|
|
|
|
Over 35,000 firms in UK may go bust this year: Report !More than 35,000 firms in the UK are expected to go bust this year -- equivalent to over 95 a day.Source: Zee News : Business | 5 Apr 2009 | 12:31 pm Insurance company asked to pay Rs 1 lakh to truck owner!The Delhi Consumer Commission has asked the New India Insurance Corporation Ltd to pay Rs one lakh along with interest to a truck owner for not considering the bills submitted by him relating to the damaged vehicle.Source: Zee News : Business | 5 Apr 2009 | 12:31 pm New York Times threatens to shut Boston Globe !The New York Times Co has threatened to shut The Boston Globe unless the newspaper`s unions quickly agree to USD 20 million in concessions, the Globe has reported, quoting union leaders.Source: Zee News : Business | 5 Apr 2009 | 12:31 pm Satyam to Decide Stake Sale April 13 - Wall Street Journal
Source: Google News India - Business | 5 Apr 2009 | 11:59 am Aer Lingus chief executive to leave - reportsDUBLIN (Reuters) - The chief executive of Aer Lingus, Dermot Mannion, is preparing to leave the Irish airline, The Sunday Business Post reported.Source: Reuters: Money News | 5 Apr 2009 | 11:45 am E-securing 35 million beepsBelong to the age or you belong nowhere. Of late, India’s political circle has been doing just that to attract youth vote in the upcoming Lok Sabha election. With 35 million youths turning 18, politicians have begun turning to innovative ways of winning their votes, utilizing campaigns across various platforms. No wonder, 35 million beeps on the electronic voting machines can make a big difference. One key strategy has been an initiative to strengthen presence online. A move undoubtedly inspired by the successful Obama online campaign and a realization that Indian urban youth are very much connected. Both political parties and candidates have therefore not only launched official websites but also ventured into blogs and other social networks like Facebook and Orkut.  But how impressed are the youth? As a part of our series on the hugely important youth vote, Mint tried to ascertain the success of these measures by asking a few representatives of the target group for their verdict. Featuring Rajneil Kamath, Manisha Vasudev and Monika Kalyani from the YP Foundation, this audio discussion looks at youth perceptions of “politics 2.0”. They discuss what impact if any these online campaigns have had on them, what they feel could be done further and if they feel such measures have succeeded in generating more interest in the upcoming elections. Source: LatestNews-Home - Livemint.com | 5 Apr 2009 | 11:28 am Samajwadi Party fields Nafisa as Lucknow candidateNew Delhi: With Bollywood actor Sanjay Dutt out of contention, social activist Nafisa Ali was on Sunday announced as the Samajwadi Party (SP) candidate from the Lucknow Lok Sabha seat. “Nafisa Ali is a personal friend, and when I asked her whether she would come to Lucknow as SP’s candidate or would like to represent a party (Congress) which has no political base in UP (Uttar Pradesh), she said that she has full faith in SP chief Mulayam Singh Yadav’s secular ideologies and is ready to contest elections from Lucknow as SP candidate,” party general secretary Amar Singh told a television channel. Ali, 52, had earlier contested the 2004 parliamentary polls on a Congress ticket against Trinamool Congress chief Mamata Banerjee from South Kolkata seat but had lost. The party zeroed in on her as the Supreme Court last week rejected Sanjay Dutt’s plea for suspension of his conviction in connection with the 1993 Mumbai serial blast to contest the Lok Sabha polls. Dutt was the party’s star candidate for the Lucknow seat. Source: LatestNews-Home - Livemint.com | 5 Apr 2009 | 11:04 am Ranbir Kapoor now brand ambassador for Panasonic too - Sify
Source: Google News India - Business | 5 Apr 2009 | 11:02 am BHEL unit registers record production of Rs 3934 crore - Hindu
Source: Google News India - Business | 5 Apr 2009 | 10:43 am 'TCS, RIL paid thousands of dollars to Obama's aide'Reliance Industries and TCS paid thousands of dollars to Obama's adviser Lawrence Summers either for his association with the firm or for giving speeches, say reports.Source: India Business News | Business News - Times of India | 5 Apr 2009 | 10:40 am ED registers case against Satyam under Money Laundering ActThe Enforcement Directorate has registered a case against Satyam Computer and its tainted founder-chairman B Ramalinga Raju for alleged money laundering.Source: Daily News & Analysis: Money News | 5 Apr 2009 | 10:29 am Case against Satyam under Money Laundering ActThe Enforcement Directorate has registered a case against Satyam Computer and its tainted founder - chairman B Ramalinga Raju for alleged money laundering.Source: India Business News | Business News - Times of India | 5 Apr 2009 | 10:25 am Obama launches effort to reduce nuclear armsPrague: President Barack Obama on Sunday launched an effort to rid the world of nuclear weapons, calling them “the most dangerous legacy of the Cold War” and saying the US has a moral responsibility to lead as the only nation ever to have used one. In a speech driven with new urgency by North Korea’s rocket launch just hours earlier, Obama said the US would “immediately and aggressively” seek ratification of a comprehensive ban on testing nuclear weapons. He said the US would host a summit within next year on reducing and eventually eliminating nuclear weapons, and he called for a global effort to secure nuclear material. “Some argue that the spread of these weapons cannot be checked, that we are destined to live in a world where more nations and more people possess the ultimate tools of destruction,” Obama said to a huge crowd in a square outside the Prague Castle gates. “This fatalism is a deadly adversary,” he said. “For if we believe that the spread of nuclear weapons is inevitable, then we are admitting to ourselves that the use of nuclear weapons is inevitable.” Obama at one point targeted his comments directly at North Korea, which launched a rocket late Saturday night in defiance of the international community. The president was awakened by an aide and told of the news, which occurred in the early