five in Maharashtra and four in Bihar as and when bids are invited,” Reliance Infra Chief Executive Officer Lalit Jalan told PTI. There are indications that these states would open up power distribution to the private sector, Jalan said, adding, “with our proven credentials in the sector, we are hopeful to be front-runners in the race. He further said, “In case of winning awards, it will be our endeavour to reform the sector and reduce the aggregate technical and commercial (AT & C) losses substantially. In Delhi we helped the state government to bring down losses to 20% from 55% in 2002.” The operations in Delhi, he said, helped the state government save Rs19,000 crore over the past seven years. Reliance Infra, he claimed, is the largest private sector enterprise among power utilities involved in generating, transmitting, distributing and trading electricity and constructing power plants as engineering procurement construction partners. He said the company has distributed power over the last six years to over 2.5 million customers in Delhi, with a peak demand of 2,650 MW, having invested over Rs 3,200 crore in infrastructure. In Mumbai, he said the company distributes power to over 2.7 million customers, with a peak demand of 1,465 MW. AT&C losses in Mumbai are the lowest, he claimed. Reliance Infra distributes more than 28 billion units of electricity to cover 25 million consumers in the country, over 1,24,300 square km. It generates 941 MW, from its power stations located in Maharashtra, Andhra Pradesh, Kerala, Karnataka and Goa. The company claims to be emerging as one of the leading players in India in the engineering, procurement and construction (EPC) segment of the power sector with an order book of Rs8,300 crore, having executed projects worth Rs10,000 crore in the past four years. Source: Home - Livemint.com | 29 Mar 2009 | 8:53 am Post production of Hollywood movie done in ChennaiChennai: A city based digital and media production house has done post production work of a Hollywood movie, probably for the first time in India. The final touches to the horror movie ‘Ways’, directed by Hollywood film-maker Corrie, likely to be released by June, was given by Digital Magic Visuals India Ltd here. Filmed on a high resolution Red Digital camera the film revolves around a haunted house situated in a forest in New York. Though a horror movie, it was made during the day time. “We gave the colour correction as if it was shot in a thick dense forest during night,” Digital Magic Visuals India MD Arulmoorthy said. He said in such a camera we can store the visuals in a chip and during post-production work we gave the visual effects and re-recorded on a 35mm negative. “The entire visual effects, re-recording, colour correction and editing for the film was done by us and I think this is the first time an Indian company has done the post-production work of a Hollywood movie,” he said. Arulmoorthy said the film crew, which was here for the past one month for the post production work on visuals, “was very happy” on the outcome of the movie. “They expressed complete satisfaction over the work. I expect them to come back again and again here,” he said. He added, “the main reason for Corrie to assign the work to us was the cost factor. This is like the IT industry. Due to the availability of cheap labour they selected the Indian company.” Source: LatestNews-Home - Livemint.com | 29 Mar 2009 | 8:20 am Long wait for IT Dept before it can get tax from BCCINew Delhi: Amid the dispute on whether India’s cricket board should pay income tax, authorities are waiting for filing of returns for 2008-09 to assess tax liability of the Board, including its income from money spinner IPL Twenty20 tournament. However, the assessment process could take at least one year from the date of filing of return by the Board of Control for Cricket in India (BCCI) by 30 September. “We will try to complete the assessment of BCCI’s returns by December 2010 on a fast track,” a tax official said. Although BCCI is registered as a charitable institution, amendment to the definition of the ‘public utility’ in 2008 gives powers to the assessing officer to deny the tax benefit to the board, an official said, adding cricket, especially the IPL brand, has become commercial. The Indian Premier League (IPL), which has been described by Home Minister P Chidambaram as a “shrewed combination” of business and sports, is not registered as a separate entity and its income will be reflected in the BCCI’s returns, due before September this year, he said. IPL, which is hosting its second season in South Africa from 18 April, has since renegotiated the 10-year broadcasting rights for over Rs8,000 crore granting them to Sony and WSG. Source: LatestNews-Home - Livemint.com | 29 Mar 2009 | 8:05 am Virgin group enters Formula 1 sponsorshipMelbourne: British entrepreneur Richard Branson’s Virgin Group has agreed a substantial sponsorship deal with the new Brawn GP team, both sides announced at the Australian