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YouTube in Sony content dealGoogle Inc\'s YouTube said on Thursday it has reached a deal to post Sony Corp films and TV shows and was talking with other big studios to ramp up content and attract more advertising dollars.Source: Moneycontrol Top Headlines | 17 Apr 2009 | 4:09 pm Awaiting a \'serious\' settlement offer from Satyam: UpaidSimon Joyce, the Chief Executive Officer of Upaid, has said fraudhit Satyam Computer Services has not yet made any serious offer of an outofcourt settlement. If Satyam wishes to settle, then it is necessary for a serious offer of settlement without delay, Joyce has been quoted as saying.Source: Moneycontrol Top Headlines | 17 Apr 2009 | 3:43 pm Marg to complete Phase II of Karaikal Port in 24 monthsGRK Reddy, Chairman and MD, Marg said would be implemented over a period of 24 months. MARG owns 100% of the equity in the Karaikal Port and Reddy stated that he would be looking at diluting the companys stake in the project within the next 24 months.Source: Moneycontrol Top Headlines | 17 Apr 2009 | 3:32 pm Unitech\'s QIP does not have greenshoe option: IDFCSSKIPrashant Shetty, MD, IDFCSSKI, said Unitech\'s QIP issue does not have a greenshoe option. According to him, the QIP was mainly to deleverage Unitech\'s balance sheet. He said the response to the QIP was more than anticipated. \"The QIP book has been subscribed by over two times.\"Source: Moneycontrol Top Headlines | 17 Apr 2009 | 3:29 pm Demand, prices of residential sales to hold steady: HDILSarang Wadhawan MD of real estate developer, Housing Development and Infrastructure Ltd (HDIL) sees an uptick in residential development and expects prices to hold steady and not fall further. He said that the demand for transfer of development rights (TDR) was quite strong.Source: Moneycontrol Top Headlines | 17 Apr 2009 | 12:53 pm Glenmark may license out pain management molecule: SourcesGlenmark is likely to outlicense its molecule GRC 10693a pain management moleculereports CNBCTV18, quoting sources. It is also learnt from sources that they may receive an upfront payment of USD 40 million if it gets through.Source: Moneycontrol Top Headlines | 17 Apr 2009 | 12:52 pm NDA to pursue black money issue if voted to power: Advani - Press Trust of India
Source: Google News India - Business | 17 Apr 2009 | 12:18 pm Jet Airways ties up with Brussels Airlines - Hindu
Source: Google News India - Business | 17 Apr 2009 | 12:11 pm Emirates Airlines begins operation of cargo flight to KochiEmirates Airlines commenced operation of a cargo flight from Dubai to Kochi, with the first flight landing in the city on Frida.Source: Daily News & Analysis: Money News | 17 Apr 2009 | 12:10 pm Monsoon forecast just below average - Reuters India
Source: Google News India - Business | 17 Apr 2009 | 12:08 pm Virtual Tradeshows: Coming to a browser near you!In keeping with the evolution of the Web, Biztech2.0, part of Web18, a TV18 Group company brings to its users its own Virtual Tradeshow platform, \'The Biztech2.0 Enterprise Technology Show A Virtual Experience\'.Source: Moneycontrol Top Headlines | 17 Apr 2009 | 12:02 pm Pfizer's open offer for 34% stake in Indian arm - Hindu Business Line
Source: Google News India - Business | 17 Apr 2009 | 12:02 pm GE profit tops forecast, powered by energy unitBOSTON (Reuters) - General Electric Co posted better-than-expected quarterly profit, as a strong performance at its large energy operation offset declines at the GE Capital finance and NBC Universal units.Source: Reuters: Money News | 17 Apr 2009 | 12:00 pm BSE Sensex posts 6th weekly rise; outlook hazyMUMBAI (Reuters) - The BSE Sensex rose 0.7 percent on Friday and lifted the market to its sixth consecutive weekly gain, its best best run in more than 1-½ years, on improving hopes for the global economy.Source: Reuters: Money News | 17 Apr 2009 | 11:58 am Tata Sons sells USD 60mn of bonds: Sources!Tata Sons, the holding company for Tata Group, has raised Rs 3bn (USD 60mn) through a sale of bonds, sources with knowledge of deal said on Friday.Source: Zee News : Business | 17 Apr 2009 | 11:54 am Google first-quarter profits up 8.9 %!Internet search powerhouse Google bucked the economic downturn in the first quarter, posting an 8.9-percent rise in profits as revenues climbed 6.2 percent.Source: Zee News : Business | 17 Apr 2009 | 11:54 am Air China suffers loss of USD 1.3bn in 2008!Air China Ltd., one of China`s three major state-owned carriers, said Friday it lost 9.3 bn yuan (USD 1.3bn) in 2008 due to surging fuel costs.Source: Zee News : Business | 17 Apr 2009 | 11:54 am Tata, Maruti on hunt for engineers at US Auto Congress!India`s top two car manufacturers are scouting for auto engineers at the World Congress of the Society of Auto Engineers (SAE) in Detroit next week.Source: Zee News : Business | 17 Apr 2009 | 11:54 am Unitech raises USD 325mn in equity: Reports!Unitech Ltd has raised USD 325mn, through a placement of shares with institutional investors, to repay a part of its debt, media reports said.Source: Zee News : Business | 17 Apr 2009 | 11:54 am Sensex up 187 pts; at 11,135.27!Sensex Friday rebounded to trade over the 11,000-pts level by gaining over 187 pts in early trade, taking strong cues from global markets.Source: Zee News : Business | 17 Apr 2009 | 11:54 am 2009 would be an awful year: IMF chief!Observing that the current economic crisis has hit every nook and corner of the world, the head of the International Monetary Fund on Thursday said 2009 is going to be an awful year for economies across the globe.Source: Zee News : Business | 17 Apr 2009 | 11:54 am Oil hovers below USD 50!Oil prices lingered near USD 50 a barrel Friday in Asia as investors weighed a possible 2nd-half recovery of US crude demand.Source: Zee News : Business | 17 Apr 2009 | 11:54 am Indian nuclear firms told to keep options openMUMBAI (Reuters) - Indian firms should not sign deals with foreign nuclear power firms that restrict their ability to supply to others as the government wants a thriving domestic industry, the country's atomic energy head said.Source: Reuters: Money News | 17 Apr 2009 | 11:53 am Unitech\'s debt at Rs 8900 crore, land bank at 11,178 acresRealty major Unitech has said it has debt of Rs 8,900 crore while its land reserves stood at 11,178.52 acres, as on March 31, 2009. As on March 27, Unitechs promoters had pledged 49.79% stake to banks and financial institutions, it said.Source: Moneycontrol Top Headlines | 17 Apr 2009 | 11:52 am CBI corroborates Raju's version of Satyam - Indian Express
Source: Google News India - Business | 17 Apr 2009 | 11:51 am Close: Sensex posts 6th weekly rise; outlook hazyMumbai: India’s main stock index rose 0.7% on Friday and lifted the market to its sixth consecutive weekly gain, its best best run in more than 1-years, on improving hopes for the global economy. State Bank of India, ICICI Bank and HDFC Bank led the market up after US bank JPMorgan Chase & Co beat forecasts with its quarterly profit and allayed concerns about the world financial sector. Engineering conglomerate Larsen and Toubro and IT-services exporter Infosys Technologies also contributed to the rise. Traders said the market, which has jumped almost a third over six weeks, was vulnerable to a correction with analysts split on whether the central bank would cut interest rates to boost growth when it reviews policy on Tuesday. Political concerns could also halt the rally as voting picks up in month-long general elections that began on Thursday. “In the last four elections on average the market has performed well in the run-up to election season but poorly thereafter,” Morgan Stanley analyst Jonathan Garner wrote in a report. He urged clients to take profits, saying Indian valuations traded significantly higher last month while earnings scores had deteriorated. This was partly visible with the 30-share BSE index erasing gains of as much as 3.6% to end up 0.69%, or 75.69 points, at 11,023.09. It briefly turned negative in late trade as some investors booked profits, traders said. The 50-share NSE index rose 0.4% to 3,384.40 points. The benchmark, which posted its best weekly run since gaining for eight consecutive weeks in September 2007, rose 2% on the week. The rally was underpinned by robust foreign fund buying of about $1.4 billion since mid-March. There could be consolidation before the elections end by mid-May, with little sign of either of the two main political groups winning a majority on their own, analysts said. “If you want a good market later, you need to see a correction now. The market has gone up so much recently, we will definitely see a fall in the near term,” Ajay Parmar, head of research at Emkay Global, said. Gainers and losers were even in the main index, while in the broader section advancers led declines 1,366 to 1,204 on heavy volume of 511.9 million shares. Still, glimmer of hope the worst was over for the world economy and media reports that property firm Unitech Ltd has raised $325 million through a placement of shares with institutional investors to repay a part of its debt improved sentiment and sent shares higher. State Bank of India, the country’s top lender, gained 3.5% to Rs1,306.35 while smaller rivals ICICI Bank rose 3.5% to Rs441.45 and HDFC Bank climbed 0.4% to Rs1,068.20. The banking sector surged 9.5% on the week. No. 2 outsourcer Infosys recovered 3.9% to Rs1,393.10, after sliding almost 5% over the past two days following a weak outlook forecast by the company. Larsen & Toubro jumped 4.2% to Rs866.50, ending the week with gains of 4.5%, after the company on Monday lost the race to take a controlling stake in fraud-hit outsourcer Satyam Computer. Analysts had warned the possible acquisition would distract Larsen from its core business. Energy giant Reliance Industries, which has the most weight in the main index, dropped 1.1 percent to Rs1,717.50. The stock had lost 4.9% on Thursday after having jumped by a fifth since 30 March. Asian shares were mixed on Friday, with Japan’s Nikkei rising 1.7% and MSCI’s measure of other Asian markets edging down 0.3%. Source: Home - Livemint.com | 17 Apr 2009 | 11:51 am DLF to surrender 4 of its 9 IT/ITeS SEZs - domain-B
