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Satyam board meeting underwayThe Satyam meet underway today has been conveyed as an informal meeting and not a fullfledged board meet. Interestingly, all Satyam board members including, Deepak Parekh, Kiran Karnik and TN Manoharan, except Tarun Das, are part of this meet, which started at around 10 am.Source: Moneycontrol Top Headlines | 3 Apr 2009 | 3:01 pm MFs lose Rs 37000 cr assets in FY'09; RelMF biggest loser - Economic Times
Source: Google News India - Business | 3 Apr 2009 | 12:47 pm Indian sugar futures snap gaining streak; spot up - Reuters India
Source: Google News India - Business | 3 Apr 2009 | 12:39 pm Fitch downdrades Wockhardt's long-term rating - Business Standard
Source: Google News India - Business | 3 Apr 2009 | 12:34 pm BlackBerry defies forecasts to post record profit !Defying market forecasts, BlackBerry maker Research In Motion (RIM) on Thursday reported a record profit of USD 518.3 million on a total revenue of USD 3.46 billion for the last quarter of fiscal year 2009 ending Feb 28.Source: Zee News : Business | 3 Apr 2009 | 12:32 pm US Senate passes $3.41 trillion budget plan !US House approves budget blueprint drawn to Prez Obama`s specifications Thursday and Senate hastened to follow suit after admin allies rejected alternatives.Source: Zee News : Business | 3 Apr 2009 | 12:32 pm G20 shows power shift to multipolar world!A year ago, mere mention of the notion of a multipolar world was a sure way to lose friends and dinner invitations in Washington.Source: Zee News : Business | 3 Apr 2009 | 12:32 pm IBM cuts Sun offer, may unveil deal soon: Sources!IBM cut its offer for Sun Microsystems Inc to USD 9.55 a share after a thorough vetting and may soon unveil details of its largest- ever takeover, a source with knowledge of the matter said on Thursday.Source: Zee News : Business | 3 Apr 2009 | 12:32 pm MFs lose Rs 37,000cr assets in FY'09The country's mutual fund industry witnessed a nearly Rs 37,000 crore decline in its assets in the financial year 2008-09, with top fund house Reliance MF accounting for a little less than one-third of the losses.Source: India Business News | Business News - Times of India | 3 Apr 2009 | 12:30 pm BJP offers tax cuts, tough security lawNew Delhi: The Bharatiya Janata Party (BJP) promised low taxes and interest rates and a tough national security law in an election manifesto on Friday aimed at boosting its poll ratings. The BJP also promised to retrieve Indian money illegally stashed abroad, generate employment through massive infrastructure projects and give cheaper farm loans. It said it would bring down interest rates on housing loans to make urban housing affordable and give complete tax exemption to citizens above the age of 60. “We are giving a message to our voters that if you give us an opportunity then whatever we do we will do with honesty,” the party’s prime ministerial candidate Lal Krishna Advani said. The BJP-led opposition alliance trails in most opinion polls for the month-long election beginning on 13 April and is struggling to find allies in potentially swing states.  Its principal battle is with the ruling Congress-led coalition in the staggered election running from 16 April to 13 May. Votes will be counted on 16 May and most analysts predict that smaller regional parties will hold the balance of power after the election. Announcing a raft of populist measures, the BJP proposed farm loans at an interest rate of 4% and a ban on foreign direct investment in retail to help domestic trade. It also threatened retaliation against moves by countries to discourage hiring of Indian workers abroad by imposing visa restrictions. The party said it would “impose counter-veiling restrictions on foreign companies operating in India especially in the services sector, which on account of domestic laws of the respective countries, have introduced restrictions on hiring Indian employees with valid work visas.” Economists may see the policy as a populist measure to win votes. Millions of Indians live in poverty. Analysts earlier said that a BJP victory could swing India to a stronger pro-market agenda after several years of reform stagnation that have investors worried about India’s capacity to sustain growth. Ram temple The BJP also promised tough measures to protect India’s security as well as implement a long-standing promise to build a Hindu temple on a site revered by Hindus but disputed by the country’s Muslim minority. It said it will construct the temple to Hindu warrior-god Ram in Ayodhya, the site of a 16th century mosque torn down by mobs in 1992 that led to deadly Hindu-Muslim riots and killed nearly 3,000 people. Hindu hardliners say the mosque was built by Muslim invaders after destroying a Ram temple on the site of the Hindu god’s birth. The BJP rose to prominence on the back of a Hindu revivalist campaign that sought the construction of the Ram temple, and analysts say by reviving the temple plan the BJP was aiming to garner Hindu votes. The party also planned to revive a stringent security law that it enacted during its 1998-2004 rule that allowed for suspects to be held up to 90 days without being formally charged. The BJP will take “strong steps against terrorists, cross-border or home-grown” and overhaul the intelligence system, the manifesto said. Source: Home - Livemint.com | 3 Apr 2009 | 12:29 pm Oil down slightly near $52, U.S. job data aheadLONDON (Reuters) - Oil slipped only slightly to near $52 a barrel on Friday, after surging by nearly 9 percent the day before, as global markets viewed the outcome of the G20 summit as paving the way for some risk appetite to return.Source: Reuters: Money News | 3 Apr 2009 | 12:28 pm CBI to seek details of Raju’s bank accounts in USNew Delhi: The CBI probing the multi-crore financial scam in Satyam Computer Services will soon approach the US to get the details of the IT company’s disgraced founder B Ramalinga Raju’s bank account. Sources said CBI, which will be filing a chargesheet on Raju and other accused in the scam next week, will send Letters Rogatory to the US Justice Department seeking details of Raju’s accounts in Bank of Baroda’s New York branch. They said CBI would also seek the help of the US Treasury Department to obtain the details of Raju and his kins’ accounts, believed to be in Bank of America. The details of the accounts, after being procured, would be submitted before the court in Hyderabad later, sources said. The Serious Fraud Investigation Office (SFIO) had submitted a petition in a Hyderabad court “as regards to current account maintained in Bank of Baroda’s New York branch, and a non-existent balance of Rs1,733 crore has been found till date.” A supplementary chargesheet would be filed after receiving information from abroad. CBI had said last night that the first chargesheet in Sataym would be filed on 9 April against Raju and other accused, a process which may lead to beginning of trial in the multi-crore accounting fraud case. Source: LatestNews-Home - Livemint.com | 3 Apr 2009 | 12:23 pm No intention to borrow; we can contribute to IMF: PMPrime Minister Manmohan Singh told the global community that India is willing to increase its contribution to the International Monetary Fund but does not intend to borrow any money from the multilateral lending agency.Source: India Business News | Business News - Times of India | 3 Apr 2009 | 12:18 pm Bulls have it for fourth straight week - Hindu
Source: Google News India - Business | 3 Apr 2009 | 12:14 pm WTO’s Lamy urges Doha deal to help fight crisisBrussels: World leaders should make early efforts to conclude the Doha round of global trade talks as a key part of fighting the economic crisis, the head of the World Trade Organisation (WTO) said on Friday. In an interview with Reuters Financial Television, Pascal Lamy welcomed a consensus at Thursday’s G20 summit to avoid protectionism and an agreement to support global trade flows with 250 billion euros ($334 billion) worth of finance measures. “It is a very positive response,” Lamy said. “Implementation now is something we will be watching,” he added of guarantees and other measures aimed at encouraging importers and exporters to help reverse a sharp drop in trade. “The important thing is that there is, as in other areas of the G20 work yesterday, convergence, unanimity on the view that in order to respond to this crisis, trade must remain open,” he said. Lamy said he hoped for a prompt drive to kickstart the stalled Doha trade round. But he added it was too early to say when progress could be made, noting that India has elections this year and the new U.S. administration needed to fine-tune its position. “It will be good if political reengagement was to take place before the summer break,” he said adding: “The overall direction, political roadmap is that these talks should be concluded as part of the overall response to the crisis.” Lamy noted the risk of recession leading to protectionism. “There has been a bit of a slippage by a number of (countries). For the moment nothing that will have a really big macro-economic impact on trade flows, but the danger is there,” he said. Source: LatestNews-Home - Livemint.com | 3 Apr 2009 | 12:14 pm Fitch lowers Wockhardt’s long-term ratingNew Delhi: The rating agency Fitch has lowered the rating of pharmaceutical firm Wockhardt following its announcement of corporate debt restructuring. Besides, another rating agency Crisil downgraded the rating of short-term debt programme of the drug maker following a default by Wockhardt in interest payment on a loan. Fitch downgraded Wockhardt’s national long-term rating to B from BBB. ‘B´ rating signifies high default risk. “The rating action follows Wockhardt’s announcement of a corporate debt restructuring programme in light of adverse market condition, liquidity constraints and debt burden,” Fitch said. Crisil downgraded the rating on pass through certificates (PTCs) to P5 from P4 and has placed the rating on ‘Rating Watch with negative implications´ based on its expectation of shortfalls and delays by Wockhardt in meeting its obligation on the loans. “The downgrade by the rating agency Crisil follows a default by Wockhardt on the interest payment on the loan supporting pass through certification (PTC),” Crisil said. PTCs are mortgage-backed security certificates in which owners’ payments pass from the original bank through a government agency or an investment bank to investors. Source: LatestNews-Home - Livemint.com | 3 Apr 2009 | 12:11 pm CBI to seek details of Raju's bank accounts in US - Hindu Business Line
