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Satyam collaborates with Pentaho CorporationSatyam Computer Services Ltd, a leading global consulting and IT services provider, announced its partnership with Pentaho Corporation, a leading Open Source Business Intelligence product company.Source: Moneycontrol Top Headlines | 7 Apr 2009 | 6:48 pm Coping with global economic meltdownA global economic meltdown is one that the world has never seen anything like before. When big companies are struggling, the challenge is a lot more tougher for small companies.Source: Moneycontrol Top Headlines | 7 Apr 2009 | 1:29 pm FEATURE - Japan taps jobless autoworkers for aged care jobsTOKYO (Reuters) - Changing an elderly person's incontinence pants was one of the first challenges facing former air conditioning technician Naoya Kadohara when he switched to a job caring for elderly people several years ago.Source: Reuters: Money News | 7 Apr 2009 | 1:18 pm EIB approves 866 mln euro loans for EU carmakers - Reuters
Source: Google News India - Business | 7 Apr 2009 | 1:10 pm ONGC wants to keep Mittal in Trinidad projectMUMBAI (Reuters) - The LN Mittal group was looking to exit an oil and gas project it was jointly developing in Trinidad and Tobago, the Economic Times reported on Tuesday, but its partner, India's Oil & Natural Gas Corp, said it was trying to keep it involved.Source: Reuters: Money News | 7 Apr 2009 | 1:07 pm ‘Invoke NSA against Lalu’Patna: A BJP leader on Tuesday demanded that National Security Act (NSA) be invoked against RJD chief and Railway Minister Lalu Prasad for fomenting communal frenzy by stating that he (Lalu) would have crushed Varun Gandhi under a roller had he been the union home minister. “RJD supremo Lalu Prasad and his party are out to break the social harmony and fomenting communal and caste divisions in Kishanganj, a highly communally sensitive district, bordering Bangladesh and hence NSA should be invoked against Prasad,” BJP leader Kiran Ghai, a member of the party’s state election campaign committee, said. BJP has submitted a memorandum to the Chief Election Commissioner through Bihar chief electoral officer demanding action against Prasad under RPA and IPC besides derecogising the Rashtriya Janata Dal, she said. Ghai said the Centre should sack Prasad from the cabinet. Asked whether she would demand or submit any memorandum to her own NDA government in the state for invoking NSA, Ghai said, “We have expressed our views. The government will think over it seriously”. Source: LatestNews-Home - Livemint.com | 7 Apr 2009 | 1:04 pm PRECIOUS-GFMS/REPORT:Gold may rise above $1100/oz in 2009 -GFMS report - Forbes
Source: Google News India - Business | 7 Apr 2009 | 1:01 pm ELECTION - Reuters poll sees food prices as major issueNEW DELHI (Reuters) - High food prices and the impact of a global economic slowdown are the major issues for voters in India's April/May general election, a Reuters poll of 14 leading analysts has predicted.Source: Reuters: Money News | 7 Apr 2009 | 1:00 pm RBS says to cut up to 9,000 jobsLONDON (Reuters) - Part-nationalised British lender Royal Bank of Scotland said it could shed up to 9,000 jobs over the next 2 years, including 4,500 in the UK, as part of a shake-up of its back-office operations.Source: Reuters: Money News | 7 Apr 2009 | 12:56 pm Citigroup prefers European, Asian markets to U.S.Reuters - Citigroup said it prefers European and Asian markets compared with U.S., adding there is plenty of bad news to come and valuations largely discount this dismal outlook.Source: Reuters: Money News | 7 Apr 2009 | 12:46 pm BBC told to rein in commercial activitiesLONDON (Reuters) - The commercial arm of Britain's BBC has grown out of control and must be reined in to prevent the publicly-funded broadcaster further damaging rivals and its own reputation, an influential report said.Source: Reuters: Money News | 7 Apr 2009 | 12:43 pm LJP manifesto favours creation of new statesPatna: Releasing its manifesto for the Lok Sabha polls, the Lokshakti Janata Party on Tuesday said it was in favour of creation of smaller states like Telangana as it was necessary for better administration and development.  “The party believes that for better administration and development of neglected regions, formation of smaller states is necessary,” party chief Ramvilas Paswan said, while releasing the party manifesto in the Bihar capital. The manifesto also promised to take the initiative for socio-economic and educational development of the minorities, especially Muslims in the light of the findings of the Sachar Committee. He said organizations like the Rashtriya Swayamsevak Sangh, Vishwa Hindu Parishad and Bajrang Dal would be banned if the LJP is voted to power and the party would bring a ‘communal riot control act’ against communal activities. Paswan promised to make public and implement the recommendations of the Ranganath Mishra Commission, saying there would be a provision of 15% reservation for minorities of which 10% would be for Muslims. The LJP also promised to provide reservations to women and OBCs in government jobs and the judiciary for which 50% ceiling imposed by the Supreme Court would be removed through appropriate legislation. Promising land for the landless, Paswan said the LJP would strive for distributing ceiling surplus land, Bhoodan land and waste land among SC/ST landless rural families. The party would also ensure free and compulsory education upto secondary level to all children besides provision for free school dress and free meals. It would work for including right to education and right to health in the Fundamental Rights and make provisions of health cards for all. Paswan said the welfare of servicemen/ex-servicemen would get due attention and the pending issue of ‘one rank, one pension’ would be re-examined and a solution arrived at. The LJP would set up exclusive Mobile Special Courts for quick trial of offences under PCR Act and a national judicial service would be established. Reservation for SC/ST, OBC and minorities would be extended to judicial services. A suitable policy for reservation to SC/STs in the private sector would be implemented. All out efforts would be made to contain terrorism and foreign policy would be decided in consonance with internal security. Friendly relations with neighbouring and Asian countries would be established and trade and investment expanded with them. The poor would be given free treatment for serious diseases relating to heart problems and cancer. Source: LatestNews-Home - Livemint.com | 7 Apr 2009 | 12:37 pm CBI files chargesheet against Ramalinga Raju, 8 othersHyderabad: The Central Bureau of Investigation (CBI) on Tuesday filed a chargesheet in the multi-crore Satyam accounting fraud case against the company’s disgraced founder B Ramalinga Raju and eight others. The 76-page chargesheet was filed before the special court here under various sections of Indian penal code for cheating and forgery. Besides Raju, those named in the chargesheet include his brother and former managing director of the firm Rama Raju, Satyam’s former CFO Vadlamani Srinivas, and the two sacked auditors of PriceWaterhouse, S Gopalkrishnan and Talluri Srinivas. Others named in the chargesheet include Satyam employees G Ramakrishna (vice president- Finance), D Venkatpathi Raju and Srisailam, both in the finance department of the IT oursourcer. Raju’s another brother Suryanarayna Raju, a director with SRSR Advisory Services is the ninth person named in the chargesheet. Except Suryanarayana Raju, others are under the judicial custody and are lodged in the Chanchalguda jail here. The CBI submitted 1,532 original documents of bank transactions and 65,000-page other documents, which included the statements of 432 witnesses in the case along with the chargesheet in the court. The case was handed over to CBI on 18 February by the centre after a request for the same was received from the Andhra Pradesh government. The scam, “unique” of its own kind has made CBI constitute a multi-disciplinary investigation team (MDIT) headed by deputy inspector general V V Lakshmi Narayana. The team will be headquartered in Hyderabad to undertake a thorough probe. The case against the accused was registered under 120-B (criminal conspiracy), 409 (criminal breach of trust), 420 (cheating), 467 and 468 (forgery), 471 (using forged document as genuine), 477-A (falsification of accounts). Experts, including chartered accountants (CAs) from the Institute of Chartered Accountants of India (ICAI) and Institute of Cost and Works Accountants of India (ICWAI), are also assisting the investigative agency in probing the role of regulators in this case. The CBI claimed to have found inflating revenues during its probe and seized relevant documents. In January Ramalinga Raju revealing a multi-crore accounting fraud in the company, confessed to cooking company’s account books inflating profits for many years. Three days later, he was arrested by the Andhra Pradesh Police. Source: LatestNews-Home - Livemint.com | 7 Apr 2009 | 12:37 pm Americans optimistic under Obama's presidency: PollAmericans have grown more optimistic about the economy in the 11 weeks since president Barack Obama was inaugurated.Source: Daily News & Analysis: Money News | 7 Apr 2009 | 12:35 pm CBI files chargesheet against Satyam founder Raju and 8 others - Economic Times
