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Madoff investment company auctioned for $25.5 mln!A US court has approved the auction of Wall Street fraudster Bernard Madoff`s former investment company for a price of up to 25.5 million dollars.Source: Zee News : Business | 1 May 2009 | 12:11 pm US places India, China on IPR watch list !The US has placed India, China and 10 others on its Priority Watch List of trading partners that do not provide an adequate level of intellectual property rights (IPR) protection or enforcement.Source: Zee News : Business | 1 May 2009 | 12:11 pm Japanese consumer prices suffer first fall in 18 months!Japan`s core consumer prices fell 0.1 percent in March from a year earlier, the first such decline in 18 months, as deflation returns to haunt Asia`s biggest economy, government data showed on Friday.Source: Zee News : Business | 1 May 2009 | 12:11 pm Chrysler files for bankruptcy, signs Fiat deal !Chrysler LLC after filing for bankruptcy has announced an industry-changing deal with Fiat after talks to restructure its debt broke down.Source: Zee News : Business | 1 May 2009 | 12:11 pm ExxonMobil profit plunges 58 percent!US oil giant ExxonMobil has said its first-quarter earnings plunged a steeper-than-expected 58 percent from the same period last year to 4.55 billion dollars amid global economic contraction.Source: Zee News : Business | 1 May 2009 | 12:11 pm $3.8 bn Canadian loan for auto giant Chrysler!Canada will loan $3.8 billion to Chrysler in return for a two percent stake and a say in management as the troubled auto giant undertakes restructuring to survive.Source: Zee News : Business | 1 May 2009 | 12:11 pm Switzerland asks US court to halt UBS tax case!Switzerland has urged a US court to reject demands by U.S. tax authorities for information about U.S. clients of UBS AG, saying disclosure would violate its sovereignty and international law.Source: Zee News : Business | 1 May 2009 | 12:11 pm World Bank approves USD 400 million loan to SIDBI!The World Bank has approved 400 million dollar additional financing loan to the Small Industries Development Bank of India (SIDBI), which is aimed at improving access to finance for Small and Medium Enterprises (SMEs).Source: Zee News : Business | 1 May 2009 | 12:11 pm Jet Airways hands over pink slips to 110 employees - Business Standard
Source: Google News India - Business | 1 May 2009 | 11:57 am Tata Motors to launch Jaguar, Land Rover in India - Times of India
Source: Google News India - Business | 1 May 2009 | 11:50 am Tata Motors to launch Jaguar, Land Rover in IndiaTata group company Jaguar Land Rover said it will launch its premium saloon cars and utility vehicles in the Indian market later this year.Source: India Business News | Business News - Times of India | 1 May 2009 | 11:34 am Gold plunges by Rs 280 on weak global cuesGold prices on Friday tumbled by Rs 280 to Rs 14,490 per 10 gram in the bullion market here on brisk selling by stockists, triggered by weak global trend.Source: India Business News | Business News - Times of India | 1 May 2009 | 11:28 am Chrysler quick sale will test bankruptcy limitsNew York: Chrysler LLC’s plan to emerge from bankruptcy hinges on an increasingly popular restructuring move -- the early sale of core assets into a separate company -- and that move, while controversial, may end up being what makes it work. Chrysler filed for bankruptcy protection in Manhattan bankruptcy court on Thursday, saying it would sell its Chrysler, Jeep and Dodge brands into a new company to be owned by the government, Italian carmaker Fiat SpA and Chrysler workers. That sale -- a ‘363 sale’ in bankruptcy-speak -- could see Chrysler emerge from bankruptcy as a successful company within a couple of months as it and the government have advertised. The rest of the company, however, could spend years in bankruptcy court as creditors fight over how to distribute the value left in the old company, said Stephen Lubben, a bankruptcy professor at Seton Hall Law School in New Jersey. “I think it probably will work. It seemed to have largely worked in Lehman Brothers, which is the same structure where you had a quick sale to Barclays of the main assets and then the remainder can kind of plod along through the normal bankruptcy process,” Lubben said. The sale trend is part of an increasing shift toward quick asset sales in bankruptcy and away from traditional bankruptcy reorganizations where companies restructured over several years. “More and more in this economic downturn, most cases now are a sale of assets and there are very few real restructurings,” said Deborah Thorne, a bankruptcy attorney at Barnes & Thornburg LLP in Chicago. Some Chrysler creditors do plan to object to the sale. A group of about 20 lenders argues that Chrysler’s plan to sell itself compensates creditors in a way that would not be typically allowed under the bankruptcy code. But high-pressure sales like this have been approved over objections in the past, Lubben said. “Just as in Lehman, I expect it to happen because they seem to have all the other major constituencies lined up, including the creditors in this particular class. It could be a very long kind of hearing but ... at the end of the day, the sale order will probably be entered,” Lubben said. The sale hearing is expected to happen in the next few weeks. Chrysler is giving itself more time than Lehman did to do the sale. “30 to 60 days is a generous model. Barclays was start to finish in 7 days,” said Steven Gross, Co-Chair of the Debevoise & Plimpton LLP’s Bankruptcy & Restructuring Group. In fact, negotiations are still ongoing with bondholders who did not back the plan, and they could reach a consensus at any time. Still, some experts said a quick bankruptcy would be difficult with so many different groups. “I can’t tell you how many times people say ‘quick’. It’s never quick. Delphi promised a quick one and they’re still in,” said David Bitterman, managing director at Huron Consulting Group. “That’s really been a disadvantage to the entire value of Delphi. The longer they’re in, the worse the outcome for everyone.” Auto parts maker Delphi Corp filed for bankruptcy in late 2005. Lining up the dip The fact that Chrysler has lined up $3.3 billion in debtor-in-possession financing and $4.7 billion in exit financing, both from the government, are important factors in its ability to emerge. The availability of bankruptcy filing has been very tight since last fall, making it more difficult for companies to both file for bankruptcy and then emerge. Delphi, which was spun off from General Motors Corp, is one example of a company that has been mired in bankruptcy because of a lack of funding and the contracting auto market. “I don’t think they would have any chance of what they are proposing, which is a short surgical bankruptcy -- without financing both DIP and exit, it would not even be feasible,” said Scott Peltz, a managing director at turnaround firm RSM McGladrey in Chicago. Bankruptcy is the best way to deal with the large range of issues the company faces, Peltz said, such as its collective bargaining agreements and other contracts. “It’s certainly not guaranteed, but it’s their best chance.” Source: Home - Livemint.com | 1 May 2009 | 11:18 am Chrysler quick sale will test bankruptcy limitsNew York: Chrysler LLC’s plan to emerge from bankruptcy hinges on an increasingly popular restructuring move -- the early sale of core assets into a separate company -- and that move, while controversial, may end up being what makes it work. Chrysler filed for bankruptcy protection in Manhattan bankruptcy court on Thursday, saying it would sell its Chrysler, Jeep and Dodge brands into a new company to be owned by the government, Italian carmaker Fiat SpA and Chrysler workers. That sale -- a ‘363 sale’ in bankruptcy-speak -- could see Chrysler emerge from bankruptcy as a successful company within a couple of months as it and the government have advertised. The rest of the company, however, could spend years in bankruptcy court as creditors fight over how to distribute the value left in the old company, said Stephen Lubben, a bankruptcy professor at Seton Hall Law School in New Jersey. “I think it probably will work. It seemed to have largely worked in Lehman