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US\'s new H1B proposal antitrade: NASSCOMThe US has proposed a new H1B visa legislation, which may, if voted into law, affect Indian IT companies adversely. According to the new bill, only those companies that employ a majority of American workers will be eligible for H1B visas.Source: Moneycontrol Top Headlines | 24 Apr 2009 | 1:07 pm Pyramid Saimira case: SEBI did good, says MoneyLIFEDebashis Basu, Editor, MoneyLIFE Magazine commends the Securities and Exchange Board of India (SEBI) for the way it has cracked the Pyramid Saimira case. However, he further said that such thing keep happening. \"Collusion, unusual price rise, unlawful gains etc this is a part and parcel of this market,\" Basu said.Source: Moneycontrol Top Headlines | 24 Apr 2009 | 1:00 pm Sensex ends at more than six-month high of 11329.05 - Hindu
Source: Google News India - Business | 24 Apr 2009 | 12:22 pm ‘Congress, Left post-poll alliance possible’New Delhi: West Bengal chief minister and senior CPI(M) leader Buddhadeb Bhattacharya has not ruled out the possibility of the Left parties working with Congress again if the situation warrants after the Lok Sabha polls. Click here to watch video “We are not committing anything.... After elections, when the situation will arise, we will discuss on the concrete situation at that time,” he said when asked whether Left parties could again “ally” with the Congress to keep BJP out if the situation demands. He told CNN-IBN that the Left parties at present are “busy with the task to defeat both the Congress and the BJP.” Asked whether Left parties, like in 2004, would again remain out of government if they get a chance to be part of it, Bhattacharya said, “History does not repeat itself. What happened in 2004, I don’t think its going to get repeated again.” He referred to 1996 when the Left parties rejected the idea of Jyoti Basu becoming the Prime Minister and said, “we discussed and decided that if situation demands and if we can play a meaningful role in the Government, then we have to think over and we may join this Government.” On Congress, the CPI(M) leader said the Left parties had no problem with Prime Minister Manmohan Singh as an individual but were opposed to his policies. ********** Fight against underdevelopment more important: Rahul Purulia: Admitting that fight against terrorism is important, Congress leader Rahul Gandhi on Friday asserted that fighting underdevelopment in the country is more important. “It is true that fight against terrorism is important, but ... it is more important to fight underdevelopment in India,” Gandhi said during his first election rally here in West Bengal. Accusing the CPI (M)-led Left Front government of ignoring problems of the economically backward sections in this part of the state, Gandhi said, “there is more hunger in Purulia than in the entire country. “The state government has been forgetting this district which is (one of) the most backward in India,” AICC general secretary alleged in his 20-minute speech. “Your state government has been forgetting you and your problems .... central funds for development programmes do not reach you,” he added. In support of his contention, the Congress leader told the gathering that 40% of central funds for West Bengal remained unutilized. “There is not even 20 days work among the 100 days (under Nrega) ... Only 950 of four lakh people have got job cards under this programme. Look at Andhra Pradesh which has computerized data on those who have got employment,” he said. West Bengal goes to three-phase polls beginning 30 April. —PTI ********** Corruption, mismanagement marked UPA rule: Shourie Ahmedabad: Unprecedented level of corruption, total neglect of internal security, misuse of institutions and undermining of norms marked the five years’ rule of the UPA government, alleged BJP leader Arun Shourie here on Friday. He told reporters that UPA government set new records on misusing institutions like CBI and governor’s office. Shourie said that CBI has become Congress Bureau of Investigation under the UPA government. “Like Lok Sabha election of 1977, election of 2009 are also as vital in many ways. First of all, mismanagement of economy and then internal security,” he said, adding that the UPA government is trying to use global recession as an excuse to cover up its mismanagement. The country has never seen such a high level of deficit into the GDP. Presently, deficit has reached 11%, Shourie, the former disinvestment minister in the NDA government said. On the internal security, he said that Naxalites and Maoists control 170 districts in the country and were successful in creating a “red corridor” from Nepal to Andhra Pradesh. He charged UPA government with stalling the police reforms initiated by the NDA government when LK Advani was home minister. Shourie however said if the PM and CM are from the same party like Modi and Advani, it will help Gujarat develop further. He also attacked Congress for its stand on the issue of black money stashed away in foreign banks, saying its not a BJP or Congress issue but a national issue. The leader hit out at UPA government for stopping reforms in every sector and said that India will have to pay a heavy price for not carrying forward the reforms introduced by NDA. —PTI Source: Home - Livemint.com | 24 Apr 2009 | 12:19 pm Maruti Q4 net drops 18.5%, misses forecastMumbai: India’s top car maker, Maruti Suzuki India Ltd on Friday reported a surprising 18.5% drop in quarterly net profit, missing forecast, due to higher raw material costs and inventory. Maruti, in which Japan’s Suzuki Motor Corp holds a 54.2% stake, said net profit fell to Rs243 crore ($48.8 million) in the fiscal fourth quarter ended March from Rs298 crore reported in the same period a year earlier. That lagged a forecast of nearly Rs400 crore in a Reuters poll of 16 brokerages. Maruti holds about half the Indian car market with models such as the best-selling Alto and recently launched hatchbacks A-Star and sedan Swift DZire. Shares in Maruti, valued at $4.6 billion, rose 49% in the March quarter, outperforming the main index that rose 0.6% and the sector index’s 25% gain. Source: Home - Livemint.com | 24 Apr 2009 | 12:09 pm Indian shares gain 1.7 pct; climb 7th week in row - Reuters
Source: Google News India - Business | 24 Apr 2009 | 12:03 pm 'US H-1B proposal is against free trade principles'India's software industry has opposed a US bill that seeks to make it mandatory for American companies to fill vacancies with locals before turning to skilled foreign workers.Source: IndiaeNews.com: Business News | 24 Apr 2009 | 12:01 pm Modi is passing off UPA schemes as his own: SoniaThe Narendra Modi-led Bharatiya Janata Party (BJP) government in Gujarat has been taking credit for the success of the schemes floated by the United Progressive Alliance (UPA) government, All India Congress Committee (AICC) President Sonia Gandhi said Friday.Source: IndiaeNews.com: Business News | 24 Apr 2009 | 12:01 pm India must agree to end-use monitoring to get key technology: USThe US wants India to sign an agreement for end-use monitoring to receive 'sensitive' technology and equipment for counter-terrorism and defence purposes.Source: IndiaeNews.com: Business News | 24 Apr 2009 | 12:01 pm Markets end higher despite weak Asian cuesIndian equities markets closed on a positive note Friday, with a key index moving up 194 points from its previous close.Source: IndiaeNews.com: Business News | 24 Apr 2009 | 12:00 pm Ranbaxy posts Q1 net loss of $156 mlnNEW DELHI (Reuters) - Ranbaxy Laboratories Ltd, India's leading drugmaker by sales, on Friday reported a huge quarterly net loss, as it lost money on derviatives valuations.Source: Reuters: Money News | 24 Apr 2009 | 11:58 am Soaring mercury keep Uttar Pradesh candidates on tenterhooksKanpur: With temperature continuously hovering above 40 degrees Celcius, candidates in Uttar Pradesh are a worried lot and busy devising ways to bring the elector out to vote in sweltering heat. The last two phase of Lok Sabha polls saw 40-42% votes being cast in the state and candidates in the industrial town of Kanpur are skeptical of people coming out in large numbers. Kanpur goes to polls of 30 April. “If our voters cannot leave their houses because of this heat, then what is the point in working hard in campaigning and holding rallies,” said district president of Samajwadi Party (SP), Nasiruddin. “Our primary concern now is to devise a strategy to make the voters step out of their houses,” he added. “We have formed booth-wise committees, with ten workers allotted to each booth. Two of them would be stationed at the booths, while the rest eight will urge voters step out of their houses,” he informed. Veteran Congress leader Rohit Kohli said when the Election Commission has barred the candidates or their supporters from providing transport to the voters, the only way out is to go to their houses and request them to cast their votes. The 30 April election will see Congress candidate and Union minister for home affairs Sriprakash Jaiswal, Bharatiya Janata Party member and member of Legislative Assembly of Cant area Satish Mahana, Bahujan Samajwadi Party member and sitting member of Parliamnet Sukhda Mishra and Surendra Agarwal from SP battling for Kanpur Lok Sabha seat. Source: LatestNews-Home - Livemint.com | 24 Apr 2009 | 11:51 am TCS aims to double India revenues - Times of India