morning hours in Prague. “North Korea broke the rules once more by testing a rocket that could be used for a long range missile,” Obama said. “This provocation underscores the need for action not just this afternoon at the UN Security Council, but in our determination to prevent the spread of these weapons.” Addressing another longtime foe on the nuclear front, Obama said the US will present Iran with “a clear choice,” to join the community of nations by ceasing its nuclear and ballistic missile activity or face increased isolation and a nuclear arms race in West Asia. He said the US also will proceed with development of a missile defense system in Europe as long as there is an Iranian threat of developing nuclear weapons. If that threat is removed, he said, “The driving force for missile defense in Europe will be removed. “ Source: LatestNews-Home - Livemint.com | 5 Apr 2009 | 10:17 am Exports likely to fall in 2009-10: FICCIAmid falling overseas demand, India's export sector is likely to post negative or flat growth in the current fiscal, said an industry lobby Sunday.Source: IndiaeNews.com: Business News | 5 Apr 2009 | 10:01 am Political instability leading to job loss: Goa industryThe Goa Chamber of Commerce and Industry has said growing political instability and a 15 percent drop in the tourism sector have led to nearly 100,000 people in the state losing their jobs.Source: IndiaeNews.com: Business News | 5 Apr 2009 | 10:00 am Drought hits tea production in northeast IndiaGuwahati: A drought in India’s major tea growing region has led to a dramatic fall in production during the first quarter of the year, industry officials said on Sunday. Tea growers in the northeastern state of Assam say they produced 12,000-15,000 tonnes less tea in the first quarter than in the same period last year because of insufficient rain, said Dhiraj Kakati, head of the Assam Branch Indian Tea Association. Assam and neighbouring states account for more than 70% of the more than one million tonnes produced by India’s $1.5 billion tea industry. Kakati said the fall in tea production is not likely to lead to job cuts because the industry would be buoyed by the rising price of tea in part a result of the falling production. Indian tea plantations employ nearly three million people, mostly women, in jobs that pay about $1.25 a day, plus free housing and subsidized food. Production has also fallen in some other tea growing countries. The Sri Lanka Tea Board said it produced 20,000 tonnes less in the first two months of 2009 than a year earlier. The Kenyan Tea Board has predicted a 5% fall in 2009 production because of dry weather. Source: LatestNews-Home - Livemint.com | 5 Apr 2009 | 9:48 am UPA is very much intact: PranabNew Delhi: Asserting that United Progressive Alliance is not disintegrating, minister for external affairs Pranab Mukherjee on Sunday said it “was very much intact” while at the same time the National Democratic Alliance is breaking. Addressing a press conference, Mukherjee said, “UPA is not a political entity and it is very much intact... it is not disintegrating”.  The veteran Congress leader said even though there were hiccups in seat sharing talks between Congress and its alliance partners like Samajwadi Party and Rashtriya Janta Dal (RJD) in Uttar Pradesh and Bihar respectively, the alliance was still in place. “During their press conference held recently in Lucknow, Samajwadi Party chief Mulayam Singh Yadav, RJD supremo Lalu Prasad and Lokshakti Janata Party leader Ram Vilas Paswan, have reiterated their support to UPA. Therefore it is not disintegrating,” Mukherjee said. He added at the same time, Mamata Banerjee’s Trinamool Congress, Biju Janata Dal and Telugu Desam Party, all these have left the NDA, which is breaking. “Sonia Gandhi as chairperson of UPA is coordinating at her level while I as floor leader in Lok Sabha, am trying to coordinate with other floor leaders in both Lok Sabha and Rajya Sabha, to strengthen the UPA,” Mukherjee said. “Development of rural infrastructure through Bharat Nirman has been achieved successfully... there is a difference between performance and commitment, Mukherjee said. Referring to BJP’s 2004 “India Shining” election campaign, he said, “Though we are not using terms like India Shining, we have been successful.” Source: LatestNews-Home - Livemint.com | 5 Apr 2009 | 9:32 am Bhel’s Vellore plant turnover rises to Rs2,000 crPTI Vellore: Power equipment maker Bhel today said its boiler auxiliaries plant here had achieved an all time high turnover of Rs2,000 crore in 2008-09. The profit before tax (PBT) during the fiscal was Rs253 crore, a Bhel press release said. Its dispatches stood at 1.9 lakh metric tonnes, which was 30% higher compared to the previous fiscal. The growth rate was 26% and the company received orders worth about Rs3,700 crore during the fiscal. The total outstanding order was worth about Rs6,500 crore, the release said. In exports, the turnover had increased by 40% over last year garnering Rs28 crore in 2008-09. The value addition per employee also increased to Rs19.79 lakh, showing an increase of 19% Y-o-Y, the release said. Source: LatestNews-Home - Livemint.com | 5 Apr 2009 | 9:30 am Fannie Mae, Freddie Mac to shell out $210 mn as bonusesPTI New York: At a time when executive compensation has come under the lens, beleaguered American mortgage majors Fannie Mae and Freddie Mac are planning to shell out $210 million as bonuses to over 7,600 employees. Out of the total amount, the two entities, bailed out by the Federal government, have already paid $50.8 million in 2008. The details were revealed in a letter by James B Lockhart III, the director of the Federal Housing Finance Agency (FHFA), to Senator Charles E Grassley. FHFA is in charge of Fannie Mae and Freddie Mac. Together, both companies would be paying a bonus of $210.2 million. The letter said that bonuses would be paid to 3,545 employees at Fannie Mae and 4,057 people at Freddie Mac. A total of $112.6 million would be given to Fannie Mae employees and $97.6 million to those at Freddie Mac. The publicly-owned Fannie Mae and Freddie Mac were rescued by the US Federal government in 2008 in the wake of the ravaging financial meltdown. Nearly $200 billion was pumped in to shore up the fortunes of the two entities. Source: LatestNews-Home - Livemint.com | 5 Apr 2009 | 9:24 am Fannie Mae, Freddie Mac to shell out $210 mn as bonusesPTI New York: At a time when executive compensation has come under the lens, beleaguered American mortgage majors Fannie Mae and Freddie Mac are planning to shell out $210 million as bonuses to over 7,600 employees. Out of the total amount, the two entities, bailed out by the Federal government, have already paid $50.8 million in 2008. The details were revealed in a letter by James B Lockhart III, the director of the Federal Housing Finance Agency (FHFA), to Senator Charles E Grassley. FHFA is in charge of Fannie Mae and Freddie Mac. Together, both companies would be paying a bonus of $210.2 million. The letter said that bonuses would be paid to 3,545 employees at Fannie Mae and 4,057 people at Freddie Mac. A total of $112.6 million would be given to Fannie Mae employees and $97.6 million to those at Freddie Mac. The publicly-owned Fannie Mae and Freddie Mac were rescued by the US Federal government in 2008 in the wake of the ravaging financial meltdown. Nearly $200 billion was pumped in to shore up the fortunes of the two entities. Source: World Business - Livemint.com | 5 Apr 2009 | 9:24 am Operators to stop services to phones sans IMEIPTI New Delhi: About 250 lakh handsets are expected to be out of service from 15 April, as GSM service providers, including Airtel and Vodafone, gear up to deny connectivity to cell phones without International Mobile Equipment Identity (IMEI) number. Concerned over the national security, the Department of Telecommunications (DoT) has asked operators to disconnect services to handset that does not have an IMEI number. IMEI is a 15-digit code which appears on the operator’s network whenever a call is made. If all service providers adhere to the deadline given by DoT, nearly 250 lakh handsets, which are almost 10% of the total GSM mobile phones in use in the country and mostly China-made, are likely to go out of service, industry sources said. Analysts feels that the move is also likely to hit the revenue of telecom firms as phones which have no IMEI numbers are usually low-cost and unbranded and used by low-end subscribers. To get these subscribers back on the network would be a challenge for the telcos as they have to provide these subscribers subsidised or free handsets. In October 2008, DoT had set 31 December 2008, deadline to stop services to handsets without IMEI numbers. The deadline has been extended to 15 April 2009. Source: LatestNews-Home - Livemint.com | 5 Apr 2009 | 9:07 am South India more attractive for investors: AssochamMetros in South India are more attractive for infrastructure projects than their counterparts in the other parts of the country, an industry lobby report said Sunday.Source: IndiaeNews.com: Business News | 5 Apr 2009 | 9:01 am Wage hikes to employees cut WCL profitPTI Nagpur: The implementation of Eighth National Coal Wage Agreement (NCWA) has drastically cut the overall profit of public sector undertaking Mini Ratna company Western Coalfields Ltd, which is provisionally Rs150 crore during the last financial year. Western Coalfields had to bear an additional financial burden to the tune of Rs1,140 crore on account of payment and arrears to the executive and non-executive employees of company, its Chairman and Managing Director D C Garg has said. Before implementation of NCWA agreement on wage revision, the estimated profit before tax was Rs1,290 crore against Rs930 crore during the corresponding period, he said. Garg said the increased production of coal to the tune of 44.70 million tonnes during 2008-09 against a target of 43.05 million tonnes, an increase of 1.65 million tonnes which show a growth of 2.73% as compared to last year (43.51 MT), has indeed enabled to sustain profit last year also. The achievement of 103.83% in coal production makes WCL the third highest in the Coal India Limited (CIL). He said WCL has recorded highest achievement (107.5%) and growth (11.3%) among CIL subsidiaries in over burden removal during 2008-09. It has removed 126.79 MT cubic metres of over burden. Source: LatestNews-Home - Livemint.com | 5 Apr 2009 | 8:53 am Operators to stop services to phones sans IMEI no from Apr 15 - Economic Times
Source: Google News India - Business | 5 Apr 2009 | 8:41 am 20 killed, 30 injured in Pak suicide attackPTI Islamabad: At least 20 people were killed and over 30 others injured today when a suicide bomber struck a gathering of the minority Shia community in Chakwal area of Pakistan’s Punjab province, the latest in a series of terror attacks that have rocked the country. The suicide attacker entered an ‘imambargah´ or prayer hall, where hundreds of worshippers were present and detonated his explosives, TV news channels reported. Witnesses at the site said that at least 20 people were killed and over 30 others injured in the attack. The terrorist assault came a day after a suicide bomber attacked a paramilitary camp in the heart of Islamabad, killing eight security personnel and injuring five others. Another suicide attack yesterday in the restive North Waziristan tribal agency left 17 civilians dead. Source: Home - Livemint.com | 5 Apr 2009 | 8:32 am With economy on mind, Ansari to visit KuwaitWith oil-rich Kuwait looking east to invest, India will seek investment funds from the Gulf country when Vice President Hamid Ansari goes there Monday on a three-day visit.Source: IndiaeNews.com: Business News | 5 Apr 2009 | 8:30 am Dabur targets 10% share in anti-dandruff shampoo marketNew Delhi: FMCG major Dabur India is eyeing a 10% share in the Rs-600 crore domestic anti-dandruff shampoo market after launching a campaign featuring Bollywood actress Preity Zinta, who has been roped in by the firm as its brand ambassador. The campaign, which features Zinta, would help attain a 10% share of the Indian anti-dandruff shampoo market very soon, Dabur India Executive Vice President (Marketing- Personal Care) Vikas Mittal said. According to industry estimates, the size of the market is about Rs 600 crore. Dabur has launched three variants of anti-dandruff shampoos under its