Source: Google News India - Business | 17 Apr 2009 | 11:41 am Unitech on assets sale spree, sells Gurgaon hotelNew Delhi: Unitech Ltd, the country’s second largest developer, on Friday said it has sold out a hotel in Gurgaon for Rs231 crore and is in advance stages of talks for selling out an office complex in the national capital. The company has also signed memorandum of understandings (MoUs) for sale of school plots in Gurgaon and another realty project in Kochi. In a presentation to the investors, Unitech said that Marriott Courtyard hotel, comprising 199 rooms, in Gurgaon has been sold out for Rs231 crore to a high networth individual based out of Delhi. Unitech, which raised $325 million to retire part of its Rs8,400 crore debt, plans to sell four more hotels in Noida, Kolkata and Gurgaon within six months. It is also expecting “induction of private equity at project level”. The company is also expecting to close a deal to sell out its Saket office complex, comprising 2.2 lakh sq ft, in the current quarter. As part of its strategy to deal with the slowdown in the realty sector, Unitech is monetising its non-core assets by “deleveraging through sale of assets like hotels, offices and infusion of private equity at individual project level”. The sale of non-core assets are expected to contribute to cash flow of the company. It said that its sales have dipped to an all-time low because of slowdown in property market. Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 11:35 am India releases 600000T additional sugar in Apr-June - Reuters India
Source: Google News India - Business | 17 Apr 2009 | 11:25 am Citigroup posts loss, delays exchange offerNew York: Citigroup Inc posted a first-quarter loss on Friday, reflecting a large amount of credit losses and the accounting for preferred stock. The bank also said it planned to delay the proposed exchange of billions of dollars of preferred shares into common stock until the US government completes its “stress tests” of large banks to gauge which might need more capital or aid. Shares of Citigroup jumped more than 15% to $4.63 in trading before the market opened. Citigroup’s quarterly loss available to common shareholders was $966 million, or 18 cents per share, compared with a loss of $5.19 billion, or $1.03 a share, a year earlier. Revenue roughly doubled to $24.79 billion. Analysts on average expected a loss of 30 cents per share on revenue of $21.73 billion, according to Reuters Estimates. Excluding the impact of preferred stock, Citigroup said profit from continuing operations was $1.61 billion, vs. a $5.25 billion year-earlier loss. Results included $10.3 billion of credit costs, up 76%, with a large portion of the increase stemming from credit cards. This included $7.3 billion of net credit losses, a $2.7 billion increase to loss reserves, and $332 million for other benefits and claims. Citigroup has been propped up three times by the government since October, taking $45 billion from the Troubled Asset Relief Program and getting a government agreement to share in losses on $300.8 billion of troubled assets. At Thursday’s close, the company’s shares had fallen 40% this year, compared with a 19% drop in the KBW Bank Index. Citigroup had traded above $56 as recently as January 2007. Source: Home - Livemint.com | 17 Apr 2009 | 11:24 am Advani asks govt to bring back black money stashed abroadMumbai: BJP’s Prime Ministerial candidate L K Advani on Friday demanded that the Government should make efforts to bring back the black money deposited by Indians in foreign banks and also raise the issue at an upcoming G-20 meet. Advani, who was unveiling a report of a four-member task force of the party formed to look into the issue of Indian black money in foreign banks, said it was more dangerous than the black money circulated inside the country. He said as the National Security Advisor himself had pointed out, the black money from outside the country finds way into the Indian market as “terror money”. He also demanded that the government should raise the issue of black money in the G-20 meet scheduled on 25 April. The four-member task force appointed by the BJP leadership to look into the issue comprises chartered accountant S Gurumurthy, Prof Vaidyanathan of IIM Bangalore, security expert Ajit Doval and lawyer and BJP Lok Sabha nominee Mahesh Jethmalani. Advani said the figures given by his party were not absurd. “The government has not denied the existence of black money. The figures are not absurd as the government says. The dimension of the loot can be denied but the fact of the loot cannot be denied”. Quoting the report, he said money to the tune of Rs6.88 lakh crore from India and other developing countries was deposited in tax havens abroad in the last five years. “India should stop being a silent spectator to secret banking and tax havens. This (black money) is a matter in which Western countries have become active in the last few years,” Advani said, adding “I set up the task force as the issue is linked with our security”. He said the task force report would be sent to political parties and US President Barack Obama besides to France and Germany, the two countries vigorously pursuing the issue. Quoting international expert on slush funds Raymond Baker, Advani dwelt on the link between terror and national security. “My party has been highlighting how this issue has been handled by the UPA government,” Advani said. “I felt unhappy when my raising the black money issue was mocked at. I have not picked the figures from Wikipedia but they are based on something substantial. Even the Swiss ambassador has said that a lot of money from India is coming to Swiss banks,” the BJP leader said. He said, if voted to power, the NDA government would initiate vigorous action to bring back black money in secret Swiss accounts and other tax havens through a 100-day programme. Advani said the task force report would also be sent to G-20 countries. He also asked voters to “punish Congress which has no political will to fight corruption and crime money.” Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 11:23 am Sensex ends 76 pts up despite heavy profit taking - Sify
Source: Google News India - Business | 17 Apr 2009 | 11:15 am Jet Airways enhance connectivity to EuropeJet Airways has expanded its 'code-share' agreement with Brussels Airlines to add the European cities of Marseilles, Toulouse, Geneva and Vienna.Source: Daily News & Analysis: Money News | 17 Apr 2009 | 11:10 am Credit rating firm gets RBI nodMUMBAI (Reuters) - Credit Information Bureau (India) Limited, the country's first credit information company, has been given a certificate of registration by the central bank, it said on Friday.Source: Reuters: Money News | 17 Apr 2009 | 11:09 am PFC Q4 net up 32% at Rs390.58 crMumbai: State-run Power Finance Corporation today said its net profit rose by 32.22% to Rs390.58 crore for the fourth quarter ended 31 March, over the same period last year. In a filing to the BSE, PFC said it had a net profit of Rs295.40 crore in the same quarter ended March 2008. The total income of the company rose to Rs1,816.93 crore during the March quarter, against Rs1,365.18 crore in the same period last fiscal. For the year ended 31 March, the company has posted a net profit of Rs1,355.18 crore, against Rs1,206.75 crore in the same period last fiscal, up 12.29%. Shares of PFC were trading at Rs159.55, up 10.38% on the BSE. Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 11:08 am Citigroup posts loss, delays exchange offerNEW YORK (Reuters) - Citigroup Inc posted a first-quarter loss on Friday, reflecting a large amount of credit losses and the accounting for preferred stock.Source: Reuters: Money News | 17 Apr 2009 | 11:06 am Unitech to sell stock, assets to cut debtNEW DELHI (Reuters) - Unitech Ltd, which the media reported on Friday raised $325 million in equity, is looking to sell more stock and assets such as hotels and offices to cut its high debt.Source: Reuters: Money News | 17 Apr 2009 | 11:03 am About 5,000 Kutch fishermen to protest against Adani projectAbout 5,000 fishermen from the Kutch region will gather near the Adani group's special economic zone (SEZ) at Mundhra port Saturday to oppose the company's proposed waterfront development project.