Source: Google News India - Business | 24 Apr 2009 | 11:47 am IDBI Bank to start asset management businessMUMBAI (Reuters) - India's IDBI Bank said on Friday its board has approved a plan to set up an asset management company.Source: Reuters: Money News | 24 Apr 2009 | 11:47 am Gold touches Rs14,900/10gmExtending its gains for the second straight day, gold prices added Rs 180 to close at Rs 14,900 per ten gram in the bullion market.Source: India Business News | Business News - Times of India | 24 Apr 2009 | 11:47 am GLOBAL MARKETS - Ford, Ifo boost stocks; UK GDP knocks sterlingLONDON (Reuters) - World stocks and the euro rose on Friday after better-than-expected Ford Motor results and an upbeat key German corporate sentiment survey, while disappointing UK growth data knocked sterling.Source: Reuters: Money News | 24 Apr 2009 | 11:44 am BSE Sensex gains 1.7 pct; climb 7th week in rowMUMBAI (Reuters) – The BSE Sensex swept to its seventh straight weekly rise on Friday, its best run in 1-½ years, as cash-flush funds jumped in on growing optimism the world economy was on the mend.Source: Reuters: Money News | 24 Apr 2009 | 11:39 am Political parties likely to spend Rs800 crore on adsNew Delhi: The media industry, among the first to see revenue dry up due to the economic slowdown, is expected to be one of the major beneficiaries of this election for which ad spend is pegged at around Rs800 crore. Experts say the total advertisement spending by the political parties would be around Rs800 crore. The Congress and the BJP alone could spend over Rs400 crore on ads on television, radio and newspapers. The major political parties are spending a significant portion of their poll budget on advertisements. “The media sector is going through a bad phase as even leading MNCs are cutting back on advertising. So the advertisement spending by political parties will definitely help the media sector,” said Bhaskar Rao Chairman of Centre for Media Studies. However, CEO of NDTV Media Raj Naik said a major chunk of the advertisement spending by the political parties is going to general entertainment and regional TV channels. “The news channels are not getting that much,” he said. Rao said most of the leading media houses have reported higher revenue generation in the fourth quarter of the previous financial year due to elections. Rohit Gupta of Adwaves Advertising, a media buying agency, said media sector will be benefitted by the election as it would “infuse huge sums of money” into the industry. BJP have already hired media buying agencies to buy slots in television channels so that the impact is maximum. An official of Group-M owned Mindshare, the agency which is handling Congress’ media planning and buying, refused to divulge the details of the party’s total advertising expenditure but added that the amount is “significant”. Mindshare has booked slots for Congress’ advertisement on major TV channels including news channels. “The advertisement spending will definitely help the media sector,” the official wished not to be named said. Rao said the total advertisement spending by the political parties will be around Rs 800 crore which is almost seven per cent of the total annual advertisement the media sector receives. As per the estimates of CMS, about Rs10,000 crore could be spent during the Lok Sabha elections, which includes about Rs2,000 crore by the Election Commission and other government agencies and the remaining Rs8,000 crore by the political parties and candidates for campaigning. Realising the marketing potential during the mammoth election process, various private companies have also started websites appealing voters to exercise their franchise. To seize the opportunity, major TV news channels including CNN-IBN and NDTV have set up dedicated websites to provide information related to the mammoth election. To cash on the opportunity Google India has set up an online elections centre in association with leading daily The Hindustan Times. Google has also launched an official community, The Voice of Youth, on its social networking site Orkut. This election has witnessed a massive online voter awareness programme as websites like Indian-Elections.com, IndiaNumbers.com, Jaagore.com, IndiaVoting.com are running campaign to encourage voters to vote. With nearly 10 crore voters below the age of 25, the election is a huge opportunity for the companies to connect with youths, Rao said. Source: LatestNews-Home - Livemint.com | 24 Apr 2009 | 11:37 am Sensex climbs to six-month high of 11,329Bank stocks remained in the limelight due to a slash in interest rates. Institutional investors were believed to be heavy buyers in the frontline stocks during the day.Source: India Business News | Business News - Times of India | 24 Apr 2009 | 11:31 am Warming India-US ties will not alter with change in governmentIndia-US relations that have warmed up considerably over the past few years are not dependent on a change in government in either country, US Deputy Chief of Mission Steven J. White said here Friday.Source: IndiaeNews.com: Business News | 24 Apr 2009 | 11:30 am Oil rises above $50 with equities, dollar supportLondon: Oil rose above $50 on Friday, supported by firmer stock markets and a weaker dollar, but the gains were capped by historically high inventories. US crude oil futures were up by 57 cents at $50.19 a barrel by 4:40pm, in a relatively narrow trading range between $49.06 and $50.20 so far on Friday. London Brent crude edged up by 31 cents at $50.42. For much of the week, oil trade has been influenced by equity markets, viewed as an indicator of future economic strength and the potential for higher oil demand, and fluctuations in the dollar price. “The dollar weakened yesterday and it is weakening further. Equities are holding well at this moment so that is providing support to oil prices,” said Olivier Jakob with Petromatrix. European shares opened higher on Friday led by banks, following Thursday’s Wall Street gains, partly lifted by remarks from US Treasury Secretary Timothy Geithner. Writing in the Financial Times ahead of meetings of G7 and G20 officials in Washington later on Friday, he said there were signs of improvement in global markets and the world economy. The dollar was weakening against euro, the yen and the basket of currencies. A weaker dollar can make investors keener to buy dollar-denominated oil. Its impact was offset by the levels of inventories in the United States, the world’s top oil consumer, which are the highest for almost 19 years. Oil storage tanks are also close to capacity in many other places in the world and, according to some estimates, oil companies have stored about 100 million barrels oil ships floating on the sea. That is more than the world’s daily oil demand of roughly 84 million barrels. The oil market has stagnated around $50 a barrel for most of this most, nearly $100 below last July’s all-time high of $147.27. Source: Home - Livemint.com | 24 Apr 2009 | 11:29 am Tech Mahindra gets go ahead to buy stake in Satyam Computers - Economic Times
Source: Google News India - Business | 24 Apr 2009 | 11:26 am Markets end 1.7% up on renewed optimismMumbai: Indian shares swept to their seventh straight weekly rise on Friday, their best run in 1-year, as cash-flush funds jumped in on growing optimism the world economy was on the mend. The 30-share BSE index rose 1.74% or 194.06 points, to 11,329.05 - closing above its 200-day moving average for the first time in almost a year, after pressing against the resistance for a week, indicating a stronger outlook. The 50-share NSE index rose 1.7% to 3,480,75. Top telecoms firm Bharti Airtel, leading financials ICICI Bank and State Bank of India and energy giant Reliance Industries led the market higher. The index, which climbed to its best close in six months, gained 2.8% on the week, its longest winning streak since September 2007, when it rose for eight weeks in a row. “There was a lot of cash sloshing around with both domestic and international funds. Once the market started racing away, they had no option but to catch up,” Jayesh Shroff, who helps manage about $1 billion in equity at SBI Mutual Fund, said. Trading could continue in the same vein in the shortened next week when the market is closed on Thursday and Friday for local holidays. Macroeconomic concerns and political uncertainty in the midst of a general election that ends in mid-May will weigh on investor minds, but unless a very unstable coalition comes to power, the market may not be hurt much, traders said. “The evidence appears to suggest that if a stable government were to come to power, markets would be driven by fundamentals and global cues. In that event, leading indicators suggest to us a recovery in economic activity in the second half of fiscal-year 2010,” Goldman Sachs analyst said in a note. Analysts said latest quarterly results from companies were mostly priced into the market, and this combined with increased optimism the market has bottomed is fuelling the market rally. The BSE index has soared 41% since hitting a 2009 low on 6 March, largely boosted by foreign fund buying of almost $1.7 billion since mid-March. Twenty-four of its components rose on Friday while in the broader section, advancers led losers in the ratio of more than 1.5:1 on relatively moderate volume of 472.1 million shares. Reliance Industries, which has the biggest weight in the main index, rose 1.3% to Rs1,784.55, a day after it reported a 1% drop in net profit but fared better than market expectations. The top petrochemical producer and refiner, whose earnings are expected to get big boost from sales of gas it began pumping this month, ended the week up almost 4%, taking gains since early March to more than 52%. No. 1 telecoms firm Bharti Airtel gained 5.5% to Rs747.70, while rival Reliance Communications rose 3.6% to Rs232.25. Both the firms are scheduled to release quarterly earnings next week. State Bank of India, the country’s top lender, climbed 3.3% to Rs1,307.80, while private-sector rival ICICI Bank rose 2.1% to Rs432.50. Source: Home - Livemint.com | 24 Apr 2009 | 11:25 am Shariah fund a hit with non-MusilmsUnder the Islamic investment philosophy, investment in banks, financial institutions, or any company engaged in business of alcohol, tobacco, gambling, pork is prohibited.Source: India Business News | Business News - Times of India | 24 Apr 2009 | 11:18 am Microsoft cuts costs, says Windows 7 on trackSeattle: Microsoft Corp’s quarterly profit fell 32%, but its shares rose as investors welcomed continuing efforts to cut costs and news that the release of its Windows 7 operating system is on track. The world’s top software maker offered no profit forecast on Thursday, after withdrawing its outlook in January, but did say it expected the personal computer, server and hardware markets to remain weak for at least another quarter. “While we would all like to think that our recovery will be soon and painless, we unfortunately believe that it will be slow and gradual,” Chief financial officer Chris Liddell said on a conference call. “I didn’t see any improvement at the end of the quarter that gives me encouragement that we are at a bottom and coming out of it,” Liddell added, contesting comments last week from chip-maker Intel Corp that the PC market was over the worst. Microsoft’s report, following strong earnings from Apple Inc and Google Inc this month, broadly pleased analysts, some of whom braced for worse. While the company reported a 6% drop in revenue for the March quarter, marking the first year-on-year decline in Microsoft’s history as a public company, it also managed to cut operating expenses by a bigger 9%. “It’s good to see that they are controlling their costs because that’s within their sphere of control. They can’t really do a lot about demand,” said Kim Caughey at money manager Fort Pitt Capital Group. “They have a nice product refresh cycle coming up, which should allow them to maintain their market share,” she added, referring to the new Windows 7 that will help Microsoft put the unpopular Vista operating system behind it. Microsoft, which released the beta