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Infosys top brass gets over Rs 10-crore hikeInfosys' top brass, including its directors and senior-most management personnel, got a hefty collective hike of over Rs 10 crore in their pay packets during the last fiscal.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 12:33 pm Vanisha Mittal, Pia Singh among billionaire heiresses: ForbesVanisha Mittal Bhatia and Pia Singh, the daughters of two of the richest Indians have made it to a Forbes list of the most notable billionaire heiresses to watch out for.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 12:27 pm Saga of the shoeWhen the world’s largest democracy goes to polls, it’s not just about election manifestoes. It’s the time for the politicians to bring out the best in their verbal armory and take pot shots at each other. After all everything’s fair in the name of wooing the voter. Click here to watch video It was first the BJP’s star campaigner Narendra Modi who at an election meeting in UP compared the Congress to an old woman, incapable of changing the destiny of young India. Priyanka Gandhi of the Congress swiftly retorted, “If BJP’s prime ministerial candidate LK Advani and Modi consider themselves young, it is good for them. If elderly people feel young it is good for their health.” But it did not end there. Modi in an obvious reference to Priyanka started calling the Congress a ‘gudiya’ or doll. But the real stunner came when the Prime minister broke his silence. He was called a weak PM by the BJP through his tenure. Singh hit back and went straight for Advani’s jugular. “His only achievement has been the demolition of the Babri Mosque”, said the PM, taking the BJP by surprise. And the technocrat turned politician didn’t stop at that. He even went on to say he would not be found weeping in a corner when a mosque was being brought down. The PM’s outburst caused Advani acute heartache. But the tirade continued. And Sonia Gandhi went on to call Advani “a slave of the RSS”. This time the BJP was left whining. BJP spokesperson Ravi Shankar Prasad called it the result of utter desperation and said “Mrs Gandhi has a captive PM whose future is being questioned by her own daughter.” But the one theme that cut across party lines in this election was the humble shoe. It was flung, it pinched, it hurt a few and ousted others. Those who joined the exalted ranks of President Bush and Chinese Premier Wen Jiabao include home minister P Chidambaram, Congress’ Kurukshetra candidate Naveen Jindal and BJP’s prime ministerial candidate LK Advani. The action did have a reaction in at least one case. Congress booted out two candidates – Jagdish Tytler and Sajjan Kumar. And just when the BJP was all smiles, the PM hit again. “Any serious political observer knows my remarks on Advani are true. I owe it to myself and the people of India to show where the shoe pinches. Enough is enough” said Manmohan Singh. And the shoe theme continued. It’s neither the economic rough weather nor the weak internal security nor Pakistan’s volatile democracy that are hogging the headlines. Somehow the only voices standing out in these elections are the ones that say nothing. Source: LatestNews-Home - Livemint.com | 26 Apr 2009 | 12:24 pm Shoe attack on PM in Gujarat, misses himAhmedabad: Prime Minister Manmohan Singh Sunday became the latest target of a shoe attack during the current election campaign when a computer engineering student hurled a sneaker towards him but it fell short of the dais from where he was addressing his first poll rally in Gujarat. Shortly after the incident at the Tagore hall ground here put the SPG and other security personnel in a tizzy, the Prime Minister did not want the police to register any case against the shoe thrower identified as Hitesh Chauhan, a 21-year-old resident of Bapunagar pursuing a computer course in a local engineering college. Singh spoke to Congress Legislature Party(CLP) leader Shaktisingh Govil and told him to communicate to the police not to press any charge against Chauhan who was quickly whisked away by the security personnel from the ground for questioning by the crime branch. Chauhan was sitting on the front row and took out his shoe and was about to hurl it in the direction of the Prime Minister who had just started his speech when security personnel grabbed him. The shoe fell a few feet away from where the Prime Minister was seated. The distance between the security railing and the stage where the Prime Minister was seated on the dais was about 30 feet. The Prime Minister continued with this speech before proceeding to attend another rally. “After PM’s speech was over, he called me and said don’t press formal charges against the boy. I have forgiven him,“ Govil, who is also the Leader of the Opposition the state assembly told PTI. “I have conveyed this to police officials who were present at the meeting venue,” Gohil added. The shoeslinging trend during the current poll campaign started in New Delhi on 7 April when a Sikh journalist hurled a shoe at home minister P Chidambaram protesting against CBI’s clean chit to senior Congress leader Jagdish Tytler accused in 1984 anti-Sikh riots case, but it missed the target. Later on 10 April, a retired school teacher hurled his shoe towards Congress MP Navin Jindal in Kurukshetra “to protest” against Congress’ policies. This shoe too missed its target. The incident was condemned by the Congress and the BJP as an unestablished means of protest in a democracy. Source: Home - Livemint.com | 26 Apr 2009 | 12:08 pm BSNL partners Nokia for 3G services!BSNL, India`s third largest mobile company in terms of subscribers, has tied up with Finnish cellphone major Nokia for bundling 3G handsets along with its services.Source: Zee News : Business | 26 Apr 2009 | 12:06 pm Finance leaders see economic storm clouds breaking!World finance leaders on Saturday agreed there was a "break in the clouds" of the economic storm but said more measures were needed to ensure an end to the global recession.Source: Zee News : Business | 26 Apr 2009 | 12:06 pm India expects resilient economy to grow at 6%!The Indian economy remains resilient and is expected to grow at around 6 percent in 2009-10 with fiscal and monetary stimulus measures cushioning the downturn, global finance leaders were told here.Source: Zee News : Business | 26 Apr 2009 | 12:06 pm Tata Motors still counting Nano booking numbersThe market estimates on the bookings vary from as few as a couple of lakhs to over one million.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 12:02 pm State-owned banks on hiring spree, to hire 30,000According to the government data over one lakh people lost their jobs in the export sector due to the global downturn.