premium hair care brand Vatika. “With this campaign, we are confident the Vatika Dandruff Control range would grow faster than the industry average and attain a 10% share immediately,” Mittal said. The company has signed Zinta as the brand ambassador for the new Vatika Dandruff Control shampoo range. “Preity Zinta is a perfect fit for the brand as she exemplifies the brand attributes and has values synergistic to the brand via her various social associations,” Mittal said. Source: LatestNews-Home - Livemint.com | 5 Apr 2009 | 8:00 am D-Street may inch towards consolidation, say analystsPTI Mumbai: A wave of consolidation is likely to greet the Dalal Street this week as the bellwether Sensex, which regained the 10,000 level last week, is expected to retain the positive momentum, analysts say. “Markets need to consolidate before they see any big rally. It would remain volatile and a sideways consolidation, with a bias towards the higher side is expected,” SMC Global Vice President Rajesh Jain said. Analysts said that the domestic institutional investors may book profits they reaped last week. “There will be no outright fall in the market. Some corrections are expected this week as investors resort to profit taking to cash in on last week’s counter rally,” Jain added. The BSE Sensex gained over 1,082 points in the past week and closed at 10,048 points on Friday, while the National Stock Exchange’s Nifty index ended with a gain of 302 points at 3,108 points. “The domestic markets are over heated and a slight downtrend is expected next week. The fall in the US markets on Friday, signals a likely correction here,” Taurus Mutual Fund Managing Director RK Gupta said. On Friday, the US market ended in the negative zone with the Dow Jones Industrial Average dropping 148 points to 7,776 and the Standard & Poor’s 500 Index falling two per cent to 816 points. Source: Home - Livemint.com | 5 Apr 2009 | 7:31 am Bhel to form transmission JV by June, to invest Rs1,200 crPTI New Delhi: State-run power equipment maker Bhel will invest about Rs1,200 crore to manufacture transmission equipment in collaboration with a foreign firm, a company official said. “We are in talks with a European and a Japanese firm to form a transmission joint venture by June 2009. We would invest about Rs1,200 crore in this project as a part of our brownfield expansion plan,” Bhel Chairman and Managing Director K Ravi Kumar said. The company is in talks with French equipment maker Areva and Japan’s Toshiba for this joint venture. The JV would will focus on manufacturing 765 kilo volt (KV) and 1,200 KV transmission equipment. Bhel secured orders worth Rs10,254 crore in 2008-09 in captive power, transportation, power transmission, oil & gas and other industrial segments, he said. The company received bulk orders for 40 transformers from Coastal Gujarat Power Ltd, a Tata Power special purpose vehicle, for executing the 4,000 MW ultra mega power project at Mundra. From the power sector alone, Bhel secured orders worth Rs44,407 crore for 17,020 MW of plants. Bhel recorded a 6% jump in its net profit after tax at Rs3,039 crore for the financial year ended 31 March 2009, from Rs2859 crore in 2007-08. Source: Home - Livemint.com | 5 Apr 2009 | 7:06 am Goa ministers splurge taxpayers' moneyThe Goa government has spent nearly Rs.1.5 crore on food and almost Rs.13 lakhs refurnishing the official residences of three senior ministers and the speaker, according to written replies given by the government to questions raised in the state assembly.Source: IndiaeNews.com: Business News | 5 Apr 2009 | 7:01 am Experts see IT cos revenue growth dipping in Q4 of FY'09Major IT firms are expected to post a decline in revenue growth in the fourth quarter of 2008-09, primarily on account of project cancellations, say analysts.Source: India Business News | Business News - Times of India | 5 Apr 2009 | 7:00 am Tata Steel’s growth in positive terrainPTI New Delhi: Leaving rivals in public and private sector gasping for breath, Tata Steel has stolen the show by registering a 12.6% growth rate in production during the fiscal that just ended. The world’s sixth largest steel maker marched ahead of its counterparts like SAIL, RINL, JSW and Essar to produce 5.6 million tonnes of crude steel even as the others slipped into the negative terrain amid slackening demand. While Tata Steel’s crude steel output increased by 0.6 million tonnes from 5 million tonnes in the year-ago period, that of state-run SAIL dipped by 3.9%to 13.4 million tonnes, as per provisional figures of the Steel Ministry. In 2007-08, the country’s largest public sector steel maker SAIL had produced 13.9 million tonnes of crude steel. However, hit by a slump in demand from automobile and construction sectors, not only SAIL, but also RINL, Essar Steel, JSW Steel and Ispat Industries saw their output slip into the negative zone in 2008-09. The crude steel production of JSW Steel declined by 1.4%to 3.1 million tonnes as against the previous year’s 3.14 million tonnes. Essar Steel too witnessed about 10%dip in output at 3.2 million tonnes from 3.5 million tonnes while Ispat Industries recorded the highest 19.3%fall in output at 2.2 million tonnes from 2.8 million tonnes. Even as the leading producers barring Tata Steel reported a dip in crude steel output, India’s overall finished steel production in 2008-09 surged 0.6% to 56.3 million tonnes as against 56 million tonnes a year ago. Commenting on the sector’s performance, Steel Secretary P K Rastogi said “all major and secondary steel producers did well, which shows there is a demand for the commodity in the system”. “This is a good sign for the industry,” he said. During the period under review, the country’s steel imports dipped by 17.8%to 5.7 million tonnes as against the previous year’s 7 million tonnes. Exports too plunged by 26.1%to 3.7 million tonnes from 5 million tonnes. “The steel industry seems to be on a slow and steady path of revival with demand generating from consuming sectors,” a senior official of a private steel company said. Source: Home - Livemint.com | 5 Apr 2009 | 6:50 am India tops Forbes list for increase in tax misery scoreIndia has earned a dubious distinction of being the country