test version of the new Windows during the quarter, said it felt very good about the testing and the system was on track for a fiscal 2010 launch, which could mean as early as July this year. “The best of all possible worlds would be that it’s ready for back-to-school, which is the July-August time frame,” said Caughey. Cuts expenses Microsoft shares rose 3% in after-hours trading to $19.48, after closing at $18.92 on Nasdaq. The stock has risen over 30% from a more than 10-year low of $14.87 in early March. However, it is still essentially flat for the year after ending 2008 at $19.44. Curtis Shauger, an analyst at Caris & Co, said Microsoft’s stock has been “pretty cheap” and investors were expecting profit margins to be hit. “Some of the cost cuts they have done are having positive impact,” he said. “People were fearing far worse.” Microsoft said it was targeting $26.7 billion to $26.9 billion in operating expenses for the fiscal year, which ends June 30. That is below the $27.4 billion target it gave three months ago. In January it said it would slash up to 5,000 jobs, or just over 5% of its 96,000 staff, over 18 months, in a bid to save $1.5 billion a year. It cut 1,400 staff right away. Microsoft, based in Redmond, Washington, reported fiscal third-quarter profit of $2.98 billion, or 33 cents per share, compared with $4.39 billion, or 47 cents per share, in the year-ago quarter. Excluding costs of the recent layoffs and charges for impaired investments, Microsoft reported profit of 39 cents per share. That met analysts’ average estimate, according to Reuters Estimates. Sales fell 6% to $13.65 billion. Analysts were expecting $14.1 billion, on average. Source: LatestNews-Home - Livemint.com | 24 Apr 2009 | 11:17 am Microsoft quarterly revenue drop for 1st time in 23 yrsChief financial officer says the drop might continue till at least the next quarter.Source: Daily News & Analysis: Money News | 24 Apr 2009 | 11:16 am Exports to be higher in 2009-10: Maruti Suzuki - Moneycontrol.com
Source: Google News India - Business | 24 Apr 2009 | 11:12 am Adobe launches initiative to curb software piracyNew Delhi: Software maker Adobe Systems Friday said it has launched an initiative such as customer education to counter software piracy in the country and will collaborate with the government and local law enforcement authorities to curb the menace. “Our first priority is to inform and excite our customers about the power of Adobe Creative and Business Solutions. At the same, time we educate our users on Adobe licensing programs and the concept of software asset management to ensure they are working within the law,” Adobe India sales director Sandeep Mehrotra said in a statement. The company has also formed engagements with various industry bodies working on educating companies on the importance and value of software asset management. “Where we find flagrant violations of our intellectual property, we will take legal action against both the distribution channel and purchaser to protect our rights,” Mehrotra said. Organisations suspected of unlawfully using Adobe software are potentially liable for both civil and criminal penalties, including payment of damages and undertaking actions to use fully licenced software only, the statement added. According to a research conducted by the Business Software Alliance, software companies worldwide lose over $7 billion in revenue to piracy each year. Source: LatestNews-Home - Livemint.com | 24 Apr 2009 | 11:10 am Adobe launches initiative to curb software piracyNew Delhi: Software maker Adobe Systems Friday said it has launched an initiative such as customer education to counter software piracy in the country and will collaborate with the government and local law enforcement authorities to curb the menace. “Our first priority is to inform and excite our customers about the power of Adobe Creative and Business Solutions. At the same, time we educate our users on Adobe licensing programs and the concept of software asset management to ensure they are working within the law,” Adobe India sales director Sandeep Mehrotra said in a statement. The company has also formed engagements with various industry bodies working on educating companies on the importance and value of software asset management. “Where we find flagrant violations of our intellectual property, we will take legal action against both the distribution channel and purchaser to protect our rights,” Mehrotra said. Organisations suspected of unlawfully using Adobe software are potentially liable for both civil and criminal penalties, including payment of damages and undertaking actions to use fully licenced software only, the statement added. According to a research conducted by the Business Software Alliance, software companies worldwide lose over $7 billion in revenue to piracy each year. Source: Tech News - Livemint.com | 24 Apr 2009 | 11:10 am Ford posts smaller-than-expected lossDETROIT (Reuters) - Ford Motor Co posted a smaller-than-expected first-quarter loss on Friday amid the auto sector downturn and said it was on track to at least break even in 2011 and did not expect to seek U.S. government loans.Source: Reuters: Money News | 24 Apr 2009 | 11:09 am Maruti net down despite record turnover in 2008-09India's largest car maker Maruti Suzuki has logged almost 30 percent decline in its net profit for 2008-09 despite recording the highest ever turnover in the company's 27-year history.Source: IndiaeNews.com: Business News | 24 Apr 2009 | 11:00 am India presses for Sri Lanka truce as casualties risePuttumatalan, Sri Lanka: Indian envoys flew into Sri Lanka on Friday to urge a truce in the closing chapter of a 25-year war in which UN data showed nearly 6,500 civilians have been killed in the last three months. A few kilometres from the front, thousands of refugees languished in the blazing tropical sun awaiting transport away from the battlezone, where the army is trying to deal a death blow to the Liberation Tigers of Tamil Eelam (LTTE). Explosions boomed and smoke billowed from the remaining battlefield, formerly an army-declared no-fire zone but now all that remains of the self-declared state the LTTE has fought since the early 1970s to create for Sri Lanka’s minority Tamils. “We are clearing mines and other entrapments. The progress has almost stopped because we have come across these things,” 58th Army Division commander Brigadier Shavendra Silva told Reuters in Puttumatalan, on the northeastern coast. The military said that more than 108,000 people have poured out of the war zone since Monday, when troops blasted through an earthen barrier the LTTE had built to block movement in or out of their dwindling territory. Diplomatic pressure over the war has boiled over this week with the UN Security Council, the United States and others demanding Sri Lanka stop its offensive and the LTTE surrender to avert rising civilian casualties. A UN working document, a copy of which was obtained by Reuters, says 6,432 civilians have been killed and 13,946 have been wounded in fighting since the end of January. Two diplomats verified its authenticity. A UN spokesman declined to comment. Both sides accuse the other of firing on civilians. With access to the war zone limited to most outsiders and nearly all sources inside lacking full independence, getting clear data is difficult. Sri Lanka is reluctant to allow outsiders in, with the memory of India intervening when it had the Tigers on the ropes in 1986 still fresh. However, Indian foreign secretary Shivshankar Menon and National Security Adviser M.K Narayanan flew into Colombo on Friday for a meeting with President Mahinda Rajapaksa, Sri Lankan officials at the foreign ministry and president’s office said. It was a swift reversal by India’s Congress party-led ruling coalition, which backs efforts to wipe out a group India lists as a terrorist organisation but faces election pressure in the Tamil-majority southern state of Tamil Nadu to protect civilians. Separately, the Sri Lankan government rejected a plan by UN Secretary-General Ban Ki-Moon on Thursday to send a humanitarian team to assess the condition of people trapped by the fighting. Foreign Secretary Palita Kohona told reporters a humanitarian mission was discussed some time ago, but now that there had been an exodus of people, there was no need for it. “As these statements were made based on reports prior to the sudden influx of civilians from there, the need of the visit may not arise anymore,” Kohona said. Civilian throngs The military has cornered the separatists in less than 13 square km of the northeastern coastline, where the United Nations says 50,000 people are being held as human shields and suffering with little food, water or medical care. Silva told reporters: “The LTTE is firing artillery into their own area to make it look like the government is firing artillery.” He said intelligence had intercepted LTTE leaders ordering its fighters to trade their trademark tiger-stripe camouflage fatigues for civilian garb. The guerrilla LTTE has hidden among civilians since they began fighting in the 1970s. The Tigers could not be reached for immediate comment, but they routinely deny attacking people despite numerous witness accounts they have shot at those trying to escape their area. The LTTE has vowed no surrender and Sri Lanka has ruled out any further humanitarian pauses, wary that the Tigers may use it to rearm as it has in the past. Journalists saw thousands of people in the coastal village of Puttumatalan during a military-chaperoned trip on Friday. Belongings were strewn all over the main A-35 road, discarded in the haste to escape the LTTE-held area. Soldiers gave people food and water, while a group of about 50 people bathed in a ditch. Diplomats said they were frustrated by intransigence on both sides, but that Colombo would be the focus of more pressure since it was a sovereign country and there was no leverage with the LTTE now that they are near a conventional defeat. “This whole thing is now moving to a new level. You have a lot of things coming together at one time, and the numbers are climbing and cannot be ignored,” said a Western diplomat, speaking on condition of anonymity. Source: LatestNews-Home - Livemint.com | 24 Apr 2009 | 10:48 am Sri Lanka army says Tamil Tiger leader trappedKilinochichi: The leader of Sri Lanka’s Tamil Tigers is trapped in a small strip of jungle and intends to make a final stand with his surviving forces, an army commander said Friday. The commander said a rebel spokesman who surrendered to government troops earlier in the week had reported that Velupillai Prabhakaran, 54, was still in charge of his cornered and depleted separatist army in the island’s northeast. The Tamil Tiger spokesman “says that Prabhakaran was living inside