Source: Google News India - Business | 3 Apr 2009 | 12:10 pm Mamata and Nano car - NDTV.com
Source: Google News India - Business | 3 Apr 2009 | 11:47 am Birla Sun Life posts fastest growth among mutual fund cosMumbai: Birla Sun Life Mutual Fund became the fastest growing fund house in the country even as the industry as a whole posted de-growth last year, a top company official said. The Asset Under Management (AUM) of Birla Sun Life which was only Rs20,000 crore as of March 07 went up to Rs35,000 crore as of March 08 and to Rs48,500 crore as of February 09, Birla Sun Life Mutual Fund CEO Anil Kumar told PTI. He said the industry as a whole has ‘de-grown´ during 08\09 as the AUM of the entire industry as of March 08 was Rs5,30,000 crore which went down to Rs5,08,000 crore as of February 09. Latest reports suggest the AUM of the industry as of March 09 was down further to Rs4,94,000 crore. Kumar said Birla Sun Life has the highest growth in AUMs. Few other players have had positive growth and many have posted flat growth or even de-growth, he pointed out. He, however, conceded that the equity component of AUM is showing sluggishness and as of February, equity accounted for only about 15 to 20% of the total AUM against 24% as of March 08. The fund has doubled its distribution base to over 26,000 and number of branches now stand at 109. The customer base has doubled to 21.5 lakh, Kumar said. Source: LatestNews-Home - Livemint.com | 3 Apr 2009 | 11:40 am CBI to seek details of Raju's bank accounts in USSources said CBI, which will be filing a chargesheet on Raju and other accused in the scam next week, will send Letters Rogatory to the US Justice Department seeking details of Raju's accounts in Bank of Baroda's New York branch.Source: India Business News | Business News - Times of India | 3 Apr 2009 | 11:36 am TVS loses patent battle to Bajaj again - domain-B
Source: Google News India - Business | 3 Apr 2009 | 11:31 am Bulls have it for fourth straight weekBulls, backed by strong global bourses, continued to have an upper hand at the Indian equities markets for the fourth consecutive trading week ending Thursday, with a key index gaining about 3 percent from its previous weekly close.Source: IndiaeNews.com: Business News | 3 Apr 2009 | 11:31 am BHEL posts 33 per cent growth over last year - Hindu
Source: Google News India - Business | 3 Apr 2009 | 11:02 am Google in talks to buy TwitterBangalore: Google Inc may be in talks to buy internet start-up Twitter, the free micro-blogging service that allows people to send short text messages to a network of friends, the TechCrunch website said late Thursday TechCrunch’s article by Michael Arrington said the two companies are also considering working together on a Google real time search engine. Google would pay for Twitter in cash or stock or a combination of the two, the website reported. Industry experts say Arrington has a mixed record but was the first to report the rumour that Google would buy video-sharing site YouTube in late 2006. Arrington said the talks were “fairly early stage”. A Google spokesman in London told Reuters the company did not comment on rumours or speculation. A spokesperson for Twitter could not be reached immediately. San Francisco, California-based Twitter has enjoyed a surge in popularity since its creation three years ago, despite the fact that the company has yet to make any money. Twitter’s co-founder Biz Stone said in March that the company was eager to partner with other companies, including Google, but was not considering a merger or buyout. Source: Tech News - Livemint.com | 3 Apr 2009 | 10:50 am Google in talks to buy TwitterBangalore: Google Inc may be in talks to buy internet start-up Twitter, the free micro-blogging service that allows people to send short text messages to a network of friends, the TechCrunch website said late Thursday TechCrunch’s article by Michael Arrington said the two companies are also considering working together on a Google real time search engine. Google would pay for Twitter in cash or stock or a combination of the two, the website reported. Industry experts say Arrington has a mixed record but was the first to report the rumour that Google would buy video-sharing site YouTube in late 2006. Arrington said the talks were “fairly early stage”. A Google spokesman in London told Reuters the company did not comment on rumours or speculation. A spokesperson for Twitter could not be reached immediately. San Francisco, California-based Twitter has enjoyed a surge in popularity since its creation three years ago, despite the fact that the company has yet to make any money. Twitter’s co-founder Biz Stone said in March that the company was eager to partner with other companies, including Google, but was not considering a merger or buyout. Source: Home - Livemint.com | 3 Apr 2009 | 10:50 am IIM-Lucknow to increase fee by Rs1.5 lakh per annumNew Delhi: After IIM Ahmedabad and IIM Bangalore, the IIM Lucknow has decided to increase the fee of its Post Graduate Programme in Management (PGPM) by Rs1.5 lakh per annum from the coming academic session. “We will increase the fee from Rs2.5 lakh per annum at present to Rs4 lakh per year from 2009-10 academic session. The fee will be Rs4 lakh each year during the two-year programme,” IIM Lucknow director Prof Devi Singh told PTI. Singh said that the hike is need-based and would help the institute strengthen its financial health to meet the expenditure which has gone up significantly in the recent years. “The hike is cost-based. But while increasing the fee, we will also take care of the poor and meritorious students by giving them financial support,” he said,. The institute has been giving financial aid to about 100 students every year, he said. “The facility will continue this year also. We will ensure that no poor and meritorious student fails to get education at IIM Lucknow just because he or she is poor,” Singh said. Source: LatestNews-Home - Livemint.com | 3 Apr 2009 | 10:21 am No intention to borrow; we can contribute to IMF: PM - Press Trust of India
Source: Google News India - Business | 3 Apr 2009 | 10:16 am IIM-L to hike fee by Rs 1.5 lakh/annum - Indian Express
Source: Google News India - Business | 3 Apr 2009 | 10:13 am Oil rises above $53, US job data aheadLondon: Oil rose above $53 a barrel on Friday after surging by nearly 9% the day before, as global markets continued to see the outcome of the G-20 summit as positive for an eventual recovery from economic recession. Oil made its largest one-day percentage gain in three weeks on Thursday as markets rallied after world leaders at the summit announced a trillion-dollar deal to act on the economic crisis. US light crude for May delivery rose 60 cents to $53.24 a barrel by 3:20pm, up from Thursday’s $4.25 gain that lifted the contract to $52.64. London Brent crude rose 68 cents to $53.43. Market watchers said recent price rises in the crude market in spite of low demand and heavy supply were likely to be a sign of low appetite for risk outside the $40-$50 a barrel range. “Oil has been holding reasonably well since the first of the year at this level, and there’s not a lot of fundamental evidence for a sustained move to the upside,” said Tony Machacek of Bache Financial in London. “It’s holding reasonably well because there is nobody out there who is prepared to aggressively sell the market,” Machacek said. The market on Friday will keep a keen watch on economic data, including US March unemployment, non-farm and manufacturing payrolls, due to be released today, to gauge the health of the world’s largest economy. A poll showed the ailing US economy probably continued to bleed jobs rapidly in March, driving up the jobless rate at a high pace. US stocks rallied for a third day on Thursday as more data pointed to a stabilising economy and changes to an accounting rule were seen as shoring up the volatile financial sector in the short term. US factory orders rose in February for the first time in seven months, and a rebound in China’s official purchasing managers’ index (PMI) in March showed the Chinese economy may have bottomed, China’s chief statistics official said on Friday. Source: Home - Livemint.com | 3 Apr 2009 | 10:05 am Israeli arms deal clean: AntonyA $1.4 billion missile deal India has signed with Israel is 'clean' and contains a clause providing for its cancellation if it is proved kickbacks were involved, Defence Minister A.K. Anthony said Friday.Source: IndiaeNews.com: Business News | 3 Apr 2009 | 10:01 am Investment norms for all citizens pension scheme by mid-AprilNew Delhi: Interim pension regulator Pension Fund Regulatory and Development Authority (PFRDA) will come out with investment guidelines for its mega pension plan by the middle of this month. “Investment guidelines will be finalised by the middle of the month (April)... 