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UAW wins 55% stake in Chrysler but can`t run company!The United Auto Workers union would appear to be the big winner in the Chrysler bankruptcy saga, having exercised its considerable political muscle to win a 55 percent stake in the country`s third-largest automaker.Source: Zee News : Business | 3 May 2009 | 12:18 pm PSBs to open 15,300 ATMs in FY`10; SBI to take lead!With Reserve Bank easing norms on ATMs, public-sector banks (PSB) have chalked out massive expansion plans to open atleast 15,300 ATMs across the country by the end of this fiscal.Source: Zee News : Business | 3 May 2009 | 12:18 pm `Single regulatory authority for retail sector`!Indian retail sector should be regulated by a single authority instead of the current practice of multiple authorities, industry body Assocham has said.Source: Zee News : Business | 3 May 2009 | 12:18 pm Raju may face 'destruction of evidence' chargeSatyam's disgraced founder and chairman B Ramalinga Raju may face another serious charge of "destruction of evidence".Source: Daily News & Analysis: Money News | 3 May 2009 | 8:49 am Idea records over 2 mn calls on call cricket stars campaignAditya Birla Group's Idea Cellular is recording over two million calls on its connecting fans cricket superheroes campaign.Source: Daily News & Analysis: Money News | 3 May 2009 | 8:37 am BoB pips Canara Bank to become third largest public sec bankBank of Baroda has pipped Canara Bank to become the third largest public sector player in India.Source: Daily News & Analysis: Money News | 3 May 2009 | 8:35 am Demand to broaden list of tradable items through Nathu LaIndian trade bodies Sunday urged New Delhi to review the list of tradable items to boost business with China, a day before trading between the two countries resumes through the fabled Silk Road.Source: IndiaeNews.com: Business News | 3 May 2009 | 8:30 am Dunlop India Q4 net at Rs12 crore Mumbai: Tyre maker Dunlop India has posted a net profit of Rs11.98 crore during the fourth quarter ended 31 March . The company had a net profit of Rs1.72 crore in the corresponding period a year ago, Dunlop India said in a filing to the Bombay Stock Exchange on Saturday. Total income of the company fell to Rs11.07 crore during the January-March quarter of FY’09 from Rs85.41 crore of the same quarter a year earlier, it said. Due to various reasons the company was forced to declare “Suspension of Work” at its Sahganj unit with effect from 30 November 2008, however it was lifted on March 5 this year, Dunlop India said. For the financial year ended 31 March, the company registered a net profit of Rs1.30 crore, while the same was at Rs4.85 crore in FY’08. Source: LatestNews-Home - Livemint.com | 3 May 2009 | 8:25 am Selling below cost no loss for 'green' bulb makersHeard of businesses making profits by consciously selling at a loss? That's what lighting firms hope to do in India: Sell energy saving lamps at 27 percent of the cost but still make money by selling valuable carbon credits in the global markets.Source: IndiaeNews.com: Business News | 3 May 2009 | 8:01 am Terms set for bailout of Emaar's Commonwealth Games VillageCash-strapped Emaar MGF may be asked to cut by at least a third the price of its flats proposed as collateral for a $100-million loan it has sought from the government to complete the Commonwealth Games Village project, officials said.Source: IndiaeNews.com: Business News | 3 May 2009 | 7:31 am Tamiflu can’t be procured by private firms, but allowed to export New Delhi: In an irony of sorts, though the Government has banned procurement and sale of Tamiflu, the wonder drug for the deadly H1N1 virus, by private companies within the country, manufacturers are allowed to export the medicine. The Central Government maintains that Oseltamivir the generic version of Tamiflu, is not allowed to be distributed through private channels in India as experts have warned that its indiscriminate use can result in the virus developing resistance to the medicine. However, the export of the medicine is not forbidden by law and thus foreign companies can come and acquire cheaper generic version of the drug from India. In fact, the department of pharmaceuticals held a meeting with drug manufacturers on May 1 and decided on the course of action when approached by any such foreign firm, Joint Secretary in the Ministry of Health Vineet Chaudhary told PTI. He said the Government has decided to stockpile 10 million doses of Tamilflu and the pharmaceuticals department has directed the manufacturers to first fulfill that quota and then think about exporting. Director Indian Council for Medical Research V N Katoch had earlier said, “We do not want the drug to be used indiscriminately thus after much deliberation it has been decided that only government hospitals and agencies would supply the drug”. Source: LatestNews-Home - Livemint.com | 3 May 2009 | 7:24 am Public sector banks to open 15,300 ATMs; SBI to take leadWith the Reserve Bank easing norms on ATMs, public sector banks have chalked out massive expansion plans to open at least 15,300 ATMs across the country by the end of this fiscal.Source: India Business News | Business News - Times of India | 3 May 2009 | 7:11 am NSE's investor service cell goes onlineThe National Stock Exchange-run Investors' Service Cell (ISC) has gone online, providing investors a hassle-free grievance redressal mechanism.Source: India Business News | Business News - Times of India | 3 May 2009 | 6:56 am FIIs turn net investors in 2009, inject Rs356 crore in equitiesNew Delhi: Foreign Instituional Investors (FIIs) have emerged as net buyers in the Indian stock markets after a one year face-off, with net investment of Rs356 crore in the first four months of the year. So far this year, FIIs have made a gross purchase of equities worth Rs1,21,245 crore and sold equities valued at Rs1,20,888 crore, resulting in net investment of Rs356 crore, as per the data available with the market regulator Sebi. After pulling out a hefty Rs52,987 crore from the Indian stock markets in 2008, which saw the Bombay Stock Exchange benchmark Sensex plunging 51%, FIIs have turned net buyers at the end of Wednesday’s trade. “Risk aversion has reduced and FIIs have started showing confidence in India. They know that the India growth story is intact and in long run the market is going to give better returns,” SMC Global Vice President Rajesh Jain said. Analysts say strenghtening of Rupee against the US greenback in the last one month signals that the flow of foreign funds are coming back to the country. Rupee, which had touched a high of Rs52 against the US dollar, has now appreciated and is hovering around Rs49 a dollar mark. “The US dollar is getting weaker as the FIIs, sensing a turn around, are now focussing on the emerging economies as their investment destination,” Jain added. The Sensex has gained over 18% so far this year to touch 11,403.25 points, the highest level in the past six months. The BSE’s Sensex had scaled a high of 21,206.77 points in January last year, but dipped to a low of 7,697.39 points in October. It had closed the trade at 9,647.31 points in 2008. Indicating a revival in the stock market, the flight of FIIs back to the Indian markets saw an infusion of Rs6,508 