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BNP Paribas turns major stakeholder in GeojitCJ George, CEO, Geojit BNP Paribas Financial Services said BNP Paribas after the current approvals and transactions has become the single largest stakeholder in Geojit BNP Paribas. \"So consequent to that the we have decided to change the name of the company and also the logo of the company.\"Source: Moneycontrol Top Headlines | 23 Apr 2009 | 3:28 pm Won\'t raise prices after govt\'s new duty: Jindal SteelThe government has imposed an antidumping duty on some stainless steel product. This notice pertains to the import of stainless steel, cold rolled flat products of 600 millimetres and above. Jindal Stainless is the larger producer of 600 millimetres to 1,500 millimetre stainless steel having 6570% of the market share.Source: Moneycontrol Top Headlines | 23 Apr 2009 | 3:18 pm No promoter stake sale in open mkt since Oct \'08: GHCLWith a Sebi ban on GHCL, giving clarification on the situation, Nikhil Sen of GHCL, said the last promoter holding in the company was about 18% and that he is looking to increase the stake GHCL. Sen believes that the matter is subjudice and will not comment on the shareholding change.Source: Moneycontrol Top Headlines | 23 Apr 2009 | 3:07 pm Inflation rises marginally to 0.26%!Inflation on Thursday for week ended April 11 rose to 0.26% as against 0.18% for the previous week.Source: Zee News : Business | 23 Apr 2009 | 12:50 pm KEC International bags 2 new orders worth Rs 95 crKEC International Ltd., a global leader in the power transmission EPC business and an RPG group company, has bagged two orders totaling to Rs. 95 crores in Mozambique and Namibia.Source: Moneycontrol Top Headlines | 23 Apr 2009 | 12:24 pm India imposes anti-dumping duties on stainless steel - Times of India
Source: Google News India - Business | 23 Apr 2009 | 11:24 am Inflation unexpectedly nudges upNEW DELHI (Reuters) - India's annual inflation rate unexpectedly rose in the second week of April on higher food and manufactured product prices, but analysts said inflation would turn negative in coming weeks paving the way for more rate cuts.Source: Reuters: Money News | 23 Apr 2009 | 11:16 am India imposes anti-dumping duties on stainless steelIndia has imposed anti-dumping duties on certain types of stainless steel that are imported from a host of countries including China and Japan after finding that they were landing at below the normal value.Source: India Business News | Business News - Times of India | 23 Apr 2009 | 11:13 am See subscription rev growth aided by digitisation: Zee News - Moneycontrol.com
Source: Google News India - Business | 23 Apr 2009 | 11:08 am Reliance Petroleum posts Rs84 crore profitMumbai: Mukesh Ambani-led Reliance Petroleum Ltd (RPL) on Thursday said it has reported a net profit of Rs84 crore and a net turnover of Rs3,678 crore for the quarter ended 31 March 2009. The company started commercial production from 15 March. Hence, figures for the year-ago period were not available. The total expenditure during the quarter amounted to Rs3,564 crore, RPL said in a filing to the Bombay Stock Exchange (BSE), adding that “the total capital employed by the company is Rs33,982 crore.” Shares of the company reacted positively to the news and were trading at Rs109.60, up 2.72% in the late afternoon trade on the BSE. Last month, the boards of Reliance Industries Ltd (RIL) and RPL had approved the merger of both the entities which created one of the largest petrochemical firms of the world. “RPL refinery has achieved startup and successful stabilization of its operations within a short period of time. The proposed merger with RIL would lead to a globally competitive and industry leading refining business and create sustainable value for shareholders,” RPL chairman Mukesh Ambani said. During the quarter, RPL had commissioned a SEZ refinery at Jamnagar with a capacity of processing 3.6 million tonnes of crude. Source: Home - Livemint.com | 23 Apr 2009 | 11:04 am Amtek Auto looking at viable opportunities - India Infoline.com
Source: Google News India - Business | 23 Apr 2009 | 11:00 am ANALYSIS - Ratings doubts bruising govt-backed bank debtNEW YORK (Reuters) - Market confusion about the ratings and safety of U.S. banks' government-guaranteed commercial paper has led some fund managers to shun this short-term debt in the past two weeks.Source: Reuters: Money News | 23 Apr 2009 | 10:56 am Citi’s Pandit among 20 worst CEOs; Lehman’s Fuld on topNew York: Donning the role of a commander ill-equipped to save the Titanic of banking world, Citigroup’s India-born chief Vikram Pandit has found a place among the 20 worst ever CEOs in the American history, but the top honours has gone to bankrupt Lehman Brothers’ Dick Fuld. The list of America’s 20 worst ever CEOs, compiled by business magazine Conde Nast Portfolio after consulting with a panel of business school professors, identifies the business “leaders who helped drive their companies into the ground.” These 20 include “six men who helped make today’s economy stink”, the magazine said. The list has been topped by Dick Fuld, under whose stewardship Lehman Brothers became the world’s biggest ever bankruptcy candidate and marked the epitome of the current global economic crisis. Pandit has been ranked last at 20th position in the list, which also includes troubled insurer AIG’s Martin Sullivan and failed investment bank Merrill Lynch’s Stan O’Neal as also computer giant HP’s former chief Carly Fiorina, Enron’s former chief Ken Lay and bankrupt telecom firm WorldCom’s Bernie Ebbers. About Pandit, the magazine said that he “did not create the mess Citi is in, but he is the financial services equivalent of the Titanic’s Edward Smith - a commander ill-equipped to save his ship.” Source: World Business - Livemint.com | 23 Apr 2009 | 10:56 am Fiat says still in talks on Chrysler, posts Q1 lossMILAN (Reuters) - Italian industrial group Fiat SpA said on Thursday it was still in talks to form a partnership with ailing U.S. carmaker Chrysler, adding that it aimed to reach a deal either by an April 30 deadline.Source: Reuters: Money News | 23 Apr 2009 | 10:52 am Zee News Q4 net dips 42% at Rs8.76 crMumbai: Subhash Chandra promoted firm Zee News today said, its consolidated net profit for the fourth quarter ended 31 March, has dipped by 42.67% to Rs8.76 crore. The company had a net profit of Rs15.28 crore in the same quarter ended 31 March 2008, Zee News said in a filing to the BSE. “It has been a unique year for the television broadcasting industry. While there has been some slowdown in the print media segment and also in a section of the television broadcasting segment catering to the Hindi mass markets, we are happy to see that the news and regional segments have not been affected as much,” Zee News chairman Subhash Chandra said. Total income of the company rose to Rs138.44 crore during the quarter under review, as against Rs113.07 crore in the same quarter last fiscal. For the year ended 31 March, the company has posted a consolidated net profit of Rs44.66 crore, up 20.47% from Rs37.07 crore in the same period previous fiscal. Shares of Zee News were trading at Rs38.15, up 4.38% on the BSE Source: LatestNews-Home - Livemint.com | 23 Apr 2009 | 10:52 am Sensex gains over 300 pts as heavyweights spurt @ 15:20 hrs - Sify
Source: Google News India - Business | 23 Apr 2009 | 10:42 am Sensex surges over 317 pts on the back of IT, metalsStocks led by the information technology and metal sectors pushed up the BSE Sensex by over 317 points on expectations that earnings growth will recover as the market has nearly bottomed out.Source: India Business News | Business News - Times of India | 23 Apr 2009 | 10:42 am RPL Q4 net profit at Rs 84 crore - Economic Times
Source: Google News India - Business | 23 Apr 2009 | 10:37 am Close: Markets surge by 300 pts led by RelianceNew Delhi: The Bombay Stock Exchange benchmark Sensex rose further by nearly 291 points in pre-close trading on Thursday to end 2.9% up led by Reliance Industries. The 30-share BSE index shot up from morning lows to gain of 317.45 points at 11,134.99 on closing and the 50-share National Stock Exchange index Nifty rose by 93.40 points to end at 3,423.70. All indices with the exception of consumer durables ended in green. IT, metal and realty raked in the maximum gains. Source: Home - Livemint.com | 23 Apr 2009 | 10:30 am Inflation inches to 0.26% from 0.18% - Economic Times