and that he will be there until the last moment,” Brigadier Shavendra Silva told reporters. “But, even at the last minute, he will try to escape,” said the commander, who is spearheading the offensive against the Liberation Tigers of Tamil Eelam. Prabhakaran has not been seen for 18 months, and speculation has been rife that he may have been killed or already fled the island. The fighting has sparked a wave of international concern for the fate of 50,000 people still said by the United Nations to be trapped in the conflict zone. The UN also estimates that as many as 6,500 civilians may have been killed and another 14,000 wounded in the fighting so far this year, diplomats said. Reporters taken by the military to the front line at Puttumatalan, about an hour’s drive along a bombed out road from the former Tiger capital of Kilinochchi, saw smoke rising from the last patch of land where the rebels are encircled. Intermittent gun fire and explosions could be heard in the area, but journalists were not allowed to speak with any of the tens of thousands of civilians who managed to escape the conflict zone earlier this week. Silva told reporters in Kilinochchi, 330 kilometres (180 miles) north of Colombo, that there were many guerrillas who wanted to surrender. The army says the remnants of the LTTE — who once controlled a third of the island — are confined to a 10 square kilometre (around four square mile) strip of coastline. “My soldiers are suffering casualties because they cannot fire (heavy weapons),” Silva told reporters, insisting his troops were under instructions to “maintain zero civilian casualties.” The LTTE have been widely accused of using civilians as human shields. The island’s hawkish administration is also facing mounting international demands for a truce as a way to spare civilian lives. The government, however, has steadfastly resisted appeals to end its offensive, and has also turned down requests to send humanitarian teams into the area. As well as blocking most aid agencies, the Sri Lankan authorities have herded escaping Tamil civilians into closely-guarded internment camps so they can weed out suspected rebels. “It would not be sensible to let aid agencies into the conflict zone because there is already an army operation in progress to rescue civilians,” Defence Secretary Gotabhaya Rajapakse told the BBC. However a Sri Lankan government official who declined to be named acknowledged Colombo was under “tremendous international pressure” — with neighbour India also sending an emergency diplomatic mission. Indian Foreign Secretary Shivshankar Menon and National Security Adviser M. K. Narayanan held talks Friday with President Mahinda Rajapakse, and New Delhi said the officials would stress the severity of the humanitarian crisis. “These killings must stop. The Sri Lankan government has a responsibility to protect its own citizens and the LTTE must stop its barbaric attempt to hold civilians hostage,” Indian Foreign Minister Pranab Mukherjee said in a statement. Official sources here said the Indians had discussed the humanitarian situation, but did not directly press for a ceasefire. There was no immediate comment from the Indian side. India is currently in the middle of a month-long general election and the government is under pressure to respond to the concerns of around 60 million Tamils in Tamil Nadu — a key swing state in the south — over the fate of their fellow Tamils in Sri Lanka. Source: LatestNews-Home - Livemint.com | 24 Apr 2009 | 10:42 am Coca-Cola India investment plan on track - execNEW DELHI (Reuters) - Coca-Cola Co's planned investment of $250 million in India is "absolutely on track", a company official said on Friday.Source: Reuters: Money News | 24 Apr 2009 | 10:36 am Markets pull shutters in greenIndian equities markets closed in the green Friday, with a key index gaining 194 points over its previous close.Source: IndiaeNews.com: Business News | 24 Apr 2009 | 10:30 am Modi should become PM after Advani: ShourieGujarat Chief Minister Narendra Modi should become prime minister in future - after Bharatiya Janata Party (BJP) veteran L.K. Advani, party leader Arun Shourie said here Friday.Source: IndiaeNews.com: Business News | 24 Apr 2009 | 10:30 am Q1 FY10 to be an excellent one: Binani Cement - Moneycontrol.com
Source: Google News India - Business | 24 Apr 2009 | 10:29 am $30 bn FDI expected in 2009-10 - Financial Express
Source: Google News India - Business | 24 Apr 2009 | 10:27 am Rupee climbs as stocks gain over 1%Mumbai: The rupee gained in afternoon trade on Friday as shares rose over 1.5% after a choppy start, while a rally in other Asian currencies versus the dollar also underpinned sentiment. The partially convertible rupee was quoted at Rs49.76/77 per dollar, at 1:45pm, off an early low of Rs50.0425 and stronger than its previous close of Rs49.92/94. The Malaysian ringgit led a broad Asia currency rally on Friday amid optimism about the global economy, while the Singapore dollar rose as investors moved to cut their long US dollar holdings. Indian shares recovered from an unsteady start and extended gains to over 1% by afternoon, riding a wave of investor optimism there was limited downside to the market. The dollar index, a guage of the US unit’s performance against six majors, was down 0.5%. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were quoting at Rs49.7850 and Rs49.7900 respectively, with the total traded volume on both exchanges at about $682 million. Source: Home - Livemint.com | 24 Apr 2009 | 10:26 am Corporation Bank targets about 20% credit growth in FY10 - Moneycontrol.com
Source: Google News India - Business | 24 Apr 2009 | 10:23 am Change your focus from India to Taliban: Clinton tells PakWashington: Pressure mounted on Pakistan as the US led an unprecedented concerted effort to convince it to change its mindset and “traditonal focus” on India as a threat and instead concentrate on Taliban extremists, who are just 100 kms away from Islamabad, posing an “existential threat” to the country. Amid “extreme concern” in Washington over the Taliban’s unchecked march towards other Pakistani cities, secretary of state Hillary Clinton herself is leading the US efforts to convince Islamabad that its leadership need to take “appropriate actions.” “We have had a series of meetings with both Pakistanis and the Afghans, going in depth about how to get the Pakistani government to change their focus, from what they viewed as their existential threat, namely, India — to what we view as their existential threat — namely, this extremist insurgency,” Clinton said yesterday. Appearing before a Congressional Committee, Clinton expressed concern over the advance of Taliban militants towards major cities of Pakistan and said it posed an “existential threat” to the country. “Changing paradigms is not easy, but there is an increasing awareness of not just the Pakistani government but the Pakistani people that this insurgency coming closer and closer to major cities does pose such a threat,” she said. Source: LatestNews-Home - Livemint.com | 24 Apr 2009 | 10:20 am Maruti Q4 profit down 18.33%Maruti Suzuki India reported 18.33 percent decline in its net profit after tax for the quarter ended March 31, 2009, at Rs 243.13 crore as against Rs 297.68 crore in the same period last year.Source: India Business News | Business News - Times of India | 24 Apr 2009 | 10:19 am U.S. may remove Citi's Pandit - NY PostReuters - U.S. regulators who are concluding "stress tests" on banks may remove Citigroup Inc chief executive Vikram Pandit, the New York Post reported, citing sources it did not identify further.Source: Reuters: Money News | 24 Apr 2009 | 10:18 am METALS-Copper dips as demand fears offset stocks fall - Reuters India
Source: Google News India - Business | 24 Apr 2009 | 10:12 am US journalists face criminal trial in North KoreaSeoul: North Korea will put two US journalists arrested last month on its border with China on trial to face criminal charges, its media said on Friday, ratcheting up tensions already raised by a defiant rocket launch. The announcement came as Russia’s foreign minister wrapped up a visit to the North’s capital, pressing Pyongyang not to restart its nuclear arms programme. “A competent organ of the DPRK (North Korea) concluded the investigation into the journalists of the United States. The organ formally decided to refer them to a trial on the basis of the confirmed crimes committed by them,” the North’s KCNA news agency said in a brief dispatch. The pair, Euna Lee and Laura Ling of US media outlet Current TV, were arrested in March along the border between North Korea and China. North Korea has accused them of illegally entering its territory with “hostile” intent. The US State Department had no immediate comment. The planned trial comes as the reclusive state faces U.N. Security Council censure for launching a long-range rocket on April 5 that regional powers said was a disguised ballistic missile test that violated U.N. resolutions. The prickly and destitute state responded to being chastised by quitting six-party nuclear disarmament talks and threatening to restart its plant that makes arm-grade plutonium, which was being taken apart under a deal with the five powers in return for aid. Resume six party talks Russian Foreign Minister Sergei Lavrov said while visiting the North’s capital on Thursday there was no easy solution to the international crisis surrounding the North’s missile and nuclear arms programme. He also told the North Koreans that all sides in the nuclear talks among the two Koreas, China, Japan, Russia and the United States should look for ways to resume the often-stalled discussions, a Russian diplomat quoted him as saying. The North’s state news agency said the Russian delegation “reconfirmed its previous stand of opposing U.N. sanctions on the DPRK and paid attention to our stand that six-party talks have become no longer useful”. Lavrov flew to Seoul on Friday for talks with South Korean officials. There was no indication in North Korean media that he met leader Kim Jong-il in Pyongyang, but KCNA said he passed on a letter from Russian President Dmitry Medvedev to Kim. Financial market players in Seoul, used to North Korea’s sabre rattling, have mostly shrugged off Pyongyang’s threat to bolster its nuclear deterrent. But analysts say markets may take notice of heightened political risk if the North restarts a lab at its nuclear complex to separate more plutonium for weapons, which could increase the likelihood of a new nuclear test. US Secretary of State Hillary Clinton said on Wednesday Washington was willing to have a dialogue with Pyongyang, but urged the world not to give in to its unpredictable behaviour. Washington has said it was in touch with the North through various channels to secure the release of the two journalists, with details of their pre-dawn arrest still murky several weeks after they were taken into custody. It took three months to secure the release of an American in 1996 after he was detained by North Korean guards when he crossed the Yalu River that also separates the North and China. North Korea is also holding a South Korean worker in an industrial enclave just north of their shared border for allegedly insulting its political system. In a rare meeting with the South this week, the North refused to discuss his fate. Source: LatestNews-Home - Livemint.com | 24 Apr 2009 | 10:10 am GlaxoSmithkline Consumer Healthcare Q1 net surges 48%Mumbai: GlaxoSmithkline Consumer Healthcare on Friday said its net profit in the first quarter ended March 2009 grew by 48.34% to Rs83.89 crore over the corresponding period a year ago. The company had a net profit of Rs56.55 crore in the March quarter last fiscal year, GlaxoSmithkline Consumer Healthcare said in a filing to the Bombay Stock Exchange (BSE). The total income of the company rose to Rs565 crore during Q1 of current fiscal year from Rs429.46 crore of the same quarter of last fiscal. Shares of GlaxoSmithkline Consumer Healthcare were trading at Rs765.10, up 2.72% in the afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 24 Apr 2009 | 10:10 am Nano likely to take congestion to tier II and III towns - Economic Times
