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Venture investments fall 61 % in 1st quarter!US venture capital investments sank 61 percent in the first quarter, dropping to the lowest level in 12 years as financiers became even warier about sinking funds into startups during a deepening recession.Source: Zee News : Business | 18 Apr 2009 | 12:08 pm GM needs $5 bln more govt aid `soon`!General Motors will need five billion dollars in additional government aid "soon," Chief Executive Fritz Henderson has said in an update on the troubled automaker`s restructuring plans.Source: Zee News : Business | 18 Apr 2009 | 12:08 pm GE profit down 35%, but tops forecasts!US conglomerate General Electric has reported a 35 percent drop in first-quarter profit to 2.89 billion dollars, but beat expectations as its financial arm remained profitable.Source: Zee News : Business | 18 Apr 2009 | 12:08 pm Times Card celebrates its first anniversaryTimesofMoney celebrates the first anniversary of Times Card (a joint initiative of Barclaycard and TimesofMoney) with a series of fabulous offers exclusively for its customers.Source: India Business News | Business News - Times of India | 18 Apr 2009 | 11:48 am China says key currency countries need watchingBOAO, China (Reuters) - Chinese Premier Wen Jiabao said on Saturday that the economic polices of countries which issue global reserve currencies require closer supervision as part of building a diversified international monetary system.Source: Reuters: Money News | 18 Apr 2009 | 11:45 am Jet Airways hikes fuel surcharge by up to Rs 300In the midst of a massive restructuring to cut costs and overcome a liquidity crunch, private carrier Jet Airways on Saturday hiked fuel surcharge on domestic flights by up to Rs 300.Source: India Business News | Business News - Times of India | 18 Apr 2009 | 11:25 am Jewellers await festival sparks as prices dip - Economic Times
Source: Google News India - Business | 18 Apr 2009 | 10:59 am Gold flat, silver falls by Rs 250Gold prices remained weak for the fourth straight day in the national capital by losing another Rs 10 to Rs 14,290 per 10 gram on constant selling by stockists in tandem with subdued global trend.Source: India Business News | Business News - Times of India | 18 Apr 2009 | 10:56 am Sony Ericsson W705 Music Phone Launched in India - Techtree.com
Source: Google News India - Business | 18 Apr 2009 | 10:34 am 'Modi must give credit to Congress for Gujarat's development'Gujarat Chief Minister Narendra Modi must start giving credit to the Congress party in public forums for laying the foundation for the rapid industrialisation of Gujarat during the early 1990s, Congress spokesperson Abhishek Singhvi said here Saturday.Source: IndiaeNews.com: Business News | 18 Apr 2009 | 10:31 am Obama says he'll cut dozens of wasteful programsWASHINGTON (Reuters) - President Barack Obama said on Saturday he would soon announce the elimination of dozens of wasteful or ineffective government programs as part of a broad effort to restore fiscal accountability to the federal budget.Source: Reuters: Money News | 18 Apr 2009 | 10:06 am Delta closes Indian call centersAirlines officials said the decision is driven by poor customer feedback. This could come as a major setback to India's flourishing call centers.Source: Daily News & Analysis: Money News | 18 Apr 2009 | 9:11 am After car, home, SBI extends special agri loans till SeptSBI on Saturday said it has extended the period of its concessional financing to the farmers against warehouse receipts by another five months to September 30.Source: India Business News | Business News - Times of India | 18 Apr 2009 | 9:10 am Lanco Infratech to invest Rs 15,000 cr in powerLanco Infratech Ltd (LITL) has firmed up plans to make up to Rs 15,000 crore capital investments in the power sector during 200910.Source: Moneycontrol Top Headlines | 18 Apr 2009 | 9:05 am BEML eyes Latin American mining market with Brazil unitBEMLs Brazilian production facility has got going and will be the platform for the promising Latin American mining market, the defence PSU announced on Friday.Source: Moneycontrol Top Headlines | 18 Apr 2009 | 9:04 am Telecom players not looking at just volumesDespite the fact that lower tariffs have resulted in higher growth in mobile subscriber base, telecom players in the country continue to price any new service or technology they launch at a premium rate initially.Source: Moneycontrol Top Headlines | 18 Apr 2009 | 9:02 am Satyam employees still anxious over layoffs - Myiris.com
Source: Google News India - Business | 18 Apr 2009 | 9:00 am Kotak Mahindra Bank objects to Subhiksha mergerKotak Mahindra Bank today filed an objection to the proposed SubhikshaBlue Green merger in the Madras High Court, and hearing on this is adjourned to April 28.Source: Moneycontrol Top Headlines | 18 Apr 2009 | 9:00 am RBI nod for 4 credit information companiesMumbai: The Reserve Bank of India said on Friday it has given in-principle approval to four entities to set up credit information companies. The four companies that received approval were Credit Information Bureau (India) Ltd, Equifax Credit Information Services Pvt. Ltd, Experian Credit Information Co. of India Pvt. Ltd, and Highmark CreditInformation Services Pvt. Ltd. The central bank had invited applications from companies which want to continue or commence business credit information under the Credit Information Companies Act, 2005. It received 13 applications for the same. “The Reserve Bank set up a high level advisory committee for expert opinion on the applications received and recommending the names of the companies which the Reserve Bank could consider for granting certificate of registration for setting up or continuing as a credit information company,” the RBI release said. Source: LatestNews-Home - Livemint.com | 18 Apr 2009 | 8:38 am Cong fields JP Agarwal from Tytler’s seatNew Delhi: The Congress party on Friday nominated J.P. Agarwal from north-east Delhi seat and Ramesh Kumar from south Delhi for the Lok Sabha polls, a party release said. The party had earlier appointed Jagdish Tytler and Sajjan Kumar from those seat, respectively. However, their candidature was withdrawn following the incident of a Sikh journalist hurling a shoe at home minister P. Chidambaram. The journalist was protesting Central Bureau of Investigation’s clean chit to Tytler in the 1984 anti-Sikh riots case. While, Ramesh Kumar is the brother of Sajjan Kumar, Agarwal is a sitting Rajya Sabha member. Source: LatestNews-Home - Livemint.com | 18 Apr 2009 | 8:38 am Results | PFC net profit rises 33% in fourth quarter - Livemint
Source: Google News India - Business | 18 Apr 2009 | 8:26 am Reliance refinery sheds export unit tagMUMBAI (Reuters) - Reliance Industries Ltd said it had surrendered its export oriented unit (EOU) status for its refinery in Gujarat so it could sell to the domestic market as well.Source: Reuters: Money News | 18 Apr 2009 | 8:20 am Tech Mahindra raises Rs 600cr debtSoftware firm Tech Mahindra, which needs to pay Rs 1,756 crore by April 21 for acquisition of a 31% stake in scam-hit Satyam Computer, today said it has raised Rs 600 crore of debt through issuance of bonds.Source: India Business News | Business News - Times of India | 18 Apr 2009 | 8:18 am Markets inched upwards during the weekIndian equities markets inched up at the end of a truncated week Friday, posting marginal gains even as opinion remained divided over the sustainability of the rally that has taken a key index over the 11,000 mark.Source: IndiaeNews.com: Business News | 18 Apr 2009 | 8:01 am Results | PFC net profit rises 33% in fourth quarterMumbai:Power Finance Corp. Ltd (PFC) said fourth-quarter profit rose 33% after higher loan disbursals. Net income climbed to Rs391 crore in the three months ended 31 March from Rs295 crore a year earlier, the New Delhi-based firm said in a statement. The company plans to borrow Rs23,000 crore during the financial year ending March 2010, chairman Satnam Singh told reporters in Mumbai on Friday. Loan approvals may increase 15% to Rs58,100 crore, PFC had said on 31 March. The company aims to disburse Rs21,160 crore of loans during the year. Source: LatestNews-Home - Livemint.com | 18 Apr 2009 | 7:58 am Legal | Kasab seeks to retract confessionMumbai:Mohammed Ajmal Kasab, the sole surviving gunman from November’s terrorist attacks in Mumbai, on Friday sought to retract his confession of involvement in the assault, saying it was obtained under duress. “This was extracted under coercion and force and was not voluntary,” Kasab’s lawyer Abbas Kazmi told the court in Mumbai that’s trying him. “He was being physically tortured during custody and the signature was obtained by force.” The court had earlier on Friday rejected a plea by Kazmi that Kasab was a juvenile, to prevent proceedings from being stalled. “The plea seems to be to delay the trial,” judge M.L. Tahaliyani said. Kazmi told the judge that his client had been underage when the attack took place. The prosecution countered that Kasab said in his confession that his date of birth was 13 September 1987, making him 21 years of age. Source: LatestNews-Home - Livemint.com | 18 Apr 2009 | 7:55 am Trichet says ECB must watch prices, may cut ratesTOKYO (Reuters) - ECB President Jean-Claude Trichet said the bank must guard against inflation as it prepares to use unconventional policies to contain the financial crisis, although he left the door open to another interest rate cut.Source: Reuters: Money News | 18 Apr 2009 | 7:42 am '2009 a difficult yr for port sector'Gujarat's first private port, Gujarat Pipavav Port Ltd (GPPL), is now into commercial phase since it has completed its first project phase.Source: Daily News & Analysis: Money News | 18 Apr 2009 | 7:33 am Satyam Buyer Inherits Bloated Work Force - Wall Street Journal