Source: Google News India - Business | 23 Apr 2009 | 10:29 am Chidambaram says Sri Lanka, LTTE not heeding India’s requestSivaganga: Union home minister P Chidambaram Thursday said both LTTE and Sri Lanka were not paying heed to India’s request to end hostilities but felt Colombo was “more at fault” as it thought military solution could end the strife. Stating that the Sri Lankan Tamils issue was a humanitarian one and there was need to protect the lives of the people, he said India had asked the Sri Lankan Government and the LTTE to stop the hostilities. “We have been making the demand continuously for many days. But both the LTTE and the Sri Lankan government are not paying heed to our request,” he said. However, Sri Lankan government was more at fault regarding the ongoing battle because they were thinking that military solution could end the strife, he told reporters after filing his nomination papers from Sivaganga Lok Sabha constituency. “The issue cannot be resolved by the army. It has to be resolved through negotiations. The Tamils should be given equal respect, status and right. Tamil dominated one or two provinces should be made states with equal rights within the Sri Lankan federal set up,” he said. Asked about Tamil Nadu chief minister and DMK President M Karunanidhi’s demand for snapping diplomatic ties with the Lankan government if it did not stop the war, he said “it is a serious issue and it cannot be discussed in a press meet.” Queried if LTTE Chief Prabhakaran would be given asylum, he said “I can’t comment. It is a legal issue.” Chidambaram described today’s general strike on the Sri Lankan Tamils issue called by DMK, an ally of Congress, as an expression of “anguish” against killing of Tamils in the island nation. “It is not against the union government or Congress. It is for stopping the hostilities there in that country.” He said it was wrong to say that the union government did not take any steps to stop the hostilities in the island. Right from 1983 successive central governments had been following the same policy vis-a-vis the Sri Lankan strife. All parties including PMK, AIADMK, MDMK, had been allies in those Governments, he said. “Now some political parties are trying to mislead the people and are claiming it is a poll plank,” he said, apparently taking a dig at AIADMK and its allies who have refused to take part in the strike with Jayalalithaa dismissing it as ‘farce and a drama.´ Asked about Jayalalithaa describing as a drama sending of telegrams and letters to Prime Minister by Karunanidhi on Lankan Tamils issue, he retorted: “I am not in the film industry.I do not know whether it is a drama or farce.” Source: LatestNews-Home - Livemint.com | 23 Apr 2009 | 10:29 am BNP Paribas turns major stakeholder in Geojit - Moneycontrol.com
Source: Google News India - Business | 23 Apr 2009 | 10:26 am Reliance Petroleum posts Rs.84 crore net profitReliance Petroleum Ltd (RPL), the refinery arm of the Mukesh Ambani-controlled Reliance Industries Ltd (RIL), Thursday reported a net profit of Rs.84 crore ($17 million) for the quarter ended March 31 on a turnover of Rs.3,678 crore.Source: IndiaeNews.com: Business News | 23 Apr 2009 | 10:22 am Economic prospects less rosy than forecast: Moody'sIndian economy's growth prospect is less rosy than the official forecast, the economic arm of rating agency Moody's said Thursday.Source: IndiaeNews.com: Business News | 23 Apr 2009 | 10:22 am Indian sugar edges up as futures ban talk pales - Reuters India
Source: Google News India - Business | 23 Apr 2009 | 10:20 am LIC Housing sees FY10 loan disbursements up 25 pctMUMBAI (Reuters) - Mortgage lender LIC Housing Finance Ltd sees loan disbursements rising 25 percent in fiscal 2009/10, Director and Chief Executive Officer R.R. Nair told reporters on Thursday.Source: Reuters: Money News | 23 Apr 2009 | 10:17 am Inflation rises to 0.26 per cent fuelled by higher food pricesInflation rises, but still remains around a three-decade low, may become an issue in the current Lok Sabha elections.Source: Daily News & Analysis: Money News | 23 Apr 2009 | 10:13 am BSE Sensex provisionally ends up 3.5 pctMUMBAI (Reuters) - The BSE Sensex provisionally rose 3.5 percent on Thursday, recovering from early losses of 0.5 percent, as investors returned to the market after it fell almost 2 percent over the past three sessions.Source: Reuters: Money News | 23 Apr 2009 | 10:12 am Goldman to focus on securties, PE Biz; puts asset management on hold - Reuters India
Source: Google News India - Business | 23 Apr 2009 | 10:10 am Reliance Power FY09 net $50 mlnMUMBAI (Reuters) - Indian utility Reliance Power Ltd said on Thursday its net profit for the year ended March was 2.49 billion rupees ($50 million) on total income of 3.6 billion rupees.Source: Reuters: Money News | 23 Apr 2009 | 10:06 am LIC Housing Finance Q4 net up 33% at Rs 158 cr - Business Standard
Source: Google News India - Business | 23 Apr 2009 | 9:54 am India's inflation rate marginally up at 0.26 percentIndia's annual rate of inflation rose marginally to 0.26 percent for the week ended April 11, from 0.18 percent the week before, official data showed Thursday.Source: IndiaeNews.com: Business News | 23 Apr 2009 | 9:52 am Markets soar in afternoon tradeIndian equities markets rose further into the green Thursday afternoon, with a key index ruling 264.72 points higher about 30 minutes before the closing bell.Source: IndiaeNews.com: Business News | 23 Apr 2009 | 9:51 am SpiceJet could increase fuel surcharge by Rs.300Indian low cost carrier SpiceJet does not rule out increasing its fares by Rs.300, joining Jet Airways and Kingfisher.Source: IndiaeNews.com: Business News | 23 Apr 2009 | 9:50 am Inflation rises to 0.26% on higher food pricesNew Delhi: India’s annual inflation rate unexpectedly rose in the second week of April on higher food and manufactured product prices, but analysts said inflation would turn negative in coming weeks paving the way for more rate cuts. The wholesale price index, India’s most widely watched inflation measure, rose 0.26% in the 12 months to 11 April, above the previous week’s rise of 0.18% and a forecast of 0.09% in a Reuters poll. “Demand is not crumbling as much as we feared it would,” said Indranil Pan, chief economist at Kotak Mahindra Bank. “Though WPI will eventually definitely go into negative territory ... this will not be a deflationary situation.” The Reserve bank of India (RBI) cut key rates on Tuesday for the sixth time in seven months and urged commercial banks to follow suit to shore up faltering growth that has been hit harder than expected by the global downturn. It had also said that inflation was expected to slip into negative territory as the index had risen sharply last year, but there would not be a deflationary situation with consumer prices still running high. The wholesale price based-inflation rate has fallen sharply since peaking at just under 13% in August, but annual consumer price inflation in February was 9.63%, as prices of food products remain firm. The central bank, which has slashed its key lending rate by 425 basis points since October, could come under pressure to lower the rates again, analysts said. “It (inflation) will go down further. The scope for rate cut is there. I think, there is still enough room,” said DK Joshi, principal economist of domestic rating agency Crisil. The 10-year benchmark bond yield rose 2 basis points after the data was released, while the partially convertible rupee fell slightly to 50.22/23 per dollar from 50.17/18. Source: Home - Livemint.com | 23 Apr 2009 | 9:43 am LIC Housing Finance Q4 net up 33%Mumbai: LIC Housing Finance on Thursday said its net profit rose by 33.14% to Rs157.55 crore in the fourth quarter ended 31 March. The company had a net profit of Rs118.09 crore in the same quarter ended 31 March, 2008, LIC Housing Finance said in a filing to the Bombay Stock Exchange. Total income of the company surged to Rs790.47 crore during the quarter under review, as against Rs606.76 crore in the same quarter previous fiscal. For the year ended 31 March, the company recorded a net profit of Rs531.62 crore from Rs387.18 crore in the same period last fiscal, up by 37.30%. The board of the company had recommended final dividend of Rs13 a piece (130%) for the financial year 2008-09. Shares of LIC Housing Finance were trading at Rs308.20, up 2.72% on the BSE. Source: Home - Livemint.com | 23 Apr 2009 | 9:41 am Virgin says defers delivery of aircraft amid travel slumpSydney: Australia’s Virgin Blue Airlines on Thursday said it would defer delivery of two passenger jets for its international offshoot due to a slump in demand for air travel. Virgin said it would take delivery of the Boeing 777-300ER aircraft, slated for use by V Australia for flights to the US west coast, in 2011 and 2012. The planes had been meant to go into service next year. “The extension of the delivery schedule... was a prudent action in the current operating environment and is part of Virgin Blue’s ongoing group-wide measures to adjust its business operations to current and forecast trading conditions,” it said in a statement to the Australian Stock Exchange. V Australia, which was launched in February, has three aircraft in its fleet and is due to receive a fourth later in the year. The deferral follows similar moves earlier this month by