1 May is the date it (pension scheme for all citizens) will be launched,” PFRDA chairman D Swarup said. The authority is set to launch the pension scheme for all citizens from 1 May after getting nod from the Election Commission. The Deepak Parekh Committee, constituted by the PFRDA, has recommended investment norms for the new pension system (NPS). The committee had suggested options to subscribers to invest in shares of the 50 stocks of the index Nifty of the National Stock Exchange, government bonds, liquid assets of mutual funds, state government bonds, rated bonds of public financial institutions and public sector companies, among other things. The PFRDA invited public comments on the recommendations, as well as certain modifications proposed by it to these suggestions. In August 2008, the government advised the PFRDA to extend the NPS, currently subscribed to by government employees, to all citizens. Source: LatestNews-Home - Livemint.com | 3 Apr 2009 | 9:52 am United G-20 inspires Asia stocks ahead of US dataHong Kong: G-20 leaders convinced investors they were united enough to keep a risk-taking rally alive on Friday, lifting Asian stocks a fourth day, but the US dollar fought back from early losses ahead of the latest U.S. payrolls number due later in the day. The perception of global policy coordination added to a growing investor optimism based on sprouts of economic recovery around the world in the last month. For example, a gauge of Chinese manufacturing in March released on Thursday reflected expansion for the first time since September 2008. Major European stocks were expected to open slightly lower, according to financial bookmakers, as caution reigned ahead of the latest US payrolls figure due later on Friday. Still, views on the medium-term outlook improved markedly after the Group of 20 pledged $1.1 trillion in additional funds for the International Monetary Fund and to support global trade finance. “We expected a lot of discord between the US and UK and France and Germany with China poking its nose in as well but they seem to come out of the event as one connected group, seemingly on the same page,” said Dwyfor Evans, currency strategist with State Street Global Markets in Hong Kong. “It implies that there is policy coordination and not policy discord,” he said. Institutional investors have been selling US dollars and yen - which have been associated with safety and liquidity - and buying emerging market and commodity-related currencies for the last several weeks, Evans said, citing State Street’s capital flows data. Global stock markets have been rising at a torrid pace for nearly a month now, particularly in Asia, and some dealers were talking about the need to pause and lock in some of the gains. Indeed, US stock market futures were already pointing to a slightly lower open later in the day. The MSCI index of Asia Pacific stocks outside Japan edged up 0.7% and stood more than 20% higher since late February. Japan’s Nikkei share average was up 0.3%, after being higher for most of the session. Automaker stocks were big gainers for a third day, with shares of Toyota Motor Corp up 7% following more evidence overnight the global car market collapse could be nearing an end. Car sales in Germany, Europe’s largest market, surged 40% in March, mainly due to government incentives to encourage drivers to trade old cars for more fuel-efficient models. Hong Kong’s Hang Seng index was up slightly near a three-month high, after a 7% surge on Thursday. Trading volume climbed as the month-long rally sucked in more market participants - a sign the current rally may have legs. Rebounding commodity prices fed into a 4% pop in shares of Australian miners BHP Billiton and Rio Tinto. The benchmark S&P/ASK 200 index climbed 1.5%. The Grand 20 The yen took an early beating against higher yielding currencies such as the Australian and New Zealand dollars but then fought back some, ahead of the March US employment data. Economists were expecting payrolls shrank 650,000 in March, which would bring to 3.6 million the jobs lost in the last six months. The euro slipped 0.2% against the yen at ¥133.98 after a choppy morning. The dollar was little changed at ¥99.50 after earlier poking above the psychologically important 100 yen level for the first time since early November 2008. Debate was ensuing among market participants about exactly where the money to fund the G-20’s goals was going to come from and how financial regulation would take shape, but most analysts agreed that the policy response was more than they had expected. Standard Charted strategists labelled their morning note “The Grand 20,” saying emerging market and high-yielding currencies will be supported because of actions to beef up the IMF. However, “the initial market euphoria may yet prove to be exaggerated given that the weak economic outlook will persist for some time - today’s US payrolls numbers and US corporate earnings next week could provide a nasty reminder,” they said. The benchmark 10-year Japanese government bond yield rose to a 3-1/2-month high on Friday, as the Nikkei advanced. JGB futures also touched their lowest in nearly five months. Globally, emerging market bond returns rose 0.78% on Thursday, according to JPMorgan’s EMBI-plus performance index. The index has gained 4% since the end of February. Source: Home - Livemint.com | 3 Apr 2009 | 9:50 am Gold falls further on sustained selling pressureGold futures extended losses on sustained selling pressure after the previous day's fall by over 2.5% on renewed talks of gold sales by the IMF as well as a rally in equity markets, analysts said.Source: India Business News | Business News - Times of India | 3 Apr 2009 | 9:39 am Banks lead European shares lowerLondon: European shares fell in early trade on Friday as investors took a breather after pushing equities up 10% over the past three days and looked to US jobs data for signs of any recovery in the economy. At 1:17pm, the FTSEurofirst 300 index of top European shares was down 0.9% at 774.20 points, led lower by falls in bank stocks. The benchmark rose 4.9% on Thursday after world leaders clinched a $1.1 trillion deal to combat the worst economic crisis since the Great Depression and said financial rules would be tightened to stop it happening again. UBS, Societe Generale, Credit Suisse and HSBC were down 1.9-4.5%. “We increased our equities exposure on Monday, before the G-20, going slightly less underweight as we believe we should have better newsflow regarding the US economy in the next months,” said Thierry Lacraz, strategist at Pictet. “The (US) unemployment numbers will unfortunately be relatively bad and from the point of view of psychology not good at all for stocks but it is a lagging indicator,” he said, adding that he was looking at factors like purchasing managers´ indexes (PMI) and industrial orders. Analysts expect US non-farm payrolls to tumble by 650,000 for March after a similar loss in February. The report is due today. Danish drugmaker Novo Nordisk was the worst loser in Europe, sliding 10% after a US advisory panel failed to back its experimental diabetes drug Victoza, with votes split on whether it was safe enough to come to market due to worries over cancer. Across Europe, Britain’s FTSE 100 was down 0.7% while Germany’s DAX and France’s CAC lost 0.9%. Good run Auto shares added to gains from the previous session as Credit Suisse upgraded the sector to “overweight” from “market weight”. Daimler gained 4.9%, BMW rose 2.4%, and Renault jumped 6%. The DJ STOXX European autos sector index was the only gainer among the STOXX sectoral benchmarks, up 1.5%. The FTSEurofirst is on track for its fourth successive week of gains, the longest winning streak since October 2007. The index is now up 20% since 9 March, when it hit the lowest point in its 12-year lifetime. The mini-rally, in the midst of a bear market, has been supported by reassuring updates from banks at the centre of the credit crisis, some positive macroeconomic data and policy action. But Lacraz said there was plenty of reason for caution. “We’re still very dubious about what could happen to the global economy in 2010 but it’s too early to worry about 2010 and people are looking at the market over the next three months,” he said. “The current enthusiasm will be tested in the next few days with first-quarter (corporate) results coming out, as well as the prospect of further bailouts of troubled companies and a bankruptcy for GM,” said Romain Boscher, head of equity management at Groupama AM, while Lacraz said he expected positive surprises from the financial sector results and some disappointments elsewhere. Source: Home - Livemint.com | 3 Apr 2009 | 9:38 am World stocks downbeat before US jobs dataLondon: European stock markets dipped and Asian equities were mixed on Friday as investors tread cautiously before the release of key US jobs data, traders said, following a surge sparked by the G20 summit. World indices had soared Thursday as leaders of the Group of 20 rich and emerging economies unveiled massive financial help to tackle the worst downturn since the 1930s. “There’s certainly the scope however for more dips lower in the medium term and the fact that we’ve got the (US) non-farm payrolls later today could be precisely the sort of trigger that could initiate some quick profit taking ahead of the weekend break,” said CMC Markets dealer Matt Buckland. In early European stock market trade, London dropped 0.19%, Frankfurt slid 0.31%, Paris gave up 0.19% and Madrid lost 0.26%. World stocks had rocketed Thursday, with Frankfurt winning around six percent and the Dow Jones Industrial Average climbing 2.79% on Wall Street, following the G20 summit pledge to boost efforts to fight a deepening recession. In Asia on Friday, Tokyo closed up 0.34% to near a three-month high, Shanghai fell 0.23% and Sydney ended 1.51% higher. Hong Kong’s Hang Seng Index closed 0.16% higher. While the G20 summit stopped short of unveiling fresh fiscal spending to tackle the global economic slump, it did provide more than a $3 trillion of new money to help poorer countries and a vow to increase global regulation. Stocks on Thursday also won support from revamped US accounting rules that could ease financial pressure on banks, traders said. “Potentially, this change in accounting standards could see as much as 20% added to earnings in the second quarter for US banks,” said IG Markets analyst Ben Potter. “A strong global banking system will complement our already solid domestic financial system. Bit by bit, the pieces of the puzzle are falling into place. This will ultimately lead to stabilisation of the global financial system,” he added. Overnight on Wall Street, the Dow Jones Industrial Average closed at 7,978.08 points after breaching the psychological 8,000 barrier for the first time since 13 February as the market rallied for the third consecutive day. The tech-heavy Nasdaq composite added 3.29% and the broad-market Standard & Poor’s 500 index climbed 2.87%. “It seems that the bulls have once again assumed control on Wall Street, with hopes growing