Source: Google News India - Business | 18 Apr 2009 | 7:31 am Double-decker container train arrives at MundraMundra Port and SEZ Ltd seems to be on a record-setting spree, receiving the country's first hi-cube double-decker container train.Source: Daily News & Analysis: Money News | 18 Apr 2009 | 7:31 am 'Economic recovery in sight in 6-8 months'Ashok Chawla, secretary department of economic affairs, ministry of finance, talks to DNA about the economic indicators.Source: Daily News & Analysis: Money News | 18 Apr 2009 | 7:30 am 'Little political risk for corporates in India'Ashok Chawla says policies for industries do not change when new govt is formed.Source: Daily News & Analysis: Money News | 18 Apr 2009 | 7:29 am Tech Mahindra raises Rs 600 cr debtSoftware firm Tech Mahindra, which needs to pay Rs 1,756 crore by April 21 for acquisition of a 31 per cent stake in Satyam has raised Rs 600 crore of debt.Source: Daily News & Analysis: Money News | 18 Apr 2009 | 7:13 am Satyam has 10 pct extra staff says chairman - reportMUMBAI (Reuters) - Fraud-hit Satyam Computer Services Ltd may have up to 10 percent excess staff, a local newspaper reported on Saturday, quoting the head of the company's government-appointed board.Source: Reuters: Money News | 18 Apr 2009 | 6:54 am Now, insurers & telcos too can check your credit history - Economic Times
Source: Google News India - Business | 18 Apr 2009 | 6:53 am Smartphones put the world in your handsGone are the days when phones were used basically for their essential features of making and receiving calls.Source: Daily News & Analysis: Money News | 18 Apr 2009 | 6:47 am Wanted: 25K techies a yearPower generation projects under Vibrant Guj '09 and 11th Plan require 1.14 lakh staff.Source: Daily News & Analysis: Money News | 18 Apr 2009 | 6:43 am As stocks tumble, city elite turn to satta to earn quick buckA city-based bookie told DNA that members of the city's elite are no less enthusiastic in gambling on the illegal satta-betting, particularly over cricket matches.Source: Daily News & Analysis: Money News | 18 Apr 2009 | 6:33 am FIIs slash stake in Gujarat PSUsGopal Modi & Sachin Kumar. AhmedabadThe global meltdown and the 'charity proposal' that state PSUs contribute 30% of their profit-before-tax to social development, has led to FIIs withdrawing their money.Source: Daily News & Analysis: Money News | 18 Apr 2009 | 6:31 am RBI may cut key rates by up to 50 bps, say bankers - Hindu Business Line
Source: Google News India - Business | 18 Apr 2009 | 5:07 am Govt releases 6 lakh tonnes of additional sugar - Hindu
Source: Google News India - Business | 18 Apr 2009 | 5:04 am BEML eyes Latin American mining market with Brazil unit - Moneycontrol.com
Source: Google News India - Business | 18 Apr 2009 | 4:09 am Wall St Week Ahead: Earnings deluge may swamp rallyNEW YORK (Reuters) - A torrent of earnings threatens to swamp Wall Street's impressive rally next week, as results so far have shown the corporate outlook remains murky and investors worry that better-than-expected results from banks still don't prove the sector is stable.Source: Reuters: Money News | 18 Apr 2009 | 4:06 am U.S. closed banks match total for all of 2008WASHINGTON (Reuters) - Regulators closed banks on Friday in Missouri and Nevada, bringing the total of U.S. bank failures this year to 25 and matching the number that failed throughout all of 2008, as the struggling economy and falling home prices take their toll on financial institutions.Source: Reuters: Money News | 18 Apr 2009 | 1:55 am EXCLUSIVE - GM readies all-equity offer for debt - sourcesDETROIT/NEW YORK (Reuters) - The Obama administration has directed General Motors Corp to prepare a new restructuring plan that would pay off bondholders and the automaker's major union in stock in exchange for $48 billion in debt, people briefed on the plan said on Friday.Source: Reuters: Money News | 18 Apr 2009 | 12:45 am The IPL revolutionThe second season of the Indian Premier League (IPL) is due to start in South Africa today. The popular T20 league has already demolished some of the old assumptions of how the game of cricket is watched and managed. Indian cricket fans are intensely nationalist. Their primary loyalty is to the national team—at least since the Ranji Trophy became less important after the mid-1980s. IPL is a step back into the future, with passions divided on regional lines. This is a throwback to the old days when the struggle for Ranji supremacy between Mumbai, Delhi and Karnataka led to great cricketing battles, even as IPL added more than a dash of glitz to the show. The second innovation was in the sale of team franchises and players to investors at mind-boggling prices. The huge rise in the valuation of Rajasthan Royals suggests that the business model, too, has chances of success. Now, the next innovation: globalization. Indian and local fans in South Africa, for example, will cheer a Chennai team led by a Jharkhand lad. An irrevocable change. Source: Home - Livemint.com | 18 Apr 2009 | 12:05 am RBI may put cap on reverse repo windowMumbai, April 17 The Reserve Bank of India may curtail the quantum of surplus funds that banks can park daily at its reverse repo window in a bid to get them to lend more to the productive sectors of the economy, say stakeholders in the bankingSource: Business Line - Home Page | 18 Apr 2009 | 12:00 am ‘It is a tribute to Team Satyam & their capability’New Delhi, April 17 The easy smile is so characteristic of the man himself. And yet, this time around, it also comes with the satisfaction of having scripted the sale of a company that many believed was beyond repair just a quarter back. Mr KiranSource: Business Line - Home Page | 18 Apr 2009 | 12:00 am ‘Near-normal’ monsoon forecastThiruvananthapuram, April 17 India Meteorological Department (IMD) has said that rainfall during this year’s southwest monsoon season (June to September) will be ‘near normal’ for the country as a whole.Source: Business Line - Home Page | 18 Apr 2009 | 12:00 am Investors turn selective ahead of IT companies’ resultsMumbai, April 17 IT shares had a mixed day ahead of the results that several of the companies will be issuing next week.Source: Business Line - Home Page | 18 Apr 2009 | 12:00 am And now, ‘Ayurvedic Economics’After the financial crisis hit the West and the Rest like a tsunami in the third quarter of last year, the German online magazine Spiegel International of November 12, 2008 published the views of five Nobel prize winning economists onSource: Business Line - Home Page | 18 Apr 2009 | 12:00 am ‘Rs 70 lakh cr Indian money in Swiss banks, other havens’Mumbai, April 17 Slush money stashed away in secret Swiss bank accounts and other tax havens across the world has come into sharp focus again, with the Bharatiya Janata Party’s Prime Ministerial candidate, Mr L.K. Advani, underlining theSource: Business Line - Home Page | 18 Apr 2009 | 12:00 am India upset over ADB’s decision to put off board meetNew Delhi, April 17 India has expressed its strong displeasure to the Asian Development Bank (ADB) over its decision to postpone the March 27 board meeting that was scheduled to discuss the 2009-12 country strategy, according to highly placedSource: Business Line - Home Page | 18 Apr 2009 | 12:00 am Centre announces extra 6 lt as free sale quota for sugar millsNew Delhi, April 17 The Centre is seemingly going on an overdrive on the sugar front. A day after the first round of elections to the Lok Sabha, the Food Ministry has announced a fresh set of measures to check price rise in this politicallySource: Business Line - Home Page | 18 Apr 2009 | 12:00 am Telecom players not looking at just volumesDespite the fact that lower tariffs have resulted in higher growth in mobile subscriber base, telecom players in the country continue to price any new service or technology they launch at a premium rateSource: Business Line - Home Page | 18 Apr 2009 | 12:00 am Tatas start work on IT SEZ in ChennaiChennai, April 17 Work on the Rs 3,600-crore IT SEZ and convention centre by the Tata group company, TRIL Infopark Ltd, has commenced inSource: Business Line - Home Page | 18 Apr 2009 | 12:00 am Nokia, Vodafone see more TRPs in IPL 2.0Harit Nagpal of Vodafone Essar said IPL 2.0 promises advertisers more TRPs than last year. This view is shared by D Shivakumar, VicePresident and Managing Director, Nokia (India).Source: Moneycontrol Top Headlines | 17 Apr 2009 | 11:46 pm Black money row: Swiss envoy offers help - Times of India
