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Won\'t transfer network assets to BhartiAlcatel JV: KholiBharti Airtel announced a joint venture pact with AlcatelLucent for fixed line and broadband services. At a press conference announcing the AlcatelLucent deal, Bharti Airtel CEO Manoj Kholi said, This tieup with AlcatelLucent is vital for the company.\" However, he added, \"There would be no transfer of network assets to BhartiAlcatel JV.\"Source: Moneycontrol Top Headlines | 30 Apr 2009 | 4:25 pm Satyam paid excess corporate tax of Rs 186.9cr: MCA sourcesAccording to the Serious Fraud Investigation Office (SFIO) report, some sources in the Ministry of Corporate Affairs (MCA) have said that Satyam had paid an excess corporate tax of Rs 186.9 crore. The report further added that an excessive incentive of Rs 338 crore was paid to employees on account of inflated books, added the source.Source: Moneycontrol Top Headlines | 30 Apr 2009 | 3:22 pm Boeing announces Dreamliner test flights!Test flights for the much-delayed Boeing Dreamliner are due to start in June and the first customers are on schedule to receive the plane in the first quarter of 2010, the US aviation company said Wednesday.Source: Zee News : Business | 30 Apr 2009 | 12:49 pm Inflation marginally up at 0.57%!The rising prices of food, vegetable, rubber and edible oil have turned the momentum of inflation from southward to northward, according to latest released data of Wholesale Price Index (WPI).Source: Zee News : Business | 30 Apr 2009 | 12:49 pm Japan`s factory output up for 1st time in 6 months!Japan reported its first increase in factory output in six months, adding to hopes that the worst recession since World War II may be easing as exports bottom out.Source: Zee News : Business | 30 Apr 2009 | 12:49 pm Chrysler, GM can be stronger than ever: Obama!President Barack Obama has said both Chrysler -- which is hours away from a do-or-die restructuring deadline -- and General Motors can survive the US auto industry`s crisis and then thrive.Source: Zee News : Business | 30 Apr 2009 | 12:49 pm India`s festival gold sales down 8%: WGC!Indians bought 45 tonnes of gold during this year`s Akshaya Tritiya festival, down 8 percent from last year, the World Gold Council said on Thursday.Source: Zee News : Business | 30 Apr 2009 | 12:49 pm BofA`s Lewis ousted as board chairman, stays as CEO!Bank of America Corp (BAC.N) shareholders voted to oust embattled Chief Executive Kenneth Lewis as chairman of the board on Wednesday in what could be a precursor to his eventual replacement as CEO as well.Source: Zee News : Business | 30 Apr 2009 | 12:49 pm Chrysler talks break down: Report!Talks between the Treasury Department and Chrysler`s creditors have broken down, making it all but certain the number three US automaker will file for bankruptcy protection, the Wall Street Journal has reported.Source: Zee News : Business | 30 Apr 2009 | 12:49 pm BASF first quarter profit falls by 68%!BASF, the world`s leading chemicals group, posted on Thursday a 68-percent drop in first quarter net profit to 375 million euros (499 million dollars) owing to "persistently weak demand."Source: Zee News : Business | 30 Apr 2009 | 12:49 pm Visa second quarter earnings beat estimates!Visa Inc (V.N) posted better-than-expected quarterly earnings on Wednesday as the world`s largest credit card network increased prices, slashed expenses and consumers used debit cards more.Source: Zee News : Business | 30 Apr 2009 | 12:49 pm Airports on strike from midnight - Business Standard
Source: Google News India - Business | 30 Apr 2009 | 12:41 pm Exxon 1st-qtr profit down 58 pctHOUSTON (Reuters) - Exxon Mobil Corp, the world's largest publicly traded company, on Thursday said its quarterly profit fell 58 percent, missing Wall Street estimates, as the global recession sliced into demand for crude oil.Source: Reuters: Money News | 30 Apr 2009 | 12:40 pm No suspected case of swine flu in India: govtNew Delhi: Government on Thursday said it was screening around 50,000 passengers coming from swine flu-affected countries even as it assured that there was no suspected case of the disease in the country as of now. “There is no suspected case of swine flu in the country so far,” joint secretary ministry of health, Vineet Chaudhary said. The clarification came in the wake of reports that a Hyderabad resident had come back from Mexico with flu like symptoms. “The patient is not showing any symptoms now. In fact he had reported to a nearby health centre for check up after he developed flu like symptoms after coming back from Mexico,” Chaudhary said. Director, NICD, Shivlal said fresh samples have been taken from the Hyderabad resident and are being flown to Delhi and the results will be available in the next 24 to 48 hours. The Centre has also decided to increase its Tamiflu stalk from one million to 10 million doses over the next seven days, he said, adding the stockpile would be decentralised all over the country so that any emergency situation can be dealt with quickly. A total of 50,000 passengers who have come from countries affected by swine flu have been traced and checks would be carried out on them. Chaudhary said 8 counters have been set up at the Delhi airport and each counter will be manned by one doctor and two nurses. Source: LatestNews-Home - Livemint.com | 30 Apr 2009 | 12:39 pm Bahrain's Gulf Air walks away from Jet lease dealMANAMA (Reuters) - Bahrain's state-owned carrier Gulf Air said it has walked away from a deal to lease four Boeing 777 aircraft from Jet Airways, citing economic conditions.Source: Reuters: Money News | 30 Apr 2009 | 12:36 pm Aviation fuel prices cut by Rs.311 per kilolitreState-run oil companies Thursday announced a cut in aviation fuel prices by Rs.311 per kilolitre (kl), after three consecutive hikes.Source: IndiaeNews.com: Business News | 30 Apr 2009 | 12:33 pm Bharti, Alcatel-Lucent in $500-mn outsourcing dealTelecom major Bharti Airtel Thursday awarded a $500-million deal to Alcatel-Lucent for outsourcing the management and servicing of its broadband and fixed line network for five years.Source: IndiaeNews.com: Business News | 30 Apr 2009 | 12:30 pm India targeted M&A touch $7.4b; lowest in 4 yrs: ReportMergers and acquisitions involving Indian firms in 2009 so far have been the lowest in four years for comparable periods, touching just $7.4 billions, thanks to the global economic slowdown.Source: India Business News | Business News - Times of India | 30 Apr 2009 | 12:27 pm Reliance Cap Q4 consolidated net dips 15%, declares 65% dividendMumbai: Anil Ambani group firm Reliance Capital on Thursday reported a 14.75% decline in consolidated net profit to Rs311.64 crore for the fourth quarter ended 31 March 2009. The financial services firm had a net profit (after minority interest & share of profit) of Rs365.57 crore in the March quarter of FY08, Reliance Capital said in a filing to the Bombay Stock Exchange (BSE). The total income declined 3.41% to Rs1,579 crore in the March quarter, from Rs1,634.71 crore in the corresponding period a year ago. The board has declared a dividend of 65% or Rs6.50 a piece on shares of face value of Rs10 for FY09. For the fiscal year ended 31 March the group posted a net profit of Rs1,015.67 crore, marginally up from Rs1,009.06 crore in the same period a year ago. The total income rose 22.37% to Rs6,019.43 crore in FY09, from Rs4,919.19 crore in the previous fiscal. As of 31 March, the net worth of the company stood at Rs7,491 crore. The total assets of the company stood at Rs24,260 crore, an increase of 32% over the previous fiscal. The investment portfolio of listed equities, as on 31 March, amounted to Rs1,895 crore. The company has not raised any fixed deposits from the public during the period, it added. Source: LatestNews-Home - Livemint.com | 30 Apr 2009 | 12:27 pm 3rd Phase LS Polls: Voting over; Naxals strike againNew Delhi: Braving sizzling temperatures, voters came out in sizeable numbers to exercise their franchise in the third phase of Lok Sabha polls in nine states and two union territories, which was by and large peaceful barring stray incidents of violence in Bihar and West Bengal. Click here to watch video The fate of political heavyweights Sonia Gandhi, LK Advani, HD Deve Gowda and Jaswant Singh will be decided on Thursday. Also Read Elections 2009 (Full Coverage) As soon as the polling began, Maoists exploded a landmine near a booth at Biramdih in West Bengal’s Purulia district, injuring two central paramilitary force jawans.  Voting began on moderate to brisk note in 107 constituencies in the third round of the five-phased elections and would end at 1700 hrs. While Bihar registered 10 to 12% voter turnout, Sikkim saw 15% of turnout in the initial hours. Elections to Sikkim assembly is also being held on Thursday. Maharashtra recorded 5 to 10% of polling in the first three hours, while 10% voters in Madhya Pradesh cast their ballot.  