that a potential bottom to the bear market has been reached,” said Joseph Hargett of Schaeffer’s Investment Research. With the G20 already seen as old news by markets, attention shifted on Friday to the non-farm payrolls data for March due at 1230 GMT. “European equities were seen edging lower... with investors braced for key US monthly jobs figures,” said analysts at ODL Capital. Source: LatestNews-Home - Livemint.com | 3 Apr 2009 | 9:37 am No intention to borrow; we can contribute to IMF: PMLondon: Prime Minister Manmohan Singh told the global community that India is willing to increase its contribution to the International Monetary Fund (IMF) but does not intend to borrow any money from the multilateral lending agency. “We do not visualise any need in the near future to go to the IMF ... We can consider contribution to (the) IMF in proportion to our quota,” he told reporters after the meeting of the G-20 leaders, who pledged to treble the resources of the IMF. “As far as India is concerned ... the question arises that we should contribute (to the IMF),” Singh said when asked whether India, like Mexico, is planning to withdraw funds from the new facility approved at the G-20 Summit. India, he added, has foreign exchange reserves of about $250 billion. Expressing satisfaction at the inclusion of the country in the two key international committees, Singh said, “India has been recognised as a major economic player. It’s a great achievement.” India has been made a member of the Financial Stability Forum (FSF) and the Basle Committee on Banking Supervision, the two key standard setting bodies. Source: LatestNews-Home - Livemint.com | 3 Apr 2009 | 9:37 am India gold demand ebbs after pick-upMUMBAI (Reuters) - India's gold demand turned quiet on Friday as most banks, the primary sellers of gold, were closed for a holiday, traders and dealers said.Source: Reuters: Money News | 3 Apr 2009 | 9:28 am 50% NBFCs in Punjab, Haryana close operationsChandigarh: Rising default rate coupled with high cost of funds have dealt a severe blow to Non-Banking Financial Companies (NBFC) in the northern region as almost 50% of them operating as asset finance companies have shut down their business operations in the last three years. NBFCs, which are considered as the backbone of the commercial vehicle finance segment in Punjab, Haryana, Himachal Pradesh and UT Chandigarh, have strongly pitched for covering them under Securitisation Act 2002 and Debt Recovery Tribunal, like banks, in a bid to expedite recovery process. “50% of asset finance companies in this region have been forced to close their shops in last the three years or so due to rising delinquencies and unsupportive attitude of government in timely realisation of outstanding loans from defaulters,” Punjab and Haryana Finance Companies Association (PHFCA) Secretary General Alok Sondhi said. According to PHFCA, the default rate in NBFCs has risen by five times to 15% against 3% in past 3-4 years. “The strength of NBFCs in this region has squeezed to 200 from 450 three years ago as they were finding extremely difficult to carry on finance business due to rising default,” said an official of PHFCA. Source: LatestNews-Home - Livemint.com | 3 Apr 2009 | 9:23 am India may import 1 mln T raws in 8 months - Shree RenukaMUMBAI (Reuters) - India sugar millers are likely to import 1 million tonnes of raw sugar in the next eight months as an appreciating rupee and rising domestic prices make it viable again, a top industry official told Reuters on Friday.Source: Reuters: Money News | 3 Apr 2009 | 9:22 am KPMG faces $1 bn law-suit over reckless audits: reportLondon: Accounting major KPMG is being sued for $1 billion in damages from a trustee of collapsed American lender New Century Financial Corporation and has been accused of conducting “reckless and grossly negligent audits”, a media report says. Law firm Thomas, Alexander & Forrester LLP has filed two suits on behalf of the trustee -- one in California against KPMG LLP and another in New York against its parent, KPMG International, according to a report in The Guardian. “Alan M Jacobs accuses KPMG of conducting ‘reckless and grossly negligent audits´ that failed to show the lender’s financial problems,” the report published online stated. However, the auditing firm has denied any wrongdoings. The lawsuits allege that KPMG LLP assisted in and certified “materially misstated financial statements”, and that KPMG’s international parent failed in its watchdog role and is responsible for “the severely reckless and grossly negligent acts of its agent”, the report pointed out. New Century had been US’s second-biggest sub prime mortgage lender that mainly served people with poor credit histories but had to file for bankruptcy in April 2007. The Guardian quoted a KPMG spokesman as saying that, “KPMG acted in accordance with professional standards in New Century, and we will vigorously defend our audit work. Any implication that the collapse of New Century was related to accounting issues ignores the reality of the global credit crisis. This was a business failure, not an accounting issue.” Further, the lawsuits cite emails which allegedly show that specialists within KPMG had tried to point out errors in the company’s financial statements but were silenced by the KPMG partner in charge of the audits. The lawsuit alleges this was “to protect KPMG’s business relationship with, and fees from, New Century”, the report stated. The lawsuits were filed in the superior court of California in Los Angeles county and the US district court in the southern district of New York. Source: LatestNews-Home - Livemint.com | 3 Apr 2009 | 9:14 am KPMG faces $1 bn law-suit over reckless audits: reportLondon: Accounting major KPMG is being sued for $1 billion in damages from a trustee of collapsed American lender New Century Financial Corporation and has been accused of conducting “reckless and grossly negligent audits”, a media report says. Law firm Thomas, Alexander & Forrester LLP has filed two suits on behalf of the trustee -- one in California against KPMG LLP and another in New York against its parent, KPMG International, according to a report in The Guardian. “Alan M Jacobs accuses KPMG of conducting ‘reckless and grossly negligent audits´ that failed to show the lender’s financial problems,” the report published online stated. However, the auditing firm has denied any wrongdoings. The lawsuits allege that KPMG LLP assisted in and certified “materially misstated financial statements”, and that KPMG’s international parent failed in its watchdog role and is responsible for “the severely reckless and grossly negligent acts of its agent”, the report pointed out. New Century had been US’s second-biggest sub prime mortgage lender that mainly served people with poor credit histories but had to file for bankruptcy in April 2007. The Guardian quoted a KPMG spokesman as saying that, “KPMG acted in accordance with professional standards in New Century, and we will vigorously defend our audit work. Any implication that the collapse of New Century was related to accounting issues ignores the reality of the global credit crisis. This was a business failure, not an accounting issue.” Further, the lawsuits cite emails which allegedly show that specialists within KPMG had tried to point out errors in the company’s financial statements but were silenced by the KPMG partner in charge of the audits. The lawsuit alleges this was “to protect KPMG’s business relationship with, and fees from, New Century”, the report stated. The lawsuits were filed in the superior court of California in Los Angeles county and the US district court in the southern district of New York. Source: World Business - Livemint.com | 3 Apr 2009 | 9:14 am Turn words into action, says NGO to G20 leadersAlthough the G20 summit is seen as a 'ray of hope' in the global economic gloom, international charity Save the Children Friday said that unless the pledges by the various world leaders are turned into action, the communique means very little.Source: IndiaeNews.com: Business News | 3 Apr 2009 | 9:01 am BJP offers tax cuts, tough security lawNEW DELHI (Reuters) - The Bharatiya Janata Party (BJP) promised low taxes and interest rates and a tough national security law in an election manifesto on Friday aimed at boosting its poll ratings.Source: Reuters: Money News | 3 Apr 2009 | 8:51 am \'Reliance\'s D6 gas output to reduce oil import bill by 10%\'The natural gas production from Reliance Industries Ltds (RIL) East Coast Block will reduce the countrys oil import bill on an annualised basis by $9 billion. This is approximately 0.9 per cent of Indias GDP.Source: Moneycontrol Top Headlines | 3 Apr 2009 | 8:42 am Banks reduce bulk deposit ratesFaced with mounting pressure to reduce lending rates and to counter slack credit offtake, banks have begun driving down bulk deposit rates.Source: Moneycontrol Top Headlines | 3 Apr 2009 | 8:39 am Bajaj gets engine technology patentBajaj Auto has been granted the patent for its ExhausTEC invention, which was a bone of contention in its legal feud with TVS Motor Company.Source: Moneycontrol Top Headlines | 3 Apr 2009 | 8:38 am BJP promises to make India's economy growThe Bharatiya Janata Party (BJP) Friday promised a slew of measures for India's economic growth in its election manifesto. Highlights of its 'economy grows, India prospers' policies:Source: IndiaeNews.com: Business News | 3 Apr 2009 | 8:32 am Bhilai Steel Plant achieves highest production so farBhilai Steel Plant (BSP), the flagship unit of the state-run Steel Authority of India (SAIL), has ended the 2008-09 financial year with its best production figures so far, the company said in a statement Friday.Source: IndiaeNews.com: Business News | 3 Apr 2009 | 8:30 am BJP manifesto: no tax on income up to Rs.300,000 per yearThe Bharatiya Janata Party (BJP) will exempt all armed forces and paramilitary personnel from income tax if voted to power, the party said while releasing its manifesto Friday for the Lok Sabha elections. In another populist promise, it said it would exempt individuals with an income of up to Rs.300,000 per year from income tax.Source: IndiaeNews.com: Business