Source: Google News India - Business | 17 Apr 2009 | 11:16 pm IPL franchisees may earn 4-5 times moreNew Delhi: Investors who paid top dollar to own a part of the Indian Premier League (IPL) opportunity are now on a good wicket. Franchise owners expect to earn around four-five times more this year than they did during the inaugural season of the 20-over league in 2008, thanks to a deluge of sponsorships and brand associations, according to estimates put together by Mint after speaking with franchise owners and media buyers (see chart on Page 3).  Title defenders: Members of the inaugural IPL winner Rajasthan Royals during a street parade in Cape Town on Thursday. Mike Hutchings / Reuters The team owners will also earn significantly more from the new broadcast deal the IPL management signed with sports marketing company World Sports Group (WSG) and Multi Screen Media Pvt. Ltd (MSM) this year. Last year, the deal had been signed for around Rs4,000 crore for 10 years, while this year it was renegotiated at Rs8,200 crore for nine years. While the three partners did not share the details of the new broadcast deal officially, two executives from IPL and WSG said that the new deal has been linked with IPL’s viewership. IPL’s management may only get 33% of the contracted revenues for the first five years. Franchisees will get 80% of this 33%. Based on this, the eight franchisees are likely to take home between Rs60 crore and Rs90 crore each. Last year, the teams earned Rs20 crore each from broadcast rights. Also See IPL Season 2: Bigger Bucks in Offine (Graphic) There will be no change in the income from central sponsorships, because the IPL board could not attract any new sponsor this year. Last year, each franchisee had got Rs15 crore from the sponsorships pool. For franchisees, however, it has been raining sponsorships and brand associations this year. All franchisees but one have at least nine brand associations or sponsorships this year. The more aggressive ones, Chennai Super Kings (CSK), Mumbai Indians and Kolkata Knight Riders (KKR) have, 15, 13 and 12 “partners”, respectively, on board. “Despite the last-minute move to South Africa, there has been a lot of interest from companies to partner with us for IPL 2,” said Rakesh Singh, chief marketing officer, CSK. Also Read IPL Airways Last year, most franchisees had managed to rope in between three and six sponsors and partners. The most prominent franchisee sponsors this year include cola rivals Coca-Cola and Pepsi, sports shoes and apparel makers Adidas and Reebok, motorcycle manufacturer Hero Honda and mobile handsets maker Nokia India. Chewing gum maker Wrigley India Pvt. Ltd has picked up sponsorships across the eight teams. “The idea behind partnering with the eight IPL teams was to associate with each of the individual franchisee and reach out to their respective fans,” said Himanshu Khanna, director, marketing, Wrigley. The only team that has not had such splendid run this time is Bangalore Royal Challengers. The team, which belongs to Vijay Mallya-owned UB Group, only has Wrigleys and its in-house brands sponsoring it but, according to the company, that’s how it had planned it. “We have enough of our own brands to ride on the IPL so why should we share this space with any outside brand,” said Vijay Rekhi, president, United Spirits Ltd, part of the UB Group. Incidentally, the group’s brands such as Royal Challenger, McDowells, and Royal Stag are sponsoring at least five other teams as well. Along with the increase in the number of brand associations, the price of the deals has also seen a steep increase this time. “The rates for franchisee sponsorships went up at least 30-40% this year,” said two senior executives of two teams. “There are teams that have signed title sponsorships at 20 times the price they charged in 2008,” one of them said. They both did not want to be named. According to estimates from media buyers and various team executives, deals for associate and title sponsors this year have varied from Rs50 lakh to Rs15 crore. Teams such as CSK, defending champion Rajasthan Royals, and KKR are, thus, expected to have closed deals worth Rs80-100 crore. Others have also raised around Rs50-60 crore. Last year, the teams had raised around Rs15-20 crore from such associations. “Some partnerships, such as media associations, are purely in kind terms,” one of the two executives said. The size and the duration of independent deals could not be confirmed. Franchisees credit this success to IPL’s popularity. “IPL makes it possible for advertisers to reach out to consumers across regions, demography, age groups and gender,” said CSK’s Singh, “...which is perhaps why the move overseas has not made a difference for sponsorships at the franchisee level.” Graphics by Paras Jain / Mint Source: Home - Livemint.com | 17 Apr 2009 | 11:01 pm Tech Mahindra might face uncertainties in neartem: TPIDinesh Goel, TPI (India) feels the deal is a good strategic fit for the company. He believes that apart from operational challenges around service continuity and customer retention, there are uncertainties which will be there for a while with respect to restatement of accounts, litigation and financial liabilities.Source: Moneycontrol Top Headlines | 17 Apr 2009 | 9:39 pm Better regulatory measures for banking system in offingElara Capital Plc, a UKbased investment bank, organized a panel discussion on the global financial crisis, in Mumbai. Elara got together an eminent panel to discuss the global financial crisis and its impact on the Indian economy and businessSource: Moneycontrol Top Headlines | 17 Apr 2009 | 8:10 pm Poll stimulus to add 0.5% to GDPIndia Inc may have hit the slowdown lane but with 'netas' having to spend a lot to get to the winning post, elections have come as a 'booster shot' for the sluggish economy. The general elections could raise GDP growth by about 0.5%, estimates show.Source: India Business News | Business News - Times of India | 17 Apr 2009 | 7:47 pm Tech Mahindra’s walk-away option Of course, there are huge uncertainties on the business front as well. Satyam’s accounts are still not known and it remains to be seen how many clients will stay on under the new owner. It could well turn out that in a year or two from now the value of Satyam’s assets could be lower than the value of its liabilities. J.R. Varma of the Indian Institute of Management, Ahmedabad, points out in his blog: “If the liabilities turn out to be larger than the cash and other assets, Tech Mahindra can walk away and put Satyam into bankruptcy. If the liabilities turn out to be small, then Tech Mahindra can merge Satyam into itself and absorb the surplus assets.” Also See Strong Showing (Graphic) The fact that Tech Mahindra has chosen to do the transaction through a separate entity rather than itself makes this even stronger. Even if Satyam is put into bankruptcy, Tech Mahindra’s assets can’t be attached. Varma suggests that by offering Satyam’s new owners only a 51% stake, the government has essentially created a conflict of interest. Tech Mahindra now runs two IT services companies—in one it has a 100% stake and in the other, 51%. As has been observed in a number of multinational companies operating in India through two subsidiary companies, the attempt always is to shift value creation to the company with 100% shareholding. The blog post states: “Over a period of two to three years, Tech Mahindra, which is itself in the same industry, could transfer the entire Satyam business to itself. This could be done as new contracts are signed or existing contracts are renewed.” If this strategy is followed, there’s even more incentive to walk away from Satyam’s potentially huge liabilities. There’s nothing in Indian corporate law that stops Tech Mahindra from adopting such a strategy. When Satyam’s software services contracts come up for renewal, sales managers could merely state the vendor as Tech Mahindra rather than Satyam. It’s not as if a project is being transferred between the companies, and issues of arms-length pricing won’t apply. But easy as this strategy may seem, it carries the huge cost of reputation risk. It would soon be evident from Tech Mahindra’s financials that it has begun diversifying into non-telecom industries. The resultant value erosion at Satyam will cause its minority shareholders to cry foul. Note that the Satyam episode started with minority shareholders taking up cudgels against the erstwhile promoters about their decision to buy group companies in the real estate space. Having said that, the walk-away option still exists and provides Tech Mahindra the exit route if the going gets too tough. Graphics by Sandeep Bhatnagar / Mint Write to us at marktomarket@livemint.com Source: Home - Livemint.com | 17 Apr 2009 | 7:45 pm Rewind and unwindMonsters vs Aliens cheerfully converts the two major sources of cinematic terror—invaders from outer space and inhuman, ungodly terrestrial creatures—into wacky, goofy, familiar figures. The movie, directed by Rob Letterman and Conrad Vernon from a many-authored script, comes out of DreamWorks Animation and offers the latest twist on the easygoing, parodic formula refined in the studio’s Shrek franchise and last year’s Kung Fu Panda.  