crore in the capital market in April alone, the highest monthly infusion so far this year. “FIIs have turned out to be net investors mainly on the back of heavy buying in April. However, it is too early to predict for how long the trend would continue,” Kejriwal Research and Investment Services Head Arun Kejriwal said. An analysis of the data of foreign investment showed that the confidence of FIIs in Indian equities has started to build in the month of March as they bought equities worth Rs530 crore. However, the investment was significantly less, as compared to Rs6,681 crore sell-off by them in the first two months of 2009. “The fund infusion by the FIIs into the equity segment, which started in March is likely to continue till August, as funds come with an investment horizon of six months,” he added. Source: Home - Livemint.com | 3 May 2009 | 6:52 am Stocks may inch towards consolidation this week: AnalystsA sign of consolidation is likely to greet Dalal Street next week as the bellwether Sensex, which touched its six-month high level of 11,403 points last week, is expected to witness a correction as anticipation of election results will weigh on the market.Source: India Business News | Business News - Times of India | 3 May 2009 | 6:42 am Get dressed down Mercedes for Rs 5 lakhAuto buffs beat slowdown blues by making modifications to old cars; BMW, Merc, Supra & GTO are hot favourites.Source: India Business News | Business News - Times of India | 3 May 2009 | 6:32 am NSE’s investor service cell goes online Mumbai: The National Stock Exchange-run Investors’ Service Cell (ISC) has gone online, providing investors a hassle-free grievance redressal mechanism. “Our computerised investor service cell is fully functional now, which will enable investors file their complaint against trading members and companies online,” a NSE source told PTI here. Investors can now directly file their complaints to the NSE, using the newly-launched service, the source said, adding that, “we will now admit complaints even against non-listed trading members and companies.” The platform would run on the National Stock Exchange Investors Centre (NICE) software, which has been designed and developed by NSE.IT, the source said. NSE.IT is the IT arm of the NSE. The platform seeks to address 117 issues related to companies and 11 against trading members. “The Exchange had been working on the project for the past two years and after sorting out all the technical glitches during the trial period, it has now been thrown open to investors,” the source said. The project is to be completed in three phases, with the first two already operational, the source said, adding that, “the final phase will have some additional features.” Source: LatestNews-Home - Livemint.com | 3 May 2009 | 6:30 am GCPL earmarks up to $1 bn for acquisitions in emerging marketsMumbai: FMCG major, Godrej Consumer Products Ltd (GCPL), is eyeing acquisitions in emerging markets and has earmarked up to $1 billion for the purpose in the current fiscal, a top company official said. “We are looking at acquisitions worth up to $1 billion. The ideal range (acquisition price) would be around $ 50-100 million. We are open to acquisitions that are synergistic and accretive to our growth,” Godrej Group Chairman, Adi Godrej, told PTI here. The acquisitions would be funded largely through internal accruals, Godrej said. The soap and hair colour-maker has been monitoring international market conditions closely and is understood to be scouting for opportunities in China, Brazil, Indonesia, Philippines, Thailand, Egypt, South Africa and Mexico. With an export portfolio covering 30 countries, GCPL’s product line consists of soaps, detergents, hair colour, fabric cleaner, shaving cream and deodorants, among others. In 2005, Godrej bought UK-based personal-care products firm — Keyline Brands — followed by two South African hair product firms — Rapidol and Kinky — in 2006 and 2008, respectively. “25% of GCPL’s revenues come from outside India,“ Godrej said. He expected the consumer durables segment to fare well and said that it would be a key growth driver for the group in FY 10. “The rural FMCG market is growing handsomely. It is, in fact, growing faster than the urban market due to various measures taken by the Government. We’ll be setting up more retail outlets to enhance our distribution reach to capitalise on this,” Godrej said. The BSE-listed firm posted a consolidated net profit of Rs172.6 crore in FY 09, up by 8% over the year-ago period. Driven by higher sales in the soaps segment, consolidated net sales shot up 26% to Rs1,392.9 crore for the same period. “Our soap business has generally done well. We got value for money because commodity prices came down. Besides, there was easing in other factors like freight, fuel, excise duty,” Godrej said. GCPL continues to be the second-largest toilet soaps player with a market share of 9.9% in Q4 FY 09. ”There was some pressure on our margins in the first three quarters of this fiscal, but GCPL bounced back to strong levels in the last quarter,“ he said. Although no new brands will be launched this fiscal, Godrej said the company planned to introduce at least five new product variants. Godrej said the group’s chemicals business, looked after by Godrej Industries Ltd, did not do well in 2008-09 because of high commodity and vegetable oil prices. Source: LatestNews-Home - Livemint.com | 3 May 2009 | 6:25 am Vitamins, diet supplements market to touch Rs3,400 cr by 2013New Delhi: As increasing number of consumers become health conscious, sales of vitamins and dietary supplements in India are expected to grow by 33% in the next five years to over Rs3,400 crore by 2013. According to a report by global market research firm Euromonitor International, the Indian vitamins and dietary supplements market, which was valued just over Rs2,556 crore last year, is increasingly witnessing tough competition between direct sales player Amway and FMCG player Dabur. “Growth will be driven mainly by urban consumers, who are becoming increasingly aware of health needs. More stressful lifestyle, pollution and digestive complains will further contribute to growth,” the report said. As per the latest data by the market research firm, in value terms Amway has 16.9% market share, while Dabur has 11.8%, followed in the third spot by Heinz India. Ranbaxy Laboratories and Pfizer were in fourth position with 4.6% each. Among the supplement brands, the study rated Amway’s protein powder Nutrilite, which had a sales of Rs330 crore last year, as the most popular brand followed by Dabur Chyawanprash from Dabur India valued at Rs230 crore. In combination dietary supplements, Himalaya Drug’s Liv 52 has been rated as a top brand with sales of Rs64.9 crore. The report pointed out that the chyawanprash segment would witness a robust growth during 2008-2013 period due to aggressive marketing and promotional activities by Dabur and Emami. Source: Home - Livemint.com | 3 May 2009 | 6:09 am Global CEO Clubs to enter India's IT hubCEO Clubs, an exclusive club for chief executives worldwide, will launch its new chapter in India's IT hub Monday to create a platform for interaction and exchange of ideas for its members running global enterprises.Source: IndiaeNews.com: Business