national carrier Qantas, which slashed its profit forecast by more than half due to tough global conditions. Source: LatestNews-Home - Livemint.com | 23 Apr 2009 | 9:40 am RPL Q4 net at Rs 84cr, turnover at Rs 3,678crMukesh Ambani-led Reliance Petroleum on Thursday said it has reported a net profit of Rs 84 crore and a net turnover of Rs 3,678 crore for the quarter ended March 31, 2009.Source: India Business News | Business News - Times of India | 23 Apr 2009 | 9:32 am More than 100,000 civilians flee Lanka warzoneColombo: The flight of more than 100,000 people from Sri Lanka’s war zone is beginning to overload the system, the United Nations said on Thursday, after the Security Council warned those still trapped remain in grave danger. The military said that a four-day exodus was beginning to slow down with more than 103,000 people having come to army-held areas since troops cleared an earthen barrier it said the Liberation Tigers of Tamil Eelam (LTTE) had built to stop them. Despite the massive outpouring, the UN Security Council late on Wednesday said it had “deep concern” for the welfare of those remaining inside the LTTE-held area, a narrow coastal strip surrounded by troops aiming to win Asia’s longest-running war. The military says troops now control all but 13 square km (5 sq miles) of the Indian Ocean island, where the LTTE and founder-leader Vellupillai Prabhakaran are fighting a last stand in their war to create a separate state for the Tamil minority. United Nations spokesman Gordon Weiss said the world body had confirmed that between 90,000 and 100,000 people have left the combat zone since Monday. They will join 80,000 people already in refugee camps away from the front. “There is serious overcrowding in the camps and it is only to get worse in coming days,” Weiss said in Colombo. “It is a huge exodus and it threatens to overwhelm the available systems.” The United Nations had urged the government of Sri Lanka to identify new sites and clear them as soon as possible to accommodate the outpouring, he said. Military spokesman Brigadier Udaya Nanayakkara said combat operations remained underway. “Troops are moving in a southern direction,” he said, towards the remaining rebel pocket. He denied LTTE accusations that troops were shelling the area. “We are not using heavy weapons at all. We are only using small arms.” Independent confirmation of battlefield accounts is difficult because outsiders are generally restricted from it. For a fourth straight day, the military progress drove the Colombo Stock Exchange higher, traders said. Provisional data showed it up 1.5% in midday trade. Security council warning On Wednesday, at France’s urging, the UN Security Council met for an informal briefing on the situation. “The Security Council members, we expressed our deep concern about the humanitarian situation ... and the plight of the civilians trapped within the conflict area,” Mexican UN Ambassador Claude Heller told reporters after the meeting. In a summary of the closed-door meeting, he said council members “strongly condemned” the LTTE for failing to release the civilians. Council diplomats said China, Russia and others had opposed the idea of a formal discussion of the Sri Lankan war, viewing it instead as an internal matter for the Sri Lankans. The United Nations estimates tens of thousands are inside the remaining area, while the International Committee of the Red Cross has said at least 50,000 remain in “catastrophic” conditions. The people who have fled have been on foot for days, and stuck in the war zone with minimal food, water or medical care, aid agencies said. Pictures released by the government showed scores of people carrying their belongings on their backs, and others helping the sick or elderly to move. One showed a woman giving birth inside a bus carrying her to a refugee camp, with two midwives helping deliver the child. A former rebel spokesman, Daya Master, was being interrogated after he became the most senior rebel to surrender so far, Nanayakkara said. Surrender is an act considered a betrayal to the cause and leader Prabhakaran’s dictate that followers wear cyanide vials to be taken in case of capture. Sri Lanka has ruled out any further truces, while the LTTE has said it will never surrender its fight to build a separate state for Tamils, which started in the early 1970s and erupted into a full civil war in 1983. Source: LatestNews-Home - Livemint.com | 23 Apr 2009 | 9:18 am Violence mars second phase of polling in AndhraHyderabad: Clashes between TDP and Congress workers and destruction of EVMs marred the final phase of polling in Andhra Pradesh Thursday, where an average 28% balloting was reported in the early hours of voting. Electronic Voting Machines (EVMs) were destroyed by unidentified persons at 15 polling stations in 20 Lok Sabha and 140 assembly segments forcing the authorities to suspend the polling process, state Chief Electoral Officer (CEO) I V Subba Rao told reporters. The EVMs were destroyed by pouring water on them or by other means at Rayachoti, Pulivendula, Kamalapuram, Rajampet and Kadapa town in Kadapa district, he said. Police fired 30 rounds in air to disperse supporters of TDP and Congress, who clashed at Nagasanipalli village under Maidukur assembly segment after hurling country-made crude bombs at each other, a senior police officer from Kadapa told PTI over phone. Police opened three rounds of fire in air to control violent groups of different political parties at Kuchhurpapaypalli in Chapadu Mandal of the district too. Stray incidents of violence between TDP and Congress workers was also reported from Goriganur village of Jamalmadagu mandal of Kadapa district. However, there was no reports of any injuries or deaths in the state. Destruction of EVMs was also reported from Kurnool and Anatapur districts and repolling will be held where ever EVMs were destroyed, the CEO said. “Overall, it has been peaceful except these incidents,” he said. The maximum and minium polling percentages of 39 and 20 till 11am were reported from Hindupur and Nandyal parliamentary constituencies. Source: LatestNews-Home - Livemint.com | 23 Apr 2009 | 9:18 am European stocks drop; ABB weighs, Credit Suisse jumpsLondon: European stocks fell in early trade on Thursday, weighed by poor results from Swiss engineering group ABB, though Credit Suisse jumped after the size of its first-quarter profit surprised investors. At 02:00pm (0837 GMT), the FTSEurofirst 300 index of top European shares was down 0.2% at 793.68 points after falling as low as 787.56 points. It rose 1% in the previous session. ABB fell 3.5% after giving a cautious outlook and missing forecasts with a 35% drop in first-quarter profit as customers hesitated about investing in new equipment due to the economic downturn. Credit Suisse, however, rose 7.3% after Switzerland’s second-largest bank posted a net profit of 2 billion Swiss francs ($1.71 billion) for the first quarter, twice as much as expected by analysts, and said it remained optimistic about its prospects. Other banks were mixed. HSBC fell 0.5%, Barclays was down 0.8% and UBS dropped 1.8%. But Natixis gained 0.7%, Dexia rose 1.3% and UniCredit was up 3%. “It’s another mixed bag. Whilst we could gain some optimism from Credit Suisse’s numbers, underlying concerns about the GM situation, and mixed numbers from Morgan Stanley will simply not disappear,” said Chris Hossain, senior sales manager at ODL Securities Ltd in a note. “Only history will tell us if the doom-mongers are correct but what can’t be denied is that we haven’t seen a wide-ranging bout of optimism spread across the investing public.” A spokeswoman for General Motors said on Wednesday the automaker is unlikely to make a $1 billion debt payment due 1 June because it expects to be in the process of restructuring its debt through a voluntary exchange or bankruptcy court by that point. Morgan Stanley on Wednesday posted a bigger than expected quarterly loss and slashed its dividend. Automakers also came under pressure after Japanese carmaker Toyota Motor Corp’s group-wide sales fell 27% in the first quarter. BMW, Porsche, Volkswagen AG and Peugeot were down 1.3-3%. “If the global economic downswing continues to worsen, we anticipate further pressure on auto ratings in 2009,” Standard & Poor’s says in a report. Swiss drugmaker Novartis AG was up 4% after it reported a better than expected first-quarter net profit, down 14% due to a stronger US dollar as it warned ongoing currency losses could hit its full-year results. Among miners, Lonmin Plc, the world’s third-biggest platinum producer, rose more than 5% after it posted a 30% rise in second-quarter platinum sales, helped by processing a backlog, and completed a $575 million debt refinancing package. Across Europe, the FTSE 100 index, Germany’s DAX and France’s CAC 40 were down between 0.1 and 0.6%. Source: LatestNews-Home - Livemint.com | 23 Apr 2009 | 9:15 am 2nd Phase LS Polls: Voting peaceful in all states but JharkhandNew Delhi: Brisk polling was reported from across 12 states in the second phase of Lok Sabha elections on Thursday, which was by and large peaceful barring certain incidents of violence in Naxal-infested Jharkhand. An executive magistrate Rajendra Prasad and a constable were wounded when Maoists lobbed a bomb at their vehicle near Dadi-Srirampur village in Giridih district in Jharkhand, police sources said. They were going to their assigned polling station in the district, about 200 kms from Ranchi, they said. Also Read | Doors open for Left, says Lalu Elections 2009 (Full Coverage) In a separate incident, security forces repulsed a Naxalite bid to disrupt polling in Bansdera in east Singhbhum, 165 kms from the Jharkhand capital, after a fierce hour-long gunbattle with the ultras.  