Source: Google News India - Business | 7 Apr 2009 | 12:33 pm Ansal Housing pulled up for not handing possession of flatComing down heavily on builders Ansal Housing and Construction, the consumer commission Tuesday asked it to pay Rs.300,000 to a customer who was denied the possession of a flat he bought from them for over ten years.Source: IndiaeNews.com: Business News | 7 Apr 2009 | 12:32 pm Rio Tinto to slash over 700 jobs in AustraliaLondon: Mining giant Rio Tinto will be slashing more than 700 jobs in Australia as the entity brings down production in the wake of falling demand. The company in a statement on Tuesday said, it would cut about 100 permanent roles at Weipa and approximately 570 contractor roles in Gladstone. “Additionally, approximately 35 permanent roles will be lost from the Yarwun refinery and at Boyne Smelters also in Gladstone”. The firm said it would slow down the construction of the Yarwun alumina refinery expansion in Gladstone and curtail annual bauxite production at its Weipa mine to 15 million tonnes from 19.4 million tonnes in 2008. This is mainly due to the sharp fall in alumina and aluminium demand and prices in recent months. Rio Tinto Alcan Bauxite and Alumina president Steve Hodgson said the depressed state of the market and a sharp cutback in demand made such tough decisions necessary. Hodgson pointed out the current demand for aluminium remained poor and despite major industry-wide production cutbacks, stocks continue to increase. Source: LatestNews-Home - Livemint.com | 7 Apr 2009 | 12:23 pm FIR against Lalu for remarks on VarunKishanganj, Bihar: A first information report was on Tuesday lodged against Rashtriya Janata Dal chief Lalu Prasad by the district administration for his alleged remarks that he would have “crushed” Bharatiya Janata Party candidate Varun Gandhi under a roller for his anti-Muslim speeches if he had been the country’s home minister. Click here to watch video “The FIR was lodged under Section 153 (wantonly giving provocation with intent to cause riot) of IPC and Section 125 of Representation of People Act with Kishanganj town police station,” district magistrate Ferak Ahmed said. “I have watched the CD of Lalu Prasad’s speech. He has tried to create communal disturbance and divide the society by his speech,” Ahmed said. He said the CD was being forwarded to the Election Commission. The railway minister had made the comments at an election meeting at Kishanganj. “Had I been country’s home minister, I would have crushed Varun Gandhi under the roller and destroyed him without caring for the consequences for his hate speech against Muslims,” Lalu had said. — PTI PM’s Assam rally cancelled due to rain, hailstorm Dibrugarh: Prime Minister Manmohan Singh’s election rally in Assam’s Dibrugarh district was cancelled today after hailstorm and rain rendered the helipad unfit for landing and he left for Delhi. It was raining heavily, when Singh arrived at the Mohanbari airport here around 12.30 pm. “Despite heavy rainfall, the prime minister was unwilling to cancel his public meeting,” Chief Minister Tarun Gogoi said. The SPG did not allow him to go to the venue from the airport due to heavy rain and hailstorm. The rally ground was covered with water and the helipad there could not be seen from above, Gogoi said after the PM’s departure. The IAF helicopter pilot who was to fly Singh to the venue also warned that it would be dangerous to fly in the midst of a hailstorm, he said. — PTI Source: Home - Livemint.com | 7 Apr 2009 | 12:18 pm Reliance Comm to open 82 new stores in PunjabChandigarh: Anil Dhirubhai Ambani Group company Reliance Communications on Tuesday said it will open 82 new exclusive mobile stores in Punjab as part of its expansion programme. “This initiative will further bring our affordable services closer to the people of Punjab and provide easier and faster access to world class telecommunications solutions,” said Reliance Communications Regional Hub Head Punjab, J&K and Himachal Pradesh Arvind Kumar in a release issued here. At present, the company has 56 stores in the state. As per the plan, the company would undertake expansion drive across several districts of state including Amritsar, Bhatinda, Chandigarh, Jalandhar, Ludhiana and Patiala. “These stores will offer the entire gamut of Reliance services including prepaid and postpaid in both CDMA and GSM,” he said. The three new stores opened in Rajpura, Budail and Derabassi is part of the company’s expansion drive, he said. Source: LatestNews-Home - Livemint.com | 7 Apr 2009 | 12:16 pm Harley-Davidson names new chief executive!Motorcycle maker Harley-Davidson Inc has said its chief executive will step down May 1 and will be replaced by an executive from car battery and interiors maker Johnson Controls Inc.Source: Zee News : Business | 7 Apr 2009 | 12:15 pm Quarter of companies globally set to freeze pay: Survey!A quarter of the world`s companies, and 40 percent in the United States, plan to freeze salaries this year, but employees in South America and India can look forward to robust rises, a global survey shows on Tuesday.Source: Zee News : Business | 7 Apr 2009 | 12:15 pm Australia announces 30 billion US dollar broadband network!Australia announced a 30 billion US dollar national broadband network on Tuesday, in what Prime Minister Kevin Rudd described as the biggest infrastructure project in the country`s history.Source: Zee News : Business | 7 Apr 2009 | 12:15 pm US co to pull back overseas jobs including from India!Sallie Mae, a US-based company which gives loans to students, on Tuesday announced to move back as many as 2,000 overseas jobs, including those from India, even if it means an additional financial burden on the company.Source: Zee News : Business | 7 Apr 2009 | 12:15 pm US to negotiate with Switzerland on tax secrecy!The United States and Switzerland will begin negotiations to amend their bilateral income tax treaty to provide for improved transparency, the US Treasury Department has said.Source: Zee News : Business | 7 Apr 2009 | 12:15 pm `Satyam scam started 5-6 years ago` !It started as an adjustment of Rs 10 crore around 5-6 years ago and the malpractice continued quarter after quarter before the accounting fraud at Satyam Computer assumed the proportions of country`s biggest ever corporate scam.Source: Zee News : Business | 7 Apr 2009 | 12:15 pm Oil prices edge up in Asian trade!Oil prices edged up in early Asian trade on Tuesday, with the market continuing to be volatile, dealers said.Source: Zee News : Business | 7 Apr 2009 | 12:15 pm India to see 7.3% rise in salaries this year!India is likely to witness a moderate salary increase of 7.3% after years of double-digit growth.Source: Zee News : Business | 7 Apr 2009 | 12:15 pm US deficit nearly $1 tn in first half of FY`09!The US budget deficit almost hit USD 1 trillion during the first six months of this fiscal year which began on October 1, according to estimates released on Monday by the Congressional Budget Office.Source: Zee News : Business | 7 Apr 2009 | 12:15 pm Blackberry maker RIM seeks patent in IndiaNew Delhi: Manufacturer of popular Blackberry smartphones, Research In Motion (RIM), has applied for patent in India for its invention in systems and methods of “information exchange in wireless servers”. According to a recent journal published by the Controller General of Patents Designs and Trade Marks, the Canada-based company has sought patent for wireless systems providing a mechanism for resource sharing. Admitting RIM’s application, the patent authorities have issued a public notice through its journal. As per the information available with the Patent Office website, in its abstract RIM claimed that in an embodiment, e-mail messages are routed between mobile wireless clients without first processing the message through an external e-mail domain identified in the mail. After getting patent in India, RIM would have exclusive right over the invention in the country. However, the company has not mentioned whether these features are related to Blackberry or not. The Canadian firm has also filed several other patent applications before the authorities seeking patent for its various devices and technologies, which includes a mobile communication device and wireless router queuing method and system. Source: LatestNews-Home - Livemint.com | 7 Apr 2009 | 12:12 pm Helping expats settle in DelhiThis week, on the Expat show, we talk to Shawn Runacres, Director-Founder of Domesteq Service Solutions Pvt Ltd, a Delhi-based company that provides complete  Source: LatestNews-Home - Livemint.com | 7 Apr 2009 | 12:06 pm CBI files charge sheet in Satyam fraud caseThe Central Bureau of Investigation (CBI) Tuesday filed a charge sheet in the Rs.78 billion accounting fraud in Satyam Computer Services Ltd, three months after the company's disgraced founder and former chairman B. Ramalinga Raju admitted to India's biggest corporate scam.Source: IndiaeNews.com: Business News | 7 Apr 2009 | 12:00 pm CIOs see economic slowdown ending by Dec - surveyMUMBAI (Reuters) - Most chief information officers (CIOs) of companies in India expect the current economic slowdown to end by December, according to a survey conducted by IT research and consulting firm IDC India.Source: Reuters: Money News | 7 Apr 2009 | 11:58 am Cardiac diseases will be major cause of death by 2020Panaji: Although the natural calamities