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 11:01 am I’ll continue to raise my voice against anti-nationals: VarunNew Delhi: A day after getting a temporary relief from the Supreme Court (SC) in the “hate speech” case, BJP leader Varun Gandhi on Friday said he was not in favour of violence as a tool in politics but would continue to raise his voice against “anti-national forces”. In a written statement circulated to media, he said the countrymen need to unite to face the threat of terrorism emanating from the neighbouring countries. “Indians should unite to face the threat of terrorism (emanating from) neighbouring countries. We need to rise and face this menace boldly and I shall continue to raise my voice against anti-national forces,” Varun said. Varun was released on Thursday from Etah jail on parole for two weeks following a SC directive, almost 19 days after he was detained under the National Security Act (NSA) for making hate speeches at election meetings in Pilibhit. He had been released on parole to campaign for Lok Sabha polls with the condition that he would not indulge in any conduct likely to disturb communal harmony. The 29-year-old BJP leader expressed happiness over relief provided by the Supreme Court and looked forward to be vindicated “fully” by the highest court in the case. “I should also like to answer all the other false charges being leveled against me. Let me make it clear I do not and never have advocated violence as a tool in politics,” he said. Thanking BJP and others for their support, Varun said his immediate task was to form a government which will be in the “best interests” of India. “History shows that my family has always been strengthened by times of adversity. I too am being tested and shall not be found wanting,” he added. Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 11:01 am Morgan Stanley raises South Africa equities, cuts IndiaReuters – Brief - Morgan Stanley asia/emerging markets equity strategy: raises South Africa toSource: Reuters: Money News | 17 Apr 2009 | 11:00 am DLF to surrender four IT/ITeS SEZsMumbai: The country’s largest real estate player, DLF, on Friday said it has approached the government for surrendering four of its IT-ITeS notified special economic zones (SEZ). The company “has requested the ministry of commerce & industry for de-notification of four IT/ITES SEZs,” DLF said in a filing to the Bombay Stock Exchange (BSE). The clarification comes after the National Stock Exchange (NSE) sought information from DLF about its reported plans to surrender its SEZs due to cash crunch. The NSE in a statement had said “the media had reports that DLF Ltd may surrender five of its nine IT-ITES SEZs. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.” Earlier, a senior commerce ministry official had said, “DLF has nine (notified) IT/ITeS special economic zones, five of them they are dropping ... they have made an application and it will come up after the elections”. As per industry sources, firms like DLF and Parsvanath were unable to raise funds for their SEZ projects. Earlier, Parsvanath had put on hold its twelve IT/ITeS SEZ projects. DLF had earlier surrendered its 40-acre IT SEZ in central Delhi. According to official data, the land banks of DLF’s nine notified SEZs are: 10.61 hectares near Hyderabad, 10.12 hectares in Gandhinagar, 12.06 hectares and 10.73 hectares in Gurgaon, 10.24 hectares in Sonipat, 10.33 hectares in Pune, 10.23 hectares in Bhubaneswar, 13.29 hectares in Kanchipuram and 10.48 hectares in Kolkata. Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 10:57 am India gold trade hopes festival proves a bright spot - Reuters India
Source: Google News India - Business | 17 Apr 2009 | 10:51 am Subiksha merger with Blue Green Constructions opposedChennai: Beleagured retail chain Subhiksha said that Kotak Mahindra Bank, which owns 5% on its total credit, on Friday objected to merger of the company with city-based Blue Green Constructions and Investments Ltd. Subhiksha managing director R Subramanian in a statement here, said that Kotak Mahindra Bank filed an objection to the merger in the Madras High Court and that the company has earlier filed various documents, as directed by the Court. The Court has adjourned the hearing to 28 April, he added. In June 2008, Subhiksha planned to acquire 23% stake in Blue Green Constructions for Rs2.5 crore. But ICICI Venture, promoted by Azim Premji, which has 10% stake in Subhiksha, objected to the move. Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 10:51 am IPL confident of success in South AfricaCape Town: The enthusiastic public response for the Indian Premier League (IPL) parade has convinced the league’s chairman that the tournament’s move to South Africa has already been a success. The second edition of the world’s biggest Twenty20 tournament was moved out of India last month due to security concerns and logical issues surrounding the general elections currently being held in that country. The 59-match tournament starts in Cape Town on Saturday. “Setting up the 2009 IPL tournament in South Africa inside three weeks has been a logistical task unparalleled in world sport,” the league’s chairman Lalit Modi told a news conference on Thursday. “Overall, then, I’m very pleased with the way it has worked out so far. “For us, South Africa was always suitable from a logistical and infrastructure point of view and it is our belief that we can build a brand and legacy of involvement that lasts for years to come,” Modi added. Last year’s runners-up Chennai Super Kings will meet Mumbai Indians and Bangalore Royal Challengers take on champions Rajasthan Royals in matches highly anticipated in the cricket-crazy Indian sub-continent. Sold Out The other four teams involved in the competition will be in action in Cape Town on Sunday and tickets for the opening weekend’s double-headers have been sold out for a week. Matches will be played in eight different venues over 37 days. The packed schedule involves moving 700 people, including over 200 television and digital media crew. “The challenge is to fill the stadia for every match. I don’t have figures on ticket sales so far, but I think the venues will be 90% full for all matches,” a beaming Modi said.  Members of the Rajasthan Royals wave to crowd during a street parade in Cape Town on Thursday. The 2009 IPL tournament, moved to South Africa after security concerns in India, begins on 18 April. Reuters photo Cassim Docrat, the chief executive at Kingsmead in Durban, where the majority of South Africa’s south Asian population live, said ticket sales were good. “Ticket sales have gone well,” he said. “Initially only tickets for the first five games went on sale, the rest went on sale on Wednesday, and we are probably already averaging about half a stadium sold per match of the first five matches. “The only match not selling well is a 12.30 pm match on a Thursday.” Match timings were fixed to suit prime time television in India, which enjoys global cricket’s largest viewership and is the game’s financial hub. Encountered Problems The league has encountered problems behind the scenes. Most notably a dispute between the IPL and suite holders at major stadiums. The IPL wanted suite holders to hand over their boxes which brought an angry response from locals, some even threatening to barricade their suites to prevent them from being used. Kingsmead in Durban, Newlands in Cape Town and SuperSport Park in Centurion have negotiated a compromise with their suite holders, who have agreed to pay for match tickets while retaining control of their boxes. But an agreement for the country’s biggest stadium, the Wanderers in Johannesburg, which is due to host the final on 24 May, lay in the balance on Wednesday. Foreign spectators are expected to supplement the local crowds, with Modi saying 4,000 Indians were set to enjoy themselves in sunny South Africa for the next five weeks. “It remains a challenge to engage with the broad base of all South Africans and get everyone excited by the IPL,” Modi said. “But we’ve come so far in an incredibly short time already that I’m optimistic that we can do it.” Source: Home - Livemint.com | 17 Apr 2009 | 10:50 am Sensex drops, but closes marginally higherIndian equities markets dipped sharply to give up most of the gains earned during the day's trading Friday, with a key index shutting shop 75.69 points higher after gaining more than 300 points.Source: India Business News | Business News - Times of India | 17 Apr 2009 | 10:48 am Hold Tech Mahindra, says R Jain - Moneycontrol.com