Source: Google News India - Business | 24 Apr 2009 | 10:08 am 'Deposits with Kerala cooperative banks to beat slowdown'State Cooperation Minister G. Sudhakaran Friday said the total deposits in the 1,614 cooperative banks in Kerala would keep increasing despite the slowdown and touch Rs.50,000 crore by November.Source: IndiaeNews.com: Business News | 24 Apr 2009 | 10:02 am FDI into India seen at $40 bln in FY10 - aideNEW DELHI (Reuters) - Foreign direct investment into India is expected to be at least $40 billion in the year to March 2010 on a favourable outlook, a senior industry ministry official said on Friday.Source: Reuters: Money News | 24 Apr 2009 | 9:59 am Maruti Q4 net drops 18.5 pct, misses f'castMUMBAI (Reuters) - India's top car maker, Maruti Suzuki India Ltd, on Friday reported a surprising 18.5 percent drop in quarterly net profit, missing forecast, due to higher raw material costs and inventory.Source: Reuters: Money News | 24 Apr 2009 | 9:56 am Piramal Healthcare posts 13% fall in Q4 profitMumbai: Piramal Healthcare on Friday said it has reported a 13.49% decline in consolidated net profit at Rs114.90 crore for the fourth quarter ended 31 March. The pharma firm had a net profit of Rs132.82 crore in the March quarter of FY08, Piramal Healthcare said in a filing to the Bombay Stock Exchange (BSE). The firm’s net sales rose 9.34% at Rs850.91 crore in the March quarter, from Rs778.20 crore in the same period last fiscal. During the March quarter, the firm incurred a foreign exchange loss of Rs16.90 crore, against a forex gain of Rs10.33 crore in the year-ago period. The board has declared a dividend of 210% for FY09, at the rate of Rs4.20 a piece, on shares of face value of Rs2. For FY09, Piramal Healthcare posted a net profit of Rs316.25 crore, down 5.25% from Rs333.78 crore in FY08. The net sales for FY09 rose to Rs3,281.10 crore, from Rs2,867.48 crore in FY08. Shares of Piramal Healthcare were trading at Rs214, up 3.13% in the late afternoon trade on the BSE. Source: Home - Livemint.com | 24 Apr 2009 | 9:55 am European shares up led by oils, banks; Volvo dropsFrankfurt: European shares rose in morning trade on Friday, led by energy and financial stocks, but Volvo fell sharply after the No.2 truck maker reported a bigger-than-expected first-quarter loss. At 2:45pm, the FTSEurofirst 300 index of top European shares was up 0.3% at 794.37 points. Europe’s stock markets were buoyed by Wall Street’s higher close on Thursday and by a stronger-than-expected April reading for the Ifo indicator of corporate sentiment in Germany, Europe’s biggest economy and the world’s top exporter. “Again overnight we got quite supportive figures from the US,” said UniCredit equity strategist Tammo Greetfeld. “The Ifo numbers are quite supportive for the market and are paving the way for some moderation of the downward earnings revisions over the coming months,” he said. Oil and gas stocks added most points to the European benchmark index as the crude oil price strengthened over 0.5% to almost $50 a barrel. ENI, which reported a smaller-than-expected fall in first-quarter profits, was up 3.9%, Total put on 2.5%, BP traded 1.8% higher and Royal Dutch Shell gained 1.7%. Among financials, Credit Suisse was up 3.5%, BNP Paribas added 3% and Barclays rose 2.7%. Cazenove on Friday upgraded its recommendation on Credit Suisse to “in-line” after the Swiss bank’s better than expected quarterly earnings on Thursday. It said in a note: “Many competitors have fared worse and the perception of Credit Suisse’s ‘fortress´ balance sheet is benefiting both the Wealth Management and Investment Banking businesses.” Underpinning Wall Street on Thursday were earnings from some big US regional banks, including PNC Financial Services Group Inc and Fifth Third Bancorp, which provided some glimmers of hope. Shares in American Express rose as much as 6% in extended trading on Thursday after the credit card company reported better-than-expected earnings as it slashed costs and said it intended to repay government bailout funds as soon as regulators allow. Outside financials, Nokia fell 5.5% as the mobile-phone maker traded ex-dividend. The DJ Stoxx technology index was the leading sectoral loser, down 2.4%. Volvo fell 4.1% after the company reported a first-quarter operating loss that was deeper than expected and cut its market outlook, forecasting a huge contraction in demand on both sides of the Atlantic. Shares in Volvo’s Swedish rival Scania fell 1.7%. The benchmark index rose 26 percent between 9 March and 17 April. The DJ Stoxx banks index gained 88% in the same period. The focus later in the day will be on US corporate earnings from such companies as Ford and 3M, and on economic data, particularly for US durable goods orders, which will be released at 6:00pm today. Source: Home - Livemint.com | 24 Apr 2009 | 9:54 am Markets move up in afternoon tradeIndian equities markets moved further into the green Friday afternoon, with a key index ruling 173.81 points higher about an hour before the closing bell.Source: IndiaeNews.com: Business News | 24 Apr 2009 | 9:31 am Binani Industries profit dips 29%Mumbai: Diversified industrial house Binani Industries on Friday said its net profit for the fiscal year ended 31 March 2009, declined by 28.60% to Rs109.78 crore. The company had a net profit of Rs153.77 crore in the year ended March 2008, Binani Industries said in a filing to the Bombay Stock Exchange (BSE). Net sales of the company rose to Rs2,302.58 crore during the period under review, as against Rs1,507.93 crore in the same period last fiscal. The board of directors of the company has approved a dividend of Rs3 a piece (30%), subject to requisite approval. Further, Binani Industries has inducted Nidhi Binani as an additional director on the board of the company. Consolidated financial result of the company includes its subsidiaries - Binani Cement, Binani Zinc, Goa Glass Fibre, BT Composites, Wada Industrial Estate and its wholly-owned subsidiaries, the filing added. The company is engaged in the business of cement, zinc, glass fibre among others. Shares of Binani Industries were trading at Rs46.25, up 3.82% on the BSE. Source: LatestNews-Home - Livemint.com | 24 Apr 2009 | 9:30 am IDBI Bank Q4 net rises 28% to Rs3.14 crMumbai: State-run IDBI Bank on Friday said it has reported a 28.16% growth in net profit at Rs3.14 crore in the fourth quarter ended 31 March 2009. The lender had a net profit of Rs2.45 crore in the March quarter of FY08, IDBI Bank said in a filing to the Bombay Stock Exchange (BSE). The bank’s total income rose 41.07% to Rs37.34 crore in the March quarter, from Rs26.47 crore in the corresponding period a year ago. During the quarter, IDBI’s interest income jumped 45% to Rs32.62 crore, while interest expenditure stood at Rs27.80 crore, up 38% over the same period last fiscal. The board has declared a dividend of 25% for FY09, at the rate of Rs2.50 a piece on shares of face value of Rs10 each. For the financial year ended March 2009, IDBI Bank reported a net profit of Rs8.59 crore, up 17.83% over the year-ago period. The bank had a net profit of Rs7.29 crore in FY08. The PSU lender’s total income rose to Rs130.22 crore during FY09, from Rs96.23 crore in the last fiscal. Shares of IDBI Bank were trading at Rs64.15, up 7.54% in the late afternoon trade on the BSE. Source: Home - Livemint.com | 24 Apr 2009 | 9:27 am Tata Sky enhances value added services, offers flower deliveryTata Sky goes beyond customer satisfaction, has lots of goodies in store for their customers this summer.Source: Daily News & Analysis: Money News | 24 Apr 2009 | 8:36 am IPL matches reach 10 m viewersDespite advertisers getting jittery about the viewership of the ongoing IPL tournament, 10 million viewers tuned in over the weekend to view the matches, according to the TAM Peoplemeter System, which recorded viewership across six metros in the target group 4 yearsplus in cable and satellite homes.Source: Moneycontrol Top Headlines | 24 Apr 2009 | 8:35 am GE Hitachi in talks with LT for nuke plansGE Hitachi Nuclear Energy (GEH) is in talks with Larsen Toubro (LT) to engage the engineering and construction firm as a potential vendor for its nuclear power plants in India.Source: Moneycontrol Top Headlines | 24 Apr 2009 | 8:33 am JK Tyres to invest Rs 270 cr in Mysore unitJK Tyres on Wednesday said it will invest Rs 270 crore to set up a new facility in Mysore for offthe road (OTR) tyres.Source: Moneycontrol Top Headlines | 24 Apr 2009 | 8:31 am Deal conversions likely to improve this fiscal, says TCSTata Consultancy Services Ltd expects deal conversions to improve in the current fiscal even though the environment remains challenging and industry experts believe recovery is yet to begin.Source: Moneycontrol Top Headlines | 24 Apr 2009 | 8:30 am Jet Airways cuts pay of senior staffRecession having effects in India too, Jet cuts down pay of senior members.Source: Daily News & Analysis: Money News | 24 Apr 2009 | 8:16 am US-based Taco Bell make India-debut this yearChicago: Yum Brands, the operator of Pizza Hut and KFC, on Friday said it will introduce its Mexican-style fast-food restaurant chain ‘Taco Bell´ in the Indian market later this year, besides continuing to make investments to grow its business in the country. “Optimistic and excited” about Taco Bell’s launch in India, Yum Chairman and Chief Executive