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Banks interest rates to see a big correction: AK PurwarAK Purwar, Chairman of India Venture Advisors and Former Chairman of State Bank of India personally believes that the interest rates are headed downwards and a big correction is due, whether major or minor only time will say.Source: Moneycontrol Top Headlines | 11 Apr 2009 | 1:32 pm Satyam race: Experts\' take on the endgameOn December 16, 2008, Ramalinga Raju, founder and erstwhile chairman of Satyam Computer Services, opened a pandoras box by announcing his intention to invest in group companies, Maytas Infra and Maytas Properties. Since that day it has been a downward spiral for Raju, personally and for Satyam.Source: Moneycontrol Top Headlines | 11 Apr 2009 | 1:22 pm Maruti SX4 Diesel likely by mid-2010 - Wheels Unplugged - Indis'a Automobile Magazine
Source: Google News India - Business | 11 Apr 2009 | 11:46 am BJP launches 'referendum' on black money in GujaratThe Bharatiya Janata Party (BJP) Saturday launched a two-day 'referendum' in Gujarat, soliciting voters' views on bringing back the black money of Indians stashed in tax havens abroad.Source: IndiaeNews.com: Business News | 11 Apr 2009 | 11:30 am Narrow escape for Madhya Pradesh chief ministerMadhya Pradesh Chief Minister Shivraj Singh Chouhan had a narrow escape Saturday when the helicopter in which he was travelling landed safely after developing a technical problem, an official said.Source: IndiaeNews.com: Business News | 11 Apr 2009 | 11:30 am UP Govt rejects Varun’s charges on invoking NSANew Delhi: Rejecting Varun Gandhi’s charge that he was booked under National Security Act (NSA) due to political reasons, the UP government on Saturday told the Supreme Court that his recent speeches in Pilibhit had communal overtones and blamed the BJP candidate for the chaos on the day of his surrender. In its 35-page response to the notice issued by the apex court on 2 April, the state government said the inflammatory statement by Varun and the manner in which he surrendered for the cases registered against him amount to the breach of public order warranting invocation of the NSA against him. The state government and the district magistrate of Pilibhit said the NSA was invoked against Varun for his speeches “having communal overtones and the chaos created by him while surrendering before a court on 28 March”. The state government contended that there was no need for the authority to supply entire material including the CDs of the speeches and events relating to Varun’s surrender for booking him under NSA. It denied the allegation that NSA was imposed against him with any political motive or to sabotage his electoral debut. The apex court will hear the matter on 13 April. Varun, 29, had moved the court challenging his detention under NSA for his alleged hate speeches in Pilibhit last month. He was taken to the Piliibhit district jail and later shifted to Etah jail for security reasons. The apex court had sought a response from the UP government after Varun’s counsel and senior advocate Mukul Rohatgi and Sourav Kirpal had alleged that the district magistrate slapped the NSA without authority. They contended that the state government had not passed any order as required under the law for the local administration to take such a measure and accused the district magistrate of acting independently. Source: LatestNews-Home - Livemint.com | 11 Apr 2009 | 11:30 am Be on guard against divisive forces: SoniaKhunti, Jharkhand: Launching a scathing attack on communal forces, Congress President Sonia Gandhi today warned that such people with a ‘mask of patriotism´ were internally damaging the unity of the country. “We should be on guard against such forces who are a threat to both unity and peace. These forces are against the prosperity of the nation,” Gandhi said without naming any party. Addressing a poll meeting in support of party candidate Niel Tirkey from Khunti Lok Sabha constituency, she said the people despite having different religious faith, desire peace and communal harmony. Praising Prime Minister Manmohan Singh’s skill in controlling the economic condition of the country amid global slowdown, Gandhi claimed that in this hour the country required a strong and stable government which the Congress and its allies could only provide. Source: LatestNews-Home - Livemint.com | 11 Apr 2009 | 11:13 am Fortune Park Hotels plans 4 new hotels - Economic Times
Source: Google News India - Business | 11 Apr 2009 | 11:12 am Maytas Infra postpones board meetingMaytas Infra, a company promoted by the kin of disgraced Satyam founder, B Ramalinga Raju, on Saturday said the company had postponed its board meeting, which was scheduled for Friday.Source: India Business News | Business News - Times of India | 11 Apr 2009 | 10:53 am Marginal fall in gold prices, silver rule steadyPrices of standard gold ended marginally lower in a quiet bullion market on Saturday due to lack of local buying interest.Source: India Business News | Business News - Times of India | 11 Apr 2009 | 10:44 am Left often on wrong side of history: PMKochi: Opening his election campaign in the communist bastion, Prime Minister Manmohan Singh accused the Left and the Third Front of weakening secular forces and helping installation of a communal government led by the BJP. He also said the communists were often on the “wrong side” of history. “The Left Front or the so-called Third Front can never by themselves for a government at the Centre. They can only divide the secular votes. Thereby, they can only strengthen the BJP,” he said addressing an election meeting at the nearby Veli grounds in Pallurthy, the first after his recovery from the recent heart bypass surgery. Singh said the people of Kerala, a state known for its communal amity and harmony, should ponder if they approve of the role of the Left Front in weakening the secular forces at the Centre and install a communal government led by the BJP. Singh asked the people to choose between the stability of the Congress and the coalition of parties which have come together only by the “glue of government” in which there will be a continuous struggle for power. Needling the communists, “The Left that rules the state has unfortunately often been on the wrong side of history. When Mahatma Gandhi started Quit India movement the Left did not participate in it. When India became Independent, they said this independence is not for real,” he said. Singh said in 1960s when the then Prime Minister Indira Gandhi ushered in Green Revolution, the Left opposed it saying it was only for the benefit of foreign seed companies. Similarly, he said, when Rajiv Gandhi started the communication revolution they opposed it saying it will take away jobs. “When our government started nuclear deal with the US to end India’s nuclear isolation and to provide the much-needed energy for development, the Left opposed and walked out of our government. Time will prove the wisdom of our decision,” the prime minister said. The Prime Minister said the people of Kerala would choose the Congress candidates with a thumping majority and not support those who play on the emotions for narrow partisan political ends. He said the Left Front has been using ideology as a cover for opportunity and the people of Kerala will recognise this hypocrisy. Singh also attacked the Left Front in Kerala contending that the “unfriendly” policies of the state government have kept people away from development. He accused the Left Front government of “squandering and wasting” opportunities for development by pursuing “restrictive policies” and suggested that several districts bordering Kerala have emerged as investment