News | 3 May 2009 | 6:01 am Asia must retool to boost domestic demand: ADBNusa Dua, Indonesia: Asian countries must boost domestic consumption and end their dependence on exports as external demand plunges amid the world economic slump, the Asian Development Bank chief said Sunday. The call was echoed by regional finance ministers gathered at the ADB’s annual meeting on the Indonesian resort island of Bali, where strategies for overcoming the financial crisis took centre stage. “Asia’s main export markets have experienced a massive contraction in demand. This has had severe impacts on Asia’s supply chains and has reduced intra-regional trade,” ADB President Haruhiko Kuroda told a seminar. He said the flow-on effect had seen interest rates on bonds spike higher and currencies depreciate with the flight of foreign capital out of emerging markets. Asian governments have responded by slashing benchmark lending rates and spending billions of dollars to stimulate their economies. Kuroda said while these measures were vital, far more fundamental restructuring needed to be done to end the region’s addiction to external demand from rich countries. “This grave situation needs more vigorous and concerted efforts by all concerned to bring growth in the region back to its higher trajectory and support the global recovery,” he said. Flanked at the seminar by the finance ministers of Japan, Indonesia and Bangladesh, as well as senior finance officials from China and India, Kuroda said domestic demand would be a key driver of Asia’s recovery. “Over the longer term, developing Asia is starting the process of rebalancing growth from excessive dependence on external demand to greater resilience on both consumption and investment,” he said. “Already there are signs that domestic consumption is remaining strong in Asia and may well lead the way out of this downturn.” The ADB is predicting economic growth of 3.4% for the region this year, compared with more than 9% in 2007. In a report released here Saturday, the bank highlighted plans to increase its overall lending assistance by more than $10 billion in 2009-2010, including three billion to support more fiscal stimulus spending. That would bring total ADB assistance during the year to about $32 billion , compared with about $22 billion in 2007-2008, it said. Source: LatestNews-Home - Livemint.com | 3 May 2009 | 5:51 am Dalal Street may inch towards consolidation this weekMumbai: A sign of consolidation is likely to greet Dalal Street next week as the bellwether Sensex, which touched its six-month high level of 11,403 points last week, is expected to witness a correction as anticipation of election results will weigh on the market, analysts say. “This week will be a real test for the market to see whether this eight-week-old rally pauses for breath or continues its upward journey. It is petering out and is likely to correct itself before deciding what next. “Also, the election results will be out within two weeks and that could bring about some uncertainty in the market,” Kejriwal Research and Investment Services Director Arun Kejriwal said. Analysts said domestic institutional investors may book profit next week as the broader indices including BSE Small and Mid Cap index closed in the negative last week with losses of 0.14% to 3.13%. “Markets have fallen across sectors, but a late bout of short covering and fresh buying saw the Sensex gain and close positive. Market is looking heavy as investors might resort to profit taking to cash in on the past eight week’s counter rally,” Kejriwal added. The BSE Sensex gained 74.20 points in the past week and closed at 11,403.25 points, while the National Stock Exchange’s Nifty index ended with a loss of 6.80 points at 3,473.95 points. The results of the 15th Lok Sabha elections are slated to be announced on May 16. Marketmen said with just two more rounds of voting to go, people in the market would now start playing for results and post-result scenario. “Investors may sit on cash for the next 10 days. Trading may become lacklustre before the poll results,” Kejriwal said. Worldwide stock markets witnessed a strong rally in April, with the BSE Sensex surging 17 per cent - the best in 10 years - and the Dow Jones World Index jumped 12 per cent, the largest monthly gain since it began in 1991. “The momentum of gain will hold in the first-half of May. There will be bouts of volatility as election results will weigh on the investor sentiments,” SMC Global Vice President Rajesh Jain said. On Friday, the US market ended in the positive zone with the Dow Jones Industrial Average gaining 44.29 points to 8212.41 and the Standard & Poor’s 500 Index rising 0.54% to 877.52 points. Besides, institutional activity increased during the week as Foreign Institutional Investors were net buyers to the extent of Rs 365 crore, while Domestic Institutions were net sellers of Rs550 crore worth equities. Further, analysts said that developments in the world market would also drive the Indian markets as the result of the ‘Stress Test´ on the 19 major banks in the US and Swine flu could take its toll on global markets. Source: Home - Livemint.com | 3 May 2009 | 5:36 am Where are your job plans, youth ask politiciansAll political parties are swearing by youth power in the ongoing Lok Sabha polls. But youth feel politicians are ignoring the basic issue that concerns them in this age of economic meltdown: job losses.Source: IndiaeNews.com: Business News | 3 May 2009 | 5:30 am Key Asian nations finalise details on crisis fundsNUSA DUA, Indonesia (Reuters) - Japan, China and South Korea finalised details of an emergency $120 billion liquidity fund for 13 Asian nations on Sunday, a key regional initiative to counter the global economic downturn.Source: Reuters: Money News | 3 May 2009 | 5:18 am Key Asian nations finalise details on crisis fundsNusa Dua, Indonesia: Japan, China and South Korea finalised details of an emergency $120 billion liquidity fund for 13 Asian nations on Sunday, a key regional initiative to counter the global economic downturn. Separately, Japan announced a scheme to supply up to 6 trillion yen ($61.54 billion) to support nations hit by economic crisis. Both announcements were made on the Indonesian island of Bali, on the sidelines of the Asian Development Bank’s annual meeting. South Korean Finance Minister Yoon Jeung-hyun told reporters after a meeting with counterparts from China and Japan that Beijing and Tokyo would each contribute 32 percent to the regional fund, known as the Chiang Mai Initiative. South Korea would provide 16% while the rest would come from the 10-member Association of South East Asian Nations (ASEAN). The fund will give emergency balance of payments support in case any of the countries experienced the kind of capital flight that marked the Asian financial crisis of 1997/98. “The three countries have reached an agreement today, recognising the importance of our cooperation in the region,” Yoon said. The agreement between the key players of what would be the region’s first anti-crisis fund, now makes it likely that all 13 countries involved will conclude negotiations on the initiative by the end of the day. ASEAN includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. No discussions have yet been held