David Novak said the food chain fits well in the Indian market given the variety of vegetarian and spicy food it has to offer. “We think Taco Bell may have the highest degree of opportunity in India because of the great vegetarian products and spiciness of the food, which we can even modify to be more relevant to the Indian taste,” Novak said in a conference call with analysts. He said the company’s international division - Yum! Restaurants International - is making “great progress in emerging markets like India”. Novak ruled out the possibility of adopting in India “an equity-only” model, one that it uses to operate stores in China. “We are very well prepared to invest equity in both KFC and Taco Bell but at the same time, we think we will have a balance between equity and franchise long-term in India,” Yum would invest in growth markets like India and France, where “where we are building long-term business”. The US-based company currently has about 140 Pizza Huts and over 45 KFCs across India. Source: World Business - Livemint.com | 24 Apr 2009 | 8:08 am Volvo Q1 loss worse than feared, sees European market fallStockholm: World number two truck maker Volvo posted a deeper-than-expected first-quarter operating loss on Friday and said it expected plunging demand would cut its key European market in half or worse this year. The Swedish company reported a quarterly operating loss of 4.53 billion Swedish crowns ($536 million) versus a year-ago profit of 6.49 billion and the mean forecast for a loss of 2.90 billion seen in a Reuters poll of 18 analysts. In a stunning reversal from years of robust demand, the global financial crisis and ensuing collapse in demand for heavy-duty trucks has left Volvo and its peers in the European truck industry struggling to slash capacity and costs. Volvo, which manufactures heavy-duty trucks under the Renault, Mack, Nissan Diesel and Eicher brands, as well as its own name, said order bookings in the quarter fell 65% year on year with a fall of 71% in its key European market alone. The company said in a statement it was scaling back its forecast of European heavy-duty truck demand this year, forecasting that the total market would “be at least halved”. It had previously seen a decline of about 30-40%. “The North American market is projected to decline 30-40%,” it said. Its previous forecast was for the market there to be flat to down around 10% from already weak levels recorded in 2008. Source: Home - Livemint.com | 24 Apr 2009 | 8:05 am Primus to replace Indian staff with Canadian representativesInternet service provider Primus Canada is replacing some of its call centre staff in India with Canadian representatives.Source: Daily News & Analysis: Money News | 24 Apr 2009 | 8:01 am Jet Airways cuts pay of senior staffIn view of the global economic meltdown coupled with mounting financial losses, Jet Airways has slashed salaries by up to 25% for all its employees drawing a gross salary of above Rs 75,000 per month.Source: India Business News | Business News - Times of India | 24 Apr 2009 | 7:22 am Nano booking will give higher returns than FDIf you fail to get a Nano in the draw, do not despair as Tata will pay an interest of 8.5% if you wait for 1-2 yrs, and 8.75% for over 2 yrs - a deal even better than FDs.Source: India Business News | Business News - Times of India | 24 Apr 2009 | 6:36 am Web Exclusive: Getting a job during the slowdownLast month I was in the corporate office of a large MNC for a meeting with one our prospective clients. One of my old buddies AB works in the same office. I decided to call him to see if we could meet up while I was in their office.  AB: Hey Tarun! TM: Hey... What’s up? I am in your office in Noida. Let’s catch up, if you are not too busy right now. AB: I don’t work there anymore. TM: Oh...Ok…. Did you switch jobs? Where are you these days? AB: I am looking for a job these days. I got laid off 4 month back. TM: 4 months is a long time. Do you have any offers at hand? AB: Nothing so far. The job market is really bad these days. TM: You should have told me earlier. We had a position open in our office. We filled it last month. You would have been a much better fit for that job AB: hmm… I’ve known AB for years. He graduated from top schools (IIT-IIM), worked with a large MNC for around 7 years and often, over performed most of his peers. Any organisation would be fortunate to have people like him on their payrolls. He doesn’t deserve to be jobless for four months. Campus placements are a reasonably efficient process. Everybody in the batch has equal information about companies visiting the campus. More often than not, they have a transparent compensation package for everyone. Every student gets an equal opportunity to try and get a dream job. Unfortunately, life isn’t fair outside the business school campuses. According to some estimates over 60% of the jobs are never advertised and are only available through network. People with better networking skills have better chances of landing a good job and/or getting higher salaries. It’s like making a sale or being an entrepreneur. Here are some of the things one must do to increase their chances of getting a better job. Create a high impact resume – Most people never give enough importance to writing their resume. The quality of resume determines the number interview calls, offers and salary you get at the end of the process. Stronger resume leads to more interview calls and higher chances of getting a good job. In today’s job market, recruiters get hundreds of resume for every position that is advertised. The only way to stand out is to have a high impact resume that highlights your strengths, skill-sets and background. Tell everyone that you are looking for a job – There is no shame in losing a job. It is not a reflection on your capabilities or potential. More people lose jobs because of corporate restructuring than their individual reasons like incompetence, integrity issues, etc. Most jobs are never advertised on portals. They are only known to a section of employees. There would be tens of opportunities in companies where your friends work. In addition, hiring managers tend to hire candidates who come with a personal recommendation from somebody in their teams. Go out and send a copy of your resume to everyone you know – batch mates, colleagues from previous jobs, friends, family, everyone. Apply, Apply, Apply – Getting a job is like closing a sale. It is a numbers game. The more you prospect, the higher your chances of closing a sale. Similarly, the more you apply, more interviews you attend, higher the chances of getting a job Identify top portals in your job category. Sometimes niche portals like iimjobs.com, vasjobs.com, sutrajobs.com, etc could be more effective than the big job sites Create a personal brand – A vast majority of hiring managers try to get more information about the candidates from the web – google search, Linkedin, etc. Use that to your advantage. Make sure you have a Linkedin profile that highlights your strengths and background. Ask friends, colleagues, managers to write recommendations for you on Linkedin. Launch a personal blog around the industry/sector of choice. Project yourself as a thought leader in your space. It helps grow your network and can open up a plethora of opportunities for you. Relax – Don’t worry too much. You’ll not stay jobless for very long. Take it as a god sent opportunity to do things that you could never take out time to do earlier. Start a hobby; spend more time with family; catch-up on your reading, etc The list isn’t exhaustive. These are things that have worked for me in the past. If there is anything you’d like to add, please comment. Source: Home - Livemint.com | 24 Apr 2009 | 6:06 am India may import record 75 lakh tonnes of veg oil by OctoberIndia may import 75 lakh tonnes of vegetable oils this oil year 2008-09, beginning November 2008.Source: Daily News & Analysis: Money News | 24 Apr 2009 | 6:02 am Nandan Nilekani to speak at Yale UniversityNandan Nilekani, co-chairman of Infosys Technologies, will speak on "India at the Crossroads: The Road Ahead"Source: Daily News & Analysis: Money News | 24 Apr 2009 | 6:02 am Sensex rises to six-month high, gains 1.74%Sensex climbed to a six-month high on sustained buying by funds at front-line counters on expectations of a better outlook for corporate earnings.Source: Daily News & Analysis: Money News | 24 Apr 2009 | 5:39 am Gold will be light on purse this MondayLightweight gold jewellery is expected to be in heavy demand on Monday.Source: Daily News & Analysis: Money News | 24 Apr 2009 | 5:26 am Govt may appoint chiefs of AI, AERA todayA high-level meeting chaired by Cabinet Secretary K M Chandrasekhar is likely to take a decision on the appointment of chiefs of national carrier Air India and AERA today.Source: India Business News | Business News - Times of India | 24 Apr 2009 | 4:32 am Rupee up 7 paise against dollar in early tradeAt the Interbank Foreign Exchange market, the domestic unit was quoted higher at 49.85 a dollar, up by seven paise over the previous close of 49.92/94.Source: India Business News | Business News - Times of India | 24 Apr 2009 | 4:30 am Chrysler aims for Fiat but readies bankruptcy planWASHINGTON/NEW YORK (Reuters) - With a week remaining for Chrysler LLC to clinch a deal with Italy's Fiat, the struggling U.S. automaker has a plan in place but still focused on reaching an alliance with the support of the Obama administration, people with knowledge of the discussions said on Thursday.Source: Reuters: Money News | 24 Apr 2009 | 1:16 am Domestic markets likely to see high volatilityMumbai, April 23 The domestic stock market may see more uncertainty in the near term, going by the way the NSE Volatility Index (VIX) has closed above 50 for the last six tradingSource: Business Line - Home Page | 24 Apr 2009 | 12:00 am Costlier non-food items push up inflation rate to 0.26%New Delhi, April 23 The annual Wholesale Price Index-based inflation rose 0.26 per cent during the week ended April 11, above the previous week’s annual rise of 0.18 per cent, government data showed on Thursday.Source: Business Line - Home Page | 24 Apr 2009 | 12:00 am IT contracts’ value dips 21% in March quarterThe value of total IT contracts awarded globally in the quarter ended March 2009 is at $19 billion, down 21 per cent sequentially and 22 per cent year-on-year, according to TPI, an IT advisorySource: Business Line - Home Page | 24 Apr 2009 | 12:00 am Day Trading GuideDLF is consolidating sideways desist trading in this counter. Initiate fresh long position if the ICICI Bank exceeds Rs 434 and SBI surpasses Rs 1,280, with tight stop-loss. On Thursday,Source: Business Line - Home Page | 24 Apr 2009 | 12:00 am EIH (Rs 117.10): BuyWe recommend a ‘buy’ in the