Source: Google News India - Business | 17 Apr 2009 | 10:47 am India leaders cower from ‘shoe-cide’ attacksNew Delhi: India’s politicians contesting in the general election, fearful of shoes hurled at them by disgruntled voters, have asked for more security and are erecting metal nets at rallies. Lal Krishna Advani, the Bharatiya Janata Party’s (BJP) prime ministerial candidate was the latest politician to be at the receiving end on Thursday, as an angry party worker threw a slipper at him during an election meeting in a central state. The slipper missed Advani, but was enough for authorities to step up security for all leaders across the country. The incident was the latest episode of shoe-throwing as a mark of protest against political leaders, including former US President George W. Bush and Chinese Premier Wen Jiabao. Throwing a shoe at someone is considered an insult in India. Indian politicians have asked party workers to remove shoes at meetings and alerted police and their security staff to keep a tab on people, including journalists in news conferences. “The security is extremely tight for politicians, and we are keeping a close watch on everyone,” a Delhi Police spokesman said. Last week, a Sikh journalist hurled a shoe at India’s home minister during a news conference after getting angry with the minister’s reply to a question about 1984 riots in which hundreds of Sikhs were killed. Three days later, a retired school teacher threw a shoe at popular Congress lawmaker Naveen Jindal, during an election rally in Haryana state. Authorities in Gujarat state built an iron safety net to keep flying shoes away, as Narendra Modi, the chief minister of the BJP-ruled state began his speech at a rally this week. “These are acts of insanity, there is no scope for such acts in India’s political system,” Rajiv Pratap Rudy, the BJP’s candidate in Bihar state where election was held on Thursday said. India’s politicians have not taken the shoe attacks personally and not initiated legal action so far. Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 10:46 am Telgi sentenced to seven years imprisonmentBangalore: Abdul Karim Telgi, prime accused in the multi-crore fake stamp paper case, and seven others were sentenced to seven years rigorous imprisonment by the CBI special sessions court here on Friday. Former police official, T G Sangram Singh was sentenced to three years. However, as Singh had completed nearly 22 months in prison, the court granted him bail. The court had deferred till Friday the pronouncement of the sentence relating to a 1997 fake stamp paper case here. Telgi and the other accused including retired Assistant Commissioner of Police Sangram Singh, were convicted by the court, constituted to try fake stamp paper cases in Karnataka, on Wednesday. Four of the accused Sangram Singh, Syed Mohiyuddin, Annad Thorat and Wazir were produced before the court on Thursday, while the other accused including Shanal Jamedar, Illiyas Ahamad, Sohail Khan and Telgi attended the court trial through video conferencing from the central prison. Counsel for Telgi had sought remitting of the sentence as Telgi had been suffering from various ailments and his wife was sick. He had also appealed to the court to club all the cases together. On 28 June, 2007, Telgi was sentenced to 13 years rigorous imprisonment and fined Rs202 crore on various counts in one of the main cases of the scandal. Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 10:38 am Gold falls; silver records biggest fall of yearNew Delhi: On emergence of selling by investors influenced by the weak global trend amid the rising stock markets, the gold plummeted by Rs220 to Rs14,300 per 10 gram, while silver recorded the biggest fall of the year on the bullion market here on Friday. In line with the bearish trend in the global market, silver prices recorded the biggest fall of the year by losing Rs1,720 at Rs20,600 per kg. Silver and gold declined in Asia, which normally set trend in the domestic market, after major market players shifted funds to the rising stock markets, marketmen said. They said gold in Asia headed for its fourth weekly decline, the longest losing streak since August, as a global stock rally eroded demand for the metal, which had a negative impact on the domestic market here. The gold was seen falling to $872 an ounce in Asia, while it declined $891 in the US markets on Thursday evening. Gold has fallen 4.6% in the past one month in the global market, while the benchmark MSCI Asia Pacific Index soared 18%. In the domestic market, silver ready tumbled by Rs1,720 at Rs20,600 per kg and weekly-based delivery by Rs820 at Rs20,200 per kg. Silver coins declined by Rs100 at Rs27,900 for buying and Rs28,00 for selling of 100 pieces. Standard gold and ornaments dropped by Rs220 each at Rs14,300 and Rs14,150 per 10 gram, respectively. Sovereign, on the other hand, remained unchanged at Rs12,350 per piece of eight gram. Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 10:36 am See AUM growth at 2530% in FY10: Shriram TransportShriram Transport Finance Company has seen increase in disbursements, which indicates revival in Commercial Vehicle (CV) financing. R Shridhar, MD of Shriram Transport Finance Company said, \"We would like to grow Asests Under Management (AUM) at 2530% in FY10.\"Source: Moneycontrol Top Headlines | 17 Apr 2009 | 10:33 am Sensex drops, but closes marginally higherIndian equities markets dipped sharply to give up most of the gains earned during the day's trading Friday, with a key index shutting shop 75.69 points higher after gaining more than 300 points.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 10:31 am Bond yields hold at 5-week lows; auction eyedMumbai: Indian federal bond yields held close to five-week lows on Friday as the oversupply of cash in the banking system led to demand for debt but investors were awaiting for the auction outcome later in the day for cues. At 2pm, the yield on the 10-year benchmark bond was at 6.40% down from 6.43% at the close of Thursday. It fell to as low as 6.36% earlier, the lowest since 16 March. Banks parked more than Rs1 trillion at the central bank’s reverse repo for the sixth consecutive trading session on Thursday, indicating the extent surplus liquidity. The central bank absorbed Rs505.55 billion at its morning reverse repo auction on Friday. The government may sell the 7.56% 2014 bond at 6.15% and the 8.24%, 2027 bond at 7.50% at a twin auction worth a total of Rs120 billion rupees on Friday, a Reuters poll of traders shows. Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 10:31 am Monsoon forecast just below averageNEW DELHI (Reuters) - India's annual monsoon is likely to be 96 percent of the long-term average, which would make it the worst season in five years, although the near normal forecast raised hope for economic support and bumper crops.Source: Reuters: Money News | 17 Apr 2009 | 10:29 am European stocks rise; Citigroup, GE eyedFrankfurt: European shares on Friday were lifted up by steelmaker ArcelorMittal after Japanese steel shares, banks, and techs that included Nokia and Ericsson rose. By 02:10pm, the FTSEurofirst 300 index of top European shares was up 0.4% at 805.09 points, having hit a fresh two-month high at 807.83 points earlier. Banks added most points to the index, with UBS up 3.5% and Deutsche Bank 1.8% higher. “European markets are taking their cue mainly from Wall Street,” said Michael Koehler, equity strategist at LBBW. US stocks rallied overnight as reassuring results from bellwethers, including Google, lifted technology shares and JPMorgan’s better-than-expected profit added to banking sector stabilization hopes. On Friday’s corporate earnings front, eyes will be on first-quarter reports from Citigroup and General Electric, both due for release before the US stock markets open. “Positive surprises from Citigroup and GE could further fuel the cautious recovery of risk appetite,” Commerzbank said in a note. Koehler at LBBW said the first-quarter earnings season in the United States had so far surprised positively, especially the banks. “There are hopes that Citigroup will confirm the trend later today,” he said. “But bank shares already price in quite a lot of positive news so the market impact might not be all that big even if Citigroup delivers better than expected results.” He added: “GE is important because its broad range of activities makes it a very good business cycle indicator. GE’s outlook will be very closely watched.” ArcelorMittal, up 3%, was the top non-financial blue-chip gainer in Europe after Japan’s Nippon Steel negotiated a smaller-than-expected price cut with Toyota Motor Corp. “A price reduction of only 10% comes as a positive surprise. Japanese steel shares have profited,” said DZ Bank analyst Dirk Schlamp. The DJ STOXX technology index was the top sectoral gainer in Europe with a rise of 2%. Nokia added 2.2% after rising more than 9% on Thursday as investors cheered the mobile phone maker’s outlook. Shares in telecoms equipment maker Ericsson, whose SonyEricsson mobile phone joint venture reported a first-quarter loss in line with expectations and said it would slash another 2,000 jobs this year, rose 2.9%. In addition to the results from Citigroup and GE, investors will also focus on the Reuters/University of Michigan’s US consumer confidence survey for April due at 05:25pm. “Consumer sentiment in the US could show a mild improvement, as confidence on the equity markets has also risen,” said Helaba analyst Ralf Umlauf. ING said financial markets had been buoyed by data suggesting that the US economy may contract at a slower rate over coming quarters. “Improvements in a range of economic releases, including household consumption, new orders figures and housing activity reports, suggest that Q4 2008 will turn out to have recorded the worst GDP growth figure and that numbers are likely to be better, but still negative, through 2009,” ING said in a note. However, Landesbank Berlin (LBB) warned of volatile and downward trending stock markets in the coming months. “The (Q1 corporate earnings) reporting season which has just begun should be marked by profit disappointments and a lack of outlooks,” LBB said in a strategy note. “We regard the explosion in bank shares as exaggerated,” LBB added. Measured by the DJ STOXX sector index, European bank shares have risen more than 80% since 9 March, outpacing the broader European market’s 25% rise. Source: Home - Livemint.com | 17 Apr 2009 | 9:53 am Cethar to implement transparency measures for higher salesFor K. Subburaj, chairman of the Rs.725-crore boiler manufacturer Cethar Vessels, the economic slowdown has taught two important lessons - put everything on the client's table, and not dip into his own resources till pending dues are cleared.