destinations. Source: Home - Livemint.com | 11 Apr 2009 | 10:02 am Nano from Singur: Buddhadeb talks of his dreamIt was his dream that Tata Motors small car Nano would roll out from the Singur facility, West Bengal Chief Minister Buddhadeb Bhattacharjee said here Saturday.Source: IndiaeNews.com: Business News | 11 Apr 2009 | 9:31 am Thai protesters force Asia summit cancellationPattaya (Thailand): A summit of Asian leaders in Thailand was cancelled on Saturday after anti-government protesters breeched security and swarmed into the media centre at the hotel complex where it was being held. Thai Prime Minister Abhisit Vejjajiva declared a state of emergency in Pattaya, a beach resort about 150 kms south of the capital, Bangkok, venue for the East Asia Summit. “The task for me and the government now is to provide security for the leaders to travel back home safely,” Abhisit said in a brief address on television. The cancellation is a huge embarrassment for Abhisit’s government, which came to power in December via parliamentary defections the opposition says were engineered by the military. The weekend’s events will raise questions about how enduring his government can be after four prime ministers over the last 15 months have failed to resolve Thailand’s deep political rifts. Many of the leaders of 16 Asian nations due to attend the summit had already arrived or were arriving in Pattaya on Saturday. Hundreds of red-shirted supporters of ousted prime minister Thaksin Shinawatra broke through lines of soldiers and smashed a window at the conference centre housing the media adjacent to the summit venue, the Royal Cliff hotel, blowing whistles, waving flags and shouting slogans. Troops chased after them, but then bolted down the road to the hotel itself to prevent the protesters from reaching the venue where Asian leaders were scheduled to hold a lunch. Red Shirts vs Blue Shirts After rampaging about the media centre, the “red shirts” were soon huddling with reporters in impromptu news conferences around the vast conference centre. Among them was a 90-year-old woman in a wheelchair. The East Asia Summit brings together the 10 members of the Association of Southeast Asian Nations (Asean) and China, Japan, South Korea, India, Australia and New Zealand for discussions about trade, economic issues and regional security. Asean leaders were to sign an investment agreement with China, but that was scrapped after the blockade kept Chinese Premier Wen Jiaboa from reaching the Royal Cliff Hotel. The “red shirts” had intended to protest peacefully but became infuriated when a group of blue-shirted pro-government protesters arrived on the scene. “There were at least two cases of shootings aimed to harm our red-shirt supporters, a clear evidence of government supporters possessing guns and using them directly at us,” the United Front of Democracy against Dictatorship said. Government spokesman Panitan Wattanayagorn earlier described the “blue shirts” as people “we believe are concerned about the meetings. They want them to continue, and they want them to continue peacefully”. But Reuters photographers said the blue shirts, wearing balaclavas or scarves to keep from being identified, had clubs, bricks and slingshots and thrown smoke bombs as they clashed with “red shirts”. On Friday, at least 2,000 “red shirts” broke through roadblocks manned by police and soldiers, pushing aside police vans and buses and even commandeered a fire truck. Abhisit has insisted he will not give in to demands to step down made by Thaksin, a billionaire populist living in exile to avoid jail on a corruption conviction. He was ousted in a 2006 coup, but his reconstituted party regained power after elections, sparking months of protests last year by “yellow shirts” that closed airports in Bangkok and took a huge toll on the economy. Source: Home - Livemint.com | 11 Apr 2009 | 9:31 am Sensex completes 5-week winning streak, up by 455 pointsMumbai: A host of positive factors helped the benchmark Sensex to complete one of the best winning rally in the five weeks since October 2007 and ended higher by another 455.03 points at a near 27-week high of 10,803.86 points during the shortened week. The market was closed on 7 April and 10 April for Mahavir Jayanti and Good Friday, respectively. In a stalwart five-week of advancing string, the Sensex recorded a gain of 2,478.04 points or 29.76%, the biggest gains in five week since between 20 August and 12 October 2007 when it had risen by 4,276.52 points. Frenzied buying by foreign funds on expectations of an early recovery in the US economy, optimism about fresh monetary measures by the Reserve Bank to revive economic growth after inflation remained near-zero and also signs of improvement in the Indian economy, mainly helped the bulls to tighten their grip. The Bombay Stock Exchange 30-share bellwether index gyrated in a range of 10,932.12 and 10,171.91 before ending the week at 10,803.86, a sharp rise of 4.40% over its last weekend’s close. Similarly, the 50-issue Nifty of the National Stock Exchange also spurted by 131.00 points or 4.08% to finish the week at 3,342.05 from its last weekend’s close. The market resumed the week on firm note on positive global advices as leaders of G-20 nations on 2 April agreed to pump in $1.1 trillion to support the International Monetary Fund (IMF) to strengthen the financial system to rescue the global economy facing the worst crisis since 1930s. Improvement in the US data on manufacturing and housing, paved the way for other global markets to rally in the week, expecting early recovery in the economy. On Wednesday, the Sensex saw a fall of nearly 363 points in initial trade but buying across the board helped the Sensex to notch handsome gains of over 207 points. Hectic buying by Foreign Institutional Investors (FIIs) was one of the main reasons for the sustained current rally. They pumped in Rs827.32 crore in the current week, including provisional figure of 9 April, taking the total to Rs1,758.42 crore since 1 April. Inflation declined to a three-decade low of 0.26% in the fourth week of March from 0.31% in the previous week as the economy faces slowdown. India’s industrial production (IIP) contracted by 1.2% in February, compared to the 9.5% growth a year ago, despite stimulus packages announced by the government. Near-zero inflation and weak IIP data might give headroom to the RBI to cut key rates in its monetary policy slated for 21 April, a broker said. Source: Home - Livemint.com | 11 Apr 2009 | 9:13 am Mkts next week: Trading ideas, outlook on commodities - Moneycontrol.com