EIH stock from a short-term perspective. It is evident from the charts of EIH, that following an intermediate-term downtrend between late December 2008 and March 2009 from Rs 146 to Rs 85, the stock brokeSource: Business Line - Home Page | 24 Apr 2009 | 12:00 am Sensex gains over 300 on heavy buying in IT, metal stocksMumbai, April 23 Heavy buying in index stocks, particularly in IT and metal sectors, pushed up the benchmark indices on Thursday as market sentiment was boosted by expectations of better corporate results.Source: Business Line - Home Page | 24 Apr 2009 | 12:00 am Gross NPAs of banks to triple by 2011: CrisilMumbai, April 23 Gross non-performing assets of the banking sector are likely to touch 5 per cent by 2011, from 2.3 per cent in 2008. In absolute terms, the gross NPAs would increase to about three times from the March 2008 level of Rs 55,000Source: Business Line - Home Page | 24 Apr 2009 | 12:00 am ‘Fluid’ situation for BJP veteran in IndoreIndore: “Liquor, liquor everywhere but no water to drink” is the theme song for the Congress in Indore, which is seeking to dislodge the six-time BJP MP, Ms Sumitra Mahajan, from this prestigious seat in MadhyaSource: Business Line - Home Page | 24 Apr 2009 | 12:00 am SEBI debars Pyramid Saimira promoters Nirmal Kotecha, SaminathanMumbai, April 23 Markets regulator SEBI has in an interim order debarred Mr Nirmal Kotecha, a former promoter of Pyramid Saimira Theatre Ltd (PSTL), and over 250 other entities from dealing in the securities market including IPOs in any mannerSource: Business Line - Home Page | 24 Apr 2009 | 12:00 am Reliance Q4 net declines 9.4% on shrinking refining marginsMumbai, April 23 Reliance Industries has reported its second consecutive decline in quarterly net profit, as adverse global conditions continued to shrink its refining margins.Source: Business Line - Home Page | 24 Apr 2009 | 12:00 am Emirates may increase flights to 10 Indian destinations!Premier Gulf carrier Emirates may increase frequencies to its 10 Indian destinations in the next six months and has renewed its interest in investing in ground handling and other allied services.Source: Zee News : Business | 23 Apr 2009 | 11:56 pm Fiat skids into 411mn euros Q1 loss!Italian auto maker Fiat SpA slumped into the red recording a loss of 411 million euros for the first quarter of this year, primarily hit by falling auto and truck sales.Source: Zee News : Business | 23 Apr 2009 | 11:56 pm RNRL`s net profit up 4.32% at Rs 71.54 cr in FY 09!Anil Ambani group firm Reliance Natural Resources Ltd, engaged in sourcing, supplying and transporting fuels, on Thursday posted a jump of 4.32 per cent in its consolidated net profit at Rs 71.54 crore.Source: Zee News : Business | 23 Apr 2009 | 11:56 pm LIC Housing expects loan disbursements growth of 25% in FY10!LIC Housing Finance, which disbursed Rs 8,762-crore of loans during FY 09, is expecting a growth of 25 percent growth in its loan disbursements portfolio this fiscal, a top company official said.Source: Zee News : Business | 23 Apr 2009 | 11:56 pm Reliance Infrastructure FY`09 net up 15% !Anil Ambani group firm Reliance Infrastructure on Thursday said it has reported a 14.85 percent increase in consolidated profit after tax at Rs 1,353.23 crore for the year ended March 31, 2009.Source: Zee News : Business | 23 Apr 2009 | 11:56 pm Next govt to face pressure to offer more stimulus: Moody`s!) Forecasting the Indian economy to grow by five per cent this fiscal, a projection lower than that of RBI, Moody`s today said the next government will face strong pressure to provide more stimulus packages.Source: Zee News : Business | 23 Apr 2009 | 11:56 pm Reliance Industries Q4 net profit dips 9.3%!Reliance Industries on Thursday reported a second consecutive fall in quarterly profits with net earnings dipping 9.3 per cent in January-March as global recession cut demand for fuels.Source: Zee News : Business | 23 Apr 2009 | 11:56 pm Fidelity reduces stake in Satyam Computer to 6.47%!Foreign fund house Fidelity has offloaded 12 crore shares of the beleaguered IT firm Satyam Computer through open market transactions.Source: Zee News : Business | 23 Apr 2009 | 11:56 pm Chinese mining giant to acquire OZ Minerals for $1.2 b!Australia on Thursday allowed China`s state-owned Minmetals to acquire debt-laden OZ Minerals, the country`s third largest mining company for USD 1.21 billion after the Chinese mining giant submitted a revised bid.Source: Zee News : Business | 23 Apr 2009 | 11:56 pm Citi`s Pandit among 20 worst ever CEOs !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.Source: Zee News : Business | 23 Apr 2009 | 11:56 pm StanChart to raise $1 bn from India listingStandard Chartered plans to raise at least USD 1 billion by listing in India, reports CNBCTV18, quoting Dow Jones. It has appointed Goldman Sachs, UBS as global bankers. It has also appointed JM Financial, Kotak, DSP Merrill Lynch, and StanChart Capital Markets.Source: Moneycontrol Top Headlines | 23 Apr 2009 | 10:42 pm Edurite sees Rs 200 cr school spreadEdurite Technologies will invest close to Rs 200 crore in the next twelve months to manage and run schools, according to sources.Source: Daily News & Analysis: Money News | 23 Apr 2009 | 10:26 pm Archrivals join hands for AIDS fightIn an unprecedented show of solidarity, archrivals GSK and Pfizer have come together to form a new company ideally created to tackle the pandemic of AIDS.Source: Daily News & Analysis: Money News | 23 Apr 2009 | 10:24 pm Shree Cements infuses Rs 1000cr to expand capacityThere is return of optimism in the cement sector. Rajasthanbased Shree Cement will infuse Rs 1,000 crores in the company to expand capacity. CNBCTV18s Sriram Iyer reports that the company will grow its power generation business as well.Source: Moneycontrol Top Headlines | 23 Apr 2009 | 10:15 pm PS Saminathan victim of circumstances: Pyramid SaimiraSebi has barred the mastermind of the Pyramid Saimira case Nirmal Kotecha and his associates from trading on stock markets. PS Saminathan, CEO was also barred from trading. N Narayan, Director, Pyramid Saimira, said, The company was a victim of price manipulation. So that only vindicates that some vested interest were disturbing us.Source: Moneycontrol Top Headlines | 23 Apr 2009 | 9:16 pm RIL Q4 net profit declines 9%Reliance Industries on Thursday reported the second consecutive decline in its quarterly net profit and sales.Source: India Business News | Business News - Times of India | 23 Apr 2009 | 7:40 pm Govt to replace AI-IA CMD Raghu MenonRaghu Menon may be appointed chairman of AERA. While he had applied for the post first time round, the government had called for applications again and that time he did not reapply.Source: India Business News | Business News - Times of India | 23 Apr 2009 | 7:39 pm Scientists inch closer to cracking Indus Valley scriptBangalore: Scientists may have moved a step closer to deciphering one of the three oldest languages in the world, that of the Indus Valley civilization by, interestingly enough, making a case that the markings found on artefacts from that era do indeed represent an underlying language and are not random marks. The language was spoken at least 4,000 years ago in what is now north-west India and the eastern part of Pakistan, and 130 years after the first details of this script came to light and at least 100 failed attempts to decode it, the Indus script remains undeciphered.  Deciphering: Examples of the 4,000-year-old Indus script on seals and tablets. A team of Indian scientists has found out that the Indus script has a structured sign system showing features of a formal language. JM Kenoyer / Harappa.com Now, a team of Indian scientists reports in Friday’s issue of Science journal that the Indus script has a structured sign system showing features of a formal language. Using mathematical and computational tools, researchers show that the script has well-defined signs, which begin and end texts, with strong correlations in the order in which the signs appear. This is the first evidence supporting the hypothesis that the script represents an as-yet-unknown language, say co-authors Nisha Yadav and Mayank N. Vahia from the Tata Institute of Fundamental Research and Centre for Excellence in Basic Sciences in Mumbai. Other co-authors of the study are Rajesh P.N. Rao, computer scientist from the University of Washington; Hrishikesh Joglekar, a software engineer in Oracle India, Mumbai; R. Adhikari, faculty of the physics department at the Institute of Mathematical Sciences, Chennai; and I. Mahadevan, researcher at the Indus Research Centre, Chennai. Several artefacts dating to the 2500-1900 BC Indus civilization have been found to contain symbols, but the question hasn’t been definitively answered whether they are just pictograms or have any relation to a spoken language. This time around, the researchers applied techniques of computer science, machine learning in particular, to compare the Indus script patterns to known linguistic scripts as well as to non-linguistic systems such as the human DNA and protein sequences. An artificially created linguistic system such as Fortran, a computer language, was also used for reference. Among the linguistic scripts, texts of English, Old Tamil, Rig Vedic Sanskrit and of the Sumerian language spoken in Mesopotamia, another civilization that thrived around 4,000 years ago, were used for comparison. What was compared was the permissible randomness in choosing a sequence. It is this randomness, which allows flexibility in composing words or sentences. But even within this randomness, there is always a clear pattern in a script that represents a language. In contrast, DNA sequences are completely random. The results show that the Indus inscriptions were different from any of the non-linguistic systems, says Rao of the University of Washington. The finding of the study marks a considerable leap from a provocative 2004 paper titled The Collapse of the Indus-Script Thesis that claimed the short inscriptions had no linguistic content, somewhat implying that the literacy of the Harappan civilization was a myth. Its lead author offered a $10,000 (Rs5 lakh) reward to whoever produced an Indus artefact that contained more than 50 symbols. The new study, indeed, statistically strengthens the assumption that the Indus script represents a language, says Nayanjot Lahiri, professor of ancient history at Delhi university. “The major problem, though, still remains: which language or languages? The script still remains undeciphered, notwithstanding the decades of scholarship that have been invested in trying to find the key to it.” The biggest impediment in the decipherment, according to another historian from Delhi university, K.M. Shrimali, is the fact that no bilingual text