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Alcatel buying co mere speculation: ITICommenting on the turnover clocked by the company, Ravi Agarwal, Dir Production and Acting CMD, ITI, said that the 35% growth clocked by the company was because, \"we bagged some good orders, leading to good order books,\" he explained. Talking about the rumours that Alcatel is buying ITI, he said that those are just speculations.Source: Moneycontrol Top Headlines | 19 May 2009 | 4:09 pm Need to fast track infra, power projects: Deepak ParekhDeepak Parekh, Board Member, Satyam, is delighted that the UPA has come back to power. He is positive that reforms will happen. \"We need faster implementation in several areas including infrastructure and power and need to have a definite plan for all stalled project, be it steel, cement, power etc.\"Source: Moneycontrol Top Headlines | 19 May 2009 | 3:15 pm No impact on debt/equity post Dutch co buy: Apollo TyresApollo Tyres has acquired 100% stake in a Dutch tyre manufacturer. Commenting on this acquisition, Neeraj Kanwar, Vice Chairman and Joint Managing Director, Apollo Tyres said the companys debt to equity position will not get impacted post the buy out.Source: Moneycontrol Top Headlines | 19 May 2009 | 2:25 pm SBI to push for mergers of associate banksState Bank of India might soon start the process of integrating its remaining associates, beginning with two large ones.Source: Daily News & Analysis: Money News | 19 May 2009 | 12:56 pm Goldman, MS, others apply to repay TARP - sourcesNEW YORK (Reuters) - Goldman Sachs Group Inc, Morgan Stanley and other banks have applied to repay billions of dollars they borrowed under the U.S. government's Troubled Asset Relief Program, sources familiar with the situation said on Monday.Source: Reuters: Money News | 19 May 2009 | 12:41 pm India steel seen up on signs of demand pick-upMUMBAI (Reuters) - India's steel futures may trade higher this week on signs of a pick-up in demand, with expectation of further rise in months ahead, analysts said.Source: Reuters: Money News | 19 May 2009 | 12:39 pm Grasim sees double-digit growth in cementMUMBAI (Reuters) - Grasim Industries Ltd expects double-digit growth in its cement business in the fiscal year to March 2010, a board member said on Tuesday.Source: Reuters: Money News | 19 May 2009 | 12:35 pm Manmohan vows inclusive growth, broad reformsNew Delhi: Indian Prime Minister-elect Manmohan Singh vowed on Tuesday to revive growth and spread the benefits of economic expansion that swept his coalition back to power with a decisive mandate in a general election. Click here to watch video Singh, 76, formally elected by MPs of his Congress party as their leader, said his coalition would pursue reforms in agriculture, industry and the wider economy to spread the benefits to the country’s 1.1. billion population. “There is some slowing down of investment and employment generation. We have to revive growth and make it even more inclusive,” he said in an acceptance speech as MPs thumped desks. Congress campaigned during the month-long election on a record of spending on the rural poor, including a public jobs programme in the countryside and a costly loan waiver programme for indebted farmers. Singh said it was important to sustain a high growth rate to make it more inclusive, but that would require new investment and better management of public finances. Growth in Asia’s third-largest economy is expected to slow to a seven-year low of about 6% this fiscal year from about 7% in 2008-09, and from rates of 9% or more in the previous years. Millions of jobs have already been lost. Analysts say an expansionary fiscal policy could further stretch public finances and widen the deficit, which is running at about 10% of the gross domestic product. But Congress leaders say the fiscal deficit is not an immediate concern compared to the pressing need to uplift millions of poor who gave the party its biggest mandate since 1984 in the vote, the world’s biggest democratic exercise.  Congress president Sonia Gandhi presents a bouquet to Prime Minster-elect Manmohan Singh after the CPP meeting at Central Hall of the Parliament House in New Delhi on Tuesday. PTI photo “We must grasp the nettle firmly and forge ahead.” Finance Minister Earlier, Congress party head Sonia Gandhi proposed Singh as the parliamentary party leader, setting the stage for his appointment as prime minister. Singh’s coalition is just 10 seats short of a parliamentary majority, boosting hopes of a stable government. Indian shares were up more than 2% in late afternoon trade, following Monday’s 17.3% surge on the prospect of a government free of pressures from difficult partners. A Congress leader said Pranab Mukherjee, who was foreign minister in the previous coalition, was likely to be the finance minister in Singh’s new cabinet. Asked if the party had finalized Mukherjee as the candidate for the finance post, former trade minister Kamal Nath said “more or less”. Mukherjee, a veteran politician seen as a steady hand, had been heading the finance ministry since January when Singh, who was also holding the finance portfolio, had heart surgery. The Congress-led UPA coalition was further strengthened after Mayawati, the Bahujan Samaj Party (BSP) chief, pledged her support. “Our 21 MPs will extend outside support to the UPA government,” Mayawati, who is also chief minister of India’s most populous state Uttar Pradesh, said in a news conference in Lucknow. Her party had fought the election against the Congress party. Source: Home - Livemint.com | 19 May 2009 | 12:31 pm Rollercoaster market clocks highest turnover - Economic Times
Source: Google News India - Business | 19 May 2009 | 12:27 pm ABN Amro to cut 5,000 jobs, 1-1.3 bn eurosAmsterdam: Dutch state-controlled bank ABN Amro plans to cut a net 4,000 to 5,000 jobs and up to 1.3 billion euros in costs over the course of its integration with Fortis Bank Nederland, a spokesman said Tuesday. The spokesman said some 5,500 to 6,500 would actually be cut, but the group would also create 1,500 new jobs as well. It was not immediately clear what percentage of the new group the job cuts would represent. ABN Amro had 57,000 staff globally at the end of 2008, while Fortis Bank Nederland had just under 10,000 employees. The cost cuts are expected to come in somewhere between 1 billion and 1.3 billion euros ($1.36-$1.77 billion). The spokesman said that there was no fixed target date for the job or cost cuts to be completed, but rather that they would be expected over the course of the integration of the two banks. The scope of the cutbacks was first revealed in a series of statements from trade unions early on Tuesday. The Dutch government bought struggling Fortis Bank Nederland last October, including its interests in ABN Amro. As of late December the state replaced Fortis as a shareholder of the entity that manages ABN Amro. The government’s plan is ultimately to combine Fortis Bank Nederland and ABN Amro and then sell the newly unified bank to the public. It brought in former Dutch finance minister Gerrit Zalm in to run the new group. Complicating those plans is the fate of a 709 million euro asset sale Fortis and Deutsche Bank agreed last year. The deal was ordered by the EC on competitive grounds after a Fortis-led