News | 3 Apr 2009 | 8:04 am Rain, snow cheer apple growers in Himachal PradeshFalling temperatures and more snowfall and rain in Himachal Pradesh - known as the fruit bowl of the country - has raised hopes of a good harvest of fruits this season too.Source: IndiaeNews.com: Business News | 3 Apr 2009 | 8:00 am India corn 2008/09 export seen at 0.8 mln TMUMBAI (Reuters) - Indian corn exports may reach 800,000 tonnes in the marketing year ending September, higher than expected, helped by a a global supply crunch and rising prices in the US, a trade official said on Friday.Source: Reuters: Money News | 3 Apr 2009 | 7:52 am Customer, king without choiceWith the entry of BT-brinjal a reality soon, the customer is being served a sorry deal. The genetically modified variety will look similar to the regular one.Source: Daily News & Analysis: Money News | 3 Apr 2009 | 7:52 am WTO's Lamy urges Doha deal to help fight crisisBRUSSELS (Reuters) - World leaders should make early efforts to conclude the Doha round of global trade talks as a key part of fighting the economic crisis, the head of the World Trade Organisation (WTO) said on Friday.Source: Reuters: Money News | 3 Apr 2009 | 7:50 am RBS says to axe more jobs worldwideLondon: Royal Bank of Scotland chairman Philip Hampton said Friday that RBS will shed more jobs globally after already axing 2,700 roles in Britain this year, as it looks to recover from the financial crisis. “In the UK this year so far we have announced around 2,700 posts will go. We can only be honest and say that this will not be the end of the story and more are expected in the UK and internationally in the period ahead,” Hampton said in a speech he was to give at the bank’s annual general meeting later Friday. Extracts of the speech were posted on the London Stock Exchange newswire service ahead of the meeting due at 1200 GMT. The gathering in Edinburgh is expected to be extremely fraught, with shareholders set to vote against a huge payoff to RBS’s disgraced former chief executive Fred Goodwin. Royal Bank of Scotland is among the British lenders worst affected by the credit crunch. It is 70% owned by the British government after a massive bailout and posted a loss of more than £24 billion ( $35 billion ) in 2008 -- the biggest in Britain’s corporate history. As well shedding billions of pounds in write-offs linked to the collapse of the US housing market, RBS also suffered fallout from its costly and mis-timed takeover of Dutch lender ABN Amro. “The past is done, we cannot change it. We must recognise what has happened and why, identify lessons and learn them,” said Hampton, who replaced Tom McKillop in February. “Many difficult decisions lie ahead... Chief among these will be the need to achieve the annual cost reduction targets of £2.5 billion that we have set within the next three years,” added the new chairman. Ahead of Friday’s meeting, UK Financial Investments, which oversees the British government’s bank holdings, said it would vote against Royal Bank of Scotland’s salaries report in protest at Goodwin’s payoff. UKFI said that while it fully supported current policy at RBS, it would on Friday vote against its past Remuneration Report which includes a pension for Goodwin worth nearly one million dollars a year. The payoff for Goodwin has sparked a storm of protest in Britain -- and his home has been attacked -- after the government was forced to pour billions of pounds into RBS to save it from collapse last year. Goodwin, 50, has refused repeated government requests to voluntarily give up part of his pension, insisting that it was properly done and cleared. “I do understand that many shareholders will wish to vote against or abstain on the advisory vote on the Remuneration Report to register their strong disapproval of the pension arrangements of our former chief executive,” Hampton said on Friday. “Clearly, this is an issue of significant political and public concern and we all fully understand that. Legal advice is being taken about whether the decision that was reached can be revisited.” In late March, vandals attacked Goodwin’s home in Edinburgh. Police said Goodwin -- nicknamed “Fred The Shred” for his costcutting reputation -- was not in the property at the time of the attack and no one was injured. Source: World Business - Livemint.com | 3 Apr 2009 | 7:33 am Tips to file your tax returnAt the outset a common misconception that a taxpayer may carry is that he is not required to file any return because his employer has deducted he requisite tax at source from his salary.Source: India Business News | Business News - Times of India | 3 Apr 2009 | 7:28 am Bennett Coleman invests in HCC unitMUMBAI (Reuters) - Hindustan Construction Co Ltd on Friday said Bennett Coleman & Co Ltd has invested 812.5 million rupees in Lavasa Corp Ltd, a unit of the company, in convertible warrants.Source: Reuters: Money News | 3 Apr 2009 | 7:08 am Gold falls further on sustained selling pressureMumbai: India’s gold futures extended losses on Friday on sustained selling pressure after the previous day’s fall by over 2.5% on renewed talks of gold sales by the IMF as well as a rally in equity markets, analysts said. The benchmark June gold contract was 0.41% lower at Rs14,631 per 10 grams at 11:18am, after hitting a low of Rs14,611 in early deals. Discussion at a summit of G-20 world leaders about selling International Monetary Fund gold to raise extra funds refers to sales over and above existing plans, a British minister said on Thursday. “Gold is losing its safe haven appeal and more money is chasing equity markets,” said Debjyoti Chatterjee, an associate vice-president with ADMISI Commodities in Mumbai. “We are expecting further weakness in gold, primarily due to asset re-allocation,” said Chatterjee. Traders would be closely watching the US manufacturing and non-farm payrolls data for direction in the complex, they added. “Any rallies will be sold in gold now,” said Gnansekar Thiagarajan, director with Commtrendz Research. Open interest for June gold on MCX was at 13,156 lots, up from 13,129 a day earlier. Volume on Thursday was 82.83 kg. Source: Home - Livemint.com | 3 Apr 2009 | 6:10 am Cautious optimism greets G20 ahead of U.S. jobs dataHONG KONG (Reuters) - World leaders drew praise on Friday not so much for the boldness of their $1.1 trillion package to help revive the global economy as for at least not making the crisis worse by failing to agree.Source: Reuters: Money News | 3 Apr 2009 | 6:00 am IBM cuts Sun offer, to unveil deal next week: sourceToronto/Boston: IBM cut its offer for Sun Microsystems Inc to $9.55 a share after a thorough vetting and may soon unveil details of its largest- ever takeover, a source with knowledge of the matter said on Thursday. But the source, who was not authorized to speak publicly about the deal, said that price was not final, although IBM had decided Sun Micro was worth less than thought after a weeks- long due diligence process. A merger would create a server industry powerhouse with a commanding 65% of the $17 billion Unix server market, a dominance analysts say might trigger antitrust scrutiny and concerns from clients. A deal at $9.55 would mark a 92% premium - or almost double - Sun’s closing share price on 17 March, the day before news of IBM’s offer emerged. Sun agreed to a lower price in return for stronger commitments from IBM that it will complete the deal, even if it faces intense regulatory scrutiny, the Wall Street Journal cited people familiar with the matter as saying. Sun would hand IBM a clear lead at the high end of the $45 billion overall server market fought over with Hewlett-Packard Co. It would broaden IBM’s software portfolio, add storage products that vie with EMC Corp and Network Appliance Inc and provide an edge over Cisco Systems Inc, which some see as its biggest rival in the long term. “Sun has many valuable assets that have not been adequately monetized,” said Cross Research analyst Shannon Cross. But she added the challenge would be to integrate the two cultures and product lines. The Wall Street Journal reported on Thursday that IBM was in the final stages of negotiations with Sun, but had reduced its offer from $10 to $11. Last month, the newspaper reported the deal was worth about $8 billion, including $1.4 billion in cash on Sun’s balance sheet, if IBM were to pay $10 to $11 per share. Officials with IBM and Sun, which now carries a market capitalization of about $6 billion, declined to comment. Some analysts say IBM could have a hard time improving performance at Sun, which has been lackluster for years. IBM, which runs services, hardware and software businesses, has kept profits growing in the midst of the worst US economic recession in decades. The shares of the Sun - whose name was once synonymous with the Internet, but never recovered from a dive in sales after the dot.com bubble burst - have lost 97 percent of their value since peaking at $260 in 2000. Setting sun On Thursday, they jumped 2.6% in after-hours trading after rallying the same amount in the regular session. IBM shares held steady in extended trading after gaining more than 3%. Sun rose to prominence in the 1990s, but after the dot.com bubble burst earlier this decade, it failed to generate substantial profit from software products, including Java and Solaris. To counteract a potential slide in margins after a deal is completed, IBM is likely to embark on a major reorganization that could produce more job losses at a company known for talented engineers and a heavy focus on research and development. IBM has already cut thousands of jobs. Canaccord Adams analyst Peter Misek said the strategy was to make Sun’s business profitable for IBM by reducing costs, while helping IBM enter new markets and giving it new technology. “Makes a ton of sense if they can pull enough costs out,” Misek said. IBM led the business of selling high-end UNIX servers last year, claiming about 37% of sales. It was followed by Sun with 28% and HP with 27%, according to market researcher IDC. A merger of the two would have less impact on the low end, x86 server market, where profit margins are tight and there is less differentiation between