Also Read Sonia Gandhi | Loyalty vs capability L.K. Advani | Steeling for a tough fight Tight security arrangements have been put in place to thwart any untoward incident. Heat wave conditions prevailed in most parts of the country. While Congress president Sonia Gandhi is seeking re-election from Rae Bareli, one of the traditional constituencies of the Nehru-Gandhi family, Advani, the BJP’s prime ministerial candidate, is bidding to hold on to the Gandhinagar seat as he has done in every election since 1991. Prominent candidates in the fray in the third phase include Janata Dal (United) chief Sharad Yadav, Congress’ Milind Deora, Priya Dutt and Jyotiraditya Scindia and former Karnataka chief minister S Bangarappa. Polling for 26 Lok Sabha seats in Gujarat will be completed at one go. Besides Gujarat, polling will be held in 16 seats in Madhya Pradesh, 15 in Uttar Pradesh, 14 in West Bengal, 11 each in Bihar and Karnataka, 10 in Maharashtra and one each in Jammu and Kashmir, Sikkim, Dadra and Nagar Haveli and Daman and Diu. The results will be out on 16 May. The five-round general elections began on 16 April and so far elections have been completed to 265 Lok Sabha seats of the 545-member lower house of Parliament. Source: Home - Livemint.com | 30 Apr 2009 | 12:26 pm RIL pays Rs 1 crore for lobbying with US lawmakersReliance Industries, which faces possible penalties by the Barack Obama administration for its business ties with Iran, has paid about Rs 1 crore for lobbying.Source: Daily News & Analysis: Money News | 30 Apr 2009 | 12:17 pm EXCLUSIVE - Chrysler focused on lender deal - CEODETROIT (Reuters) - Chrysler LLC Chief Executive Bob Nardelli said on Thursday that the automaker remained focused on reaching an agreement with its lenders to cut the its debt in a bid to complete government-mandated restructuring targets and qualify for aid.Source: Reuters: Money News | 30 Apr 2009 | 12:16 pm ABB India net dips 33% in Q1 - Business Standard
Source: Google News India - Business | 30 Apr 2009 | 12:15 pm Aviation fuel prices cut by Rs 311 per kilolitreState-run oil companies Thursday announced a cut in aviation fuel prices by Rs.311 per kilolitre, after three consecutive hikes.Source: India Business News | Business News - Times of India | 30 Apr 2009 | 12:13 pm Reliance Cap Q4 net dips 15%; pays 65% - Hindu Business Line
Source: Google News India - Business | 30 Apr 2009 | 12:09 pm EXCLUSIVE-Chrysler CEO says focus remains on lender deal - Reuters
Source: Google News India - Business | 30 Apr 2009 | 12:05 pm Markets closed for the weekIndian equities markets are closed Thursday and Friday on account of Lok Sabha elections and Maharashtra day respectively. Trading will resume Monday.Source: IndiaeNews.com: Business News | 30 Apr 2009 | 12:02 pm India Inc against layoffs, but freezes hiring: SurveyMost Indian companies have decided not to resort to any more job cuts even as they have put a cap on fresh hiring and staff incentives with a curb on outstation travel for executives, says a survey released Thursday.Source: IndiaeNews.com: Business News | 30 Apr 2009 | 12:01 pm 'Indian firms should focus more on patents'Indian companies should increase spending on research and development (R and amp;D) and focus more on patents to protect their technologies, industry experts said here Thursday.Source: IndiaeNews.com: Business News | 30 Apr 2009 | 12:01 pm Moser Baer Q4 net at Rs 43 cr, FY'09 loss widensOptical storage device maker Moser Baer India said on Thursday that it has reported a net profit of Rs 42.93 crore in the fourth quarter ended March 31.Source: Daily News & Analysis: Money News | 30 Apr 2009 | 12:00 pm Swine flu scare a hurdle in India’s economy recovery: Moody’sNew Delhi: Swine flu scare has come in the way of India’s efforts at economic recovery and some slackening sectors like tourism and trade may witness further slowdown, says Moody’s. The government finances, already under pressure after dolling out stimulus packages to spur slowing economy, will be strained further by the expenses to prevent deadly swine flu, said Moody’s economy.com, a research arm of Moody’s. “Swine flu has put up a hurdle on India’s path to economic recovery, Moody’s said, adding, tourism and trade which already began (showing) signs of fatigue in December quarter may experience a further blow,” it said. First, there is the likely need for the government to re-allocate funds from not so urgent fiscal projects to fight the potential pandemic, it said. “However, improvement to infrastructure is also important to India’s continued expansion,” it added. Swine flu scare is likely to weigh on wider economic activity, such as household consumption and business investment, it said. Asset prices, it said are bound to retreat if the outbreak worsens and discourages investment. “Although India itself may not have upset investors, a general decline in confidence worldwide could spark repatriation of funds from stock markets,” it said. A general decline in confidence worldwide owing to swine flu will not only be a drag on stock prices in India, but will also exert downward pressure on the rupee, Moody’s said. “The Indian unit has traded between $50-52 for much the past two months. Amid still-fragile investor sentiment, although a net capital inflow into equities occurred in April, another round of net outflow cannot be ruled out,” it said. On the impact of expenses on medical care for swine flu on fiscal deficit, Moody’s said: “The global swine flu outbreak is a major concern to the cash-strapped Indian government. Expenses on preventive measures - or medical treatment when needed will further weigh on India’s fiscal deficit,” it said. Public debt is already equivalent to 80% of the GDP and more borrowing will hurt India’s fiscal profile, it said. Source: LatestNews-Home - Livemint.com | 30 Apr 2009 | 11:54 am Manmohan Singh only PM candidate with proven ability: SoniaHisar: Ridiculing the numerous PM aspirants from other parties, Sonia Gandhi today claimed that only Congress had an able candidate for the top post in Manmohan Singh who had proved his calibre during his five-year stint. “It has become a fashion for many parties to nominate prime ministerial candidates.... Everybody is busy playing ‘mein banunga pradhan mantri´ (I will be the Prime Minister). We are not like others. We have an able prime minister in Manmohan Singh,” Gandhi said, while addressing a 20,000-strong rally here. Highlighting the achievements of the UPA government, she said that Congress-led dispensation had fulfilled majority of the promises it had made in 2004 and pointed to the farm loan waiver and the National Rural Employment Guarantee Act (NREGA) for generating employment in the rural areas. “Our policies have always been for the benefit of aam admi and our endeavour is to provide a stable government. It has become a fashion by many parties to nominate prime ministerial candidates,” Gandhi said. She claimed that only the Congress can provide a stable government under Manmohan Singh, who was an experienced person. Attacking the previous BJP-led NDA government, Gandhi described its rule as “an era of darkness” and alleged that it had failed the common man. Accusing the BJP of indulging in the “politics of hatred and division”, she hit out at the saffron party for “not having matched” its claims of decisive government with action when it was in power. “NDA regime was a period of darkness for the country, when there was no internal security and the government belied the expectations of the people. The common man punished them in 2004 by voting the UPA to power and since then we have been trying our best to fulfilling the dreams of Indira ji and Rajiv ji,” Sonia said. The UPA chairperson said that if the Congress-led coalition came back to power it would continue its focus on the welfare of women, children and youth for whom it had already started various schemes. She said terrorism and extremism posed a grave threat to the country. “Only Congress party is capable of leading the country at this difficult junction on the strength of its long experience in the power”, she said. She also said that Haryana, which is one of the developed states of the country, has and will continue to play an important role in national politics. Appreciating the work done by chief minister Bhupinder Hooda, who was present on the occasion, Gandhi said that the Congress government in the state had tried its best to fulfill its promises made to to the people. Chief minister’s son Deepinder Hooda, who is seeking re-election from Rohtak constituency, sitting MP from Hisar Jai Prakash, and other senior Congress leaders from the State were also present in the rally. Source: LatestNews-Home - Livemint.com | 30 Apr 2009 | 11:52 am Motorola 1Q loss widens, but beats forecastNew York: Motorola’s first-quarter loss is smaller than analysts were expecting, and it regained its position as the world’s fourth-largest maker of cell phones. The Schaumburg, Illinois-based company says it lost $231 million, or 10 cents per share, wider than the loss of $194 million, or 9 cents per share, for the same quarter last year. Excluding charges of 5 cents per share, Motorola had a loss from continuing operations of 8 cents per share. Analysts