on what currency the fund will be based on, but Japan’s separate plan, announced by Finance Minister Kaoru Yosano, is aimed at promoting the use of the yen in the ASEAN region, Tokyo said. “This brings our contribution to supporting regional liquidity to about $100 billion,” Yosano said. In addition to the two initiatives, Yosano said Japan will introduce a framework to guarantee samurai bonds, yen-denominated debt issued in Japan by foreign governments and firms, up to 500 billion yen ($5.13 billion). ADB Lending The ADB itself also plans to ramp up lending to about $33 billion in the two-year period starting 2009, almost a 50% increase over 2007-08, to counter the crisis. The Manila-based multilateral lender is funded by donations mainly from Japan, the United States and European nations. “The economic crisis in Asia has had much more severe impact than probably we have reckoned,” ADB Managing Director General Rajat Nag told Reuters. “The ADB can only be a part player in this but the impact of the crisis is very real. It’s more than just economic numbers, it’s a social crisis,” Nag said. “The concern we have is that the crisis is putting at risk the hard-won gains of the fight against poverty.” Jong-Wha Lee, the ADB’s acting chief economist, said Asian economies had probably reached the bottom of the crisis but a major recovery still hinged on the revival of demand in developed nations. “It is almost impossible for the region to return to the boom seen until 2007 before demand from the advanced economies fully regains strength,” Lee said. The ADB has forecast that Asian economies will grow only 3.4% in 2009, the slowest pace since the Asian financial crisis a decade earlier. It sees growth recovering to 6.3 percent next year. The growing efforts by Asian nations to protect themselves from economic crisis will complement the role played by the International Monetary Fund in combating global recession, officials said. “We are seeing a greater multilateralisation and expansion of the Chiang Mai Initiative which is not at the cost of the region’s role in the IMF or the IMF’s role in the region,” said the ADB’s Nag. But he added: “After the 1997 financial crisis, one lesson that Asia learned was you better be ready to depend on yourself. “If the region is going to be an economic growth centre, it is also appropriate that it knows it has the resources and reserves to stand on its own feet.” Source: LatestNews-Home - Livemint.com | 3 May 2009 | 5:03 am For Russian tourists, sun continues to shine in GoaIrrespective of global recession, job losses and wage cuts, for thousands of vacation-going Russians this season, the sun has continued to shine in Goa.Source: IndiaeNews.com: Business News | 3 May 2009 | 5:00 am PSBs to open atleast 15,300 ATMs in FY 10; SBI to take lead Mumbai: With Reserve Bank easing norms on ATMs, public-sector banks (PSB) have chalked out massive expansion plans to open atleast 15,300 ATMs across the country by the end of this fiscal. Five leading state-owned banks, led by State Bank, will open 15,300 ATMs to facilitate retail customers, for whom the service has become free from 1 April this year. State Bank Group, which runs the largest number of ATMs in the country, has plans to set up 13,400 more ATMs in the current fiscal taking the total number to 25,000 by end-fiscal, an SBI official said. “Customer retention, particularly in the retail segment, necessitates setting up of large number of ATMs. Presently, State Bank Group has 11,600 ATMs pan-India. We plan to more than double this number this fiscal,” the official told PTI. Recently, Reserve Bank had allowed banks to open offsite ATMs without its prior approval. The apex bank also permitted free usage of third party ATMs for customers from April 1. However, banks can charge each other Rs18 per transaction for every third party ATM transaction. While, small banks in private sector are likely to scale down their ATM expansion as state-ownd banks’ large ATM network will now be available for their customers, PSBs are likely to go ahead with the expansion plans, the official said. “These include the comparatively low cost of setting up an ATM with that of a branch and the fact that more customers now prefer ATMs to perform cash-related transactions rather than approaching a branch,” the official said. Another leading state-owned bank, Union Bank of India has similar plans to expand its ATM network in the current fiscal. The bank aims to set up 600 more ATMs this year taking its total ATM network to 2,000. Its existing branch strength, now at around 2,510 is likely to expand by another 500 this year, UBI’s General Manager, Personal Banking, S Govindan said. “Union Bank is looking at to expand the network of ATMs. Apart from other benefits, this would also help to enhance the visibility of the bank in Tier-II and Tier-III cities,” Govindan said. PSBs are keen to set up new ATMs in spite of the maintenance costs required to be incurred by banks but small private players may wait for other bigger banks to take the lead, he said. Source: Home - Livemint.com | 3 May 2009 | 4:54 am The perils of feeling goodThe big change in the 2000s wasn’t India’s super-charged growth, but the change this effected in the mindset of most Indians. From people who believed that all good things should come to an end, we transformed into people who wore our cheery optimism on our sleeves. In short, we acquired a typically sanguine Anglo-Saxon mindset. Events since last September, when it was irrefutably proved that such optimism isn’t always justified, haven’t changed the way we think. Not surprisingly, several banks, finance companies and economists are now convinced an economic recovery is imminent in India. While there’s a small chance that they are grounded in sound economic logic, it’s unlikely that this is the case. While this paper wouldn’t recommend a return to the era of a Hindu rate of growth, it is all for reviving the fatalistic mindset that characterized that period. That might actually help the country negotiate the slowdown better. Source: LatestNews-Home - Livemint.com | 3 May 2009 | 4:47 am DLF plans to raise Rs 5500 crore by sale of assets - Economic Times