has been discovered from that period, which would help calibrate the Indus script. “Unless something comparable to the Rosetta Stone (the bilingual text that helped decipher the Egyptian hieroglyphics) is found, it’s difficult to decipher the Indus script,” he says. Lack of bilingual text certainly makes the problem more challenging, say Yadav and Vahia, but there have been examples in history where scripts have been deciphered without this aid. “While we all hope to find an Indus Rosetta Stone one day, its absence should not prevent us from exploring other means to understand the script.” The present study has been funded by Sir Jamsetji Tata Trust and the Packard Foundation, set up by Hewlett-Packard co-founder David Packard. However, lot more work needs to be done before researchers can convincingly say what the content of the script is and what each sign represents, though the statistical analysis shows a small number of signs account for the majority of the usage. The team’s work, though, is cut out: to analyse the structure and syntax of the script and deduce its grammatical rules. “We are trying to write the ‘script’ before we can begin reading it,” says Yadav. seema.s@livemint.com Source: Tech News - Livemint.com | 23 Apr 2009 | 7:01 pm Pyramid Saimira promoters, 228 others barred from marketThe Securities and Exchange Board of India (Sebi) barred Pyramid Saimira Theatre Promoter and Managing Director P S Saminathan, promoter Nirmal Kotecha and 228 people and entities from the securities market till further orders.Source: Business Standard | Front Page Headlines | 23 Apr 2009 | 6:56 pm StanChart may raise Rs 5,000 cr from IDRStandard Chartered Bank has started the process to raise around Rs 5,000 crore through an Indian Depository Receipts (IDR) issue in the local markets.Source: Business Standard | Front Page Headlines | 23 Apr 2009 | 6:50 pm HDFC Bank earned total income of Rs 5365.5 crHDFC Bank earned total income of Rs 5,365.5 crores as against Rs 3,505.5 crores in the corresponding quarter ended March 31, 2008, registering a growth of 53.1%.Source: Moneycontrol Top Headlines | 23 Apr 2009 | 6:30 pm King of middleware is fine with its ecosystemBangalore: With at least 15,000 people, Steven Alan Mills employs the largest software sales force in the world. One may not have heard of Mills, 52, but they would surely be familiar with his company, International Business Machines Corp. (IBM), or Big Blue, the world’s second largest information technology company. In the latest quarter, even as IBM’s overall revenue and profit declined in a tough market, Mills, senior vice-president and group executive, IBM Software Group, ensured that pretax earnings from his division actually increased by 5%, though revenue dipped 6%.  End-user focus: Mills says that a lot of things the company does sit on the boundary between classical application and middleware. Bloomberg Mills’ software division contributes to about one-fifth of IBM’s revenue—which had a run rate of close to $88 billion—but accounts for close to 40% of its net profit, clearly indicating that he runs the most profitable part of the business. Unlike, say, the packaged shrink-wrapped Windows software of a Microsoft, IBM dominates a segment called middleware, which forms the core of corporate computing. Middleware is the software that sits between the operating system, which talks to the machine, and the applications, which in turn talk to the end-user. However, increasingly, IBM is seen as offering functionalities that mirror what application software does, thus capturing a great part of the spending value chain from its partners. On a recent visit to India, Mills talked about the current market conditions, IBM’s plans for the applications software segment, and the contribution of Big Blue’s India software labs. Edited excerpts: If I were to crudely divide the software market into three different baskets of operating systems, middleware and applications, IBM is the dominant player in middleware. Six years ago, IBM did not have a presence in the applications end of the market but it now seems to be entering this too. What is the strategy here? I would not characterize what we have done as a big push into applications (smiles). The products we have built and the 75-odd acquisitions we have done (in the software business alone) over a 15-year period—you will see that middleware still dominates our portfolio. That really is our business. We have added various things along the way. Lotus Notes, for instance: people view that as an application. What some people view as an application others might view it as (IT) infrastructure. Content management, which some might view as application we see as infrastructure. More than the classification, it meets the needs of the end-user. We do software for loan origination (and) claims processing which are very application-like but done on very rich middleware infrastructure. The marketplace that Cognos (an company acquired by IBM in 2007) competes in is classified as middleware, but most customers think of its offerings in the application context. There are a lot of things we do which sit on the boundary between traditional classical application and middleware. Nobody would debate that a SAP ERP (enterprise resource planning, a business software) accounting would be application. Some are a bridge between the applications and middleware. We are very much focused on the middleware. We might add (an) application, like capabilities to meet the needs of the end-user. But isn’t that tiptoeing towards full applications offering in the name of offering more functionality? Will we see an ERP, a CRM (customer relationship management) or similar product offerings from IBM and will you eventually go up against the likes of SAP AG, an Oracle or other existing partners? We are not moving in those directions. Having an ecosystem and working with other companies to offer complete solutions is a key part of the strategy. We will never deliver all that is required by customers. We can’t make it all, we can’t buy it all. So we will work with our partners. We are SAP’s largest partner. We are Oracle’s largest partner. For every dollar a customer spends with SAP, we get probably $5 by providing hardware, software and services to surround that. If we choose to compete directly, say, with SAP like Oracle did, SAP will choose to steer business away from us. Oracle’s continuous acquisitions of application companies has made SAP and others stronger partners with IBM. We are extremely sensitive about that (apprehensions by partners that IBM’s middleware will offer application-like abilities). The amount of revenue and profit we derive from the current ecosystem far outweighs any revenues we might realize by offering direct competing technologies. It doesn’t make economic sense. The middleware market is equal to the application market size and grows at the same rate. We won’t compete with our ecosystem. Partners such as, say, Oracle and, to some extent Microsoft, want to work towards strengthening their position in middleware. Would you try and pre-empt that by pushing into applications? Microsoft is a different case entirely. Oracle is more the example. Given the size of, say, the ERP business of an Oracle or a SAP, there isn’t anything we could buy which could rival them. All those companies are gone. There are some small players but that is not (what we’ll look at). The enterprise market is highly concentrated among a few players. Our focus would continue to be middleware. How does IBM plan to cope with the current economic environment where IT budgets are shrinking? Because we have been around for 100 years, we have had experience of seeing lots of recessions, downturns and slowdowns (laughs)... Customers become focused on cost savings... We have geared our solutions and offerings to show them how they can save money by using our technologies. How closely does IBM work with Indian IT services vendors such as TCS, Infosys or a Wipro? These are substantial relationships. We both see directly related, connecting revenues. They run accounts which we are in and we have been training and certifying thousands of their employees in implementing IBM-related technologies. Source: World Business - Livemint.com | 23 Apr 2009 | 4:13 pm Sterlite can buy Asarco for $1.7 bn: US courtWilmington/Mexico City: India’s biggest copper producer, Sterlite Industries (India) Ltd, can buy bankrupt US copper miner Asarco Llc. for $1.1 billion (Rs55,220 crore) in cash and a $600 million note, a US judge said. Bankruptcy judge Richard Schmidt in Corpus Christi, Texas, approved Asarco’s request to sign a sale contract with Sterlite, a unit of London-listed Vedanta Resources Plc., that allows rivals to top the offer. The decision sets up competition between two plans to reorganize Asarco, a unit of Grupo Mexico SAB de CV.  Facing claims: A file photo of Asarco Inc.’s metal production plant in Colorado. Asarco produced 235,000 tonnes of refined copper in 2007. Matt Staver / Bloomberg Grupo Mexico, which put Asarco into bankruptcy in 2005, has proposed a $1.3 billion plan that would allow it to regain control of the Tucson, Arizona-based copper miner. Mexico City-based Grupo Mexico lost control of Asarco to a court-approved board a few months after the bankruptcy case began. The proposed sale to Sterlite won’t become final unless Schmidt approves the related reorganization plan supported by Asarco’s board and its main creditors. The decision came after Schmidt on 14 April declined to rule on the deal, saying he needed additional time. Sterlite previously said the deal must be approved by Schmidt by 15 April. Sterlite withdrew an earlier bid of $2.6 billion last year, saying it was too high amid a drop in copper prices. Under the proposed sale, Asarco may accept a higher offer until Schmidt gives final approval at a hearing on the company’s reorganization plan. Asarco faces $7.9 billion in claims. Government agencies seeking payment for environmental clean-up and individuals who say they were damaged by asbestos-based products from an Asarco unit together are seeking $5.2 billion. Schmidt ordered Sterlite, Asarco and a unit of Grupo Mexico into mediation last year. Grupo Mexico said at the time it was willing to pay $2.7 billion to ensure that Asarco’s creditors would be paid in full. Copper prices then plunged, dropping 54% last year in New York. Asarco’s mines hold about 5 million tonnes of reserves. The 110-year-old company produced 235,000 tonnes of refined copper in 2007. feedback@livemint.com Dawn McCarty in Wilmington, Edvard Pettersson in Los Angeles and Thom Weidlich in New York contributed to this story. Source: World Business - Livemint.com | 23 Apr 2009 | 4:11 pm
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