were expecting a loss of 11 cents per share, excluding items. Motorola Inc.’s sales were $5.4 billion, down 28% from $7.5 billion a year ago. Analysts were looking for $5.6 billion. Motorola sold 14.7 million handsets, beating Sony Ericsson’s sales for the quarter. Source: LatestNews-Home - Livemint.com | 30 Apr 2009 | 11:47 am Cost-cutting raise Colgate-Palmolive Q1 profit 9%New York: Consumer products maker Colgate-Palmolive Co. said on Thursday that higher selling prices and cost cutting helped first-quarter profit rise 9%, despite the stronger dollar and a drop in European sales. The company, known for its namesake toothpaste and dishwashing soap, said quarterly profit rose to $507.9 million, or 97 cents per share, from $466.5 million, or 86 cents per share, a year ago. That was a penny higher than the average forecast of analysts polled by Thomson Reuters. Revenue fell 6% to $3.5 billion from $3.71 billion. Analysts had expected $3.6 billion. “Our cost-cutting and efficiency programs as well as increased pricing more than offset the impact during the quarter of higher raw and packaging material costs worldwide and the strengthening dollar,” CEO Ian Cook said in a statement. The weakest geographic region was Europe and the South Pacific, where sales fell 20% hurt by volume declines in France, Britain, Italy and other countries, as well as the stronger dollar and higher costs. In the US, sales rose 3% as Colgate-Palmolive said new products such as Colgate Max Fresh with Mouthwash Beads helped the company gain market share. In the current quarter, the company plans to fully distribute and market Colgate Wisp mini-brush and Colgate Sensitive Enamel Protect toothpaste. In Latin America, sales fell 4%, with the best results in Brazil, Venezuela, Colombia and Argentina. The company said commodity and oil prices are set to ease as the year goes on and added that it is “comfortable” with analyst earnings expectations for earnings of $1.04 per share in the second quarter and $4.21 per share for the year. Source: LatestNews-Home - Livemint.com | 30 Apr 2009 | 11:39 am Gold rebounds on firm global cues, fresh demandSnapping a two-day losing streak, gold prices on Thursday rose by Rs 110 at Rs 14,770 per 10 gram in the bullion market in Delhi on emergence of buying by stockists and jewellery fabricators, driven by overnight rise in the global markets.Source: India Business News | Business News - Times of India | 30 Apr 2009 | 11:38 am Women manage finance better: Chanda KochharChanda Deepak Kochhar, set to take over as managing director and chief executive of ICICI Bank, India's largest in the private sector, firmly believes women make better bankers, even if a lot also depends on how they use the opportunities that come their way.Source: IndiaeNews.com: Business News | 30 Apr 2009 | 11:33 am Lufthansa posts steep quarterly loss but forecasts 2009 gainFrankfurt: Germany’s top airline Lufthansa fell into a steep first-quarter loss as the sector was hit by the global economic crisis, but vowed Thursday to end the year with a substantial operating profit. The carrier posted a net loss of 256 million euros ($290 million), well above an average analyst forecast of 194 million euros compiled by Dow Jones Newswires. Lufthansa had made a profit of 44 million euros in the first three months of 2008. But its operating loss this time around, also 44 million euros, was much better than the 172 million loss expected by analysts and the airline’s shares took off in midday Frankfurt trading. Finance director Stephan Gemkow told a news conference that the outbreak and spread of swine flu had not had a heavy impact on Lufthansa bookings. “Given our relatively weak position in the Latin American market compared with some of our competitors I expect we will be affected below average by swine flu,” Gemkow said. He added that use of flights to and from Mexico, the center of the outbreak, had remained high so far. Lufthansa warned however that it expected a drop in 2009 sales, but Gemkow was quoted in a statement as saying the group was well positioned to weather the storm. “We will see who is prepared and able to react effectively against these difficult conditions. Lufthansa is a strong company and can hold its course, even in difficult times,” he said. The International Air Transport Association has forecast that the sector would post accumulated losses of $4.7 billion (3.5 billion euros) this year. For 2009, the German flag carrier forecast “a considerable reduction” in operating profit, but Gemkow said it would “maintain a significantly positive operating result, even in this environment.” The carrier has benefitted from a sharp drop in fuel costs, which shed 31% from the first quarter of 2008 to 739 million euros as prices fell and the number of passengers and amount of freight carried declined. For 2009, Lufthansa foresees fuel costs of 3.4 billion euros, higher than a previous forecast of 3.2 billion but well below the 2008 level of 5.4 billion. Lufthansa has already taken measures to deal with the slump by trimming capacity, cutting costs and placing workers on short-time work plans subsidised by the government. Globally, the carrier has reduced passenger capacity by 1.1% on a 12-month basis, it said. Its shares showed a solid gain of 3.37% to 9.66 euros in midday trading on the Frankfurt stock exchange, while the DAX index of leading shares was 2.50% higher overall. The net loss was in part the result of an impairment charge of 140 million euros on Lufthansa’s 9.9 % stake in the Frankfurt airport operator Fraport. Merck Finck analyst Robert Herberger told AFP investors were encouraged by the fact that Lufthansa still expected to post an operating profit this year. He said analysts would listen closely during a telephone conference for updates on pending acquisitions of Austria Airlines, the British carrier bmi, and brussels airlines. The German carrier awaits a green light from the European Commission for purchases of stakes in brussels airlines, and in Austrian Airlines which will provide access to a strong network of eastern European routes. Lufthansa is also expected to raise its holding in bmi to 80 percent this year, and to launch Lufthansa Italia from Milan. That will put it in competition with Italian carrier Alitalia for the third biggest European air transport market. Source: LatestNews-Home - Livemint.com | 30 Apr 2009 | 11:25 am RIL pays Rs1 crore for lobbying with US lawmakersWashington: India’s top corporate entity Reliance Industries Ltd (RIL), which faces possible penalties by the Barack Obama administration for its business ties with Iran, has paid about Rs1 crore for lobbying among US lawmakers. The payment of $1,90,000 to a high-profile lobbyist firm here, BGR Holding, was made by RIL in the first quarter of 2009, and is the first instance of any lobbying by the Indian company with the US lawmakers. Barbour Griffith & Rogers (BGR), which registered itself as a lobbyist for RIL in January 2009 itself, has disclosed its lobbying-related income of $190,000 from the Indian company in a disclosure filed with the Senate and the House of Representatives for the first quarter of 2009. In its disclosure report, BGR has named “trade (domestic/ foreign) as the general issue areas where it is lobbying on behalf of RIL and has said that it provided “strategic counsel on issues related to trade.” The lobbyist has named the US House of Representatives and the US Senate among the houses and agencies for these lobbying activities. BGR lobbyists have previously served in the White House and Congress and also in other senior positions at various other agencies and the firm is known to have been effective at stopping or changing many policies considered to be harmful for its clients. Its client list comprises of many Fortune 500 companies, foreign governments and trade associations. Source: LatestNews-Home - Livemint.com | 30 Apr 2009 | 11:24 am Chrysler in last ditch push for survival dealROME/WASHINGTON (Reuters) - Chrysler LLC rushed to clinch a last-minute deal on Thursday to stave off collapse ahead of a midnight deadline for the third-largest U.S. automaker.Source: Reuters: Money News | 30 Apr 2009 | 11:21 am Reliance Comm's Q4 net profit down 3.3%, less than forecastNEW DELHI (Reuters) - Reliance Communications, India's second-biggest mobile cell phone operator, posted an albeit less than expected 3.3 percent fall in quarterly profit on Thursday as the costs of expanding its GSM services weighed.Source: Reuters: Money News | 30 Apr 2009 | 11:17 am Gold rebounds on firm global cuesNew Delhi: Snapping a two-day losing streak, gold prices on Thursday rose by Rs110 at Rs14,770 per 10 gram in the bullion market here on emergence of buying by stockists and jewellery fabricators, driven by overnight rise in the global markets. Marketmen said buying activity gathered momentum after gold prices surged over $902 an ounce in New York last night as the weak US dollar raised the metal’s appeal as an alternative investment. They said emergence of buying by stockists and jewellery fabricators to meet the