Source: Google News India - Business | 3 May 2009 | 4:42 am Asia well prepared to fight flu: ADB economistNusa Dua, Indonesia: Asia’s trade and tourism could be hit by the new flu outbreak but lessons from the SARS epidemic in 2003 will boost efforts to counter the effects, the top economist of the Asian Development Bank said on Sunday. Jong-Wha Lee, the ADB’s acting chief economist, also told Reuters that Asian economies had probably reached the bottom of the current downturn but a major recovery still hinged on demand from the world’s leading industrialised nations. He added countries lacking political stability, such as Thailand, could lag behind others in emerging out of the worst economic downturn in at least a decade. “The influence could come in two forms,” Lee said referring to the economic impact of the flu outbreak. “First, it could hurt the tourism industry and labour mobility. Secondly, it could damage domestic consumption as well by affecting the psychology of consumers,” he said. “But I think Asia has been well prepared (to fight the virus) because the region has good experience in countering SARS,” he said on the Indonesian resort island of Bali, where the ADB was holding its annual meeting. SARS, or Severe Acute Respiratory Syndrome, killed more than 800 people around the world in 2003. It first appeared in southern China in November 2002 and began spreading in February 2003. Eighteen countries around the world have reported around 650 confirmed cases of the new H1N1 flu in recent weeks, but Asia has only two confirmed cases in Hong Kong and South Korea. Lee cautioned about too much optimism about an early recovery in Asian economies. “It is almost impossible for the region to return to the boom seen until 2007 before demand from the advanced economies fully regains strength,” Lee said. “Asia has been hit relatively less than the other regions because its banking system was sound and so could keep expanding credit,” he said, adding this was in contrast to the 1997-1998 Asian financial crisis. But he played down an argument that financial markets were posing a threat of a backlash by betting too much on economic turnaround, saying that financial markets by nature swing back and forth especially during a period of heightened volatility. He added political stability was important for countries in the region to implement fiscal stimulus measures swiftly and achieving a quick economic turnaround. “The reason why we consider (the prospects for) Thailand as uncertain and why it is not bottoming out yet is that political uncertainty has increased there in addition to the fact that it’s an open economy and there’s also impact from exports,” he added. Source: Home - Livemint.com | 3 May 2009 | 4:41 am Chrysler Said to Seek Approval to Sell Most Assets by May 22 - Bloomberg
Source: Google News India - Business | 3 May 2009 | 4:19 am GM could follow Chrysler into bankruptcyDetroit, Michigan: General Motors could soon follow Chrysler into bankruptcy protection and the process is unlikely to be simple or swift for either troubled automaker, analysts warned. “Bankruptcy may indeed be the last, best option to restructure General Motors because of the multitude of challenges the company faces and its deeply entrenched stakeholders,” said Doug Bernstein, head of Plunkett Cooney’s banking, bankruptcy and creditors’ rights law practice group. “But it’s unrealistic to expect that the process will go smoothly and quickly,” Bernstein said. “The company is massive, its operations are complex, and it has thousands of potential claimants and interested parties.” In announcing Chrysler’s bankruptcy Thursday, President Barack Obama insisted that “Chrysler and GM are going to come back” and said a restructuring under court protection, along with a partnership with Italy’s Fiat, would give Chrysler “a new lease on life.” While Obama said his team would continue to work with GM to develop a long-term viability plan ahead of a 1 June deadline he also warned that “we simply cannot keep this company or any company afloat on an endless supply of tax dollars.” Canadian Prime Minister Stephen Harper warned that both the US and Canadian governments “will insist that all of the stakeholders make the sacrifices necessary to ensure the long-run viability” of General Motors. “If they do not, governments will not participate in the restructuring,” he said after announcing that the Canadian government would allocate 2.4 billion US dollars to help Chrysler emerge from bankruptcy. A smattering of bondholders were blamed for blocking a deal to restructure Chrysler out of court and GM’s bondholders seem equally intransigent. A committee representing those bondholders went public hours before Chrysler’s bankruptcy was formally announced Thursday with demands for a significantly larger equity stake than has been offered by the Obama administration. The debt for equity exchange at GM also dwarfs that at Chrysler, which had fewer than 100 principal financial creditors. At GM, any exchange must involve more than 120 major financial institutions, ranging from banks to pension funds, and about 100,000 individual investors. Another stumbling block to a GM deal is a plan to eliminate the Pontiac brand and selling off Hummer, Saab and Saturn, said Jay Gleischman, managing partner of 4Gen Consulting in Troy, Michigan. “Everybody knows Treasury is playing hardball,” he said. “But it’s going to be for different reasons than Chrysler. It’s going to be to sever its relations with dealers.” GM has said it wants to eliminate 42% of existing dealerships, reducing the number from 6,246 in 2008 to 3,605 by the end of 2010. The plan has met resistance from the National Automobile Dealers Association, which has asked dealers to contribute to a legal defense fund. A further complication is the impact the Chrysler bankruptcy and plant idling at both automakers will have on the already-stressed supply base. David Allardice, an economist at Walsh College outside Detroit, said suppliers are already bracing for the worst. “Regarding General Motors, others took the view that they could ‘see the train coming´ with the announcement of nine weeks of plant shutdowns,” Allardice said. Brad Coulter of O’Keefe & Associates said GM suppliers ought to pay close attention to what happens at Chrysler. “If certain suppliers are not deemed critical in the Chrysler bankruptcy, then I would expect those same types of suppliers would be very wary of continuing to supply GM without getting paid on prior debts or going to cash in advance,” he said. Source: Home - Livemint.com | 3 May 2009 | 4:14 am Delhi polling officials to vote in respective duty boothsNew Delhi: In view of the dismal response to postal ballots, election authorities in Delhi has issued ‘election certificates’ for the first time to thousands of officials deputed for poll duty on 7 May to enable them vote in the same booths where they are scheduled to perform their duty. “This is for the first time that the polling duty staff who are deployed in the booths of their constituency will be allowed to exercise their franchise on V-day,” Delhi Chief Election Officer Satbir Silas Bedi told PTI here. This would also help increase in polling percentage, she said. Generally moved out of their constituency for election duty, the poll officials often miss their chance to vote. Though, they are provided with an option of postal voting, their interest in this method had been found missing. “We have ensured that, as far as possible, the staff are deployed in the nearby polling booths of their assembly area,” Bedi said. Under the initiative, certificates have been issued to government employees deputed for poll duty outside of their assembly constituency but inside their parliamentary seat, so that they can vote in their duty station by showing the document, she said. Source: LatestNews-Home - Livemint.com | 3 May 2009 | 4:10 am Japan to set up additional $61.5 bln scheme for AsiaNUSA DUA, Indonesia (Reuters) - Japan will establish a scheme to supply up to about 6 trillion yen ($61.54 billion) to Asian nations in the event of a financial crisis, Finance Mininster Kaoru Yosano said on Sunday.Source: Reuters: Money News | 3 May 2009 | 3:25 am Obama says financial sector to shrink in U.S. economyWASHINGTON (Reuters) - The financial sector will make up a smaller part of the U.S. economy in the future