Prime Minister Manmohan Singh speaks to the press after casting his vote at a polling station in Guwahati on Thursday. Reuters photo Brisk polling was reported from all the 140 constituencies spread across 12 states in the second round of the five-phased elections which would end at 1700 hrs in most places, except in Naxal-infested areas where it would close at 1500 hrs.  Polling staff had difficulty in reaching the booths situated in Maoists pockets in Jharkhand, while faulty EVMs in some places delayed the polling exercise for a while, police sources said. Polling in four booths under Singhbhum constituency were cancelled after suspected Naxalites burnt down four booths at Jompai in west Singhbhum’s Sonua block. Voters of a dozen booths in Dumka, Godda and Raj Mahal Lok Sabha seats in the state have decided not to vote in protest against alleged non-development of their areas. Election to Andhra Pradesh and Orissa state assemblies are being held simultaneously on Thursday. Over 194 million voters are eligible to exercise their franchise on Thursday across 2 lakh polling stations set up by the Election Commission. Tight security arrangements have been put in place, especially in Naxal-infested states, to thwart any attempt by the ultras to disrupt the elections. An EVM was stolen before polling began in Cuddapah and at Chandragiri, in Chittoor district, miscreants have destroyed an EVM, officials said, adding that malfunctioning of EVMs was reported at some places and they have been quickly rectified. Orissa Chief Minister Navin Patnaik, Nationalist Congress Party (NCP) chief Sharad Pawar and senior Congress leader M Veerappa Moily were among the early voters who exercised their franchise. Large number of voters were seen waiting outside the polling stations in Udhampur-Doda Lok Sabha constituency in Jammu and Kashmir. Prominent among those whose fate will be decided today are Congress leader Rahul Gandhi from Amethi in Uttar Pradesh, NCP chief Sharad Pawar from Madha in Maharashtra, rebel JD(U) leader George Fernandes from Bihar’s Muzaffarpur, BJP’s Sushma Swaraj from Vidisha in Madhya Pradesh and LJP leader Ramvilas Paswan from Hajipur in Bihar. The Andhra assembly elections will decide the fate of Chief Minister YS Rajasekhara Reddy who is contesting from Pulivendla, his rival and TDP chief Chandrababu Naidu from Kuppam and actor-turned-politician Chiranjeevi from Tirupati among others. Source: Home - Livemint.com | 23 Apr 2009 | 9:05 am Reliance Petro March qtr net $17 mlnMUMBAI (Reuters) - Indian refiner Reliance Petroleum Ltd, a unit of Reliance Industries, on Thursday posted net profit of 840 million rupees ($17 million) for the March quarter on net sales of 36.78 billion rupees.Source: Reuters: Money News | 23 Apr 2009 | 9:03 am Behind the scenes of the Bollywood DisputeFor the last couple of weeks, big Bollywood producers and distributors have refused to release movies to big theatre chains, leading to a dearth of entertainment that was solved only by the Indian Premier League.  On Just to Clarify, we wanted to go behind the dispute between producers, distributors and theatre chains, to examine the industry’s revenue-share models. To explain these to us, our guest on Just to Clarify today is Mr. Komal Nahata, one of the film industry’s leading trade analysts. As always if you want any aspect of the news explained on this podcast, you can write to Samanth Subramanian on samanth.s@livemint.com Source: LatestNews-Home - Livemint.com | 23 Apr 2009 | 9:02 am Drop in office space rentalsOffice space rentals have dropped five to 20 per cent across cities in the first quarter of 2009 as compared to the last quarter.Source: Moneycontrol Top Headlines | 23 Apr 2009 | 8:50 am Violence casts shadow as India votes in new roundGUWAHATI (Reuters) - Millions of Indians, including Prime Minister Manmohan Singh, voted on Thursday under the shadow of violence in the second stage of a month-long general election that could throw up a weak coalition.Source: Reuters: Money News | 23 Apr 2009 | 8:48 am Rising bad debts cast shadow over bank earningsMUMBAI (Reuters) - State Bank of India, the country's largest lender, is expected to post a 16.3 percent rise in quarterly net profit on strong loan growth, but rival ICICI Bank could see profit slump by a third on consumer defaults.Source: Reuters: Money News | 23 Apr 2009 | 8:47 am Industry bodies seek more reduction in ratesThe apex chambers of commerce and industry hailed the Credit Policy announced by the Reserve Bank of India (RBI) on Tuesday but expressed that there was a need for further monetary easing.Source: Moneycontrol Top Headlines | 23 Apr 2009 | 8:47 am GSM players plan to use existing spectrum for 3GEven though spectrum allocation for third generation (3G) mobile has got delayed, private cellular operators are beginning to use their existing radio frequencies to offer 3G based services to customers.Source: Moneycontrol Top Headlines | 23 Apr 2009 | 8:45 am Chrysler rescue talks rev up as deadline loomsDetroit: Negotiations to save Chrysler have shifted into high gear with the teetering automaker, its creditors, Italy’s Fiat and the US Treasury scrambling to thrash out a viable restructuring deal before an end-April deadline. The Treasury Department, in the latest back-and-forth on slashing the carmaker’s debt, countered to banks and other lenders late Wednesday with a proposal that they accept 22% of the $6.9 billion they are owed, plus a 5% stake in Chrysler, the Wall Street Journal reported citing people familiar with the matter. That was up from an earlier Treasury proposal that creditors receive 15% of the debt and no Chrysler stock — an offer rejected by the lenders. Chrysler’s creditors, led by four major banks that have received tens of billions of dollars in US bailout funds, had countered that with a proposal to receive 65% of the debt, plus 40% of Chrysler and a seat on the board, the daily reported. They also asked Fiat, Chrysler’s potential Italian partner, to invest cash in the US firm. Fiat had agreed in principle to provide Chrysler with technology, but the Italian carmaker apparently has been reluctant to pump cash into Chrysler, with which it has just eight more days to seal a pact before the US auto giant faces liquidation. Democratic Representative Gary Peters of Michigan, home state of the flagging US auto industry, said Chrysler’s creditors — major banks JP Morgan Chase, Citigroup, Goldman Sachs and Morgan Stanley, plus other investors — have not bargained in good faith. “This is not a serious counter offer. These debt holders were offered fair market value for their debt, and the banks have responded by asking for a windfall,” said Peters. “It is extremely disappointing that while other stakeholders have agreed to work with President (Barack) Obama to advance Chrysler’s restructuring, financial institutions that have already taken billions of dollars in taxpayer support are refusing to do the same,” he said. Peters added that the offer was an affront to taxpayers and “the many thousands of Chrysler employees and retirees whose livelihoods hang in the balance of the outcome of these negotiations.” Michigan’s Congressional delegation and Governor Jennifer Granholm are attempting to use their political influence to keep both Chrysler and General Motors intact. The state’s eight Democratic congressmen and the senators met with White House chief of staff Rahm Emanuel and Obama’s chief economic adviser Larry Summers Wednesday at the White House to discuss the ongoing restructuring of Chrysler and GM. “With the deadline for Chrysler set for April 30, we discussed the positive opportunity presented by the alliance with Fiat and our commitment to pursuing that result,” the delegation said in a statement after the meeting. “We spoke frankly about our very serious concerns about bankruptcy for Chrysler and GM, and the administration spoke frankly about their continued efforts to see Chrysler and GM emerge from restructuring through an out-of-court process.” The delegation said the