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 11:52 am Citi, Motorola among top tax payers in USNew York: The economic downturn has brought in heavy losses for them, but Citigroup and Motorola -- two American corporate giants led by India-born CEOs -- also rank among the biggest contributors to Uncle Sam’s tax kitty. In a list compiled by US magazine BusinessWeek, Vikram Pandit-led banking behemoth Citigroup and Sanjay Jha-led mobile phone major Motorola have been named among the firms paying highest rate of taxes, with the total tax paid by the two exceeding their annual income. With a four-year average tax rate of 106.3%, Citi is ranked sixth and Motorola is at the seventh position with 106% of income paid in taxes. At the same time, Adobe Systems, Cognizant and Hartford Financial -- three other US companies led by persons of Indian origin -- figure in a separate list of 50 firms paying the least rates of taxes. Surprisingly, the overall tax rate charged in the US is close to 400% in one case, although majority of the American companies pay less than 35% -- the official corporate tax rate in the US, BusinessWeek said. The list of 50 highest tax paying companies is topped by internet security solutions provider Verisign with a four-year average tax rate of 391.3%. Verisign is followed by another IT firm Fidelity National Information Services (254.8%), Zions Bancorporation (226.1%), Eastman Kodak (142.1%) and Sun Microsystems (139.5%) in the top five. The list of 50 companies paying lowest rate of tax is topped by energy firm Range Resources (0.4%), while Shantanu Narayen-led Adobe is ranked at 26th (8.3%), Francisco D’Souza-led Cognizant at 37th (10.2%) and Ramani Ayer-led Hartfold Financial is at 39th (10.4%). The lists were compiled by BusinessWeek with help from data tracker Capital IQ and is based on the tax burdens of companies in the US wide-based benchmark index S&P 500 index. “We looked at the companies in the S&P 500 index, excluding those with two or more recent years of losses, and instead of the ‘effective tax rate´ companies calculate and apply to their income statement, pulled out the figure companies disclose as cash taxes paid,” the magazine said. “To minimize the impact of one-time anomalies, we then averaged the last four years’ numbers,” it added. Citi clocked an annual loss of $27.7 billion, while Motorola also suffered a loss of $4.2 billion in 2008, but previously the two companies were profitable. According to the magazine, “cash taxes paid” for the latest year by Citi stood at $3,170 million while Motorola’s was $407 million. Source: LatestNews-Home - Livemint.com | 26 Apr 2009 | 11:52 am Tata Motors still counting Nano booking numbers - Economic Times
Source: Google News India - Business | 26 Apr 2009 | 11:46 am India-origin Ramani Ayer, Immelt among overpaid bosses: ForbesThe list is based on the performance of executives who delivered the most to the company's shareholders, relative to their total compensation.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 11:45 am SpiceJet to upgrade 40 co-pilots to full-fledged pilotsThe first officers were being upgraded into pilots as the airline had plans to phase out expat pilots by the year-end, Aggarwal saidSource: Daily News & Analysis: Money News | 26 Apr 2009 | 11:42 am TCS to focus on offshoring, to move many staff back to IndiaAs part of cost-cutting measures, India's largest outsourcing firm Tata Consultancy Services (TCS) said that it will relocate staff abroad into India.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 11:38 am D-Street may witness upswing this week: AnalystsDalal Street is likely to open on a positive note following strong global cues, and also see bouts of volatile trading this week, analysts say.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 11:36 am Delhi metro orders more coachesWith the metro increasingly becoming the choice of city's commuters, the Delhi Metro Rail Corporation (DMRC) has ordered extra coaches to be attached to some existing trains to increase the passenger capacity, an official said Sunday.Source: IndiaeNews.com: Business News | 26 Apr 2009 | 11:31 am LTTE declares ceasefire, Lanka Govt rejects proposalColombo: Sri Lanka’s Tamil Tiger rebels declared a unilateral ceasefire on Sunday, with the military having surrounded them in a tiny area along with thousands of civilians, but the move was immediately rejected by the government. “In the face of an unprecedented humanitarian crisis and in response to the calls made by the U.N., EU, the governments of India and others, the Liberation Tigers of Tamil Eelam (LTTE) has announced a unilateral ceasefire,” an LTTE statement said. Sri Lanka responded by saying the rebels must either surrender or be destroyed. ”That is a joke. They were not fighting with us, they were running from us. There is no need of a ceasefire. They must surrender. That is it,” defence secretary Gotabaya Rajapaksa told Reuters in a telephone interview. The top UN humanitarian official John Holmes arrived in Sri Lanka on Saturday amid mounting pressure on the LTTE to surrender, and the government to halt its offensive to wipe out a foe it has fought since 1983. Tens of thousands of civilians remain trapped in a tiny strip of coastline studded with coconut groves, a former army-declared no-fire zone that has become the final conventional battleground in Asia’s longest-running war. International concern is mounting about the welfare of the those held by the LTTE in fighting, and more than 100,000 who fled en masse after troops blasted an earthen barricade on Monday. Internal United Nations tallies say nearly 6,500 have been killed in fighting since the end of January. Source: LatestNews-Home - Livemint.com | 26 Apr 2009 | 11:22 am Sensex on a roll, hits six-month highMumbai: Bulls seem to be back in action on the bourses as the BSE Sensex shot up to a six-month high at 11,329.05 last week. The 50-share NSE Nifty also settled at 3,480.75. “The bulls seem to be in command once again on the bourses. Nothing has changed though as the earnings and economic reports, both local as well as global, remain mixed,” an equity analyst with India Infoline said in a report. A significant inflow from foreign institutional investors (FIIs) in recent weeks has improved confidence among market participants. “However, the outcome of general elections could spell the next trigger for the market,” an equity analyst, Jigar Shah, said. Though several market pundits predict that the worst is over, there could be some more pain going ahead. A lot more needs to be done to ensure a smooth and quick recovery for the sluggish global economy, Shah said. “One thing is sure that the climb from here will not be all that smooth as there will be bumps ahead. However, one may gradually start picking up quality stocks for long-term prosperity,” the India Infoline analyst said. In the near term, concerns over asset quality and slowing credit growth will remain an overhang over both private and PSU bank stocks so long as the macro-economic outlook remains bleak, Angeltrade analyst, Vaibhav Agrawal said. “We believe that the proactive monetary softening over the past few months and the quantitative easing expected in H1 FY10 as well as systemic strengths such as