Brothers, which is the same structure where you had a quick sale to Barclays of the main assets and then the remainder can kind of plod along through the normal bankruptcy process,” Lubben said. The sale trend is part of an increasing shift toward quick asset sales in bankruptcy and away from traditional bankruptcy reorganizations where companies restructured over several years. “More and more in this economic downturn, most cases now are a sale of assets and there are very few real restructurings,” said Deborah Thorne, a bankruptcy attorney at Barnes & Thornburg LLP in Chicago. Some Chrysler creditors do plan to object to the sale. A group of about 20 lenders argues that Chrysler’s plan to sell itself compensates creditors in a way that would not be typically allowed under the bankruptcy code. But high-pressure sales like this have been approved over objections in the past, Lubben said. “Just as in Lehman, I expect it to happen because they seem to have all the other major constituencies lined up, including the creditors in this particular class. It could be a very long kind of hearing but ... at the end of the day, the sale order will probably be entered,” Lubben said. The sale hearing is expected to happen in the next few weeks. Chrysler is giving itself more time than Lehman did to do the sale. “30 to 60 days is a generous model. Barclays was start to finish in 7 days,” said Steven Gross, Co-Chair of the Debevoise & Plimpton LLP’s Bankruptcy & Restructuring Group. In fact, negotiations are still ongoing with bondholders who did not back the plan, and they could reach a consensus at any time. Still, some experts said a quick bankruptcy would be difficult with so many different groups. “I can’t tell you how many times people say ‘quick’. It’s never quick. Delphi promised a quick one and they’re still in,” said David Bitterman, managing director at Huron Consulting Group. “That’s really been a disadvantage to the entire value of Delphi. The longer they’re in, the worse the outcome for everyone.” Auto parts maker Delphi Corp filed for bankruptcy in late 2005. Lining up the dip The fact that Chrysler has lined up $3.3 billion in debtor-in-possession financing and $4.7 billion in exit financing, both from the government, are important factors in its ability to emerge. The availability of bankruptcy filing has been very tight since last fall, making it more difficult for companies to both file for bankruptcy and then emerge. Delphi, which was spun off from General Motors Corp, is one example of a company that has been mired in bankruptcy because of a lack of funding and the contracting auto market. “I don’t think they would have any chance of what they are proposing, which is a short surgical bankruptcy -- without financing both DIP and exit, it would not even be feasible,” said Scott Peltz, a managing director at turnaround firm RSM McGladrey in Chicago. Bankruptcy is the best way to deal with the large range of issues the company faces, Peltz said, such as its collective bargaining agreements and other contracts. “It’s certainly not guaranteed, but it’s their best chance.” Source: World Business - Livemint.com | 1 May 2009 | 11:18 am CPI(M) moves EC over govt ad on new pension scheme - Business Standard
Source: Google News India - Business | 1 May 2009 | 11:13 am DLF Q4 net plunges 93% to Rs 159 cr - NDTV.com
Source: Google News India - Business | 1 May 2009 | 11:08 am March exports slump by a third, outlook bleakNew Delhi: India’s exports declined by a third in March to $11.5 billion, its sixth straight fall, and analysts said the global economic slump would further hurt overseas sales by Indian firms in the months ahead. Imports fell by 34% to $15.56 billion in March from a year earlier due to a slowdown in Asia’s third largest economy and moderate global crude prices, narrowing the trade deficit to $4 billion in March from $6.32 billion a year ago. “The impact of global economic crisis on India is going to be higher in 2009/10 compared to (the) previous year,” said NR Bhanumurthy, an economist at the Institute of Economic Growth. “After achieving a robust growth for four consecutive years, India’s export growth started showing negative trend since October 2008 and is expected to continue for the rest of the year due to recessionary situation in most industrialized nations,” he said. Country’s exports stood at $168.7 billion in the fiscal year to March, up a paltry 3.4% from 2007/08, while imports grew 14.3% to $287.8 billion in 2008/09, official data showed on Friday. Exports, which account for nearly 16% of India’s gross domestic product (GDP), were a notch below a downwardly revised 2008/09 fiscal year target of $170 billion. The trade deficit widened 34% to $119 billion in 2008/09, from $88.5 billion in the previous year. Last month, the International Monetary Fund (IMF) slashed global growth forecasts and said emerging markets were dealing with a sharp drop in capital flows and a collapse in global trade. While growth is expected to pick up in emerging nations, including China and India, a recovery to previous healthy levels will depend on a pick-up in advanced economies, the IMF said. The United States and Europe, which consume about 35% of India’s exports, are yet to show signs of recovery and this has dampened prospects for an early recovery in factory output and exports from jewellery to textiles. Since October 2008, the Reserve Bank of India has cut its key lending rate by 425 basis points while the government has increased incentives for exporters to make their products competitive. But government officials and economists say these steps would not help in an immediate rebound in exports. “I don’t think exports are going to pick up unless advanced global economies recover. Imports are also going to take a hit. A recovery can be expected not before the second half of 2009/10,” said DK Joshi, principal economist at ratings agency Crisil. Last month, trade secretary GK Pillai said exports were likely to extend their decline until September, and then stage a mild recovery. Non-oil imports, a key measure of domestic economic activity, fell 18.9% in March from the year ago period, signalling that factory output was still sluggish. IEG’s Bhanumurthy said the swine flu outbreak that started in North America was expected to dampen global business through decline in movement of goods and labour. “For India, this could affect both services and tourism sectors, and hence could delay the upturn in the growth of industrial output.” Source: Home - Livemint.com | 1 May 2009 | 11:07 am Honda Motors April sales up 29% at 3,70,575 unitsAutomobile companies have announced their April sales number. Two wheeler giant Hero Honda Motors April sales were up 29% at 3,70,575 units as against 2,86,252 units in the same month last year.Source: Moneycontrol Top Headlines | 1 May 2009 | 11:04 am Contempt petition filed against Narendra ModiNew Delhi: The Supreme Court on Friday decided to hear next week a petition seeking initiation of contempt proceedings against Gujarat chief minister Narendra Modi for his remarks in connection with the probe ordered against him and others for post-Godhra riots. The petition was mentioned before a Bench headed by Chief Justice K G Balakrishnan which decided to hear it next week. The petition was filed by advocate Prashant Bhushan who has been assisting the Court as amicus curiae in the matter of Jakia Nasim, wife of former Congress MP Ehsan Jafri. She had accused the Gujarat government of not entertaining her complaint relating to Jafri, who was killed in the 2002 riots. In the contempt petition, it is alleged that Modi had remarked that the probe against him was ordered by the Supreme Court as a result of a conspiracy involving Congress. The advocate also referred to a subsequent advertisement which had claimed that efforts were on to send Modi to jail. The same advertisement had claimed that a clean chit will be given to Bofors case accused Ottavio Quattrocchi. Source: LatestNews-Home - Livemint.com | 1 May 2009 | 11:01 am Jaguar Land Rover to hit Indian roads in JuneTata Motors-owned British luxury car maker Jaguar Land Rover (JLR) is set to launch its premium brands in the Indian market next month, the company said in a statement Friday.Source: IndiaeNews.com: Business News | 1 May 2009 | 11:00 am Goa archbishop asks industry, government to tackle labour unrestIncreasing unrest in Goa's labour sector has caught the attention of the Roman Catholic church, and Archbishop of Goa and Daman Filipe Neri Ferrao has appealed to the state government, private sector and other organisations to immediately tackle the grim scenario in the sector.Source: IndiaeNews.com: Business News | 1 May 2009 | 11:00 am FIIs may turn net sellers under Swine flu impact: Moody’sNew Delhi: Swine flu scare could make foreign institutional investors pull out money from Indian equity markets even though they remained net investors in March and April this year, says Moody’s. “Asset prices are bound to retreat if the outbreak (of swine flu) worsens and discourages investment...although a net capital inflow into equities occurred in April, another round of net outflow cannot be ruled out,” says Moody’s economy.com Under the impact of global financial turmoil, FIIs withdrew Rs6,681 crore from Indian equities in two months-- January and February-- even though curbs on participatory notes were lifted a few months before . However, they returned to markets next month and remained net investors to the tune of just Rs530 crore in March. In April, they bought stocks worth Rs6,508 crore. However, Moody’s described the investor sentiment that led to positive net inflow from FIIs in April as “still fragile”. It said although India itself may not have upset investors, a general decline in confidence worldwide could spark repatriation of funds from stock markets. “This will not only be a drag on stock prices, but will again exert downward pressure on rupee,” Moody’s said. Source: LatestNews-Home - Livemint.com | 1 May 2009 | 10:55 am UK company failures soar, insolvencies at record highLONDON (Reuters) - Nearly 5,000 companies in England and Wales went into liquidation and a record number of people succumbed to insolvency in the first three months of the year, official data showed on Friday.Source: Reuters: Money News | 1 May 2009 | 10:54 am SMFG buys Citi Japan units for $5.9 bln, eyes DaiwaTOKYO (Reuters) - Sumitomo Mitsui Financial Group will buy Citigroup's Japanese broker and key investment banking units for $5.9 billion and look to form a financial services powerhouse through an alliance with Daiwa Securities Group.Source: Reuters: Money News | 1 May 2009 | 10:51 am Gujarat riots: SC orders fast track trialNew Delhi: The Supreme Court (SC) on Friday ordered retrial of the Gujarat riots cases by fast track courts. The apex court has said that the SIT will monitor the trial and that all the trials will be held in Gujarat itself. The court ordered the setting up of designated courts for riot cases in Ahemdabad, Anand, Sabarkanta, Mehsana and Gulbarga districts. A bench headed by Justice Arijit Pasayat said it was necessary to hold day-to-day trial considering the fact that seven years have passed. The court took into consideration the report filed by Special Investigation Team (SIT) headed by former CBI director RK Raghavan which probed the cases. The court said the Chief Justice of Gujarat high court will appoint expert lawyers in criminal trial as public prosecutors for the trial of cases. The bench said it would be open for the chairman of the SIT to seek change of public prosecutors if any deficiency was found during the trial. Further the chairman of SIT can make a request to the advocate general of the state on the appointment of assistant public prosecutors to assist the public prosecutors, it said. The SIT and its chairman will keep track of the trial and file quarterly report to the apex court. The apex court also gave liberty to the SIT to recommend the cancellation of bail if it is considered necessary. Expressing “happiness” over the court’s order, Raghavan said, “I think it is going to facilitate the work of the SIT in Gujarat. I look forward to further work in that direction.” He said, “It is very humbling to know that the apex court has so much trust in me” and added that the court wanted him to ensure that witnesses were given due protection. Noting that the SIT had submitted two reports giving the status of investigation, Raghavan said in some cases more arrests had been made. Hoping early conclusion of the trials, he said, “I can only say that no time will be lost...I am hoping that these will come to a conclusion in about a less than a year.” The Court said that the SIT will act as a nodal agency to decide as to which witnesses in the case should be given protection and relocated. It said the witnesses have to be provided security for their safe passage and if necessary at their place of living during the trial. The court said that it would be for the Central para-military forces to provide security for the witnesses. It said the central government will make arrangements if relocation of witnesses was required. To avoid any unruly scenes during the trial process, the court will have to be stern. The Bench gave liberty to the SIT to approach the apex court at any stage for redressal of any grievances. The apex court said that the SIT will file quarterly reports on the progress of the cases in sealed cover. The SIT, which has investigated 10 cases including the Godhra train burning and subsequent riots cases, had submitted its report before the apex court in March. The apex court had on 26 March 2008 constituted SIT which besides Raghavan as its head has former DG of Uttar Pradesh police CD Satpathy and three IPS officers from Gujarat Geeta Johri, Shivanand Jha and Ashish Bhatia as its members. The SIT was asked to “inquire and investigate” cases relating to Godhra carnage in which 59 people were killed and subsequent riots in places like Godhra, Gulbarg Society in Ahmedabad, Naroda Gaon, Naroda Patiya and Sardarpura. Source: Home - Livemint.com | 1 May 2009 | 10:45 am New Chrysler will be smaller, says CanadaTORONTO (Reuters) - Chrysler LLC will be smaller once the automaker has been restructured, despite billions of dollars of financing offered by various levels of government, Canadian politicians said on Thursday.Source: Reuters: Money News | 1 May 2009 | 10:42 am ANALYSIS - UAW, gov't control of US automakers seen a big riskDETROIT (Reuters) - The prospect that both Chrysler LLC and General Motors Corp are about to fall under the control of the United Auto Workers Union and the U.S. government is seen by few as a recipe for the success of either automaker.Source: Reuters: Money News | 1 May 2009 | 10:37 am New pension scheme comes into force, targets youthA new voluntary pension scheme came into force in India Friday with young people as its main target, and hoped to reach out to the 87 percent of the nation's workforce that remained uncovered by any retirement benefit.Source: IndiaeNews.com: Business News | 1 May 2009 | 10:31 am Swine flu cases pass 100, vaccine promisedWashington: US authorities are pledging to eventually produce enough swine flu vaccine for everyone but the shots couldn’t begin until fall at the earliest. Worries about the spread of the virus mounted Thursday as the nation’s swine flu caseload passed 100, and nearly 300 schools closed across the country. Federal officials had to spend much of the day reassuring the public it’s still safe to fly and ride public transportation after vice president Joe Biden said he wouldn’t recommend it to his family. Clinics and hospital emergency rooms in New York, California and some other states are seeing a surge in patients with coughs and sneezes that might have been ignored before the outbreak. Scientists were racing to prepare the key ingredient to make a vaccine against the new flu strain, in case it is ultimately needed. But it will be several months before the first batches begin human testing to ensure the vaccine is safe and effective. If all goes well, broader production could start in the fall. “We think 600 million doses is achievable in a six-month time frame” from that fall start, Health and Human Services assistant secretary Craig Vanderwagen told lawmakers. “I don’t want anybody to have false expectations. The science is challenging here,” Vanderwagen told reporters. “Production can be done, robust production capacity is there. It’s a question of