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 9:34 am Markets off day's high but hold on to gainsIndian equities markets slid from the day's highs but were still ruling considerably in the green about 90 minutes before end of trade Friday, with a key index trading about 303.88 points higher than its previous close.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 9:33 am 'Energy deficit to hit industrial production in May-June'Industrial production in the northern and western regions is likely to decline nearly 30 percent in May and June due to a worsening power deficit, said a report by an industry lobby released Friday.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 9:32 am Indo-Canadian nuclear deal soon: MontekToronto: After sealing nuclear fuel supply deals with Russia and France, India is very close to inking a similar agreement with Canada. With New Delhi planning to import reactors upto 20,000 MW of capacity in next 10 years, it has laid down a road map for strategic partnership with Ottawa and is “very close” to signing a nuclear cooperation agreement, Montek Singh Ahluwalia, deputy chairman of Planning Commission said here. “This offers a major market opportunity to Canadian firms to sell nuclear reactors, fuel and technology for safeguarded nuclear reactors but they have to compete with France, the US, Russia and Australia,” Ahluwalia said at a three-day Indo-Canada Energy Conference. “Both countries are very close to signing a bilateral nuclear cooperation agreement. A joint study group is working on Free Trade Agreement,” Ahluwalia said. Commending Canada’s efforts at the nuclear supply club, Ahluwalia said, India is committed to restart closer nuclear cooperation with the country. He also invited Canadian help in providing clean coal technology, non-renewable energy sources like solar and wind energy to help improve India’s energy security. Canadian minister for Natural Resources Lisa Raitt said Canada, which is the fifth largest producer of energy, was committed to strengthening energy relations with India and “both countries are working a bilateral nuclear cooperation agreement”. Source: Home - Livemint.com | 17 Apr 2009 | 9:32 am DLF asks government to denotify four SEZsHit by severe cash crunch, realty major DLF has requested the central government to denotify four special economic zone (SEZ) projects that were allotted to it.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 9:31 am British Columbia to set up office in ChandigarhBritish Columbia will invest Rs.60 lakh in Chandigarh to set up an office of its in-market business investment and skills liaison representative, a senior official of the Canadian province said here.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 9:31 am Govt defers NELP-VIII on tax break concerns for natural gasThe government on Friday deferred roadshows to promote India's largest ever auction of oil and gas blocks to June due to investor concerns on lack of clarity on tax breaks for natural gas production.Source: India Business News | Business News - Times of India | 17 Apr 2009 | 9:27 am Rupee flat as dollar’s overseas gain hurtsMumbai: The Indian rupee was barely moved in afternoon trade on Friday despite heavy gains in domestic shares as the dollar’s strength against other major currencies overseas weighed. At 2:13pm, the partially convertible rupee was at Rs49.76/77 per dollar, litte changed from its Thursday’s close of Rs49.77/78. It reached a high of Rs49.34 on Thursday, its strongest since 17 February. The dollar index, a gauge of the US unit’s performance against majors, was up 0.7%, weighing on rupee sentiment. Indian shares rose more than 3%, after snapping an eight-session rally in the previous day, with renewed confidence the global economic crisis is bottoming out boosting markets across Asia. Foreigners have bought $1.4 billion worth of Indian shares since mid-March, a key factor that has helped the rupee rise nearly 5 percent from its record low of 52.2 hit on 3 March. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were quoting at Rs49.8175 and Rs49.8125 respectively, with the total traded volume on both exchanges at about $528 million. Source: Home - Livemint.com | 17 Apr 2009 | 9:11 am Two ICICI Bank unit heads to resign - sourcesMUMBAI (Reuters) - The heads of ICICI Bank's private equity unit and life insurance joint venture are likely to resign next week, just ahead of top-level changes in the Indian lender, three sources with knowledge of the matter said.Source: Reuters: Money News | 17 Apr 2009 | 9:06 am Mercator to sharpen focus on dredging, coal miningWith the global freight market remaining dampened due to recessionary trends, Mercator Lines, Indias second largest private shipping company, has decided to sharpen focus on its other businesses dredging and coal mining.Source: Moneycontrol Top Headlines | 17 Apr 2009 | 8:29 am Poor response in Delhi delays MTNL's Mumbai 3G launchState-owned telecom operator Mahanagar Telephone Nigam Ltd (MTNL) Friday said it has postponed the launch of its third generation (3G) mobile services, Jadoo, in Mumbai to May.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 8:04 am Slush funds stashed abroad a threat to security: AdvaniExpressing apprehensions that Indian slush funds stashed abroad could be used for terrorism, Bharatiya Janata Party (BJP) leader L.K. Advani announced here Friday that if voted to power, the National Democratic Alliance (NDA) would bring back the money within 100 days.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 8:02 am DLF to surrender 4 IT/ITeS SEZsThe country's largest real estate player, DLF, on Friday said it has approached the government for surrendering four of its IT-ITeS notified special economic zones (SEZ).Source: Daily News & Analysis: Money News | 17 Apr 2009 | 7:50 am Toshiba to cut 3,900 more jobs: officialTokyo: Japanese high-tech giant Toshiba Corp. will cut a further 3,900 temporary jobs by next March to cope with the global economic downturn, a company official said Friday. Toshiba, which has already laid off 4,500 temporary workers, warned earlier in the day it expects a net loss of 350 billion yen ($3.5 billion) for the financial year that ended last month, even more than previously forecast. Source: Home - Livemint.com | 17 Apr 2009 | 7:47 am Sony Ericsson posts loss, to cut 2,000 jobsStockholm: Mobile phone maker Sony Ericsson on Friday said it would cut 2,000 more jobs after it swung to a loss of 293 million euros ($384 million) in the first quarter of the year. The group, which experienced losses in the third and fourth quarters of last year, had warned in March that its first-quarter figures would be weak because of recession in major economies that has hit demand for its handsets. It vowed to deepen job cuts announced last year in a bid to reduce costs and return to profitability. “The additional cost saving program announced today will include a further reduction in the global workforce of approximately 2,000 people,” the company said in a statement. The global economic slowdown has reduced demand for consumer electronics and established handset makers such as Sony Ericsson and market leader Nokia must also contend with the runaway success of Apple’s iPhone, which dominates the high-end segment of the market. Nokia reported a 90% drop in its first-quarter net profit and a more than 25% decline in sales on Thursday. Ericsson has been trying to focus its business on fast-growing emerging markets in order to reduce dependence on its traditional, near-saturation European zone. As a result it has sold more low-end phones where prices are lower and the competition is tougher, analysts say, but it has lacked the products to make a splash in emerging markets such as China and India. In the fourth quarter, it made a loss of 187 million euros. Source: Home - Livemint.com | 17 Apr 2009 | 7:46 am Retail sector reboots as slowdown pinchesMUMBAI (Reuters) - An economic slowdown is prompting India's retailers to sharpen their focus, while foreign firms are pausing after scrambling to enter a market named most attractive retail destination three years running.Source: Reuters: Money News | 17 Apr 2009 | 7:41 am YouTube to soon show movies, TV showsWashington: YouTube has reached agreement with Sony Pictures and other Hollywood studios to show full-length movies and television shows on the video-sharing website, leading technology blogs reported on Thursday. TechCrunch, a well-connected Silicon Valley blog, said other studios and media companies which have agreed to allow their content to be posted for free on the Google-owned site include Metro Goldwyn Mayer, CBS, Lionsgate, Starz and the BBC. Internet news agency CNET said YouTube was expected to announce the agreement to bring more professional content to the site later Thursday. It said the YouTube plan calls for “a redesign of its website to create separate areas for professionally made content” and user-generated