strong domestic savings and consequently falling interest rates will help revive domestic demand late FY’10,” Agrawal said. Therefore, keeping in mind attractive valuations, a longer-term investment perspective needs to be adopted to take advantage of the eventual upturn in GDP growth and several factors are falling into place to make this imminent over the next 12-18 months. “From this perspective, we prefer private banks, in light of their stronger core competitiveness,” he said. The RBI in its FY10 annual policy cut the repo and reverse repo rate by 0.25% each, but kept the CRR and SLR unchanged. These measures are a continuation of the RBIs concerted efforts to maintain a downward trend in interest rates to revive domestic demand. “More importantly, we believe is the strong emphasis by the RBI to ensure sufficient liquidity for funding the large combined fiscal deficit of the Central and State Governments projected for FY10,” he said. “This is in line with our view that domestic financial savings, together with quantitative easing, will be adequate to fund both the Government and private sector and that consequently, interest rates will further decline in the ensuing months,” he said. This is also positive for banks from the point of view of fall in government bond yields, and treasury will be an important profit centre during the year for the banking sector, Agrawal said. The inflation numbers too have been surprising for two weeks in a row, as they were expected to turn negative. Increase in the prices of primary articles and manufactured products have contributed to the rise in inflation rate during this week. “Going forward, as per earlier expectations, inflation may turn negative in the next couple of weeks, as the impact of the high statistical base starts to show up; the economy is expected to experience sub-zero level of inflation for a few months after that,” Dun & Bradstreet India Head, Economic Analysis, Yashika Singh, said. Source: Home - Livemint.com | 26 Apr 2009 | 11:15 am Govt to hire 414 people this fiscal for IPR modernisationThe Government will hire 414 people in a bid aimed at expediting modernisation of intellectual property offices in India.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 11:05 am Sachin Tendulkar gets the maximum calls on Idea numberTendulkar, who is the leading Mumbai Indians in the IPL, has received the maximum calls and SMSes on an Idea number in a promotional venture.Source: Daily News & Analysis: Money News | 26 Apr 2009 | 10:53 am SBI plans reduction in education loan rates by 0.25%Mumbai: India’s largest lender, State Bank of India (SBI), is planning to slash lending rates for education loans by 0.25% as early as this week. SBI plans to announce the rate cut early this week, enabling students who take loans from 1 May to 30 September, avail the benefit of reduced rates, an SBI official said. “The idea is to help students aspiring for higher studies with adequate financial support. Interest rates on all category of education loans are likely to come down by 0.25%. The scheme will be applicable for all education loans approved during May-September, 2009,” the official said. SBI currently offers education loans for rates ranging from 11.75% to 13.25%. Female students can avail loans for a 0.5% less rate across all categories. While education loans up to Rs4 lakh do not require any collateral security, those between Rs4 lakh and Rs7.5 lakh would require a third-party guarantee. For loans above Rs7.5 lakh and up to Rs20 lakh, borrowers will have to produce some tangible assets such as a house or land as security. The loan re-payment period ranges from five to seven years. SBI has an education loan portfolio of Rs6,600 crore and has seen its portfolio growing by around 50% in the past one year, the official said. “We had targeted a growth (in education loans) of 35% in FY09 but has far exceeded that target on account of a good demand,” the official said. The bank gives loans up to Rs10 lakh for studies in India and up to Rs20 lakh for courses abroad. “The economic downturn did not have any impact on this segment. Infact we have received more loan enquiries in the past few months. The demand for education loans is likely to go up in the months ahead,” the official said. SBI has recently slashed rates in various categories such as SME, vehicle and home loans with a view to improve the credit flow to the market. Source: Home - Livemint.com | 26 Apr 2009 | 10:40 am Raju's device churned out FD papers: CBI - Economic Times
Source: Google News India - Business | 26 Apr 2009 | 10:39 am Government expected to file affidavit on black money MondayWith its 48-hour deadline expiring on Friday, the union government is now expected to inform the Supreme Court Monday on its efforts towards retrieving over Rs.70 trillion ($1.4 trillion) in black money believed to be stashed away in foreign banks by Indians.Source: IndiaeNews.com: Business News | 26 Apr 2009 | 10:30 am India ranks fifth in illicit financial outflowsWashington: India ranks fifth globally among 127 developing countries for illicit financial outflows, according to a report released by the Global Financial Integrity (GFI). The report “Illicit Financial Flows from Developing Countries: 2002-2006” estimates the total illegal capital flight from developing countries to be as high as $1 trillion per year. In 2006 around $10 were lost due to illicit outflows on every $1 received as official development assistance(ODA), it said in a statement released through Asianet. “This massive loss of assets is the greatest impediment to economic development and poverty alleviation and should be a concern for all nations,” Raymond Baker, director GFI said. According to the report, the total illicit financial outflows from India rose to $27.3 billion per year during the period 2002-2006. The illegal outflows involve activities such as corruption (bribery and embezzlement of national wealth), proceeds of illicit business that becomes illicit when transported across borders in violation of laws and regulatory frameworks. Source: LatestNews-Home - Livemint.com | 26 Apr 2009 | 9:49 am Yahoo! to hire nearly 150 people in IndiaNew Delhi: Yahoo! is hiring for hundreds of job openings including nearly 150 vacancies in India, even as the Internet major is set to bring down its global workforce by about 675 employees. “We are currently hiring for key positions and will continue to invest in strategically important areas,” a Yahoo! spokesperson based in the US said. While the spokesperson did not elaborate on country-specific hiring plans, the career section of the Internet major’s website shows that Yahoo! is looking for about 150 positions in India alone. The openings are for its operations in Bangalore, Mumbai and New Delhi, while most of them are for Bangalore. Further, the internet major has over 120 job vacancies for different offices in the US, the website shows. The India openings are for various departments including engineering, customer