Source: Google News India - Business | 11 Apr 2009 | 9:01 am Ambuja Realty to go slow on planned commercial projectsAmbuja Realty is looking at going slow on commercial projects in the pipeline in and around Kolkata, but is planning to start work on a residential project, Ujaas, for the highincome group at Lake Town in May.Source: Moneycontrol Top Headlines | 11 Apr 2009 | 9:01 am Air India saved Rs46cr by implementing fuel efficiency programmesStriving to become a 'green airline', Air India on Saturday said it has made savings of over Rs 46 crore in six months till this February by implementing several measures to enhance fuel efficiency.Source: India Business News | Business News - Times of India | 11 Apr 2009 | 8:33 am Air India saved Rs 46 cr by implementing fuel efficiency progsStriving to become a 'green airline', Air India said it has made savings of over Rs 46 crore in six months by implementing several measures to enhance fuel efficiency.Source: Daily News & Analysis: Money News | 11 Apr 2009 | 8:12 am Markets climb higher, key indices up 4 percentIndian equities markets climbed higher for the fifth consecutive week ending Thursday as a key index gained about 4.4 percent from its previous weekly close in what was a curtailed week of trading with markets open only three days.Source: IndiaeNews.com: Business News | 11 Apr 2009 | 8:01 am Mulayam releases manifesto, accuses PM of ‘insulting’ partyLucknow: Samajwadi Party (SP) chief Mulayam Singh Yadav on Saturday accused Prime Minister Manmohan Singh of “overlooking and insulting” his party which had saved the UPA government from being voted out of power over the Indo-US nuclear deal. “We saved you from resigning. Just think once what have you given us in return ... You overlooked us and at times even insulted us,” Yadav said while releasing the party manifesto here. The SP chief said the Prime Minister has now said that he was ready to resign if the nuclear deal did not go through. Singh had on Friday said that he would have resigned if the Indo-US civil nuclear deal had not gone through.  Samajwadi Party chief Mulayam Singh Yadav and party general secretary Amar Singh release manifesto in Lucknow on Saturday. AFP photo “We have addressed some important issues including how to tackle terrorism and economic recession and plight of the farmers in brief,” Yadav said. He said there were three important issues including that of agriculture, which have been addressed by the party in its manifesto. “Gandhiji used to say that agriculture is like a god for a hungry man which except SP other political parties have forgotten. Without promoting agriculture, the country cannot progress,” he said. The SP supremo said that while security of international boundaries will be the priority of his party, the SP will also make efforts to maintain harmonious relations with neighbouring countries including Pakistan and Bangladesh. “We have always made efforts and will continue with its endeavour of maintaining good relations with the neighbouring countries. Till the time boundaries exist, terrorism can not be rooted out. The party is against the concept of boundaries,” he said. On unemployment, the SP boss said that the problem cannot be tackled only by providing government jobs. “The only solution to the problem of unemployment is setting up cottage and small and medium scale industries,” he said. Mulayam said that though there was some impact of global meltdown on the Indian economy, but economic recession could have been avoided in the country. Observing that regional imbalance is the root cause of terrorism, the SP said it will remove them. The party also said that the Indian government had “failed” to address Pakistan sponsored terrorism effectively. The party, in its manifesto, promised that police personnel terminated by the BSP government in the state will be reinstated if the party is voted back to power. The SP chief also promised to implement the reservation policy in letter and spirit. Terming corruption as a big challenge, he said “the only solution to the problem is that government should seize assets of people having excess wealth. However, it will be ensured that this system is not misused.” The party, while promising agriculture loan at the rate of 4% to farmers, said forced acquisition of agriculture land would be stopped. The SP also promised compensation and employment to kin of people killed due to starvation. Source: Home - Livemint.com | 11 Apr 2009 | 7:54 am Pantaloon board meet Monday on revamp, fund raisingMUMBAI (Reuters) - Pantaloon Retail India Ltd said on Saturday its board would meet on Monday to consider restructuring its business and raising funds via equity.Source: Reuters: Money News | 11 Apr 2009 | 7:49 am 2,100 Infosys employees face axeBangalore: With companies keen on maximum utilisation of employees and low tolerance to poor performance in the backdrop of global economic turmoil, nearly 2,100 employees in software firm Infosys have faced the axe. “Some of these employees have been asked to go while some have left on their own,” V Balakrishnan, CFO of the city-headquartered Nasdaq-listed company, told PTI today. Prior to asking the employees to leave, they were put on a performance improvement course and those who showed no improvement were asked to leave while some others quit, he said. “Tolerance to poor performance is very low given the current economic scenario,” said Infosys CEO Kris Gopalakrishnan. Usually, the employees who showed poor performance were given some more time to improve themselves, but this time there had been no such consideration, he said. Both the officials said the sacking was part of the annual routine, which usually formed 5% of the total number of employees but this time it was much lower. Some of the employees had been “outplaced”, Kris said, which refers to the firm hiring the services of placement agencies to help the employees to get placements in other firms. Infosys has a workforce of 1,05,000, including trainees. Source: Home - Livemint.com | 11 Apr 2009 | 7:43 am Satyam used $60 mln bank funds in Jan-March - paperMUMBAI (Reuters) - Fraud-hit Satyam Computer Services Ltd has used 3 billion rupees ($60 million) of the 6.85 billion bank funds that it has arranged, The Economic Times said on Saturday citing documents from a highly placed source in the company.Source: Reuters: Money News | 11 Apr 2009 | 7:42 am Wen says China economy shows "positive signs"PATTAYA, Thailand - China's economy has shown some positive signs amid the global financial crisis, but still faces big challenges, Premier Wen Jiabao said on Saturday.Source: Reuters: Money News | 11 Apr 2009 | 7:16 am Orissa man ends life after losing jobA 25-year-old man from Orissa who had lost his job with a Mumbai software firm last year and was unable to find a new one committed suicide by consuming pesticide, police said here Saturday.Source: IndiaeNews.com: Business News | 11 Apr 2009 | 7:01 am 'Pink-slipped', they think jobs, not votesFor hundreds of voters who have lost their jobs to the global meltdown - be it IT professionals or garment workers - the election tempo across India has little meaning.Source: IndiaeNews.com: Business News | 11 Apr 2009 | 6:30 am 2,100 Infosys employees face axeWith companies keen on maximum utilisation of employees and low tolerance to poor performance, nearly 2,100 employees in Infosys have faced the axe.Source: Daily News & Analysis: Money News | 11 Apr 2009 | 6:01 am Steve Jobs maintains grip at Apple: WSJWashington: More than three months into a medical leave from Apple Inc, chief executive Steve Jobs remains closely involved in key aspects of running the company, the Wall Street Journal reported on Saturday, citing people familiar with the matter. Chief operating officer Tim Cook runs the day-to-day operations, but Jobs has continued to work on the company’s most important strategies and products from home, the newspaper said in a story on its website. He regularly reviews products and product plans, and was particularly involved in the user interface of the new iPhone operating system that Apple unveiled last month, the Journal said. Jobs, an Apple co-founder who is considered the company’s creative leader, is also involved in the development of future projects, the paper said, citing people with knowledge of the company’s strategy. Jobs, 54, who was treated in 2004 for a rare form of pancreatic cancer, took a medical leave in early January, saying he would return in June and would remain involved in “major strategic decisions while I am out”. But he has made no public appearances or statements since then, and it has been unclear just how involved he continued to be, the Journal said. Jobs didn’t respond to requests for comment, the paper said. Apple spokesman Steve Dowling told the Journal: “Steve continues to look forward to returning to Apple at the end of June.” Apple stock has suffered since last summer on speculation about his condition. Source: Home - Livemint.com | 11 Apr 2009 | 5:48 am Steve Jobs maintains grip at Apple - WSJWASHINGTON (Reuters) - More than three months into a medical leave from Apple Inc, Chief Executive Steve Jobs remains closely involved in key aspects of running the company, the Wall Street Journal reported on Saturday, citing people familiar with the matter.Source: Reuters: Money News | 11 Apr 2009 | 5:01 am Populist schemes? It might have started in Tamil NaduIf political outfits need winning manifestoes, they should simply take a leaf out of the book of Tamil Nadu parties. Be it cheap rice, free colour TVs, cash doles or farm loan waiver, many a popular scheme has its roots in the state.Source: IndiaeNews.com: Business News | 11 Apr 2009 | 5:00 am Tata Steel to begin production in South Africa next year - Times of India