current marriage season demand and reports of firming trend in the overseas market mainly attributed to the recovery in gold prices. Standard gold and ornaments, which had lost Rs370 each in the last two sessions, recovered by Rs110 each to Rs14,770 and Rs14,620 per 10 gram, respectively. However, sovereign, remained steady at Rs 12,350 per piece of eight gram. Silver ready also showed strength in line with gold and prices flared up by a whopping Rs400 to Rs21,500 per kg, while weekly-based delivery shot up by Rs465 to Rs21,325 per kg. Silver coins also gained Rs100 to Rs28,200 for buying and Rs28,300 for selling of 100 pieces. Source: Home - Livemint.com | 30 Apr 2009 | 11:17 am Half of credit, debit cards in India inactive: StudyStudy indicates that usage of credit and debit cards in India is relatively low compared to countries such as UK, Australia & Singapore.Source: Daily News & Analysis: Money News | 30 Apr 2009 | 11:13 am No reports of suspected swine flu in India: WHONew Delhi: India has not reported any suspected case of deadly swine flu so far and the country has “tremendous capacity” to deal with the situation in the event of an outbreak of the influenza, the World Health Organisation (WHO) said today. “India has not reported any case of swine flu. For that matter, none of the South East Asian countries have reported any suspected case,” Dr J P Narain, Director, Communicable Diseases, WHO, South-East Asia region, said. “They (India) have tremendous capacity to deal with any kind of situation and it is very much in the forefront of prepardeness... capacity is very much there... we have absolutely no doubt about that,” he told reporters here. On reports of a suspected swine flu case in Hyderabad, Dr Poonam Khetrapal Singh, Deputy Regional Director of WHO, said the laboratory tests of the person who was suspected to have the flu tested negative. Rubbishing media reports that a Texas-based passenger, diagnosed with swine flu, has arrived in the city, authorities from the Hyderabad International Airport today said that no passenger has yet been detected with the disease. Not a single passenger arrived here has been found carrying swine flu virus, a spokesman for the Airport said, adding that the reports that a passenger from Texas with swine flu having arrived here are absolutely false. Doctors at the Chest Hospital here, where the passenger has allegedly been referred to, also denied the reports. No case of swine flu has been detected. However, on the request of Airport authorities a team of doctors has been stationed at the Airport to screen any suspected swine flu case, they said. Meanwhile, the Greater Hyderabad Municipal Corporation’s (GHMC) chief veterinary officer P Venkateshwar Reddy said that the veterinary department has caged many pigs in different areas of the city. The blood samples of the pigs are being sent to Veterinary Biological Research Institute for detection of any disease, he said. Source: LatestNews-Home - Livemint.com | 30 Apr 2009 | 11:11 am Govt exempts select steel consignments from import licenceNew Delhi: The government has allowed licence-free import of steel consignments that hit the Indian ports during November-February period of 2008-09 in spite of curbs on their arrivals. “... it is clarified that the import clearance without a licence may be allowed for the item, Hot Rolled Products not in Coils covered under ITC (HS) Code 7208, which have been imported during the period 21 November, 2008 to 18 February, 2009,” the directorate general of Foreign Trade (DGFT) said in a circular. Even as the government restricted imports of hot-rolled coils -- a vital raw material for all flat products including plates and sheets -- in November last year, a number of import consignments were allowed by the Customs without licence being issued by the competent authority to the importers. On its part, the Customs informed DGFT that the imports were allowed due to confusions on the items restricted by a notification issued in November 2008. “It has also been informed by the customs that there have been clearances in this Group under ITC Bond as it was not clear whether the Notification number 63 dated 21 November, 2008 covered the whole of 7208 or not,” the circular said. To address the grievances of the importers arising out of the confusion, the import clearance without a licence may be allowed for the shipped items, it added. Source: LatestNews-Home - Livemint.com | 30 Apr 2009 | 11:07 am India-China trade to reopen through Nathu La FridayBilateral trade between Asian giants India and China will resume through the Nathu La pass in Sikkim on the famed Silk Route Friday, with the government promising traders a new mart near the border, officials said.Source: IndiaeNews.com: Business News | 30 Apr 2009 | 11:00 am India March refinery run growth slows to 3.3 pct y/yNEW DELHI (Reuters) - Crude processing by Indian refiners grew at a slower pace of 3.3 percent in March, when margins for Asian refiners declined due to falling oil demand and the global recession, government data showed on Thursday.Source: Reuters: Money News | 30 Apr 2009 | 10:56 am Educomp Q4 net surges 73% at Rs 54.51 cr - Business Standard
Source: Google News India - Business | 30 Apr 2009 | 10:41 am Inflation rises more than expectedNEW DELHI (Reuters) - India's annual inflation was higher-than-expected for the second week in a row, led by food and mineral prices, pointing to some stubborn price pressures and suggesting the Reserve Bank may be close to ending its rate cuts.Source: Reuters: Money News | 30 Apr 2009 | 10:26 am Bharti-Alcatel sign $500 mn JV for managed servicesNew Delhi: Bharti Airtel, India’s leading telecommunication company, said on Thursday it would form a joint-venture with Alcatel-Lucent to boost the Indian firm’s fixed-line and broadband services. Alcatel-Lucent will hold 74% in the joint venture with Bharti holding the remainder, Bharti chief executive Manoj Kohli said, adding that the deal for managed services was worth $500 million over five years. New Delhi-based Bharti, which controls 24% of the Indian mobile market with nearly 94 million users at March-end, also has 2.7 million fixed-line users. Source: Home - Livemint.com | 30 Apr 2009 | 10:19 am India's Bharti forms managed services JV with Alcatel - Reuters
Source: Google News India - Business | 30 Apr 2009 | 10:18 am Bharti forms managed services JV with AlcatelNEW DELHI (Reuters) - Bharti Airtel, India's leading telecommunication company, said on Thursday it would form a joint-venture with Alcatel-Lucent to boost the Indian firm's fixed-line and broadband services.Source: Reuters: Money News | 30 Apr 2009 | 10:15 am Now, Google the world's first 100 billion dollar brandGoogle has acquired the top spot for the third year in a row.Source: Daily News & Analysis: Money News | 30 Apr 2009 | 10:14 am CESC posts Rs.410 crore net profitCity-based power utility CESC Ltd posted a net profit of Rs.410 crore in 2008-09 compared to Rs.355 crore netted the previous fiscal, the company said here Thursday.Source: IndiaeNews.com: Business News | 30 Apr 2009 | 10:01 am No evidence of business rivalry behind chopper sabotage: ministerThere was no evidence of any corporate or business rivalry behind an attempt to sabotage industrialist Anil Ambani's helicopter, Maharashtra Home Minister Jayant Patil said here Wednesday.Source: IndiaeNews.com: Business News | 30 Apr 2009 | 9:32 am India's inflation rate marginally up at 0.57 percentIndia's annual rate of inflation inched up to 0.57 percent for the week ended April 18 from 0.26 percent the week before, official data showed Thursday.Source: IndiaeNews.com: Business News | 30 Apr 2009 | 9:31 am PNB slashes PLR by 50 basis points to 11% - Business Standard
Source: Google News India - Business | 30 Apr 2009 | 9:02 am Bollywood celebrities turn out to make their vote countMumbai: The star power was on display in the city with Aamir Khan, John Abraham and Vidya Balan turning out early to cast their votes for the final phase of Lok Sabha elections in the Maharashtra Thursday. Film director Karan Johar, Sonali Bendre, Sonam Kapoor, Rahul Bose, Paresh Rawal, former cricketer Sandip Patil and classical singer Padmaja Phenani Joglekar were among the other celebrities who came out to exercise their franchise. Aamir Khan urged the public to come out and vote.“Being an Indian it is our duty to come out and vote. Every citizen should come out and vote and this is why I am here,” Khan said.  Bollywood actor John Abraham lends a helping hand to an elderly woman as she leaves after casting her vote at a polling booth in Mumbai on Thursday. AFP Photo “People enjoy their holiday but people also know their responsibility that you should also come out and cast your vote. Because we live in a democracy where we have been give the power to choose the good. If we don’t vote, we don’t have the right to complain,” said Abraham. Actress Vidya Balan, who cast her vote at Subhash Nagar in suburban Chembur, said, “everyone should vote to ensure a government capable of giving us peace and security.” Amrita Rao, who was one of the early voters, said people should remember to vote first and enjoy their holiday later. “Don’t vote for candidates with criminal background,” she said. TV show judge and actress Sonali Bendre also voted this morning. Recalling the first time she voted, Bendre said, “at that time, I really felt like an adult.” “Voting is one thing which keeps our democracy alive,” Bendre added. Polling is being held in Mumbai South, Mumbai South Central, Mumbai North Central, Mumbai North West, Mumbai North East and Mumbai North. In Thane district, polling is being held in four Lok Sabha seats - Thane, Kalyan, Bhiwandi and Palghar. Altogether 196 candidates, including 17 women, are in the fray. Over 1.59 crore voters are eligible to exercise their franchise. Elaborate security arrangements are in place, police sources said. Source: Home - Livemint.com | 30 Apr 2009 | 9:01 am Gold sales on Akshaya Tritiya fall by 8%: WGC - Hindu Business Line
