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Habil Khorakiwala quits as Wockhardt MDMurtaza Habil Khorakiwala has been appointed the Additional Director and Managing Director, subject to approva, it saidl. Habil Khorakiwala has resigned as Managing Director to continue as Executive Chairman.Source: Moneycontrol Top Headlines | 31 Mar 2009 | 5:30 pm COAI petition challenging DoT\'s dual tech policy dismissedTDSAT has dismissed the Cellular Operators Association of India\'s (COAI\'s) petition challenging the dual tech policy of Department of Telecommunications (DoT).Source: Moneycontrol Top Headlines | 31 Mar 2009 | 5:26 pm Citibank reduces Mortgage Prime Rate by 50bps to 13.75%Citibank announced a reduction in its Mortgage Prime Rate by 50 basis points. Effective immediately, the new Citibank Mortgage Prime Rate will be 13.75 percent.Source: Moneycontrol Top Headlines | 31 Mar 2009 | 5:14 pm Will Obama\'s 60day lifeline rejuvenate GM?Dr V Sumantran, Vice Chairman at Hinduja Automotive, believes that this will have a very significant impact and the biggest impact will be in North America. According to him, the bankruptcy protection will offer GM some relief from some of the obligations.Source: Moneycontrol Top Headlines | 31 Mar 2009 | 5:07 pm AREVA TD inaugurates 8 new factories on 3 sitesAREVA TD India will inaugurate eight new factories on three sites in Vadodara (State of Gujarat), Hosur and Padappai (State of Tamil Naidu) this week. Driven by the Indian markets growing demands for more electrical equipment and services, this marks the successful close of nearly INR 950 crore (150 million) investment.Source: Moneycontrol Top Headlines | 31 Mar 2009 | 4:54 pm Aurobindo gets approval for its antiAIDS combination drugAurobindo Pharma Limited is pleased to announce that it is one of the first generics company to have received the tentative approval to manufacture and market its antiAIDS combination drug Emtricitabine / Tenofovir Disproxil Fumarate Tablets 200mg/300mg from the US Food Drug Administration.Source: Moneycontrol Top Headlines | 31 Mar 2009 | 4:44 pm Expert tip for Alok Industries shareholdersGanesh Shanbhag, CEO of SMS Financial said he was a little concerned about the debt on the Alok Industries book as of now and does not think it is a great stock to try and do something on the FO segment and right issues.Source: Moneycontrol Top Headlines | 31 Mar 2009 | 4:35 pm Monthly auto sales to be marginally higher: An analysisThe monthly auto sales numbers are expected tomorrow. CNBCTV18\'s analysis reveals that the monthly sales number for all the automakers, especially the car makers will be a tad bit higher than last month.Source: Moneycontrol Top Headlines | 31 Mar 2009 | 2:11 pm Fraser and Neave unit eyes property fund - executiveSHANGHAI (Reuters) - Frasers Hospitality, a unit of Singapore food and property conglomerate Fraser and Neave, has been in talks with private equity firms to form a real estate fund but is not in hurry to start the business, a senior executive said on Tuesday.Source: Reuters: Money News | 31 Mar 2009 | 1:17 pm Indian rupee up on day, but down sharply in 2008/09 - Reuters India
Source: Google News India - Business | 31 Mar 2009 | 1:12 pm Germany's Volkswagen sees good India potentialCHAKAN, India (Reuters) - Volkswagen AG sees enormous potential in India despite falling industry sales in the economic slowdown, a senior official said on Tuesday at the opening of the German automaker's second factory in the country.Source: Reuters: Money News | 31 Mar 2009 | 1:11 pm World Bank offers trade boost, OECD casts G20 shadowLONDON (Reuters) - The World Bank announced a $50 billion programme on Tuesday to counter a decline in global trade and Britain called on G20 leaders to supply "the oxygen of confidence" to drag the world economy out of recession.Source: Reuters: Money News | 31 Mar 2009 | 1:07 pm Germany's Volkswagen sees good India potential - Reuters
Source: Google News India - Business | 31 Mar 2009 | 1:02 pm Rupee up on day, but down sharply in 2008/09MUMBAI (Reuters) - The rupee rose nearly 1 percent as shares gained on Tuesday, a small positive at the end of its biggest fiscal-year fall since the since the 1991/1992 balance of payment crisis on Tuesday.Source: Reuters: Money News | 31 Mar 2009 | 1:01 pm Jet says tax dues before takeover to be borne by Sahara - Reuters India
Source: Google News India - Business | 31 Mar 2009 | 12:58 pm PE deals likely to decline in 2009: KPMGNew Delhi: Private equity (PE) transactions in India are likely to witness a significant decline this year as players have become cautious amid the ongoing economic downturn, global consultancy firm KPMG says. “PE in India has become cautious as a result of the global meltdown and the implication for the PE industry is that we will see a lot less deals in 2009,” KPMG head of Private Equity Advisory Group Vikram Utamsingh told PTI. According to data provided by consultancy firm Grant Thornton, private equity deals during January-February 2009 stood at 31 with an announced value of $0.54 billion, a significant dip from the previous years. For the corresponding period (January-February) in 2008 and 2007, there were 83 PE deals valued at $2.98 billion and 69 PE deals valued at $2.06 billion respectively. Explaining further Utamsingh said, “PE players have become cautious on deals primarily because it is difficult to determine the impact that the global meltdown will have on the operating performance of Indian companies over the next 12 months, thus making it difficult to value Indian companies. Besides, the investment committees of foreign PE firms are looking more closely at the valuations for Indian deals, as they are not sure of another valuation correction and what could be the dollar denominated return given the devaluation of the Indian rupee, Utamsingh added. Source: LatestNews-Home - Livemint.com | 31 Mar 2009 | 12:58 pm G20 leaders get stark warning on scale of crisisLONDON/PARIS (Reuters) - World leaders travelling to London for this week's G20 crisis summit got a stark reminder on Tuesday about the size of the financial storm they face.Source: Reuters: Money News | 31 Mar 2009 | 12:57 pm Nifty holds 3000 on MF, Europe support - Economic Times
Source: Google News India - Business | 31 Mar 2009 | 12:56 pm Fortis Healthcare gets nod for Rs 1000 cr rights issue - Economic Times
Source: Google News India - Business | 31 Mar 2009 | 12:56 pm Elections and ExamsIts that time of the year again... Parents disconnect cable connections, internet connections, stop all sort of entertainment activity and Photostat shops are crowded with students making last minutes copies of notes that they did not take throughout the year. And this is because its exam time.  While the CBSE and ISC board exams have started, it doesn’t really have a bearing on elections, as candidates for these exams are not eligible to vote. But what about university examinations? By now, the timetable/datesheet should have come out at the Delhi University. This time, however, there is slight confusion regarding when exams will be held, because election dates may clash with exam dates and some of the colleges are being used as polling booths. Everyday, there are messages flying around regarding the timetable, each showing different dates for different subjects. The websites have no notifications, and teachers have no clue, leaving students in the lurch. It only leads to more anger and frustration and against whom? Elections and politicians. Students are becoming increasingly anxious, which is not helped by the rumors that are going around practically every 6 hours. They are beginning to form a sense of dissatisfaction with elections, which is a bad sign, as they may prefer not to go out and vote. The youth are said to play a big role in this years elections. However this clash of exams and polls will show what mattered more to them. A few extra marks or their vote in the election. While the youth are very charged up and are excited about voting, would a clash with examinations, dampen their spirits? Would they choose to further their own future, or still go out and vote to shape our country’s future? It’s a matter of how one sets priorities. If one is able to bear the exam pressure, then will he go out and vote? It would be useless to try and make those people vote who don’t care , but will it also be an uphill task to get young people who are interested in the elections but also under exam pressure to go out and vote? Or would this be an issue only with a few people, for whom only exams matter? Or is a problem with the scheduling of elections or the exam timetable (which we are hoping, will come out soon)? These are trends that are yet to be observed, and only post elections will we come to know what mattered the most. Source: LatestNews-Home - Livemint.com | 31 Mar 2009 | 12:55 pm Think it through before getting a petThis week we chat about having pets in a country that isn’t really used to them, with Dr. Brina Bunt, a veterinarian who is also an expat in New Delhi. Bunt works with the Jeevashram Foundation, which runs an animal shelter and clinic in the capital. Bunt talks to Mint about how to protect pets from the Delhi heat, whether or not to feed stray dogs, and the differences in pet care between India and the United States.  • Before adopting a dog, make sure you have the time, space and money to take care of it properly. • Consider adopting a stray as opposed to a purebred animal. Strays make great pets and they are generally healthier than their counterparts. • Spend quality time with your dog to build a life-long relationship, train your dog in basic obedience and do not neglect him. • Give your pet a nutritious diet (they are not vegetarian) and be sure not to overfeed. Give him plenty of exercise and walks during the day. • Develop a relationship with your veterinarian as proper veterinary care is essential and be sure to complete the puppy vaccination series and continue with the annual boosters as long as the dog lives. • Keep your dog clean and regularly groomed. • Do not leave your dog in a hot car, especially during the summer months, and make sure they always have access to water. • Spay your pet to help reduce the spread of diseases such as rabies and help reduce the population of the stray dogs in India. Source: LatestNews-Home - Livemint.com | 31 Mar 2009 | 12:54 pm Settle it over pillow-fight, Time tells Ambani brothersAhead of finalising its annual list of 100, the US magazine has advised one of the probables Mukesh Ambani to settle his spat with younger sibling Anil over a 'pillow fight'.Source: India Business News | Business News - Times of India | 31 Mar 2009 | 12:42 pm No hike in entry fee for ISPs to provide Net telephony: TraiNew Delhi: Telecom regulator Trai on Wednesday rejected the Department of Telecom’s suggestion to slap higher entry fee for full-fledged Internet telephony by internet service providers (ISPs). In a reply to DoT, Trai said, “The authority proposes no change in entry fee for ISPs to provide Internet telephony with facility to terminate calls on mobile and fixed networks through Internet cloud. UASLs (telecom license holders) cannot be compared with ISPs in terms of facilities and resources they get for the entry fee paid.” Suggesting a higher entry fee for ISPs, DoT had said, “How a level-playing field would be ensured between the Access Service Licensees (telecom license holders), who pay up to 10% of AGR as license fee, and Rs1,658 crore as entry fee, and ISPs who would have to pay flat rate of 6% of their AGR from internet telephony services (excluding revenue from internet service). “What should be the entry fee for ISP license with additional facility for providing internet telephony services.” DoT had brought the issue of level-playing field saying Category-A ISPs would pay just Rs20 lakh for all-India Net telephony services and for B category cities, they have to pay Rs10 lakh. As of now restricted internet telephony is allowed wherein calls can be made only to computers. Source: LatestNews-Home - Livemint.com | 31 Mar 2009 | 12:41 pm Retail sector slowdown to last 12-18 months - KPMGNEW DELHI (Reuters) - India's retail sector will continue to slow down for another 12-18 months and a recovery will depend on the government's efforts to stimulate the economy, consulting firm KPMG said in a report on Tuesday.Source: Reuters: Money News | 31 Mar 2009 | 12:39 pm Slowdown bites retail sector, sales fall to 11%The country's retail sales growth sharply fell to 11% in December 2008 from 34% in the like period of 2007, according to a study by global consultancy KPMG.Source: India Business News | Business News - Times of India | 31 Mar 2009 | 12:30 pm Tea prices firm due to shortage in supply: Mcleod RusselAditya Khaitan of Mcleod Russel (India) said the opening looks to be very positive for the tea sector for the next six months. He said, The private market prices have opened up Rs 2530 higher than last year which is in line with our expections, due to the pipeline shortage of 25 million kilograms.Source: Moneycontrol Top Headlines | 31 Mar 2009 | 12:26 pm Zero gold imports in March due to sluggish domestic demandGold imports fell to zero for the second month in a row in March, owing to absence of demand in the domestic market following high gold prices, which are still ruling over Rs 15,000 per 10 grams level.Source: India Business News | Business News - Times of India | 31 Mar 2009 | 12:23 pm Sanjay Dutt cannot fight Lok Sabha polls: Supreme CourtNew Delhi: Bollywood actor Sanjay Dutt’s plea to contest the upcoming Lok Sabha elections was on Tuesday rejected by the Supreme Court which refused to stay his conviction in connection with the 1993 Mumbai blasts case. Click here to watch video “We are not inclined to suspend his conviction,” a bench headed by Chief Justice K.G. Balakrishnan said. “It is not a fit case to grant stay of conviction,” the bench also comprising Justices P. Sathasivam and R.M. Lodha said. Dutt had been fielded by the Samajwadi Party as its candidate for Lucknow Lok Sabha seat. The Court said Dutt was convicted for ”serious offence” under the Arms Act by a Mumbai TADA Court. The bench said the actor’s situation is not similar to that of Bharatiya Janata Party leader Navjot Singh Sidhu whose conviction and sentence in a road rage incident was stayed by the apex court to enable him to contest the Amritsar by-elections in 2007. The bench said Dutt was disqualified from contesting the elections under the Section 8 (3) of the Representation of People Act, which debars a person sentenced to two or more years of imprisonment, from standing for polls. The court, while disallowing the plea of Dutt, noted his father Sunil Dutt was a famous politician and a Union minister. The bench said Dutt was not a habitual criminal but it was not a fit to grant him relief. The judge said though Dutt’s counsel had made submissions about the evidence in the case for the grant of relief, it cannot be considered at this stage since his appeal was pending in the apex court. The court had on Monday reserved its order on Dutt’s plea after hearing the contention from the actor and the CBI which opposed his plea. — PTI Rahul Gandhi begins campaign Rahul Gandhi, scion of India’s most powerful family dynasty and touted as a future prime minister, hit the campaign trail on Tuesday with a populist message to boost the Congress party’s efforts to regain power.  The 38-year-old Gandhi, whose father, grandmother and great grandfather were all prime ministers, is not the party’s main candidate but he has become a key tool of Congress to win over Indian youth as well as millions of poor villagers. In his first campaign speech for the April/May general election against the Bharatiya Janata Party (BJP), he criticized the opposition for focusing too much on economic growth and pro-market reforms. “If you go to a village and ask what India Shining means, the villagers are unable to understand what it means,” Gandhi told supporters in Maharashtra, referring to the slogan of the BJP’s last 1998-2004 government. “This thinking is that of rich people. They fight for privatization, they fight for the stock market but do not reach your homes.” Gandhi’s boyish appearance and his emphasis on tech-savvy blogging and texting may be crucial in a country where there will be 100 million first-time voters aged between 18 and 24. His youth also contrasts in an election where Prime Minister Manmohan Singh is 76 and BJP leader L.K Advani is 81. For the next few weeks, he will be criss-crossing India in helicopter and plane to spots identified by election strategists as crucial in a vote that is difficult to predict. — Reuters Congress may contest 66-68 seats in Uttar Pradesh Claiming the Congress party may contest from 66-68 seats of the total 80 seats in the state, senior party leader Digvijay Singh on Tuesday said “this time there was an undercurrent in their favour”. “We may contest from 66-68 seats of 80 Lok Sabha parliamentary constituencies in the state. The party had announced candidates for 56 seats and names of candidates for another 10-12 constituencies will be finalised in next couple of days,” Singh said. “Some decisions taken by the UPA government like the waiver of (Rs)72,000 crore loan of the farmers has increased people’s attraction towards Congress. We are getting good signals and the party had already kick started its campaign,” said Singh, who is incharge of elections in Uttar Pradesh. He said that the party has decided not to field candidates against Samajwadi Party supremo Mulayam Singh Yadav and his son Akhilesh Yadav. Regarding pre-poll alliance with parties in Uttar Pradesh, Singh said the party was willing to contest the Lok Sabha in an alliance with the Samajwadi Party. “We had some reservations over five seats on which senior Congress leaders were contesting. But then we are ready for a friendly fight. Rest of the seats are open for agreement,” he said. The congress leader said however, Samajwadi Party was insisting on seat-sharing formula on the basis of results of the 2004 general elections. “The party is of the view that considering fresh delimitation seat sharing should not be done on the basis of 2004 elections,” Singh Said, adding Congress was in process of forging alliances with smaller regional parties and a decision will be taken in the next two-three days. “When SP has left four seats for the Congress, we will also leave a few seats for them,” he quipped, when asked to specify seats on which the Congress party will not field its candidates. — PTI Source: Home - Livemint.com | 31 Mar 2009 | 12:19 pm Boeing to deliver $17 bln of planes to India in 5 yrsBANGALORE (Reuters) - U.S. aircraft maker Boeing Co will deliver 100 planes worth $17 billion over the next four to five years to Indian airlines, and will have to compensate some for the late delivery of 787 Dreamliners, the president of its Indian operations said on Tuesday.Source: Reuters: Money News | 31 Mar 2009 | 12:18 pm Ranbaxy to launch Daiichi Sankyo\'s Olvance in IndiaRanbaxy Laboratories Limited (Ranbaxy) and Daiichi Sankyo Company Limited (Daiichi Sankyo) announced today that Ranbaxy will launch Olvance (Olmesartan Medoxomil, antihypertensive), which was originally discovered by Daiichi Sankyo.Source: Moneycontrol Top Headlines | 31 Mar 2009 | 12:17 pm Tata to distribute Nano applications from April 4 - Business Standard