government was “working diligently” to avoid bankruptcy, but that “the administration and the companies must continue to prepare contingency plans to avoid liquidation or a protracted restructuring process should the ongoing negotiations for out-of-court resolution fail.” Chrysler also still has to reach a new agreement with both the United Auto Workers and Canadian Auto Workers ahead of next week’s deadline. UAW President Ron Gettelfinger said Wednesday that talks with Chrysler and Fiat are ongoing but that contrary to some media reports, no agreement had been finalized. “We are continuing to work towards an agreement that will be in the best interests of Chrysler workers, retirees and the communities where the company does business,” Gettelfinger said. GM and Chrysler have received a combined $17.4 billion in public aid since December, in an effort to stave off collapse as the world’s largest Source: LatestNews-Home - Livemint.com | 23 Apr 2009 | 8:40 am Chrysler rescue talks rev up as deadline loomsDetroit: Negotiations to save Chrysler have shifted into high gear with the teetering automaker, its creditors, Italy’s Fiat and the US Treasury scrambling to thrash out a viable restructuring deal before an end-April deadline. The Treasury Department, in the latest back-and-forth on slashing the carmaker’s debt, countered to banks and other lenders late Wednesday with a proposal that they accept 22% of the $6.9 billion they are owed, plus a 5% stake in Chrysler, the Wall Street Journal reported citing people familiar with the matter. That was up from an earlier Treasury proposal that creditors receive 15% of the debt and no Chrysler stock — an offer rejected by the lenders. Chrysler’s creditors, led by four major banks that have received tens of billions of dollars in US bailout funds, had countered that with a proposal to receive 65% of the debt, plus 40% of Chrysler and a seat on the board, the daily reported. They also asked Fiat, Chrysler’s potential Italian partner, to invest cash in the US firm. Fiat had agreed in principle to provide Chrysler with technology, but the Italian carmaker apparently has been reluctant to pump cash into Chrysler, with which it has just eight more days to seal a pact before the US auto giant faces liquidation. Democratic Representative Gary Peters of Michigan, home state of the flagging US auto industry, said Chrysler’s creditors — major banks JP Morgan Chase, Citigroup, Goldman Sachs and Morgan Stanley, plus other investors — have not bargained in good faith. “This is not a serious counter offer. These debt holders were offered fair market value for their debt, and the banks have responded by asking for a windfall,” said Peters. “It is extremely disappointing that while other stakeholders have agreed to work with President (Barack) Obama to advance Chrysler’s restructuring, financial institutions that have already taken billions of dollars in taxpayer support are refusing to do the same,” he said. Peters added that the offer was an affront to taxpayers and “the many thousands of Chrysler employees and retirees whose livelihoods hang in the balance of the outcome of these negotiations.” Michigan’s Congressional delegation and Governor Jennifer Granholm are attempting to use their political influence to keep both Chrysler and General Motors intact. The state’s eight Democratic congressmen and the senators met with White House chief of staff Rahm Emanuel and Obama’s chief economic adviser Larry Summers Wednesday at the White House to discuss the ongoing restructuring of Chrysler and GM. “With the deadline for Chrysler set for April 30, we discussed the positive opportunity presented by the alliance with Fiat and our commitment to pursuing that result,” the delegation said in a statement after the meeting. “We spoke frankly about our very serious concerns about bankruptcy for Chrysler and GM, and the administration spoke frankly about their continued efforts to see Chrysler and GM emerge from restructuring through an out-of-court process.” The delegation said the government was “working diligently” to avoid bankruptcy, but that “the administration and the companies must continue to prepare contingency plans to avoid liquidation or a protracted restructuring process should the ongoing negotiations for out-of-court resolution fail.” Chrysler also still has to reach a new agreement with both the United Auto Workers and Canadian Auto Workers ahead of next week’s deadline. UAW President Ron Gettelfinger said Wednesday that talks with Chrysler and Fiat are ongoing but that contrary to some media reports, no agreement had been finalized. “We are continuing to work towards an agreement that will be in the best interests of Chrysler workers, retirees and the communities where the company does business,” Gettelfinger said. GM and Chrysler have received a combined $17.4 billion in public aid since December, in an effort to stave off collapse as the world’s largest Source: World Business - Livemint.com | 23 Apr 2009 | 8:40 am Result Update: HCL Technologies3QFY09 results below our expectations, mainly due to higher-than-expected forex loss; marginally lower EBIDTA. Revenues for the quarter were 15% higher q-o-q in INR terms. This was on the back of Axon, which was consolidated for the full quarter as against only 15 days in the previous quarter. Excluding Axon, revenues for the quarter de-grew on a sequential basis, we believe. In USD terms, revenues were lower by about 4.5%, in our opinion. Excluding Enterprise Application Services (EAS) into which Axon was consolidated, USD revenues fell by about 3.6%. This was due to IT services (2/3rd) and BPO (1/3rd). According to the management, in constant currency terms, ex-EAS revenues fell by 2% of which, 0.7% was contributed by volumes. Existing clients continue to be the concern areas; one large account contracted q-o-q. However, new wins are making up for these. BPO revenues disappointed and fell by 10.5% sequentially in USD terms. Business was impacted by the company’s continued focus on reducing the non-core voice business. Organic voice-based revenues fell to 6.5% of the overall BPO revenues. Including the acquisition, these were 10% of BPO revenues. The company reported a significant forex loss of about Rs2.01 billion (Rs1.41 billion in 2QFY09) during the quarter, which was beyond our estimates. This was the main reason for the variance between our profit estimates and the actual profits. We maintain cautious stance on sector in the backdrop of uncertain economic scenario, globally. Expect stock performance to be subdued post the recent run-up due to the above factors and despite cheap valuations. Maintain ACCUMULATE stance despite decent upside and undemanding valuations with a price target of Rs149 (Rs171 earlier). Source: LatestNews-Home - Livemint.com | 23 Apr 2009 | 8:38 am Illegal Indian money in tax havens: The way we debate itThe debate, or the lack of it, in recent days, on the important issue of our illegal money kept in Switzerland and other tax havens, has been rather interesting.Source: Daily News & Analysis: Money News | 23 Apr 2009 | 8:37 am SpiceJet mulls hike in fares by up to Rs300New Delhi: Low-cost carrier SpiceJet today said it is considering a possible hike in its fares by up to Rs300, close on the heels of Jet Airways and Kingfisher Airlines increasing fuel surcharge last week. “We are currently evaluating if we need to increase our airfares. If we decide to increase it, it will be in the range of Rs200-Rs300,” SpiceJet chief executive officer Sanjay Aggarwal told reporters on the sidelines of India Tourism Conclave here. Besides, the carrier is also looking at increasing its flight frequencies with its existing fleet, he added. “We are looking at increasing our flight frequencies with our existing aircraft. The key for low-cost carrier is capacity utilisation,” he said. Last week, the top two private carriers -- Jet Airways and Kingfisher Airlines -- had increased their airfares by hiking the surcharge in aviation turbine fuel (ATF) by up Rs 300. Source: LatestNews-Home - Livemint.com | 23 Apr 2009 | 8:36 am Bajaj Hindusthan Q2 profit rises 89%Mumbai: Sugar maker Bajaj Hindusthan on Thursday said it has reported 89.15% jump in net profit at Rs81.39 crore for the second quarter ended March 2009. The firm had a net profit of Rs43.03 crore in the March quarter of last fiscal, Bajaj Hindusthan said in a filing to the Bombay Stock Exchange (BSE). Total income during the quarter rose 3.16% to Rs515.83 crore, from Rs500.04 crore in the corresponding period last fiscal. The sugar firm said it has incurred foreign exchange losses to the tune of Rs30.46 crore during quarter against a forex gain of Rs15.45 crore in the year-ago period. For the six months ended March 2009, Bajaj Hindusthan reported a net profit of Rs25.45 crore, a 65% dip over the year-ago period. The firm had a net profit of Rs72.70 crore in the