video. The studios and YouTube would reportedly share advertising revenue. CNET said the studios will control advertising for the films shown on YouTube. The move by YouTube is its latest attempt to bring more professional content to the site known for its amateur videos and to generate revenue. YouTube already has agreements with MGM, CBS and Lionsgate, but they concern the hosting of only a few shows from their vast archives. Earlier this month, Universal Music Group and YouTube announced plans to launch a music video website, VEVO.com, featuring artists from the world’s largest music company. Google purchased YouTube in 2006 for $1.65 billion and has been searching for ways to translate its immense popularity into a money-making venture. YouTube has been facing increasing competition from services such as iTunes and websites such as Hulu, a partnership between NBC Universal and News Corp.’s Fox, which air full-length television shows. Google chief executive Eric Schmidt declined during a conference call with analysts on Thursday to comment on the reports that YouTube was close to a deal with top Hollywood studios. But he did say to expect an announcement “very, very soon.” Source: Tech News - Livemint.com | 17 Apr 2009 | 7:26 am Google’s search for savings boosts Q1 profit 9%San Francisco: The recession is prodding Google Inc. to grow up faster than a lot of people anticipated. With its revenue growth rapidly decelerating, Google has been clamping down on its expenses with a ferocity that seemed unthinkable a year ago when the Internet search leader was still known for its spendthrift ways. Besides pampering its rapidly expanding work force, Google rarely hesitate to invest in new products without worrying whether they would make money. A more disciplined approach paid off in the first quarter as Google’s profit climbed 9% to surpass analyst expectations. But the pleasant surprise, announced late Thursday, didn’t seem to excite investors. Google shares dipped 50 cents in extended trading after finishing the regular session at $388.74, up $9.24. “People might not be willing to pay as much for a company that’s increasing its earnings with cost cutting instead of revenue growth,” said Signal Hill Group analyst Todd Greenwald. Google executives say they believe there will be still be plenty of room for more growth once the economy emerges from its deepest downturn in nearly 30 years. “Ninety-five percent of all our internal discussions are still about growth,” Patrick Pichette, Google’s chief financial officer, said in a Thursday interview. “But it would be irresponsible not to watch our expenses in a tough economy like this.” When the recession first began in December 2007, Google seemed largely unfazed. But those carefree days are clearly gone. “No company is recession-proof,” Google chief executive Eric Schmidt told analysts in a Thursday conference call. “Google is absolutely feeling the impact.” Schmidt offered no guesses on when the conditions might improve, emphasizing the global economy is remains in “uncharted territory.” Still, Google is holding up far better than other advertising-driven businesses, largely because it relies on a marketing system that has proven to be less expensive and more effective than more traditional media. The Mountain View-based company earned $1.42 billion, or $4.49 per share in the first quarter. That compared with net income of $1.31 billion, or $4.12 per share, at the same time last year. If not for employee stock compensation costs, Google said it would have made $5.16 per share. On that basis, Google exceeded the average estimate of $4.93 per share among analysts surveyed by Thomson Reuters. Google’s first-quarter revenue totaled $5.5 billion. That was up by just 6 percent from last year, marking the first time the company has posted less than double-digit revenue growth since its August 2004 initial public offering. After subtracting commissions paid to its advertising partners, Google’s revenue stood at $4.07 billion about $10 million below analyst estimates. In a telling sign of the recession’s toll, Google’s revenue fell from one quarter to the next for the first time. Its revenue in the prior quarter had been $5.7 billion. Google started to pinch pennies last summer when it hired Pichette as its new chief financial officer. The austerity campaign has included jettisoning a significant number of contractors, laying off some employees, curtailing perquisites and closing down unpopular services that had little chance of yielding a profit. Google shaved its operating expenses to $1.52 billion during the first three months of the year, an 8% decline from the fourth quarter. As part of the new frugality, Google reduced its work force for the first time. The company ended March with 20,164 employees, 58 fewer than in December. That may not seem like much, but it represents an abrupt about-face for a company that hired nearly 10,000 people in the previous two years. Pichette said Google is still hiring engineers and doesn’t plan to lay off any more workers. Google curbed its spending on new computing centers and other major projects even more dramatically. Capital expenditures totaled $263 million, a drop of 69 % from the same time last year. “My personal view on this is it’s all about making us a better efficiency engine, that the changes and sort of tightness with which we’re running now will put us in a stronger position as the recovery comes out,” Schmidt said. Even as it becomes more stingy, Google intends to still invest in areas that could help the company finally diversify beyond the text-based ads that generate most of its revenue. Google views its YouTube video site and Android software for mobile devices as two of its biggest moneymaking opportunities. Although YouTube hasn’t emerged as a major marketing vehicle since Google bought the site for $1.76 billion in late 2006, it keeps adding more professional video that traditionally has attracted advertising. In a separate announcement Thursday, YouTube said it had struck a deal to sell ads during full-length movies and TV shows that several major studios are allowing to be played on the Web site. The Android software introduced last year now accounts for about 8% of all mobile Web browsing to rank second behind Apple Inc.’s iPhone, Google executives said Thursday. Without providing specifics, Schmidt said Android’s usage will expand later this year as part of “quite significant” announcements by Google involving several new pieces of hardware. Google is counting on Android to help the company dominate advertising on mobile devices as thoroughly as it does now on office and home computers connected to the Internet. Source: Tech News - Livemint.com | 17 Apr 2009 | 7:18 am Google’s search for savings boosts Q1 profit 9%San Francisco: The recession is prodding Google Inc. to grow up faster than a lot of people anticipated. With its revenue growth rapidly decelerating, Google has been clamping down on its expenses with a ferocity that seemed unthinkable a year ago when the Internet search leader was still known for its spendthrift ways. Besides pampering its rapidly expanding work force, Google rarely hesitate to invest in new products without worrying whether they would make money. A more disciplined approach paid off in the first quarter as Google’s profit climbed 9% to surpass analyst expectations. But the pleasant surprise, announced late Thursday, didn’t seem to excite investors. Google shares dipped 50 cents in extended trading after finishing the regular session at $388.74, up $9.24. “People might not be willing to pay as much for a company that’s increasing its earnings with cost cutting instead of revenue growth,” said Signal Hill Group analyst Todd Greenwald. Google executives say they believe there will be still be plenty of room for more growth once the economy emerges from its deepest downturn in nearly 30 years. “Ninety-five percent of all our internal discussions are still about growth,” Patrick Pichette, Google’s chief financial officer, said in a Thursday interview. “But it would be irresponsible not to watch our expenses in a tough economy like this.” When the recession first began in December 2007, Google seemed largely unfazed. But those carefree days are clearly gone. “No company is recession-proof,” Google chief executive Eric Schmidt told analysts in a Thursday conference call. “Google is absolutely feeling the impact.” Schmidt offered no guesses on when the conditions might improve, emphasizing the global economy is remains in “uncharted territory.” Still, Google is holding up far better than other advertising-driven businesses, largely because it relies on a marketing system that has proven to be less expensive and more effective than more traditional media. The Mountain View-based company earned $1.42 billion, or $4.49 per share in the first quarter. That compared with net income of $1.31 billion, or $4.12 per share, at the same time last year. If not for employee stock compensation costs, Google said it would have made $5.16 per share. On that basis, Google exceeded the average estimate of $4.93 per share among analysts surveyed by Thomson Reuters. Google’s first-quarter revenue totaled $5.5 billion. That was up by just 6 percent from last year, marking the first time the company has posted less than double-digit revenue growth since