Source: Google News India - Business | 31 Mar 2009 | 12:17 pm OECD warns of 'abrupt slowdowns'; India's GDP to slip to 4.3%With emerging economies facing the possibility of "abrupt slowdowns", India's Gross Domestic Product growth rate could slip to as low as 4.3% in 2009, said the OECD.Source: India Business News | Business News - Times of India | 31 Mar 2009 | 12:14 pm Market meltdown erodes Rs 1.05 tn from investor wealth in a day!Investors saw an erosion of a whopping Rs 1.05 trillion from their wealth in a single day on Monday following the meltdown at the stock market, wiping off close to half the Rs 2.5 trillion gains made last week.Source: Zee News : Business | 31 Mar 2009 | 12:12 pm SIDBI looking at $700-900 mn foreign borrowing !The Small Industries Development Bank of India (SIDBI) on Tuesday said it is looking at foreign borrowings to the tune of USD 700-900 million for the next fiscal year.Source: Zee News : Business | 31 Mar 2009 | 12:12 pm Brazil cuts taxes in face of economic downturn!The Brazilian government enacted additional tax cuts Monday in the face of shrinking forecasts for gross domestic product (GDP) amid the global economic downturn.Source: Zee News : Business | 31 Mar 2009 | 12:12 pm AvtoVAZ to get USD 1 bn bailout: Putin!Prime Minister Vladimir Putin announced nearly USD 1 billion in government loans on Monday for AvtoVAZ, Russia`s largest automaker - a move designed keep the manufacturing giant and employer of tens of thousands in business.Source: Zee News : Business | 31 Mar 2009 | 12:12 pm `India should play greater role in solving eco crisis`!The US expects India to play a greater role along with China and other major economies in tackling the current financial crisis.Source: Zee News : Business | 31 Mar 2009 | 12:12 pm LIC forays into credit cards business!State-owned Life Insurance Corporation of India on Monday forayed into the credit cards business with the launch of its white-labelled cards and said it would first target its existing policy-holders.Source: Zee News : Business | 31 Mar 2009 | 12:12 pm Sensex climbs 150 pts on firm Asian cues!After yesterday`s steep fall, the Bombay Stock Exchange benchmark Sensex today rebounded by almost 150 points in early trade on fresh buying by funds and retail investors, triggered by rally in other Asian equity markets.Source: Zee News : Business | 31 Mar 2009 | 12:12 pm India`s growth to slip to 5% in 2009: ADB !ADB predicted India`s economic growth would be five percent in 2009.Source: Zee News : Business | 31 Mar 2009 | 12:12 pm US stocks skid on Obama hard line on GM, Chrysler!Wall Street shares skidded into a ditch after the government warned General Motors and Chrysler could face bankruptcy and banks could need more aid, stoking fears about the US economy.Source: Zee News : Business | 31 Mar 2009 | 12:12 pm US economy to enter 17th month of recession in AprUS enters into recession for the 17th straight month in April, one of the longest periods since the 1930's Great Depression.Source: Daily News & Analysis: Money News | 31 Mar 2009 | 12:11 pm BSE Sensex posts first qtrly rise since 2007MUMBAI (Reuters) - The BSE Sensex rose 1.5 percent on Tuesday and clocked its first quarterly gain since 2007, as easing concerns about the global economy revived investor appetite and sparked a worldwide rally in March.Source: Reuters: Money News | 31 Mar 2009 | 12:05 pm Print more currency notes to keep economy afloat: CII - Hindu Business Line
Source: Google News India - Business | 31 Mar 2009 | 12:03 pm Bulls push Sensex up 140 pointsBulls made a comeback of sorts Tuesday in the Indian equities markets, which incurred huge losses a day before, with a key index gaining 1.47 percent over its previous close.Source: IndiaeNews.com: Business News | 31 Mar 2009 | 12:01 pm Apr-Feb fiscal deficit at $61 billion: GovtNew Delhi: India’s fiscal deficit for the April-February period was Rs3.07 trillion ($61 billion), or 94.1% of an upwardly revised budget target, a government statement said on Tuesday. In February, the government revised upwards its fiscal deficit estimate for the year ending 31 March to Rs3.27 trillion, equivalent to 6% of gross domestic product from 2.5% estimated earlier. The deficit has widened after the government announced extra spending of close to Rs1.5 trillion to cover a farm debt scheme, subsidies and steps to stimulate a slowing economy. Source: LatestNews-Home - Livemint.com | 31 Mar 2009 | 11:59 am COAI, Auspi made party to BSNL plea against Trai regulation - Business Standard
Source: Google News India - Business | 31 Mar 2009 | 11:56 am L&T bags orders worth Rs.1100 crore - Economic Times
Source: Google News India - Business | 31 Mar 2009 | 11:56 am Kalpataru Power bags Rs 400 cr orders from Algeria - Business Standard
Source: Google News India - Business | 31 Mar 2009 | 11:37 am Sensex up by 140 points on firm global cuesThe benchmark Sensex recovered on Tuesday by 140 points after yesterday's sharp fall on the back of firm global cues.Source: India Business News | Business News - Times of India | 31 Mar 2009 | 11:36 am L and amp;T bags orders worth Rs.1,100 croreEngineering and construction major Larsen and Toubro (L and amp;T) has bagged orders worth Rs.1,100 crore in the electrical construction sector in the January-March quarter, the company said Tuesday.Source: IndiaeNews.com: Business News | 31 Mar 2009 | 11:33 am UK introduces new visa rules for Indian students London: Britain on Tuesday introduced a new visa regime for Indian and other students of non-European Union countries to prevent fraud and to provide for more stringent immigration checks. Home secretary Jacqui Smith said the new arrangements as part of Tier 4 of the points based system will make the visa process simpler, more objective and more transparent for applicants and prevent abuse of the immigration system. From Tuesday, all British education providers (schools, colleges, universities) who recruit international students need to be registered with the UK Border Agency. More than 2,100 universities, independent schools and colleges have applied to be licensed sponsors. The institutions are responsible for ensuring that international students comply with the conditions of their visas while they are in the UK. Before a student makes a visa application, he needs to ensure that he has an unconditional offer of a study place from a licensed education provider. The student also needs to show that he has sufficient funds to cover course fees and living costs during his studies. The student will be issued with a visa for study at a particular institution, and for the full duration of his course if degree level or above. In 2008, almost 29,000 Indian students received visas to study in the UK. This represents a 30% increase on 2007 figures. Smith said: “These new measures make sure people who come here to study — and the people who teach them — play by the rules. This new tier of the points based system allows us to know exactly who is coming to the UK to study and crack down on bogus colleges”. Professor Mary Ritter, Pro Rector, International Affairs, at Imperial College London said: “International students play a big part in making Imperial the dynamic and exciting place it is, and we feel very fortunate that so many motivated, highly talented people from around the world want to pursue their studies here”. Source: LatestNews-Home - Livemint.com | 31 Mar 2009 | 11:33 am US economy to enter 17th month of recession in AprilWashington: The mega bailout packages by the Federal government seem to have failed to steer the US out of a severe economic downturn, as the country enters into recession for the 17th straight month in April, one of the longest periods since the Great Depression of 1930s. America officially entered into recession in December 2007, according to National Bureau of Economic Research (NBER) of the US. The 17 months of recession also coincides with the G-20 meet on 2 April in London, where the world leaders would be coming together to discuss ways to tackle the meltdown. To shore up the economy, the Federal government has already pumped in billions of dollars into the system and even unveiled a mammoth $787 billion stimulus plan. Recently, the Obama administration came up with a public- private partnership proposal to buy toxic assets worth about $1 trillion. In addition to stimulus packages, the US government initiated unprecedented steps like buying stakes in financial institutions and guaranteeing toxic assets of certain companies. The American GDP has contracted as much as 6.3% in the fourth quarter of 2008 — maximum in the last 26 years. According to the Business Cycle Dating of NBER, the US economy slipped into recession in December 2007. Recession is technically defined as two consecutive quarters of negative growth. However, the NBER broadly defines recession as a period when there is a significant fall in economic activity. “A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators. “A