can we get the science worked on the specifics of this vaccine.” Until a vaccine is ready, the government has stockpiled anti-viral medications that can ease flu symptoms or help prevent infection. The medicines are proving effective. An estimated 12,000 people logged onto a Webcast where the government’s top emergency officials sought to cut confusion by answering questions from the public: Can a factory worker handling parts from Mexico catch the virus? No. Can pets get it? No. And is washing hands or using those alcohol-based hand gels best? Washing well enough is the real issue, answered Dr. Richard Besser, acting chief of the Centers for Disease Control and Prevention. He keeps hand gel in his pocket for between-washings but also suggested that people sing “Happy Birthday” as they wash their hands to make sure they’ve washed long enough to get rid of germs. Although it is safe to fly, anyone with flu-like symptoms shouldn’t be traveling anywhere unless they need to seek medical care. The swine flu outbreak penetrated over a dozen states and even touched the White House, which disclosed that an aide to Energy Secretary Steven Chu apparently got sick helping arrange President Barack Obama’s recent trip to Mexico. But Chu did not fly on Air Force One and never posed a risk to the president. So far U.S. cases are mostly fairly mild, with one death, a Mexican toddler who visited Texas with his family _ unlike in Mexico, where more than 160 suspected deaths have been reported. Most of the U.S. cases so far haven’t needed a doctor’s care, officials said. Still, the U.S. is taking extraordinary precautions _ including shipping millions of doses of anti-flu drugs to states. The World Health Organization is warning of an imminent pandemic because scientists cannot predict what a new virus might do. A key concern is whether this spring’s outbreak will reappear in the fall. The CDC confirmed 109 cases Thursday, and state officials confirm 22 more. Cases now are confirmed in New York, Texas, California, South Carolina, Kansas, Massachusetts, Indiana, Ohio, Arizona, Michigan, Nevada, New Jersey, Delaware, Maine, Colorado, Georgia and Minnesota. Source: LatestNews-Home - Livemint.com | 1 May 2009 | 10:31 am Frequently asked questions on new pension schemeFollowing are the frequently asked questions on the new pension scheme (NPS) launched Friday for all eligible citizens between 18 and 55 years of age:Source: IndiaeNews.com: Business News | 1 May 2009 | 10:30 am Government should begin talks with AAI employees: Yechury - Press Trust of India
Source: Google News India - Business | 1 May 2009 | 10:30 am Indian stocks 2nd best performers among BRIC in AprilNew Delhi: Following a sharp recovery in the equity markets, Indian stocks have emerged as the second best performers as compared to their peers in three other BRIC nations - Brazil, Russia and China, giving close to 20% return in April. According to an analysis of MSCI Barra indices, a measure of returns from various stock markets across the world for foreign investors, Indian stocks have given the second highest return after Russia among the four BRIC countries during last month. Indian stocks have provided a return of nearly 19.54% in April, while China and Brazilian markets have given 10.87% and 18.89% respectively. However, Russian equities have managed to outperform the Indian stocks in the month as it provided investors with a positive return of over 21%, as per the analysis of performances of Morgan Stanley Composite Indices (MSCI) for various nations. The 30-share benchmark index of Indian stocks, Sensex, gained close to 1,700 points in the month of April to settle at 11,403.25 points on 29 April. Indian stocks have even outperformed the MSCI Barra’s emerging market index, which includes all the developing world markets, giving returns to foreign investors to the tune of 16.28% in the month. After losing nearly 50% in the past one year, Indian stocks have gained close to 18% in the first four months. Further, Indian equities have provided negative returns of over 5% in the past three years, while taking into account the last five years, they had given positive 11.26% returns and just about 12% in the 10 years period. Besides, the emerging markets other than the BRIC nations have also performed significantly better in the past month with Indonesian stocks giving the highest returns of over 30% in the period. Other emerging markets which provided around 20% returns in the period include - Korea, Hungary, Turkey and Poland. Meanwhile, the developed markets have also performed significantly better in the reviewed month with the US, Japan, Austria, UK giving returns between nine to 12%. The best performing developed markets in April were Finland and Sweden. Source: Home - Livemint.com | 1 May 2009 | 10:29 am Jobs can’t be left to market forces alone: Govt panelNew Delhi: Without leaving job creation to market forces, India needs to grow at 9% consistently for the next eight years to achieve near-full employment by 2017, a high-powered government panel has said. The country will need policies with focus on unorganised sectors, employing 94-98% of the workforce, the National Commission for Enterprises in the Unorganised Sector (NCEUS) said in its report submitted to Prime Minister Manmohan Singh on Thursday. It said without changing basic policies “we shall have to wait till about 2017 for a near full-employment situation, only if our economy grows at 9% (on) average.” The commission, headed by noted economist Arjun Sengupta, said, “Market forces alone may produce a high rate of expansion of India’s GDP, but for expanding employment a well-designed set of policies and programmes will have to be adopted and implemented.” It said the share of informal workers in the workforce is not likely to decline. “Hence the problems of quality employment will continue to persist,” it said. The NCEUS, appointed in September 2004, completed its term on Thursday, almost coinciding with the UPA government’s tenure. Source: LatestNews-Home - Livemint.com | 1 May 2009 | 10:20 am Indian stocks second best performers among BRIC in AprilFollowing a sharp recovery in the equity markets, Indian stocks have emerged as the second best performers as compared to their peers in three other BRIC nations -- Brazil, Russia and China, giving close to 20% return in April.Source: India Business News | Business News - Times of India | 1 May 2009 | 10:16 am Global crisis to pull down India’s GDP to 5.8% in FY10: IEGNew Delhi: India’s GDP this fiscal year is expected to be 5.8% as the global financial crisis will hit India more, says economic think-tank Institute of Economic Growth (IEG). Government-estimated growth for 2008-09 is 7.1%. However, as per RBI estimates, GDP growth would be around 6% in 2009-10. “Based on our macroeconomic exercise, the impact of the global economic crisis on India is going to be higher in 2009-10 compared to the previous year,” the IEG said in its latest report. The crisis will be seen in a fall in external demand and foreign capital outflow, it said. Unlike in other industrialized countries, in India this crisis initially affected the real sector by reducing external demand, it said, adding that after achieving robust growth for four consecutive years, export growth started showing negative trends since October 2008. Export sector slowdown is expected to continue for the rest of the year due to recession in most of the industrialized nations, it added. Swine flu is expected to further dampen international business, it said. Source: LatestNews-Home - Livemint.com | 1 May 2009 | 10:10 am Jaguar Land Rover to make India debut this yearTata Motors-owned British luxury car maker Jaguar Land Rover (JLR) is set to launch its premium brands in the Indian market later this year, the company said in a statement Friday.Source: IndiaeNews.com: Business News | 1 May 2009 | 10:00 am Recession has not impacted Yale's India initiatives: OfficialThe global financial meltdown may have forced the Yale University in US to slash its overall endowment from $24 billion to $17. 