and other emergency situations on the rise, India is yet to have satisfactory emergency medical system, a senior government official said today. “In India, we will have about 5,46,000 road accident cases annually by 2020 and it will become major cause of death and disability. We cannot be oblivion to the emergency care in the hospital,” Dr A K Das, Additional Director General of Health Services, Government of India, said. He said that cardiac diseases and stroke will be a major cause of death and disability in India by 2020. Das was speaking during the World Health Day function organised by state government here. “We don’t have a responsive and time sensitive emergency medical system. The issues are that private hospitals don’t accept the emergency cases which government hospital has to accept,” he said. He said that the hospital based emergency care in India is far from satisfactory. Government has empowered every district collector to have a district disaster management committee but that has to be fortified,“ Das added. Dishing out the worldwide estimates, he said that in 2008 alone estimated 321 incidents of natural calamity occurred which killed 2.35 lakh people and 2008 alone the disaster were more comp ared to earlier years. Unless hospitals are safe where will we go?, he questioned stressing for the safety of hospitals in such disaster prone areas. Das said that Asia are most disaster affected continent. It is home to nine of the world’s ten most affected countries. The additional director general said that the impact is maximum on the developing countries. “Only 11% of the people prone to natural calamities lives in developing countries but they account for more than 53% of deaths due to natural disaster,” he said. Stating that emergency and trauma care is a catch word for union government, Das said that the government support any emergency trauma care facility. Source: LatestNews-Home - Livemint.com | 7 Apr 2009 | 11:39 am Shoe-thrower journalist released after brief detentionNew Delhi: Sikh journalist Jarnail Singh, who hurled a shoe at Home Minister P Chidambaram at a press conference here on Tuesday, was released by police after brief detention. Station House Officer (SHO) of Tughlaq Road Police station Anil Kumar Yadav said that the scribe, who flung his shoe to protest the clean chit to Congress leader Jagdish Tytler in the 1984 anti-Sikh riots case, has been released. “No case has been registered against him. He has regretted his action,” the official said adding that the journalist was freed after being questioned. After being released, the journalist, who works with a leading Hindi daily, said he has raised an appropriate issue and the victims of the anti-Sikh riots should get justice. “May be my manner of protest was wrong,” said the scribe who left with his journalist friends and Sikh supporters. Meanwhile, Sunita Tiwari, who claimed to be his lawyer and had come to meet him at the police station, alleged that she was not allowed to talk to her client. “I was misbehaved with. The SHO asked the constables to take me out of the room. I wanted to talk to Jarnail as he was mentally disturbed,” she claimed. Source: LatestNews-Home - Livemint.com | 7 Apr 2009 | 11:35 am Asian tourism increasingly relying on tourists from withinSingapore: As the global recession continues to bite, Asian tourism is increasingly relying on tourists from within Asia, the latest ITB World Travel Trends Report points. India and China continue to be the hotspots for tourists as traditional tourism generating powerhouses of Japan and South Korea are facing painful economic problems The report, released here by ITB Asia, said even in these two emerging markets, travellers had already reduced their trips and said they would reduce more in the coming year. The report draws on results from the World Travel Monitor, a continuous and representative survey interviewing 500,000 persons in 58 countries around the world each year. In its recent survey on their spending patterns and perspectives, 73% of the respondents said travel was their top personal interest over the next two years, well ahead of food (43%) and music (31%). Sixty-three per cent of the respondents said they went away for weekends overseas every six months or so. The respondents were from Singapore, Taiwan, Hong Kong, South Korea, China, Australia, India and Japan. Visa Regional Head of Consumer Credit and Debit James Lim said the majority of them still shared a common passion for travel and “new sights, new tastes and new sounds drive the personal interests of affluent people in Asia-Pacific.” The survey found respondents from Hong Kong (22%) and India (21%) were the region’s most frequent travellers, and they were the most likely to travel for a weekend holiday at least once a month. Source: LatestNews-Home - Livemint.com | 7 Apr 2009 | 11:30 am CBI files chargesheet against RajuCBI has filed chargesheet in the multi-crore Satyam accounting fraud case against tainted founder chairman B Ramalinga Raju and eight others.Source: India Business News | Business News - Times of India | 7 Apr 2009 | 11:21 am World Bank: China stimulus to sustain Asia's growthTOKYO (Reuters) - Growth in the economies of East Asia and the Pacific will slow this year because of the financial crisis but China's multi-billion dollar stimulus will secure their status as the world's fastest growing region, the World Bank said.Source: Reuters: Money News | 7 Apr 2009 | 11:14 am Panaji: Indian Navy to Take ONGC's Help to Salvage Kamov-28 - Daijiworld.com
Source: Google News India - Business | 7 Apr 2009 | 11:03 am Quarter of companies globally set to freeze pay - surveyHONG KONG (Reuters) - A quarter of the world's companies, and 40 percent in the United States, plan to freeze salaries this year, but employees in South America and India can look forward to robust rises, a global survey shows on Tuesday.Source: Reuters: Money News | 7 Apr 2009 | 11:01 am WTO’s Lamy says Doha deal in sightLusaka: The Doha round of global trade talks could be concluded within eight months of preliminary agreements on industrial tariffs and agriculture subsidies, the head of the World Trade Organization told Reuters on Tuesday. World Trade Organization (WTO) director-general Pascal Lamy said the WTO would give time to the United States to indicate its position and for India to conduct elections in April and May before convening trade ministers for more negotiations. Lamy put the talks, launched in 2001 with an emphasis on development and opening markets in agriculture, manufacturing and services, on ice last December, citing a lack of political will among major powers to bridge their differences. The deal is estimated to be worth $150 billion for world economy and could be even more important now the world is facing its worst economic crisis in decades. Lamy has said the so-called “modalities” of a deal to open world trade -- the precursor to a full agreement -- could be reached before the end of the year. “As soon as possible, but I will not fix a deadline. I will reconvene ministers when I feel that the will to compromise is there,” Lamy told Reuters in an interview when asked about the timeline for concluding the trade negotiations. “And then if we were to do this and cross the line, what we call modalities, the end of the round could be six or eight months ahead from that,” Lamy said on the sidelines of an infrastructure investment conference in Zambia’s capital Lusaka. Lamy said the credit crunch had hit trade after short-term credit finance dried up and global supply and demand shrank. “Trade flows are badly hit by the crisis. Our own forecast is (about) minus 10 percent worldwide in volumes for this year after five years during which world trade increased by 25%, which is a big drop,” he said. “This big drop stems from contraction in the economies, it is inevitable,” Lamy said. He said global trade faced risks from protectionism. Last week at the G20, the United States said it wanted countries such as China, India and Brazil to open their markets up more to American businesses, while India said it wanted to protect its poor farmers from a surge of imports. Protectionist Race “There are two areas of risk. High intensity protectionism of the 1930s, raising tariffs by 50%. That will not happen. There is entrenched policy, we have rules and discipline that constrain the trade policies of countries,” Lamy said. “There have been no protectionist measures of the magnitude that would impact on world trade, but there is a protectionist race, which is there every time there is a crisis,” Lamy said. He said the G20 intervention, through a $250 billion package of financing to support world trade, was a welcome gesture. “Now that is not much, but it marginally can help those most hit by financing, which is shrinking. These big political prescriptions have to translate into real flexibility,” he said. He urged countries in Africa to trade more with each other and to come up with uniform customs regulations and rules to attract investment. “Africa is a place where regional trade is cold, 90% of trade is with countries outside of Africa,” Lamy said. “African countries do not trade enough with themselves and this is a legacy of colonialism,” he said. He said investors could be lured by a big Africa market. “The local markets are not large enough, deep enough and integrated