care, research and product management, among others. Last week, while announcing its first quarter results on 21 April, Yahoo! said that it would slash 5% of its headcount worldwide. At present, the company has 13,500 employees globally and a 5% reduction would amount to laying off 675 people. The firm is resorting to job cuts in the wake of slackening advertisement revenues and a 78% drop in first quarter profit at $118 million. However, it is not clear whether India operations would be affected by the job cuts. India has about 1,500 employees. “We will be reducing the number of our current employees worldwide by approximately 5%. We do not break out how individual countries and teams will be impacted. “We currently have 13,500 employees worldwide. We do not break down how many employees are in each country,” the Yahoo! spokesperson said. The spokesperson noted that the majority of impacted employees are expected to be notified within the next two weeks. In 2008, Yahoo!’s worldwide workforce was about 15,000 and out of them, about 1,500 employees were in India. Yahoo! last October had announced that it would reduce its headcount by as much as 10%. “The goal is to reduce its current annualised cost run rate of approximately $3.9 billion by more than $400 million before the end of 2008,” the Internet major had said in October. “(since) The majority of expenses are headcount-related, Yahoo! expects to reduce its global workforce by at least 10% during the fourth quarter of 2008,” it had noted. Source: World Business - Livemint.com | 26 Apr 2009 | 9:26 am Yahoo! to hire nearly 150 people in IndiaNew Delhi: Yahoo! is hiring for hundreds of job openings including nearly 150 vacancies in India, even as the Internet major is set to bring down its global workforce by about 675 employees. “We are currently hiring for key positions and will continue to invest in strategically important areas,” a Yahoo! spokesperson based in the US said. While the spokesperson did not elaborate on country-specific hiring plans, the career section of the Internet major’s website shows that Yahoo! is looking for about 150 positions in India alone. The openings are for its operations in Bangalore, Mumbai and New Delhi, while most of them are for Bangalore. Further, the internet major has over 120 job vacancies for different offices in the US, the website shows. The India openings are for various departments including engineering, customer care, research and product management, among others. Last week, while announcing its first quarter results on 21 April, Yahoo! said that it would slash 5% of its headcount worldwide. At present, the company has 13,500 employees globally and a 5% reduction would amount to laying off 675 people. The firm is resorting to job cuts in the wake of slackening advertisement revenues and a 78% drop in first quarter profit at $118 million. However, it is not clear whether India operations would be affected by the job cuts. India has about 1,500 employees. “We will be reducing the number of our current employees worldwide by approximately 5%. We do not break out how individual countries and teams will be impacted. “We currently have 13,500 employees worldwide. We do not break down how many employees are in each country,” the Yahoo! spokesperson said. The spokesperson noted that the majority of impacted employees are expected to be notified within the next two weeks. In 2008, Yahoo!’s worldwide workforce was about 15,000 and out of them, about 1,500 employees were in India. Yahoo! last October had announced that it would reduce its headcount by as much as 10%. “The goal is to reduce its current annualised cost run rate of approximately $3.9 billion by more than $400 million before the end of 2008,” the Internet major had said in October. “(since) The majority of expenses are headcount-related, Yahoo! expects to reduce its global workforce by at least 10% during the fourth quarter of 2008,” it had noted. Source: Home - Livemint.com | 26 Apr 2009 | 9:26 am Mittal’s wealth loss exceeds India investment plansLondon: India-born billionaire Lakshmi Mittal has seen his net worth plummeting in the past one year by a whopping £16.9 billion (over Rs1,20,000 crore) -- an amount which is well in excess of the entire cost of his two proposed steel plants in India. Dubbing him as the biggest loser of wealth in past one year, the Sunday Times annual rich list of wealthiest persons in the UK has pegged the net worth of Mittal, a British citizen and resident, at £10.8 billion (about Rs79,000 crore). Mittal has, however, retained his title as the richest person in the UK with this massive wealth for fifth year in a row. However, the NRI billionaire, who runs the world’s biggest steel empire ArcelorMittal, alone accounts for more than one-tenth of the cumulative loss suffered by Britain’s 1,000 richest persons in their fortunes. Although the figures for net worth for Mittal as well as others are notional values, the loss suffered by the steel billionaire exceeds by a wide margin the estimated investment of Rs80,000 crore proposed by ArcelorMittal for two plants in India. Mittal has plans to set up two steel plants in India of 12 million tonnes each -- one in Orissa and another in Jharkhand -- with each of them estimated to cost Rs40,000 crore. The slump in the steel industry, as also the grim scenario in the overall global economy, has not only led to a sharp slump in Mittal’s net worth, it has also forced the group to revise their operations and investment plans across the world, including India. There have been reports that ArcelorMittal may halve the size and slash its investment for the first phase of its proposed projects in India due to a sharp decline in steel demand and the global economic slowdown. However, the group has reiterated its commitment to the final target of creating steel capacity of 24 million tonnes in India. But, the world’s largest steel maker does see a delay of at least two years in commencing production from its proposed plants of capacity 12 million tonnes per annum (MTPA) in Jharkhand and Orissa each. “Initially we were thinking of putting six million tonnes per annum steel plant in phase one. We may (now) put up smaller plants ... we could cut the size to 3 MTPA in each phase due to the slump in steel demand and other issues, including land acquisition problems in India. Investments could naturally come down in the same proportion,” ArcelorMittal India CEO Vijay Bhatnagar told reporters earlier this month. He, however, clarified that overall plan to reach 12 MTPA capacity at each plant in Orissa and Jharkhand has not been changed. Bhatnagar said that due to slow land acquisition for the projects and global downturn, the company would overshoot the 2012 deadline to commence production in India. Source: World Business - Livemint.com | 26 Apr 2009 | 9:21 am Mittal’s wealth loss exceeds India investment plansLondon: India-born billionaire Lakshmi Mittal has seen his net worth plummeting in the past one year by a whopping £16.9 billion (over Rs1,20,000 crore) -- an amount which is well in excess of the entire cost of his two proposed steel plants in India. Dubbing him as the biggest loser of wealth in past one year, the Sunday Times annual rich list of wealthiest persons in the UK has pegged the net worth of Mittal, a British citizen and resident, at £10.8 billion (about Rs79,000 crore). Mittal has, however, retained his title as the richest person in the UK with this massive wealth for fifth year in a row. However, the NRI billionaire, who runs the world’s biggest steel empire ArcelorMittal, alone accounts for more than one-tenth of the cumulative loss suffered by Britain’s 1,000 richest persons in their fortunes. Although the figures for net worth for Mittal as well as others are notional values, the loss suffered by the steel billionaire exceeds by a wide margin the estimated investment of Rs80,000 crore proposed by ArcelorMittal for two plants in India. Mittal has plans to set up two steel plants in India of 12 million tonnes each -- one in Orissa and another in Jharkhand -- with each of them estimated to cost Rs40,000 crore. The slump in the steel industry, as also the grim scenario in the overall global economy, has not only led to a sharp slump in Mittal’s net worth, it has also forced the group to revise their operations and investment plans across the world, including India. There have been reports that ArcelorMittal may halve the size and slash its investment for the first phase of its proposed projects in India due to a sharp decline in steel demand and the global economic slowdown. However, the group has reiterated its commitment to the final target of creating steel capacity of 24 million tonnes in India. But, the world’s largest steel maker does see a delay of at least two years in commencing production from its proposed plants of capacity 12 million tonnes per annum (MTPA) in Jharkhand and Orissa each. “Initially we were thinking of putting six million tonnes per annum steel plant in phase one. We may (now) put up smaller plants ... we could cut the size to 3 MTPA in each phase due to the slump in steel demand and other issues, including land acquisition problems in India. Investments could naturally come down in the same proportion,” ArcelorMittal India CEO Vijay Bhatnagar told reporters earlier this month. He, however, clarified that overall plan to reach 12 MTPA capacity at each plant in Orissa and Jharkhand has not been changed. Bhatnagar said that due to slow land acquisition for the projects and global downturn, the company would overshoot the 2012 deadline to commence production in India. Source: Home - Livemint.com | 26 Apr 2009 | 9:21 am Taiwan, China in landmark financial services dealNANJING, China (Reuters) - Taiwan and China signed a series of landmark agreements on Sunday laying the groundwork for a flood of investment in financial services to flow across the Taiwan Strait for the first time in six decades.Source: Reuters: Money News | 26 Apr 2009 | 8:53 am Mittal's wealth loss exceeds India investment plans - Economic Times
Source: Google News India - Business | 26 Apr 2009 | 8:24 am Egypt hardsells itself as leisure, business tourism destinationThe land of pharaohs and pyramids, Egypt, is hard selling itself in India as a destination for leisure as well as meetings, incentives, conventions and exhibitions.Source: IndiaeNews.com: Business News | 26 Apr 2009 | 8:01 am Media can report company's confidential information: HCThe Delhi HC has held that the media cannot be restrained from reporting confidential information of a company pertaining to its up coming projects and dealings with other companies.Source: India Business News | Business News - Times of India | 26 Apr 2009 | 7:50 am TCS to focus on offshoring, to move many staff back to IndiaAs part of cost-cutting measures, Tata Consultancy Services said that it will relocate staff abroad into India, though not winding up its operations abroad.Source: India Business News | Business News - Times of India | 26 Apr 2009 | 7:33 am Set up $90-bn infrastructure fund, government toldThe Associated Chambers of Commerce and Industry (Assocham) has urged the government to set up a 'separate infrastructure financing fund' worth $90 billion to finance infrastructure projects in the next three years.Source: IndiaeNews.com: Business News | 26 Apr 2009 | 7:31 am More private participation in agri-research urgedIndia, whose agricultural productivity is 35-50 percent lower than the world average, requires more private participation and investment in agricultural research and development (R and amp;D), an industry lobby has said.Source: IndiaeNews.com: Business News | 26 Apr 2009 | 7:30 am PSU banks on hiring spree, to recruit 30,000 in FY10New Delhi: Public sector banks will hire 30,000 personnel during 2009-10, even as Indian companies, facing the heat of the global financial meltdown, has put a virtual halt on recruitment. “As per the preliminary estimates, public sector banks are expected to hire over 30,000 people during 2009-10,” Institute of Banking Personnel Selection (IBPS) director M Balachandran said. The institute, promoted by PSU banks and the Reserve Bank of India, has been rendering assistance to financial sector in the activities of employees’ selection, promotion and placement. A large number of employment opportunities have emerged in the banking sector owing to branch expansion by various lenders, business growth and aggressive marketing, he said. Balachandran, former chairman and managing director of the Bank of India, said recruitment would also fill up the gap created due to large scale of superannuation in many banks. At the same time, in bid to increase fee-based income banks have started activities like distribution insurance policies, mutual fund schemes and other financial products. This has created need to recruit some specialised manpower in those segment, he added. Many lenders, including the United Bank of India and the Indian Bank, have already issued advertisement for recruitment. For example, Kolkata-based UBI is hiring 900 probationary officers and 500 clerks. Besides, it is also hiring 100 specialized officers across various departments. Indian Bank has invited application for the post of 700 clerks to be recruited during the course of year while Hyderabad-based Andhra Bank is planning to recruit 550 clerks. Andhra Bank will also hire 295 probationary officer and 150 officers in other category. On the contrary to the trend in the banking segment, many sectors including information technology and textile are handing over pink slip to their staff. Third largest software exporter, Wipro last week said it would freeze salary hike and is uncertain about campus recruitment. According to the government data over one lakh people lost their jobs in the export sector due to the global downturn. “A sample survey conducted by the Department of Commerce for 402 exporting units spread over 17 different sectors, primarily employment oriented, revealed