5 billion and reduce its workforce by 300 people, but that has not affected the university's initiatives in India, a senior varsity official said here.Source: IndiaeNews.com: Business News | 1 May 2009 | 10:00 am Nhai suffers Rs1,550 cr loss per annum on toll accountNew Delhi: The National Highways Authority of India’s (Nhai) failure to put under toll completed stretches of highways has cost the exchequer over Rs1,550 crore per annum. According to the high-powered committee on infrastructure headed by prime minister Manmohan Singh, highways regulator Nhai could put toll facilities only on 58.7% of 11,037 km of completed highways across the country. The committee had pointed out that only 6,476 km of highways were under toll. “The average annual revenue per km from toll (collection) in case of public-funded roads comes to Rs34 lakh,” an official in the Nhai said. With 4,561 km stretch of completed highways not under toll, the loss amounts to Rs1,550.74 crore. Sources in the Planning Commission said taking exception to this, the Committee on Infrastructure (CoI) had told Nhai that “loss of revenue needs to be addressed.” Sources added that Nhai failed to put under toll 37% of completed stretches under the National Highways Development Project (NHDP)- 1 in the fiscal 2008-09. Only 1,263 km of highways out of a target of 2,003 km for the year could be put under toll while in the previous fiscal (2007-08) it was 1,038 km out of 1,896 km. Source: LatestNews-Home - Livemint.com | 1 May 2009 | 9:58 am Arvind Jadhav is the full-time Air India chiefArvind Jadhav, a 1978 batch IAS officer, has been appointed the full-time chairman and managing director of Air India.Source: Daily News & Analysis: Money News | 1 May 2009 | 9:43 am Jet Airways terminates contracts of 50 employeesPrivate airline Jet Airways on Friday decided to terminate the contracts of some "identified" employees who have superannuated.Source: Daily News & Analysis: Money News | 1 May 2009 | 9:34 am Monster Q1 net loss at $10.3 mnNew York: Global online recruiting company Monster Worldwide today announced a net loss of $10.3 million for the first quarter ended 31 March, 2009, largely due to the global economic slowdown. Commenting on the results, Monster chairman, president and chief executive officer Sal Iannuzzi said: “As anticipated, the challenging global economy continued to severely impact customer demand during the first quarter of 2009.” The company had a net income of $22.5 million in the corresponding quarter a year ago, a Monster Worldwide statement said. Iannuzzi further said: “our strict and disciplined approach to cost containment enabled us to preserve our liquidity position, maintain necessary investments and report a break-even quarter.” Monster’s total revenue declined 31% to $254 million, compared with $366 million in the comparable quarter of 2008. The online recruiting company generated 43% of its revenue outside the United States and total revenue was negatively impacted by $27 million from unfavourable foreign exchange rates. Source: LatestNews-Home - Livemint.com | 1 May 2009 | 9:34 am Maruti Suzuki April sales up 15 pct, up 4th monthReuters - Maruti Suzuki India Ltd's April vehicle sales, according to a company statement on Friday:Source: Reuters: Money News | 1 May 2009 | 9:31 am World markets flat in holiday tradeLondon: Global markets were flat on Friday in subdued holiday weekend trading after growing hopes of a global economic recovery propelled shares over 11% in the previous month. Trading was thin with markets around the world closed on Friday for a holiday - Japan and London markets close on Monday - but sentiment remained supported by encouraging data from Asian export powerhouses China and South Korea. “Expect a thin trading session today as traders trim their positions ahead of the bank holiday on Monday ... Investors will ask whether the recent gains are sustainable,” said Manoj Ladwa, a senior trader at ETX Capital in London. The MSCI world equity index, which ended April with the biggest monthly gain in its 20-year history, was down 0.02% by 2:50pm. The pan-European FTSEurofirst 300 index eased 0.1% after hitting their highest in over four momths in the previous session while emerging shares were 0.02% firmer, hovering at their highest since mid-October. A hopeful note sounded by the Federal Reserve on the hard-hit US economy helped investors overcome fears over the economic impact of the spread of influenza A, widely known as swine flu. Investors took note of US auto giant Chrysler’s bankruptcy filing on Thursday but also focused on cheerier economic news, including a smaller-than-expected drop in South Korean exports in April and a monthly survey of Chinese manufacturing suggesting an improving outlook. Optimism that the global downturn may have seen its worst was also spurred by the fall in the number of US jobless claims, which indicated that the pace of layoffs was easing. However, April factory survey figures expected from the US Institute for Supply Management (ISM) at 7:30pm, will provide further clues to the health of the world’s biggest economy while the release of results of US stress tests on banks next week will reveal the state of the global financial system. Growing investor appetite for higher-yielding assets kept up the pressure on the dollar, pushing the unit 0.1 percent lower against a basket of major currencies. U.S. crude oil stayed above $50 a barrel, reversing previous session gains while emerging sovereign market spreads traded 1 basis points wider at 530 bps above U.S. Treasuries. The June Bund futures traded down 28 ticks. Source: Home - Livemint.com | 1 May 2009 | 9:29 am March exports slump by a third, outlook bleakNEW DELHI (Reuters) - India's exports declined by a third in March to $11.5 billion, its sixth straight fall, and analysts said the global economic slump would further hurt overseas sales by Indian firms in the months ahead.Source: Reuters: Money News | 1 May 2009 | 9:28 am OVL, IOC, OIL to invest $4 bn in Iran gas fieldNew Delhi: ONGC Videsh Ltd and its partners Indian Oil Corp and Oil India Ltd are likely to invest about $4 billion to start production from a massive gas field they discovered in offshore Iran, in the next 3-4 years. “Iran had in September 2008 approved the commerciality of the discovery and the three partners are now in the process of preparing a development plan. Investments may be in the range of $4 billion,” an ONGC official said. The discovery, which was subsequently named Farzad gas field, has inplace reserves of up to 21.68 trillion cubic feet (Tcf), of which recoverable reserves may be 12.8 Tcf. The Indian firm want to liquefy the gas and ship it to India in the form of liquefied natural gas. “The oil and gas will belong to the National Iranian Oil Co (NIOC). They have the marketing rights and we have requested them to allocate the gas to us for converting it into LNG,” he said. OVL, which holds 40% interest and is the operator of the block, has also submitted a feasibility report for the one billion barrel oil discovery it made in 2006. Oil was found in the BB structure in 2006, the discovery has been named Binaloud. “Feasibility report of the oilfield has been submitted to the National Iranian Oil Company, Iran, on November 26, 2008,” he said. Source: LatestNews-Home - Livemint.com | 1 May 2009 | 9:20 am Hero Honda sales rise by 30% in AprilNew Delhi: The country’s biggest two-wheeler maker, Hero Honda Motors Ltd, today reported 29.5% growth in sales during April at 3,70,575 units as against 2,86,252 in the same month last year. “Our continuing sales performance once again underscores the success of our business model. We continue to lead the unit volume growth in the industry despite the adverse and challenging environment. This growth has been driven by our customer-focused approach and our strong brands,” Hero Honda Motors Ltd senior vice-president (Marketing & Sales) Anil Dua said. The company, however, did not provide the break-up of its motorcycle and scooter sales. The growth in April sales comes close on the heels of a strong financial performance in the just concluded FY’09. It had reported 12% growth in sales volumes in FY’09 with total turnover of Rs12,356.88 crore, up 19.22% over Rs10,364.54 crore recorded last fiscal. Source: Home - Livemint.com | 1 May 2009 | 9:17 am Oil dips below $51, first decline in 3 daysLondon: Oil fell below $51 a barrel on Friday as