Source: Google News India - Business | 11 Apr 2009 | 4:29 am Tata Steel to begin production in South Africa next yearWorld's sixth largest steel producer Tata Steel said it will begin production at Sedibang mine in South Africa from next year.Source: India Business News | Business News - Times of India | 11 Apr 2009 | 4:18 am Tata Steel to begin production in South Africa by 2010Kolkata: Tata Steel Ltd has secured equity interest in an iron ore deposit in South Africa, from which it expects to mine 2 million tonnes of ore a year starting 2010. “The Sedibang mine (in South Africa) is a small one, which has a reserve of about 50 million tonnes,” Tata Steel’s managing director B. Muthuraman said at a press conference in Kolkata on Friday. Tata Steel will be sharing the reserves of the deposit with other partners, whom the company didn’t name. The ore it mines in South Africa will be exported to the manufacturing units of Corus, Tata Steel’s subsidiary in Europe. Tata Steel also expects to mine 4 million tonnes of iron ore in Canada and 5-6 million tonnes of coal in Mozambique starting next year, Muthuraman added. In the current year, Tata Steel expects to save up to a $1 billion (Rs4,991 crore) at the manufacturing facilities of Corus by reducing manpower, cutting bonuses and restructuring operations. In fiscal 2009, Corus managed to cut $650-700 million in costs, according to Muthuraman. Capacity utilization at the European units, however, is expected to be at 67% in the current fiscal, slightly lower than fiscal 2009 in which it was 75%. The first two quarters are going to be difficult, during which capacity utilization could be as low as 54-65%, Muthuraman said. In India, Tata Steel has placed orders for installing a new furnace, which will raise the production capacity at its Jamshedpur factory by 3 million tonnes to 10 million tonnes a year. The new furnace, which would be commissioned in April 2011, would cost around Rs15,000 crore. The company will pay for it fully out of its own cash flows. “We have fully provided for it… it is expected to be a 40% EBIDTA (earnings before interest, depreciation, taxes and amortization, which is a measure of operating cash flow) project,” said Muthuraman. Speaking about his company’s much delayed Orissa project, Muthuraman said work at the project site was expected to start after general elections. Tata Steel had already started conducting soil tests, and had also installed a fabrication unit at the factory site. Admitting that the project has been delayed by over two years, Muthuraman claimed he was sure iron ore mines would be allotted to his company for the Orissa unit soon. Though he refused to reveal his outlook on steel prices in the current fiscal, Muthuraman said for integrated steel plants, production cost could go down by $200 (Rs9,982) per tonne in 2009-10. But that might not benefit Tata Steel, which mines iron ore from captive deposits, as much as it would other players that do not have iron ore linkage. To be sure, coking coal has become cheaper, and that is likely going to shore up Tata Steel’s margins. Source: LatestNews-Home - Livemint.com | 11 Apr 2009 | 3:41 am H-1B losing sheen? Only 42,000 H-1B petitions in one week!In a clear manifestation of the current financial turmoil in the US, it has received only 42,000 H-1B visa applications so far against the stipulated quota of 65,000 for the fiscal 2010.Source: Zee News : Business | 11 Apr 2009 | 12:30 am China exports fall for fifth straight month!China`s vital exports fell 17.1 percent in March, their fifth straight monthly decline, the government said on Friday, but the drop was not as sharp as the previous month.Source: Zee News : Business | 11 Apr 2009 | 12:30 am Microsoft ties up with HCL to outsource jobs to India!Computer giant Microsoft has signed a USD 170-million five-year contract with India`s HCL for outsourcing work for its online business productivity suite.Source: Zee News : Business | 11 Apr 2009 | 12:30 am SpiceJet announces insurance scheme!Low-cost carrier SpiceJet on Friday said it has launched a `Home Away Insurance` for all its customers in collaboration with insurance firm Tata AIG.Source: Zee News : Business | 11 Apr 2009 | 12:30 am India Inc asks Obama to avoid protectionism!India Inc on Friday asked the Obama administration not to yield to public pressure on protectionism, stating that the `Buy American` restrictive policy would dent America`s credibility among global trading nations.Source: Zee News : Business | 11 Apr 2009 | 12:30 am India Inc raises Rs 31k cr via rights issue in 2008!Corporate India mopped up an impressive Rs 31,069 cr via rights issue in 2008, a two-fold rise over previous year.Source: Zee News : Business | 11 Apr 2009 | 12:30 am `Nine out of 10 Indian employees lack social security`!OECD has found that nine in 10 employees in India do not have a formal labour contract and social security benefits such as advance dismissal notices.Source: Zee News : Business | 11 Apr 2009 | 12:30 am RBI modifies loan restructuring formula!With banks` margins already under pressure due to the global economic slowdown, the Reserve Bank of India has provided them a breather by revising the method of calculating the current value of restructured loans.Source: Zee News : Business | 11 Apr 2009 | 12:30 am Car exports from India surge 57% in FY09!At a time when global auto majors are struggling, carmakers in India have been able to expand their overseas presence with exports from the country registering whopping 57.04 percent growth in the last fiscal.Source: Zee News : Business | 11 Apr 2009 | 12:30 am Banks may go slow on issue of debit-cum-ATM cardsHyderabad, April 10 The free use of any ATMs for cash withdrawal (since April 1) may have led to an unanticipated casualty: Banks are likely to go slow on the issue of debit-cum-ATMSource: Business Line - Home Page | 11 Apr 2009 | 12:00 am International air fares dip as fuel prices, corporate travel declineNew Delhi, April 10 If you are itching to see the change of Guard at Buckingham Palace in London, climbing to the top of the Eiffel Tower in Paris or going with your wife to visit cousins in Dubai, then there is no better time thanSource: Business Line - Home Page | 11 Apr 2009 | 12:00 am Af-Pak in full throttle!Two millennia ago, the Arthashastra of Chanakya and Panchatantra of Vishnu Sharma enjoined extreme caution on a ruler when suddenly emissaries from another country descended upon him, flattering him to the skies and ardently pressing him to join inSource: Business Line - Home Page | 11 Apr 2009 | 12:00 am Domestic insurance cos pump Rs 53,000 cr in equity marketsMumbai, April 10 Domestic insurance companies’ investments in equities rose sharply during the fiscal ended March 2009; their