Giant robot: Susan encounters an alien. DreamWorks Animation Llc/Paramount Pictures via Bloomberg The film, like Coraline and Bolt, tries to take 3D technology beyond gimmickry and make it the basis for a new kind of visual spectacle. Since not all theatres are equipped to show the movie this way, it has to work in its flat version as well, and perhaps partly as a result, the effects are often subtle, noticeable less when objects or characters jump off the screen than when they move laterally across it. Monsters vs Aliens is no better than most family-friendly animated entertainment, but there does seem to be more of it. Everything looks bigger and rounder. The environment is deeper and thicker. The blob of blue goo with one eye and Seth Rogen’s voice is more palpably, quiveringly slimy. His affable stoner vibe is the best thing in Monsters vs Aliens. Perhaps this isn’t in itself enough reason to see it. Don’t get me wrong—the movie is not terrible. On the contrary, it is a highly competent, smartly engineered delivery system for the very clichés it pretends to subvert. The most surprising of these may be the romantic-comedy convention of an interrupted wedding, an apparent disaster that will, of course, turn out to be a blessing. This is because the would-be bride, Susan (Reese Witherspoon), is a charming young woman betrothed to a self-absorbed cad (Paul Rudd), whose eventual comeuppance provides a nice, sequel-enabling coda after the crazy action sequences. These involve a battle between some monsters, including Susan—who, I should mention, has a mishap that makes her grotesquely gigantic, though since the movie’s sense of scale is wildly inconsistent, it’s hard to say just how gigantic—and what is technically only one alien, a many-legged, many-eyed intergalactic imperialist, voiced by Rainn Wilson. San Francisco is destroyed, and a few other kind of cool things happen, but in spite of its striving for visual novelty, the movie is curiously unmemorable, partly because nearly all its humour depends on your having seen something like it before, even if you haven’t. Everyone goes whirling through the air, fires off some wisecracks and generally has a good time. You probably will too, even if you feel a little cheated in the end. ©2009/The New York TimesMonsters vs Aliens released in theatres on Friday. Write to lounge@livemint.com Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 7:45 pm DLF says cash flow to remain intact, analysts still scepticalNew Delhi: While DLF Ltd, the country’s largest listed developer, maintains its cash flow will not be impacted by a mass exit of buyers from its projects in Chennai and Gurgaon, analysts have started to factor in a contraction of cash flows in the years ahead. DLF says the exit of buyers from its projects will not impact cash flows—defined as net profit plus depreciation, or a measure of money retained in a business—because the company plans to give refunds to exiting buyers after it gets a new buyer for the apartment that has cancelled bookings.  Hopes alive: An underconstruction DLF site in Gurgaon. The firm said that it sees robust demand at the Gurgaon and Chennai projects after it reduced sticker prices on the apartments by up to 18%. Harikrishna Katragadda / Mint At DLF’s Garden City-branded project on Old Mahabalipuram Road near Chennai, around 560 customers want to exit from the project. At its New Town Heights project in Gurgaon, around 400 want to withdraw their bookings, according to representatives of buyer groups at each of the projects. These buyers have paid DLF up to 42% of the cost of the flats, ranging from Rs45-75 lakh. The Gurgaon project has around 3,000 apartments, of which around 85% have been sold, according to DLF. DLF said its estimate of the number of people who want to exit was far less. “We will refund the money once apartments are retraded,” Rajiv Talwar, executive director of DLF said. “The number of buyers who want to exit are also very few, for instance in the New Town Heights project, out of 4,000 apartments only 100-200 are asking for a refund.” The firm said that it sees robust demand at the Gurgaon and Chennai projects after it reduced sticker prices on the apartments by up to 18%. Experts were not able to estimate the immediate impact on DLF, but three of the four interviewed for this story believe that such customer exits will affect the firm’s cash flow and brand. “It will have an impact on existing and future cash flow of the company because there will be an outgo of money through refunds,” said Anuj Puri, chairman and country head of realty consultant Jones Lang LaSalle Meghraj. “The developer is losing a buyer…so it is a loss of cash flow.” He also said there was a benefit for the developer in that the new buyers would likely be those buying for themselves rather than as an investment, as was seen in the past two-three years when realty was seen as a booming asset class. An analyst with a domestic brokerage said the DLF brand would take a dent. “Going forward, people may not buy a DLF property because of the negative publicity surrounding the company…that feeling could start coming in,” the analyst, who did not want his or his firm’s names taken, said. Such buyer behaviour could hurt DLF’s cash flows in the longer term, he added. A second equity analyst from Mumbai echoed this view, calling the buyer exits a “serious problem”. This analyst, too, requested anonymity. A third analyst believes that refunds may have a minimal impact on DLF’s cash flow. “The payout through refund will be very nominal and I think DLF will be able to find buyers for its projects,” Shailesh Kanani of Angel Broking Ltd said. “DLF can raise money through debt and equity…so cash flow need not be a problem.” DLF’s Talwar said most of the buyers demanding a refund are speculative investors and not genuine buyers. “DLF was the only company which placed two conditions: one that we will only sell to one member per family and the second that buyers cannot sell their apartment within one year of purchase,” he said. “We did this to avoid selling to investors, but investors have somehow bought into our projects.” Analysts agree that most buyers were speculative investors who want to exit now as real estate prices have fallen. “These are not genuine cases” of buyers being end-users, the second analyst said. Talwar contends that many times there are common buyers of DLF’s Chennai and Gurgaon’s projects. “This shows the buyer is a speculator and an investor,” he said. DLF said that while there is no exit clause in the buyers’ agreement, the firm has agreed to refund money to buyers as a goodwill gesture. “It is in order not to earn a bad name,” Talwar said. “Developers are not obligated to refund buyers and refunds happen only in a case where the developer is not able to develop the project at all.” Buyers at other developers such as Vatika Ltd and Raheja Developers Ltd are also demanding a refund at some of their projects. The companies are yet to make a commitment on the refund. From 9 March, the stock has gained 66.23% closing on Friday at Rs230.55, outperforming the Bombay Stock Exchange’s (BSE) Sensex that has expanded 35% in the same period. BSE’s 14-stock realty index jumped 66.19%. Source: Home - Livemint.com | 17 Apr 2009 | 7:45 pm Monsoon booster for rural demandNew Delhi: The country’s average annual monsoon is likely to be near normal this year, though less than the 89cm recorded last year, a government forecast said. Economists welcomed the forecast put out by the India Meteorological Department (IMD) on Friday, since agriculture has been an island of good news in an economy in the midst of a severe slowdown. The annual June-September monsoon generates nearly 80% of the annual rainfall over the country and is vital for the economy, being the main source of water for agriculture, which generates about 17% of India’s gross domestic product (GDP). Other than the 60% of the country’s workforce that depends on agriculture, the rains are also important for traders dealing in food and cash crops as any shortfall can inject volatility in the markets. Also Read Upbeat Estimate (PDF) The agency defines normal rainfall as when the country, between June and September, gets an average of 89cm of rainfall, called the long period average (LPA), which is basically a 50-year average of rainfall. Anything between 85.4-92.5cm (or 96-104% of LPA) is classified “near normal”, as this year’s forecast says. Rains less than 90% are called droughts. Importantly though, IMD’s forecast models have an in-built error range of 5%. “A near normal monsoon is good news for rural demand and for food prices. Particularly in FY10 when global demand remains weak and investments are sluggish, a good monsoon is critical to keeping domestic rural demand strong. We are expecting GDP growth at 5.3% in FY10, assuming normal monsoons,” said Sonal Varma, economist at Nomura Holdings Inc. Arguing similarly, Gajendra Nagpal, CEO, Unicon Financial, maintained that a sizeable market for consumer goods has been created in rural India. “Companies like Hindustan Unilever are pushing for expansion of market in rural areas. Steel, cement are absorbed in rural areas. So a near normal monsoon will definitely bring cheer for the markets.” The BSE Sensex, which was up 3% immediately after the forecast, ended the day 0.7% higher at 11,023.09 points. Economist and Planning Commission member in charge of agriculture Abhijit Sen, said, “It (the forecast) is in the normal range. But the problem is not the quantity of monsoon, but the erratic behaviour of rain that we have been experiencing in last few years where we do not have rainfall for a full month during the monsoon period. That is more disturbing. Good monsoon is not so important for GDP growth as it is for employment and welfare.” IMD has, over the last few years, been using a two-stage forecast. The first stage in April and an update around end of June. Though the June update is more informative, in that it indicates how the rain will pan out over major geographical regions in the country, the April forecast is a bellwether for the overall health of the monsoon. “Though it theoretically means that we could have rains as less as 91% of the LPA, it’s unlikely that will happen,” said D.S. Pai, director of forecasting at IMD Pune. Weathermen, however, are concerned about two atmospheric phenomenon that have a significant bearing on Indian monsoon, a La Nina and the Indian Ocean Dipole, determined by varying surface temperatures in the ocean. “A strong La Nina means good rains, and a negative Dipole means bad rains,” said Pai, “The La Nina is weakening and some Japanese scientists have predicted a negative Dipole. However, a weakening La Nina only means that it’s hard to use it as a pointer to the monsoon. When La Nina’s give way to an El Nino, that’s a sign of bad rains,” he added. An El Nino, though isn’t around the horizon, Pai added. El Nino and La Nina are periodic, temperature fluctuations in the Pacific Ocean that form heat currents and affect the movement of the monsoon. However experts say that the quantum of rainfall is not as important as farmers being informed in advance, of breaks in the rainfall—periods within the monsoon when it suddenly stops raining for a couple of weeks. Reuters and Asit Ranjan Mishra also contributed to this story. Source: Home - Livemint.com | 17 Apr 2009 | 7:45 pm Star versus starsI recently spotted an advertisement in The Indian Express which confirmed to me that I should have listened to my favourite college professor and become a social worker instead of a film journalist. The tiny advertisement crowed over the fact that Sangeeth Sivan’s Ek, which released a few weeks ago, was a “hit” despite the two-star ratings it received across the board. The ad went thus: Dev D got a five-star review but look how much it earned at the box office. And look at the revenue Ek has earned! The masses have scored over the elite. Since it’s generally tough to get accurate figures for box-office revenues, I can only conjecture that the person who commissioned the ad loves reviewers as much he adores Dev D. Ek, which stars Bobby Deol as a murder accused and Nana Patekar as the cop on his trail, actually got one star in several publications. Also, one of the leading industry trackers, www.bollywoodhungama.com, has declared that it’s doing poor business. But let’s not get bogged down by details here.  