job loss (both direct and indirect) to the tune of 1,09,513 persons during the period August 2008 to mid-January,” minister of state for commerce and industry Jairam Ramesh had said in a written reply. Source: Home - Livemint.com | 26 Apr 2009 | 7:30 am BSNL partners Nokia for 3G servicesBSNL, India's third largest mobile company in terms of subscribers, has tied up with Finnish cellphone major Nokia for bundling 3G handsets along with its services.Source: India Business News | Business News - Times of India | 26 Apr 2009 | 7:25 am Subbarao sees ‘mixed’ growth prospectsWashington: India has sustained a greater than expected impact from the global economic crisis and has “mixed” growth prospects for now, Reserve Bank of India governor Duvvuri Subbarao said on Saturday. “Our short- and medium-term outlook is mixed. GDP growth is moderated, reflecting decelerating production, negative export growth, dented corporate margins and slowing credit demand,” he told reporters in Washington. Subbarao said India’s fundamentals remained strong, citing its banking system and low inflation, even as it was buffeted by the global meltdown. Stable rural consumption and demand for cement and steel were positive signs, he added. “When India starts recovery, I believe our recovery will be swift and sharp,” he said. The government’s revised estimate of 6% GDP growth for 2009-10 was attainable, “but to go back to the 9% growth trajectory or to climb back up, we need a lot of things happening,” added Subbarao. A stronger recovery would require a rebound in private investment demand, he said, adding the RBI had told commercial banks there was scope for banks to cut lending rates further in light of the central bank’s “aggressive policy rate adjustments” since the crisis hit last year. “Banks did bring down their lending rates, but not, I believe, as much as should have been possible with the adjustment done by the Reserve Bank,” said Subbarao. No Crowding Out The central bank on Tuesday cut its key interest rates for the sixth time in seven months in fend off the steeper than expected economic slowdown. Subbarao declined to comment on whether the RBI would cut interest rates further, but said “we are using a number of instruments” including offsetting liquidity injection measures and open-market steps that would achieve similar effects. “To some extent the huge increase in the government borrowing programme has militated against monetary easing,” he acknowledged. But there was enough liquidity in the financial system and “no question of any crowding out happening.” Speaking to reporters on the sidelines of the semi-annual meetings of the G-7 industrial nations and the International Monetary Fund, Subbarao said India was studying new facilities through which countries contribute to IMF resources to fight severe crises. The expansion of the New Arrangements to Borrow (NAB) facility would open the door for major emerging economies such as India and China to contribute to the IMF. “We are in principle committed to contributing, but we cannot make a specific commitment until we have all the details,” said Subbarao. India wanted to know whether its lending to the IMF would be treated as international reserves and wondered “can we get it back when we want?” he said. Source: Home - Livemint.com | 26 Apr 2009 | 7:13 am BrahMos attracts buyers at Latin American defence expoA joint military product of India and Russia, the supersonic BrahMos cruise missile has impressed countries at the recently concluded Latin American defence expo held in Brazil, with at least three nations showing keen interest in buying the missile system, a senior official said.Source: IndiaeNews.com: Business News | 26 Apr 2009 | 7:01 am SBI mulls reduction in education loan ratesSBI is planning to slash lending rates for education loans by 0.25% as early as this week.Source: India Business News | Business News - Times of India | 26 Apr 2009 | 6:58 am Gems, jewellery exports likely to pick up from Sept - Economic Times
Source: Google News India - Business | 26 Apr 2009 | 6:15 am PSU banks on hiring spree, to hire 30,000 in FY'10Public sector banks will hire 30,000 personnel during 2009-10, even as India Inc, facing the heat of the global financial meltdown, has put a virtual halt on recruitment.Source: India Business News | Business News - Times of India | 26 Apr 2009 | 6:12 am Come summer and a guidebook on north India in PolishEmelia Kubik was majoring in geography and tourism at the University of Lodz when she developed a fascination for India and, come summer, that will translate into the first guidebook on northern India and Nepal in Polish.Source: IndiaeNews.com: Business News | 26 Apr 2009 | 5:31 am Top 10 firms added Rs29,000 crore last week; Bharti top gainerMumbai: The country’s 10 most valued firms added nearly Rs29,000 crore to their market capitalization last week, with Bharti Airtel alone accounting for nearly half the valuation. Private sector telecom services provider Bharti Airtel added Rs13,164 crore to its market capitalization during the week, taking its valuation to Rs1,41,931 crore. Last week, it had a market valuation of Rs1,28,767 crore. Shares of Bharti Airtel surged over 10% in a week to settle at Rs747.70 on the Bombay Stock Exchange. Top 10 firms, comprising four private and six public sector entities, added Rs28,939 crore to their valuation last week, taking the kitty to Rs12,48,825 crore. Last week, the club’s valuation was Rs12,19,886 crore. Mukesh Ambani-led Reliance Industries was the second biggest gainer in terms of market capitalization, adding Rs10,552 crore to its valuation kitty. During the week, country’s most valued firm RIL announced its fourth quarter results, a 9.3% decline in its net profit at Rs3,546 crore. RIL’s market cap stood at Rs2,80,852 crore at the end of Friday’s trade. Amid the overall gain in the broader market, the premier club of top 10 saw three state-run entities -- ONGC, NTPC and BHEL -- losing a combined Rs3,374 crore from their valuation. The market cap of PSU entity ONGC stood at Rs1,83,194 crore, an erosion of Rs1,305 crore. While power utility NTPC lost Rs1,732 crore, taking its market capitalization to Rs1,57,447 crore, power equipment maker BHEL saw its valuation dropping by Rs338 crore to Rs80,240 crore. The shuffle in the top 10 club saw trading firm MMTC moving up to the fifth place from the earlier sixth, while the country’s second largest software exporter Infosys Technologies moved up two notch from its ninth slot last week. Three PSUs -- SBI, NMDC and BHEL -- saw their rankings dropping one place in the premier club to sixth, eighth and ninth positions, respectively, from the last week. During the week, NMDC added Rs1,665 crore to its market cap and State Bank of India added Rs92 crore to its market valuation. Diversified conglomerate ITC remained at 10th position by adding Rs906 crore in the Friday’s trading. Apart from the top 10 most valued firms, two private sector lenders, ICICI Bank and HDFC Bank, together added Rs782 crore to their valuation last week. While ICICI Bank saw its market cap dropping by Rs996.36 crore to Rs48,149 crore, HDFC Bank added Rs1,778 crore to Rs47,217 crore at the end of Friday’s trade. RIL, the numero-uno in the list, is followed by ONGC (Rs1,83,194 crore), NTPC (Rs1,57,447 crore), Bharti Airtel (Rs1,41,931 crore), MMTC (Rs84,383 crore), SBI (Rs83,030 crore), Infosys (Rs82,979 crore), NMDC (Rs82,961 crore), BHEL (Rs80,240 crore), ITC (Rs71,808 crore). Source: Home - Livemint.com | 26 Apr 2009 | 5:27 am RBI yet to give FEMA nod to new FDI rules - Economic Times