net purchase of equity rose 70 per cent during this period.Source: Business Line - Home Page | 11 Apr 2009 | 12:00 am Nitish riding the incumbency advantagePatna: It is really an ‘in the face’ kind of thing in Patna. Anybody you talk to — your driver, the fruit-seller, to an economist, a bureaucrat or even a former Congress MLA — the message is simple andSource: Business Line - Home Page | 11 Apr 2009 | 12:00 am Tax avoidance through mutual fundsThe concept of mutual funds came into vogue to protect small investors against the vagaries of the stock market. The way it operated provided scope for tax avoidance on a big scale. Walfort Share and Stock Brokers (P) Ltd happened to be aSource: Business Line - Home Page | 11 Apr 2009 | 12:00 am RBI makes changes in loan structuring formulaMumbai, April 10 Banks, busy finalising their accounts for the financial year ended March 31, 2009, will be relieved as the Reserve Bank of India has finally come out with a clarification on how to deal with restructuredSource: Business Line - Home Page | 11 Apr 2009 | 12:00 am Bank credit rises 3% in year-end fortnightMumbai, April 10 Bank credit rose substantially by Rs 79,499 crore for the fortnight ended March 27 as banks tried to increase the credit offtake to meet the year-end disbursalSource: Business Line - Home Page | 11 Apr 2009 | 12:00 am ‘India’s growth likely to be far more than global estimates’India’s economic growth is likely to be far higher than estimates and forecasts made by multilateralSource: Business Line - Home Page | 11 Apr 2009 | 12:00 am Markets this weekThe Indian bourses on Monday opened strongly and finished the day with a positive bias. The benchmark Sensex surged 186 points to close at 10535, while the Nifty gained 45 points to end atSource: Business Line - Home Page | 11 Apr 2009 | 12:00 am J Kumar Infra sees delays in flyover projectsMumbai-based contractor J Kumar Infraprojects sees three of its flyover projects in Mumbai delayed owing to land acquisition issues.Source: Daily News & Analysis: Money News | 10 Apr 2009 | 10:21 pm Verlicchi of Italy in auto parts JVVerlicchi Group announced a 50:50 joint venture with Hema Engineering Industries for manufacturing frames, fuel tanks and exhaust systems for two-wheelers in India.Source: Daily News & Analysis: Money News | 10 Apr 2009 | 10:16 pm Tata Steel expects 20% jump in sales this fiscalThe domestic steel market is likely to grow 4-5%, but Tata Steel expects to increase its sales by almost 20% this year.Source: Daily News & Analysis: Money News | 10 Apr 2009 | 10:15 pm Some PIPEdreams are still alive. But kicking?A few lucky deals are holding firm in the profit zone, according to data compiled by Delhi-based research firm SMC Capital.Source: Daily News & Analysis: Money News | 10 Apr 2009 | 10:09 pm Educomp fires pre-school biz headEducomp Solutions said the head of the company's pre-school brand 'Roots and Wings', Arun Khaitan, has been fired over performance.Source: Daily News & Analysis: Money News | 10 Apr 2009 | 10:06 pm Why a family floater plan isn't always better than individual mediclaimOne question for the first time buyer is whether to take individual insurance polices for each family member or a family floater policy.Source: Daily News & Analysis: Money News | 10 Apr 2009 | 10:02 pm Every big fall in the market is followed by an even bigger riseMarkets bounce substantially higher after a prolonged period of decline, reveals a DNA analysis of the closing levels of the Sensex over the last 25 financial yearsSource: Daily News & Analysis: Money News | 10 Apr 2009 | 10:00 pm 'We are battling to survive. And we can survive only by growing the market'ATF prices need to be the same in India as anywhere else in the world. We cannot be made to pay sales and other taxes on fuel.Source: Daily News & Analysis: Money News | 10 Apr 2009 | 9:47 pm Obama sees "glimmers of hope" in economyWASHINGTON (Reuters) - President Barack Obama said on Friday the recession-hit U.S. economy was showing "glimmers of hope" despite remaining under strain and promised further steps in coming weeks to tackle the financial crisis.Source: Reuters: Money News | 10 Apr 2009 | 8:13 pm Kuch Meetha Ho Jaaye: Zero-duty sugar import notification in a week - Economic Times
Source: Google News India - Business | 10 Apr 2009 | 7:44 pm Equity MFs back in limelightWith the markets on the rise, diversified equity mutual funds (MFs) are slowly climbing their way back in the returns chart delivering positive returns after nearly two months.Source: India Business News | Business News - Times of India | 10 Apr 2009 | 7:26 pm 'Revival in investors' interest'Falling yields in the money market and budding optimism in the stock market are generating a lot of queries from investors, claim financial advisors and mutual fund agents.Source: India Business News | Business News - Times of India | 10 Apr 2009 | 7:25 pm 'Tatas, RIL, Infy among 50 most innovative cos'Tata Group and RIL have been ranked ahead of GE (17), BMW (20), Honda Motor (22) and AT&T (23), While the Tata Group slipped in ranking from the sixth place in 2008, RIL has improved its previous year's rank 19. Infosys was not in the list in 2008.Source: India Business News | Business News - Times of India | 10 Apr 2009 | 7:21 pm Banks' lending fails to meet RBI's targetDespite RBI's liquidity infusion, banks' lending to the commercial sector fell short of target in 2008-09. Banks' credit offtake (lending) grew 17.3% in 2008-09, against the 20% target fixed by the central bank.Source: India Business News | Business News - Times of India | 10 Apr 2009 | 7:19 pm China, India to be fastest-growing car markets: JD PowerSustained economic growth and new model launches are going to make India and China the fastest-growing car markets in the world as developed markets like Europe and US are contracting, according to auto research firm JD Power.Source: India Business News | Business News - Times of India | 10 Apr 2009 | 7:17 pm Free access: Banks may consolidate ATM opsAs access to automated teller machines has become free from April 1, many banks (mainly smaller ones) may look at consolidation of their teller operations instead of aggressively expanding ATM network.Source: India Business News | Business News - Times of India | 10 Apr 2009 | 7:13 pm Satyam bidding in final lap - Business Standard
Source: Google News India - Business | 10 Apr 2009 | 6:44 pm Singur books a date with Nano - Business Standard
Source: Google News India - Business | 10 Apr 2009 | 6:44 pm Fixed but unfixed: more banks set to cut deposit rates - Hindustan Times
Source: Google News India - Business | 10 Apr 2009 | 6:38 pm Singur books a date with NanoAnd he is not alone: an appreciable number of Singur residents booked the Nano through the bank branches in the area, with the State Bank of India (SBI) branch as the nodal point.Source: Business Standard | Front Page Headlines | 10 Apr 2009 | 6:37 pm Govt allows duty-free import of one million tonne sugarTo prevent sugar prices from becoming a tool in the hands of opposition parties in the parliamentary elections, the government has allowed government agencies like MMTC, STC, NAFED and PEC to import one million tonne of white sugar duty-free. The export obligation on raw sugar imports under open general licence scheme has also been removed.Source: Business Standard | Front Page Headlines | 10 Apr 2009 | 6:36 pm Banks pare holdings in mutual funds - Business Standard