enough. Of course it has a consequence on direct foreign investments. Investors look for large markets.” Source: Home - Livemint.com | 7 Apr 2009 | 11:01 am BMW sales drop in March, sees some brighter signsFrankfurt: German luxury car maker BMW reported Tuesday a sharp drop in March sales but pointed to encouraging signs in the United States and Germany, its two biggest markets. BMW said it sold 126,375 vehicles last month, a drop of 17.2% from March 2008. Sales of the BMW and Mini brands fell 17% and 18.5%, respectively. “We have observed some encouraging signs in important markets like the United States and Germany but it is too early to speak of a turnaround in the trend at a global level,” sales director Ian Robertson said in a statement. US sales fell by less than the market as a whole while in Germany the drop was limited to 1.1% owing to rising deliveries of Minis and its new convertible model. In emerging markets such as China, India and Brazil, BMW sales gained between 12 and 15%. For the first quarter of 2009 as a whole, sales at the entire BMW group were down 21.1% to 277,264 vehicles. Source: World Business - Livemint.com | 7 Apr 2009 | 11:01 am Goodricke to launch ready-to-drink products by DecemberTea plantation company Goodricke Group Ltd is gearing up to launch ready-to-drink cold beverage product by December this year, a top official said here Tuesday.Source: IndiaeNews.com: Business News | 7 Apr 2009 | 11:00 am PartyGaming US settlement opens door to M&ALondon: Online gaming firm PartyGaming said on Tuesday it had reached an agreement with US authorities that will protect it from being prosecuted and opens the door to consolidation across the industry. The settlement relates to PartyGaming’s activities in the United States prior to the industry being effectively outlawed by legislation introduced in 2006. The owner of the PartyPoker website said, under the terms of the agreement, it had agreed to pay $105 million, payable in semi-annual instalments over a period ending on 30 September 2012. The deal is expected to open up consolidation opportunities across the industry. “We are now well-placed to seize organic as well as strategic opportunities that previously were beyond our reach,” chief executive Jim Ryan said. By 0915 GMT, shares in PartyGaming were up 16% to 253.5 pence, leading the FTSE 250 risers, with rival 888 up 8% to 97.25 pence and Sportingbet rising 10% to 45.75 pence. On a conference call with reporters, Ryan said the settlement will help PartyGaming gain access to capital with which in could participate in industry consolidation. He said the company had already approached a number of banks regarding financing and received a positive response. “We’re confident we’ll have access to capital to meet our M&A desires,” Ryan said. “We’ve received a favourable indication from the parties we’ve gone to that, once this was resolved, we would have access to not only the equity markets, but the debt markets too.” Ryan said the company had already identified a number of potential opportunities but was “not significantly advanced” at this stage with any of them. PartyGaming’s agreement is likely to be followed by other deals between online gaming companies and US authorities. 888 has been involved in similar discussions and has previously said it expected a deal involving PartyGaming would likely be a catalyst for the rest of the industry. Last month, Sportingbet said it is confident of striking a deal with the US authorities by the end of 2009. Evolution Securities analyst Ivor Jones reiterated a ‘buy’ recommendation on the stock, highlighting the potential for M&A and bringing more commercial partners on board. “With the DoJ (Department of Justice) deal done, Party can develop its strategy with certainty over the cash it has available and with partners confident about Party’s future,” he said. “The potential for sector consolidation makes (debt free) Party look a better investment than the rest of the market.” PartyGaming said first-quarter group revenue fell to $100.1 million, compared with $128.9 million in the same period last year, due primarily to a negative impact from currency translation as a result of the strength of the US dollar. Average daily revenue was up 2% compared with the previous quarter. Poker revenue fell to $53.6 million from $80.7 million, which the company said was due to foreign exchange movements and competitive pressures from United States-facing sites. Source: Home - Livemint.com | 7 Apr 2009 | 10:42 am Companies finding rural markets increasingly attractive: Assocham - Economic Times
Source: Google News India - Business | 7 Apr 2009 | 10:25 am POLL - India's Feb industrial output seen down 1 pct y/yNEW DELHI (Reuters) - India's industrial output is forecast to have contracted in February by 1 percent from a year earlier, a fourth fall in five months as the global downturn and waning domestic demand sees factories cut production.Source: Reuters: Money News | 7 Apr 2009 | 10:24 am What is the East Asia Summit all about? - Reuters India
Source: Google News India - Business | 7 Apr 2009 | 10:08 am ICICI drops home loan rates for existing customersICICI, now, offers home loans at 9.75 per cent floating interest rate for existing customers. Read on to see where the catch is.Source: Moneycontrol Top Headlines | 7 Apr 2009 | 10:00 am China stimulus to sustain Asia’s growth: World BankTokyo: Growth in the economies of east Asia and the Pacific will slow this year because of the financial crisis but China’s multi-billion dollar stimulus will secure their status as the world’s fastest growing region, the World Bank said. Gross domestic product in developing east Asia will rise 5.3% this year, according to World Bank forecasts released on Tuesday. That is down from its previous estimate for 6.7% growth made in December and lower than last year’s 8% as the crisis crimps exports and domestic demand. Still, it may take longer for emerging countries to return to high growth, because the financial system in the developed world is still at risk of turmoil, the bank said, highlighting the difficulty all countries face in shaking off the global slump. “A return to stronger economic expansion in China next year should help support growth among the countries of the East Asia and Pacific region,” the World Bank said in its East Asia Update report. “But a sustainable recovery will ultimately depend on developments in the advanced economies. There are substantial downside risks for recovery and subsequent growth in developed countries.” From bad to worse Vikram Nehru, the World Bank’s chief economist for East Asia said the continent’s economies were engulfed in a perfect storm. “In the last four months, things have gone from bad to worse in many of the advanced economies. The decline in production, the decline in the availability of credit, all of these factors are now leading to a substantial increase in unemployment,” he told journalists in a conference call. China will expand 6.5% this year, the World Bank said, down from an earlier forecast for 7.5% growth and compared with 9% growth last year, as export demand weakens in the United States, Europe and Japan. However, Beijing’s $587 billion stimulus will help it shift growth to personal consumption and spending on services, the World Bank said in its twice-yearly report. Government investment and banks’ small exposure to losses on the US mortgage derivatives that sparked the global slump will also help China grow, it said. Nehru said that a recovery in the world’s third-largest economy would be reflected in a continued rise in the price of commodities, which, while still declining, had experienced a stabilisation. He warned that the sharp economic deterioration had led to millions of job losses across Asia, not yet fully reflected in official unemployment data. Growth in Indonesia will slow to 3.4% this year, down from a previous forecast for 3.8%, the report said. Indonesia may return to 5% growth as the government fiscal deficit last year was 0.1% of gross domestic product, meaning policy makers have room to launch fiscal stimulus. Source: Home - Livemint.com | 7 Apr 2009 | 10:00 am India for three-fold increase in IMF equityIndia pitched for tripling the International Monetary Fund's (IMF's) equity to SDR 650 billion (about USD 975 billion) to empower the multilateral funding agency to play an effective role in pulling the global economy out of the current crisis.Source: India Business News | Business News - Times of India | 7 Apr 2009 | 9:49 am Raju inflated sales, showed fake bank receipts: ICAIMumbai: Revealing the methods of operation in the multi-crore rupee accounting fraud at Satyam Computer, its ex-CFO Vadlamani Srinivas has told the apex accounting body ICAI that the company’s sales were inflated and bank statements had been forged to justify the claim. “He (Vadlamani) told the Institute of Chartered Accountants of India team that they (former Satyam management) only inflated sales. He said they (the firm) have 600-odd major clients, some of whose sales receipts were doubled. “Then they showed in the (fake) bank statements that they received the money within 90 days,” ICAI President Uttam Prakash Agarwal told reporters here. According to Agarwal, Vadlamani said the whole scam started as an adjustment of Rs10 crore around five to six years ago and the malpractice continued