group bought ABN in 2007. But the Dutch central bank DNB put the money-losing sale on hold while the nationalization process took place. ABN has since said it is not bound by the deal, which Deutsche Bank is eager to close. ($1=.7337 Euro) Source: LatestNews-Home - Livemint.com | 19 May 2009 | 12:17 pm Crisis-battered Russian industry slows 16.9%!Russian industrial production plummeted 16.9 percent in the year to April, the government said Monday, reflecting the impact of the global economic crisis on the country`s once-booming economy.Source: Zee News : Business | 19 May 2009 | 12:12 pm No plans to cap executive pay: Geithner!Financial sector executives should not fear government imposed caps on their salaries even as the Obama administration moves to influence how firms pay their employees.Source: Zee News : Business | 19 May 2009 | 12:12 pm Sony Ericsson to seek $135.5 million or more!Japanese electronics maker Sony Corp (6758.T) said on Tuesday its loss-making mobile phone joint venture with Sweden`s Ericsson (ERICb.ST) will likely seek at least 100 million euros ($135.5 million) in funds by March.Source: Zee News : Business | 19 May 2009 | 12:12 pm American Express to cut 4,000 jobs in global restructuring!US credit card giant American Express announced that it was to shed some 4,000 jobs as part of an 800-million-dollar restructuring of its global operations.Source: Zee News : Business | 19 May 2009 | 12:12 pm Essar Oil FY`09 net loss at Rs 455 cr!On-shore and off-shore exploration and production company Essar Oil Tuesday said its consolidated net loss for the year ended March 31, 2009, widened to Rs 455 crore, against Rs 41 crore in the same period previous fiscal.Source: Zee News : Business | 19 May 2009 | 12:12 pm US Congress votes for financial crisis probe!The US House of Representatives has passed legislation to battle financial fraud and create an independent commission to investigate the causes of the global financial meltdown.Source: Zee News : Business | 19 May 2009 | 12:12 pm Fiat, Opel bosses meet to discuss takeover: Report!The head of Italian car company Fiat held a meeting on Monday with counterparts from Germany`s Opel, the General Motors subsidiary it hopes to take over, sources close to the matter told reporters.Source: Zee News : Business | 19 May 2009 | 12:12 pm Gold drops further as demand erodes on surging equitiesGold prices fell for the third day in a row on Tuesday on waning demand as stocks and the rupee continued to be the favourite of investors.Source: India Business News | Business News - Times of India | 19 May 2009 | 12:11 pm Steel cos seek import duty; govt sympatheticMumbai: Indian steel makers said on Tuesday they will keep pressing for a safeguard duty on imports after the government had rejected a claim for a 25% levy but said some protection was merited. A government panel recently rejected the industry’s request for a 25% duty as “unjustified”, Steel secretary PK Rastogi told a conference on Tuesday. “To some extent there is (a need for duty), but not what was exactly recommended earlier,” he said without elaborating. There is already a 5% import duty on most steel items. India is the world’s fifth-largest steel producer. Output rose 0.6% to 56.39 million tonnes of steel in the year ending March, government data showed. An official from JSW Steel Ltd said the industry would renew their demand for a safeguard duty. “We will give additional data to the government,” said Seshagiri Rao, joint managing director & group CFO of JSW. “The kind of bookings that are happening, taking that into account, there is a strong case for a safeguard duty.” Rao said about 500,000 tonnes of steel imports were being booked a month at around $420-$450 a tonne, about $20-$30 a tonne cheaper than locally produced steel. Shoeb Ahmed, a director at state-run Steel Authority of India, said big imports were not needed. “Being amongst the lowest-cost producers of steel in the world, with vast reserves of iron ore and relatively cheaper labour, there is no reason why India should import steel during short periods when supply-demand adjustments are in progress.” SAIL, the largest domestic steel producer, aims to make 12 million tonnes of the metal in the fiscal year to March 2010. India’s steel imports fell 17.8% in 2008/09 (April/March) to 5.78 million tonnes. Exports fell more sharply, dropping by 26% to 3.75 million tonnes. “Exports are down more sharply than imports and that makes India a very attractive place for dumping steel,” said JSW’s Rao. Steel demand is seen rising by 5% locally in the current fiscal year, Rastogi told reporters. Source: LatestNews-Home - Livemint.com | 19 May 2009 | 12:07 pm Peninsula Land to launch new residential projectsMUMBAI (Reuters) - Peninsula Land Ltd plans to launch 3-4 new residential projects outside Mumbai this year as it sees demand for homes trickle back, a top official said.Source: Reuters: Money News | 19 May 2009 | 12:06 pm Rupee Adds to Biggest Advance in 23 Years on Reforms Outlook - Bloomberg
Source: Google News India - Business | 19 May 2009 | 12:01 pm Election verdict may rekindle share salesMUMBAI (Reuters) - Indian initial public offerings are expected to end a 15-month drought and make a comeback, led by state-run firms, after the ruling coalition scored a comfortable victory in national elections.Source: Reuters: Money News | 19 May 2009 | 12:01 pm Close: Markets end flat; records highest turnover since ‘07Mumbai: Indian shares climbed 0.1% on Tuesday, taking gains over two days to 17.5%, on hopes a stable coalition government would lead to privatisations, financial sector reforms and more infrastructure spending. Trading was choppy through the session as investors took profits, but analysts said the near-term outlook was upbeat with many funds that had missed the rally waiting to jump in. But despite volatility, markets reported the highest ever turnover of Rs Rs1,57 trillion, last such gain was seen on 18 October, 2007. Prime Minister-elect Manmohan Singh vowed on Tuesday to revive growth and spread the benefits of economic expansion that swept his coalition back to power with a decisive mandate in a general election. The two-day percentage rise was the biggest since a 25.9% jump in March 1992 after Singh, who was then finance minister, unveiled a reform budget that opened the economy to foreigners. State Bank of India and explorer ONGC extended the previous day’s sharp gains as traders bet the Congress party-led coalition may sell holdings in state companies to help fund spending plans and plug a large budget deficit. Larsen & Toubro was a major gainer, adding 8.8% to Monday’s 25% jump, as investors expected the leading engineering conglomerate to benefit from a government drive to update the country’s creaking infrastructure. However, outsourcers such as Infosys Technologies and Wipro that depend on exports for more than half their revenue fell as a jump in the rupee’s value against the dollar was seen affecting their profitability. The 30-share BSE index, or Sensex, rose 0.12%, or 17.82 points, to 14,302.03, its highest close in more than eight months. The benchmark swung widely, rising as much as 4.5 percent and falling 3.1% at one stage. The 50-share NSE Nifty edged down 0.1% to 4,318.45. “It is very important that some caution set in today,” said