Source: Google News India - Business | 10 Apr 2009 | 6:36 pm Pune colleges get notices on 'illegal' foreign studentsIn a major crackdown on foreign students living illegally in the city, the Pune police has detained 225 students and started the process to deport them.Source: Business Standard | Front Page Headlines | 10 Apr 2009 | 6:34 pm H-1B visa limits unfilled for first time since 2004Only 65% of quota filled; most years, it is exhausted on the first day.Source: Business Standard | Front Page Headlines | 10 Apr 2009 | 6:33 pm Thai protesters target Asia summitPattaya, Thailand: Thai troops repelled anti-government protesters at a resort hosting an Asian summit on Friday as leaders began arriving for a meeting meant to focus on the global financial crisis. Hundreds of troops guarded an entrance to the Royal Cliff Beach Resort in Pattaya, about 150 km (90 miles) south of Bangkok, and fended off at least one attempt to break through. But tensions eased considerably after an official from the Association of Southeast Asian Nations (ASEAN) came out of the hotel to accept a letter from a protest leader. They had threatened to storm the summit venue if their demand was not met. “We don’t want any Thai officials to accept this letter because this is an illegitimate government and it was not elected by the people,” protest leader Arismun Tongreungrong told reporters. Several thousand “red-shirt” supporters of ousted prime minister Thaksin Shinawatra had marched with little police resistance to the summit venue to demand the resignation of Thai Prime Minister Abhisit Vejjajiva. They say his government is illegitimate because he came to power in December through parliamentary defections allegedly engineered by the army. The protesters began retreating from the hotel complex after delivering their letter, but said they would be back on Saturday, when prime ministers and other top leaders from 16 Asian countries are scheduled to meet. “We have resolved the issue and there won’t be any more disruption, and I think that’s the expectation of the demonstrators,” ASEAN secretary-general Surin Pitsuwan said. Later, however, stick-wielding pro-government demonstrators hurled rocks over riot troops at the anti-Abhisit protesters at a road intersection a few hundred metres from the summit venue. Protests in Bangkok — around 100,000 assembled in a sea of red around Abhisit’s office on Wednesday — and now Pattaya are aimed at undercutting his government as it hosts the prestigious summit of Asian leaders. In Bangkok, protesters lifted roadblocks that snarled traffic in the capital on Thursday and regrouped around Government House, waiting to see if there was a crackdown in Pattaya. Thaksin, now in exile, was ousted in a 2006 coup. His reconstituted party, however, regained power after elections, which sparked months of protests last year that closed airports in Bangkok and took a huge toll on the economy. Concern about tension Southeast Asian foreign ministers “expressed concern” about tensions in Northeast Asia during a meeting on politics and security on Friday, Surin said when asked if the issue of North Korea’s rocket launch last week had been discussed. “That kind of development is not going to help the region in our efforts to find solutions to other more pressing problems ... that would strengthen our region to serve as a strong pillar of recovery and growth,” he told reporters. The rocket launch is expected to come up in the meetings, starting on Saturday. The East Asia Summit brings together the 10 members of the Association of Southeast Asian Nations (ASEAN) and China, Japan, South Korea, India, Australia and New Zealand for discussions mainly about trade and economic issues. The summit itself takes place on Sunday and will focus on regional responses to the global financial crisis. The leaders will also be briefed by the head of the World Bank, the International Monetary Fund, the United Nations and the Asian Development Bank. The meeting would follow up on some issues discussed at last week’s Group of 20 meeting in London. The leaders will put the final touches on a foreign currency pool among Japan, China, South Korea and the 10 ASEAN countries aimed at shielding their currencies from speculative attacks and capital flight, Thai Foreign Ministry spokesman Tharit Charungvatsaid said. They will also discuss trade, food and energy security and disaster management. ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Source: LatestNews-Home - Livemint.com | 10 Apr 2009 | 4:18 pm Combative PM takes on Advani, slams NDA on terrorNew Delhi: Prime Minister Manmohan Singh on Friday conceded that the decision of some Congress allies to form a separate front could affect the electoral outcome and said the Left parties and the Third Front were “unwittingly” helping the BJP. “I would like the Samajwadi Party and Lok Janshakti Party to work together (with Congress). This could affect the electoral outcome to some extent,” he told journalists of the Indian Women’s Press Corps at an interaction here. He said he sincerely thought that the Left parties and Third Front would not be in a position to form a government. “Unwittingly the Left Parties and the Third Front are strengthening the BJP”, Singh said in his first comments commenting on the recent realignments that have taken place on the political horizon. Congress allies RJD, LJP and SP have formed a front and are contesting against Congress in 134 constituencies in UP, Bihar and Jharkhand. Erstwhile allies Left parties have teamed up with a number of regional parties to form the Third Front on an anti-Congress, anti-BJP platform. In a stinging attack on BJP’s prime ministerial candidate LK Advani and his party, Singh said “the country has to ask itself this question whether we should have a government which fans communal passions, which has once again raised old issues like Article 370, Common Civil Code, Ram mandir controversy at a time when India is faced with the threat of terror and we should have a decisive government”. He said one who tries to divide people is ill-qualified to perform this task of dealing with economic crisis, terrorism and poverty. Stepping up his attack on Advani, he said he was present during the demolition of Babri Masjid and if he was such a decisive leader he would have staked all his to prevent that carnage. “You look at his record as home minister. The BJP election manifesto said that their government will present a white paper on ISI in Parliament. But Advani completely forgot about it. His record as home minister you compare with our record,” he said. He said the BJP government sent its foreign minister to negotiate with the Taliban government during the Indian Airlines plane hijack to Kandahar. “This is not enough. Three dreaded terrorists one of whom later became the founder of the Jaish-e-Mohammed was gifted by the government from Indian jails,” he said. Citing the Gujarat riots, the Prime Minister said, “officially 1180 people were killed in the carnage” and asked how BJP can justify that and brand Narendra Modi as the most successful chief minister. Admitting that he cannot match Advani in public speaking, he said, “the proof of the pudding is in eating. We need a prime minister who is strong. Who can take decisions. Speaking loudly doesn’t make you a strong prime minister. “I am not used to abusive language. That is against the Indian culture,” he added. On Advani’s frequent taunt about his not contesting Lok Sabha elections, Singh said, “there have been prime ministers who have been from Rajya Sabha. Advani should amend the Constitution if he wants to ensure that.” He pointed out that Indira Gandhi was a member of Rajya Sabha when she became Prime Minister for the first time and so were Deve Gowda and IK Gujral. On BJP’s demand of bringing black money from banks abroad, he said, “it is the bankruptcy of the BJP’s economic policy”. Asserting that the Congress party needed another 10 years to achieve