Source: Google News India - Business | 26 Apr 2009 | 5:23 am Punj Llyod shifting workforce from UK to IndiaEngineering firm Punj Llyod is shifting its workforce from its UK-based subsidiary to India, particularly to its Delhi and Hyderabad centres as an effort to cut costs amid global economic slowdown.Source: India Business News | Business News - Times of India | 26 Apr 2009 | 5:18 am Mahindra Renault plans two new launches this yearFrench car maker Renault is looking to introduce up to two new models in India with its partner Mahindra & Mahindra this year, although it has indefinitely postponed plans to launch products from its Chennai facility.Source: India Business News | Business News - Times of India | 26 Apr 2009 | 5:11 am ICICI Q4 net falls, sees muted loan growthMumbai: India’s ICICI Bank posted a 35.3% fall in quarterly profit on Saturday hurt by slowing loan growth, and said it expects moderate loan growth this year. ICICI’s net profit fell to Rs744 crore ($149.4 million) in its fiscal fourth quarter ending in March, from Rs1,150 crore reported a year ago. A Reuters poll of analysts had forecast net profit to fall to Rs770 crore. New York-listed ICICI, which has slowed lending to rejig its advance portfolio as bad debts bite, sees corporate and retail loan growth at about 5-10%, joint managing director Chanda Kochhar told a conference call. “This coming year we’ll be moderate in our loan growth,” she said. “Our strategy would be to conserve liquidity, conserve capital, contain risk watch how the economic scenario moves and actually focus on restructuring our deposit base.” The bank’s loan book shrunk 3.2% during the whole year, which was a reflection of the bank’s strategy. “Given the current scenario, we think it is more prudent to really maintain the balance sheet size,” she said. The bank’s deposit base fell 10.7 % during the year. Reduced Dependence on Wholesale Deposits The bank will focus on increasing its current and savings accounts deposits and lessen its dependence on wholesale deposits to reduce cost of funds and raise profitability, Kochhar said. “This will be our growth engine for profit,” she said. Retail loans, which account for 49% of its total loan book, reported a net loss during the quarter. However, they were expected to show a profit again from this quarter, Kochhar said. The loss was due to the impact of the third quarter when cost of funds for the bank went up, but there was no increase in lending rates. “It was a one-quarter impact,” Kochhar said. In the quarter to March net bad debts as a percentage of net advances rose to 1.95% from 1.5% a year ago. Net interest income, the difference between interest earned and interest paid, rose 2.9% to Rs21.39. Net interest margin, a key measure of efficiency rose to 2.6% from 2.4% a year earlier. The bank’s fee-based income also fell during the quarter by 30% from year ago due to reduced investment and acquisition financing activity in the corporate sector and lower level of fees from retail products distribution. New Appointments The bank named executive director V. Vaidyanathan as head of its life insurance joint venture with Prudential after the managing director of the unit quit to join Axis Bank. Sandeep Bakhshi, who is heading the life venture now, takes over as the bank’s executive director, while Bhargav Dasgupta, now executive director of the life insurance venture has been appointed the head of its non-life venture with Lombard. All the appointments are effective from 1 May, the bank said. Chief executive KV Kamath takes over as chairman of the bank in May with Kochhar as CEO and MD. Shares in ICICI, which has a market value of about $9.4 billion, are down 3.5% so far this year, compared with a 17.4% rise for the benchmark and a 2.5% rise in the sector index. The stock closed 2.1% higher at Rs432.50 on Friday in a Mumbai market that firmed 1.7%. Source: LatestNews-Home - Livemint.com | 26 Apr 2009 | 5:06 am Step in for beer that's as fresh as one can getIf you thought you needed to visit a brewery to sip a mug of beer that's as fresh as one can get, here's a surprise. This fast-growing suburban town boasts of pubs that serve beer as it is made. And the concept is catching fast.Source: IndiaeNews.com: Business News | 26 Apr 2009 | 4:30 am Corruption in business journalism: a worrying malaiseThe startling order of the markets watchdog recently on the Pyramid Saimira stock manipulation case over the alleged involvement of a business journalist from a leading financial daily should make the media sit up and think hard about the issue of corruption.Source: IndiaeNews.com: Business News | 26 Apr 2009 | 4:00 am RBI governor sees "mixed" growth prospectsWASHINGTON (Reuters) - India has sustained a greater than expected impact from the global economic crisis and has "mixed" growth prospects for now," Reserve Bank of India Governor Duvvuri Subbarao said on Saturday.Source: Reuters: Money News | 26 Apr 2009 | 2:51 am Chrysler creditors urged to make concessionsDETROIT (Reuters) - With just days to go for Chrysler LLC to reach agreements to cut labor and debt costs or face bankruptcy, members of Michigan's Democratic congressional delegation said on Saturday the onus was now on the U.S. automaker's creditors to make concessions.Source: Reuters: Money News | 26 Apr 2009 | 2:45 am Mighty have fallen: British billionaires lose bigLONDON (Reuters) - British-based steel magnate Lakshmi Mittal leads the list of the country's billionaires who've lost the most in the economic downturn, seeing his wealth plummet 61 percent, a survey shows.Source: Reuters: Money News | 26 Apr 2009 | 2:38 am World Bank launches new infrastructure fundsWASHINGTON (Reuters) - The World Bank launched two new funds with expected financing of $55 billion over the next three years to try and ensure that infrastructure projects in developing countries do not dry up in the financial crisis.Source: Reuters: Money News | 26 Apr 2009 | 2:37 am Economic storm clouds breaking, finance leaders sayWASHINGTON (Reuters) - World finance leaders on Saturday agreed there was a "break in the clouds" of the economic storm but said more measures were needed to ensure an end to the global recession.Source: Reuters: Money News | 26 Apr 2009 | 2:23 am Finance chiefs urge bank reform - BBC News