six-months ending March 2008. Total income in the six-month period rose to Rs878.18 crore, up 3% over the same period last fiscal. In a separate filing to the BSE, the company said Rakesh Bhartia has resigned as a director from the board of the company, with effect Wednesday. Shares of Bajaj Hindusthan were trading at Rs73.90, down 1% in the afternoon trade on the BSE. Source: Home - Livemint.com | 23 Apr 2009 | 8:34 am SC restrains UP govt from taking steps against Tata TeleThe SC has restrained the UP government from taking steps against Tata Teleservices in recovering more than Rs 16.67 lakh on account of allegedly deficient stamp duty payable on lease agreements for installing its networks.Source: India Business News | Business News - Times of India | 23 Apr 2009 | 8:03 am Gold demand shrinks as prices riseMumbai: India’s gold demand tapered off as prices extended gains on Thursday, as buyers have stocked the yellow metal during the price dips for a festival next week, dealers said. “Demand is very slow compared to last week as prices have moved up and also rupee has crossed 50 mark,” said a dealer with a private bank in Mumbai. The most-watched June contract extended gains to trade 0.20% higher at Rs14,460 at 1:43pm, after gaining 0.96% in the last session. Buyers would return if prices fall to Rs13,500, added another dealer with a state-run bank. Akshaya Tritiya, which falls on 27 April, is the second-most auspicious day to buy gold after Dhanteras, traders say. Source: Home - Livemint.com | 23 Apr 2009 | 8:02 am Credit Suisse profit beats forecasts; Japanese peers in redZURICH/TOKYO (Reuters) - Credit Suisse beat forecasts with its quarterly profit on Thursday, offering markets some relief after news of heavy losses suffered by top U.S. and Japanese financial firms fanned fresh worries about the sector's health.Source: Reuters: Money News | 23 Apr 2009 | 7:40 am UPA requires support of Left parties: PawarBaramati: NCP chief Sharad Pawar today sought to keep the doors open for Left parties in the post-poll scenario and said the UPA will decide its prime minister after the elections. “I honestly feel that this time we require the blessings and support of the Left parties. That is why from the first day, I am consistently saying to all my colleagues in the UPA that let us keep good rapport with the Left,” Pawar said. He was responding to a question about his views on receiving Left support if the UPA required it for forming a government after the elections. “They have been supporting us. The credit goes to the Left also that we were able to give the country a stable government. The Left is the only section which will never support a communal outfit,” he told reporters after casting his vote here. The Maratha strongman also refused to toe the Congress line on the question of next prime minister, saying a decision on UPA prime minister can be taken only after a meeting of its allies. “Congress has every right to declare Manmohan Singh as Prime Minister. (But) when you take a decision on behalf of the UPA, you (UPA allies) will have to sit together and decide.” It is premature at this stage to discuss this issue,” Pawar said when asked whether he still continued to be in the race for Prime Ministership. “UPA partners will be able to resolve the leadership issue to offer a stable government.” The NCP supremo said he was confident that Congress-NCP-RPI alliance in Maharashtra would win a majority of the 48 Lok Sabha seats. Pawar said he will hold discussions with leaders of RJD, Samajwadi Party and LJP, which are contesting against Congress in Bihar, Jharkhand and Uttar Pradesh, back into the “umbrella of UPA”. Asked about NCP rebels in Western Maharashtra, Pawar said it was confined to only one constituency (Kolhapur) and the party would romp home there. Pawar is contesting Madha Lok Sabha seat in Solapur district. He is registered as a voter in Baramati his home town. His daughter Supriya Sule refused to comment on the talk of Pawar’s Prime Ministerial prospects in the post-poll scenario, saying she was not qualified to discuss these things. “I am at the moment concentrating on ensuring maximum voting in Baramati,” she said. A steady flow of voters were seen in Baramati where Supriya is contesting as NCP candidate, opposed by Kanta Nalawde of BJP. In Pune city, Congress candidate Suresh Kalmadi and in Solapur Union Power Minister Sushilkumar Shinde cast their votes early in the morning. Source: Home - Livemint.com | 23 Apr 2009 | 7:40 am Inflation rises to 0.26%Inflation rose to 0.26% for the week ended April 11 from 0.18% in the previous week as essential food articles like cereals, eggs, salt, and fruit and vegetable turned dearer.Source: India Business News | Business News - Times of India | 23 Apr 2009 | 7:10 am Markets reverse morning losses, back in greenIndian equities markets reversed opening losses Wednesday, with a key index rising 138.91 points higher than its last closing figure, a little before noon.Source: IndiaeNews.com: Business News | 23 Apr 2009 | 7:01 am India's inflation rate marginally up at 0.26 percentIndia's annual rate of inflation rose marginally to 0.26 percent for the week ended April 11, from 0.18 percent the week before, official data showed Thursday.Source: IndiaeNews.com: Business News | 23 Apr 2009 | 7:00 am Japan automakers extend output slump in MarchTokyo: Japan’s top automakers reported deep production declines in March as the unprecedented collapse in global demand maintained its painful grip on one of the country’s key industries. Toyota Motor Corp., the world’s biggest automaker, said its worldwide production slid 46% in March from a year earlier to 472,036 vehicles as overseas demand plunged by more than two-thirds. Toyota’s production in Japan was halved, while overseas output dived 40%. For the fiscal year ended 31 March, global production retreated 16% to 8.09 million vehicles, the maker of the Prius hybrid and Lexus luxury models said in a statement. Hit by plummeting sales, Toyota expects to incur a net loss of 350 billion yen ($3.6 billion ) for the fiscal year ended March 2009 — its first annual net loss since 1950. The company was growing robustly until the U.S. financial meltdown hit last year and like other Japanese automakers has responded by slashing contract workers and curtailing production. Global production at Honda Motor Co. slumped more than 37% to 215,773 vehicles from a year earlier, marking the fifth straight month of decline for Japan’s second-biggest automaker. The fall was particularly severe in the US, where Honda’s production dropped 46% to 45,011 units. Production in Japan was down 40%. Overall fiscal year output at Honda fell for the first time in a dozen years, slowing almost 10%, the Tokyo-based automaker said. Nissan Motor Co. made 172,195 vehicles worldwide in March, down 45% from a year earlier. Production in the U.S. dived 47% to 25,120 units, while output in Japan sank 56%. Global production for the 12 months through March fell 17% to 2.92 million units. Tokyo-based Nissan, allied with Renault SA of France, is the nation’s third-biggest automaker and manufactures the Altima sedan and March compact. Mitsubishi Motors Corp. said its global output totaled 58,895 vehicles in March, down 57% and the 13th straight month of year-on-year falls. Mazda Motor Corp., based in Hiroshima in southwestern Japan, also recorded dismal results in March, with worldwide production plummeting 55% to 57,527 units. Source: World Business - Livemint.com | 23 Apr 2009 | 6:55 am Novartis’s Q1 profit slumps 14%Zurich: Swiss drugmaker Novartis AG reported a better than expected first-quarter net profit, down 14% due to a stronger US dollar as it warned ongoing currency losses could hit its full-year results. Novartis said net sales fell 2% to $9.7 billion, but rose 8% in local currencies due to a strong performance by new products from its pharmaceuticals division where sales rose 3% to $6.43 billion. Net profit fell to $2.0 billion, which Novartis said was hit by a drop in average net liquidity and financing costs for its purchase of a 25% stake in eyecare group Alcon as well as currency effects. Analysts in a Reuters poll had on average expected net profit to fall 19% to $1.878 billion on net sales down 1.8% at $9.73 billion. Net pharma sales had been expected to rise 1.5% to $6.358 billion. Pharmaceutical makers like Novartis have proved relatively resilient in the economic downturn as healthcare is usually one of the last areas where consumers cut back spending. But Novartis said its consumer health division, where sales fell 11% to $1.3 billion, was feeling the pinch with over-the-counter sales down in some emerging markets and the United States, while animal health sales were also off. “The uncertain economy and currency market volatility create an opportunity to continue to enhance productivity and manage costs,” chief executive Daniel Vasella said