recession begins when the economy reaches a peak of activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion,” the NBER had said in December 2008. The NBER, which dates the nation’s economic cycles, pointed out that a peak in economic activity occurred in the US in December 2007. The US has seen the collapse of over 46 banks since the country officially entered into recession. Technically, the American economy has been in recession only last year, after the GDP shrunk consecutively in the third and fourth quarters, respectively. During the September quarter, the economy declined 0.5% and by 6.3% in the October-December period. Since December 2007, US GDP has seen two quarters of growth and two quarters of contraction. In the first and second quarters of 2008, the GDP grew by 0.9% and 2.8%, respectively. Source: LatestNews-Home - Livemint.com | 31 Mar 2009 | 11:30 am India must monetise deficit to aid private investment: CIINew Delhi: India should monetise its burgeoning fiscal deficit to aid private investment and boost the slowing economy, despite risks of inflation and sovereign downgrades, a top industry body said on Tuesday. The country’s consolidated fiscal deficit, including state deficits and off-budget items, may rise to 10% of the gross domestic product and financing this gap could crowd out private borrowings and keep interest rates hard, analysts say. India will sell a record Rs2.4 trillion of debt by September, two-thirds of its full-year target, and fears government spending will overshoot have sent benchmark bond yields spiking and undermined the efficacy of deep rate cuts by the central bank in recent months. “Monetising the deficit and improving the currency flow is very important,” Confederation of Indian Industry’s (CII) president Venu Srinivasan told reporters at a news conference. “Otherwise what happens with such a high level of deficit is you’ll find investment drying up in the country .. If borrowing does not take place, investment does not take place, economic growth won’t take place also.” Despite the Reserve Bank of India’s cuts in policy rates and reserve requirements of banks, credit to the industry was scarce and expensive, Srinivasan said. India’s key short-term interest rate is at an eight-and-half year low of 5.5%, but outstanding loans have grown a mere 5.8% in the last six months, central bank data shows. India’s growth in 2008-09 is expected at 7% or lower, compared with 9% or more in the past three years. Some have pegged growth in 2009-10 at as low as 6%. Currently, the law prohibits the central bank from buying debt directly from the government, and on Monday, deputy governor Rakesh Mohan said private placement of such debt ought to be avoided. Srinivas said the monetising of the deficit could stoke inflation and prompt sovereign rating downgrades, but it was an acceptable risk and the government should return to the path of fiscal prudence once the global economy revived. “You will have a risk of greater inflation but at the same time you’ll give the economy a boost,” he said. ”In the medium term, fiscal prudence has to come back.” Source: LatestNews-Home - Livemint.com | 31 Mar 2009 | 11:28 am Intel launches high-performance chipsSam Francisco: The world’s biggest chip maker Intel rolled out a line of “revolutionary” chips on Monday designed as high-performance engines for datacenters, work stations and research computers. The Northern California company unveiled the Xeon Processor 5500 series that it says will enable customers to “tap new growth markets such as cloud computing, high-performance computing and embedded systems.” The enterprise-class chips, which were developed under a code name Nehalem-EP, save electricity by automatically adjusting energy usage levels and speed data center transactions, according to Intel. Nehalem chips are quad-core, meaning each is built with four microprocessors that act like brains, divvying up computing tasks. “Nehalem is a game changer in just about every way, especially performance,” said InState analyst Jim McGregor. “It overcomes most, if not all, the potential performance roadblocks associated with multicore configurations. It creates a foundation for future processors, and it resets performance expectations.” Cisco, Dell, Fujitsu, HP, IBM and Sun Microsystems are among more than 70 Intel partners building the new chips into machines such as those used in high-demand datacenters and science research facilities, according to Intel. “The Intel Xeon processor 5500 series is the foundation for the next decade of innovation,” said Patrick Gelsinger, senior vice president and general manager of Intel’s Digital Enterprise Group. “These chips showcase groundbreaking advances in performance, virtualization and workload management, which will create opportunities to solve the world’s most complex challenges and push the limits of science and technology.” Source: LatestNews-Home - Livemint.com | 31 Mar 2009 | 11:26 am Intel launches high-performance chipsSam Francisco: The world’s biggest chip maker Intel rolled out a line of “revolutionary” chips on Monday designed as high-performance engines for datacenters, work stations and research computers. The Northern California company unveiled the Xeon Processor 5500 series that it says will enable customers to “tap new growth markets such as cloud computing, high-performance computing and embedded systems.” The enterprise-class chips, which were developed under a code name Nehalem-EP, save electricity by automatically adjusting energy usage levels and speed data center transactions, according to Intel. Nehalem chips are quad-core, meaning each is built with four microprocessors that act like brains, divvying up computing tasks. “Nehalem is a game changer in just about every way, especially performance,” said InState analyst Jim McGregor. “It overcomes most, if not all, the potential performance roadblocks associated with multicore configurations. It creates a foundation for future processors, and it resets performance expectations.” Cisco, Dell, Fujitsu, HP, IBM and Sun Microsystems are among more than 70 Intel partners building the new chips into machines such as those used in high-demand datacenters and science research facilities, according to Intel. “The Intel Xeon processor 5500 series is the foundation for the next decade of innovation,” said Patrick Gelsinger, senior vice president and general manager of Intel’s Digital Enterprise Group. “These chips showcase groundbreaking advances in performance, virtualization and workload management, which will create opportunities to solve the world’s most complex challenges and push the limits of science and technology.” Source: Tech News - Livemint.com | 31 Mar 2009 | 11:26 am Close: Markets end 1.4% up on renewed buyingNew Delhi: Market closed 1.4% up on Tuesday after it had trimmed some gains amid volatility during early sessions. Buying emerged across all counters and firm cues from the Asian and European markets also boosted the domestic indices. The Bombay Stock Exchange benchmark Sensex opened trade 1.5% up today, recovering smartly from Monday’s losses. Favorable US index futures added to buying sentiments but concerns about possible bankruptcy of General Motors and Chrysler caused investors to be slightly cautious. All sectoral indices ended in green, with capital goods, pharma, realty, auto, metal, technology, IT and FMCG witnessing most of the buying. The 30-share BSE index closed higher by 140.36 points at 9,708.50 and the 50-share NSE Nifty ended up by 42.80 points at 3,020.95. Jaiprakash Associates led the gains among the BSE pack, gaining by 7.26% to Rs84.20, along with Tata Steel by 5.02% to Rs206, Tata Motors by 4.64% to Rs180.30, Ranbaxy Laboratories by 4.58% to Rs165.60, State Bank of India by 4.36% to Rs1,066.55 and Reliance Communications by 4.02% to Rs174.60. Ranbaxy Laboratories closed up by 4.58% after Daiichi Sankyo announced that the Indian pharma will launch its anti-hypertensive drug Olvance in India. But there were some heavy weight losers as well Housing Development and Finance Corp by 2.71% to Rs1,411.20, NTPC Ltd by 1.80% to Rs180.20, ICICI Bank by 1.58% to Rs332.60, Hindustan Unilever Ltd by 0.50% to Rs238.20 and ONGC Ltd by 0.41% to Rs779.70. Most of the Asian markets also ended in green. Japan’s Nikkei tumbled by 1.5% as investors preferred to offload shares on the last trading day of the fiscal year. Hong Kong’s Hang Seng closed 0.8% up after shedding some of its earlier gains. Source: Home - Livemint.com | 31 Mar 2009 | 11:20 am Who was the first chairman of ICICI Ltd?Source: Daily News & Analysis: Money News | 31 Mar 2009 | 11:20 am Govt to pump 170 bln rupees to recapitalise 18 banksNEW DELHI (Reuters) - The government aims to recapitalise 18 state-run banks, barring bigger ones like State Bank of India and Punjab National Bank, in the year to March 2010, a finance ministry official said on Tuesday.Source: Reuters: Money News | 31 Mar 2009 | 11:14 am Orchid Pharma buys its bonds to save on interest costThe city-based bulk drug manufacturer Orchid Chemicals and Pharmaceuticals has purchased $12.1 million worth of bonds from the market and is in the process of extinguishing them to save on interest costs.Source: IndiaeNews.com: Business News | 31 Mar 2009 | 11:01 am Ashok Nayak is new HAL chairmanNew Delhi: Ashok Nayak, who has led Light Combat Aircraft and other key projects, will take over as the new