Bottom line:Nana Patekar (left) and Bobby Deol in Ek. Every week, reviewers like me troop into preview theatres to receive the latest product to roll off the Bollywood assembly line. We evaluate the film on various parameters—some as basic as whether the story makes sense and if the lead can act—and return to our offices to bang out our reviews. We top our opinions with stars. Evaluating a movie on a one-to-five scale makes it easy for the weekend reader. Readers get the drift, advertisements for the said movie quote the number of stars, and there’s a general feeling that reviewers have fulfilled their end of the bargain, which is to further business. I hate giving stars. Quite a few films are two-star affairs but some movies, especially the more independent-minded ones, don’t lend themselves easily to such a reductionistic approach. Yet starred reviews have become very important at a time when movies are publicized more heavily than they ever were and need every bit of a leg-up to maintain a foothold at the box office. The conundrum is that viewers don’t seem to care too much either way. If four stars helped a film, Little Zizou and Firaaq would have been superhits. Most reviewers don’t bother to analyse films too deeply. If that happened, the level of vitriol jumping off the pages would have ruined many weekends for the film industry. The reason for a slap on the wrist rather than a rap on the knuckles is that few Bollywood productions lend themselves to deconstruction. Should we get into, for instance, the amateurish camerawork and editing that scar most formulaic films? Should we really take our knives to the abysmal standards of acting by many of our so-called top-line actors? Should we start delving into the source of the story and give readers a shot-by-shot breakdown of how much a movie has been stolen from another? If we became as honest as some English and American reviewers, most film-makers would struggle to decorate their ads with stars. The truth is that most Bollywood films are more or less critic-proof. If a film works, repeat the formula. If it fails, try to fool audiences again a few more times. Mainstream film-makers care for slobbering praise rather than genuine criticism. At least they used to, until the economic downturn made audiences turn away from the cinemas and spend their hard-earned money on more meaningful pursuits. Nandini Ramnath is the film editor of Time Out Mumbai (www.timeoutmumbai.net). Write to Nandini at stallorder@livemint.com Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 7:45 pm IPL AirwaysThirty-six days. Fifty-nine fixtures. Eight teams. And around $1 million (around Rs5 crore) up for grabs. The DLF Indian Premier League 2009 gets under way today and if you’ve got over the disappointment of not being able to cheer your local team at the city stadium, it’s time to snag one of the many packages on offer from various travel groups and zoom off faster than you can say Lalit Modi.  Far from home: Fly to South Africa for a ringside view of IPL 2. PTI SOTC Sport Abroad has 14 packages on offer, covering every leg of the tournament, from three nights in Johannesburg (1-3 May; Rs44,900 per person plus $65) to six nights in Durban (20-25 April; Rs65,900 per person plus $155). All packages are inclusive of ex-Mumbai return economy class airfare, processing charges for single-entry South African visa, Mediclaim insurance, tickets for at least two and up to five matches, three-star accommodation, airport and match venue transfers. A couple of packages also throw in a night at Sun City. For the full list of itineraries and prices, log on to www.sotc.in. For bookings, call 09920089555/09920089666. •Kingfisher and Thomas Cook India Thomas Cook India which, like SOTC, has a tie-up with IPL’s official airline Kingfisher, has five special packages in two price brackets (Rs49,900 and Rs55,100), covering return economy airfare, transfers, accommodation, travel insurance and at least two match tickets. For the full itinerary and inclusions, visit www.thomascook.in •SKH Global Travels SKH Global Travels has a single package, covering the last leg of the IPL (two semi-finals and the final, 21-25 May). Per person, for Rs43,850 (airfare including taxes, ex-Delhi) and Rs32,020 (airfare including taxes, ex-Mumbai) and around Rs26,500 (4,820 ZAR) on the ground in South Africa, it includes five days accommodation on a twin-sharing basis, breakfasts, airport and matchvenue transfers, and match tickets. To book, call Anil on 011-42388888 or Veer Vikram Singh on 022-67414444/5. Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 7:45 pm Glenmark close to $40 mn dealMumbai: Drug maker Glenmark Pharmaceuticals Ltd could be on the verge of boosting its research and development business by the licensing out of a pain relief molecule—GRC-10693—it has developed, managing director and chief executive officer Glenn Saldanha said. The recently completed phase I trials of this molecule in Europe has been encouraging, the firm has said. Saldanha declined to comment of the details and size of the deal. It could get up to $40 million (around Rs200 crore) as upfront payment once the deal is through, people familiar with the development said on condition of anonymity. The drug maker’s research and development portfolio has faced a few challenges in the past. Glenmark had out-licensed its anti-diabetic clinical drug candidate Meloglibtin to Merck and Co. Inc., but Merck backed out of the deal. Eli Lily and Co. also returned Glenmark’s pain-relief molecule GRC-6211 after unsatisfactory clinical findings. Glenmark had received $45 million as milestone payment on licensing out the drug. cnbctv18@livemint.com Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 7:45 pm Delhi’s Belly | Beyond the trash canUnwrap a piece of candy and toss the paper aside with no further thought of where it will wind up. The piece of paper journeys through a complex series of steps, thanks to hundreds of thousands of men, women and children spread across the city. The kabaris—the waste pickers—live, work and survive on our trash. Thanks to  Two girls play with some granulated polystyrene that dropped accidentally--a moment of levity in an uncommon playground With the aid of the NGO Chintan Environmental Research and Action Group, Enrico Fabian, a German photographer, spent three months following the kabaris from the moment they pick up trash from New Delhi’s homes, through the mounds of trash at the Ghazipur landfill site, to the recycling plants on the outskirts of the city. Here’s a glimpse into one of the most arduous but unrewarding jobs in Delhi. More pictures by Enrico Fabian • Powerful machines compress most metal trash into cubes, which are then transported to a recycling plant and turned into appliances and construction beams. • A waste pickerworking at a metal segregation complex in Seemapuri, in the city’s north-east, carries a tangle of wires on his head. • An avalanche of wastepours from a dump truck. The waste pickers stand as close as possible to get the best of the lot first. • A young ragpickerignores the risk of landslides as he goes about earning his daily bread on the slopes of a landfill. Photographs by Enrico Fabian melissa.b@livemint.com Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 7:45 pm Glenmark close to $40 mn dealMumbai: Drug maker Glenmark Pharmaceuticals Ltd could be on the verge of boosting its research and development business by the licensing out of a pain relief molecule—GRC-10693—it has developed, managing director and chief executive officer Glenn Saldanha said. The recently completed phase I trials of this molecule in Europe has been encouraging, the firm has said. Saldanha declined to comment of the details and size of the deal. It could get up to $40 million (around Rs200 crore) as upfront payment once the deal is through, people familiar with the development said on condition of anonymity. The drug maker’s research and development portfolio has faced a few challenges in the past. Glenmark had out-licensed its anti-diabetic clinical drug candidate Meloglibtin to Merck and Co. Inc., but Merck backed out of the deal. Eli Lily and Co. also returned Glenmark’s pain-relief molecule GRC-6211 after unsatisfactory clinical findings. Glenmark had received $45 million as milestone payment on licensing out the drug. cnbctv18@livemint.com Source: World Business - Livemint.com | 17 Apr 2009 | 7:45 pm A river sutraI have seen water shimmer at many places—on the Mekong, where I saw a lonely boatman wearing a conical hat sailing away into the river, his silhouette visible through the reflection of sunlight in the evening; on the Arabian Sea, turning immensely golden and bright, blinding me, off Salalah in Oman; on the Windermere lake in England, a stark, sharp glimmer of autumnal glow one afternoon.  