products from competitors. Sales in that sector totaled some $28 billion last year. HP led that segment, claiming 37% of the market, followed by Dell Inc with 22%, IBM with 16% and Sun with 2.5%. Source: Home - Livemint.com | 3 Apr 2009 | 5:33 am IBM cuts Sun offer, to unveil deal next week: sourceToronto/Boston: IBM cut its offer for Sun Microsystems Inc to $9.55 a share after a thorough vetting and may soon unveil details of its largest- ever takeover, a source with knowledge of the matter said on Thursday. But the source, who was not authorized to speak publicly about the deal, said that price was not final, although IBM had decided Sun Micro was worth less than thought after a weeks- long due diligence process. A merger would create a server industry powerhouse with a commanding 65% of the $17 billion Unix server market, a dominance analysts say might trigger antitrust scrutiny and concerns from clients. A deal at $9.55 would mark a 92% premium - or almost double - Sun’s closing share price on 17 March, the day before news of IBM’s offer emerged. Sun agreed to a lower price in return for stronger commitments from IBM that it will complete the deal, even if it faces intense regulatory scrutiny, the Wall Street Journal cited people familiar with the matter as saying. Sun would hand IBM a clear lead at the high end of the $45 billion overall server market fought over with Hewlett-Packard Co. It would broaden IBM’s software portfolio, add storage products that vie with EMC Corp and Network Appliance Inc and provide an edge over Cisco Systems Inc, which some see as its biggest rival in the long term. “Sun has many valuable assets that have not been adequately monetized,” said Cross Research analyst Shannon Cross. But she added the challenge would be to integrate the two cultures and product lines. The Wall Street Journal reported on Thursday that IBM was in the final stages of negotiations with Sun, but had reduced its offer from $10 to $11. Last month, the newspaper reported the deal was worth about $8 billion, including $1.4 billion in cash on Sun’s balance sheet, if IBM were to pay $10 to $11 per share. Officials with IBM and Sun, which now carries a market capitalization of about $6 billion, declined to comment. Some analysts say IBM could have a hard time improving performance at Sun, which has been lackluster for years. IBM, which runs services, hardware and software businesses, has kept profits growing in the midst of the worst US economic recession in decades. The shares of the Sun - whose name was once synonymous with the Internet, but never recovered from a dive in sales after the dot.com bubble burst - have lost 97 percent of their value since peaking at $260 in 2000. Setting sun On Thursday, they jumped 2.6% in after-hours trading after rallying the same amount in the regular session. IBM shares held steady in extended trading after gaining more than 3%. Sun rose to prominence in the 1990s, but after the dot.com bubble burst earlier this decade, it failed to generate substantial profit from software products, including Java and Solaris. To counteract a potential slide in margins after a deal is completed, IBM is likely to embark on a major reorganization that could produce more job losses at a company known for talented engineers and a heavy focus on research and development. IBM has already cut thousands of jobs. Canaccord Adams analyst Peter Misek said the strategy was to make Sun’s business profitable for IBM by reducing costs, while helping IBM enter new markets and giving it new technology. “Makes a ton of sense if they can pull enough costs out,” Misek said. IBM led the business of selling high-end UNIX servers last year, claiming about 37% of sales. It was followed by Sun with 28% and HP with 27%, according to market researcher IDC. A merger of the two would have less impact on the low end, x86 server market, where profit margins are tight and there is less differentiation between products from competitors. Sales in that sector totaled some $28 billion last year. HP led that segment, claiming 37% of the market, followed by Dell Inc with 22%, IBM with 16% and Sun with 2.5%. Source: World Business - Livemint.com | 3 Apr 2009 | 5:33 am India may head for political limbo after electionNew Delhi: India could be heading for a weaker and perhaps short-lived coalition government after the April-May general election, with both major national parties struggling to keep regional allies. Congress has ruled for most of the last five years through a stable coalition. But it is now losing allies as many regional groups distance themselves from a party that they see as out of touch after decades of dominating India’s political landscape. A group led by the opposition Bharatiya Janata Party (BJP) is also struggling, with little presence in southern states like Tamil Nadu, while several northern parties eyeing Muslim votes united against its radical Hindu elements. This year, a Third Front of regional parties led by the communists, has added to the dispersal of political forces. It is all a sight that may reflect well on a democracy of 1.1 billion people from a myriad of castes and languages. But investors worry it could herald policy limbo just as the economy faces a slowdown, lost jobs and fiscal imbalances. While reforms to open up the financial sector may be on the backburner amid the global credit crunch, investors are looking for changes in India’s rigid labour laws as well as moves to privatise state companies to help boost investments. “Most pre-poll alliances are falling apart. It looks like many regional parties will try and get their pound of flesh,” said Vikas Khemani, co-head for institutional equities at Edelweiss Securities. “That is getting a lot of people nervous.” The fear is that a loose coalition will mean more squabbling over policy. It could lead, for example, to a small party representing one farming caste from a single Indian state to hold sway over a billion-dollar national economic stimulus package. The secular, left-of-centre Congress dominated India after independence in 1947, for decades winning an absolute majority of votes. But a gradual erosion of support saw gains for the BJP in the 1990s, and now 2009 may herald the rise of regional parties. Congress and the BJP won between them just over 50% of the vote in the last 2004 election, so a further fall in their support would effectively make regional and caste based parties the dominant political force in India. Sensing this, former regional allies have bickered with these two parties over seat-sharing arrangements in states, a sign they are biding their time until after election results on 16 May. Election Mathematics While elections have been fought over national issues, this time coalition mathematics may be more important than campaigns over economic growth, terrorism or inflation. If both Congress and BJP do badly, the next prime minister may surface from negotiations after the vote, with horse-trading and backroom deals between the national and regional parties. “With post-poll alliances, the ball is in the court of middlemen,” wrote Yogendra Yadav, a Senior Fellow at Centre for Study of Developing Societies, in the Hindu newspaper. Leaders like Mayawati, leader of a “party of untouchables” in Uttar Pradesh, believe they may win enough votes to bargain for ministerial posts. She is tipped to be a possible prime minister in a hung Parliament. Analysts say a new coalition without a strong Congress or BJP could last just two years, as happened in 1996 when 13 parties won power and fell two years, and two prime ministers, later. Only weeks ago, Congress seemed to have a better chance of winning, with its government coalition appearing intact, as well as better-than-expected state election performances last year. But seat-sharing arrangements for Congress have broken down in Uttar Pradesh, the biggest single source of parliamentary seats, accounting for 80 of a total 543 MPs. The birth of new regional parties has also threatened the party in swing states like Andhra Pradesh. “The message is that Indian voters want another option,” said analyst Mahesh Rangarajan. “Regional parties are smelling blood. They are closer to power than they have ever been.” Some analysts believe that Rahul Gandhi, the 38-year-old rising star in Congress, knows defeat beckons and plans to revamp the party to win new elections after a short-lived government. But investors say India can ill afford even two years of limbo, with a fiscal deficit more than 10% of GDP. “The looser the coalition the tougher will be the consensus building on reform,” said DK Joshi, principal economist at ratings agency Crisil. The hope for many investors is that analysts have it wrong. Many experts failed to predict a Congress victory in 2004 and party head Sonia Gandhi is skilled at crafting alliances. “No one really knows what can happen. The elections could throw up a surprise,” Joshi said. Source: Home - Livemint.com | 3 Apr 2009 | 4:46 am G-20 pledge $1.1 trillion to fight global crisisBoston/London: World leaders set out a $1.1 trillion package to help revive the global economy on Thursday, as a US accounting standards board gave more flexibility to banks carrying the toxic assets that poisoned the international financial system. G-20 leaders meeting in London also moved to tighten rules on tax havens, hedge funds and credit rating agencies, aiming to ward off future crises, and US President Barack Obama declared the summit a “turning point” for the world. Stock markets, which had been disappointed by a smaller-than-expected interest rate cut by the European Central Bank and a sharp jump in US jobless claims, surged on the news out of London promising help to struggling national economies and out of Washington offering relief to banks that have been forced to write down billions of dollars. On Wall Street, the blue-chip Dow Jones industrial average rose 2.8%, The index of top European shares gained nearly 5%. Japan’s Nikkei gained 4.4%. Oil rose nearly 9% to top $52 a barrel. The Group of 20 leaders from the world’s biggest economies said in a communique that measures agreed in London will raise world output by 4% by the