chairman of Hindustan Aeronautics Limited (HAL) from 1 April succeeding Ashok K Baweja, who is retiring Tuesday. On the eve of taking over his new assignment, Nayak said that HAL must “grab” all opportunities to stay atop the global aerospace industry. “With the offset opportunity and massive new programmes coming up, HAL must find ways and means to capture all these opportunities for a safe and secure future. We have made an impact in the international market and will now have to focus on our exports further to stay ahead in the race”, he said. Nayak, HAL’s 15th chairman, is a mechanical engineer from Bangalore university and joined the premier aeronautical agency as a management trainee in 1973. In his career spanning over three decades, Nayak has held key positions in the fields of manufacturing, quality assurance, production, planning, customer services and export including a stint as general manager of aerospace division in 2004 where he looked after the manufacturing of GSLV Mk. III structural assemblies and tankages. As general manager of HAL’s aircraft division in 2006, Nayak gave a fillip to concurrent engineering and upgrade of Jaguar aircraft. In July 2007, as the managing director of company’s Bangalore Complex, Nayak was given the responsibility of leading seven vital divisions of the company including fleet serviceability and multiple projects like the Hawk, IJT and LCA aircraft. Source: LatestNews-Home - Livemint.com | 31 Mar 2009 | 10:42 am World Bank projects slower growth for India in 2009The World Bank has projected a slower 4 percent growth for India in 2009, down from 5.5 percent in 2008, before picking up speed to reach 7 percent in 2010.Source: India Business News | Business News - Times of India | 31 Mar 2009 | 10:38 am Markets close in green, Sensex gains 140 pointsIndian equities markets closed in the green Tuesday, with a key index gaining 1.47 percent over its previous close.Source: IndiaeNews.com: Business News | 31 Mar 2009 | 10:30 am Brakel gets more time to respond to Reliance Energy's petitionThe Himachal Pradesh High Court Tuesday gave more time to Brakel Corp of Holland to file its reply on a petition filed by Reliance Energy challenging the state government's allotment of a multi-million dollar hydropower project to the Dutch firm.Source: IndiaeNews.com: Business News | 31 Mar 2009 | 10:30 am Aditya Birla buys stake in financial services firmAditya Birla Nuvo Ltd Tuesday said it has acquired over 3.5 million equity shares in its subsidiary Birla Sun Life Distribution Co (BSDL).Source: IndiaeNews.com: Business News | 31 Mar 2009 | 10:00 am Emirates announces 'companion offer'Emirates Airlines announced 'companion offer', a new scheme which would provide a complimentary return ticket.Source: Daily News & Analysis: Money News | 31 Mar 2009 | 9:38 am Kerala liquor, beer sales on a record 'high'Unfazed by the global economic crisis, tipplers in the state will have consumed an estimated Rs.4,600 crore worth of liquor this fiscal - a record - to clock the highest ever annual sales in Kerala's history.Source: IndiaeNews.com: Business News | 31 Mar 2009 | 9:30 am Slowdown bites retail sector, sales fall to 11 percentHit by the economic slowdown, the country's retail sales growth sharply fell to 11 percent in December 2008 from 34 percent in the like period of 2007, according to a study by global consultancy KPMG.Source: IndiaeNews.com: Business News | 31 Mar 2009 | 9:30 am European stocks rise in broad rally led by banksParis: European stocks gained ground in early trade on Tuesday in a broad rally clawing back a portion of the past two sessions’ sharp losses as investor focus turned to a meeting of G-20 world leaders. British retailer Marks & Spencer surged 11% after posting a smaller-than-expected fall in underlying fourth-quarter sales, saying it was turning around its troubled food business and holding market share in clothing. At 0832 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 1.6% at 720.58 points. The index, which sank 3.9% on Monday, is down 14% in 2009, hit by the deepening global economic downturn as well as fears over the health of the banking system. ”The macro landscape has been stabilising, which has helped equities bounce back from historical lows. But to really improve market sentiment, we need to see the data improving and not just stabilising,” said Jacques Henry, analyst at Louis Capital Markets, in Paris. Embattled financial group Fortis rose 6% after posting a €28 billion loss in 2008 due to massive negatives from banking activities stripped out by the Belgian and Dutch states. The news didn’t prevent banking stocks rising, with Barclays up 2.6%, UBS up 4.5%, and BNP Paribas, which is poised to take over a big chunk of Fortis, up 1.8%. On the downside, German carmaker Porsche fell 5.5% as the company’s net debt figure, which it released together with better-than-expected first-half results, was seen as negative. “Net debt of €9 billion from our point of view is a clear disappointment, especially after statements by the CFO at the Geneva Motorshow some weeks ago,” DZ Bank analyst Michael Punzet said in a note. Around Europe, Britain’s FTSE 100 index .FTSE was up 2.5%, Germany’s DAX index .GDAXI was up 1.3% and France’s CAC 40 .FCHI was up 1.5%. Mining and energy shares were on the rise, rallying along with commodity prices. BHP Billiton rose 3.2% and Total climbed 1.1%. The FTSEurofirst 300 .FTEU3 index of top European shares is on track to end the month of March mostly unchanged. The index, beaten down in the first part of the month, has gained nearly 12% since reaching an all-time low on 9 March. US President Barack Obama was heading to Europe on Tuesday with a hefty agenda for tackling the economic crisis, and will stop first in London where he will attend the summit of the Group of 20 major economies on Thursday. Investors hope the leaders will agree on further coordinated measures to revive the world economy. Japanese Prime Minister Taro Aso was expected to outline a new stimulus plan for the world’s second-largest economy later on Tuesday as rising unemployment and falling spending showed Japan was still stuck in its worst recession in 60 years. On the data front, investors will keep an eye on US consumer confidence monthly figures, due today. The data, which will shed light on the outlook for the recession-hit economy, is expected to have edged up in March from the record low hit in February. Source: Home - Livemint.com | 31 Mar 2009 | 9:26 am Rupee extends gains on stocks riseMumbai: The Indian rupee extended gains in afternoon trade on Tuesday tracking the dollar’s weakness against major currencies and a rise in the domestic sharemarket but dollar demand from importers capped a sharper rise. At 12:30pm, the partially convertible rupee was at Rs50.86/88 per dollar, off a high of Rs50.83 and higher than its Monday’s close of Rs51.17/19. The dollar gained against the yen but retreated against other peers as safe haven bids eased for the time being. The dollar index, a gauge of the US unit’s performance against majors, was down 0.3%. Indian shares were trading more than 1% higher on track to post its first quarterly rise since 2007, but investors were wary as the market seesawed through much of the morning. Dealers said oil refiners and importers were seen buying dollars to meet month-end payments and stronger demand later in the session was likely to pressure the rupee lower. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were quoting at Rs51.0325 and Rs51.0300 respectively, with the total traded volume on both exchanges at about $354 million. Source: Home - Livemint.com | 31 Mar 2009 | 9:22 am Cash withdrawal from any ATM free from April 1stApril 1st onwards you need not shell out any extra money to use ATM of any bank.Source: Daily News & Analysis: Money News | 31 Mar 2009 | 9:12 am Polypill cuts stroke risk by halfWashington: A new study on heart patients in India has revealed that a “superpill” — containing aspirin to combat clotting, a cholesterol-lowering statin and three blood pressure-lowering drugs — could halve rates of attacks and strokes. Polycap, a five-drug “polypill”, is a simple one-pack combination of drugs proven to reduce cardiovascular events into a single superpill that is easy to take and cheap to purchase. The researchers unveiling the report at the American College of Cardiology’s annual meeting said that the trial recruited 2,053 adults (age 45 to 80) at 50 centers from India, the MedPage Today reported. Criteria included no history of cardiovascular disease and just one risk factor. Participants were randomised to the polypill — thiazide (12.5mg), atenolol (50mg), ramipril (5 mg), simvastatin (20 mg) and aspirin (100mg), the researchers said. Patients were given the study drug for 12 weeks. To lessen the risk of hypotension, patients were randomised to an arm that included ramipril and initiated at a dose of 2.5 mg for seven days then titrated up to 5 mg, the medical news provider said. Combining three antihypertensives, a statin, and an aspirin in a single, five-drug capsule appears to achieve the same benefit as giving the drugs individually, although the statin in the combination was slightly less effective. The success of a “polypill” could have broad implications for treatment, said Salim Yusuf, co-chair and principal investigator of the The Indian Polycap Study (TIPS). It would be cheaper to buy and easier to administer than individual drugs — particularly in developing countries, he said. “The primary outcomes were reductions in blood pressure for antihypertensive drugs, LDL for the statin, heart rate for the beta blocker, and urinary 11-dehydrothromboxane B2 for antiplatelet effects of aspirin. “But even those more modest reductions reduced the risk of coronary heart disease by 24% and stroke risk by 33%,” Yusuf said Source: Tech News - Livemint.com | 31 Mar 2009 | 9:09 am Protectionism, terrorism on Manmohan agenda at G20 summitPrime Minister Manmohan Singh Tuesday said that at the G20 summit in London Thursday, he will voice the need to avoid protectionism. He also underlined that he looked forward to his first meeting with US President Barack Obama. They are expected to discuss terrorism, the situation in Afghanistan and the economy.Source: IndiaeNews.com: Business News | 31 Mar 2009 | 9:02 am Markets extend gains in afternoonIndian equities extended gains in the afternoon trade Tuesday, with a key index ruling 1.78 percent higher about 90 minutes before the previous close.Source: IndiaeNews.com: Business News | 31 Mar 2009 | 9:01 am Retail sector slowdown to last 12-18 months: KPMGNew Delhi: India’s retail sector will continue to slow down for another 12-18 months and a recovery will depend on the government’s efforts to stimulate the economy, consulting firm KPMG said in a report on Tuesday. A demand contraction following a slowdown in the domestic economy has impacted the sales of retailers, with the consulting firm saying sales growth in December 2008 slowed to 11% from 35% a year earlier. Indian economy is expected to grow about 7% in the fiscal 2008-09, lower than 9% or above in the previous three years. But some analysts say growth in the fiscal year to March 2010 could be lower as the impact of the global slowdown digs deeper. In the KPMG survey, 70% of the respondents said lower sales have adversely affected footfalls, prompting them into better cost management including rental renegotiation, store rationalisation and manpower resizing. “We believe that players which take immediate strategic measures will be the dark horses,” the KPMG report said. “Be it store rationalisation, change of supply chain, consolidation of operations, improvement in IT infrastructure, retailers need to think quick to protect their margins,” said Neil Austin, KPMG’s global head of markets. To combat the current slowdown, the consultancy expects the retailers to focus more on food retailing and consumer goods and shift away from lifestyle goods. KPMG also expects the retailers to tap Tier II and Tier III cities to help boost profits on back of lower rentals and operating costs. Source: Home - Livemint.com | 31 Mar 2009 | 9:01 am Economic crisis: US expects India to play a greater roleThe US expects India to play a greater role along with China and other major economies in tackling the current financial crisis and supports bigger responsibilities for it.Source: Daily News & Analysis: Money News | 31 Mar 2009 | 8:44 am WL Ross among bidders for Satyam - reportsMUMBAI (Reuters) - Private equity firm WL Ross & Co is among the bidders to buy a majority stake in fraud-tainted outsourcer Satyam Computer Services Ltd, two newspapers reported on Tuesday.Source: Reuters: Money News | 31 Mar 2009 | 8:03 am TDSAT upholds dual technology for Reliance CommunicationsTDSAT upheld the govt's decision to allow Reliance Communications to use dual technology (CDMA and GSM) for offering mobile services throughout the country.Source: India Business News | Business News - Times of India | 31 Mar 2009 | 7:11 am Ways to manage your digital photos onlineMore and more of our precious memories are out of our hands stored on remote servers run by online photo-sharing sites. Here are some tips on how to pick one that works best for you: Read closely - Examine the terms of service before you sign up for an online photo site. Don’t give in to the temptation to skip that. To avoid confusing legal terms, check out the Web site’s “frequently asked questions” or “FAQ” section. It could have the answer you want. Google, noting that legal documents can be onerous, offers a “Terms of Service Highlights” written in plain English. Seek a resolution - Find out if your photo-sharing site lets you download high-resolution versions of your photos, so you can transfer your pictures to another Web site if the policies change. Picasa offers the service for free, but many do not, including Shutterfly, Kodak and Snapfish. Flickr lets you download high-resolution photos with either a paid account or if you allow others to distribute your images. Question deletions - Clarify a photo site’s policy on erasing photos. Some sites, such as Kodak and Snapfish, will delete images if you don’t adhere to their policies after multiple warnings. Shutterfly may delete accounts inactive for over 180 days, but spokeswoman Gretchen Sloan said this policy is not enforced. If you decide you want to retrieve photos you deleted, several sites, including Fotki, Shutterfly and Snapfish, make this possible by holding on to images for a few days or sometimes even a month and a half. Do the math - Don’t sign up for a free photo-sharing site without comparing the cost of printing photos with other sites. You could save money on photo storage but end up paying more money for printing and shipping your images. Consider prepaid - Some sites can offer lower per-photo costs if you expect to buy a lot of prints. Shutterfly offers three prepaid plans, including one that saves 33 percent if you commit to buying 600 4-by-6-inch (10-by-15-centimeter) photos in two years. Kodak’s Premier Print Super Saver lets you save 33 percent off 4-by-6 prints, but it charges $50 a year. Hit the road - To avoid shipping charges, pick up your pictures at retail stores such as Wal-Mart and Target that partner with photo-sharing sites. Flickr, Kodak, Shutterfly, Snapfish and Picasa offer that service. The processing time can be as short as an hour. Protect yourself - Back up your pictures in at least two places. Store them on your computer’s internal hard drive or an external drive, and burn copies onto DVDs or CDs. Keep a set at a relative’s house in case disaster strikes your home. Be king - Opt for sites that offer refunds if you’re not satisfied with your order, such as Shutterfly. It also has a toll-free number for customer service, as does Snapfish and Kodak. Get social - If you just want to share digital photos with online friends, use the free services offered on social networking sites. Skip photo-storage sites unless you want to send pictures to people who aren’t on social networks or if you want to take advantage of more extensive photo printing services on mugs, T-shirts and calendars. Source: Tech News - Livemint.com | 31 Mar 2009 | 7:01 am Oil rises above $49 after 7% fall as stocks rallyPerth: Oil rose above $49 a barrel on Tuesday, recouping some of the previous session’s 7% loss as stock markets edged up. Talk by the Obama administration of takeover and bankruptcy for two major US automakers, as well as bank rescues in Europe, prompted investors to book profits after a recent run-up in oil to a four-month high. But Asian stocks edged up on Tuesday and were set to score their biggest monthly rise in a decade as some investors bet the most painful stretch of corporate earnings damage may be over. US oil for May delivery rose 70 cents to $49.11 a barrel by 10:16am. The contract settled down $3.97 at $48.41 a barrel on Monday. London Brent crude rose 70 cents to $50.90. Oil has risen about 9.5%in March, and is headed for its largest monthly and quarterly gain since June 2008, thanks to rallying stock markets and tightening oil supplies as the Organization of the Petroleum Exporting Countries (Opec) curbs exports. But despite recent gains, prices are still down nearly $100 from the peak struck last July, as the global economic crash has shrunk demand for fuels. “Oil is being propped up by firmer stocks and a modest rebound in the euro versus the dollar,” said Michelle Kwek, an analyst at Informa Global Markets in Singapore. Further evidence of weakening demand came from Japan, the world’s No. 3 energy consumer, where crude oil imports in February fell 3.3% from a year ago. The next major evidence on oil demand will be Energy Information Administration data on Wednesday, which is expected to show US crude oil inventories rose last week for the fourth consecutive time amid higher imports and low refinery demand. A heavy calendar of economic data is coming up and negative surprises from any of them, including Tuesday’s US retail sales and consumer confidence, could drag oil prices lower still, analysts said. Investors will also keep a keen eye on developments at the G-20 meeting, whereby US President Barack Obama will urge other world leaders to step up their stimulus plans. Leaders of the Group of 20 developed and developing nations meet on April 2, with Opec hoping it will agree on measures to shore up the global economy and bolster oil demand. Gulf Opec producers see an oil price of about $50 a barrel as good enough given the global economic slowdown and the seasonal fall in fuel demand, a senior Gulf Opec delegate said on Monday. Qatar’s oil minister Abdullah al-Attiyah does not expect Opec to cut supply at its next meeting in May, Kuwait state news agency KUNA reported on Monday. Source: Home - Livemint.com | 31 Mar 2009 | 6:20 am ADB sees Asia’s growth down in 2009, recovery next