Hitesh Agrawal, head of research at Angel Stock Broking. “Yesterday was just an act of desperation as domestic and foreign funds had to catch up to the recent rally.” Eighteen index stocks advanced, while in the broader section, gainers led losers in the ratio of more than 2.5:1 on heavy volume of 906.9 million shares. On Monday, trading was restricted to just a few seconds after the benchmark jumped 17.3%, its biggest rise in almost two decades, triggered circuit breakers and shut down the market. Volume was paltry at about 13 million shares. The index has gained 77.7% from 2009 lows in early March as foreign funds moved $4 billion into the market over the past two months. This has taken its gains for the year to 48 percent, after losing more than half its value in 2008. Even though the surge has raised concerns the market may have become overbought, analysts predicted a steady rise over the long term. Foreign funds will be encouraged to invest more with a stable government that is not shackled by former allies such as the communists, analysts said. “Over the next nine to 12 months, the Sensex could reach anywhere between 14,750 to 16,000 on the upper end of the scale. If for some reason the market falls, 12,000 to 12,500 will be a very good support,” Agrawal said. Top outsourcer Tata Consultancy Services shed 8.15% to Rs672.15, while No. 2 player Infosys eased 11.65% to Rs1,563.75. The IT sector index lost 10.1% after putting on 11.4% on Monday. Software-services firms get most of their revenue in US dollars and a 3.2% surge in the rupee on Monday can hurt their profit margins. Drug maker Ranbaxy Laboratories, which also depend on generic exports, fell 6.4 percent to Rs209.75. Energy giant Reliance Industries, which has the most weight in the main index, fell 5.25% to Rs2,235.40 after soaring 20% on Monday. State-run companies were fancied as the government was expected to jump-start asset sales that had been stalled by the ruling coalition’s former communist allies suffered a big defeat in the elections. Initial public offerings by Indian companies are expected to end a 15-month drought and make a comeback, led by state-run firms. Leading lender State Bank of India gained 11.2% to Rs1,754.45, while ONGC climbed 5.3% to Rs993.65. Source: Home - Livemint.com | 19 May 2009 | 11:58 am Infy, Ashok Leyland\'s expectations from new govtMohandas Pai, DirectorHR at Infosys believes the government needs to tackle the issue of poverty. R Seshasayee, Managing Director of Ashok Leyland sees the need of a massive investment by the government.Source: Moneycontrol Top Headlines | 19 May 2009 | 11:53 am Indian Railways revenue earnings up 3.43% in AprilNew Delhi: Revenue earnings of state-run Indian Railways rose by 3.43% to Rs66.35 billion in April from a year ago, mainly on account of a rise in goods transport, an official statement said on Tuesday. “The total approximate earnings of Indian Railways on originating basis during the financial year 2008/09 were Rs803.38 billion compared to Rs723.38 billion during fiscal 2007/08, registering an increase of 11.06%,” it said. In April, total passenger revenue receipts were up 3.29% and stood at Rs18.53 billion compared to Rs17.94 billion a year ago. Despite slowdown in economic activities and fall in exports, Indian Railways succeeded in attracting higher freight traffic, which rose by 2.07 million tonnes in the first month of fiscal year 2009/10 and touched 69.85 million tonnes. Source: LatestNews-Home - Livemint.com | 19 May 2009 | 11:50 am Punj Llyod posts loss in FY09 due to SABIC case, says Atul PunjNew Delhi: Engineering firm Punj Llyod on Tuesday said it had reported a loss of Rs253 crore in the concluded Jan-Mar quarter due to the negative impact of around £28.5 million (Rs220 crore) incurred on a litigation between UK-based subsidiary Simon Carves Ltd and SABIC Petrochemicals. “There was a unplanned and unexpected negative impact due to a litigation with SABIC Petrochemical and our subsidiary Simon Carves. We just opted to write it off and stop speculation once for all,” Punj Llyod chairman Atul Punj told reporter while addressing a press conference. Simon Carves had commenced the adjudicating proceedings against SABIC Petrochemicals in January in UK courts. The proceedings were aimed at seeking restitution of £28.5 million. But the UK adjudicator ruled in favour of SABIC. “While, we are still in Court, the situation has not changed legally from what it was four months ago. We are aiming to perform better than earlier as opportunities are large and markets environments are supporting,” he said. The company had posted a net loss of Rs253 crore for the fourth quarter ended on 31 March against a net profit of Rs119 crore in the same quarter last fiscal. It suffered a net loss of Rs225 crore during 2008-09 against Rs360 crore profit earned in the previous fiscal. Source: LatestNews-Home - Livemint.com | 19 May 2009 | 11:45 am Punj Lloyd down 2% on poor Q4 results - Business Standard
Source: Google News India - Business | 19 May 2009 | 11:43 am Vodafone full-year profit up 37%, helped by weak poundLondon: Vodafone Group PLC, the world’s biggest mobile phone company by sales, on Tuesday posted a 37% gain in full-year profit, helped by the fall in the pound’s value, but warned that it won’t repeat that strong performance this year. For the year ending 31 March, Vodafone said its net profit was £9.06 billion ($14 billion) compared to £6.6 billion a year earlier. Revenue rose 16% to £41 billion. The depreciation of the pound against the euro helped the bottom line, the company said. Every 1% change in the euro-pound exchange rate translates to a £70 million change in operating profit, Vodafone said. Adjusted operating proft (before tax) was £11.8 billion, up 17%, but Vodafone said it expected that figure to be no higher in the current year, and perhaps as low as £11 billion. “In Europe and central Europe, operating conditions will be challenging in the 2010 financial year,” the company said. “IMF forecasts indicate a GDP decline of 4% in 2009 across the Vodafone footprint within Europe and Central Europe and that unemployment could increase significantly.” Vodafone said full-year revenue was up in all regions: 32% in Asia Pacific and Middle East, 14% in Europe and 11% in Africa and central Europe. The company’s shares were up 0.6% at 128.2 pence on the London Stock Exchange. Source: Home - Livemint.com | 19 May 2009 | 11:43 am Maruti Suzuki says can upgrade 800 engineKOLKATA (Reuters) - Maruti Suzuki India Ltd, the country's leading carmaker, on Tuesday said it is working on upgrading the Maruti 800 engine so it complies with emission requirements that will take effect in April 2010.Source: Reuters: Money News | 19 May 2009 | 11:37 am KS Oils to raise Rs 450 crore for overseas investment - Moneycontrol.com
Source: Google News India - Business | 19 May 2009 | 11:37 am Govt gives NTPC ultimatum to sign gas pact with RILThe Government has given NTPC Ltd an ultimatum to decide on buying natural gas from Reliance Industries by the weekend.Source: Daily News & Analysis: Money News | 19 May 2009 | 11:36 am India's Maruti Suzuki says can upgrade 800 engine - Reuters