Grand Prix on Saturday. Branson told a news conference at the Albert Park circuit that he had signed the deal only four hours before stepping on a plane for Australia and would use the Formula One team to promote a clean fuel revolution. “Over the years Virgin has had the great honour of partnering with technical geniuses and I truly believe that (team owner) Ross Brawn is to F1 what Burt Ratan is to space travel with Virgin Galactic,” he added. Brawn, who have taken over from departed Honda, will compete in Sunday’s season-opening race among the favourites and with Virgin branding on their white cars. “Richard Branson is a hugely successful global businessman, and it’s therefore excellent news for Formula One that he and the Virgin Group have entered the sport,” said Dennis after the announcement that Virgin had agreed to back the new Mercedes-powered Brawn GP team. “But their entry shouldn’t be seen as in some way bucking a trend,” he added in a statement at the season-opening Australian Grand Prix. “Despite the global economic downturn, Formula One’s sponsorship situation remains remarkably robust,” said Dennis, whose team are 40% owned by Mercedes. Renault are losing title sponsor ING at the end of the year while troubled bank RBS has already said it would quit when its current deal with Williams expires at the end of 2010. Dennis said that was more to do with the troubles of those institutions than any greater problem within Formula One, comparing their departure to the Premier League exit of Manchester United sponsor AIG. Dutch-based banking and insurance company ING, who are also the title sponsors of the Australian Grand Prix, have had to cut back after taking a €1 billion ($1.33 billion) loss in 2008. Williams have also lost sponsorship from companies owned by Icelandic investment firm Baugur, which collapsed under the weight of its debt, while Lenovo have moved across to McLaren. BMW-Sauber’s partnership with Swiss bank Credit Suisse has also ended. Source: LatestNews-Home - Livemint.com | 29 Mar 2009 | 7:36 am Antwerp's diamond industry reels from recessionWith a whopping $43 billion of rough and cut diamonds passing through Antwerp, home to some 300 Indian families mainly hailing from Palanpur in Gujarat that are engaged in the trade, this Belgian city's diamond market is dangerously overdrawn and reeling from the financial meltdown.Source: IndiaeNews.com: Business News | 29 Mar 2009 | 7:31 am Earth hour, a crude joke for AgraObserving Earth Hour by switching off lights from 8.30 p.m. to 9.30 p.m. Saturday was termed 'a crude joke' by Agra residents who anyway face sporadic power cuts of varying durations everyday.Source: IndiaeNews.com: Business News | 29 Mar 2009 | 7:30 am Deflation not a threat to India's economy: BankersWith inflation fast approaching zero per cent, bankers have sought to allay fears that the country may be in the deflation mode on grounds that the consumer price index was still high and deflation was a statistical phenomenon due to base effect.Source: India Business News | Business News - Times of India | 29 Mar 2009 | 7:27 am Vishal Retail plans to raise Rs50 crore through debtNew Delhi: Diversified retail company Vishal Retail is looking to raise Rs50 crore through debt to invest in inventory and stock, as it puts on hold an earlier plan to raise Rs150 crore through private equity. The 187 outlet-strong retail player said market conditions are not conducive and it would rather seek debt from lenders. “We are looking at the debt option and plan to raise Rs50 crore within next few months. The money would be used to increase our inventory and stock,” Vishal Retail Group president Ambeek Khemka told PTI. He said the company is still keeping its option of going for PE open but termed the current market situation as inappropriate for such a step. “We are still committed to private equity but the current market condition is bad. We have reached a mark of 187 outlets and now our focus is on consolidation and increasing our market share, and it requires us to have additional inventory,” Khemka said. The company’s plan to seek debt comes a fortnight after it called halt to its retail expansion citing the ongoing economic downturn. Source: Home - Livemint.com | 29 Mar 2009 | 6:22 am Steel makers see demand rising in next fiscalNew Delhi: Steel makers, such as SAIL, Tata Steel and JSW Steel, are witnessing a revival of demand in the country following improved consumption from sectors such as construction and automobile. “Steel sector is now doing quite well. There is an overall growth in demand for steel. It is a positive sign,” JSW Steel Vice-Chairman and MD Sajjan Jindal said. Steel firms saw demand for steel waning due to the global industrial downturn in the second half of this fiscal. However, the country’s largest private steel producer expects demand to improve by 4-5% in the next fiscal. “This whole year, we will see a slight growth in steel demand, may be by 4-5% as steel consumption increases,” Jindal