yearManila: Growth in Asia’s developing economies will slow this year to the lowest rate since the 1997-98 financial crisis, but the world’s fastest expanding region may rebound next year, the Asian Development Bank said. The forecast for 2010 was however contingent on a mild recovery in the global economy, and this was far from certain, the Manila-based ADB said in its annual Asian Development Outlook released on Tuesday. “There are tremendous downside risks to this global outlook,” ADB president Haruhiko Kuroda said in the report. “The effectiveness of the global responses to the crisis remains uncertain. Loud calls for protectionist policies are becoming worrisome. As job losses in the major industrialised countries continue, the protectionist voices may only get louder.” The ADB said Asia’s developing economies, which include China, India, the economies of Southeast Asia, South Korea and Central Asia, should register average GDP growth of 3.4% this year, down from 6.3% in 2008. It is the lowest ADB forecast for developing Asia since growth averaged only 0.2% in 1998. The multilateral development bank said average growth in Asia could recover to 6.0% in 2010 if big industrialised nations pull out of recession. The forecasts by and large confirm a Reuters poll of economists earlier this month that growth in Asia will fall sharply this year and could recover next year. “The concern for the region, and especially for the region’s poor, is that it is not yet clear that the United States, European Union and Japan will recover as soon as next year,” said the ADB’s acting chief economist Jong-Wha Lee. As late as December, the ADB had forecast that average growth in Asia would reach 5.8% in 2009. But it said: ”The global downturn is having a pronounced impact on the region’s exports and subdued domestic demand will further crimp growth.” China, India China, the world’s fastest growing economy, will register growth of 7.0% this year, down from 9.0% in 2008, the ADB said. India should grow 5.0% in 2009 and 6.5% in 2010, it said. The economies of Hong Kong, South Korea, Taiwan and Singapore will all contract this year because of their dependence on trade to support growth, it said. The main effect of the slower growth will be a setback in poverty alleviation. In 2009 alone, the ADB said, the number of poor will be 62.3 million higher at 728.2 million because of the slowdown. If growth had continued as in 2007 and 2008, the number of poor in developing Asia would have been 665.9 million, based on a daily allowance of $1.25. This crisis has highlighted the need for developing nations in Asia to rebalance growth and avoid over-reliance on export-driven expansion, the ADB added. “The pronounced impact of the current global downturn on developing Asia’s growth underlines the risk of excessive dependence on external demand,” it said. “A wide range of government policies, ranging from boosting domestic consumption to promoting more competitive markets, will be required to facilitate the transition of the region to a more balanced growth path.” Source: Home - Livemint.com | 31 Mar 2009 | 5:50 am Sensex rebounds, up by 140 points on firm global cuesThe benchmark Sensex on Tuesday recovered by 140 points after Monday's sharp fall on the back of firm global cues.Source: Daily News & Analysis: Money News | 31 Mar 2009 | 5:46 am SBI MF to launch sectoral-specific fundsSBI Mutual Funds, the joint venture between State Bank of India and Societe General AMC (France), plans to launch sectoral-specific funds in the near future.Source: India Business News | Business News - Times of India | 31 Mar 2009 | 5:45 am Embattled retailers eye accessories businessMumbai: Indian retail firms, reeling under a demand slowdown and rising costs, are eyeing the low capital-intensive accessories segment to lure consumers towards smaller purchases, industry officials say. Top retail firms such as Raymond Ltd, Aditya Birla Nuvo and Titan Industries are expanding small format stores and offering a line up of accessories either exclusively, or in addition to their core offerings. “Premium retailing is affected quite badly, especially the non accessories business, accessories is doing relatively better, as they are typically at lower price points,” said Anand Raghuraman, partner and director at the Boston Consulting Group. Apparel major Raymond is planning a five-fold expansion of its retail chain that sells only its accessories such as ties, cufflinks, belts, and handkerchiefs in the next six months, while Provogue India is looking at an eyewear tie-up. “We already have ten stores... and within the next six months we plan to open 50 more stores,” said Shreyas Joshi, president of its unit Raymond Apparel, which sells the popular brands Park Avenue, Parx, Manzoni and Raymond. “These will be small sized stores which will be located in the airports and malls, basically high traffic areas selling accessories for all our brands,” Joshi told Reuters. Aditya Birla Nuvo hopes to use accessories to lure reluctant consumers to its luxury chain “The Collective.” “We believe that (in) the economically challenged times the consumer instead of purchasing a complete suit may decide to update their wardrobe with accessories,” said George Santacroce, chief executive, “The Collective.” “The other reason is in a concept such as ours, the consumer sometimes before buying apparel often decides to first buy an international brand in the accessories category,” he added. But it is not just apparel retailers who feel the need to diversify product offerings to attract customers. Titan Industries one of India’s top watch and jewellery makers is expanding its ‘Fastrack´ stores to more than 50 in FY10, from just two now, its managing director Bhaskar Bhat told Reuters last week. The Fastrack stores will sell sunglasses, belts, bags and wallets, in addition to its core offering of watches and jewellery, he said. Lower costs, higher revenue “We understand that the current scenario is slightly difficult..and so we have to go where the consumer is going,” Raymonds’ Joshi said. “These are small stores having 100-250 square feet carpet area so investment and viability are much better...the whole idea is to bank in on the impulsive nature of the purchases.” Raymond’s accessories business contributes about 10% to its overall revenues, and Joshi hopes to maintain a growth rate of 30% in sales of accessories even in fiscal year 2010. Stores under Aditya Birla’s Collective format retail 70% apparel products and the rest are accessories. “Acessories is slightly larger than what we planned. We originally planned accessories to be 20% but the success of accessories has been very strong so we are expanding it,” Aditya Birla Nuvo’s Santacroce said. Softening real estate rentals, a key cost component for retailers has also fuelled expansion plans. Titan’s Bhat said rentals have fallen 10-15% on an average and expects further reduction in the near term. Source: Home - Livemint.com | 31 Mar 2009 | 5:40 am Sensex climbs 150 pointsAfter Mondays steep fall, the Bombay Stock Exchange benchmark Sensex rebounded by almost 150 points in early trade on fresh buying by funds and retail investors, triggered by rally in other Asian equity markets.Source: India Business News | Business News - Times of India | 31 Mar 2009 | 4:59 am Rupee recovers; rises 18 paise against dollarThe rupee appreciated by 18 paise against the US dollar in early trade on expectations of fresh capital inflows by foreign funds as domestic bourses may open in positive zone.Source: India Business News | Business News - Times of India | 31 Mar 2009 | 4:57 am Asia stocks set for biggest jump in a decadeHong Kong: Asian stocks edged up on Tuesday and were set to score their biggest monthly rise in a decade as some investors bet the most painful stretch of corporate earnings damage may be over and bought Asian technology shares. As the first quarter and Japan’s financial year draws to a close, stocks, oil prices and higher-yielding currencies gained after a one-day battering on news that the US government was considering pushing General Motors into bankruptcy. Government bonds retreated as equity markets regained their composure, while the dollar slipped as investors favoured riskier assets. Asian stocks outside Japan were set to finish the first quarter with a dip of 0.7% but were up 15% in March, what would be the largest rise since 1999. “There has been a huge change in sentiment. Rather than anticipating huge sell-offs in the US, we’ve been anticipating rallies,” said Peter Wright, a dealer with Burrell Stockbroking in Sydney. Many stock markets have thrashed in ranges near last year’s lows, with investors cautious about calling a turnaround as the global economy remains mired in a deep recession. The economic fallout from the financial crisis is still taking a big toll on many economies, with data from Japan showing unemployment rising to a three-year high as the country’s grapples with its worst recession since World War Two. But Japan’s Nikkei average climbed 0.9%, highlighting how many investors are looking beyond the bleak conditions and expect stimulus spending to help spur a recovery later in the year. Japanese Prime Minister Taro Aso is expected to unveil the outlines of a spending package on Tuesday ahead of the Group of 20 gathering of rich and developing nations this week. The MSCI index of Asia-Pacific stocks outside Japan rose 1.4% and is up 27% from a five-year low