investor caution over auto maker Chrysler’s bankruptcy filing tempered a growing sense of optimism over the world economy. Chrysler filed for Chapter 11 bankruptcy and announced an industry-changing deal with Fiat, after being hit by sliding car sales. The news sent US stocks lower on Thursday. European equities were little changed on Friday. “Although difficulties of the US auto makers have been pretty much factored in, Chrysler’s bankruptcy will have some impact on sentiment,” said David Moore, chief commodities analyst at the Commonwealth Bank of Australia. US crude for June delivery fell 61 cents to $50.51 a barrel by 2:16pm, the first decline since Tuesday when it closed at $49.92. Brent crude fell 72 cents to $50.08. Trade was expected to be relatively thin because many markets across Europe are closed for the May Day holiday. Oil, which collapsed due to the recession from a record high of more than $147 last year, has recovered from a low of $32.40 in December and in April posted a third monthly gain of nearly 3%. Still, weak oil demand in the near-term and rising crude inventories in the United States - now at their highest since 1990 - have slowed the pace, keeping prices in a $45-$55 range since mid-March. Traders are looking for further signs of an improving global economy to support prices at around $50, a level many Opec ministers have said is acceptable for now. One such measure emerged on Friday from China, where the official purchasing managers’ index (PMI) for April rose to 53.5 from 52.4 in March, official data showed on Friday, marking its fifth consecutive month of improvement. US factory order data for March due out later in the session are expected to give a better sense of whether the recession in the United States is easing. Analysts said markets would also eye the flu outbreak as officials urged increased worldwide precautions against an imminent pandemic and Mexico began shutting down parts of its economy to slow the spread of the new flu strain. Source: Home - Livemint.com | 1 May 2009 | 9:08 am DLF profit down 93 percent, to sell wind power unitHit by severe cash crunch, realty major DLF Ltd has decided to sell its wind power business to raise funds even as the company's net profit in the January-March quarter crashed 93 percent.Source: IndiaeNews.com: Business News | 1 May 2009 | 9:03 am Maruti sales leap 15.1 percent following surge in exportsIndia's largest passenger car manufacturer Maruti Suzuki's cumulative sales for April rose 15.1 percent to 71,748 units, up from 62,336 units sold the same month last year, the company said Friday.Source: IndiaeNews.com: Business News | 1 May 2009 | 9:03 am Obama's Italian Job - Reuters
Source: Google News India - Business | 1 May 2009 | 9:01 am TVS Motor sales up 3 percent in AprilTVS Motor Co Friday said it sold 113,119 two-wheelers last month, 3 percent up from 109,972 units it sold in April 2008.Source: IndiaeNews.com: Business News | 1 May 2009 | 9:00 am Number portability charges likely to be below Rs 300: SourcesConsumers in all likelihood will not have to pay more than Rs 300 to change from one mobile service provider to another while keeping the phone number intact, sources close to the developments said.Source: India Business News | Business News - Times of India | 1 May 2009 | 8:43 am Yamaha sales up 48 percentTwo-wheeler manufacturer Yamaha Motors, which last year expanded its portfolio to include premium bikes, has recorded a 48 percent surge in sales last month.Source: IndiaeNews.com: Business News | 1 May 2009 | 8:30 am Godrej Consumer’s Q4 consolidated net rises 45%Mumbai: FMCG firm Godrej Consumer Products on Friday said its consolidated net profit rose by 45.41% to Rs59.36 crore in the fourth quarter ended 31 March 2009, against Rs40.82 crore in the same quarter last fiscal year. Total income of the company rose to Rs342.71 crore for the quarter under review, from Rs273.22 crore in the same period a year ago, Godrej Consumer Products said in a filing to the Bombay Stock Exchange (BSE). For the year ended 31 March 2009, the company has posted a net profit of Rs173.26 crore up 8.80% against Rs159.24 crore in the corresponding period a year earlier. The board of directors of the company has proposed a final dividend of Rs0.75 a piece for the fiscal year 2008-09 (75% on the shares of face value of Rs1 each), subjected to the approval of shareholders. Source: LatestNews-Home - Livemint.com | 1 May 2009 | 8:27 am Bhushan Steel Q4 net dips 21% to Rs116.40 crMumbai: Bhushan Steel on Friday said its net profit for the fourth quarter ended 31 March 2009, dipped by 21.14% to Rs116.40 crore over the same period last fiscal year. The company had a net profit of Rs147.61 crore in the same quarter ended March 2008, the steel producer said in a filing to the Bombay Stock Exchange. Net sales of the company declined to Rs1,119.95 crore for the quarter under review, compared to Rs1,216.41 crore in the same period last year. For the year ended 31 March 2009, the company has posted a net profit of Rs412.79 crore as against Rs423.73 crore last fiscal, down 2.58%. Source: LatestNews-Home - Livemint.com | 1 May 2009 | 8:27 am Number portability charges likely to be below Rs300Kolkata: Consumers in all likelihood will not have to pay more than Rs300 to change from one mobile service provider to another while keeping the phone number intact, a facility likely to start from 20 September. “It will be one time cost for subscribers seeking portability but the charge is not yet finalised by the DoT and Trai, on which they are working. So far, it seems the charges would not be more than Rs300 but this could be even below Rs200,” sources close to the developments told PTI. Deliberations by the government is being carried out to keep cost and charges at a level so as not to discourage subscribers willing to change their service provider, an optional facility, and at the same time make the service providers a viable business model, they said. The charge is directly linked to the number of subscribers who would seek the change in service provider out of the total mobile user base of about 400 million. The DoT has offered licence to Syniverse Technologies for north and western region and MNP Interconnection Telecom Ltd for eastern and southern region to rollout number portability across the country. There is no comparable market in the 50-60 countries which has adopted number portability as the pre-paid subscriber base in the country is almost 90% of the total subscriber base and has low ARPU (average revenue per user). Source: Tech News - Livemint.com | 1 May 2009 | 8:18 am SC extends parole of Varun Gandhi till 14 MayNew Delhi: The Supreme Court on Friday extended the parole of Bharatiya Janta Party (BJP) leader Varun Gandhi, booked under the National Security Act (NSA) for his alleged hate speeches, till 14 May. The order was passed by a Bench headed by Chief Justice KG Balakrishnan before which the Uttar Pradesh government accused Varun of violating the undertaking furnished by him for securing the interim bail. Senior advocate Harish Salve, appearing for state government alleged that Varun did not furnish his whereabouts to Pilibhit district magistrate on two occasions that is on 16 April to 20 and 23 April to 25. He alleged that during this period, the BJP leader was in Uttar Pradesh, but did not inform the authorities in Pilibhit. However, Varun’s counsel and senior advocate Mukul Rohtagi denied the allegations and said he would respond to them. Salve said that Varun had made a representation before the Union government against invocation of the NSA which was rejected. Rohtagi alleged that both the central and state governments have one agenda to keep Varun in jail. Varun was granted parole on 16 April for two weeks. The BJP leader had approached the court after he was arrested under the NSA for allegedly making inflammatory statements and causing a breach of public order when he went to Pilibhit to surrender on 28 March in a case registered against him for allegedly making “inflammatory and communal speech” during his campaigning there. The court had on 2 April issued notices to the state government and the Pilibhit district magistrate on the allegation by Varun, the BJP nominee from Pilibhit, that NSA was