end of next year. The agreements include a promise to triple the resources of the International Monetary Fund to $750 billion, with $40 billion coming from China - a significant step for the world’s third-largest economy. A package worth $250 billion over two years will support global trade flows. The G-20 also agreed to create a financial stability board to provide early warning of systemic economic risks. It agreed to place hedge funds under supervision for the first time. “Today’s agreement begins to crack down on the cowboys in financial markets that have brought global markets undone,” Australian Prime Minister Kevin Rudd said. Some economists said the new IMF funds masked the fact that there was no agreement for more fiscal stimulus actions by individual countries, something the United States, UK and Japan wanted but France and Germany strongly resisted. In the United States, the Financial Accounting Standards Board voted to give banks more flexibility in valuing toxic assets. The changes, to take effect in the second quarter, could reduce writedowns and soften blows to bank earnings. But the news on the unemployment front continued to worsen. The number of US workers filing new claims for jobless benefits rose to their highest level in more than 26 years last week. Data released in Spain showed the number of people claiming jobless benefits climbed steeply in March and at a much higher rate than larger European economies. Euro zone unemployment jumped more than expected in February to 8.5%. As the ranks of the unemployed grow, so too do their debt loads. A report by the American Bankers Association, which represents most large US banks and credit card companies, said the percentage of consumer loans at least 30 days late rose to a seasonally adjusted 3.22% in the October-to-December period from 2.9% in the prior quarter. Two key industries offered glimmers of hope. Shares of major carmakers rallied after sales in the United States and Europe in March were better than expected, encouraging hopes that the global auto market collapse could be nearing an end. Car sales in Germany jumped 40% in March. In Britain, where the property market is a key component of consumer confidence, data from home loan company Nationwide reported that house prices rose in March for the first time since October 2007, although the lender cautioned against jumping to conclusions about a housing market rebound. In Washington, the former chief executive of American International Group - and creator of the unit that led to its downfall - came under fire from US lawmakers who questioned his claim that he knew of no losses from the products initiated during his tenure. Maurice Greenberg, forced out by AIG’s board in 2005 after refusing to cooperate with an internal investigation, denied responsibility for the firm’s near-collapse. “When I left the company, it was healthy,” he said. The European Central Bank cut its main financing rate by half the expected 50 basis points to 1.25%. But investors shrugged off their disappointment, with some betting more cuts are on the way. Source: Home - Livemint.com | 3 Apr 2009 | 3:35 am US stocks extend 4-week rally; Dow breaches 8,000New York: Investors dived into stocks on Thursday, extending a rally that gave the Dow Jones industrial average its best four weeks since 1933. Stocks rose across the board in heavy trading following an accounting rule change that will help banks and commitments from world leaders to toughen up regulatory oversight of financial institutions. The Dow Jones industrials broke through 8,000 for the first time since 9 February but ended slightly below that level ahead of a closely-watched monthly report on employment Friday morning that could easily upset the market if it comes in below expectations. The Dow is now up 20.4% over the last month, its biggest percentage gain in a four-week period since the spring of 1933. Bits of good news about the US economy in recent weeks, including better-than expected-numbers on the housing and manufacturing sectors, have given investors more reasons to buy. The Dow rose 216.48, or 2.8%, to close at 7,978.08, after earlier rising as much as 314 points. Broader market indicators also rose sharply. The Standard & Poor’s 500 index gained 23.30, or 2.9%, to 834.38. The Nasdaq composite index rose 51.03, or 3.3%, to 1,602.63. Industrial and consumer discretionary stocks picked up speed Thursday while demand for safe-haven assets like gold, Treasurys and the dollar plummeted. “Everyone is in a buying mood,” said Eric Ross, director of research at brokerage Canaccord Adams. “Everyone is feeling good. ... A lot of this is simply confidence.” The market has managed to shrug off some negative data on employment recently such as initial claims for jobless benefits, but a far more important reading on the job market is coming up Friday morning, the monthly report from the Labor Department. That report is closely watched by investors and policy makers as a barometer of health for the US economy. A bad reading on that figure could easily disrupt the market’s newfound sense of optimism. Economists currently predict the report will show a loss of 654,000 jobs in March following a decline of 651,000 jobs in February, which was a record third straight month of job losses above 600,000. The unemployment rate is expected to rise to 8.5% from 8.1% in February. “People are worried about this report, so the last hour we sold off,” said Richard Campagna, managing director and chief investment officer of Pasadena, California-based investment manager 300 North Capital. Banking shares got a significant boost after a rulemaking body for the accounting industry relaxed financial reporting rules that force banks to value their assets at current market prices. The change in “mark-to-market” accounting rules, which should help banks reduce losses, sends another lifeline to the troubled financial industry. Many investors believe financial stocks, which have largely carried the market’s four-week rally, are a gauge of when the economy is turning. The conclusion of a one-day summit in London of the world’s finance ministers sent stocks to their highest levels in early afternoon trading. While the G-20 leaders did not satisfy calls for new stimulus measures, they pledged an additional $1.1 trillion in financing to the International Monetary Fund and declared a crackdown on tax havens and hedge funds. Another positive indicator on the economy also lifted sentiment on Wall Street. Factory orders posted a large increase in February, coming on the heels of better-than-expected readings on pending home sales, manufacturing activity and auto sales the day before. While analysts have warned that the market could retest the lows hit early last month, there’s no doubt a growing sense on Wall Street the economy, at least stateside, might be bottoming out. Source: Home - Livemint.com | 3 Apr 2009 | 2:57 am Mutual funds asset base sees marginal declineMumbai, April 2 There was a marginal decline in the asset base of mutual funds due to withdrawals by corporates and banks for advance taxSource: Business Line - Home Page | 3 Apr 2009 | 12:00 am Satyam board for open auctionHyderabad, April 2 The board of Satyam Computer Services has modified the bidding process for the sale of 51 per cent in the company by allowing for open auction method instead of the sealed biddingSource: Business Line - Home Page | 3 Apr 2009 | 12:00 am ‘Key reform word is balance’New Delhi: Even as electioneering is yet to get into its stride, with some of the major parties such as the BJP still to unveil their manifestos, the Congress went one up recently, releasing a sleek 21-page booklet that charts outSource: Business Line - Home Page | 3 Apr 2009 | 12:00 am Global markets lift Sensex spiritMumbai, April 2 Gains in the global equity markets, hopes of further rate cuts by the RBI, and some positive corporate developments sent the Sensex soaring to a five-month high onSource: Business Line - Home Page | 3 Apr 2009 | 12:00 am Sugar mills sweeten offer for cane cultivationChennai, April 2 Sugar mills are encouraging farmers to go in for cane cultivation with higher prices and incentives, fearing sugarcane shortage as farmers divert to otherSource: Business Line - Home Page | 3 Apr 2009 | 12:00 am What is the Satyam-Upaid case about?Chennai, April 2 The Upaid suit of $1 billion against Satyam for forgery is one of the major legal liabilities that prospective buyers are currently assessing. What exactly is the Upaid case allSource: Business Line - Home Page | 3 Apr 2009 | 12:00 am Satyam is cash surplus againChennai, April 2 With prospective buyers set to make their bids, Satyam Computer, which was struggling to even meet its January salary bill, now reports a small cash surplus. This is after accounting for all its liabilities including salaries andSource: Business Line - Home Page | 3 Apr 2009 | 12:00 am Banks reduce bulk deposit rates as credit offtake remains slackBangalore, April 2 Faced with mounting pressure to reduce lending rates and to counter slack credit offtake, banks have begun driving down bulk depositSource: Business Line - Home Page | 3 Apr 2009 | 12:00 am Bajaj gets engine technology patentMumbai, April 2 Bajaj Auto has been granted the patent for its ‘ExhausTEC’ invention, which was a bone of contention in its legal feud with TVS MotorSource: Business Line - Home Page | 3 Apr 2009 | 12:00 am Inflation rate inches up marginally to 0.31%New Delhi, April 2 Inflation rate edged up marginally on Thursday but remained close to zero.Source: Business Line - Home Page | 3 Apr 2009 | 12:00 am Slowdown blues: Aditya Birla Nuvo rejigs retail strategySluggish sales due to a downturn have resulted in a change in strategy for the retail business of Aditya Birla Nuvo Group. Company officials told CNBCTV18 that the 15,000 sq ft Peter England Peoples store will now be downsized by almost onethird. The company plans to open around 10 stores and introduce new categories in the apparel section.Source: Moneycontrol Top Headlines | 2 Apr 2009 | 9:58 pm How to reclaim your past MF dividends?Some fund houses may ask for an indemnity bond confirming the possession of the