Source: Google News India - Business | 19 May 2009 | 11:28 am Godrej ties up with Star, Big Synergy to produce reality showMumbai: FMCG to aerospace products-maker Godrej Group has tied up with Big Synergy and the Star television network to produce and air from mid-June a reality show that seeks a wider audience for its lifestyle products. Titled “Godrej Khelo Jeeto Jiyo”, the show will be aired every weekday on three channels of the Star television network -- STAR Plus, STAR One and STAR Utsav -- for 10 weeks beginning June. “Consumers can enter the show by purchasing any Godrej product and SMS-ing the value and barcode number of the product. The contest will be advertised across the media and at retail touch-points,” Godrej’s executive director and president (marketing), Tanya Dubash, told reporters. The family show allows Godrej consumers to team up with a relative or friend to play games in a homely setting, which may lead to winning a fully-furnished home from Godrej Properties. “The Godrej Group’s portfolio of offerings covers everything from personal care to property to furniture. Nearly 70 per cent of a modern home can be furnished with Godrej products,“ Godrej executive vice-president (strategic marketing) Ashutosh Tiwari said. Fifty episodes of 30 minutes each have been planned. “The consumer engagement campaign across TV, mobile and through malls and supermarkets will begin right away,” STAR Plus general manager and executive vice-president Keertan Adyanthaya said. STAR Plus is eyeing a viewership of over 100 million through the show. Source: LatestNews-Home - Livemint.com | 19 May 2009 | 11:24 am Warrants issue boosts Aditya Birla Nuvo, gains 10% - Business Standard
Source: Google News India - Business | 19 May 2009 | 11:24 am After the storm, Sensex shows volatilityThe market failed to retain early gains as Sensex on Tuesday fell from the day's high and ended with a moderate gain of close to 18 points on profit-booking.Source: India Business News | Business News - Times of India | 19 May 2009 | 11:20 am BSE Sensex extends post-poll rise; outsourcers fallMUMBAI (Reuters) – The BSE Sensex climbed 0.1 percent on Tuesday, taking gains over two days to 17.5 percent, on hopes a stable coalition government would lead to privatisations, financial sector reforms and more infrastructure spending.Source: Reuters: Money News | 19 May 2009 | 11:14 am GE Hitachi to develop nuclear power plants with L - Business Standard
Source: Google News India - Business | 19 May 2009 | 11:08 am India vote rounds off improving BRICs outlookLONDON (Reuters) - The prospect of a stable government in India able to push further economic reform is just what foreign investors needed to round off an improving outlook for the world's four largest emerging economies.Source: Reuters: Money News | 19 May 2009 | 11:06 am JSW may close down US mills for three month from June - Economic Times
Source: Google News India - Business | 19 May 2009 | 10:58 am Hospitality industry expects new govt to provide cheap loansNew Delhi: With the return of the UPA to power at the Centre, the hospitality industry expects that the new government would do away with multiple taxations and provide loans at subsidised rates to help the sector, hit hard by the global economic meltdown, bounce back. “The new government should provide loans at subsidised rates to the industry which is reeling under the impact of global economic slowdown. Besides, it should also strive to create a single window clearance to ease the process of setting up new hotels,” Federation of Hotel and Restaurant Association of India (FHRAI) secretary general Deepak Sharma told PTI. The Indian Association of Tour Operators (IATO) termed the UPA’s win in the general elections as positive and said the new government should rationalise the taxation system by reducing service tax and scrapping the fringe benefit tax. Sharma said such measures would help the sector to grow and also raise prospects for increasing the availability of rooms. He added that the Indian economy is likely to witness a surge of activities following the electoral verdict for a stable government at the Centre. “This will prove to be a boon for travellers within the country and it also raises the prospects for a boom in the sector,” he said. Source: LatestNews-Home - Livemint.com | 19 May 2009 | 10:54 am India retains top BPO destination tagNew Delhi: India continues to be the most favoured back-office of the world, but the West Asia and North Africa region is slowly emerging as a promising offshoring destination, global management consulting firm A T Kearney says. According to A T Kearney’s Global Services Location Index (GSLI), India, China and Malaysia have retained the top three spots since the last five years. “India, China and Malaysia continue to lead the index by a wide margin through a unique combination of high people skills, favorable business environment and low cost,” the report said. In particular, India has remained at the forefront of the outsourcing industry and actually has become an enabler for industry growth through expansion of Indian offshoring firms into other countries, it added. The survey further said that West Asia and North Africa is emerging as a key offshoring region because of its large, well educated population and proximity to Europe. “West Asia and Africa area has the potential to redraw the offshoring map and in the process bring much needed opportunities for its large, underemployed educated class,” GSLI project manager Johan Gott said. These findings come amid US president Barack Obama’s recent comment that “It’s a tax code that says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York”. The survey further said the global financial crisis has slowed recent offshoring moves, the percentage of companies’ staff offshore may very well increase as a result of the crisis. Layoffs at home are not translating to layoffs among offshore workers as companies seek to reduce costs. “While cost remains a major driver in decisions about where to outsource, the quality of the labor pool is gaining importance as companies view the labor market through a global lens driven by talent shortages at home, particularly in higher, value-added functions,” said Norbert Jorek, a partner with A T Kearney and managing director of the firm’s Global Business Policy Council. In addition to Egypt and Jordan, ranked at sixth and ninth, respectively, some other emerging offshoring destinations were Tunisia (17th), United Arab Emirates (29th) and Morocco (30th). Saharan Africa also showed strength. Ghana ranked 15th, Mauritius 25th, Senegal 26th and South Africa 39th. “The dynamics of global offshoring are clearly shifting as companies re-evaluate the political risks, labor arbitrage and skill requirements in the context of the likely aftermath of the global economic crisis,” A T Kearney chairman and managing officer Paul A Laudicina said. GSLI analyses and ranks the top 50 countries worldwide for locating outsourcing activities, including IT services and support, contact centers and back-office support. Source: Home - Livemint.com | 19 May 2009 | 10:53 am Union Bank freezes home loan rate at 8% for one yearMumbai: Public sector lender Union Bank of India on Tuesday freezed interest rates for new home loans up to Rs50 lakh at 8% for one year. The scheme will be applicable for loans taken up to 30 September 2009, Union bank said in a release issued on