its goal of eliminating poverty, he said, the Congress had tried to ensure that the fruits of riches reach the poor. Conceding that managing a coalition government was difficult, he said, “though there had been allegations of corruption against some ministers, nothing concrete had emerged”. The Prime Minister said he was neither informed nor consulted over Central Bureau of Investigation’s (CBI) clean chit given to Jagdish Tytler in the 1984 anti-Sikh riots case. “Congress decision to cancel tickets to Tytler and Sajjan Kumar shows party’s sensitivity to Sikh sentiments,” he said, adding “better late than never”. Source: LatestNews-Home - Livemint.com | 10 Apr 2009 | 4:06 pm Tata Steel sees output up by a fifth in 2010KOLKATA (Reuters) - Tata Steel, the world's sixth-largest steelmaker, sees a 20 percent growth in its output in the 2009/10 financial year and expects a low impact from the global slowdown, its chief said on Friday.Source: Reuters: Money News | 10 Apr 2009 | 3:25 pm Tata Steel sees domestic demand growth this fiscalDespite the present global economic slowdown, the country's largest steel producer Tata Steel expects 4-5 percent growth in domestic demand in 2009-10, a top company official said here Friday.Source: IndiaeNews.com: Business News | 10 Apr 2009 | 3:01 pm Women journalists take on PM on price riseWomen journalists cornered Prime Minister Manmohan Singh over the rising prices of food stuff during an interaction in the capital Friday.Source: IndiaeNews.com: Business News | 10 Apr 2009 | 2:30 pm Car exports from India surge 57% in FY '09 - Times of India
Source: Google News India - Business | 10 Apr 2009 | 2:29 pm India axes import duty on 1 mln tonnes white sugarNEW DELHI (Reuters) - India will remove a 60 percent import duty on up to 1 million tonnes of white sugar for the next four months, government and trade sources said, and will also drop a requirement that raw sugar only be imported for re-export.Source: Reuters: Money News | 10 Apr 2009 | 2:27 pm New oral cholera vaccine to hit market soonNew Delhi: A new oral cholera vaccine will soon be made available in . Representatives of the ministry of health, ministry of science and technology as well as UNESCO, UNICEF and WHO met to discuss how to make the vaccine available and accessible in India through the various programmes managed by the government. The vaccine has been jointly developed by the International Vaccine Institute (IVI) and Vietnamese manufacturer VaBiotech. The IVI has transferred the production technology to Shantha Biotech Ltd and the low-cost oral vaccine meets international good manufacturing practice standards as well as World Health Organisation standards of production. It has been approved in after studies conducted in Kolkata and , which showed the vaccine to be safe and effective. Dr. N K Ganguly, advisor, translational health science and technology institute and economic advisor to health minister said, “After 38 years of drought in cholera vaccination and cholera outbreaks no way abating, it is very heartening to know that there is an affordable orally administered vaccine available now.” He added that all the data generated from the studies on the vaccine will be submitted to the government so it can decide on how to use this vaccine — whether in the universal immunisation programme or as part of other vaccination programmes. Source: LatestNews-Home - Livemint.com | 10 Apr 2009 | 1:33 pm Sonia hits out at BJP accusing it of hate speechesSakoli, Maharashtra: Hitting out at BJP, Congress chief Sonia Gandhi on Friday said the country is aware of communal forces and their leaders who spew venom through their speeches but did not take the name of that party’s Pilibhit candidate Varun Gandhi. “The country is aware of these forces and leaders who spread venom through their speeches,” said Gandhi addressing a joint poll rally in Vidarbha region along with NCP chief Sharad Pawar. Though she did not name anyone in connection with her remarks on the hate speeches, it was apparent that the target of her attack, among others, was Varun, who made anti-Muslim remarks. “Country is alert to parties based on communalism, casteism and regionalism. People do not want such parties which create riots, whose leaders make speeches that lead to hatred and which sends terrorists to Afghanistan like guests,” Gandhi said. Sharing the dais with Pawar and NCP leader Praful Patel, Gandhi hailed Prime Minister Manmohan Singh saying he had all the abilities, the experience and the capacity to take the appropriate decisions and provide a stable government to the country. Source: LatestNews-Home - Livemint.com | 10 Apr 2009 | 1:24 pm Fortune Inn opens in NoidaFortune Park Hotels, a wholly-owned subsidiary of ITC Ltd, Friday opened its second property in Noida after one in Gurgaon and intends to come up with five more in the national capital region (NCR) in near future, a senior company official said.Source: IndiaeNews.com: Business News | 10 Apr 2009 | 1:00 pm Govt axes import duty on 1 million tonnes white sugarNew Delhi: The Union government will remove a 60% import duty on up to 1 million tonnes of white sugar for the next four months, government and trade sources said, and will also drop a requirement that raw sugar only be imported for re-export. The Cabinet decision comes two months after the world’s biggest consumer of the sweetener waived tariffs on raw sugar imports, a response to a smaller-than-expected domestic crop. “It has been decided that both white sugar imports and waiving the export obligation of imports of raw sugar will remain in vogue till 31 July,” a senior trade official told Reuters, requesting anonymity because the information isn’t public. The measures, which could boost global prices in a market already in a steep deficit, require formal approval from the Election Commission, which guards against populist moves meant to win votes. India goes to polls this month and elections will end next month. Approval is likely, and could come as soon as later on Friday, a government source said, while traders said the commission’s go ahead was a formality. “The Cabinet has cleared the proposal on allowing tax free white sugar imports. In all probability, we expect the Election Commission will give its nod soon,” Vinay Kumar, managing director of the National Federation of Cooperative Sugar Factories Ltd, said. A government spokeswoman declined to comment, saying the Cabinet decision would be made public on Monday. Three state-run trading firms and a farmers’ cooperative -- the State Trading Corp of India Ltd, MMTC , PEC and National Agriculture Cooperative Marketing Federation of India (NAFED) -- would be allowed to import up to one million tonnes of white sugar tax-free, a top government official said. That’s less than the 2 million tonnes that an industry official had earlier suggested, but enough to make waves in the world sugar market, already unnerved by India’s swing from exporter to importer. Analysts have in the last month been hiking their forecasts for the 2008-09 sugar deficit, with Morgan Stanley raising its expected shortfall to 7.9 million tonnes from 1.8 million, and F.O. Licht to 4.4 million tonnes from 2 million. Sugar futures markets in New York and London are closed for a holiday, but on Thursday London May white sugar rose $8.60 to $403 ahead of the India announcement. Imports not a given Many analysts and traders had written off the idea that India would open up to white sugar imports after domestic prices began to retreat from highs earlier this year, and government officials had also began to downplay the idea in recent weeks. But prices climbed recently, rising 7% over the last 11 sessions, after a top industry