invoked against him with a political motive to sabotage his electoral debut. Pilibhit constituency would go to polls on 13 May during the last and fifth phase of parliamentary elections. Source: Home - Livemint.com | 1 May 2009 | 8:00 am Maruti sales up 15% in AprilCar market leader Maruti Suzuki India Limited on Friday reported a 15.09% increase in sales during April at 71,748 vehicles as against 62,336 units in the same month last year.Source: India Business News | Business News - Times of India | 1 May 2009 | 7:49 am Exports decline in March by 33.3%India's exports declined by 33.3% in March over the year-ago period, posting contraction for the sixth month in a row under the impact of a slowdown in major global markets.Source: India Business News | Business News - Times of India | 1 May 2009 | 7:44 am Maruti sales for April up 15%New Delhi: Car market leader Maruti Suzuki India Limited on Friday reported a 15.09% increase in sales during April at 71,748 vehicles as against 62,336 units in the same month last year. In the domestic market, sales grew by nine per cent at 64,857 units as against 59,539 units in April last year, while exports grew by 146 per cent at 6,891 units as against 2,797 units last year, the company said in a statement. This is the fourth consecutive month of sales crossing 70,000-units mark, it added. The company’s oldest model M800 sales declined by 47% at 2,345 units as against 4,458 units last year, while the A2 segment comprising Alto, Wagon R, Zen Estillo, Swift and A-Star witnessed a growth rate of 9% at 46,817 units as against 43,121 units in the same month last year. The A3 segment consisting of SX4 and Dzire grew by 69% at 7,066 units as against 4,187 units last year. Source: Home - Livemint.com | 1 May 2009 | 7:32 am Japan at 4-month high on global economy hopesHong Kong: Japanese stocks struck a four-month closing high on Friday and higher-yielding currencies held gains as investors favoured riskier assets, with improvements in Chinese manufacturing and South Korean exports adding to evidence of a global economy on the mend. Many markets in Asia and Europe were closed for labour day holidays, but British and US markets will be open. The FTSE 100 was expected to slip about 1% at the open, according to financial bookmakers. Stock markets around the world have surged this week on mounting confidence the global economy is starting to pull out of a deep recession sparked by the financial crisis, especially with the hard-hit US economy showing signs of bottoming out. A slower-than-expected drop in South Korean exports in April and signs of US regional manufacturing activity picking up all pointed to the risk of an upside surprise in figures from the US Institute for Supply Management’s factory survey for April. The ISM index, due to be released later on Friday, is widely seen as a solid leading indicator for US and global activity. But some analysts remained cautious and said investors may be getting ahead of themselves given the still shaky state of financial markets. “The news out there is much less worse than it’s been, but that doesn’t mean everything is fixed,” said Lucinda Chan, division director at Macquarie Equities in Sydney. “The green shoots theory is happening out there, but it’s slow and steady.” Japan’s Nikkei average rose 1.7% despite more bleak data showing the economy slipping back into deflation and unemployment rising at a record pace in March to a four-year high. But the MSCI index of Asia-Pacific shares outside Japan dipped 0.2% and pulled back from a six-month high, mainly on a slight drop in Australian shares. Most markets included in the index were closed. In April, the MSCI Asia-Pacific ex-Japan soared 14.6% -- its biggest monthly gain in a decade. The MSCI index of world stocks posted its biggest monthly increase ever in its two-decade history last month. Corporate news also helped boost confidence. Shares of Canon, the world’s largest digital camera maker, jumped 6.1% after it lifted its annual outlook. Japanese shipping companies gained 5% on the brightening outlook for global trade. Nippon Yusen KK, Japan’s biggest ocean shipping company, gained 4.7%. Chrysler’s bankruptcy filing and the spread of influenza A, known as swine flu, did little to stem the budding optimism about global growth. Some analysts have said that the equity rally, led by a sharp rebound in Asian markets, may have more room to run because investors had been so pessimistic about the outlook and many are still hoarding funds in cash. From the lows hit two months ago, the benchmark MSCI index of Asian shares has surged as much as 40% -- taking it into bull market territory. The stock market gains have spurred selling of safe-haven government bonds and driven US Treasury yields to their highest in five months, threatening to undercut the Federal Reserve’s efforts to keep a lid on interest rates by buying bonds. Benchmark 10-year Treasuries dipped 1/32 in price to yield 3.119%, little changed from late US trade and keeping the two-year/10-year yield curve near its steepest levels since November. But Japanese government bonds bucked the stock market gains and pushed higher as investors took advantage of the rise in yields to allocate funds. Benchmark 10-year JGB yields edged down 2.5 basis points to 1.395%. Trading in currencies was subdued. The dollar edged up 0.4% to ¥99.00, while the Australian dollar was up 1% at ¥72.20 and 0.5% at $0.7290. When risk appetite improves, market players use the yen -- still the lowest yielding of major currencies -- as a source of funds to buy higher-yielding currencies in the carry trade. Improving confidence among Japanese investors has also prompted them to start shifting more funds abroad in search of higher returns -- even via US junk bonds. Source: Home - Livemint.com | 1 May 2009 | 7:21 am DLF Q4 net slumps; to sell wind power businessNEW DELHI (Reuters) - DLF Ltd, India's largest-listed real estate firm, reported a 93 percent slump in quarterly profit as property prices tumbled and it sold fewer homes and office buildings space in an economic downturn.Source: Reuters: Money News | 1 May 2009 | 7:15 am Windows 7 to make public debut 5 MaySan Francisco: Microsoft said on Thursday that a nearly-final version of its next-generation Windows 7 operating system will be publicly released on 5 May. The release will be available at microsoft.com/downloads in a move intended to signal that the software giant is putting finishing touches on an operating system that it hopes will escape criticism heaped on its predecessor Vista. “Listening to our partners and customers has been fundamental to the development of Windows 7,” said Bill Veghte, senior vice president for the Windows business at Microsoft. “We heard them and worked hard to deliver the highest quality release candidate in the history of Windows.” The Windows 7 release candidate (RC) was made available to developers on Thursday. The release indicates that little is likely to be changed in the final version of Windows 7 and that companies can begin tailoring software or hardware to the operating system, according to Microsoft. Touted features include compatibility with touch-screen computer controls and with software designed to work with earlier-generation Windows XP operating system. Critics lambasted Vista for being too complex and not being compatible with older software programs. Windows XP holdouts are being told they will have to upgrade to Vista to make a transition to Windows 7. “Windows 7 shows significant promise,” Forrester Research analyst Ben Gray wrote in an independent report on the operating system. “Start preparing for it now, and the best way to prepare for Windows 7 is by deploying Windows Vista.” Source: Tech News - Livemint.com | 1 May 2009 | 7:03 am India Exports Plunge by Record as Global Recession Hurts Demand - Bloomberg
Source: Google News India - Business | 1 May 2009 | 6:54 am Maruti sales up 15% in April - Business Standard
Source: Google News India - Business | 1 May 2009 | 6:49 am More optimism on economy despite Chrsyler bankruptcyDETROIT (Reuters) - U.S. automaker Chrysler has filed for bankruptcy and entered an industry-changing deal with Italy's Fiat, in the latest big government intervention in the economy to try to deal with the global crisis.Source: Reuters: Money News | 1 May 2009 | 6:42 am Godrej Consumer Q4 net up 45% - Hindu Business Line