Tuesday. After one year, the rate will go back to floating rates till the loan is fully repaid, the bank said. Leading state-owned banks, State Bank of India and Central Bank of India had earlier launched similar schemes offering 8% fixed rate for home loan borrowers for the first one year. Source: LatestNews-Home - Livemint.com | 19 May 2009 | 10:50 am Mayawati, Mulayam pledge support to UPANew Delhi: The UPA on Tuesday received unexpected bonus in the shape of support from both Mayawati’s BSP and Mulayam Singh Yadav’s Samajwadi Party, enabling the coalition to cross the 300-mark in the new Lok Sabha. The two bitter rivals who fought elections against the Congress in Uttar Pradesh and elsewhere have chosen to pledge their support on the ground that they want to strengthen secular forces and to keep the BJP out. SP has 23 and BSP 20 seats in the 543-member House in which the UPA coalition has secured 261 seats on its own. The total tally will now be 304 without counting parties like 3-member JD(S) and a few independents who were offering their support. First the BSP chief announced her party’s support at the start of a meeting with her party leaders, saying Prime Minister Manmohan Singh addressed her as a “younger sister” and urged her to adopt a positive attitude towards formation of the UPA Government to strengthen secular forces. She said the party’s National Executive and Parliamentary Board which met this morning took the decision on giving unconditional support to the government from outside. Mayawati said her party general secretary and confidant Satish Chandra Mishra would handover the letter of BSP’s support to President Pratibha Patil. As news of BSP support came from Lucknow, Samajwadi Party general secretary Amar Singh met the President and handed over a letter of support of the party’s 23 MPs to the UPA government. SP rescued the Congress-led UPA government last year after the Left parties withdrew support to it on the nuclear deal issue and parted ways with the Congress before the elections. “I have been authorised and directed by Mulayam Singh Yadav, national president and leader of the Samajwadi Party, to offer our support for the formation of UPA government under the leadership of Manmohan Singh,” Amar Singh said in the letter. Samajwadi Party contested the elections as part of the Fourth Front in alliance with RJD and LJP. Yadav had said on Monday in Mainpuri that his party was ready to sit in the opposition, However, Amar Singh told reporters later that SP would support the new government. Asked whether Congress had sought his party’s support or if SP was giving it on its own, Singh said, “When I and Mulayam Singh had gone to meet Prime Minister Manmohan Singh a couple of days back, he had asked for our support. Yesterday also when the PM called me up, he sought our support.” JD(S) leader HD Kumaraswamy said his party will extend support to the Congress for the formation of a “secular” government at the Centre. Source: Home - Livemint.com | 19 May 2009 | 10:42 am India retains world's back-office tag amid rising competitionIndia continues to be the most favoured back-office of the world, but the Middle East and North Africa region is slowly emerging as a promising offshoring destination.Source: Daily News & Analysis: Money News | 19 May 2009 | 10:40 am Thermax Q4 PAT seen down 2% at Rs.76.87 cr - Moneycontrol.com
Source: Google News India - Business | 19 May 2009 | 10:38 am Banks lead European stocks higherParis: European stocks rose by mid morning on Tuesday, gaining ground for the fourth straight session, propelled by surging banking stocks such as Deutsche Bank, while investors braced for US housing data. Better-than-expected data from Germany’s ZEW survey also helped boost sentiment. The ZEW economic sentiment index rose to 31.1 in May from 13.0 in April. Shares in Bank of Ireland leapt 27% after the lender said it would buy back debt in a boost for its capital position. Heavyweight mining shares were also on the rise, enjoying sharp gains in metal prices. Anglo American gained 6.2% and Xstrata rose 6.6%. At 0840 GMT (02:10pm), the FTSEurofirst 300 index of top European shares was up 1.6% at 873.67 points. The index has surged 35% since reaching a lifetime low in early March, as fears over a global economic depression receded, but is still down 47% from a multi-year high touched in mid-2007. Arthur van Slooten, European equity strategist at Societe Generale, said investors were keen on adding more risk into portfolios, reassured by signs of improvement in the credit market. “This rally has been a correction of the equity risk premium, and obviously not based on an improvement on the earnings side,” he said. Banks gained ground again, with HSBC up 3.8%, BNP Paribas up 5.3% and Deutsche Bank up 6.6%. The DJ STOXX banking index, which was up 3.7% on Tuesday, has shot up 114% since early March. UK lenders were particularly in focus after a source said UK Financial Investments (UKFI), which manages Britain’s stakes in Royal Bank of Scotland and Lloyds Banking Group, had been sounding out investors who may be interested in buying some of its holdings. According to the source, Britain has held talks with investors to gauge their interest in buying its stakes in the part-nationalized lenders, and could begin selling its holdings within a year. Royal Bank of Scotland rose 5.6% and Lloyds added 4.5%. Analysts are pointing out that an improvement in the credit market over the past few weeks has been helping the recovery in equity prices. European credit spreads, reflected in indexes such as the investment-grade Markit iTraxx Europe index as well as the Markit iTraxx Crossover index, have sharply tightened since March. “The Libor (London interbank offered rate) has come down a lot, and that is excellent news. It means the credit crisis is being overcome. In that respect, the equity rally we have seen since March was justified,” said van Slooten. A Reuters poll showed on Monday that more than half of euro zone money market dealers think the worst of a liquidity crisis dating back to 2007 is over, although some large banks still think it has further to run. Around Europe, the UK’s FTSE 100 index was up 1.1%, Germany’s DAX index was up 2% and France’s CAC 40 was up 1%. Bucking the trend, British retailer Marks & Spencer Group Plc dropped 7.7% after it posted an expected 40% slide in full-year profit and cut its final dividend by a third to conserve cash, just 12 months after increasing it. Other consumer-related stocks were on the downside. Tesco was down 1.1% and Unilever was down 2.2%. On the macro front, investors were bracing for key US housing starts and build permits, due at 1230 GMT (06:00pm), looking for insight on the health of the battered housing sector. Source: LatestNews-Home - Livemint.com | 19 May 2009 | 10:23 am SBI to push for mergers of associate banksMumbai: After merging State Bank of Saurashtra, India’s largest lender State Bank of India might soon start the process of integrating its remaining associates, beginning with two large ones -- State Bank of Patiala and State Bank of Hyderabad. According to the roadmap set by State Bank, all its associates will merge with the parent entity “as quickly as possible” to make SBI one of the top 25-30 banks in the world. With the return of the