said. Ruling out any changes in price structure, Jindal said, “Domestic steel prices have already come down. We are already more or less bottomed out. Do not talk about pushing it further down,” he said. Echoing sentiments, other domestic steel makers such as Essar Steel and VISA Steel said they expect the improving trend to continue during the next fiscal. Source: Home - Livemint.com | 29 Mar 2009 | 6:19 am Top 10 cos add Rs91k cr in a week; RIL leads packMumbai: Extending their gains of the past two weeks, country’s 10 most valued firms added over Rs91,000 crore to their market capitalisation last week with Reliance Industries alone accounting for over one-third of the total gain. The most valued firm of the country Reliance Industries added Rs32,963 crore to its valuation last week. Shares of RIL surged nearly 16% on the BSE, amid the broader market witnessing a counter rally in bear market. At the end of the Friday’s trade, the valuation of Mukesh Ambani-led RIL stood at Rs2,43,624 crore, against Rs2,10,661 crore a week ago. The top-10 firms, comprising four private and six public sector entities, added Rs91,480 crore last week, taking the total market cap of the elite club to Rs11,15,658 crore. In the previous week, the valuation of the club was at Rs10,24,177 crore. Two state-run companies-- oil major Oil and Natural Gas Corp (ONGC) and power utility NTPC-- added Rs11,325 crore and Rs3,710 crore respectively to their valuation last week. At the end of Friday’s trade, ONGC remained the most valued PSU firm with a market cap of Rs1,72,821 crore, while NTPC was valued at Rs1,50,109 crore. Source: Home - Livemint.com | 29 Mar 2009 | 6:15 am Sun Pharma gets FDA approval for topiramateMUMBAI (Reuters) - Indian drug firm Sun Pharmaceutical Industries Ltd said it had received approval from the U.S. Food and Drug Administration to sell topiramate tablets.Source: Reuters: Money News | 29 Mar 2009 | 5:52 am World leaders urge crisis reform; U.S. cautiousVINA DEL MAR, Chile (Reuters) - Center-left world leaders including Britain's Gordon Brown and Brazil's Luiz Inacio Lula da Silva on Saturday called for global financial reforms at next week's G20 summit, but the U.S. warned against over-regulation.Source: Reuters: Money News | 29 Mar 2009 | 5:45 am Free cash withdrawals from all ATMs - Times of India
Source: Google News India - Business | 29 Mar 2009 | 5:41 am Tata group stocks outshine Sensex; post double gains in a month - Economic Times
Source: Google News India - Business | 29 Mar 2009 | 5:34 am Moody’s expects industrial production to contract in 2009New Delhi: Stimulus packages notwithstanding, financial services firm Moody’s expects the country’s industrial production to register an annual contraction in 2009, primarily due to slump in exports. “We may even see an annual contraction in industrial production this year... I am looking at a decline of about 1.5% year-on-year in February,” Moody’s economy.com economist Sherman Chan told PTI in a written statement. Year 2009 began with industrial output contracting by 0.5%, highlighting that stimulus packages have failed to perk up the manufacturing as well as mining sectors so far. The data for February will come next month. Chan said more negative industrial growth is expected in the coming months and don’t see a solid rebound until early 2010. After contracting for the first time in 16 years in October 2008, industrial production again shrank in December and January. As such, the partial recovery in November proved an aberration. In January, manufacturing sector growth turned negative by 0.8% and mining production fell by 0.4%. Exports had a good run in the first half of 2008-09 growing by over 30%. But orders got cancelled and exporters found it difficult to get new bookings, thereafter, with demand slackening overseas due to global financial crisis. As a result, from October onward, exports have been on decline, with export in January fell by 16%. Moody’s expects that more stimulatory measures or supportive steps will be announced by the government in the coming months. “This is needed not just for boosting the economy but also for sustaining sentiment, which is important as it affects consumption and investment,” it said. To boost the economy, the government unveiled two fiscal stimulus packages in December and January, which included excise duty reduction and various other incentives across sectors. Besides, as part of the interim budget, the government announced further cut in excise duty as well as reduction in service tax. Source: Home - Livemint.com | 29 Mar 2009 | 5:34 am Khadi back in vogue as polls close inIt's the quintessential garb of an Indian politician - the white khadi dress. And with the world's largest democracy going to the polls next month, this handspun cloth popularised by Mahatma Gandhi is again becoming the flavour of the season.Source: IndiaeNews.com: Business News | 29 Mar 2009 | 5:30 am Free cash withdrawals from all ATMs from April 1Banks can still charge extra