quarter after quarter before it attained unmanageable proportions in the second quarter of 2008. “He told us that for many years, they kept the money in a current account. Then in 2006, two analysts asked them that when Satyam has so much cash and bank balance, why did they want to raise funds? “It was then that Ramalinga Raju (founder and ex-Chairman of Satyam) showed the money as fixed assets instead of bank balance by creating FDR receipts,” Agarwal said. According to Agarwal, Vadlamani said all confirmations and external statements were provided to the auditors by the Satyam management. “Vadlamani told us that they made it (books) in such a way that nobody could find out anything. It’s a failure of internal procedure, as even they could not ring an alarm,” Agarwal said. Vadlamani Srinivas also told the ICAI that the fraud had been “masterminded” by Satyam’s founder and former chairman, B Ramalinga Raju, and his younger brother and the company’s former managing director, B Rama Raju, the ICAI President said. Vadlamani and the two former Price Waterhouse auditors, S Gopalakrishnan and Talluri Srinivas, were on Sunday questioned by Agarwal and Shantilal Daga, a member of the high-powered ICAI committee investigating the Satyam case, at the Chanchalguda Central Prison in Hyderabad. “The CFO expressed his regret and shame at having been a party to the scam. Vadlamani said it was abetted by him in planning and by G Ramakrishna (Vice-President, Finance) in its execution,” Agarwal said. Source: Home - Livemint.com | 7 Apr 2009 | 9:42 am How do you think the Nano will affect the common mans life? - Times of India
Source: Google News India - Business | 7 Apr 2009 | 9:41 am Raju inflated sales, forged bank statements: Vadlamani to ICAISatyam's ex-CFO Vadlamani Srinivas has told the apex accounting body ICAI that the company's sales were inflated and bank statements had been forged to justify the claim.Source: India Business News | Business News - Times of India | 7 Apr 2009 | 9:20 am Bajaj claims to launch world\'s most fuelefficient carIt may not be the cheapest car but Bajaj Auto claims its small car will be the worlds most fuel efficient at about 30 km/litre. Managing Director Rajiv Bajaj says the project is on track and the company has achieved a major technology breakthrough.Source: Moneycontrol Top Headlines | 7 Apr 2009 | 9:17 am DoT to tighten revenue reporting norms for telcosIn a bid to crack down on operators violating revenue reporting norms, the Department of Telecom is all set to ask companies with multiple licences to report income from various types of services separately.Source: Moneycontrol Top Headlines | 7 Apr 2009 | 9:09 am MM\'s tractor joint venture in China inauguratedMahindra Yueda Yancheng Tractor Company, the joint venture between Mahindra Mahindra and Chinabased Yueda Group, was inaugurated in China.Source: Moneycontrol Top Headlines | 7 Apr 2009 | 9:04 am JSW Steel looking for cheaper coking coalJSW Steel is negotiating hard for cheaper coking coal prices for this financial year.Source: Moneycontrol Top Headlines | 7 Apr 2009 | 8:59 am PwC auditors' bail plea on WednesdayA local court reserved its order for Wednesday on the bail petition of two former auditors of Price Waterhouse (PwC) currently in jail over the Satyam scandal.Source: India Business News | Business News - Times of India | 7 Apr 2009 | 8:06 am Journalist throws shoe at ChidambaramNew Delhi: A Sikh journalist threw a shoe at home minister Palaniappan Chidambaram during a news conference on Tuesday after getting angry with his reply to a question on 1984 riots in which hundreds of Sikhs were killed. The shoe missed Chidambaram, who leant back to avoid it. He later smiled and asked security guards to take the reporter out of the room. This was the latest incident of shoe-throwing as a mark of protest against political leaders, including former US President George W. Bush and Chinese Premier Wen Jiabao. Source: Home - Livemint.com | 7 Apr 2009 | 7:46 am Audi not keen for A1 minicar launch in India - Wheels Unplugged - Indis'a Automobile Magazine
Source: Google News India - Business | 7 Apr 2009 | 7:36 am GE Shipping to sell its dry bulk carrier - Hindu Business Line
Source: Google News India - Business | 7 Apr 2009 | 7:30 am Yahoo! Music pages to link to iTunes, YouTubeSan Francisco: Yahoo! on Tuesday will launch “artist pages” that let users connect to digital music at YouTube, iTunes, Pandora and other websites. Artist Pages at Yahoo! Music are designed to showcase concert tour dates, music videos, band reviews, streaming tunes, and other music-themed online content, the northern California Internet firm announced Monday. “We’re creating a truly open and indispensable music destination,” said Jeff Dossett, senior vice president of Yahoo!’s North America Audience Group. Users will be able to customize Artist Pages with software “modules” that connect to Internet radio services such as Last.fm and Pandora as well as Google-owned YouTube video-sharing website, according to Yahoo! Modules will also provide links to iTunes and Amazon.com, which sell music. Yahoo! said Artist Pages at music.yahoo.com will eventually let users publish their own music. “Artist Pages leverages the scale of the Web and Yahoo!’s massive audience to create something totally new, open, social and original,” said Yahoo! Music head Michael Spiegelman. “Artist Pages is a major game-changer for the digital music industry.” The move comes as Yahoo! works to buoy its sinking fortunes and follow through on an “Open Social” strategy that breaks down walls between the online service and other websites. Yahoo! outlined the shift last year, saying it would lead to meshing offerings from hot online properties such as Amazon and iTunes with its web pages. Yahoo! wants to enhance the social aspects of its website in order to attract new people to its online services and get existing users to spend more time on its advertising-supported pages. Outside developers were invited to find creative ways to interlace and enhance popular Yahoo! services such as it email, finance, sports and Flickr photo-sharing websites. “Being a portal was Yahoo!’s major strength,” analyst Rob Enderle of Enderle Group in Silicon Valley said about Monday’s announcement. “It is reflecting Yahoo! doing the thing they are supposed to be expert at -- be more of a portal site. They lost their way when they decided they wanted to be Google.” Yahoo! claims more than 500 million users worldwide but has been struggling to cash in on its popularity. Yahoo!’s sagging fortunes and Google’s ascension as Internet advertising king prompted Microsoft early in 2008 to offer to buy Yahoo! for $44.6 billion in a half-cash, half-stock deal. Microsoft was eager to combine online resources with Yahoo! in order to better battle Google. Microsoft walked away from negotiations after Yahoo! rejected an offer it raised from $31 to $33 per share, which amounted to $47.5 billion. Fallout from the failed courtship included Yahoo! co-founder Jerry Yang stepping down as chief executive. Former Autodesk chief executive Carol Bartz took over Yahoo!’s helm in January. Source: Tech News - Livemint.com | 7 Apr 2009 | 7:28 am Air France-KLM says March traffic falls sharplyParis: Air France-KLM, Europe’s biggest airline, said on Tuesday that its March passenger traffic fell sharply as the economic situation got worse. “March saw another, sharp deterioration in the (economic) environment,” it said in a statement, noting that a near three-percent fall in capacity was not enough to offset the wider downturn, with revenues slipping accordingly. It said it carried 5.6 million passengers in March, down 9.8% from February, with the load factor -- seats filled -- falling 5.5 percentage points to 75.5%. Cargo traffic was up 1.3%, it said, but this was because figures for Dutch freight operator Martinair were included. If Marinair was excluded, cargo traffic in March was down 19.2%. Source: World Business - Livemint.com | 7 Apr 2009 | 7:01 am FMC eases position limits for agri commodities - Hindu Business Line