Congress-led UPA to power, without the crutches of the Left and other difficult allies, SBI expects banking reforms to move forward, a top SBI source told PTI. “The merger-process of State Bank of Saurashtra has already happened and the roadmap is to complete the consolidation process in the shortest possible period,” the source said, adding that it could begin with State Bank of Patiala and State Bank of Hyderabad. Once the new government extends permission for mergers, the process could happen in the immediate future, the source said. “It will be more feasible now,” the source said. The Patiala and Hyderabad subsidiaries, which are wholly owned by the parent bank, had clocked impressive results in the last financial year. These two subsidiaries are quite large and SBH is now virtually of the size of Canara Bank. Source: Home - Livemint.com | 19 May 2009 | 10:23 am Financial pressure eases on Tata Motors; S&P retains ratingFinancial pressure on Tata Motors has eased due to improvement in the automobile market and inflow of funds from bookings of its small-car NanoSource: Daily News & Analysis: Money News | 19 May 2009 | 10:21 am Manmohan Singh vows inclusive growth, broad reformsNEW DELHI (Reuters) - The Prime Minister-elect Manmohan Singh vowed on Tuesday to revive growth and spread the benefits of economic expansion that swept his coalition back to power with a decisive mandate in a general election.Source: Reuters: Money News | 19 May 2009 | 10:12 am Infrastructure, realty see booster shot from new govtMumbai: India’s realtors see a booster shot for the segment, from renewed home buying and government infrastructure contracts, after the ruling coalition got a near-majority in the general elections over the weekend. Realtors have faced a severe cash crunch over the last nine months as the global financial crisis squeezed liquidity and high prices kept buyers of homes, offices and shops away. New projects have since been put on the backburner while many of those under construction are delayed, especially commercial. India’s Congress-led coalition defied predictions of a tight race and was only 10 seats short of an outright majority, sending shares up for its biggest one day gain in almost two decades on the first trading day post election results. But revival in corporate spending is still some while away, real estate developers and infrastructure firms said. “Just because things have improved today, we wont go and look for more office space tomorrow. We’ll wait and watch,” Ravi Ramu, chief financial officer, Puravankara Projects Ltd said. “Whereas if you want to buy a house, you’ll say today, things are not so bad, my job is not in jeopardy, let me buy that house before prices go up,” he added. “Housing has to come. And affordable housing comes into more significance.” Affordable housing is “seriously undersupplied” in India, according to a Goldman Sachs report which said more than 30 million units are needed because of growing urbanisation. Since 9 March, India’s realty index has risen over 140% till date from its year low of 1,297.82 points. QUICKENING PACE The new government should mean quicker policy implementation and less excuses on execution, needed to help bring back funding for the country’s crippling infrastructure projects and slowing housing sector, say builders. “Order inflow will come in very fast now. In my opinion, in a month,” H.S. Bharana, managing director and chairman of Era Infra Engineering said. “I think in 2-4 months we will come though some equity also,” he added. India’s infrastructure growth has smarted as private investors shy away from the frequently-changing bid norms of the country’s long-gestation projects and grow more risk-averse. Only 146.6 million sq. ft. of commercial space will come up by the end of 2011, according to property consultant Jones Lang Lasalle Meghraj, as opposed to the total 172.9 million sq. ft. announced for completion over the next 3-4 years. Last fiscal year, bids came in for just 22 of the 60 highway projects offered to private firms to build and operate. “There should be enough government action in deciding what to reform,” said Gurjeet Singh Johar, chairman of road builder C&C Constructions. “The real change is there would be improved liquidity because of a stable government,” said an analyst from a local brokerage. Foreign investors would be more interested in the country and promoters more willing to sell stakes as valuations improve. Last week, DLF, India’s largest listed developer, raised $783 million through a share sale. In April, developer Unitech raised $325 million through a share placement. Still, the new government faces a widened deficit, slowing growth, falling exports and factory output and huge expectations for fresh stimulus to protect their growth and jobs. “The economic scenario has not changed, the political scenario has,” Sarang Wadhawan, managing director of Housing Development & Infrastructure Ltd, said. Source: Home - Livemint.com | 19 May 2009 | 10:08 am Liquidity pressure eases on Tata Motors; S&P retains ratingNew Delhi: Financial pressure on Tata Motors has eased due to improvement in the automobile market and inflow of funds from bookings of its small-car Nano, said global agency Standard and Poor’s while retaining the company’s rating on creditwatch with negative implications. Noting that the company took measures to manage short-term debts, the agency’s credit analyst Manuel Guerena said, “This, along with improvement in the Indian automobile market conditions in 2009, has somewhat eased liquidity pressure at Tata Motors”. The agency, however, has continued to keep the long-term corporate debt and unsecured debt of Tata Motors on creditwatch with negative implications (possibility of a downgrade). “There was no change in rating assigned to this company, which is B (plus) and is on credit watch with negative implications,” Guerena said, adding the agency updated its views on Tata Motors beacuse of the $2 billion bridge loan which becomes due for repayment on 2 June this year. The rating B (plus) suggests that adverse business, financial and economic conditions can impair the ability of the company to meet its financial commitments. Referring to its communications with Tata Motors, Standard and Poor’s said, “We continue to expect the company to be able to successfully complete its bridge facility refinance before the 2 June 2009, due date”. To acquire the UK-based Jaguar and Land Rover (JLR), Tata Motors had taken a bridge loan of $3 billion, of which it paid $1 billion through proceeds from a rights issue and disinvestments in October 2008 and another $126 million recently through a voluntary prepayment option. For refinancing the remaining of the loan, the rating agency said, the company would raise funds through rupee bonds with maturities up to seven years and roll-over the balance amount with loans with maturities up to December 2010. “The company (Tata Motors) said it is close to completion on both the plans,” it added. On future fund requirements of JLR, S&P said, the company was in discussions with the UK government for providing guarantees to loans of £340 million sanctioned by the European Investment Bank as well as additional loans from other commercial banks. JLR, it added, was seeking funds to develop new and more