as new regulations clamp down on "massive risk-taking," President Barack Obama said in an interview published on Saturday.Source: Reuters: Money News | 3 May 2009 | 3:21 am Buffett offers bleak outlook for U.S. newspapersOMAHA, Neb. (Reuters) - Warren Buffett is fond of newspapers -- he reads five a day -- but the billionaire investor warned shareholders of his Berkshire Hathaway Inc that the reeling industry may never recover because it lacks a sustainable business model.Source: Reuters: Money News | 3 May 2009 | 3:11 am INTERVIEW - ADB lending to China, India to be maintainedNUSA DUA, Indonesia (Reuters) - The Asian Development Bank's lending will continue to be dominated by disbursements to India and China, despite donor objections that the two fast-growing economies are not in need of concessional funds.Source: Reuters: Money News | 3 May 2009 | 2:46 am Something to cheer: Nano homes for Rs 3-5 lakhAfter cars and mobile calls, entrepreneurs are looking at creating Nano homes. On the anvil are houses for between Rs 3 lakh and Rs 5 lakh.Source: India Business News | Business News - Times of India | 3 May 2009 | 1:16 am Are cash-starved airlines putting fliers at risk?With Indian carriers finding it difficult to pay salaries and running up dues, there is concern that they may be compromising on passenger safety as well.Source: India Business News | Business News - Times of India | 3 May 2009 | 12:11 am ‘Market ready to absorb gold price of Rs 1,300-1,400/gm’Bangalore, May 2 The price of gold, which has been on a volatile rally for quite some time, is no longer a worrying factor for consumers, say jewellery retailers who believe the market is ready to absorb the Rs 1,300-1,400 (per gm) cost.Source: Business Line - Home Page | 3 May 2009 | 12:00 am DLF wraps up buyback ahead of scheduleMumbai, May 2 Real estate major DLF Ltd announced on Saturday the closure of its buyback programme, two months ahead of schedule.Source: Business Line - Home Page | 3 May 2009 | 12:00 am LIC shows appetite for bank stocksMumbai, May 2 Life Insurance Corporation of India appears to have taken a shine to investing in Indian banks in financial year 2008-09.Source: Business Line - Home Page | 3 May 2009 | 12:00 am Satyam scam: SFIO finds auditors guiltyNew Delhi, May 2 The Serious Fraud Investigation Office (SFIO) in its report to the Ministry for Corporate Affairs (MCA) has indicated that the auditors were guilty of falsification of the company’sSource: Business Line - Home Page | 3 May 2009 | 12:00 am ‘Swiss authorities refused to share data on stashed funds’New Delhi, May 2 The Centre has refuted allegations that it was slack in its efforts to bring back into India the funds stashed by Indian citizens in foreign banks, especially the SwissSource: Business Line - Home Page | 3 May 2009 | 12:00 am Bajaj small car eyes the worldIt is due to debut in India only in 2011, but the Bajaj Auto-Renault-Nissan ultra-low cost (ULC) car has already set its sights onSource: Business Line - Home Page | 3 May 2009 | 12:00 am Weekly News Round-upMr Naresh Goyal-owned Jet Airways has terminated contracts of 50-odd cabin crew staff who were on probation, and about 50 contracts of employees who have superannuated. According to a Jet's spokesperson, the measure was to streamline costs in theSource: Business Line - Home Page | 3 May 2009 | 12:00 am Acquisitions getting less expensive for IT cosThe slowdown being witnessed by the IT industry has thrown open opportunities for companies to scout for acquisitions at discounted valuations, going by what was paid for eight significant acquisitions in the last couple of years. Notably, theSource: Business Line - Home Page | 3 May 2009 | 12:00 am Exports set to look up - Calcutta Telegraph
Source: Google News India - Business | 2 May 2009 | 9:20 pm Jet Airways terminates nearly 100 employees - TopNews
Source: Google News India - Business | 2 May 2009 | 7:58 pm Elections are good business for film starsThe offer stumped Dale Bhagwagar, public relations manager to many a film star. An agency, hired by a well-known clothing brand, wanted a top actor to canvass support for a political party. Money these days is hard to come by and the Election Commission keeps a hawk eye on the expenses of parties. So, it offered the actor no fewer than 20 sherwanis! I am yet to get over that call, said Bhagwagar.Source: Business Standard | Front Page Headlines | 2 May 2009 | 6:41 pm IPL races past rival showsAfter initial hiccups, viewership of the second edition of the Indian Premier League (IPL-2) has picked up pace with the cricket carnival having reached midway. The peak ratings, seen mostly in the last few minutes of the game, are now consistently touching 6, which is nearly double of the average match ratings on SET MAX, the host broadcaster for IPL.Source: Business Standard | Front Page Headlines | 2 May 2009 | 6:40 pm SBI cuts deposit rates by 25 bpsTaking benefit of the abundant liquidity, State Bank of India, the countrys largest bank, has reduced the interest rate on domestic term deposits by 25 basis points across maturities. There is lot of liquidity, while credit off-take remains subdued. This has provided us the opportunity to revise deposit rates, a top SBI executive said.Source: Business Standard | Front Page Headlines | 2 May 2009 | 6:39 pm DLF targets Rs 5,500 crore from asset saleDLF Ltd, the countrys largest real estate developer, plans to raise Rs 5,500 crore through the sale of non-core assets such as power units and hotels to help it reduce its debt. In addition, it is banking on another Rs 2,000 crore of additional inflows from group company DLF Assets (DAL), the company said in a presentation to analysts.Source: Business Standard | Front Page Headlines | 2 May 2009 | 6:37 pm New pension system to shield the aged - Hindu Business Line
Source: Google News India - Business | 2 May 2009 | 6:31 pm SBI cuts deposit rates by 25 bps acrossState Bank of India has revised the Deposit rates downwards by 25 bps in all maturities effective from 4th May 2009.Source: Moneycontrol Top Headlines | 2 May 2009 | 4:15 pm Sacked bank employee takes to cheating, heldA 20-year-old man has duped many people and a private bank that had fired him due to the global economic downturn, police said Saturday, adding that he has been arrested along with his accomplice.Source: IndiaeNews.com: Business News | 2 May 2009 | 3:00 pm Poll panel seeks explanation from pension fund authorityThe Election Commission Saturday asked the Pension Fund Regulatory and Development Authority (PFRDA) to explain why its advertisement of the New Pension Scheme' had been different from the version for which the poll panel had given permission.Source: IndiaeNews.com: Business News | 2 May 2009 | 3:00 pm Swine flu: Passenger screening continues at Delhi airportScreening of passengers for the swine flu virus continued at the Indira Gandhi International Airport (IGIA) here Saturday even as five suspected cases have so far tested negative.Source: IndiaeNews.com: Business News | 2 May 2009 | 2:33 pm ICICI Bank's Kamath joins Infosys as directorInfosys Technologies Ltd appointed K.V. Kamath, non-executive chairman of ICICI Bank, as an additional director to its board, the IT bellwether said Saturday.Source: IndiaeNews.com: Business News | 2 May 2009 | 2:32 pm Alliance with Fiat \'a bittersweet conclusion\': ChryslerUS President Barack Obama has announced that Chrysler has struck an alliance with Fiat but would be put through a quick surgical bankruptcy to bring it back into shape. Chryslers Chairman and CEO, Bob Nardelli said, it\'s a bitter sweet conclusion. He thinks, Breathing new life into Chrysler is what it is all about.\"Source: Moneycontrol Top Headlines | 2 May 2009 | 1:36 pm India has got black money details from Germany: Government - Economic Times