I am in Istanbul, one-time Constantinople, and on the horizon I see the two continents tantalizingly close, like lovers whose lips are about to meet. Istanbul exudes such passion; here, some clerics and even politicians want women to wear veils, but many men sit, their jaws dropped, mesmerized before a belly dancer. Here the East looks like the West, but behaves like the East, and the other way around. You are never sure if the Bosphorus signifies the division of continents, or their mingling. There is something special about the water separating Istanbul, besides the light it reflects. In his melancholic and meditative reflections on his city, Orhan Pamuk wrote: “To be travelling through a city as great, historic and forlorn as Istanbul and yet feel the freedom of the open sea—that is the thrill along a trip on the Bosphorus. Pushed along by its strong currents, invigorated by the sea air that bears no trace of the dirt, smoke and noise of the crowded city that surrounds it, the traveller begins to feel that in spite of everything, this is still a place in which he can enjoy solitude and freedom… Strong currents run through the Bosphorus, its surface is always ruffled by wind and waves, and its waters are deep and dark.” Is this a European city with an Asian soul, or an Asian town with European manners? There, the haggling in the bazaar is straight out of Asia; here, the cobblestone streets, where pedestrians walk on a chilly night, are so Europe. Around the corner of the mosque, the friendly Turk who starts chatting you up, asking where you are from, and talks of football (to my Anglo-Scottish friend) and Raj Kapoor (to me), feels distinctly Asian. And the alfresco dining, with musicians serenading the diners, is European.  East meets West: The Ataturk Bridge straddles the Bosphorus, with the Ortakoy Mosque abutting the water’s edge in Istanbul. Kerem Uzel / Bloomberg This confluence and coexistence makes Istanbul romantic like Venice, but without its picture-postcard imagery; magical like Paris, but without its intimacy; and alive with history like Delhi, but without its disregard of the ruins. In a poem, Imtiaz Dharker had warned of borderlines becoming battlefields. Istanbul has indeed been one: In 1453, the Ottomans ended the Byzantine empire, making Constantinople Istanbul. In the new order, Christian ships could no longer navigate the waters, stopping trading routes, forcing Europeans to look for new ways to discover spice. The burden of history does not weigh the city down; Istanbul wears its past lightly. You discover astonishingly beautiful doors and buildings emerging out of nowhere, behind bus stops, flanking the funicular, alongside the trams, mutely witnessing the city’s transformation. Women wear veils and jeans; men wear jackets without ties, but sport the unshaven look of the pious. It is in the nature of borders to divide people. But trade is the great unifier. As I sit with a friend late evening, watching the straits, she remarks how stunning it is to see so many tankers. Here, ships sailing at night are noticed. And they are welcomed, because they connect the world. Istanbul likes being at the centre. In his essay on the straits, Pamuk wrote: “If the city smells of defeat, destruction, deprivation, melancholy and poverty, the Bosphorus sings of life, pleasure and happiness.” It is short and sweet, but really strong, like the tiny cup of Turkish coffee. You need that baklava to forget the bitterness. Write to lounge@livemint.com Source: LatestNews-Home - Livemint.com | 17 Apr 2009 | 7:45 pm Audit review to be over by May: SebiSources in Sebi told TOI that the regulator has earmarked telecom, IT, media entertainment, banking and financial sectors for the review audit.Source: India Business News | Business News - Times of India | 17 Apr 2009 | 7:42 pm Maytas Infra board holds talks with banks, IL&FSThe board of Maytas Infra Limited met in Hyderabad under the chairmanship of K Ramalingam, and Anil K Agarwal, O P Vaish and Ved Jain - all government-nominated directors - along with Teja Raju, vice-chairman and whole-time director and B Narasimha Rao, the whole-time director, according to a company release.Source: India Business News | Business News - Times of India | 17 Apr 2009 | 7:39 pm Satyam staff still worried over layoffsCorporate India might be cheering the speed at which Satyam Computer is being put "on the road to recovery", but the IT giant's 50,000 employees aren't still entirely at peace.Source: India Business News | Business News - Times of India | 17 Apr 2009 | 7:28 pm Telecom, insurance firms to access your credit dataCredit Information Bureau India Ltd, the country's first credit information bureau, has been granted 'in-principle approval' for Certificate of Registration by the RBI, which allows companies from telecommunications and insurance space to access credit data.Source: India Business News | Business News - Times of India | 17 Apr 2009 | 7:27 pm London Court of International Arbitration coming to IndiaNew Delhi: The London Court of International Arbitration (LCIA) is to set up an India chapter in New Delhi, providing a more “cost-effective” and “efficient” solution to Indian and international companies, who usually go overseas to international arbitration forums to settle disputes. LCIA India will be established on Saturday in the presence of Chief Justice of India K.G. Balakrishnan and Union minister for law and justice H.R. Bhardwaj. It will be the first time that any of the international arbitration forums will be opening its own offices in India. While there is no data readily available, industry insiders maintain that most disputes are being referred to such international arbitration forums. According to Farhad Sorabjee, partner at J Sagar and Associates, Mumbai, in the last decade, at least 90% of the contracts with a foreign party involved have been “consistently” moved to international forums such as those in Singapore, Paris or London. Senior counsel Dushyant Dave, president of the LCIA Asia Pacific Users’ Council, who is spearheading the launch of the India chapter, says the move will bring relief to Indian businessman who often go overseas seeking “effective” arbitration forums such as LCIA, London; International Arbitration Forum, Singapore; Hong Kong International Arbitration Centre; and the International Council of Arbitration, Paris. Dave says, “Over the last 50 years, arbitration has lost credibility in India. The ad hoc systems (of Indian arbitration) have remained as plagued as the regular legal system has been by procedural delays.” He explains that Indian arbitration has been conducted mostly by retired judges, “who by their very nature are trained to decide in a procedural manner”. LCIA India, he says, will work to create a pool of arbitrators, with experts from various fields, besides those from the legal fraternity. “With arbitration in India, the problem is not the rules, but the way in which arbitration proceedings get conducted,” says Sorabjee, though he maintains that even lawyers are responsible for the delays. He says that LCIA is “highly used as it is lot cheaper for international arbitration”, and adds that it has a good reputation among foreign companies and they “may be more inclined to use LCIA India”. “It is a dynamic move, but one will have to see how it finally pans out,” Sorabjee adds. In India, the Indian Council for Arbitration—allied to the Federation of Indian Chambers of Commerce and Industry—and the International Centre for Alternative Dispute Resolution—promoted by the Indian government—conduct arbitrations. Sorabjee adds that most companies have been using international arbitration forums to escape intervention by Indian courts. The Indian Arbitration and Conciliation Act, 1996, states that it is applicable only to domestic arbitration and parties can challenge Indian arbitration proceedings in courts. But in recent judgements such as the 2003 verdict in Oil and Natural Gas Corp. Ltd vs Saw Pipes Ltd (now know as Jindal SAW Ltd), the Supreme Court said it had the power to intervene in international arbitration proceedings on grounds of national interest. LCIA, maintains Sorabjee, is not as well-known as the International Chamber of Commerce’s International Court of Arbitration. The opening of an India chapter would improve its visibility in “a dynamic and developing market like India”. Matthew Gearing, partner at Allen and Overy Llp., Hong Kong, who specializes in international arbitration and is a co-chair of LCIA’s Young International Arbitration Group, says that India lacks a truly international arbitration institution, unlike some other Asian countries. “Arbitration is being used increasingly by Indian parties who contract with foreign investors, but there has been a trend of intervention by Indian courts in the international arbitration process. Excessive court intervention has been criticized by arbitration lawyers and by many parties, who prefer the arbitral process to be relatively autonomous. One of the aims in setting up by the LCIA