fuel-efficient cars for improving its medium to long-term competitive position. Standard and Poor’s also indicated that Tata Motors could be removed from the creditwatch list after the completion of the bridge loan refinancing; review of its debt structure and liquidity position; and further clarity on JLR’s operating and financial performance and also expectations. “The company’s ability to adjust its operations to maintain adequate liquidity will be a key component of our review given the continuing weak markets,” it said. As regards rupee resources, it added, Tata Motors took a host of measures to manage its “significant” short-term debt of Rs19,200 crore. The steps taken by the company include raising Rs2,200 crore of public deposits, securitization of Rs1,800 crore of receivables and Rs2,500 crore through booking of its recently-launched Nano. These initiatives, along with some improvement in the automobile market, the rating agency added, have eased liquidity pressure on Tata Motors. Source: Home - Livemint.com | 19 May 2009 | 10:06 am Govt gives NTPC ultimatum to sign gas pact with RILThe government has given NTPC Ltd an ultimatum to decide on buying natural gas from Reliance Industries by the weekend, failing which it will cancel its allocation and give the fuel to other power producers.Source: India Business News | Business News - Times of India | 19 May 2009 | 10:04 am Mahindra's workers resume work at Igatpuri plantAuto major Mahindra and Mahindra (M and amp;M) Tuesday said its employees have withdrawn their tools-down strike at its plant near Maharashtra's Nashik town.Source: IndiaeNews.com: Business News | 19 May 2009 | 10:01 am A cool dip in Delhi’s swimming poolsWith the heat on, there’s just on best thing you can do. Shed your clothes, slip into a swimsuit, slather on some sunscreen and and take a plunge in the inviting, cool water of a swimming pool.  This week, on the Expat show, we tell you about some of the best swimming pools available in Delhi. Source: LatestNews-Home - Livemint.com | 19 May 2009 | 9:53 am Markets in consolidation modeIndian equities markets were in consolidation mode about an hour before close Tuesday, with a key index slipping from the day's highs to hold about 111 points above its last closing figure.Source: IndiaeNews.com: Business News | 19 May 2009 | 9:34 am Sai Info ties up with BSNL to launch video telephonyIT solutions major Sai Infosystems India Tuesday launched voice-and-video facility on BSNL broadband service in the city.Source: IndiaeNews.com: Business News | 19 May 2009 | 9:33 am Maruti Suzuki plans to export 1.3 lakh units this fiscalIndia's largest car maker Maruti Suzuki, with a turnover of almost Rs.20,500 crore, is hoping to nearly double its exports this fiscal, said a company official here Tuesday.Source: IndiaeNews.com: Business News | 19 May 2009 | 9:32 am Infra, realty see booster shot from new govtMUMBAI (Reuters) - India's realtors see a booster shot for the segment, from renewed home buying and government infrastructure contracts, after the ruling coalition got a near-majority in the general elections over the weekend.Source: Reuters: Money News | 19 May 2009 | 9:30 am Rupee weakens tracking choppy stocksMumbai: The Indian rupee gave up gains of over 1% in afternoon trade on Tuesday as choppy shares failed to provide clarity on direction of fund flows, with likely central bank intervention also adding to the pressure. At 2:43pm, the partially convertible rupee was at Rs47.91/92 per dollar, marginally weaker than its Monday’s close of Rs47.88/90. It rose as high as Rs47.27 in early trade, its strongest since 19 December, at which point it was up 10.4% from its record low of 52.2 in early March. The rupee had surged 3.2% on Monday, its biggest single-day rise since 19 January, 1998, after the ruling coalition won a comfortable victory in national elections, boosting hopes for speedier economic reforms and higher foreign investment. The main stock index trimmed gains to be up about 0.7% after rising over 4% earlier in volatile trade after the euphoria caused by the election win, which had sent the shares surging 17.3 % on Monday. Dealers said the state-run banks were seen buying dollars likely on behalf of the central bank, to prevent a sharp rise in the rupee. Prime Minister Manmohan Singh’s Congress-led coalition eyed possible new allies and needed just 10 seats for a parliamentary majority, rare in a country used to unwieldy coalitions. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were quoting at Rs47.85 and Rs47.8425 respectively, with the total traded volume on the two exchanges at about $1.5 billion. Source: Home - Livemint.com | 19 May 2009 | 9:19 am GE Hitachi inks MoU with L&T to develop nuclear power plantsNew Delhi: Advanced reactors and nuclear services provider GE Hitachi Nuclear Energy will develop nuclear power plants in India in collaboration with engineering and construction company Larsen & Toubro (L&T). the GE Hitachi said on Tuesday. GE Hitachi Nuclear Energy (GEH) has signed a nuclear power plant development agreement with Larsen & Toubro Ltd, GE Hitachi Nuclear Energy said in a statement. Under the agreement, GEH and L&T will plan for the construction and engineering management resources that will be needed to build the proposed Advanced Boiling Water Reactor (ABWR) for nuclear power station, it said. GEH will serve as the technology provider of certain ABWR nuclear island equipment and components, as well as related engineering and technical advisory services. “The agreement with L&T is an important step in gearing up to meet the country’s power needs through nuclear energy,” GE Energy (India, Srilanka & Bangladesh) CEO Kishore Jayaraman said . GEH is in discussions with NPCIL for selecting the site to set up the potential multi-unit ABWR plant. In March 2009, GEH announced an ABWR development agreement with the Nuclear Power Corporation of India (NPCIL), India’s only nuclear utility, operating 17 reactors. Source: LatestNews-Home - Livemint.com | 19 May 2009 | 9:18 am NEW ISSUE-Tamil Nadu utility selling bonds - Reuters India
Source: Google News India - Business | 19 May 2009 | 9:10 am Markets on a see-saw, Sensex up over 318 pointsIt was a see-saw trading session till noon Tuesday at the Indian equities markets, with a key index pulling back into the green after slipping more than 373 points in the morning.Source: IndiaeNews.com: Business News | 19 May 2009 | 9:01 am Spectrum policy, 3G auction on telecom industrys wish listIn response to the Department of Telecoms initiative to map out the agenda for the new Government, the telecom industry has said that spectrum management policy and introduction of third generation and broadband wireless access (BWA) services should be on priority.Source: Moneycontrol Top Headlines | 19 May 2009 | 8:59 am Indiadesigned car likely in 3 years, says MarutiEngineers at the countrys largest carmaker Marutis research and development (RD) centre expect to roll out a fully India conceptualised, designed and developed car within three years, according to Mr I.V. Rao, Managing Executive Officer, Engineering, Maruti Suzuki India Ltd.Source: Moneycontrol Top Headlines | 19 May 2009 | 8:54 am Instant coffee exports brewing strong, says Tata CoffeeTata Coffee expects a rebound in instant coffee exports over