adding maximum teeth to its tax regime since last year, says a study by Forbes.Source: Daily News & Analysis: Money News | 5 Apr 2009 | 6:50 am America's top-paid CEO gets 10 times more than India'sThe US has entered 17th straight month of recession, but the pay package of its highest-paid CEO exceeds USD 100 million (over Rs 500 crore).Source: Daily News & Analysis: Money News | 5 Apr 2009 | 6:48 am Edelweiss sees 60% decline in realty prices over 5-6 yrsPTI Mumbai: Financial services provider Edelweiss expects decline in real estate prices by around 60% over the next five to six years from its peak in the first quarter of 2008. “Property prices in India increased sharply over the past 6-7 years, rising two and a half times over 2001 prices. We expect a price correction of 58% in real terms from the peak,” Edelweiss said in a report on real estate sector. Stating that the industry has so far witnessed around 24% correction in real terms, the report said that the industry witnessed 8-10 months decline of the expected 5-6 years. “We expect prices to correct by another around 30% in nominal terms in the next three years. However, prices in real terms, will continue to decline for about a year thereafter,” it said. Analysing global property cycles across 15 countries, Edelweiss said that volumes are closely related to GDP growth and real returns on properties but share a weak relation with interest rates. “From September 2006, the GDP growth rate has started falling and has come down significantly to 7.6% in September 2008. We expect the rate to go down further to 6% by FY10,” it said. Source: Home - Livemint.com | 5 Apr 2009 | 6:40 am EC issues notice to Chidambaram, seeks reply by tomorrowPTI New Delhi: The Election Commission today issued notice to Home Minister P Chidambaram and sought his reply by tomorrow for allegedly offering poll sops during a visit to Rajasthan for a security review meeting. The notice was issued following a complaint filed by the BJP which alleged that Chidambaram, during his visit to the state in the last week of March, had taken up electoral issues. The complaint said the Home Minister talked about granting citizenship to displaced Hindus from Pakistan and additional facilities for passengers travelling by ‘Thar Express´. The three-member Commission, headed by N Gopalaswami, asked Chidambaram to reply to the notice by tomorrow by 5 pm. Source: Home - Livemint.com | 5 Apr 2009 | 6:33 am CDMA, GSM Mobile Phones to Have 11 Digit Numbers - Techtree.com
Source: Google News India - Business | 5 Apr 2009 | 6:30 am Indian Airlines asked to compensate passenger for injuriesA consumer rights panel has criticised Indian Airlines for not providing proper medical aid and transportation facilities at the airport and directed the airlines to compensate Rs.25,000 to a passenger who injured his hand while in the airport bus.Source: IndiaeNews.com: Business News | 5 Apr 2009 | 6:30 am Satyam may announce buyer on April 13 - paperMUMBAI (Reuters) - Satyam Computer Services Ltd could announce the buyer of the fraud-hit sofware company on April 13, the deadline for submitting financial bids, the Business Standard newspaper said on Sunday.Source: Reuters: Money News | 5 Apr 2009 | 6:16 am Involve panchayats, not collectors, in dist plans: Plan Panel New Delhi: Unhappy with the collector playing a “predominant role” in formulating the district plans, the Planning Commission has asked the states to take inputs from the local governments and panchayats for the development schemes. “... typically district plans are prepared ... with or without peoples’ participation, and are brought before a district mission in which the collector has the predominant role in decision making,” the plan panel said in detailed guidelines sent to the states. Thus, fund flows for implementing plans are fully insulated from states and the panchayat set-up, it has said. It emphasised decentralising plans to ensure that the benefits of mega Central schemes such as job guarantee for rural people are delivered effectively. States must redesign their plans so that they reflect their specific requirements right up to the local level. They must go beyond simply matching assistance from the Centre in Centrally-sponsored flagship schemes, the plan panel said. “... state plans have tended to become an aggregation of state line department plans to fit in with resources available under central funding streams,” the Commission pointed out. The allocation for the Central flagship plans such as National Rural Employment Guarantee Programme and Pradhan Mantri Gram Sadak Yojana has been increased year-on-year. Outlays for such mega plans was Rs 2,40,000 crore in 2008-09. Source: Home - Livemint.com | 5 Apr 2009 | 6:10 am CAG begins audit of 2010 Commonwealth Games projectsAmid fears of attracting international disrepute for delays in execution of projects for the 2010 Commonwealth Games, the Comptroller and Auditor General has begun a quick audit of the ongoing projects.Source: India Business News | Business News - Times of India | 5 Apr 2009 | 5:58 am India's exports likely to decline in 2009-10: FICCIIndia's exports, declining since October 2008, are likely to continue with the downward slide in 2009-10 also due to demand contraction in the developed markets such as the US and the EU, an industry survey said.Source: India Business News | Business News - Times of India | 5 Apr 2009 | 5:39 am Insurance company asked to pay Rs 1 lakh to truck ownerIt also directed the insurance company to pay Rs 5,000 compensation to Ishwar Singh, the truck owner, for being deficient in service.Source: Daily News & Analysis: Money News | 5 Apr 2009 | 5:37 am Escorts eyes over $1 bn turnover by 2012PTI New Delhi: Buoyed by a turnaround in profitability, Escorts Ltd is embarking on a mission to achieve a turnover between Rs5,500 crore and Rs6,000 crore (over $1 billion) by 2012. The company, which has three verticals -- farm mechanisation, engineering products and construction equipment, is also mulling over setting up a new plant to manufacture railway equipment. It is presently exploring sites for the plant. “Our mission 2012 is to have a topline between Rs 5,500 crore and Rs 6,000 crore, to come