Source: Google News India - Business | 30 Apr 2009 | 8:51 am China, India drug firms say primed for swine fluBEIJING/NEW DELHI (Reuters) - Pharmaceutical firms in China and India say they can quickly ramp up production of antiviral drugs if swine flu threatens the world's two most populous nations or if other countries need it.Source: Reuters: Money News | 30 Apr 2009 | 8:49 am Moser Baer Q4 net at Rs43 cr on value added salesMumbai: Optical storage device maker Moser Baer India on Thursday said it has reported a net profit of Rs42.93 crore in the fourth quarter ended 31 March, whereas it had a net loss of Rs71.71 crore in the same period a year ago. The company’s total income during the January-March quarter of FY’09 rose to Rs519.85 crore, from Rs486.80 crore in the same quarter last fiscal, Moser Baer India said in a filing to the Bombay Stock Exchange. “With strong cash flow from operations, there are many positives for Moser Baer this quarter. With customers increasingly migrating to new and value-added formats, the optical media product is changing and this factor will impact volumes in the near term,” Moser Baer India Executive Director Ratul Puri said. However, for the financial year ended 31 March, 2009, the company’s loss widened and it posted a net loss of Rs128.54 crore, while the same was at Rs78.91 crore in FY’08. Meanwhile, total income during 2008-09 rose to Rs2,324.1 crore from Rs2,001.7 crore of last fiscal. On Wednesday, shares of Moser Baer India closed at Rs66, up 1.15% on the BSE. Source: Home - Livemint.com | 30 Apr 2009 | 8:49 am BEL to raise nondefence product portfolio to 30%Bharat Electronics Ltd plans to increase its nondefence product portfolio to 30 per cent from less than 20 per cent as part of its diversification plan.Source: Moneycontrol Top Headlines | 30 Apr 2009 | 8:34 am MTNL incurs Rs 84cr loss on rise in staff costsMahanagar Telephone Nigam Ltd (MTNL) reported a net loss of Rs 83.8 crore for the fourthquarter ended March 31, primarily due to increased staff costs. The company had reported a net profit of Rs 173.73 crore in the JanuaryMarch quarter of 200708.Source: Moneycontrol Top Headlines | 30 Apr 2009 | 8:32 am Revenue dept queries Vodafones tower planVodafone Essars plan to hive off its tower infrastructure into a separate company has hit a bump with the Department of Revenue raising questions on whether the proposed investment through Mauritiusbased companies would result in round tripping.Source: Moneycontrol Top Headlines | 30 Apr 2009 | 8:30 am First eight days of IPL2 record 88 m viewershipThe first 8 days of IPL2 have recorded a cumulative viewership of 88 million with an average TVR of 4.61 at an all India level, according to TAM.Source: Moneycontrol Top Headlines | 30 Apr 2009 | 8:28 am Inflation rises to 0.57 per cent - Hindu
Source: Google News India - Business | 30 Apr 2009 | 8:25 am See FY10 growth of 15%; wedding season to boost Q1: Titan - Moneycontrol.com
Source: Google News India - Business | 30 Apr 2009 | 8:01 am Inflation at 0.57% on Apr 18India's wholesale price index rose 0.57 percent in the 12 months to April 18, above the previous week's annual rise of 0.26 percent, government data showed on Thursday.Source: India Business News | Business News - Times of India | 30 Apr 2009 | 7:58 am ATF prices cut by Rs 331 per kilolitreAfter three consecutive hikes, state-run oil companies on Thursday reduced jet fuel or ATF prices marginally by about one per cent in tandem with international rates for the same.Source: India Business News | Business News - Times of India | 30 Apr 2009 | 7:55 am Third phase LS polls: Mayawati, Ambani early votersNew Delhi: Uttar Pradesh chief minister Mayawati, industrialist Anil Ambani and prominent candidates like Milind Deora, Ram Naik and Akhilesh Das were some of the early voters in the third phase of Lok Sabha elections Thursday. Mayawati, accompanied by her party candidate Akhilesh Das, cast her vote in Lucknow before setting off to campaign for BSP in Mathura, Bulandshahr and other consituencies. Asking her party supporters to come out and vote, Mayawati said, “I always appeal to all my supporters to first cast their vote and then start their day’s work. I not only preach what I say but also practice it. So I came to vote even before having tea or breakfast.” Anil Ambani jogged his way to the polling booth in South Mumbai and cast his vote in the first hour of polling while actor Sonam Kapoor, of Delhi 6 fame, was excited at having voted for the first time. Milind Deora, the Congress candidate from South Mumbai, appealed to the young voters to cast their vote. His high-profile constituency usually witnesses a low voter turnout. He said after the Mumbai terror attack — which took place in Taj and Trident hotels located in his constituency— security was a big issue. Ram Naik, the BJP candidate from Mumbai North who was defeated by actor Govinda in 2004, said he was confident of winning the polls this time. Gujarat chief minister Narendra Modi, who cast his vote in Gandhinagar, was confident of a landslide BJP win and said that LK Advani was sure to form the government at the Centre. He appealed to women and the young to come out and vote in large numbers. Karnataka chief minister BS Yeddyurappa whose son BY Raghavendra is the BJP candidate from Shimoga, shrugged off the Election Commission accusation of money power being used in the polls. “I don’t agree with the EC that we have spent money. May be the Congress and the JD(S) have done so,” he said. Denying that BJP was also encouraging dynastic politics, he said, his son’s victory would be the victory of the party workers at all levels against S Bangarappa in Shimoga. BSP candidate from Lucknow Akhilesh Das said the legacy of former Prime Minister Atal Bihari Vajpayee would not benefit BJP candidate Lalji Tandon. “Lucknow is Vajpayee’s legacy and not Lalji Tandon’s. I am quite confident of winning,” he said. Meanwhile, Darjeeling witnessed a good voter turnout. Former external affairs minister and BJP candidate Jaswant Singh is banking on support of Gorkha Janmukti Morcha (GJM) to win this constituency. Danseuse Mallika Sarabhai, who is contesting as an independent against BJP leader LK Advani, also exercised her franchise from Gandhinagar along with her mother and children. BJP president Rajnath Singh cast his vote at a polling station in Lucknow. “In this elections BJP-led NDA will get a clear cut majority and will form the next government at the Centre,” Singh told reporters. Asked whether he will join the government if NDA came to power, he said: “I will continue to work for the organization,” he said. Source: Home - Livemint.com | 30 Apr 2009 | 7:36 am Canon Q1 profit falls 88% on lower demand, raises outlookTokyo: Japan’s Canon Inc reported an 88% fall in quarterly profit, hit by slumping demand for copiers and printers, but it raised its annual outlook thanks in part to a weakening yen. Demand for office machines and their supplies such as toner cartridges remained weak as the global financial crisis made the replacement cycle of copiers and printers longer and prompted corporate clients not to use them as heavily as before. Canon, which competes with Xerox Corp and Ricoh Co Ltd, earlier this month delayed the construction of a toner cartridge components plant in western Japan for a second time, underscoring weak demand. But weak sales were partly offset as a softer-than-expected yen in the first quarter boosted overseas earnings. For the year to December, Canon raised its operating profit forecast by 12.5% to 180 billion yen ($1.85 billion). That compares with a consensus of a 130 billion yen profit in a poll of 21 analysts by Thomson Reuters and a 496.1 billion yen profit a year earlier. Rival Xerox last week forecast a weaker-than-expected quarterly profit and cut its annual outlook nearly in half, while Ricoh predicted a 13% fall in operating profit for the year to March 2010. Ricoh last October bought major US office equipment distributor Ikon Office Solutions for $1.6 billion, delivering a heavy blow to Canon, whose machines had represented 60% of the products Ikon handled before the October