its August 2004 initial public offering. After subtracting commissions paid to its advertising partners, Google’s revenue stood at $4.07 billion about $10 million below analyst estimates. In a telling sign of the recession’s toll, Google’s revenue fell from one quarter to the next for the first time. Its revenue in the prior quarter had been $5.7 billion. Google started to pinch pennies last summer when it hired Pichette as its new chief financial officer. The austerity campaign has included jettisoning a significant number of contractors, laying off some employees, curtailing perquisites and closing down unpopular services that had little chance of yielding a profit. Google shaved its operating expenses to $1.52 billion during the first three months of the year, an 8% decline from the fourth quarter. As part of the new frugality, Google reduced its work force for the first time. The company ended March with 20,164 employees, 58 fewer than in December. That may not seem like much, but it represents an abrupt about-face for a company that hired nearly 10,000 people in the previous two years. Pichette said Google is still hiring engineers and doesn’t plan to lay off any more workers. Google curbed its spending on new computing centers and other major projects even more dramatically. Capital expenditures totaled $263 million, a drop of 69 % from the same time last year. “My personal view on this is it’s all about making us a better efficiency engine, that the changes and sort of tightness with which we’re running now will put us in a stronger position as the recovery comes out,” Schmidt said. Even as it becomes more stingy, Google intends to still invest in areas that could help the company finally diversify beyond the text-based ads that generate most of its revenue. Google views its YouTube video site and Android software for mobile devices as two of its biggest moneymaking opportunities. Although YouTube hasn’t emerged as a major marketing vehicle since Google bought the site for $1.76 billion in late 2006, it keeps adding more professional video that traditionally has attracted advertising. In a separate announcement Thursday, YouTube said it had struck a deal to sell ads during full-length movies and TV shows that several major studios are allowing to be played on the Web site. The Android software introduced last year now accounts for about 8% of all mobile Web browsing to rank second behind Apple Inc.’s iPhone, Google executives said Thursday. Without providing specifics, Schmidt said Android’s usage will expand later this year as part of “quite significant” announcements by Google involving several new pieces of hardware. Google is counting on Android to help the company dominate advertising on mobile devices as thoroughly as it does now on office and home computers connected to the Internet. Source: Home - Livemint.com | 17 Apr 2009 | 7:18 am Retail sector reboots as slowdown pinchesMumbai: An economic slowdown is prompting India’s retailers to sharpen their focus, while foreign firms are pausing after scrambling to enter a market named most attractive retail destination three years running. As economic growth picked up to more than 9% in recent years, a swelling middle class attracted big Indian companies such as Reliance, Tata Group, Aditya Birla group and Bharti Enterprises to the retail sector. Global retailers Wal-Mart, Tesco and Germany’s Metro AG also felt the pull. But the lure has dimmed as economic growth has slowed to below 7% and spending has tightened. Retailers are closing stores, curbing spending and repositioning themselves to ride out the tough times. But the shake-out should leave the sector in a stronger position to take advantage of any rebound in growth, analysts say. Brokerage Edelweiss Securities expects the upheaval to last 12-18 months. “This will test the resilience of business models and operational efficiencies. Players who can continue to attract consumers with attractive discounts and maintain efficiencies in the system will emerge winners,” Edelweiss analyst Priya Ayyar said in a report. “We expect value retailers like Pantaloon Retail to fare better.” AT Kearney, which ranked India the most attractive retail destination from 2006 to 2008 in its annual Global Retail Development Index, last year valued the Indian retail market at $511 billion. It sees this rising to $833 billion by 2013. But in a market dominated by small-scale owner-operators, often using basic and temporary premises, organised retail is estimated at less than 5%, offering huge potential for growth. Changing strategies Subhiksha Trading Services, which operated about 1,600 discount stores across India, ran out of cash last October. The unlisted company’s operations are nearly at a standstill and it is undergoing a “debt restructuring exercise.” The setback for retailers in India is seen as a necessary one after companies opened outlets at a furious pace in unviable locations at exorbitant rents, charting out ambitious expansion plans relying on debt. “They will now look at how to run a fundamentally sound business with a proper store format, proper location and headquarter support,” said Anand Raghuraman, partner and director at Boston Consulting Group (BCG). Retailers are starting to put their houses in order. India’s largest listed retailer, Pantaloon Retail, faced with falling sales in various products and high inventory costs, is reworking its strategy. It is focusing on cost and supply chain efficiencies, high-margin private labels, better credit terms and prices from vendors and re-negotiating lease rental agreements, Fitch Ratings said. Pantaloon sales, which dipped in February from the previous month, saw an uptrend in March due to aggressive discounts and promotions. Its shares have risen some 60% from a record low hit on 9 March. Despite slowing sales Pantaloon Retail still figures in buy recommendations by brokerages. Cash-strapped Vishal Retail is closing stores and has no plans to open more next year, but will expand through the franchisee route, says Manmohan Agarwal, chief executive, corporate affairs. British retailer Marks and Spencer, facing falling sales at home, is repositioning itself in India, and is looking at larger format stores to attract more people. “We have not been able to take advantage of the opportunities we had so far,” said Nandini Sethuraman, head of marketing at Marks and Spencer, India. Bigger stores with a good catchment area are seen attracting more customers, she said. “Lower rentals help us identify more viable properties.” Others are more cautious -- Britian’s Home Retail pulled out of an Indian mail-order catalogue venture in January because its expectations had not been met. French retailer Carrefour, which, media reports say is searching for a joint venture partner for its India retail operations, plans to open its wholesale outlets in the country by the end of 2009 or early 2010. Optimism India’s retail sector has been growing at 30-40% annually over the past decade, according to KPMG. It is now expected to grow at a more sedate 15-20% for the next 2-3 years, but the India retail story is still intact. Real estate rentals, a high component of cost, have fallen by up to a quarter from their peaks in November 2007, which will work in the retailers’ favour, analysts said. Consumer spending meanwhile is expected to pick up later in the year. Analysts say the economic slowdown is likely to lead to more focus on value-retailing in clothing and food in coming months and a shift away from lifestyle retailing, a strategy that should benefit local retailers. “Value-retailing players like Pantaloon, Reliance, etc, are more likely to benefit in the current scenario than lifestyle players like Shoppers Stop,” Angel Broking said in a report. Reliance Retail, a subsidiary of top conglomerate Reliance Industries Ltd, had announced plans in recent years to spend more than $5 billion to roll out hundreds of supermarkets across India. Though a thin margin business, the food and beverages sector is seen doing well, BCG’s Raghuraman said. Nestle, with its wide portfolio of products including the popular Maggie noodles, is seen enjoying brand preference. “The segment which Nestle caters to is unlikely to see any downtrading,” broker KR Choksey said in a report. Overseas retailers are still keen on India but prefer to wait for a year or more. Restricted foreign investment in Indian retail puts off overseas firms, who prefer coming in on their own. Single brand foreign retailers are allowed to take up to 51% in a venture with a local firm, while multi-brand retailers are limited to franchise or license operations. “The demographics ... are there, there is still opportunity,” said Anshuman Magazine, chairman and MD, CB Richard Ellis, South Asia Pvt Ltd. Source: Home - Livemint.com | 17 Apr 2009 | 7:11 am Cyber campaigning seen coming of age in Indian electionsThe use of internet for campaigning, being tested in India in the ongoing general elections, will emerge as a powerful medium when the world's largest democracy is ready for the next polls in 2009, concludes a leading tech publication.