for services like cash withdrawal with the use of credit cards and at ATMs located outside India.Source: India Business News | Business News - Times of India | 29 Mar 2009 | 5:25 am Billionaires hunting for deals amid economic slowdownNew York: The financial meltdown may have shaved off billions of dollars from their fortunes, but still billionaires like Mexico’s Carlos Slim Helu and US investor George Soros are looking for investment opportunities. In its list of ‘Billionaire Vultures´, US business magazine Forbes has named people who are betting big amid the deepening global economic slowdown. Founder of Saudi Arabia’s MBI International group Mohamed bin Issa Al Jaber, member of Abu Dhabi’s royal family Mansour bin Zayed Al Nahayan, American investors -- Wilbur L Ross Jr, John Catsimatidis and Nicolas Berggruen, along with Mexican telecom tycoon Slim Helu and Soros feature in the list. “How much these billionaires will make off these opportunistic bets won’t be known possibly for years. But one thing is certain: How and when they choose to spend will be a closely watched vital sign of the stricken economy,” the publication said in an accompanying report. Other names in the league of ‘Billionaire Vultures´ includes US-based Gerald Ford, Germany’s Gunter Herz and Russia’s Mikhail Prokhorov. Wilbur Ross, who has a personal fortune of $1.3 billion, had made investments to the tune of $80 million in India’s low-cost carrier SpiceJet in 2008. Source: Home - Livemint.com | 29 Mar 2009 | 5:05 am Indian ADRs gain nearly $10 bn in MarchNew York: Indian shares listed on American bourses saw their total market capitalisation swelling by a whopping nearly $10 billion so far this month, with IT major Wipro accounting for about a fourth of the total gains. With just two more trading sessions to go this month, the market value of the 16 Indian companies trading on the New York Stock Exchange and Nasdaq shot up by $9.87 billion during the March 2-27 period. American markets made substantial gains during this period amid a raft of encouraging economic data and the US government coming up with a public-private partnership to buy $1-trillion toxic assets. Wipro’s market valuation has jumped by $2.48 billion so far in March. Another major gainer was leading copper producer Sterlite Industries, whose value climbed by $1.8 billion. Banking stocks — HDFC Bank and ICICI Bank — together accounted for a gain of over $2.6 billion in valuation. While the market capitalisation of HDFC Bank went up by $1.4 billion, that of ICICI Bank rose by $1.2 billion. Further, the market valuations of IT bellwether Infosys Technologies and telecom entity Tata Communications grew by $980 million and $758 million, respectively. Source: Home - Livemint.com | 29 Mar 2009 | 5:05 am Billionaires hunting for deals amid economic slowdownNew York: The financial meltdown may have shaved off billions of dollars from their fortunes, but still billionaires like Mexico’s Carlos Slim Helu and US investor George Soros are looking for investment opportunities. In its list of ‘Billionaire Vultures´, US business magazine Forbes has named people who are betting big amid the deepening global economic slowdown. Founder of Saudi Arabia’s MBI International group Mohamed bin Issa Al Jaber, member of Abu Dhabi’s royal family Mansour bin Zayed Al Nahayan, American investors -- Wilbur L Ross Jr, John Catsimatidis and Nicolas Berggruen, along with Mexican telecom tycoon Slim Helu and Soros feature in the list. “How much these billionaires will make off these opportunistic bets won’t be known possibly for years. But one thing is certain: How and when they choose to spend will be a closely watched vital sign of the stricken economy,” the publication said in an accompanying report. Other names in the league of ‘Billionaire Vultures´ includes US-based Gerald Ford, Germany’s Gunter Herz and Russia’s Mikhail Prokhorov. Wilbur Ross, who has a personal fortune of $1.3 billion, had made investments to the tune of $80 million in India’s low-cost carrier SpiceJet in 2008. Source: World Business - Livemint.com | 29 Mar 2009 | 5:05 am Top 10 cos add Rs 91k cr in a week; RIL leads packExtending their gains of the past two weeks, country's 10 most valued firms added over Rs 91,000 crore to their market capitalisation last week.Source: India Business News | Business News - Times of India | 29 Mar 2009 | 4:27 am Obama starts climate change forum for big economiesWASHINGTON (Reuters) - U.S. President Barack Obama on Saturday invited 16 "major economies" including the European Union and the United Nations to take part in a forum on climate change to facilitate a U.N. pact on global warming.Source: Reuters: Money News | 29 Mar 2009 | 3:23 am G20 to issue statement on tax havens - U.S. officialWASHINGTON (Reuters) - The G20 group of major economic powers will issue a statement next week encouraging countries that serve as "tax havens" to increase transparency and adopt international standards, a U.S. official said on Saturday.Source: Reuters: Money News | 29 Mar 2009 | 3:01 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 | 29 Mar 2009 | 2:54 am Credit offtake may not be as good as expected, says BhattJamshedpur, March 28 Interest rates will soften further. However credit offtake may not be as good as expected, said Mr O.P. Bhatt, Chairman, State Bank of India, here on Saturday. Speaking on the sidelines of the 53rd Convocation of XLRI, heSource: Business Line - Home Page | 29 Mar 2009 | 12:00 am SIP investors in MFs hit the most by equities dropMumbai, March 28 Contrary to general belief, investors through systematic investment plans (SIP) in mutual fund schemes seem to have suffered more compared with the non-SIP investment mode, owing to erratic movements in the stock markets overSource: Business Line - Home Page | 29 Mar 2009 | 12:00 am Volume growth holds the key for FMCGs next fiscalChennai, March 28 The fast moving consumer goods industry is one that has bucked the downtrend seen in most industries and recorded high growth rates this financial year.Source: Business Line - Home Page | 29 Mar 2009 | 12:00 am Weekly news round-upThe Tata Nano was launched at a glittering ceremony at the Parsi Gymkhana on Mumbai's Marine Drive on Monday evening. The people's car will hit the roads in July. However, customers will have to wait a long while for eventual possession as TataSource: Business Line - Home Page | 29 Mar 2009 | 12:00 am PM favours further cut in ratesNew Delhi, March 28 The Prime Minister, Dr Manmohan Singh, has ‘advised’ the Reserve Bank of India to further cut interest rates. He was addressing a meeting with captains of Indian industry here on Saturday. The RBI Governor, Dr D.Source: Business Line - Home Page | 29 Mar 2009 | 12:00 am Corporate update - Economic Times
Source: Google News India - Business | 28 Mar 2009 | 9:50 pm Touch me, touch me notAfter the success of touch phones like the iPhone, PC makers are slowly introducing touch-enabled devices. So is it time to throw out that mouse and keyboard?Source: Daily News & Analysis: Money News | 28 Mar 2009 | 8:57 pm Now, high life and holidays on a budgetTravel companies say they've created bargain packages for summer holidays by doing better deals with hotels and airlines.Source: India Business News | Business News - Times of India | 28 Mar 2009 | 7:48 pm Lower interest rates, PM tells private banksPM Manmohan Singh asked industry to be sensitive to the impact of the economic slowdown on the weakest sections of society and to the challenge of job losses.Source: India Business News | Business News - Times of India | 28 Mar 2009 | 7:32 pm Essar fuel sales turn profitable for the first timeThough it has retailed fuel (petrol and diesel) for around six years, it is only in the last four months that Essar Oil has started to make money in the business.Source: Business Standard | Front Page Headlines | 28 Mar 2009 | 7:15 pm Tata Motors plans truck unit in MyanmarAfter launching the Nano early this week, the countrys leading truck and bus maker, Tata Motors, is now looking to set up a truck manufacturing plant in Myanmar with support from the Indian government in the form of financial participation.Source: Business Standard | Front Page Headlines | 28 Mar 2009 | 7:13 pm 'Interest rates to be eased'Will take up the issue of protectionism at G20 meet, PM tells industry.Source: Business Standard | Front Page Headlines | 28 Mar 2009 | 7:11 pm Stake sale for new telecom licensees may be easedBut half the 'profit' should be ploughed back into the company, says Trai.Source: Business Standard | Front Page Headlines | 28 Mar 2009 | 7:09 pm RIL signs gas pact with fertiliser companies - Business Standard
Source: Google News India - Business | 28 Mar 2009 | 6:51 pm Most cos with high FII stake underperform market - Business Standard
Source: Google News India - Business | 28 Mar 2009 | 6:34 pm Andhra, Central Bank cut prime lending rates - Business Standard
Source: Google News India - Business | 28 Mar 2009 | 5:08 pm Satyam scam: Court rejects Rajus' bail pleasA special CBI court on Saturday dismissed the bail application of disgraced Satyam Computer founder B Ramalinga Raju and two others.Source: India Business News | Business News - Times of India | 28 Mar 2009 | 4:59 pm 41 companies contribute 10% of tax revenueA survey showed that 41 companies contributed 9.7% of total government tax receipts. The surveyors quizzed over 100 companies on various tax issues.Source: India Business News | Business News - Times of India | 28 Mar 2009 | 3:02 pm Big-ticket book deal will encourage non-fiction writers: Ramachandra GuhaAuthor Ramachandra Guha, who has clinched a Rs.9.7 million (Rs.97 lakh) deal with Penguin India for seven books, feels it would encourage young authors to take to writing non-fiction.Source: IndiaeNews.com: Business News | 28 Mar 2009 | 2:31 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 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
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