in a statement. Novartis said a cost-cutting project launched in late 2007 was ahead of schedule, delivering $329 million of savings in the first quarter. It said it expects to exceed goals of $1.3 billion of savings in 2009 and $1.6 billion in 2010. Novartis reiterated its full-year target for net sales growth at a mid-single-digit rate and pharmaceuticals net sales growth at a mid- to high-single-digit rate, both in local currencies. But it warned currency-related losses could more than offset underlying operating and net income gains to record levels in 2009 if recent exchange rates continue during the year. Novartis said in February adverse currency movements could cut 8-10 percentage points off its first-quarter operating and net income. Novartis said its Sandoz generics unit did well with sales up 4% in local currencies on sustained growth in many regions, although sales fell 9% in US dollars. Novartis, which faces the looming loss of patent protection for its top-selling Diovan blood pressure drug, said new products fuelled growth in the pharmaceuticals division, with market share gains in 11 of the top 15 countries. Novartis shares have been trading at about 8 times forecast 2010 earnings, a premium to other big drugmakers Sanofi-Aventis SA and AstraZeneca Plc and in line with GlaxoSmithKline Plc thanks to its promising new drugs. But it is still at a discount to local Swiss rival Roche Holding AG, which is less exposed to copy-cat generic competition and the economic downturn. Source: Home - Livemint.com | 23 Apr 2009 | 6:49 am Sensex rises 67 points in opening tradeSensex on Thursday rose by over 67 points in opening trading on emergence of buying by funds.Source: Daily News & Analysis: Money News | 23 Apr 2009 | 5:29 am MySpace co-founder DeWolfe steps downSan Francisco: MySpace co-founder Chris DeWolfe is stepping down as chief executive of the social network, MySpace owner News Corp. announced on Wednesday. News Corp.’s new chief digital officer Jonathan Miller said that “by mutual agreement, Mr DeWolfe will not be renewing his contract and will be stepping down in the near future.” In a statement, News Corp. also said that Miller was “in discussions” with MySpace president Tom Anderson which would have him “assuming a new role in the organization.” News Corp. said DeWolfe will continue to serve on the board of MySpace China and be a strategic advisor to the company. “In a little under six years we’ve grown MySpace from a small operation with seven people to a very profitable business with over 1,600 employees,” said DeWolfe. “It’s been one of the best experiences of my life and we’re proud of, and grateful to, the team of talented people who helped us along the way.” Anderson and DeWolfe are credited with creating MySpace, which launched in 2003 and was bought by News Corporation in 2005 for 580 million dollars (US). “From the very beginning, our driving passion has been simple - to create and foster a platform where people across the globe can not only meet and interact, but share music, videos, thoughts and ideas,” Anderson said. Miller referred to Anderson and DeWolfe as “true pioneers” and credited them with building MySpace into a “vibrant creative community” with 130 million followers worldwide. Miller added that a new management structure for MySpace will be announced “in the near future.” Rumors that DeWolfe and Anderson would be dethroned began circulating earlier this year as MySpace logged a drop in the number of users while its young rival Facebook posted gains. Facebook replaced MySpace last year as the world’s most popular social-networking website, and industry figures show Facebook has been widening its lead. Facebook welcomed its 200 millionth user last week. Mark Zuckerberg, who created Facebook with two Harvard University roommates five years ago, announced the milestone in a post on the official Facebook blog. The 24-year-old chief executive described the milestone as a “really good start.” Zuckerberg, Dustin Moscovitz and Chris Hughes launched Facebook in February 2004 as a platform to connect their fellow Harvard students. It quickly spread to other schools around the United States and has since blossomed into a worldwide network that has dwarfed rival MySpace. Facebook became a sensation after it opened to the public and the software platform opened to allow outside developers to create fun, hip or functional mini-applications people can add to their profile pages. While the number of users has grown at an amazing clip, the Palo Alto, California-based Facebook is yet to prove how it is going to translate traffic into cash. US software giant Microsoft bought a 1.6% stake in Facebook in 2007 for 240 million dollars, valuing the social network on paper at $15 billion. MySpace, in comparison, claims it has been making money from the outset. MySpace has worked to position itself as a platform for musicians and their fans, and even added karaoke services. Source: Tech News - Livemint.com | 23 Apr 2009 | 5:07 am Companies book Nano in bulk to offer staff as rewardsCompanies like Shree Cement and Linc Pen are gunning for bulk bookings of Nano, which will be offered to employees as a reward option.Source: India Business News | Business News - Times of India | 23 Apr 2009 | 5:05 am Rupee regains on mixed Asian cuesMumbai: The rupee recovered from early lows and was trading flat on Thursday, with little direction from mixed regional currencies and flip-flopping domestic shares. At 10:25am, the partially convertible rupee was at Rs50.31/32 per dollar, off an early low of Rs50.45 and little changed from its Wednesday’s close of Rs50.33/34. “It is expected to be flattish, as even equities should be rangebound today. May be we can go down to 50.25 levels intraday, and don’t see it breaking 50.48 technically on the higher side,” said Madhusudan Somani, head of forex trading at Yes Bank. Indian shares made an unsteady start as investor appetite for risk was hit by a bleak global growth forecast by the IMF and renewed concerns about the world banking sector. The International Monetary Fund said the world economy has fallen into a severe recession. It cut its forecast for global growth and called for forceful action by policy setters to spur a recovery. India’s central bank on Tuesday cut its key lending rate for the sixth time in 7 months and pushed commercial banks to follow suit to bolster growth, which has taken a bigger-than expected hit from the global downturn. One-month offshore non-deliverable forwards were quoting at Rs50.48/58, weaker than the onshore spot rate. Source: Home - Livemint.com | 23 Apr 2009 | 5:04 am Noida, Ghaziabad reel from power, water shortagesThe towns of Ghaziabad and Noida, adjoining the national capital, are facing a major crisis with long power cuts throughout the day and night. Several areas are also facing an acute water shortage.Source: IndiaeNews.com: Business News | 23 Apr 2009 | 5:01 am Polling hits banking services in TripuraBanking services had to be curtailed in Tripura after the Election Commission appointed a large number of bank employees to conduct the Lok Sabha election Thursday, an official here said.Source: IndiaeNews.com: Business News | 23 Apr 2009 | 5:00 am Markets open in green, slip soon afterIndian equities markets started in the green Thursday but slipped soon after, with a key index trading 39 points percent below its last closing figure.Source: IndiaeNews.com: Business News | 23 Apr 2009 | 5:00 am Govt’s sugar release spree may lead to low stocksNew Delhi, April 22 As campaigning for the Lok Sabha polls reaches a crescendo, the Centre has flooded the market with so much sugar that the next Government may have very little stocks to play with.Source: Business Line - Home Page | 23 Apr 2009 | 12:00 am Day Trading GuideDLF is experiencing selling pressure. Initiate fresh short potion if the stock declines below Rs 220, with tight stop-loss. The near-term outlook is bearish for ICICI Bank and SBI. WeSource: Business Line - Home Page | 23 Apr 2009 | 12:00 am ‘RBI move will put pressure on banks to lower lending rates’Mumbai, April 22 Corporates are hopeful that the Reserve Bank of India’s cut in repo and reverse repo rates by 25 basis points each will put pressure on financial institutions to cut interest rates and provide some relief. MrSource: Business Line - Home Page | 23 Apr 2009 | 12:00 am IT-enabled banking services picking upNew Delhi, April 22 There has been a sharp increase in the use of IT in banking services. The Reserve Bank of India devoted almost three pages to it in Annual Policy Statement for 2009-10, released onSource: Business Line - Home Page | 23 Apr 2009 | 12:00 am Wipro Q4 net profit rises 15%Bangalore April 22 Soap-to-software maker Wipro Ltd beat the street expectations to post a modest fourth quarter profit growth aided by a weak rupee and operational efficiencies and exuded optimism about a healthier