Source: Google News India - Business | 1 May 2009 | 6:14 am Wipro eyes European buys despite weak economiesLONDON (Reuters) - Indian IT services provider Wipro Technologies is keen on making acquisitions in continental Europe despite economic weakness there because outsourcing markets in the region are not yet mature.Source: Reuters: Money News | 1 May 2009 | 6:01 am Honda Motors April sales up 29% at 3,70575 units - Moneycontrol.com
Source: Google News India - Business | 1 May 2009 | 5:53 am Chrysler files for bankruptcy; inks Fiat dealDETROIT/WASHINGTON (Reuters) - Chrysler LLC filed for bankruptcy on Thursday and announced an industry-changing deal with Fiat, after being pummeled by sliding auto sales and unable to reach agreement on restructuring its debt.Source: Reuters: Money News | 1 May 2009 | 5:22 am Hero Honda April sales up 30%Hero Honda Motors Ltd (HHML), on Friday reported 29.5% growth in sales during April at 3,70,575 units as against 2,86,252 in the same month last year.Source: India Business News | Business News - Times of India | 1 May 2009 | 3:57 am Lower basmati prices posing risk to lending banksNew Delhi, April 30 Abnormal price movements have rendered financing of farm produce against warehouse receipts (WR) a risky proposition. The best example of this is basmati rice, in which banks are reckoned to be having an outstanding WR-basedSource: Business Line - Home Page | 1 May 2009 | 12:00 am Sharp drop in ECBs in 2008-09Chennai, April 30 External commercial borrowings (ECBs) by Indian companies fell sharply in 2008-09 amidst global economic turmoil and reduced appetite for funds. ECBs dropped 42 per cent in 2008-09 when compared with the previous year. AboutSource: Business Line - Home Page | 1 May 2009 | 12:00 am Siemens bags Rs 1,380-cr order from Adani PowerMumbai April 30 Siemens Ltd and its parent company Siemens AG of Germany together bagged a Rs 1,380-crore order from Adani Power Ltd, part of the Adani Group, for installing a High Voltage Direct Current (HVDC) transmission system of 2,500 MWSource: Business Line - Home Page | 1 May 2009 | 12:00 am First-timers drive up Maruti, Hyundai salesNew Delhi, April 30 The downturn has failed to nip the spirits of first-time car buyers. The depressing economic outlook and the credit crunch notwithstanding, industry leaders Maruti Suzuki and Hyundai Motors are seeing a surge in first-timeSource: Business Line - Home Page | 1 May 2009 | 12:00 am IT majors tighten their grip on receivablesBangalore, April 30 Indian IT majors have cut overdue and improved liquidity despite the challenging economic environment by tightening their grip onSource: Business Line - Home Page | 1 May 2009 | 12:00 am RCom net dips on higher costsMumbai, April 30 Reliance Communications has reported a 3.2 per cent dip in consolidated net profit for the fourth quarter ended March 2009, impacted by increased costs and several one-timeSource: Business Line - Home Page | 1 May 2009 | 12:00 am Credit card losses higher in India than in USMumbai, April 30Credit losses on credit cards in India are relatively high at Rs 3,420 per active card per year vis-À-vis Rs 3,070 in the US and Rs 1,220 in Australia, according to a study commissioned by MasterCard’s India CardsSource: Business Line - Home Page | 1 May 2009 | 12:00 am Slowdown hits life insurance cos’ new premium incomeChennai, April 30 For the first time, the life insurance industry’s new premium income from regular policies (non-single premiums) reported a negative growth since the industry was privatised in 2000. Pan industry non-single premiumSource: Business Line - Home Page | 1 May 2009 | 12:00 am For buyers, gold continues to glitter on Akshaya TritiyaMumbai, April 30 High prices are not a deterrent when it comes to people’s faith in gold.Source: Business Line - Home Page | 1 May 2009 | 12:00 am Cement majors post better than expected profit growthBL Research Bureau After reporting profit declines for two quarters in a row, cement majors ACC, UltraTech Cement and Ambuja Cements have returned to growth in the March quarter, with results that were above market expectations.Source: Business Line - Home Page | 1 May 2009 | 12:00 am World Bank okays $400m for small firms in IndiaThe World Bank on Thursday approved $400 million in funding to help small and medium-sized enterprises in India cope with the global credit crisis.Source: India Business News | Business News - Times of India | 30 Apr 2009 | 11:33 pm After wireless, Bharti outsources landlineInching towards a 100-million subscriber base, Bharti Airtel, the largest telecom service provider in the country, has entered a new phase in outsourcing.Source: Daily News & Analysis: Money News | 30 Apr 2009 | 10:14 pm Jadhav set to head NacilJadhav, a 1978 batch IAS officer from the Karnataka cadre, will replace Raghu Menon, who has been asked to go on performance issues.Source: Daily News & Analysis: Money News | 30 Apr 2009 | 10:12 pm GSM freebies crimp RCom's marginsThe ambitious, single-leap expansion into the GSM market sharply dented the operating profits of Reliance Communications (RCom).Source: Daily News & Analysis: Money News | 30 Apr 2009 | 10:11 pm Srei to raise Rs 1000 cr through debenturesSrei Infrastructure Finance plans to raise Rs 1,000 crore ($200 million) in the current fiscal year through non convertible debentures.Source: Daily News & Analysis: Money News | 30 Apr 2009 | 10:10 pm On the bounce, beaten down stocks lead chargeIf you had invested Rs 1 lakh in Jaiprakash Associates on March 9, it would be worth Rs 2,10,780 today, a gain of 110% in just 45 days.Source: Daily News & Analysis: Money News | 30 Apr 2009 | 10:09 pm Suven seeks $20 m for research into Alzheimer's drugSuven Life Sciences is planning to kick off a fund-raising road show in July to raise $20 million for research on its Alzheimer's drug candidate Suvn-502.Source: Daily News & Analysis: Money News | 30 Apr 2009 | 10:02 pm Siemens, Adani Power ink 210 million dealUnder the terms of the contract, both Siemens Ltd and Siemens AG, will together execute a 960 kilometre HVDC transmission system with a capacity of 2,500 mw.Source: Daily News & Analysis: Money News | 30 Apr 2009 | 10:02 pm Tata Tea's Jaago Re spot blacks out news channelsTata Tea's Jaago Re - One Billion Votes campaign, in association with NGO Janaagraha, has achieved the task of getting over 6,00,00 voter registrations.Source: Daily News & Analysis: Money News | 30 Apr 2009 | 9:49 pm Trai gets SC nod to fix TV tariffsSC gave the green signal to Trai to work out a fresh tariff regime that would determine how much a consumer paid for watching TV channels.Source: India Business News | Business News - Times of India | 30 Apr 2009 | 7:49 pm PNB slashes lending rate by 50 bpsPNB slashed benchmark lending rate by 50 basis points to 11%, a move that will benefit millions home, consumer and corporate loan borrowers.Source: India Business News | Business News - Times of India | 30 Apr 2009 | 7:48 pm Petronet explores 'gas swap' deal with K-G basin suppliesIndian gas companies may soon boast their first gas swap arrangement that could slash transportation costs by more than 50 per cent.Source: Business Standard | Front Page Headlines | 30 Apr 2009 | 7:16 pm Govt banks help DIAL bridge funding gapAirport developer to raise over Rs 1,800 crore by pledging revenues from passenger charges.Source: Business Standard | Front Page Headlines | 30 Apr 2009 | 7:15 pm CBI tells court alert on ‘Q’ has been withdrawnNew Delhi: The Central Bureau of Investigation (CBI) told a New Delhi court that an Interpol alert against Italian businessman Ottavio Quattrochi had been withdrawn. CBI asked Interpol to remove Quattrochi from its red-notice list as the federal investigating agency had failed to seek his extradition from Argentina, P.P. Malhotra, advocate for the government, said on Thursday. Source: World Business - Livemint.com | 30 Apr 2009 | 5:18 pm Won\'t transfer network assets to BhartiAlcatel JV: KohliBharti 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 Kohli 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
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