of its India chapter is to effectively spread the word on international arbitration techniques and to help bring international best practices to India,” he adds. Gearing feels, however, that “foreign investors will continue to try to agree (on) a place of arbitration with an Indian party outside India as it tends to reduce the risk of intervention by the Indian courts”. Source: Home - Livemint.com | 17 Apr 2009 | 7:13 pm Loan approvals may be linked to phone bills, insurance premium paymentsApplying for a loan? Check if youve paid your telephone bill or insurance premium first. Soon, your loan proposals will not depend only on your credit card and debt payment record with banks but also on whether youve paid your phone bill, insurance premium and stock broker dues on time.Source: Business Standard | Front Page Headlines | 17 Apr 2009 | 7:10 pm Tata Motors nets Rs 15 crore on 500,000 Nano formsState Bank cuts loan rates to 10 per cent.Source: Business Standard | Front Page Headlines | 17 Apr 2009 | 7:03 pm Indian tractor makers’ US dream turns sour as recession takes holdMumbai: Two among three Indian tractor makers active in the US have stopped or pared production in the world’s second largest market for farm machinery by volume after demand fell due to a recession. Tractors made by Escorts Ltd, Mahindra and Mahindra Ltd (M&M), and Tractors and Farm Equipment Ltd (Tafe) compete in the entry segment —ranging from 35 to 80hp—in the US, a market where demand by volumes is dominated by tractors in this range. While Faridabad-based Escorts has stopped production in its North Carolina factory, M&M, which is India’s largest farm equipment maker by volume, has cut back production in one of its three plants in the US, according to executives at the two companies. Rohtash Mal, executive director and CEO of Escorts’ agri-machinery group, said his firm is selling in the US, but not producing given that it has some 2,000 tractors in its inventory in that country. “As soon as the situation improves, we will reassess and we will feed the market with more,” he said. Elsewhere, M&M has pulled back production at its Georgia factory, which Anjanikumar Choudhari, president of the Mumbai-based firm’s farm and equipment business, said was “in line with the market situation” there. He added the firm had retrenched some 30% of its employees and several daily wage earners in Georgia. “We have, however, managed to protect our market share,” Choudhari said. Tractor exports at M&M from India, too, have “marginally declined” in the fiscal year ended 31 March from 4,500 to 5,000 the firm sold in fiscal 2008, he added. Exports contracted by 19% to 7,013 in 2008-09. Other tractor firms such as International Tractors Ltd, which makes the Sonalika brand, also exports to the US but in small numbers. India is the world’s largest market for tractors by volume. Not all tractor makers selling to the US, however, have suffered. Chennai-based Tafe, an Amalgamation group firm that sells the Massey Ferguson brand tractors with its collaborator AGCO Corp. in the US, said its exports to that country in fiscal 2009 had increased from the previous year. Tafe director Mallika Srinivasan declined figures for the US, saying only that the firm’s overall exports had grown by 11.4% to 8,835 units in the fiscal year. In the US, “we have managed to grow and strengthen our market share because of newer products, which have been well accepted,” she said. Tafe sells tractors ranging from 35hp to 75hp in the US. Tractor exports, excluding production at international factories, from India are estimated to have declined 12% to 39,000 units in fiscal 2009, according to M&M’s Choudhari. The size of the tractor market in the hobby farming segment is estimated to have sales of 50,000 to 60,000 a year, accounting for at least 70% of the total tractor market there, Choudhari said. Such tractors are owned by people who farm on the weekends more as a hobby than an occupation, Choudhari said. “Owing to the meltdown, lot of these farmhouses have been sold and leisure activities have come down,” he said. The news of contraction in demand for M&M and Escorts products comes at a time of flat growth of domestic tractor sales. In fiscal 2009, tractor demand in India is estimated have been 303,882, which represents a growth of 0.5% over the previous year, according to Choudhari, who is also the president of industry body Tractor Manufacturers Association. He estimates domestic tractor sales will grow between 5% and 8% in fiscal 2010. Samar Srivastava contributed to this story. Source: Home - Livemint.com | 17 Apr 2009 | 7:03 pm Maytas has no land bank, claims govtMulls action against E&Y for incorrect valuation; company claims it has agreements with land-owners.Source: Business Standard | Front Page Headlines | 17 Apr 2009 | 7:01 pm Competition panel may begin hearing cases next monthNew Delhi: The Competition Commission of India (CCI)—mandated to look into anti-competitive practices—is expected to begin hearing from next month cases related to cartelization and abuse of dominance, an official said. Abuse of a dominant position occurs when a dominant firm or group of companies in a market engages in a conduct that is intended to eliminate or deter a competitor. “A notification will be issued shortly by the ministry and hearing of cases relating to cartelization and abuse of dominance will start happening early in May,” the official at the ministry of corporate affairs (MCA) said on condition of anonymity. Meanwhile, MCA has advertised for two more posts of members of CCI and two posts of members of Competition Appellate Tribunal. The last date for all applications was Friday. Appeal against CCI can be made to the tribunal. Therefore, establishing a tribunal with a chairman and members is required before CCI starts hearing cases. “The appointment of chairman of the tribunal, who will be a legal expert and the nominee of the Chief Justice of India, is also expected soon,” said the official. The recruitment process of CCI started early this year. Dhanendra Kumar, chairman of CCI, and H.C. Gupta member and former coal secretary, were sworn in on 28 February. Another member, R. Prasad, former chairman of the Central Board of Direct Taxes, was sworn in on 1 March. Two more members, Geeta Gouri, former director of tariffs, Andhra Pradesh Electricity Regulatory Commission, and P.N. Parashar, former judicial member of the Income-Tax Appellate Tribunal, have also joined recently. CCI assumed statutory powers to enforce anti-competitive practices in September 2007, when the amended Competition Act, 2002, was approved by Parliament. “Now that the process of establishment of appellate tribunal has started and draft regulation relating to anti-competitive agreements, including cartels and abuse of dominance, are being finalised through a consultative process, it is time that CCI commences hearing of cases after these regulations are notified by the government,” said G.R. Bhatia, a competition law expert and partner at Luthra and Luthra Law Offices. Source: Home - Livemint.com | 17 Apr 2009 | 6:53 pm Bonds complete best week in 3 months on hopes of rate cutMumbai: India’s 10-year bonds completed their best week in three months on speculation that the central bank will slash borrowing costs for the third time this year. Benchmark yields fell to a six-week low on forecasts that the Reserve Bank of India will cut the repurchase rate by half a percentage point to 4.5% on Tuesday, according to a Bloomberg survey. That may help cap yields as the government sells record amounts of debt this year to revive economic growth which was at its slowest pace in six years in the fourth quarter. Investors are pricing in more easy monetary conditions, said Anoop Verma, a fixed-income trader at Development Credit Bank Ltd. The yield on the 6.05% note due February 2019 slid 29 basis points this week to 6.41% at close in Mumbai, the most since the period ended 16 January, according to the central bank’s trading system. The price climbed Rs2.04 per Rs100 face amount to 97.4275. A basis point is 0.01 percentage point. Central bank governor D. Subbarao has lowered interest rates five times since mid-October. The regulator had last reduced the repurchase and reverse repurchase rates on 5 March by half a percentage point each to 5% and 3.5%, respectively, both of them at their lowest levels since the benchmarks were introduced in 2000. The government plans to raise a record Rs2.41 trillion ($48.3 billion) from debt sales in the first six months of the fiscal year that started on 1 April, according to its borrowing calendar. India on Friday sold a planned Rs8,000 crore of the 7.56% securities maturing in 2014 and Rs4,000 crore of the 8.24% debt due 2027. It sold the five-year bonds at a yield of 6.10% and the 18-year notes at 7.44%. The Reserve Bank of India will keep interest rates unchanged on Tuesday and also leave the proportion of cash lenders must set aside to cover deposits unchanged, Sailesh Jha, an economist at Barclays Plc., the world’s third largest currency trader, wrote in a research report dated Thursday. The cycle of reductions may be approaching an end, he said. “In our view, RBI is close to ending the policy rate cutting cycle, possibly as soon as the second quarter, should the current improvement in global growth and financial market conditions continue,” Jha wrote. “We believe the chances of there being no further policy rate cuts are growing,” the economist added. The cost of five-year swaps, or derivative contracts used to guard against rate fluctuations, moved up. The rate, a fixed payment made to receive floating rates, was at 5.51% versus 5.49% on Thursday. Source: Home - Livemint.com | 17 Apr 2009 | 6:11 pm Multi Screen to relaunch Sony riding on IPL effectNew Delhi: In a bid to win back some of the ground that it has lost to competitors in recent years, broadcaster Multi Screen Media Pvt. Ltd will ride the popularity of the Indian Premier League (IPL) to relaunch Sony Entertainment Television (SET), its flagship Hindi entertainment channel. The second season of the successful twenty-over cricket league begins in South Africa on Saturday. Multi Screen Media has exclusive broadcast rights for IPL.  