acquisition but have rapidly been replaced with Ricoh equipment since then. Operating profit at Canon, the world’s largest digital camera maker ahead of Sony Corp and Nikon Corp, came in at 20.03 billion yen ($205 million) in January-March, compared with a 170.83 billion yen profit a year earlier. Sales fell 32% to 687 billion yen. Sony is set to announce results for the previous financial year through March on 14 May, and Nikon plans to report on 13 May. Canon shares closed up 6.1% at 2,950 yen before the earnings announcement, outperforming the Tokyo stock market’s electrical machinery index, which rose 4.4%. The shares have recovered nearly 40% since hitting their lowest level in more than seven years in early March. The electrical machinery subindex has risen about 36% from a low hit in late February. Source: Home - Livemint.com | 30 Apr 2009 | 6:39 am Stock markets shut on Thursday, FridayIndian equities markets are closed Thursday and Friday on account of Lok Sabha elections and Maharashtra day respectively.Source: India Business News | Business News - Times of India | 30 Apr 2009 | 5:42 am Bankruptcy looms over Chrysler as revival talks failDetroit/Washington: Chrysler rushed to clinch deals with Fiat SpA and a fractious group of lenders on Wednesday in a last-ditch effort to avoid bankruptcy ahead of a government-imposed 30 April restructuring deadline. According to a report in the Wall Street Journal citing people familiar with the matter, those efforts hit a major roadblock late in the day as talks between the US Treasury Department and lenders collapsed. This meant bankruptcy for Chrysler was “all but certain”, the report said, citing those sources. Earlier in the evening, US President Barack Obama said concessions by Chrysler’s unions and its major bank lenders had made him more hopeful than a month ago that the struggling automaker could be made viable. But he added it was still not clear if Chrysler would need to seek bankruptcy protection to cement concessions from its lenders and move ahead with a planned alliance with Italy’s Fiat. “The details have not yet been finalized so I don’t want to jump the gun, but I’m feeling more optimistic than I was about the possibilities about that getting done,” Obama said at a news conference. The White House has set a series of aggressive targets for Chrysler in order to justify another $6 billion in investment on top of $4 billion in emergency loans the government has extended since the start of the year. The No. 3 US automaker has won cost-cutting concessions from its unions in the United States and Canada and is on the brink of closing its deal with Fiat, a person involved in those negotiations told Reuters. That leaves the focus on ongoing debt restructuring talks spearheaded by the Obama administration’s autos task force and former investment banker Steve Rattner. In a bid to win over three fund management firms that had spurned an offer to accept $2 billion in cash in exchange for writing off all of Chrysler’s $6.9 billion in secured debt, US officials sweetened the terms by throwing in another $250 million, people involved in those discussions said. The three creditors who balked at the US Treasury’s $2 billion offer were Oppenheimer Funds, Perella Weinberg Partners and Stairway Capital, sources said. About 45 financial institutions hold Chrysler’s secured debt. Failure to win their support on debt forgiveness would send the automaker into bankruptcy, officials have said. An Obama administration official said the Chrysler talks could run up to the deadline of 11:59pm EDT on Thursday. Fiat and Chrysler are prepared to complete a merger deal by Thursday that would be taken into bankruptcy court as a key element of the restructuring plan if needed, a person with direct knowledge of the preparations said. Meanwhile, Chrysler’s almost 27,000 US factory workers represented by the United Auto Workers union voted on Wednesday in favor of a modified contract including cost-cutting steps intended to make the automaker’s wage and benefits competitive with its leanest rivals in the US market. The new UAW contract should give the union a 55% stake in a restructured Chrysler. GM bondholders protest Chrysler’s race to restructure has played out as a kind of prelude to the slower-moving process under way for its larger rival General Motors Corp. GM bondholders who represent about $27 billion of the automaker’s debt are being asked to write off about 90% of what they are owed in a debt-for-equity exchange that the automaker launched this week despite investor protests. A committee representing GM bondholders planned to present an alternative plan to the US autos task force on Thursday that would give them a controlling 51% equity interest in a restructured company, a person familiar with the plans told Reuters. Bondholders had been offered 10% under the terms of the GM debt exchange. By contrast, the UAW, which is owed $7 billion less than bondholders, would get a 39% stake. “What they’ve offered us is ridiculous,” said Chris Crowe, 50, a Denver, Colorado-based home inspector at an event organized for small bondholders in a Detroit suburb. “I know there are only so many pieces of pie, but they’re giving us crumbs.” Auto dealers affiliated with both Chrysler and GM announced they had hired a pair of high-profile law firms to represent their interests in the government-directed restructuring. GM, which has been kept in operation with $15.4 billion of US government funding, has until 1 June to push ahead with its own restructuring which includes plans to cut 40% of its US dealers in less than two years. Auto dealers are independently owned and protected by state franchise laws that industry executives have said could make it very expensive and difficult for GM to shut down dealerships. Source: World Business - Livemint.com | 30 Apr 2009 | 5:41 am Bankruptcy looms over Chrysler as revival talks failDetroit/Washington: Chrysler rushed to clinch deals with Fiat SpA and a fractious group of lenders on Wednesday in a last-ditch effort to avoid bankruptcy ahead of a government-imposed 30 April restructuring deadline. According to a report in the Wall Street Journal citing people familiar with the matter, those efforts hit a major roadblock late in the day as talks between the US Treasury Department and lenders collapsed. This meant bankruptcy for Chrysler was “all but certain”, the report said, citing those sources. Earlier in the evening, US President Barack Obama said concessions by Chrysler’s unions and its major bank lenders had made him more hopeful than a month ago that the struggling automaker could be made viable. But he added it was still not clear if Chrysler would need to seek bankruptcy protection to cement concessions from its lenders and move ahead with a planned alliance with Italy’s Fiat. “The details have not yet been finalized so I don’t want to jump the gun, but I’m feeling more optimistic than I was about the possibilities about that getting done,” Obama said at a news conference. The White House has set a series of aggressive targets for Chrysler in order to justify another $6 billion in investment on top of $4 billion in emergency loans the government has extended since the start of the year. The No. 3 US automaker has won cost-cutting concessions from its unions in the United States and Canada and is on the brink of closing its deal with Fiat, a person involved in those negotiations told Reuters. That leaves the focus on ongoing debt restructuring talks spearheaded by the Obama administration’s autos task force and former investment banker Steve Rattner. In a bid to win over three fund management firms that had spurned an offer to accept $2 billion in cash in exchange for writing off all of Chrysler’s $6.9 billion in secured debt, US officials sweetened the terms by throwing in another $250 million, people involved in those discussions said. The three creditors who balked at the US Treasury’s $2 billion offer were Oppenheimer Funds, Perella Weinberg Partners and Stairway Capital, sources said. About 45 financial institutions hold Chrysler’s secured debt. Failure to win their support on debt forgiveness would send the automaker into bankruptcy, officials have said. An Obama administration official said the Chrysler talks could run up to the deadline of 11:59pm EDT on Thursday. Fiat and Chrysler are prepared to complete a merger deal by Thursday that would be taken into bankruptcy court as a key element of the restructuring plan if needed, a person with direct knowledge of the preparations said. Meanwhile, Chrysler’s almost 27,000 US factory workers represented by the United Auto Workers union voted on Wednesday in favor of a modified contract including cost-cutting steps intended to make the automaker’s wage and benefits competitive with its leanest rivals in the US market. The new UAW contract should give the union a 55% stake in a restructured Chrysler. GM bondholders protest Chrysler’s race to restructure has played out as a kind of prelude to the slower-moving process under way for its larger rival General Motors Corp. GM