second half on the back ofSource: Business Line - Home Page | 23 Apr 2009 | 12:00 am Aptech (Rs 96.70): SellWe recommend a sell in Aptech stock from a short-term trading perspective. It is apparent from the charts of Aptech that from March low of Rs 64 the stock rallied till mid April to Rs 123, when it was on a medium-term uptrend.Source: Business Line - Home Page | 23 Apr 2009 | 12:00 am Large capital inflows prompt exporters to take forward coverBangalore, April 22 Exporters have begun taking forward cover after almost six months, with the rupee expected to begin appreciating against theSource: Business Line - Home Page | 23 Apr 2009 | 12:00 am Westerly system douses searing heat in northwestThiruvananthapuram, April 22 A prevailing western disturbance has helped douse the searing heat over northwest India but severe heat wave conditions prevailed to the east over Orissa and coastal Andhra Pradesh.Source: Business Line - Home Page | 23 Apr 2009 | 12:00 am GSM players plan to use existing spectrum for 3GNew Delhi, April 22 Even though spectrum allocation for third generation (3G) mobile has got delayed, private cellular operators are beginning to use their existing radio frequencies to offer 3G based services toSource: Business Line - Home Page | 23 Apr 2009 | 12:00 am Ministers, senior leaders to battle it out todayNew Delhi: The electoral fate of an array of national and regional leaders would be decided in the second phase of the 15th Lok Sabha elections on Thursday. Leading the pack is Mr Rahul Gandhi, who is contesting for the secondSource: Business Line - Home Page | 23 Apr 2009 | 12:00 am Puravankara looks beyond SouthPuravankara Projects is examining land parcels from other developers for its mid-income housing subsidiary, Provident Housing and Infrastructure.Source: Daily News & Analysis: Money News | 22 Apr 2009 | 10:29 pm Investment bankers search for money trailsThe bear hammering and the drying up of the primary markets have forced investment bankers to look for other opportunities to generate fees.Source: Daily News & Analysis: Money News | 22 Apr 2009 | 10:29 pm Praj Industries to focus on EuropePraj Industries expects to get good business from the European market this fiscal due to a EU directive on renewable energy.Source: Daily News & Analysis: Money News | 22 Apr 2009 | 9:56 pm Rains hit ad revenue of IPL season twoEach match was expected to rake in Rs7 crore worth of advertising. But the rains have thrown a wet blanket on the revenue expectations.Source: Daily News & Analysis: Money News | 22 Apr 2009 | 9:54 pm Goldman chief sets a distaff goalLloyd Blankfein, CEO of Goldman Sachs talked about providing women greater access to business and management education.Source: Daily News & Analysis: Money News | 22 Apr 2009 | 9:52 pm Health insurers up retail focus as losses riseHealth insurance providers are looking to increase focus on the retail segment. The business is currently skewed almost 60% towards corporate group policies.Source: Daily News & Analysis: Money News | 22 Apr 2009 | 9:51 pm GAIL plans Rs 8,000 cr pipeline for D6 gasGAIL India Ltd plans to lay a 1,100 km pipeline, primarily to transport gas to industries in the central and northern parts of the country.Source: Daily News & Analysis: Money News | 22 Apr 2009 | 9:49 pm Satyam receives SEBI approval CorrigendumSatyam Computer Services had earlier announced that the SEBI had granted certain relaxations/exemptions/permissions from strict compliance with applicable SEBI regulations in connection with the process followed by the Company pursuant to Regulation 29A of the SEBI Takeover Regulations to select an investor.Source: Moneycontrol Top Headlines | 22 Apr 2009 | 9:10 pm Importance of financial planningDo you think you would achieve your financial goals in life? If you pose this question to your friends or relatives, most of them would answer in the affirmative.Source: India Business News | Business News - Times of India | 22 Apr 2009 | 8:50 pm AI plans premium economy classIf the Air Indias this plan materializes, AI (domestic) would become the first domestic airline to have three-configuration seating in India.Source: India Business News | Business News - Times of India | 22 Apr 2009 | 8:49 pm Maharaja will be called AI againThe Maharaja has finally undone one of the biggest `mistakes' the government made while merging Air India and Air India.Source: India Business News | Business News - Times of India | 22 Apr 2009 | 8:45 pm PW forms ethics board to raise the barPW has set up an advisory board, which is expected to help the audit company reflect on the voice of external stakeholders in its strategic decision making.Source: India Business News | Business News - Times of India | 22 Apr 2009 | 8:36 pm Will Sebi exempt Satyam from disclosures?Post, the Company Law Boards approval to Tech Mahindra to takeover stake in crisisridden Satyam, the Securirties and Exchange Board of India (Sebi) will decide on exemption on disclosures post submission of offer document. Sebi said it has given exemptions with respect to minimum open offer price and announcement period.Source: Moneycontrol Top Headlines | 22 Apr 2009 | 8:04 pm IPL 2.0: Advertisements get a new inningsRains may be playing spoiled sport in South Africa. But it\'s raining ads during the second season of the Indian Premier League (IPL) despite the lower ratings so far. The IPL is being touted as Indias super bowl. The attention it is getting from brands, advertisers and media planners is changing annual marketing calendars.Source: Moneycontrol Top Headlines | 22 Apr 2009 | 7:50 pm Credit card heads of four leading banks shifted in 10 monthsRising delinquencies and non-performing assets (NPAs) in the credit card business are forcing banks to reorient their outlook, from an aggressive sales strategy to inducting people who will focus on recovery and cleaning up the portfolio.Source: Business Standard | Front Page Headlines | 22 Apr 2009 | 6:46 pm Amtek Auto in talks to buy OCL Iron & SteelDelhi-based Amtek Auto group, promoted by Arvind Dham, is in advanced negotiations to acquire OCL Iron and Steel Ltd (OISL) controlled by Raghu Hari Dalmia.Source: Business Standard | Front Page Headlines | 22 Apr 2009 | 6:44 pm Tata Motors FD scheme defies struggling marketAfter the successful Nano launch, Tata Motors now has another reason to celebrate. The companys fixed deposit scheme has already mopped up Rs 2,000 crore in a short span of four and a half months, at a time when most other company deposit schemes are floundering.Source: Business Standard | Front Page Headlines | 22 Apr 2009 | 6:41 pm India, Spain sign three pacts to enhance trade tiesMadrid: Giving a major boost to their trade ties, India and Spain on Wednesday signed three key agreements in the fields of tourism, agriculture and renewable energy, paving the way for Spanish technology transfer and investments. The agreements were inked in the presence of president Pratibha Patil and Spanish prime minister Jose Luis Rodrigeuz Zapatero after the two leaders held wide-ranging talks. India is keen to acquire renewable energy technology, especially in the wind and solar energy sectors, from Spain which is considered the world leader in the fields. The world’s biggest photo voltaic solar cell-based plant is located in Spain. Leading Indian wind power company Suzlon is already present in Spain and is seeking the Spanish assistance in the field. In the tourism sector, Spain, which is the world’s number two destination after France for visitors, India will be seeking assistance of the European country in improving its tourism infrastructure, officials said. India will also be aiming at more visitors from Spain. In the field of agriculture, India is keen to get food processing technology from Spain to utilise the surplus food items produced by it. The agreements in tourism and renewable energy fields were signed by minister of state for industrial policy and promotion Ashwani Kumar and Spain’s industry minister Miguel Sabastian. Indian Ambassador to Spain Sujata Mehta signed the third agreement on agriculture with secretary of state for rural affairs Joseph Jose Puseu. Eyeing the big Indian market, Spain is keen to invest in the country, the world’s second most populous nation with a stable economy. Indian exports to Spain comprise textiles, chemicals, steel, auto components and automobiles. It imports chemicals, raw aluminium, pharmaceuticals, petroleum derivatives, auto accessories and electronics for defence industry from Spain. Spain is India’s sixth largest export market in the European Union, and officials say there is a great potential for expanding Indo-EU trade and investment links. President Patil is on a three-day visit on the first leg of her week-long European tour that will also take her to Poland. Source: World Business - Livemint.com | 22 Apr 2009 | 1:41 pm
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