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 7:04 am BSE robs Gujarat's richestThe plunging Sensex dramatically dragged down the wealth of Gujarat's richest.Source: Daily News & Analysis: Money News | 17 Apr 2009 | 7:02 am Sensex up 372 pointsThe benchmark Sensex was quoted higher at 11,319.29 at 1145 hrs, a net rise of 371.89 points from its previous close.Source: India Business News | Business News - Times of India | 17 Apr 2009 | 6:37 am Sensex regains 11K level, realty, IT stocks attract buyingSensex resumed its winning ways by adding over 75 points to regain the 11,000 level on revival of buying by foreign funds.Source: Daily News & Analysis: Money News | 17 Apr 2009 | 6:03 am Rupee rises marginally by 9 paise against US dollarThe Indian rupee on Friday rose marginally by nine paise to 49.68 against the greenback in early trade on fresh capital inflows by foreign funds.Source: India Business News | Business News - Times of India | 17 Apr 2009 | 5:10 am Israel tops in polished diamonds export list, India secondIndia has emerged as the second largest exporter of polished diamonds in February, losing out to Israel but beating Belgium, a media report said.Source: Daily News & Analysis: Money News | 17 Apr 2009 | 4:33 am Satyam: Unfinished workSo, Satyam Computer, the institution, has been saved and handed over to a credible buyer who can take it forward. The government-nominated Board deserves praise for extricating the company from the mess that it found itself in, stabilising it andSource: Business Line - Home Page | 17 Apr 2009 | 12:00 am Day Trading GuideDLF is experiencing selling pressure at higher levels. Initiate fresh short position if the stock declines below Rs 225, with tight stop. Fresh short positions can be initiated only if ICICI Bank dives below RsSource: Business Line - Home Page | 17 Apr 2009 | 12:00 am Reliance sheds export unit tag for Jamnagar refineryNew Delhi, April 16 Reliance Industries Ltd (RIL) has converted its first refinery (33 million tonne/year) at Jamnagar from an Export Oriented Unit (EoU) to a normal status so that it can sell all its products in the domestic market.Source: Business Line - Home Page | 17 Apr 2009 | 12:00 am MRPL (Rs 49.05): SellWe recommend a sell in Mangalore Refinery and Petrochemicals (MRPL) from a short-term trading perspective. It is clearly apparent from the charts of MRPL that after taking support at Rs 36 in early March, the stock began to trend up. The stockSource: Business Line - Home Page | 17 Apr 2009 | 12:00 am Suzlon shares fall 19% on reports of blade supply problemsChennai, April 16 The shares of Suzlon Energy Ltd, the largest wind turbine manufacturer in the country and the fifth largest in the world, fell nearly 19 per cent on the National Stock Exchange on Thursday on media reports of problems inSource: Business Line - Home Page | 17 Apr 2009 | 12:00 am Banks, mutual funds lap up Tech Mahindra debt issuesMumbai, April 16 The Rs 600-crore non-convertible debenture (NCD) and the Rs 275-crore commercial paper issues of Tech Mahindra have been lapped up by a clutch of mutual funds, banks and insurance companies.Source: Business Line - Home Page | 17 Apr 2009 | 12:00 am Jet asks some operations staff to relocateMumbai, April 16 As part of a cost restructuring exercise, Jet Airways plans to rationalise operations staff in smaller bases such as Hyderabad, Chennai and Bangalore.Source: Business Line - Home Page | 17 Apr 2009 | 12:00 am Ballot amid bullets and blastsNew Delhi; Round one of Election 2009 ended on Thursday with millions of people across 17 States and Union Territories queuing up to vote in a new government amid Maoist violence that marred polling in several places and left atSource: Business Line - Home Page | 17 Apr 2009 | 12:00 am Satyam buy may hasten BT’s exit from Tech MahindraMumbai/New Delhi, April 16 Tech Mahindra’s acquisition of a controlling stake in Satyam Computer Services may speed up BT’s exit from the telecom solutions company, it is reliablySource: Business Line - Home Page | 17 Apr 2009 | 12:00 am High bench strength strained Satyam finances: CBIHyderabad, April 16 The Central Bureau of Investigation, which is probing the Rs 7,136-crore Satyam Computer Services financial fraud, has alleged that the bench strength at Satyam was as high as 40 per cent in offshore (people working in India)Source: Business Line - Home Page | 17 Apr 2009 | 12:00 am China trips, but sights recoveryEconomists bumped up China's growth projections for the full year, saying last year's $585 billion stimulus package was working.Source: Daily News & Analysis: Money News | 16 Apr 2009 | 10:22 pm Airlines chary of fare hikes despite costlier ATFThe last one-and-a-half months have seen three hikes in aviation turbine fuel prices, adding up to 18%. But airlines haven't hiked their fares.Source: Daily News & Analysis: Money News | 16 Apr 2009 | 10:19 pm Bhushan open offer for Orissa Sponge clearedBhushan Steel can go ahead with its open offer to acquire 20% stake in Orissa Sponge Iron and Steel (OSIL)Source: Daily News & Analysis: Money News | 16 Apr 2009 | 10:18 pm What the rich have but we don'tIt's the attitude to take problems head on and a determination to succeed.Source: Daily News & Analysis: Money News | 16 Apr 2009 | 10:14 pm Food items rise but inflation drops to 30-yr lowIn the week ended April 4, general food items cost 1.2% more than the preceding week and 7.29% higher than their rates prevailing a year ago.Source: India Business News | Business News - Times of India | 16 Apr 2009 | 10:10 pm 'Indian investors most optimistic in Q1'Indian investors have emerged as the most optimistic lot in Asia and along with their Chinese counterparts have driven an increase in the regions overall investor sentiment in the first quarter of this year.Source: India Business News | Business News - Times of India | 16 Apr 2009 | 8:04 pm Spice owners to raise stake in companySpice Mobiles Ltd on Thursday said that its promoter Spice Televentures will make an open offer for purchase of additional shares from the public shareholders.Source: India Business News | Business News - Times of India | 16 Apr 2009 | 7:54 pm RIL ends export status of old refineryMukesh Ambani's Reliance Industries Ltd has ended the export status of its old refinery at Jamnagar.Source: India Business News | Business News - Times of India | 16 Apr 2009 | 7:48 pm Fifa unsure of TechMa-Satyam deal impact on World CupWorld football body Fifa is assessing the impact of the Tech Mahindra (TechMa) takeover of Satyam as to whether it will be able to undertake its commitments as IT services provider to the 2010 soccer World Cup in South Africa.Source: India Business News | Business News - Times of India | 16 Apr 2009 | 7:46 pm New Satyam directors get immunity shieldThe Company Law Board on Thursday granted immunity shield to the directors to be appointed on the Satyam board by Tech Mahindra.Source: India Business News | Business News - Times of India | 16 Apr 2009 | 7:45 pm Foreign airlines pull out of IndiaCite high airport charges, fall in premium inbound travel as reasons.Source: Business Standard | Front Page Headlines | 16 Apr 2009 | 7:28 pm SBI to lend Vodafone Rs 10,000 crState Bank of India has agreed to lend Vodafone-Essar, the joint venture between UKs Vodafone and Essar, Rs 10,000 crore to finance the companys entry into 3G (third generation) telecom services and expansion of its broadband operations.Source: Business Standard | Front Page Headlines | 16 Apr 2009 | 6:37 pm Tawang votes under China's shadowIt is voting day at the magnificent Tawang Gompa, or monastery, which looms over this border town, perched at 10,000 feet, high on the China border. At 10.30 a.m. 171 of the 265 monks eligible to vote have already cast their ballots. Others wait in their crimson and ochre robes, while polling officers send off a first time voter to fetch proof of his identity.Source: Business Standard | Front Page Headlines | 16 Apr 2009 | 6:34 pm CLB approves Tech M bidThe Company Law Board (CLB) today completed the formality of approving the induction of Venturbay, a subsidiary of Tech Mahindra, as the strategic investor to acquire a 31 per cent stake in Satyam Computer Services and asked it to deposit Rs 1,756 crore for the deal by April 21 in a designated account.Source: Business Standard | Front Page Headlines | 16 Apr 2009 | 6:32 pm Microsoft launches server for SMEsNew Delhi: Software giant Microsoft on Thursday launched new server targeting small and medium enterprises (SMEs) in association with HP and Dell in the domestic market. Christened as Windows Server 2008 Foundation, the operating system has been launched in 40 countries including India, and will be available in the Indian market by month-end. “We are looking at making the product available at affordable prices and within the reach of small businesses. We have already partnered with HP and Dell to roll out the product by month end,” Microsoft president (Server and Tools Business) Bob Muglia said here. The company is also talking to other original equipment manufacturers (OEM) to further strengthen the distribution channel for Windows Server 2008 Foundation, he added. Muglia said though the pricing of the product would be OEM dependent, the cost of the software would be around to $150 to 200. “Windows Server 2008 Foundation is equipped with all the features required for any average firm except for virtualisation as we felt, SMEs are not so inclined to go in for virtualisation,” Muglia said. Source: Tech News - Livemint.com | 16 Apr 2009 | 2:57 pm
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