Source: Google News India - Business | 7 Apr 2009 | 6:48 am Equities rally pauses as bank fears resurfaceHong Kong: Asian stocks slid on Tuesday, snapping a five-day rally as concerns about the health of US banks resurfaced, while expectations that Australian rates would not fall much further kept the Australian dollar steady. European stock market futures pointed to a higher open, with investors hoping the US results season will not be so dire. Gloomy comments from high-profile US bank analysts overnight, as well as a dark prognosis on the financial system from billionaire investor George Soros, weighed on Wall Street and supported gold prices. Adding to unease about the financial sector, the International Monetary Fund is expected to report in coming weeks that US bad assets could climb to as much as $3.1 trillion, far more than the $2.2 trillion the institution had earlier forecast, The Times newspaper reported. The MSCI index of Asia Pacific stocks outside Japan fell 1.25%, after briefly touching a six-month high on Monday. The index, now at 264.20, has not been able to clear 270 since October 2008. In Japan, shares of top bank Mitsubishi UFJ Financial Group were down 1.2% and Shinsei Bank was off 4.4%. The Nikkei share average slipped 0.3%, with weakness in bank stocks winning out over strength in automaker shares, which have continued to gain on hopes General Motors will be able to avoid an industry-splintering collapse. The global banking system and financial markets are likely to remain on shaky ground, impeding hopes for economic recovery, until the mountain of bad loans, mortgages and financial derivatives is cleared. “The market’s stance on banks had been too optimistic recently,” said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Securities in Tokyo. “Some large US banks have already passed stress tests, but others haven’t, and given that results are coming up soon, this simply reignited investor uncertainty.” Australia Bank dropped 2.3% and Macquarie Group Ltd was down 4%. The benchmark S&P/ASX 200 index fell 1.2% after hitting a three-month high on Monday.Hong Kong’s Hang Seng index slid 1.1% led by HSBC stock, which dropped 1.7%. Even before the comments on banks, stock traders wondered when the market would pause for breath after a 10% rally in the last five days pushed a benchmark Asia ex-Japan equities index up against a major technical obstacle on the charts. Bank stocks were also under fire in Australia, where National Australia’s central bank surprised some in the market by cutting rates by a quarter point, disappointing some who had thought recent data warranted a more aggressive move. The US dollar slipped 0.4% to ¥100.60, after rising above ¥101.40 on Monday, the highest since late October, as equities slid. The dollar has strengthened by some ¥12 since February, as more investors dump what has been considered relative safety in the yen for higher returns elsewhere. “The relationship has been firmly set that the US dollar strengthens during episodes of risk aversion. Last week’s rally in equity markets was certainly of questionable sustainability given it was in part fuelled by changes to accounting law,” said Ashley Davies, currency strategist with UBS in Singapore in a note. Gold prices rose 0.9% to $877 an ounce in the spot market after hitting a near three-month low on Monday. US crude for May delivery rose 1% to $51.58 a barrel ahead of weekly US inventories data. Oil prices have been tracking rallying equity markets and have gained around $15 since mid February. The US government bond market continued to be mostly governed by expectations about upcoming supply and whether demand would hold up. The yield on the US benchmark 10-year note was at 2.91%, dipping from 2.94% where it ended New York trade. Source: Home - Livemint.com | 7 Apr 2009 | 6:41 am Stock, money markets shut for holidayBarring bullion, all other commodity markets as well as forex and money markets, the Bombay Stock Exchange and the National Stock Exchange remain closed for Mahavir Jayanti.Source: India Business News | Business News - Times of India | 7 Apr 2009 | 6:25 am Polaroid bankruptcy auction reopenedNew York: A federal bankruptcy judge ordered the reopening of the auction for the assets of instant camera maker Polaroid Corp, giving the two leading bidders until Tuesday to resubmit bids, a lawyer for Polaroid confirmed on Monday. A joint venture between Toronto-based Hilco Consumer Capital and Boston-based Gordon Brothers Group LLC, and New York private equity firm Patriarch Partners will each submit one final bid, the lawyer, George Singer, told Reuters. Polaroid, which filed for bankruptcy in December 2008, will have to announce a winner no later than Wednesday, before an approval hearing set for the following day in US bankruptcy court in St. Paul, Minnesota. Last week, Patriarch won the auction with a $59.1 million bid over Hilco-Gordon Brothers’ $61.5 million bid, which included less cash but a larger stake in the company that would be created from the Polaroid assets being bought. “It’s only fair because we had the higher bid,” Hilco Consumer Capital Chief Executive James Salter told Reuters, in reference to the reopening of the auction. Salter said if the Hilco-Gordon wins the auction, it will license out Polaroid’s intellectual property and maintain the Polaroid brand name. In a statement last week, Patriarch Chief Executive Lynn Tilton said the firm would “continue rebuilding the brand.” Patriarch, whose portfolio includes Arizona brand iced tea and mapmaker Rand McNally, also beat out rivals Ritchie Capital Management and Luxembourg-based Genii Capital, which had placed the starting bid of $42 million. But a committee of Polaroid’s creditors objected to the results and asked the court to reopen bidding. The creditors said in a court filing last week that more bidding would help “arrive at the truly highest and best offer.” Singer said he hoped the auction’s extension would resolve those objections. Hilco submitted joint bids with Gordon Brothers for three of the last five bankruptcy auctions it has won, including electronics retailer The Sharper Image, and housewares retailer Bombay Brands, Salter said. A spokesman for Patriarch did not return calls for comment. Source: Home - Livemint.com | 7 Apr 2009 | 6:22 am Polaroid bankruptcy auction reopenedNew York: A federal bankruptcy judge ordered the reopening of the auction for the assets of instant camera maker Polaroid Corp, giving the two leading bidders until Tuesday to resubmit bids, a lawyer for Polaroid confirmed on Monday. A joint venture between Toronto-based Hilco Consumer Capital and Boston-based Gordon Brothers Group LLC, and New York private equity firm Patriarch Partners will each submit one final bid, the lawyer, George Singer, told Reuters. Polaroid, which filed for bankruptcy in December 2008, will have to announce a winner no later than Wednesday, before an approval hearing set for the following day in US bankruptcy court in St. Paul, Minnesota. Last week, Patriarch won the auction with a $59.1 million bid over Hilco-Gordon Brothers’ $61.5 million bid, which included less cash but a larger stake in the company that would be created from the Polaroid assets being bought. “It’s only fair because we had the higher bid,” Hilco Consumer Capital Chief Executive James Salter told Reuters, in reference to the reopening of the auction. Salter said if the Hilco-Gordon wins the auction, it will license out Polaroid’s intellectual property and maintain the Polaroid brand name. In a statement last week, Patriarch Chief Executive Lynn Tilton said the firm would “continue rebuilding the brand.” Patriarch, whose portfolio includes Arizona brand iced tea and mapmaker Rand McNally, also beat out rivals Ritchie Capital Management and Luxembourg-based Genii Capital, which had placed the starting bid of $42 million. But a committee of Polaroid’s creditors objected to the results and asked the court to reopen bidding. The creditors said in a court filing last week that more bidding would help “arrive at the truly highest and best offer.” Singer said he hoped the auction’s extension would resolve those objections. Hilco submitted joint bids with Gordon Brothers for three of the last five bankruptcy auctions it has won, including electronics retailer The Sharper Image, and housewares retailer Bombay Brands, Salter said. A spokesman for Patriarch did not return calls for comment. Source: World Business - Livemint.com | 7 Apr 2009 | 6:22 am US automaker Ford slashes debt by $9.9 bnNew York: US automaker Ford said on Monday it had slashed $9.9 billion from a debt pile of $25.8 billion under what it called a “successful” debt restructuring exercise. The exercise is expected to lower annual interest expense by the company of more than $500 million, Ford Motor Company said in a statement. “This successful debt restructuring, together with previously announced agreements with the United Auto Workers (union UAW), will substantially strengthen Ford’s balance sheet,” the company said. Shares in Ford shot up 16% to close at $3.77 in New York trade. Unlike its US rivals, the number-two US automaker says it does not need government aid to cope with collapsing auto sales as the recession bites. GM, the largest US automaker, and privately held Chrysler are teetering on the brink of bankruptcy despite a multibillion-dollar government rescue. Last week President Barack Obama’s administration warned that neither had met strict conditions laid out in a $17.4-billion government bailout agreed late last year. The two companies are now seeking an additional $21.6 billion in public aid, which the government says will only be forthcoming if they submit more realistic plans for their survival. “By substantially reducing our debt, Ford is taking another step toward creating an exciting, viable enterprise,” said Ford president and chief executive Alan Mulally. Ratings agency Standard & Poor’s lowered its rating on Ford’s corporate credit to “SD” (selective default) and certain other ratings to “D” (default), and said it expected to issue a new corporate credit rating by mid-April. “Even with this debt reduction, our preliminary expectation is that the new corporate credit rating will likely not be higher than the ‘CCC´ category initially because we believe Ford’s fundamental business risks remain unchanged for at least the rest of 2009 and perhaps longer: most notably, deteriorating vehicle demand globally and the substantial execution risk of the ongoing restructuring,” S&P credit analyst Robert Schulz said. Modest signs of hope emerged last week for the troubled US auto industry, as March sales plummeted from a