from the three core business areas,” Escorts Ltd Joint Managing Director Nikhil Nanda told PTI. Escorts had reported a profit of Rs11.87 crore for FY’08, the first time in four years it has been profitable, with total sales at Rs2,051.51 crore “This profitability was achieved on the back of improved earnings, structural reorganisation and greater cost and operational efficiencies,” Nanda said, adding for the ongoing fiscal the topline is expected to be around Rs 3,400 crore. He said while the farm mechanisation and construction equipment verticals have been doing well, the engineering products business, which mainly manufactures railway equipment has been achieving a “phenomenal growth”. Source: Home - Livemint.com | 5 Apr 2009 | 5:37 am Over 35,000 firms in UK may go bust this year: ReportAccording to Begbies Traynor, the insolvency and restructuring group, the figure would be 18 per cent higher than during the previous peak in the 1990s crash.Source: Daily News & Analysis: Money News | 5 Apr 2009 | 5:35 am Credit squeeze impacts fund raising by India IncThe credit crisis that hit the world markets impacted the fund raising by Indian companies during the first 10 months of the last financial year, a FICCI-Ernst & Young report has said.Source: India Business News | Business News - Times of India | 5 Apr 2009 | 5:20 am Banks may cut lending rates by 0.5% soonWith inflation nearing zero, bankers on Sunday hinted at cuts of 0.5% in lending rates and 0.5-0.75% in deposit rates in two-three weeks.Source: India Business News | Business News - Times of India | 5 Apr 2009 | 5:16 am Banks may cut lending rates by 0.5% soonPTI Mumbai: With inflation nearing zero and signs of economic revival, bankers today hinted at cuts of 0.5% in lending rates and 0.5-0.75% in deposit rates in two-three weeks. “Given that the inflation is low, lending rates may go down further by 0.5% in the next two to three weeks and deposit rates by 0.5-75%. Banks will bring down their interest rates in line with a reduction in cost of funds,” Bank of India’s Chairman and Managing Director, T S Narayanasami told PTI here. Responding to the monetary policy signals and prevailing market trends, state-owned banks have already brought down their Benchmark Prime Lending Rates (BPLR) by 0.5% in the recent past, Narayanasami, who also head’s Indian Banks’ Association (IBA) said. Bank of Baroda’s CMD, M D Mallya agreed that the current macro-economic conditions favoured further reduction in lending rates. BOB may look at a possible reduction in its rates after watching the market movements, Mallya said. “There surely exists a scope to bring down the rates further. Given the current macro-economic signals, such as the low inflation, deposit and lending rates are tend to drop further in the period ahead,” Mallya said. The WPI-based inflation fell to historic low after RBI aggressively cut its key-rates since October last year. Inflation currently stands at 0.31%. State-owned, Central Bank of India’s Executive Director, Ramnath Pradeep echoed this view saying that the bank will examine the possibility of reducing its lending rates as and when the cost of funds come down. “There is certainly a scope to cut rates further by another 0.5%,” Pradeep said. Kotak Mahindra Bank’s Head of retail liabilities, K V S Manian said the interest rates will come down by another 0.25-0.5% if larger banks take the lead. “Cost of funds of banks are still high and banks need to bring down their deposit rates first. This will be followed by a similar reduction in the lending rates. Larger banks will have to drop their rates first,” Manian said. Axis Bank’s Head of Credit, Partha Mukherjee said banks have responded to the market signals and have reduced their interest rates in the recent past. “Banks have already lowered their lending rates. This trend is likely to continue in the period ahead if the cost of funds are decreasing in the system,” Mukherjee said. Source: Home - Livemint.com | 5 Apr 2009 | 5:15 am IBM in talks to buy Sun for $6.5 billionInternational Business Machines Corp. (IBM) is in talks to buy Sun Microsystems Inc., people familiar with the matter said, a combination that would bolster IBM’s heft on the Internet, in software, and in finance and telecommunications markets. The two firms have a common interest in that both make computer systems for corporate customers that aren’t reliant on Microsoft Corp.’s Windows software, and their product lines are less dependent than rivals’ on Intel Corp.’s microprocessor technologies. The two firms are also strong supporters of open source Linux and Java software.  Eye on Sun: IBM chief executive Sam Palmisano. Harikrishna Katragadda / Mint If the deal does go through, which is expected this week, IBM is likely to pay at least $6.5 billion (Rs33,410 crore) in cash to acquire Sun, the people said. That would translate into a premium of at least 100% over Sun’s closing price on Tuesday. A combination would require melding companies with distinct, dissimilar cultures. IBM, an east coast stalwart that helped invent the computer industry, grew up with a button-down style and a philosophy of delivering what customers want. Sun, which grew up in the go-go environment of the 1980s in Silicon Valley, is an engineering-driven maverick with a record of major innovations that has lately struggled to profit from them. Once the quintessential high-flying start-up under Scott McNealy, one of the tech sector’s most outspoken chief executives, the company started in computer workstations and morphed into a major seller of server systems during the Internet boom. But the company has struggled since the dot-com bust, jumping late on the trend of low-cost servers that use chips from Intel and Advanced Micro Devices Inc. McNealy’s pony-tailed successor, Jonathan Schwartz, has driven the company to focus more on innovations in software and data storage. But Sun shares have plummeted over the past year, battered by its reliance on sales of high-end machines and customers in the financial sector, which experienced the economic slump earlier than other parts of the economy. A combination would require melding companies with distinct and dissimilar cultures Any transaction would