Source: Google News India - Business | 2 May 2009 | 1:24 pm Ranbaxy to recall antibiotic drug from US market"Although certain lots of the product were determined to not be in conformity with the approved laboratory specifications, we decided to recall all the lots," the company said in a regulatory filing.Source: India Business News | Business News - Times of India | 2 May 2009 | 1:14 pm Volatility: Experts on how to benefit from itWe talked about beta i.e. the fact that you should be looking at stocks that give you greater volatility compared to the market and this time we are drilling it down to the volatility factor itself.Source: Moneycontrol Top Headlines | 2 May 2009 | 12:56 pm Stanchart eyes organic growth, not acquisitionsNUSA DUA, Indonesia (Reuters) - Standard Chartered PLC is looking to organic growth and not acquisitions to drive its growth, a company official said on Saturday.Source: Reuters: Money News | 2 May 2009 | 12:16 pm SBI cuts deposit rates by 25 basis pointsMUMBAI (Reuters) - State Bank of India, the country's largest lender, said on Saturday it has cut deposit rates by 25 basis points with effect from Monday.Source: Reuters: Money News | 2 May 2009 | 12:09 pm Ranbaxy recalls Nitrofurantoin Capsules in U.S.MUMBAI (Reuters) - India-based drug maker Ranbaxy Laboratories said on Saturday it is recalling all lots of Nitrofurantoin Capsules, an antibiotic, currently in the U.S. market.Source: Reuters: Money News | 2 May 2009 | 11:45 am Bajaj posts 26.27% fall in motorcycle sales in AprilTwo-wheeler maker Bajaj Auto on Saturday reported a 26.27% fall in its motorcycle sales at 1,49,733 units in April as against 2,03,081 units in the same month last year.Source: India Business News | Business News - Times of India | 2 May 2009 | 11:19 am SBI slashes deposit rates by 0.25% from MondayWith this, one-year to less than two-year deposits will now attract a rate of 7.5% as against 7.75% earlier, SBI said.Source: India Business News | Business News - Times of India | 2 May 2009 | 11:14 am Gold falls on weak global cues, silver gains Rs 200Gold prices on Saturday declined by Rs 10 to Rs 14,480 per 10 gram in the bullion market here following weak global trends.Source: India Business News | Business News - Times of India | 2 May 2009 | 11:10 am India State Bank cuts deposit rates by 25 basis points - Reuters
Source: Google News India - Business | 2 May 2009 | 11:09 am Obama hopes virus ‘like ordinary flu’Washington: Scores more schools shut down around the country because of the swine flu virus at week’s end as federal officials closely watched developments as at least two dozen new cases of swine flu were reported. President Barack Obama, whose administration has taken a high profile to offer reassurances and advice about the threat, expressed hopes the swine flu will run its course “like ordinary flus.” Health officials suggested the virus now appears less ominous than it did at first. “I’m optimistic that we’re going to be able to manage this effectively,” Obama said Friday. But he said the federal government is preparing as if the worst is still to come so that it won’t be caught flat-footed. “This is a new strain of the flu virus, and because we haven’t developed an immunity to it, it has more potential to cause us harm,” the president said in his radio and Internet address Saturday. “Unlike the various strains of animal flu that have emerged in the past, it’s a flu that is spreading from human to human. This creates the potential for a pandemic, which is why we are acting quickly and aggressively.” The government issued new guidance for schools with confirmed cases, saying they should close for at least 14 days because children can be contagious for seven to 10 days from when they get sick. That means parents can expect to have children at home for longer than previously thought. The Education Department said that more than 430 schools had closed, affecting about 245,000 children in 18 states. That was about 100 more schools reported closed than reported on Thursday. The latest developments in the flu scare more intense in neighboring Mexico than in the United States came as the Centers for Disease Control and Prevention reported the virus had been confirmed in more US states. Confirmed cases had risen from 109 on Thursday to 141 Friday, the CDC said, with the flu reported in about double the number of states as the 11 reported Thursday. The US death toll remained at one the Mexican toddler who visited Texas with his family and died there. Mexico has confirmed more than 300 swine flu cases and has 16 confirmed deaths, although reports have indicated that roughly 120 may have died from it. Worldwide, the total confirmed cases numbered close to 600, although officials believe there are many more. The CDC said that the virus was continuing to spread, though no faster than the rate of the regular winter flu. “We think the cases do continue to occur,” said CDC’s Dr. Anne Schuchat. But CDC also said the new swine flu virus lacks genes that made the 1918 pandemic strain so deadly. While emphasizing at a news conference that the closures to date represent a tiny fraction of the almost 100,000 schools in the country, Duncan instructed teachers, parents and students to be prepared if their school does close. To teachers, Duncan said: “Think about reworking upcoming lesson plans so students can do their schoolwork at home if necessary.” To parents: “Learn about what they’re learning at school. Keep them on task.” And to students: “Don’t fall behind your peers at other schools that are still in session. Keep working hard.” Major US airlines announced plans to curtail flights into flu-ravaged Mexico. Many travelers have become increasingly concerned about going to Mexico, though authorities there said new cases were leveling off. US travelers have been advised to avoid nonessential travel to Mexico. Continental Airlines Inc., the biggest US carrier to Mexico, said Friday it would halve the number of seats it sells to fly there. Delta Air Lines Inc. and UAL Corp.’s United Airlines also announced plans for reduced flights to Mexico, while smaller carriers were following suit. Though most US cases have been relatively mild and have not required a doctor’s visit, US precautions include shipping millions of doses of anti-flu drugs to states in case they’re needed, replenishing the US strategic stockpile with millions more treatment courses, and shipping 400,000 treatment courses to Mexico. Source: LatestNews-Home - Livemint.com | 2 May 2009 | 11:07 am Flu fighters warn against complacency, seek cluesMexico: The leader of an international team helping Mexico face down the swine flu outbreak said it should soon learn whether the epidemic is really stabilizing in Mexico, but that many