official said the domestic crop would fall to 14.2 million tonnes in 2008-09, down 8.4% from previous estimates. This is well short of output of 26.5 million tonnes last year and also of estimated consumption of 23.5 million, but even with the shortfall, traders say it will be difficult for state-run firms to import whites without government support. “They will not be able to make even a little money. Why Will they import? Subsidy is a must for them,” said Mukesh Kuwadia, secretary general of the Bombay Sugar Merchants Association Ltd. Kuwadia said the landed cost of imported white sugar would be Rs2,150 per 100 kg, almost equal to the ex-mill price, leaving no scope for firms to earn even a small profit. A senior official with a leading sugar firm said the decision would cap rising sugar prices but not reverse the recent gains. “In terms of psychological impact, yes there will be some impact. Prices will be capped. That is all I expect,” he said. Traders from the western state of Maharashtra, the top producer, say prices in the physical markets have fallen by about Rs15 rupees 100 kg on Friday, from Rs2,250 per 100 kg on Thursday. Trade officials expect raw sugar imports to rise. Indian mills have so far contracted to import about one million tonnes of raws and could buy another 500,000-700,000 tonnes before the end of the season in September, said Kuwadia. “Raw sugar imports are anyway favoured as it is cheaper at $270-$280 per tonne than white sugar which is available at $360-$390 per tonne,” he said. Source: LatestNews-Home - Livemint.com | 10 Apr 2009 | 12:38 pm Advani promises special status to BiharBuxar: National Democratic Alliance’s (NDA) prime ministerial candidate LK Advani on Friday promised that a special status would be accorded to Bihar if the NDA comes to power at the Centre. “We will ensure giving special status to Bihar for further pacing up the development works initiated by the Nitish Kumar-led government, if the alliance is voted to power,” Advani told an election rally here. Advani, who shared the dais with chief minister Nitish Kumar and deputy chief minister SK Modi to muster support for the BJP nominee Lalmuni Choubey for the Buxar parliamentary constituency, showered praises on Kumar for his “relentless and committed” efforts for changing the face of the state. Referring to the cash-for-vote scam during the confidence motion in Parliament last year after the Left parties parted ways with the UPA government, Advani said it was a “national shame” that the Congress-led government indulged in alleged horse-trading for its survival. “The people of the country will never forget the incident,” Advani said. “The UPA government should have preferred to resign in the wake of withdrawal of support by the Left parties following the dispute over the nuclear deal proposals instead of clinging to power through undemocratic ways,” he added. In his speech, Advani said Manmohan Singh is a “weak Prime Minister” even though he may not like being called so. “When I say he is a weak Prime Minister, he feels bad. But the fact is that HD Deve Gowda when he was the Prime Minister took decisions on his own even if he had only five ministers of his own,” Advani added. “For every decision he (Singh) sends somebody to 10 Janpath (Sonia Gandhi’s residence)”. Observing that the elections are crucial for the country, Advani said the “country today needs honest and efficient leadership”. “I have seen all the Lok Sabha polls since 1952. This election will be very crucial for the country.” “The country has the potential to become one of the most advanced nations in the world. For that to happen we will have to ensure good governance both at the state level and at the Centre,” he said adding “we will make 21st century the century of India.” Source: LatestNews-Home - Livemint.com | 10 Apr 2009 | 12:14 pm Govt scouting for talent to fill 37 top positionsNew Delhi: The government is looking to fill as many as 37 board seats at the country’s various public sector enterprises, including 16 top positions like chairpersons or managing directors. Out of these 37 positions to be filled at PSEs, nearly half or 15 posts are already lying vacant, while the incumbents at the other 22 positions would be retiring in the course of this year. The government has initiated the process of hiring persons for these 37 positions, according to data available with the Public Enterprises Selection Board (PESB), the agency that advises and helps the government in selecting board members at public sector firms. The search has begun for chairman and managing director (CMD) for as many as 9 PSEs, including Hindustan Shipyard Ltd, Hindustan Copper Ltd, Brahmaputra Valley Fertilizer Corp Ltd, Uranium Corporation of India Ltd (UCIL) and Goa Shipyard Ltd. National Fertilisers Ltd (NFL), Fertilisers and Chemicals Travancore Ltd (FACT), Water & Power Consultancy Services India Ltd and India Rare Earths Ltd are also looking for new CMDs. Besides, PESB is also looking for managing directors at another seven companies — Hindustan Aeronautics Ltd (HAL), Rail Vikas Nigam Ltd, Brahmaputra Crackers & Polymers, Steel Authority of India Ltd for its Durgapur Steel Plant unit, Bharat Pump & Compressors Ltd, Chennai Petroleum Corporation Ltd and Rajasthan Drugs & Pharmaceuticals Ltd (RDPL). Apart from CMD and MD ranks, PSEB has also begun the process for hiring 21 directors for various PSEs and and one member (planning) at Airports Authority of India Ltd (AAI). The directors are being hired for companies like Gail India, Neyveli Lignite Corporation Ltd, Oil India Ltd, Bharat Coking Coal Ltd, HMT International Ltd, Western Coalfields Ltd, Rashtriya Ispat Nigam Ltd and National Fertilizers Ltd among others. Source: LatestNews-Home - Livemint.com | 10 Apr 2009 | 11:53 am Vodafone drops Goldman, UBS as ‘corporate brokers’: reportLondon: British telecom firm Vodafone has dropped Goldman Sachs and UBS as the company’s corporate brokers, says a media report. “Vodafone dropped Goldman Sachs and UBS as its corporate brokers this week, severing of one of the longest-running advisory relationships in the city,” The Times has reported. The daily in a report published online said that Vodafone’s chief executive Vittorio Colao and its board have chosen JP Morgan Cazenove and Citigroup as advisers. The Times noted the change underlines “how power is shifting away from traditional mergers and acquisitions groups to specialist brokers.” The new brokers are Charles Harman at JPMorgan Cazenove and Nigel Mills, a City veteran who built his career at Hoare Govett before defecting to Citigroup. According to the daily, Vodafone has built itself through a series of “gung-ho deals” around the turn of the decade with the advice of Scott Mead, who used to work for Goldman Sachs and Warren Finegold, then at UBS. It “... culminated in the the blockbuster £101 billion takeover of Germany’s Mannesmann. During that time, the two banks also acted as the company’s brokers, in a relationship that dates back, uninterrupted, to the 1990s,” the report said. However, under Colao, Vodafone is pursuing an organic growth, deal-light strategy, meaning that its relationship with house brokers “who provide day-to-day advice on how the company is perceived by investors, is more important”. The Times said that technically Goldman Sachs and UBS remain Vodafone’s advisers for mergers and acquisitions, with the relationships now handled by Simon Dingemans at Goldman and Simon Warshaw at UBS. “But, in the absence of deals, the relationship will amount to little more than a consolation prize,” the report noted. Source: Home - Livemint.com | 10 Apr 2009 | 10:35 am
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