strengthen IBM’s position against rival HP. It could be the largest acquisition in IBM’s history, surpassing the acquisition of Cognos Inc. last year. The deal would mark a sharp break from IBM’s recent past. It has been buying software companies and a few service firms in recent years. But it has been selling off hardware operations such as its personal computer (PC) business. IBM gets more than half its revenue from services, and services and software provide the bulk of its profits. Acquiring Sun would make hardware close to one-third of its revenue. IBM has worked hard in recent years to boost its profit margins, and its profits exceed those of the larger HP. But buying Sun, which reported a $209 million loss for the second quarter ended in December, would hurt IBM’s profitability. It would have to slash the combined companies’ cost base sharply to gain a favourable reception for the deal from investors. Acquiring Sun would bolster IBM as it takes on a new rival, Cisco Systems Inc., the networking company, which this week announced that it would start selling a server of its own. On Monday, Cisco CEO John Chambers said the company would continue to work with IBM despite the fact that the firms would be competing head-to-head on servers. A Cisco spokesperson declined to comment on a potential acquisition of Sun by IBM. The deal furthers a recent pattern of consolidation in the tech industry around the services, hardware and software used to run data centres, the big computing rooms that store and process information. HP, over the past few years, has acquired software companies to expand its offerings for managing data centres. And last year the company bought services giant Electronic Data Systems Inc. for at least $13 billion, putting it into direct competition with IBM on IT outsourcing services. Along with companies such as IBM and Cisco, Dell, which specializes in selling low-priced servers, has been expanding its portfolio. It now offers its own data centre software and some services. By making a bid for Sun, IBM may be acknowledging the necessity of competing in hardware, despite its slim profit margins. In recent years, Dell and HP have been pushing server prices down, and servers, like PCs, have increasingly become commodities. The deal would strengthen IBM’s position as the world’s largest server maker. According to research firm IDC, IBM had 31.4% of the market last year; HP was second with 29.5%, and Dell third with 11.6%. Sun ranked fourth, at 10.6%. In recent years, the market for servers has shifted from the huge, custom-built “mainframes” that IBM dominates to vast numbers of standardized computers. By pushing standardized servers, HP has made inroads on IBM. In the meantime, Sun has suffered, as its strategy of using its own operating system on standardized software has failed to propel new growth. The deal could face regulatory hurdles. IBM and Sun make many overlapping products, and the two have dominant market shares in servers that run the Unix operating system. The two companies also have overlapping products in areas that include software and tape storage systems. President Barack Obama’s choice to be the next antitrust chief at the department of justice, Christine Varney, has said she would take a different approach than the previous administration, which was widely viewed as more open to such mergers. Don Clark and Ben Worthen contributed to this story. wsj@livemint.com Source: World Business - Livemint.com | 5 Apr 2009 | 5:07 am North Korea launches rocket, defies world pressureSeoul: North Korea defiantly carried out a provocative rocket launch Sunday that the U.S., Japan and other nations suspect was a cover for a test of its long-range missile technology. Liftoff took place at 11:30 a.m. (0230GMT) Sunday from the coastal Musudan-ri launch pad in northeastern North Korea, the South Korean and U.S. governments said. Japan immediately called for an emergency session of the U.N. Security Council. The multistage rocket flew over Japan and landed in the Pacific Ocean, the Japanese broadcaster NHK said, citing its government. “Our primary concern is to confirm safety and gather information,” Japanese Prime Minister Taro Aso told a news conference at his Tokyo office Sunday. The launch was a bold act of defiance against Aso, President Barack Obama, Hu Jintao of China and other leaders who pressed Pyongyang in the days leading up to liftoff to call off a launch they said would threaten peace and stability in Northeast Asia. The US, South Korea, Japan and others suspect the launch is a guise for testing the regime’s long-range missile technology - one step toward eventually mounting a nuclear weapon on a missile capable of reaching Alaska and beyond. They earlier vowed to take North Korea to the U.N. Security Council for a launch they said violates a 2006 resolution barring the regime from ballistic missile activity. South Korea’s presidential Blue House called the launch a “reckless” move that poses a “serious threat” to stability on the Korean peninsula. “We cannot contain our disappointment and regret over North Korea’s reckless act,” presidential spokesman Lee Dong-kwan told reporters Sunday. He said the launch of the long-range rocket “poses a serious threat to security on the Korean peninsula and the world.” Obama said Friday the launch would be “provocative” and said the U.S. would “take appropriate steps to let North Korea know that it can’t threaten the safety and security of other countries with impunity.” The launch “will prompt the United States to take appropriate steps to let North Korea know that it cannot threaten the safety and security of other countries with impunity,” State Department spokesman Fred Lash said in Washington. Security Council diplomats said Friday that a draft resolution in circulation could reaffirm and tighten enforcement of the demands and sanctions of a resolution passed after North Korea conducted a nuclear test on 2006. Source: Home - Livemint.com | 5 Apr 2009 | 5:07 am Over 35,000 firms in UK may go bust this year: reportLondon: More than 35,000 firms in the UK are expected to go bust this year -- equivalent to over 95 a day. According to Begbies Traynor, the insolvency and