bondholders who represent about $27 billion of the automaker’s debt are being asked to write off about 90% of what they are owed in a debt-for-equity exchange that the automaker launched this week despite investor protests. A committee representing GM bondholders planned to present an alternative plan to the US autos task force on Thursday that would give them a controlling 51% equity interest in a restructured company, a person familiar with the plans told Reuters. Bondholders had been offered 10% under the terms of the GM debt exchange. By contrast, the UAW, which is owed $7 billion less than bondholders, would get a 39% stake. “What they’ve offered us is ridiculous,” said Chris Crowe, 50, a Denver, Colorado-based home inspector at an event organized for small bondholders in a Detroit suburb. “I know there are only so many pieces of pie, but they’re giving us crumbs.” Auto dealers affiliated with both Chrysler and GM announced they had hired a pair of high-profile law firms to represent their interests in the government-directed restructuring. GM, which has been kept in operation with $15.4 billion of US government funding, has until 1 June to push ahead with its own restructuring which includes plans to cut 40% of its US dealers in less than two years. Auto dealers are independently owned and protected by state franchise laws that industry executives have said could make it very expensive and difficult for GM to shut down dealerships. Source: Home - Livemint.com | 30 Apr 2009 | 5:41 am China, India drug firms say primed for swine fluBeijing / New Delhi: Pharmaceutical firms in China and India say they can quickly ramp up production of antiviral drugs if swine flu threatens the world’s two most populous nations or if other countries need it. The virus could spread quickly in densely populated cities in China or India where healthcare systems are often inadequate and antibiotic resistance is common, health officials say. But so far there have so far been no confirmed or even suspected cases of the virus in either China or India, where more than one out of every three humans live. Since avian flu caught the world off guard in 2003, Swiss drugmaker Roche Holding AG has authorised drug companies in developing countries to manufacture an inexpensive generic form of its Tamiflu drug, called oseltamivir or Fluvir. Hyderabad-based Hetero Drugs, the only supplier in India licenced by Roche, could ramp up production to reach monthly capacity of about 80 million doses of Fluvir within weeks, Managing Director Srinivas Reddy said. “We have told them we are keeping 1 million doses ready for them, which we can supply in 4 to 5 days,” said Reddy, referring to the Indian government. India’s government has already stockpiled one million doses, which could treat more than 142,000 people. Hetero supplied 200 million doses of the drug in the last three years to India and other countries, Reddy said, adding nations in Latin America, Middle East and Southeast Asia had inquired recently about it. While there is no vaccine for the swine flu that has killed up to 159 people in Mexico, the generic drugs have been shown to be effective in treatment. In China, only two companies are licenced to produce generics and they must supply directly to the government at regulated prices and not through regular commercial channels. “I believe we have sufficient capacity to meet the government’s needs in the case of any emergency,” Tu Langou, director of global business at HEC Pharm Co, told Reuters. GlaxoSmithKline’s Relenza has also been shown to be effective against swine flu, but it is more complicated to make and ingest. India does not currently stockpile Relenza doses. No profit Vineet Choudhary, a senior official at India’s health ministry, said the government had “millions” of face masks available for distribution, a key weapon against a virus that is spread by droplets. The government will also shortly step up surveillance at India’s international airports and ports, said Choudhary. China has shown that it can react quickly in national emergencies, mobilising local and national governments, along with the military to deal with last year’s devastating earthquake and freak winter storms. HEC has not yet been asked, however, to begin production of oseltamivir, perhaps because Beijing has anyway been stockpiling the drug over the past two years, said Tu. “HEC has supplied a great quantity over the past two years to government warehouses,” he said. Tu did not reveal any details on capacity or doses shipped to the government. The World Health Organisation recommended that governments stockpile antiviral drugs after the Avian Flu in 2003. Roche came under criticism for guarding the rights to Tamiflu too closely after the Avian flu erupted, but eventually licenced rivals in developing nations to help meet soaring global demand and slow its spread. HEC, Shanghai Pharmaceutical group and the Indian companies were providing the drug at reduced prices to ensure it gets into the hands that need it most. “We do not make money from this programme,” said HEC’s Tu. Amar Lulla, joint managing director of Indian drug maker Cipla Ltd said the company had the capability to supply 1.5 million doses of oseltamivir in four to six weeks. Cipla’s cheaper version of Tamiflu costs about $1 a capsule for export markets, slightly more than Hetero’s 10 doses for about $6.0. “We have received some enquiries from Mexico, Israel, New Zealand and Latin America, but nothing has been finalised in terms of exports,” Lulla said. Cipla has not received any request from the World Health Organisation to supply the drug, but the Indian government had asked whether it could supply the drug and had been told it could. Ramesh Adige, president of Ranbaxy Laboratories, the third supplier in India, said his company was also prepared to begin supplying a generic version of the drug if needed. Source: Home - Livemint.com | 30 Apr 2009 | 5:31 am Focus on opposition BJP as India votes in 3rd roundMUMBAI (Reuters) - Millions of Indians began voting in the third round of a general election on Thursday in several states seen as key to the Hindu-nationalist Bharatiya Janata Party's bid to win power from the Congress-led ruling coalition.Source: Reuters: Money News | 30 Apr 2009 | 5:25 am World stocks hit 4-month peak, Asia resurgesHong Kong: World stocks struck a four-month peak on Thursday, powered by gains in Asia, as investors took heart from signs of improvement in the US economy suggesting regional exporters may need to start cranking up production. A record drop in US business inventories in the first-quarter and surprisingly robust consumer spending were widely seen by economists as positive pointing to a growth pick-up in the world’s largest economy in coming months. The US Federal Reserve tweaked its policy statement to say that the economic outlook was improving, while vowing to keep rates at a historic low for a long stretch. Safe-haven government bonds slid and higher-yielding currencies tied to risk appetite such as the Australian dollar jumped against the low-yielding yen. “Data out of the US is a big factor boosting the market,” said Takahiko Murai, general manager of equities at Nozomi Securities in Tokyo. Data in Japan showing industrial production grew twice as much as expected in March thanks to strong Chinese demand for electronics is one of the main factors fuelling the rally in Asian technology shares in the past two months. The multiple signs of economic activity recovering around the world has stoked expectations that Asian companies and exporters may have cut inventories too quickly and may need to switch gears and start restocking to meet demand. Investors have also taken in stride the outbreak of swine flu around the world that prompted the World Health Organization or WHO on Wednesday to raise its threat level, saying the world is on the brink of a pandemic. Mexico’s government called for all businesses that are not crucial to the economy or public safety to close between 1-5 May to help contain the swine flu outbreak. Taiwan’s TAIEX index was poised for its biggest daily gain in 19 years, up 6.8% in morning trade, on expectations for an influx of Chinese investment after a series of cross-straits talks have led to warmer ties between the two countries. The MSCI index of Asia-Pacific shares outside Japan jumped 3.8% to hit a six-month peak. The move came as the forward 12-month earnings per share for the regional benchmark touched 13.99, the highest since January 2008 and up sharply from a low of 7.87 touched in November when the index hit a five-year low, according to data from Thomson Reuters I/B/E/S. The solid gains in Asian equity markets outpaced the 2.1% rise in the US S&P 500 index on Wednesday, while S&P futures were up 0.5% and pointing to a positive start when US markets open later in the day. Thursday marks the last day of the week for many markets around the world observing 1 May holidays. In Asia, markets in South Korea, Taiwan, Hong Kong and Singapore among others will be closed on Friday. Japanese markets will be open but then