Source: Google News India - Business | 26 Apr 2009 | 2:06 am Delhi handles more air passengers than MumbaiDelhi has replaced Mumbai as the airport handling the maximum number of air travellers.Source: Business Line - Home Page | 26 Apr 2009 | 12:00 am Raju bail plea dismissedHyderabad, April 25 A city court on Saturday dismissed petitions seeking bail for ex-chairman of Satyam Computer Services, Mr B. Ramalinga Raju; his brother, Mr B. Rama Raju; and ex-CFO, Mr V.Source: Business Line - Home Page | 26 Apr 2009 | 12:00 am Weekly News Round upThe Reserve Bank of India on Tuesday cut key policy rates - repo and reverse repo - by 25 basis points each in order to push banks to lend more at viable rates and prop up the sagging economy. The RBI, in its Annual Policy for 2009-10, reduced theSource: Business Line - Home Page | 26 Apr 2009 | 12:00 am Nano final lap sees surge at dealershipsMumbai, April 25 The final tally will be made public early next week but the guessing game for the number of Nano bookings continuesSource: Business Line - Home Page | 26 Apr 2009 | 12:00 am Provisional safeguard duty mooted on hot rolled coils, sheetsNew Delhi, April 25 The domestic producers of hot rolled coils/sheets/strips, who are facing the brunt of increased imports of such products at abysmally low prices, may soon get some Government support to tide over this situation.Source: Business Line - Home Page | 26 Apr 2009 | 12:00 am Nod for Chanda Kochhar as CEOMumbai, April 25 ICICI Bank on Saturday said that it has received approval from its shareholders and the Reserve Bank of India for the appointment of Ms Chanda Kochhar as the Managing Director and Chief Executive Officer and Mr K.V. Kamath as theSource: Business Line - Home Page | 26 Apr 2009 | 12:00 am BSNL WiMax project: Four cos backed by IT majors may loseNew Delhi, April 25 Four companies backed by IT majors — including companies such as Wipro, Cisco, Aricent Technologies and GTL Ltd — may be out of the race for a project for rolling out WiMax-based broadband services on a franchiseeSource: Business Line - Home Page | 26 Apr 2009 | 12:00 am Plea to US not to impose restrictions on H1, B1 visasBangalore, April 25 The Bangalore Chamber of Industry & Commerce has urged the US Senate to reconsider its decision to impose further restrictions on the number of H1 and B1 Visas, which allow highly skilled guest workers to work in the USSource: Business Line - Home Page | 26 Apr 2009 | 12:00 am SGX Nifty volumes plummetVolumes transacted in the SGX Nifty – the Nifty futures traded on the Singapore Stock Exchange – have plummeted sharply in recent months.Source: Business Line - Home Page | 26 Apr 2009 | 12:00 am ICICI Bank net profit falls 35% on higher provisioningMumbai, April 25 ICICI Bank reported a 35 per cent fall in net profit at Rs 744 crore for the quarter ended March 31, 2009, against Rs 1,150 crore in the same period last year.Source: Business Line - Home Page | 26 Apr 2009 | 12:00 am Ambani copter sabotage: 52 staff benchedTaking a serious view of the Anil Ambani helicopter sabotage case, Air Works has asked 52 of its non-technical helper staff to remain off duty till the time the investigations are over.Source: India Business News | Business News - Times of India | 25 Apr 2009 | 9:20 pm ICICI Bank's new appointments announcedICICI Bank announced a series of appointments on Saturday, something that was expected after the recent string of top level resignations.Source: India Business News | Business News - Times of India | 25 Apr 2009 | 9:18 pm Hit by slowdown, ICICI Bank profits drop by 35% in Q4ICICI Bank reported a net profit of Rs 744 crore for the January-March quarter, a drop of 35% from Rs 1,150 crore reported during the same quarter last year.Source: India Business News | Business News - Times of India | 25 Apr 2009 | 9:18 pm Opposition to JV with SATS cost Air India chief his jobArvind Jadhav likely to replace Raghu Menon as CMD.Source: Business Standard | Front Page Headlines | 25 Apr 2009 | 9:00 pm ICICI Bank digs into own pool for new leaders - Business Standard
Source: Google News India - Business | 25 Apr 2009 | 8:59 pm Music companies cut deal to curb piracyIf you can't beat them, make peace with them. That's the mantra that the Indian Music Industry, the association of music companies, has adopted after its 30-year war against piracy. It will legitimise the practice by issuing licences, but for a small fee.Source: Business Standard | Front Page Headlines | 25 Apr 2009 | 8:58 pm ICICI Bank digs into own pool for new leadersFollowing weeks of speculation, Indias largest private sector lender, ICICI Bank, today unveiled its new management team drawing upon its own talent pool.Source: Business Standard | Front Page Headlines | 25 Apr 2009 | 8:56 pm ICICI Bank clocks 17.66% rise in netICICI Bank, the countrys second largest bank, today said that its consolidated net profit rose 17.66 per cent to Rs 748.44 crore during the quarter-ended March 2009 as its expenses fell more than the decrease in income.Source: Business Standard | Front Page Headlines | 25 Apr 2009 | 8:54 pm Nano bookings expected to touch a millionTata Motors is expected to get close to a million bookings for the Nano. The bookings for the worlds cheapest car began on April 9 and ended today. This is more than half the total number of cars produced in the country in 2008 1.83 million.Source: Business Standard | Front Page Headlines | 25 Apr 2009 | 8:52 pm Over 32000 students will sit for AIEEE - Times of India
Source: Google News India - Business | 25 Apr 2009 | 8:47 pm Akshaya Tritiya to boost gold prices - Economic Times
Source: Google News India - Business | 25 Apr 2009 | 8:12 pm Oil should rise to $70-80/bbl in 2010: Russian ministerSOFIA (Reuters) - Oil prices of around $50 a barrel are not high enough to ensure exploration and production but crude prices should rise to $70-80 within 12-18 months, Russian Energy Minister Sergei Shmatko said on Saturday.Source: Reuters: Money News | 25 Apr 2009 | 3:38 pm Jet to file response in Mumbai HC to Sahara's claim on Monday - Economic Times
Source: Google News India - Business | 25 Apr 2009 | 3:14 pm New Zealand, Jordan favourite tourist spots at Indian martThe New Zealand and Jordan tourism boards were a hot target of various domestic and international tour operators for business tie-ups at India's SATTE-2009 travel and tourism mart.Source: IndiaeNews.com: Business News | 25 Apr 2009 | 2:00 pm ICICI Q4 net falls, sees muted loan growthMUMBAI (Reuters) - India's ICICI Bank posted a 35.3 percent fall in quarterly profit on Saturday hurt by slowing loan growth, and said it expects moderate loan growth this year.Source: Reuters: Money News | 25 Apr 2009 | 12:47 pm Mahindra Lifespace\'s Income from Operations up by 48%Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the Mahindra Group declared their audited consolidated income from operations at Rs. 341.78 crores, an increase of 48% for the year ended March 2009 from Rs. 231.08 crores for the year ended March 2008.Source: Moneycontrol Top Headlines | 25 Apr 2009 | 11:41 am
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