year ago but showed a substantial uptick compared with February. Overall sales of new vehicles fell 37 percent frmo a year ago but were up 24.5% from February levels, according to market research firm Autodata. Ford said its March US sales slumped 40.9% from the same month a year ago, but rebounded 30% from February levels. Source: Home - Livemint.com | 7 Apr 2009 | 6:12 am US automaker Ford slashes debt by $9.9 bnNew York: US automaker Ford said on Monday it had slashed $9.9 billion from a debt pile of $25.8 billion under what it called a “successful” debt restructuring exercise. The exercise is expected to lower annual interest expense by the company of more than $500 million, Ford Motor Company said in a statement. “This successful debt restructuring, together with previously announced agreements with the United Auto Workers (union UAW), will substantially strengthen Ford’s balance sheet,” the company said. Shares in Ford shot up 16% to close at $3.77 in New York trade. Unlike its US rivals, the number-two US automaker says it does not need government aid to cope with collapsing auto sales as the recession bites. GM, the largest US automaker, and privately held Chrysler are teetering on the brink of bankruptcy despite a multibillion-dollar government rescue. Last week President Barack Obama’s administration warned that neither had met strict conditions laid out in a $17.4-billion government bailout agreed late last year. The two companies are now seeking an additional $21.6 billion in public aid, which the government says will only be forthcoming if they submit more realistic plans for their survival. “By substantially reducing our debt, Ford is taking another step toward creating an exciting, viable enterprise,” said Ford president and chief executive Alan Mulally. Ratings agency Standard & Poor’s lowered its rating on Ford’s corporate credit to “SD” (selective default) and certain other ratings to “D” (default), and said it expected to issue a new corporate credit rating by mid-April. “Even with this debt reduction, our preliminary expectation is that the new corporate credit rating will likely not be higher than the ‘CCC´ category initially because we believe Ford’s fundamental business risks remain unchanged for at least the rest of 2009 and perhaps longer: most notably, deteriorating vehicle demand globally and the substantial execution risk of the ongoing restructuring,” S&P credit analyst Robert Schulz said. Modest signs of hope emerged last week for the troubled US auto industry, as March sales plummeted from a year ago but showed a substantial uptick compared with February. Overall sales of new vehicles fell 37 percent frmo a year ago but were up 24.5% from February levels, according to market research firm Autodata. Ford said its March US sales slumped 40.9% from the same month a year ago, but rebounded 30% from February levels. Source: World Business - Livemint.com | 7 Apr 2009 | 6:12 am How Wall Street scientists’ experiments crashedNew York: There’s a reason Wall Street resembles a rocket experiment gone wrong: rocket scientists helped make it happen. Known as quants, these are the mathematicians and physicists who devised the financial instruments and computer programs fueling stock markets’ spectacular rise and collapse. And while in good times they became financial rock stars, quants - short for quantitative analysts - are now being cast as villains of an industry that abandoned its values. “They thought they could make it easier to make money, one New York investment manager, speaking on condition of anonymity, told AFP. “They thought you don’t need to do your homework anymore.” Trained at leading universities like MIT, Harvard and Oxford, quants apply the logic and number-crunching powers of physics to the mess of money. Some qaunts use mathematical modeling to analyze risk, some juggle huge quantities of economic data to understand price trends. Some run hedge funds. Some design ultra-complex securities and derivatives. Peter Kolm, a former quant at Goldman Sachs and now associate professor at New York University’s prestigious Courant Institute of Mathematical Sciences, says atoms and dollars aren’t so different. “The mathematics, the structure is similar,” he said. “Any fusion process, heat flow, how heat spreads in a room, or spreads on a particular surface ... there’s similar behavior in the probability of how prices change over time.” Quants entered markets in the late 1970s, becoming in huge demand by the 1990s. They earned big salaries to produce ever-more exotic and jealously guarded products dubbed “black boxes.” Thousands of hedge funds - about 7% of the total - were based entirely on quant products, using intricate, split-second calculations to take multiple positions. There were plenty of warnings. Two of the most exalted quants - Robert Merton and Myron Scholes - won the 1997 Nobel economic science prize for their work on stock options, but their hedge fund Long Term Capital Management collapsed a year later. And as far back as 2003, Warren Buffet described quant instruments as “financial weapons of mass destruction.” Yet few listened: geeks were kings and their micro-chip alchemy was infallible. The hottest quant products were Collateralized Debt Obligations (CDOs) and similar instruments like CMOs that turned high-risk toxic housing debt into seemingly safe bonds. Quants literally appeared to have found a way to beat the system, turning the bad money of subprime mortgages into risk-free profit. The mathematics was so complex that even traders had trouble understanding what they were selling. But the products worked. But for all the dazzling algorithms, the quants had left out one crucial element: the possibility that the housing market might stop rising. Which is what happened. House price fell, subprime mortgage holders defaulted en masse, and the entire economy slid into today’s all-encompassing financial crisis. Marc Pado, a US market strategist at Cantor Fitzgerald, says the disaster shows what happens when automated programs replace humans. Kolm defends quants, pointing out that traders, not quants make the judgement calls. “Who put the blind faith in it? These were the business people calling the shots,” Kolm said. Traders didn’t even want to hear about possible dangers, he said. “Business people are going to say the same thing. They say it’s profitable. Why is it risky? So you’re going to be the bad guy at the party.... There are situations where risk mangers who blow the whistle, they essentially get shown the door.” Competition to enter the Courant Institute’s course is down, but still intense, with 660 applicants chasing 30 places, compared to 900 eyeing 35 spots last year, Kolm said. Still, these future Wall Street whizzes will likely learn humility instead of the old hubris. Source: Home - Livemint.com | 7 Apr 2009 | 5:49 am 'Slumdogs' of India's IT hub log in to bridge digital divideA technology revolution of a different kind is quietly under way in India's IT hub, where slum children log into computers to bridge the digital divide that separates them from the privileged few.Source: IndiaeNews.com: Business News | 7 Apr 2009 | 5:00 am 'India to see 7.3% rise in salaries this year'India is likely to witness a moderate salary increase of 7.3% this year after registering years of double-digit growth as recession is affecting the pay.Source: India Business News | Business News - Times of India | 7 Apr 2009 | 4:15 am Tata Motors sells over 51,000 Nano booking forms in three daysTata Motors has received an overwhelming response to its Rs 1 lakh wonder, Nano, selling over 51,000 booking forms in the last three days.Source: India Business News | Business News - Times of India | 7 Apr 2009 | 3:17 am Can PMK convert support base into votes in TN?Chennai: Just as the battle-lines for the May 13 Lok Sabha elections in Tamil Nadu are being drawn, the capability of the Pattali Makkal Katchi (PMK) in converting its support base in the Vanniyar heartland into votes in favour ofSource: Business Line - Home Page | 7 Apr 2009 | 12:00 am Gujarat, M.P. growers stop selling wheat to pvt tradeChennai, April 6 Farmers in Gujarat and Madhya Pradesh have stopped offering wheat to the private trade and flour mills in the country. “Until two weeks ago, we were getting wheat from Gujarat and Madhya Pradesh. But the supply has nowSource: Business Line - Home Page | 7 Apr 2009 | 12:00 am Poll bonanza awaits Air IndiaNew Delhi, April 6 In less than four weeks Air India (domestic), previously known as Indian, could earn the equivalent of flying 52,000 passengers, or the equivalent of operating 300 Airbus A-320Source: Business Line - Home Page | 7 Apr 2009 | 12:00 am JSW Steel looking for cheaper coking coalNew Delhi, April 6 JSW Steel is negotiating hard for cheaper coking coal prices for this financial year.Source: Business Line - Home Page | 7 Apr 2009 | 12:00 am Gold ETFs lose lustre on firm equity marketsBL Research Bureau Gold ETFs, which outperformed equities during the market’s plunge to March 9 on safe haven buying, have now become laggards.Source: Business Line - Home Page | 7 Apr 2009 | 12:00 am Re gains against dollar, closes at 50.05Mumbai, April 6 The rupee continued its rally against the dollar on Monday, moving below the 50-level mark intra-day, for the first time in more than aSource: Business Line - Home Page | 7 Apr 2009 | 12:00 