close Monday through Wednesday for the rest of the country’s Golden Week break. The Australian dollar was up 0.5% at $0.7280, holding hefty gains scored the previous day as market players chased the relatively higher-yielding currency on the rally in equities. But the New Zealand dollar tumbled about 1% to a low of $0.5634 after the country’s central bank cut interest rates by half a point to a record low of 2.5%, as expected, and pledge to keep rates low for a while. The rate cut and remarks drove the two-year New Zealand swap rate down about 20 basis points. Source: Home - Livemint.com | 30 Apr 2009 | 5:16 am Steel output declines in March; cement up 10%Steel production has registered a 2.6 per cent dip during March, even as cement output continues to be buoyant, rising 10.1 per centSource: Business Line - Home Page | 30 Apr 2009 | 12:00 am Overseas investors’ inflows turn positiveForeign Institutional Investors (FIIs) have turned net buyers in the Indian markets in 2009.Source: Business Line - Home Page | 30 Apr 2009 | 12:00 am All eyes will be on Maoist-affected districts, North BengalKolkata: As 14 of the 42 constituencies of West Bengal go to the polls for the first phase of the Lok Sabha elections in the State on Thursday, all eyes will be on the three Maoist-affected districts of Purulia, Bankura, andSource: Business Line - Home Page | 30 Apr 2009 | 12:00 am Nano bookings: Smaller towns trail metrosThe Tatas’ small car Nano has evoked greater response from metropolitan centres than smaller towns, widely perceived to be the market for it, if the sale of applications at various bank branches is anything to go by. The official figuresSource: Business Line - Home Page | 30 Apr 2009 | 12:00 am ICAI seeks details from 12 affiliates of global audit firmsNew Delhi, April 29 Multinational consulting firms and their arrangements with local audit firms are once again under the scanner of the audit profession regulator, the Institute of Chartered Accountants of IndiaSource: Business Line - Home Page | 30 Apr 2009 | 12:00 am Market bounces back, Sensex shoots up 401Mumbai, April 29 After falling 370 points on Tuesday the Sensex bounced back with a 401 points or 3.65 per cent gain on Wednesday as traders covered their short positions on the expiry of the April Futures and Options (F&O) series.Source: Business Line - Home Page | 30 Apr 2009 | 12:00 am Revenue dept queries Vodafone’s tower planNew Delhi, April 29 Vodafone Essar’s plan to hive off its tower infrastructure into a separate company has hit a bump with the Department of Revenue raising questions on whether the proposed investment through Mauritius-based companiesSource: Business Line - Home Page | 30 Apr 2009 | 12:00 am Wheat arrivals higher as farmers find no merit in storingNearly 190 lakh tonnes of wheat have been procured by State and Union Government agencies, with the bulk of about 160 lakh tonnes being done in Punjab and Haryana alone. This is over 50 per cent compared with the procurement made during the sameSource: Business Line - Home Page | 30 Apr 2009 | 12:00 am Analysts bet on coalition led by major party for stabilityKolkata, April 29 Political establishment may not view millions of dispersed investors in Indian equities as a homogeneous set of voters, whose interest, unlike taxpayers, could be addressed in poll manifestoes and campaigns. But marketSource: Business Line - Home Page | 30 Apr 2009 | 12:00 am First eight days of IPL-2 record 88 m viewershipMumbai, April 29 The first 8 days of IPL-2 have recorded a cumulative viewership of 88 million with an average TVR of 4.61 at an all- India level, according to TAM.Source: Business Line - Home Page | 30 Apr 2009 | 12:00 am Indians still wary of plastic payments, finds surveyPlastic card issuers have been making tall claims about their fast growth but all these data may now have to be taken with a pinch of salt.Source: Daily News & Analysis: Money News | 29 Apr 2009 | 10:27 pm Tata Steel bid to unload Corus unit assets failsIn what could be a major setback for Tata Steel, Italy-based Marcegaglia SpA is reported to be considering pulling out of a deal to acquire the Teesside assets of Corus.Source: Daily News & Analysis: Money News | 29 Apr 2009 | 10:17 pm Idea starts demerger of licencesIdea Cellular, the telecom arm of the Aditya Birla Group, is going ahead with the demerger of its wireless licences in Punjab and Karnataka.Source: Daily News & Analysis: Money News | 29 Apr 2009 | 10:15 pm Banks have restructured Rs 40,304 crore loansThe amount of loans that banks have restructured in the year to March 31 has touched a humongous Rs 40,304 crore, after the RBI allowed them leeway in early February this year.Source: Daily News & Analysis: Money News | 29 Apr 2009 | 10:03 pm Reposession of vehicles gets easier for banksBankers say misinterpretations of the Supreme Court order had bought repossessions to a halt as the verdict was "heavily biased in favour of the defaulting borrower."Source: Daily News & Analysis: Money News | 29 Apr 2009 | 9:58 pm Bharti sets capex at $3.5 billionBharti Airtel, the country's leading telecom service provider, has spent less than the projected capital expenditure in the financial year 2008-09.Source: Daily News & Analysis: Money News | 29 Apr 2009 | 9:50 pm Citibank reduces PLR to 14.75% from 15%Citibank today announced it has reduced its Prime Lending Rate (PLR) by 25 basis points to 14.75 percent from the present 15 percent. The new PLR will be effective May 1, 2009. This reduction is in line with the prevailing monetary policy of the RBI, lower deposit rates and overall cost of funds.Source: Moneycontrol Top Headlines | 29 Apr 2009 | 8:50 pm RIL signs GSPA with power companiesReliance Industries Limited has signed Gas Sales and Purchase Agreement (GSPA) with the customers in power sector for supply of natural gas to be produced from the KGD6 blockSource: Moneycontrol Top Headlines | 29 Apr 2009 | 8:44 pm IDBI Bank revises interest rates on Fixed DepositsIDBI Bank has revised the interest rates on retail term deposits by 25 bps to 50 bps in different maturity buckets and also realigned its maturity buckets by bifurcating the > 3 years 5 days to 10 years maturity bucket into two buckets (i) > 3 years 5 days to 5 years and (ii) > 5 years to 10 years.Source: Moneycontrol Top Headlines | 29 Apr 2009 | 8:36 pm Alok Industries rights issue over subscribed by 118.15%Alok Industries Limited, amongst the fastest growing vertically integrated textiles solutions provider has successfully completed its rights issue aggregating to Rs 450 crore.Source: Moneycontrol Top Headlines | 29 Apr 2009 | 8:32 pm Importance of financial planningThe stock market is suddenly looking up with sensex breaching the 11,000-mark. Not surprising, so-called market experts are also back in action. Some predict a turnaround may be just around the corner.Source: India Business News | Business News - Times of India | 29 Apr 2009 | 8:30 pm Number portability to start from SeptemberCome September, mobile users in metros and larger cities will be able to shift from their existing operators to another operator, retaining their mobile number.Source: India Business News | Business News - Times of India | 29 Apr 2009 | 8:26 pm SC rules out immediate relief to KampaniThe Supreme Court on Wednesday refused to give immediate relief to investment banker Nimesh Kampani, who has sought anticipatory bail in the Nagarjuna Finance scam case.Source: India Business News | Business News - Times of India | 29 Apr 2009 | 8:24 pm ICAI questions big firms' auditing practicesTrouble seems to be brewing up for the auditing operations of the Big 4 in India with the ICAI raising questions over the manner in which their domestic affiliates source business in the country and share infrastructure, manpower and profits.Source: India Business News | Business News - Times of India | 29 Apr 2009 | 8:06 pm Sensex recovers 400 ptsThe Bombay Stock Exchange (BSE) benchmark Sensex recovered yesterdays 370-point fall by rising 401 points, or 3.65 per cent, on the back of frenzied short covering by bear traders and buying by foreign institutional investors. The index closed the day at 11,403 and the rise was in line with other Asian peers, as US consumer spending data showed signs of improvement.Source: Business Standard | Front Page Headlines | 29 Apr 2009 | 6:56 pm Shah Rukh looks to exit Kolkata Knight RidersAfter dropping Kolkata from Indian Premier League team (IPL) Kolkata Knight Riders (KKR), actor Shah Rukh Khan has started discussions with Nokia, Sahara, the Anil Ambani group, and several other companies to sell the team he bought just over a year ago for Rs 300 crore, and exit the business.Source: Business Standard | Front Page Headlines | 29 Apr 2009 | 6:54 pm ICICI won't grow its balance sheet for another yearICICI Bank, the countrys second-largest lender, is not looking to expand its balance sheet for the second year in a row and intends to reduce the share of unsecured loans.Source: Business Standard | Front Page Headlines | 29 Apr 2009 | 6:50 pm
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