Fresh output soon: Marketing head of SET Danish Khan. All this will be complemented with a new set of programmes that include four fiction-based shows and a celebrity-led reality show. “Till now, we have been doing reasonably well on weekends with movies and talent shows such as Indian Idol and Jhalak Dikhla Jaa, but our weekdays and fiction-based programmes have not been much of a success,” said Khan. “...there was a need to refresh our offerings,” he added. In its new avatar, the channel will continue to have serials where there will be a protagonist in an Indian context, but there will be no stereotype shows based on the saas-bahu format, said Khan. “Similarly, our talent shows will not be just song and dance like every other Hindi entertainment channel on air today, but we will look at other fields. Apart from differentiated content, viewers will find fresh faces and new themes in our programmes,” he said. One of the shows lined-up for release has been tentatively titled Palampur Express. The show will be based on the story of a female athlete from a small town and will be produced by television (TV) personality and TV content producer Roshan Abbas, a new production partner for the channel. The network had tried to divert the audiences it had grabbed for the first IPL season in 2008 by launching a big-ticket reality show titled Dus ka Dum. The show was hosted by Bollywood actor Salman Khan. It was on air for three months, but did not do too well. This year, SET plans to repeat the strategy with more than one new show. Besides, the relaunch will be supported with a marketing campaign that goes on air from 18 April, a day before IPL takes off. Khan refused to share the amount of money the company is spending to relaunch the channel. He, however, said: “it is safe to say that we will spend 100% more on marketing than what we did last year post-IPL with Dus ka Dum.” An advertising executive close to the development said SET is expected to spend around Rs25 crore on its promotions alone. The channel’s new advertising campaign will feature a 45-second commercial sporting the tagline, “badal rahe hai aap, badal rahe hai hum,” (you’re changing and so are we). The ad will be aired frequently during IPL broadcast ad breaks. SET’s brand relaunch comes at a time when the channel, though 14-years-old, was consistently losing ground in the Hindi entertainment space. A number two player till a few years ago, the channel slipped to number three slot and further down to number five and six in the past one year, with the entry of new competitors such as Colors, and NDTV Imagine. “IPL is the only saving grace for the Sony network...they have had a bad run for the last couple of years,” said a media analyst who did not want to be named. “It is only natural that they (SET) plan their attempts at a recovery around the tournament.” IPL indeed gave the channel much-needed viewership last year. According to TAM Media Research Pvt. Ltd, the Mumbai-based television audience measurement agency—MAX— the channel airing IPL, became number one during the 44 days when the cricket league was being played, garnering an average viewership share of 4.8%. Source: Home - Livemint.com | 17 Apr 2009 | 6:10 pm 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 Court allows hawkers to operate in Nehru PlaceThe Delhi High Court Friday allowed as many as 67 hawkers, who were displaced by a beautification plan of the Delhi Development Authority (DDA), to operate from a commercial complex in south Delhi's Nehru Place area.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 4:01 pm Hiring in India dropped in March - naukriMUMBAI (Reuters) - There was a drop in hiring activity in India in sectors like banking, insurance, information technology and oil in the 2008/09 financial year, which ended on March 31, an online recruiter said on Friday.Source: Reuters: Money News | 17 Apr 2009 | 3:52 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 World Bank lends $450 mn to China for rail, highway projectsThe World Bank said Friday it approved loans totalling $450 million to finance road and rail projects in central and western China.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 3:00 pm Hoax bomb call at Bagdogra airportThe security forces at Bagdogra airport in West Bengal were thrown into a tizzy when a caller claimed that a bomb had been planted in an Indian Airlines flight, the police said Friday.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 2:31 pm Switzerland also wants to woo Indian budget travellerSwitzerland sees no let up in the inflow of Indian tourists to the European country and hopes to attract even budget tourists in the coming season with accommodations at relatively inexpensive apartments, loaded with Indian food.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 2:30 pm GE profit falls 36%, hurt by financeWashington: General Electric Co. said on Friday its first-quarter earnings fell 36% on sharply lower profits at its troubled finance arm, but the results beat Wall Street forecasts in a glimmer of good news for the struggling company. The results are further proof of how much the woes of GE Capital, which finances businesses ranging from credit cards to commercial real estate, have hobbled one of the nation’s biggest companies. But the earnings also suggest that GE’s strategy of relying on its base of industrial businesses to carry it through a rough year may be paying off, at least for now. GE, which has a stake in almost every sector of the economy, from light bulbs to windmills, reported net income totaled $2.74 billion, or 26 cents per share. That fell from $4.30 billion, or 43 cents per share, a year earlier. Earnings from continuing operations were also 26 cents per share. That surpassed the 21 cents per share forecast by analysts. GE’s industrial sales slipped 1%, a possible sign of resiliency despite tough economic conditions. The company posted stronger results in divisions that make power plant turbines and jet engines, balancing drops in its entertainment, consumer products and healthcare operations. Earnings at GE Capital slid 58%, but still amounted to $1.12 billion, holding to GE’s prediction last month that the segment would be profitable despite growing losses on its loans. GE said on Friday that the unit is on track to turn a profit in 2009. Especially hard hit was GE Capital’s real estate business, which includes its lending and holdings in commercial real estate. The unit posted a $173 million loss in the quarter, versus a $476 million profit a year earlier. Profits dropped at GE Capital’s heavy equipment lending business, and its unit that provides financing for energy projects. Jeff Immelt, GE’s chief executive, said the company still believes it won’t have to raise new capital to prop up GE Capital. That has been a major worry for investors and contributed to a steep slide in GE’s share price earlier this year. Overall revenues, including a 20% drop at GE Capital, fell 9% to $38 billion, with sales down or flat in every division except GE’s energy business. GE said sales from power plant turbines, windmills and other energy work rose 7% to $8.24 billion. Sales in GE’s aviation business, which makes jet engines and does repair work on existing equipment, rose 12%. Other segments suffered. Sales were down 9% at GE’s health care division, and fell 22% for the consumer and industrial segment that makes refrigerators and microwaves. GE’s entertainment division, which includes the NBC television network, posted a 2% drop in sales, which GE attributed to softer advertising markets and weaker DVD sales. The first quarter included some ignominious developments for GE, most of them caused by GE Capital. In late February, GE slashed its dividend by 68%, a move that GE expects will save it $9 billion in cash but was the first dividend cut since 1938. Two weeks later, GE lost its rare top ’AAA’ Standard & Poor’s credit rating. Source: World Business - Livemint.com | 17 Apr 2009 | 2:24 pm Kingfisher, Indigo to shift to new terminal from SundayKingfisher Airlines, its low-cost carrier Kingfisher Red and Indigo Airlines will operate from the new domestic terminal (1D) at the Indira Gandhi International Airport here from April 19, the airport developer announced Friday.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 2:02 pm Microsoft gets more time to reply EU's antitrust chargesMicrosoft had been given one more week to answer charges filed by the European Union (EU) that the US software giant abused its dominant market position by bundling Internet Explorer with Windows.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 2:00 pm 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 | 1:02 pm Citigroup posts losses, lower than expected, in Q1US banking giant Citigroup reported Friday it lost $966 million in the first quarter of 2009, better than analysts' projections.Source: IndiaeNews.com: Business News | 17 Apr 2009 | 1:02 pm 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
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