struck last November. The Shanghai Composite has rebounded the most in the January-March quarter with a rise of 28%, making its the best-performing big equity market so far this year after being the hardest hit in 2008. The tech-heavy Taiwan Weighted index was poised to finish the quarter with a 15% gain, boosted by incoming orders from China as part of its hefty stimulus spending. Shares of Taiawn’s Compal Electronics, the world’s No. 2 contract laptop PC maker, rose 4% after it said demand from China ,the United States and Europe is picking up and its plans to add about 30% more employees by June. “In the current downturn, tech shares like Compal whose sales and profits could still keep rising, are favourable,” said Andrew Deng, a vice president of Taiwan International Securities Corp in Taipei. Government bond yields and swap rates climbed further due to the waves of expected supply tied to government stimulus spending and as expectations grow that some Asian central banks are done cutting interest rates. Ten-year Japanese government bond yields was flat at 1.330% and held near a six-week high. For Japan’s 2008-2009 business year ending on Tuesday, the benchmark yield has edged up about 5 basis points as the prospect of more supply to pay for spending has offset the economy’s sharp contraction and a likely return of deflation. The dollar edged up against the yen but lost ground against most major currencies, surrendering some of its safe-haven gains from the previous day. The dollar climbed 0.9% to ¥98.15, while the euro edged up 0.4% to $1.3525 on the back of sharp gainst against the yen. The Australian dollar jumped 2% to ¥67.60. The dollar index, a gauge of its performance versus six major currencies, slipped 0.3% to 85.46. For the quarter, the dollar index has risen 5.3%, its fourth straight quarter of gains. Source: Home - Livemint.com | 31 Mar 2009 | 4:33 am Fortis Health nears stake buy in WockhardtMumbai: Fortis Healthcare Ltd has struck a broad agreement to buy up to 74% of unlisted Wockhardt Hospitals for about Rs7.5 billion, a newspaper reported on Tuesday, citing unnamed sources. If the deal materialises, Fortis is likely to invest Rs4 billion in the first phase for a 40% equity stake and will raise it subsequently, the Economic Times said citing unidentified investment bankers. However, a formal deal is yet to be sealed, with both companies in the process of ironing out differences, including the issue of branding the hospital chain, the report added. The report said a Wockhardt spokesman has declined comment while a Fortis spokesperson said, “We are in the market. We cannot comment on market speculation or any individual deals.” Private equity firms General Atlantic and Advent were also in the race, but Fortis was close to clinching the deal, the report added. Fortis’ valuation of Wockhardt Hospitals, at over Rs10 billion rupees, was substantially lower than that arrived at during the latter’s aborted initial public offer last February, the report said. Wockhardt Hospitals, founded by the promoters of drug maker Wockhardt Ltd, had sought to divest 24% stake to raise roughly Rs8 billion through the public offer, but withdrew it on lack of demand. Source: Home - Livemint.com | 31 Mar 2009 | 4:33 am Is WL Ross in race to acquire Satyam stake?Mumbai/ New Delhi, March 30 US-based private equity firm WL Ross & Co is believed to be one of the parties interested in buying out the scam-hit Satyam ComputerSource: Business Line - Home Page | 31 Mar 2009 | 12:00 am Sensex feels the US heat, tanks 480Mumbai, March 30 The five-day-long rally in the stock markets saw a reversal on Monday both on weak global cues and on profit booking by investors who made heady gains lastSource: Business Line - Home Page | 31 Mar 2009 | 12:00 am Net NPAs of banks set to riseChennai, March 30 Net NPAs of most banks will rise because of the effect of a recent circular by the Reserve Bank of India, that has taken most bankers bySource: Business Line - Home Page | 31 Mar 2009 | 12:00 am Bharti, Vodafone have most congested networks: TRAINew Delhi, March 30 The Telecom Regulatory Authority of India on Monday said that Bharti Airtel and Vodafone Essar had the most congested networks in theSource: Business Line - Home Page | 31 Mar 2009 | 12:00 am Tyre industry seeks safeguard duty on passenger car radials importNew Delhi, March 30 Automotive Tyre Manufacturers Association will approach the Director General of Safeguards to seek a safeguard duty on the import of passenger car radial tyres. This is in view of the growing imports of tyres, especially fromSource: Business Line - Home Page | 31 Mar 2009 | 12:00 am Moser Baer (51.50): BuyWe recommend a buy on Moser Baer India stock from a short-term trading perspective. It is apparent from the charts of Moser Baer that it was on an intermediate-term downtrend from its May high of Rs 201 to its March low of Rs 41.Source: Business Line - Home Page | 31 Mar 2009 | 12:00 am ‘We have preempted BJP from coming to power’Chennai: Formation of the Third Front has more or less “preempted the possibility of the Bharatiya Janata Party coming to power at the Centre,” said the Communist Party of India (Marxist) General Secretary, Mr PrakashSource: Business Line - Home Page | 31 Mar 2009 | 12:00 am Role of Nabard, NHB needs to be redefined: CFSA reportMumbai, March 30 The regulatory/ supervisory and developmental role of the National Bank for Agriculture and Rural Development (Nabard) and the National Housing Bank (NHB) should be segregated so that rural financial institutions and housingSource: Business Line - Home Page | 31 Mar 2009 | 12:00 am Growers switching over to robustas from arabicasChennai, March 30 Even as timely pre-blossom showers hold promise of a better coffee crop for the next season starting November, growers are reportedly shifting to cultivation of robustas fromSource: Business Line - Home Page | 31 Mar 2009 | 12:00 am Day Trading GuideFresh short-position can be initiated if DLF declines below Rs 159, with tight stop-loss. ICICI Bank and SBI witnessed sharp sell offs on Monday. We recommend a sell on these stocks. TheSource: Business Line - Home Page | 31 Mar 2009 | 12:00 am Govt confirms business chargesThe Union government on Monday confirmed that the Rs 10,000 crore medium-range surface-to-air missiles (MRSAM) contract with Israel Aerospace Industries (IAI).Source: Daily News & Analysis: Money News | 30 Mar 2009 | 9:48 pm Unable to repay your study loan?Don't fret. You can seek an extension of moratorium period from the bank.Source: Daily News & Analysis: Money News | 30 Mar 2009 | 9:29 pm Full foreign bank play must wait, says RBIIf they open subsidiaries here, foreign holding must not exceed 74%.Source: Daily News & Analysis: Money News | 30 Mar 2009 | 9:28 pm Unitech Wireless shortlists 4 firmsUnitech Wireless has short listed four firms for purchasing telecom infrastructure equipment worth $400-$500 million.Source: Daily News & Analysis: Money News | 30 Mar 2009 | 8:40 pm Mitsubishi small car plans for India on hold for lack of fundsMitsubishi Motor Corporation's plan to produce a volume-generating compact car from India has been indefinitely deferred for lack of funds and sliding demand.Source: Business Standard | Front Page Headlines | 30 Mar 2009 | 6:57 pm 'Govt should lower bank stakes below 51%'Report also suggests gradual foreign investment in the sector.Source: Business Standard | Front Page Headlines | 30 Mar 2009 | 6:56 pm Markets skid on auto suggestionAfter a strong rally last week, the Bombay Stock Exchange Sensitive Index, or Sensex, wiped out almost 50 per cent of the gains today.Source: Business Standard | Front Page Headlines | 30 Mar 2009 | 6:54 pm The greener side of Indian IT companiesBangalore: Computer services firms such as Tata Consultancy Services Ltd (TCS) and Wipro Ltd are offering services in domains ranging from water treatment and waste management to online healthcare, moving from their traditional area of expertise. Wipro Ecoenergy, a unit of Bangalore-based Wipro, has begun offering water treatment solutions based on recycled waste water and harvesting rain water. The company is also exploring business opportunities in waste management, following its experiment of reducing liquefied petroleum gas consumption by using biomass gas generated from organic waste to cook food at its Electronic City campus in Bangalore. “You will not see any business impact in two or three quarters. But Wipro is at least 60 years old and there are decades more to come,” said Anurag Behar, corporate vice-president for community and social initiatives at Wipro. The firm also advises customers on improving energy efficiency at power guzzling data centres. TCS, India’s largest technology vendor, is commercializing a healthcare portal called WebHealth Centre, a free online and tele-link medical consultancy that allows doctors and patients to get advice from speciality hospitals, a TCS spokesperson said. The system also can store patients’ health information securely for doctors to access for reference and provide advice. Such ventures are essentially offshoots of so-called corporate social responsibility initiatives being taken by Indian firms, including measures to improve the environment through reduced carbon emissions and better waste management, without compromising on their profitability. Source: Tech News - Livemint.com | 30 Mar 2009 | 6:41 pm
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