dividend with the investor.Source: Daily News & Analysis: Money News | 2 Apr 2009 | 9:35 pm 'Liquidity isn't the big issue it was six months ago'Nandkumar Surti, CIO - fixed income at JP Morgan Asset Management, spoke to DNA about liquidity.Source: Daily News & Analysis: Money News | 2 Apr 2009 | 9:31 pm KG gas a lifeline for Andhra cosGas-starved power plants, particularly those on the AP coast, are expected to benefit from the commencement of gas production from Reliance Industries' KG D6.Source: Daily News & Analysis: Money News | 2 Apr 2009 | 9:00 pm FIIs help St top 2009 highsHeavy buying by foreign institutional investors (FIIs) helped erase memories of the bloodletting on Monday.Source: Daily News & Analysis: Money News | 2 Apr 2009 | 8:54 pm Auto euphoria may not lastThe euphoria over sales growth seen by some automobile manufacturers in the March quarter could well be short-lived.Source: Daily News & Analysis: Money News | 2 Apr 2009 | 8:52 pm Auto parts firms fly into aviationWith the automobiles industry losing traction in a slowdown-hit market, auto component makers are now diversifying into other sectors to derisk their business.Source: Daily News & Analysis: Money News | 2 Apr 2009 | 8:51 pm IT majors to miss Q4 guidanceGoing by analyst estimates, all information technology (IT) majors are likely to report a decline in their fourth-quarter revenues.Source: Daily News & Analysis: Money News | 2 Apr 2009 | 8:50 pm Reliance's gas worth Rs 8.4 lakh crGas reserves in Reliance Industries' (RIL) D6 block in Krishna-Godavari basin may be four times the earlier estimates.Source: Daily News & Analysis: Money News | 2 Apr 2009 | 8:48 pm More stimulus packages will have adverse effect, says CIIIndustry body CII on Thursday said more stimulus packages will affect the economy adversely rather than helping it.Source: India Business News | Business News - Times of India | 2 Apr 2009 | 8:48 pm Inflation edges up to 0.31%India's inflation held near the slowest pace in at least two decades as commodity prices cooled and demand slowed, increasing the chance of an interest-rate cut by the central bank this month.Source: India Business News | Business News - Times of India | 2 Apr 2009 | 8:40 pm Realty dip pulls down registrations by 60%Both January and February saw drastic reduction compared to corresponding months last year.Source: Daily News & Analysis: Money News | 2 Apr 2009 | 8:40 pm SC stays arrest of KampaniThe Supreme Court on Thursday stayed the arrest of J M Financial founder and investment banker Nimesh N Kampani in the Nagarjuna Finance scam case.Source: India Business News | Business News - Times of India | 2 Apr 2009 | 8:38 pm Construction stocks surprise gainersMajor construction-related stocks led by realty giant DLF, Jaiprakash Associates, HDIL, IVRCL Infra and Indiabulls Real Estate helped increase investor wealth by $1.5 billion.Source: India Business News | Business News - Times of India | 2 Apr 2009 | 8:30 pm Indian tea fetches record prices overseasHaving weathered a particularly difficult period in the recent past, the wheels of fortune finally seem to be turning in favour of India's tea industry.Source: India Business News | Business News - Times of India | 2 Apr 2009 | 8:29 pm Satyam submits modification in the bidding processSatyam Computer Services Ltd. (the \"Company\") announced today that it had submitted a letter (SEBI Letter) to the Securities and Exchange Board of India (the SEBI) relating to a slight modification in the bidding process to be followed by the Company to select an investor.Source: Moneycontrol Top Headlines | 2 Apr 2009 | 7:15 pm ATMs blocked as consumers cash in on fee reliefUsing third-party automated teller machines (ATMs) may be free now, but withdrawing cash from these machines has not been easy in many parts of the country.Source: Business Standard | Front Page Headlines | 2 Apr 2009 | 7:03 pm No second round of bidding for SatyamSatyam Computer Services today modified the bidding process to ensure that if no bid comes within at least 90 per cent of the highest bid, the highest bidder would be declared the final buyer.Source: Business Standard | Front Page Headlines | 2 Apr 2009 | 7:01 pm Sensex sings the global tune, zooms 447 pointsStrong global markets and encouraging March sales reported by sectors such as automobiles and cement helped the Bombay Stock Exchange Sensitive Index (Sensex) close in the green for the fourth consecutive week (the markets are closed on Friday for Ram Navami).Source: Business Standard | Front Page Headlines | 2 Apr 2009 | 7:00 pm G20 agrees to $1.1 trillion stimulus packageTo take action against non-cooperative jurisdictions, including tax havens.Source: Business Standard | Front Page Headlines | 2 Apr 2009 | 6:57 pm AS11 amendment effective from Dec 7, 2006: SourcesIndia Inc can say goodbye to forex losses, at least temporarily. Based on the recommendations of the National Advisory Committee on Accounting Standards (NACAS) the government has said that companies no longer need to mark to market their losses in their profit and loss accounts.Source: Moneycontrol Top Headlines | 2 Apr 2009 | 6:26 pm Aditya Birla Grp\'s cement production up by 5.94%The Aditya Birla Groups Cement production for the period AprilMarch 09 has moved up by 5.94% at 324.14 lac mt as against 305.96 lac mt during AprilMarch 08. Dispatches grew by 5.85% at 323.41 lac mt in AprilMarch 09 visàvis 305.54 lac mt in the corresponding period last yearSource: Moneycontrol Top Headlines | 2 Apr 2009 | 6:24 pm TVS Motors posts 4% growth in March 2009Buoyed by a robust 44% growth in its scooter sales and a significant 25% increase in exports, TVS Motor Company has posted 4% growth in March 2009, registering total two wheeler sales of 121,988 units against 117,045 units in the corresponding period of the previous year.Source: Moneycontrol Top Headlines | 2 Apr 2009 | 6:17 pm Pramod Bhasin appointed Chairman of NASSCOM for 20092010NASSCOM announced today that Pramod Bhasin has been appointed as the Chairman of its Executive Council for the year 20092010.Source: Moneycontrol Top Headlines | 2 Apr 2009 | 6:00 pm Mumbai fourth costliest city in terms of rent for expatriatesNew Delhi: Mumbai is costlier than New York in terms of rent for expatriates, despite a fall in rentals over the past year and a rise in the value of the dollar compared with the rupee (this means the rents aren’t as high as they were in September 2008) Indeed, India’s commercial capital is the fourth costliest city in terms of rent for employees on overseas assignments, according to a study by consulting firm Mercer Llc. New Delhi comes in at eighth position in the ranking of 300 cities around the world. Also See Rentals and Ranking (Graphic) Moscow, Tokyo, and Hong Kong are the only three cities costlier than Mumbai on this parameter and, despite a global economic slowdown, rents in these cities do not seem to have gone down. Mercer ranks the cities relative to New York rents for expatriate housing that is taken as the base (100). New Delhi, however, has seen a fall in rents for expatriate housing and has fallen in the list—from sixth to eighth. And Bangalore, despite the slowdown in the IT business, has risen from 31st to 29th. All three cities continue to see interest and demand for expatriate rental property according to the study. “One of the reasons for rentals dropping or going up is availability,” said Gangapriya Chakraverti, India business leader, Mercer’s information product solutions business. “In the National Capital Region, there has been a significant increase in expat friendly accommodation whereas this is not so in the case of Mumbai.” Asian cities dominate the top 10 list. Tokyo is at second position, up from third place in 2008 due to an appreciation of around 17% in the value of the yen against the dollar since September 2008. That also helped it overtake Hong Kong where rents plateaued in the wake of the global economic crisis. “The world’s housing markets have been sliding since 2008, and major currency fluctuations in the past few months have also had a strong impact on the comparative cost of expatriate housing,” Chakraverti said. “In the last few months, we have noticed a considerable change in the housing choices of companies and multinationals, evidently resulting from the global slowdown.” The current slowdown has led companies to a shift in the type of housing being offered. In previous years, multinationals provided expat employees with luxurious housing options such as farmhouses. In recent months, however, an increasing number of companies are opting for luxury condominiums which provide the same kind of facilities but at a lower price, the study said. Expats are therefore increasingly moving to Gurgaon, Whitefield (near Bangalore) and Powai (in Mumbai) compared with traditional locations such as Chanakyapuri (New Delhi), Indiranagar (Bangalore) and Colaba and Malabar hills (both in Mumbai). Source: World Business - Livemint.com | 2 Apr 2009 | 4:59 pm Kashmir government shifts to summer capital April 24The Jammu and Kashmir government will move April 24 from this winter capital to the state's summer capital Srinagar, where the offices will open May 4.Source: IndiaeNews.com: Business News | 2 Apr 2009 | 4:30 pm Satyam changes bidding process as sale nearsBANGALORE (Reuters) - India's fraud-hit Satyam Computer Services said on Thursday it has changed the bidding process for a controlling stake in it to introduce a second-round open auction to find a new owner if necessary.Source: Reuters: Money News | 2 Apr 2009 | 4:19 pm Operations at Delhi's new airport terminal delayedStarting of operations at the new Rs.500-crore domestic terminal (1D) at Delhi airport will be delayed as the developer wants its post-operational problems 'at minimal'.Source: IndiaeNews.com: Business News | 2 Apr 2009 | 2:31 pm IIM-Bangalore hikes fee by Rs.25,000 for new batchThe Indian Institute of Management-Bangalore (IIM-B) Thursday announced a modest increase in the fee structure for post-graduate programmes from the ensuing 2009-10 academic year.Source: IndiaeNews.com: Business News | 2 Apr 2009 | 2:31 pm
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