restructuring group, the figure would be 18% higher than during the previous peak in the 1990s crash. Nick Hood at Begbies told The Sunday Times, he would not be surprised if the number rose to 40,000 by the end of the year. According to him, about 125,000 people will go bust this year - well above the 107,000 peak in 2006 -- equivalent to 342 people a day. Richard Goodwin, editor of The London Gazette, the newspaper of record that prints personal and corporate bankruptcy notices, said pagination had reached a record last month averaging 96 pages a day, up from 85 last year and 78 in 2007. “The rate is accelerating - on a bad day we could see 20 businesses going under a day? Companies (you couldn’t imagine going bust) in the last recession are going to the wall this time round - a Chinese restaurant next to a university campus or a hairdressing salon,” he said. “It feels much worse than the 1990s - there are much fewer options to rescue businesses today. In the past you could go to another bank or small-business owners could re-mortgage and use equity from their homes - today that is next to impossible.” Source: World Business - Livemint.com | 5 Apr 2009 | 4:41 am Satyam extends deadline for submitting bidsMUMBAI (Reuters) - Satyam Computer Services Ltd has extended the deadline for submitting bids for the software services firm to April 13 as bidders sought more data, board member said on Saturday.Source: Reuters: Money News | 5 Apr 2009 | 4:19 am HEC reports 286%YoYjump in net profit in 2008-09 - SteelGuru
Source: Google News India - Business | 5 Apr 2009 | 4:18 am Fly-by-summer fares take a deep plungeAmidst a demand slump, summer travel gets dirt cheap as some airlines drop their basic fare prices to a maximum of Re 1, at times even dispensing with it.Source: India Business News | Business News - Times of India | 5 Apr 2009 | 12:58 am Does branded petrol really give you that extra mile?As oil firms fail to back claims on higher mileage and better engine performance, the extra Rs 2 per litre you pay for branded petrol may be taking you for a ride.Source: India Business News | Business News - Times of India | 5 Apr 2009 | 12:19 am Tatas to remove equipment from Singur by Aug: WBIDC - Times of India
Source: Google News India - Business | 5 Apr 2009 | 12:09 am Weekly News Round UpThe 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 bidding method. In a letter to the stock market regulators in India and theSource: Business Line - Home Page | 5 Apr 2009 | 12:00 am From London, a trillion dollar booster shot for IMFMumbai, April 4 One of the most visible effects of the one-day confabulations and grandstanding at the London summit of the G-20 might just be a new lease of life for the International Monetary Fund. As a result of the deliberations on Thursday,Source: Business Line - Home Page | 5 Apr 2009 | 12:00 am Indian bank stocks dance to US tunesBL Research Bureau Are Indian banks really immune to the global financial crisis due to stricter regulation? Though regulators and market players may say so, the stock markets don’t seem to agree.Source: Business Line - Home Page | 5 Apr 2009 | 12:00 am Exports in March seen at $12-14 b: PillaiNew Delhi, April 4 The country’s merchandise exports may have achieved the scale-down target of $170 billion during the just-ended fiscal year 2008-09, a top commerce ministry official indicated here on Saturday.Source: Business Line - Home Page | 5 Apr 2009 | 12:00 am Satyam winner may be named on April 13New Delhi/Mumbai/Hyderabad, April 4 The Satyam board has extended the deadline to submit technical and financial bids to April 13 from April 9 with the bidders seeking more information on the company, according to Satyam board member Mr DeepakSource: Business Line - Home Page | 5 Apr 2009 | 12:00 am BJP manifesto: Cuddly to middle class, silent on financial reformsNew Delhi, April 4 The economic programmes set out in the manifesto of the Bharatiya Janata Party (BJP) for the forthcoming General Elections do not set store by any slogan as the “India Shines” campaign in the 2004 elections cost theSource: Business Line - Home Page | 5 Apr 2009 | 12:00 am Economy should register 7-8% growth this fiscal: Kamath - Economic Times
Source: Google News India - Business | 4 Apr 2009 | 8:37 pm Summit over, here are India’s G-20 gains - Hindustan Times
Source: Google News India - Business | 4 Apr 2009 | 7:10 pm IPL, slowdown delay 25 film releasesIf the economic slowdown wasnt enough, the Indian Premier League, which begins April 18 in South Africa, has impacted the release of at least 25 small and medium budget films.Source: Business Standard | Front Page Headlines | 4 Apr 2009 | 7:10 pm BofA's Kannan leads race for BSE CEOMadhu Kannan, managing director (corporate strategy), Bank of America-Merrill Lynch, has emerged as the frontrunner for the chief executive officer (CEO) of Asias oldest bourse, the Bombay Stock Exchange (BSE).Source: Business Standard | Front Page Headlines | 4 Apr 2009 | 7:05 pm Satyam may get new owner on April 13Evaluation of financial bids on the same day.Source: Business Standard | Front Page Headlines | 4 Apr 2009 | 7:03 pm Druk Air to fly to West Bengal's Bagdogra from April 18Bhutan's flagship carrier Druk Air will launch a new flight April 18 connecting Bagdogra in West Bengal with Paro in Bhutan and Thai capital Bangkok, it was announced here Saturday.Source: IndiaeNews.com: Business News | 4 Apr 2009 | 3:30 pm India to phase out Chinese handsets by April 13Cheap Chinese handsets that do not have an International Mobile Equipment Identity (IMEI) - a unique 15-digit identity code - will be phased out from the Indian market by April 13, industry operators said.Source: IndiaeNews.com: Business News | 4 Apr 2009 | 2:32 pm Heavy Engineering Corp net profit up 286 percentState-run Heavy Engineering Corp (HEC) Saturday reported a 286.33 percent jump in its net profit last fiscal.Source: IndiaeNews.com: Business News | 4 Apr 2009 | 2:31 pm India to grow 7-8 percent this fiscal: ICICI chiefDespite the economic slowdown, the Indian economy is likely to grow 7-8 percent in 2009-10, ICICI Bank chief executive K.V. Kamath said here Saturday.Source: IndiaeNews.com: Business News | 4 Apr 2009 | 2:31 pm
|