am Decline in new premiums of life insurance cosChennai, April 6 For the first time since the life insurance industry opened to private players, the Annualised Premium Earnings (APE) for players has seen a decline. For April-February 2009, APE has seen a decline of 7 per cent, according toSource: Business Line - Home Page | 7 Apr 2009 | 12:00 am Groupe Danone to sell its stake in Britannia to WadiasBangalore, April 6 Groupe Danone and the Wadias are expected to end their long standing dispute with the French foods’ major set to fully exit their biscuit joint venture company, BritanniaSource: Business Line - Home Page | 7 Apr 2009 | 12:00 am ‘Monetisation of deficit not on RBI’s agenda for now’Mumbai, April 6 Monetisation of the fiscal deficit is not high on RBI’s agenda. The central bank will have to taken into account the long-term and the short-term consequences of monetisation, according to Dr D. Subbarao, Governor, ReserveSource: Business Line - Home Page | 7 Apr 2009 | 12:00 am Hammer down on glib sales pitches for ‘wonder’ fx derivativesMumbai, April 6 Smooth-talking treasury sales teams of banks, especially the supposedly savvy private and foreign ones that regularly make slick presentations to exporters on the ‘benefits’ of foreign exchange (fx) derivatives, hadSource: Business Line - Home Page | 7 Apr 2009 | 12:00 am Email uses genuine RBI link to con peopleA fake email that provides the link of the official Reserve Bank of India website has taken the con game in cyberspace to a new level.Source: India Business News | Business News - Times of India | 6 Apr 2009 | 10:57 pm Slowdown not to affect our brands: PGShantanu Khosla, MD, Proctor Gamble India, does not see any significant signs of downgrading on the companys brands. We see more premium and midprice variants growing. That seems to be the trend in broader categories.Source: Moneycontrol Top Headlines | 6 Apr 2009 | 10:34 pm KG gas won't lower fertiliser imports for a year at leastThe KG basin gas is not likely to change the dynamics of the import market for fertilisers substantially in the first year.Source: Daily News & Analysis: Money News | 6 Apr 2009 | 10:28 pm CERC to pen pricing mechanismsThe Central Electricity Regulatory Commission is expected to announce a comprehensive roadmap to develop power markets in India soon.Source: Daily News & Analysis: Money News | 6 Apr 2009 | 10:27 pm Hidden charges at malls a salt rub for retailersRetailers are reeling under a number of hidden charges levied by malls owners in the form of property tax, service tax etc.Source: Daily News & Analysis: Money News | 6 Apr 2009 | 10:21 pm JSW goes long as orders for flat steel droopJSW Steel, the country's largest private steelmaker is shifting focus to long products as demand for flat steel stays low.Source: Daily News & Analysis: Money News | 6 Apr 2009 | 10:18 pm Unitech nears MF debt date againUnitech Ltd faces a big test on April 19, when Rs 500 crore of commercial paper issued by it matures.Source: Daily News & Analysis: Money News | 6 Apr 2009 | 10:15 pm Printing money not the solution: RBISuggestions are welcome but not always desirable. That's RBI governor D Subbarao's message to Indian industry chiefs.Source: Daily News & Analysis: Money News | 6 Apr 2009 | 10:12 pm New films, polls hit on DTHDirect-to-home (DTH) broadcasting players are cashing in on the movie mania like never before.Source: Daily News & Analysis: Money News | 6 Apr 2009 | 10:08 pm Nestle to add Maggi variantsNestle's Maggi noodles has completed 25 years in India and the company is planning to innovate the product and launch more variants.Source: Daily News & Analysis: Money News | 6 Apr 2009 | 10:06 pm Not just mobiles, other telecom segments, too, show downturnSome segments of the telecom sector have shown a downtrend during the last quarter of the 2008 calendar.Source: Daily News & Analysis: Money News | 6 Apr 2009 | 10:04 pm SET MAX sells nearly 80% of on-air advertising slotsWith only 12 days to go for the countrys most sought-after cricket extravaganza the Indian Premier League, host broadcaster Sony Entertainment Television (SET Max) has sold nearly 80 per cent of its on-air advertising for the 56 matches.Source: Business Standard | Front Page Headlines | 6 Apr 2009 | 7:30 pm Danone to exit BritanniaWadias to buy French firm's 25.5% stake; IPR dispute on Tiger remains unresolved.Source: Business Standard | Front Page Headlines | 6 Apr 2009 | 7:20 pm ACC Cement production despatches in March 2009ACC cement production and despatch figures for the month of March 2009Source: Moneycontrol Top Headlines | 6 Apr 2009 | 7:15 pm Ashok Leyland March sales at 5,112 vehiclesAshok Leyland, the Hinduja Group flagship in India, has closed the year ended 31st March 2009 with a sale of 54,444 vehicles (83,307 vehicles). The domestic market accounted for 47,632 nos. (76,022 nos.) and the export markets, 6,812 vehicles (7,285 nos.).Source: Moneycontrol Top Headlines | 6 Apr 2009 | 7:09 pm 'Stricter regulation can avoid fin crisis'A working group appointed by G-20 leaders recommended to make financial regulatory systems of all the member countries more transparent and responsive to the emerging situation.Source: India Business News | Business News - Times of India | 6 Apr 2009 | 6:56 pm No clean chit to PW auditorsICAI ruled out a clean chit to tainted Price Waterhouse auditors held in jail for the Satyam scam and said its investigations against them, including disciplinary proceedings, were far from over.Source: India Business News | Business News - Times of India | 6 Apr 2009 | 6:54 pm Rain, thunderstorms pose threat to wheat cropRainfall accompanied by strong thunderstorms lashed Chandigarh and the neighbouring states of Punjab and Haryana Monday evening.Source: IndiaeNews.com: Business News | 6 Apr 2009 | 6:00 pm US launches new crackdown on mortgage fraudThe US launched a new crackdown Monday on mortgage fraud that may have contributed to the country's worst housing downturn in decades.Source: IndiaeNews.com: Business News | 6 Apr 2009 | 5:00 pm French Danone to exit Britannia by selling stakeDanone SA of France will exit Britannia Industries of Wadias group by selling its entire stake to the Mauritius-based investment firm Leila Lands Ltd., which holds 25 percent stake in India's leading biscuit maker firm.Source: IndiaeNews.com: Business News | 6 Apr 2009 | 4:30 pm No foreign placement for IIM Calcutta students this yearNot a single student of the post graduate programme for executives at the Indian Institute of Management-Calcutta (IIM-C) has got overseas placement this year, thanks to the adverse economic condition prevailing worldwide.Source: IndiaeNews.com: Business News | 6 Apr 2009 | 3:30 pm IIT-B showcases technologies to industryMumba: The Indian Institute of Technology, Bombay (IIT-B) showcased its cutting edge technologies to 100 companies from across the country at an event here. The programme, ‘Techconnect 2009’, was organised over the weekend and was aimed at bringing out benefits of research from laboratories to the common man. It was held under the banner of ‘Industry Day´. The industry’s involvement is needed for transfer of modern technologies and their use for the common good, Krithi Ramamritham, Dean for Research and Development, IIT-B, said in a release here today. Most Western universities and even those in Japan and South Korea organise dissemination programmes annually, Ramamritham said. The event was organised by the Industrial Research and Consultancy Centre (IRCC) of the institute with a special focus on small and medium scale enterprises. Large companies are aware of the value of technology coming out of IIT-B. It is the small and medium enterprises that we want to target with this event, Ramamritham said. Industry reviewed research projects and prototypes and we expect to explore opportunities to commercialise IIT-B’s technologies, Ramamritham said. ‘TechConnect 2009’ showcased 50 exhibits across manufacturing, ICT, defence, energy, healthcare and processing industries. A few nanotechnologies like those to treat cancer cell by heat and drug via magnetic nanoparticulates, use of IT for agriculture and even local area public transport were displayed. While the institute has filed patents for some of the exhibits, the same for a few others are in the process of being filed, Ramamritham said. Globally, premier universities like Stanford have developed a strong culture of technology transfer which enables them to play a crucial role in the industrial and economic growth of their country and IIT-B is doing the same, she said. “IIT-Bombay, on its part, has embarked on an ambitious plan for technology transfer, Ramamritham said, adding several other strategic initiatives are also on the anvil. Source: Tech News - Livemint.com | 6 Apr 2009 | 3:01 pm Industry body to invest $5 bn in BangladeshCity-based Indian Chamber of Commerce (ICC) Monday announced that it will invest $5 billion in Bangladesh to set up a special economic zone (SEZ) aimed at attracting investments from India.Source: IndiaeNews.com: Business News | 6 Apr 2009 | 3:00 pm Audi sales up 55.7 percent in MarchGerman luxury car maker Audi sold 162 cars last month in India, up 55.7 percent from 104 vehicles it sold in March 2008, the company said Monday.Source: IndiaeNews.com: Business News | 6 Apr 2009 | 2:01 pm
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