key questions about how the disease kills still need to be answered. Dr. Steve Waterman, the head of a team from the Centers for Disease Control and Prevention, also warned against taking false comfort from the fact that only one person has died outside Mexico, saying more deaths are likely as the epidemic evolves. “That is the big question: Is it stabilizing or not? And it is too early to say, but I think we are getting systems in place where we are going to be able to get a handle on this soon,” Waterman, standing amid CDC doctors and specialists at the Mexico City nerve center where officials are confronting the outbreak, said Friday. Mexican officials have been cautiously optimistic that the worst is over here, even as the government took additional protective measures Friday by beginning a five-day shutdown of all nonessential government and private business. In Washington, even president Barack Obama voiced hope Friday that the new virus may turn out to be no more harmful than the average seasonal flu. “It may turn out that H1N1 runs its course like ordinary flus, in which case we will have prepared and we won’t need all these preparations,” Obama said, using the flu’s scientific name. In New York City, which has the most confirmed swine flu cases in the United States with 49, swine flu has not spread far beyond cases linked to one Roman Catholic school. The US case count rose to 155 on Friday, based on federal and state tallies, although state laboratory operators believe the number is higher because they are not testing all suspected cases. Worldwide, the total confirmed cases were 653, with the real number also believed to be much larger. The virus has also been detected in Canada, New Zealand, China, South Korea, Israel and eight European nations. China was suspending flights from Mexico to Shanghai because a case of swine flu was confirmed in a passenger on a flight from Mexico, China’s state-run Xinhua News Agency reported. Hundreds of Hong Kong hotel guests and workers were quarantined after a tourist from Mexico tested positive for swine flu, Asia’s first confirmed case. Waterman, whose team is working with Mexican officials, said the scientists are trying to determine the mortality rate of the virus, and don’t yet know where it started or why. But he and other experts said it appeared the outbreak could have been far more deadly, particularly in the teeming streets of Mexico’s capital. “The virus has been circulating for over a month in a city of 20 million of high population density. It could have been much worse,” said CDC epidemiologist Marc-Alain Widdowson. Waterman agreed that the virus does not appear to match the ferocity of past killers. “Most people think it is unlikely this is going to be as virulent as the 1918 epidemic. From what we know so far, it doesn’t seem like it is as virulent,” he said. The two CDC doctors spoke during a tour of Mexico’s Intelligence Unit for Health Emergencies, the operations center of the country’s response to the disease. Teams of doctors and scientists sat at laptops monitoring the outbreak in real time. Plasma screens enabled frequent video conference calls with leaders from the Atlanta-based CDC, the World Health Organization and other institutions. Hugo Lopez-Gatell Ramirez, deputy director general of epidemiology at the center, underscored the importance of getting fast and effective care. He said that among the 16 confirmed swine flu deaths in Mexico, the average time the victims waited before going to a doctor was seven days. For those who were sickened but recovered, the average wait was three days. Lopez-Gatell said that even before the swine flu outbreak, Mexican authorities had been monitoring a higher-than-usual number of flu cases and an unusual phenomenon in which otherwise healthy young adults were falling ill with pneumonia in greater numbers. There had been 15 flu outbreaks in this year’s flu season, as opposed to the 5 or 6 that Mexico normally sees. He said that put Mexico on guard and led to a fast reaction when unexplained illnesses began in March. Despite some international criticism of the Mexican response, Lopez-Gatell said no mistakes were made. “We would have done everything the same if we had it to do over again,” he said. Asked why the swine flu death rate is so high in Mexico while only one person is known to have died elsewhere, Waterman said that is one of the key questions they are trying to answer. One of the main reasons, they believe, is that there are a lot more people in Mexico who are sick than in other countries. “The reason they haven’t had any deaths, if the mortality rate is 1 percent and you only have 20 cases, you haven’t had time to see that mortality yet,” he said. He said many infected Mexicans may also have sought help too late to be treated successfully. Friday was Mexico’s Labor Day, which is normally a raucous day in the capital as the Paseo de la Reforma boulevard fills with hundreds of thousands of boisterous marchers headed to the central Zocalo square. This time, only a few tourists wandered down its broad sidewalks, lined with shuttered shops, banks and office towers. “I’m going crazy in my house with this confinement,” retiree Rocio Lara said of the shutdown of most businesses and other gathering places. “There is nowhere to go, nowhere to spend your time.” Associated Press writers David B. Caruso and Malcolm Ritter in New York, Lauran Neergaard in Washington and Juan Carlos Llorca in Mexico City contributed to this report. Source: LatestNews-Home - Livemint.com | 2 May 2009 | 10:28 am Auto makers enter new fiscal on a positive noteThe top two car manufacturers started the current fiscal on a positive note with the sales figures going up in April. For Maruti Suzuki, the sales grew by 15 per cent to 71,748 on a yearonyear basis.Source: Moneycontrol Top Headlines | 2 May 2009 | 9:08 am Jet Air issues pink slips to 100 employeesIn yet another move of streamlining costs, Mr Naresh Goyalowned Jet Airways has terminated contracts of 50odd cabin crew staff who were on probation, and about 50 contracts of employees who have superannuated.Source: Moneycontrol Top Headlines | 2 May 2009 | 9:07 am Tata Motors to bring Jaguar, Land Rover to IndiaMore than a year after Tata Motors acquired Jaguar and Land Rover (JLR), the two British car brands are entering the Indian market through an exclusive marketing tieup with their Indian parent.Source: Moneycontrol Top Headlines | 2 May 2009 | 9:04 am DoT panel mulls new 2G spectrum pricing formulaThe committee set up by the Department of Telecom to review the spectrum allocation policy has come up with a new formula to impose a onetime fee from existing players with more than 6.2 Mhz.Source: Moneycontrol Top Headlines | 2 May 2009 | 9:00 am Recession in India, Europe drives Cadbury salesSales of Cadbury have increased in Britain, India and South Africa but declined in North America and Europe.Source: Daily News & Analysis: Money News | 2 May 2009 | 8:57 am Citi may need $10 bn in new capital: ReportCitigroup may need to raise additional capital to the tune of USD 10 billion, as the Federal government continues negotiations with banks.Source: Daily News & Analysis: Money News | 2 May 2009 | 8:18 am
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