the next couple of quarters following a revival in demand from key markets such as Russia and Europe.Source: Moneycontrol Top Headlines | 19 May 2009 | 8:43 am Tata Motors to hike wages for 200910Tata Motors Ltd will give performancelinked wage hikes to its employees in 200910, though the increment will be less than the doubledigit levels in recent years, according to its VicePresident, Mr S.J. Tambe.Source: Moneycontrol Top Headlines | 19 May 2009 | 8:40 am Nokia Siemens knocks on competition panels doorAfter being disqualified from bidding for BSNLs Rs 30,000crore GSM contract, Finnish telecom equipment maker Nokia Siemens Networks Ltd has sought the intervention of the Competition Commission of India on the grounds that the tendering process was not transparent.Source: Moneycontrol Top Headlines | 19 May 2009 | 8:33 am ABN AMRO plans 6,500 job cuts, union saysAmsterdam: Dutch state-controlled bank ABN AMRO plans to cut 6,500 jobs over three years and cut costs 20%, labour union CNV said on Tuesday. A spokesman for the company said he had not seen the CNV statement and could not comment. The Dutch government bought struggling Fortis Bank Nederland last October, including its interests in ABN AMRO. As of late December the state replaced Fortis as a shareholder of the entity that manages the bank. The government’s plan is ultimately to combine Fortis Bank Nederland and ABN AMRO and then sell the newly unified bank. It brought in former Dutch finance minister Gerrit Zalm in to run the new group. It was not immediately clear what percentage of the new group the job cuts would represent. ABN AMRO had 57,000 staff globally at the end of 2008, while Fortis Bank Nederland had just under 10,000 employees. Source: World Business - Livemint.com | 19 May 2009 | 7:44 am Investors may not favour Pharma stocksMumbai: Investors are likely to shed pharmaceutical stocks from their portfolios after brokerages advised bets on cyclical stocks such as industrials instead of defensives after the ruling coalition got a clear election win. Morgan Stanley and CLSA reduced their weightage on pharma stocks, while raising their outlook on financials, industrials and consumer discretionary sectors such as auto. “The growth sectors will be back in fancy as now the government will be looking at spending a lot of money on infrastructure and things like that, said Sarabjit Kour Nangra, vice president research, pharmaceuticals, Angel Broking. Assets will be allocated to high-growth infrastructure sector and for domestic-oriented sectors, she added. The pharmaceutical sector has traditionally been considered a ‘defensive´ sector, with investors taking cover under these stocks when the economy is in turmoil. In 2008, the BSE Healthcare index was the second-best performing index, falling 33%, outclassing the benchmark index’s 52.5% slide. At 11:50am, the healthcare index was down 2.2% at 3,341.24 points, while the benchmark was up 2%. The left-of-centre Congress coalition won a second term after a clear victory over the weekend, bolstering hopes for stability and fast-paced reforms in sectors such as banking, insurance and real estate. “Pharma is going to be a neutral sector. There is nothing much to look forward to, nothing expected (in terms of sops),” said A. Balasubramaniam, chief investment officer at Birla Sun Life Asset Management. “The focus is going to be on interest-rate sensitive sectors like engineering, capital goods, banking and financial services. With changes in FDI (foreign direct investment) rules expected, telecom and media may perform better too,” he added. However, the run-up in the non-pharma sectors is unlikely to last long, said Bino Pathiparampil, vice president at IIFL Capital. As the initial euphoria over the election results settles, pharma may be back in focus, he added. Most Indian drug firms are significant exporters and the rupee’s 3.2% climb, its biggest one-day gain in over a decade, to close at 47.9% the dollar on Monday, and expectations of a further rise is seen hurting earnings. “If the rupee keeps appreciating like this, it will be bad for the industry in terms of revenue,” said Bino Pathiparampil. However, a stronger rupee is seen benefitting companies with forex hedges such as Ranbaxy Laboratories Ltd and Jubilant Organosys, analysts said. Source: Home - Livemint.com | 19 May 2009 | 7:28 am After the storm, markets show volatilityIn volatile trading, the Sensex fell from the day's high and ended with a moderate gain of close to 18 points on profit-booking.Source: Daily News & Analysis: Money News | 19 May 2009 | 7:22 am New software makes iPhones spreadsheet-friendlySan Francisco: US software developer MeLLmo on Tuesday released a free application that turns iPhones into powerful tools for analyzing spreadsheets and reports, enhancing the appeal of Apple mobile devices to businesses. The application, named RoamBi, intuitively imitates the way business reports are read and then presents results in graphics adapted to iPhones touch-screen size and capabilities, said MeLLmo chief executive Santiago Becerra. “We are leading the way in more interactive visual reports that will power people to be more productive and make the iPhone more attractive to business,” Becerra said as he demonstrated RoamBi for AFP in San Francisco. Corporations such as Kraft Foods, Oracle and Genentech have deployed iPhones on a large scale, but those companies are exceptions in a work mobile telephone market dominated by BlackBerry, a device made by Canada-based Research In Motion. “I can’t talk to a vendor today without the iPhone coming up,” said Sean Ryan, a software analyst at the market research and analysis firm International Data Corporation (IDC). “It is ever present in people’s minds and applications like RoamBi could drive more enterprise usage.” Becerra said he and other MeLLmo founders were “mesmerized” by iPhone graphics capabilities and its potential as a revolutionary technology platform. “Mobile phones have been effective at connecting people to people any time or any place, but they have not been successful at connecting people to information,” Becerra said. “Trying to consume information on mobile devices is a painful experience; it’s like trying to read a spreadsheet through a straw. You have the information, but making sense of it is hard.” RoamBi mimics the way readers’ eyes navigate spread sheets or data laden business reports and then summarizes information in interactive pie or bar charts or graphs. Applications such as RoamBi promise to help iPhones make inroads in the business market, but BlackBerry is firmly entrenched with a system built to let companies protect data and manage devices, Ryan said. Analysts say that business leaders are reluctant to adopt iPhones because there is no platform that gives managers technical support for networks of smart phones that their employees are using. Company managers also want tools like those used on Blackberries to regulate smart phone capabilities, such as downloading Internet files, watching videos, and taking photographs. “The BlackBerry did come into the enterprise the way the iPhone has: executives wanted a shiny new toy,” Ryan said. “The iPhone is so fun and compelling that executives want to have it and get it supported on some level.” A RoamBi Publisher that converts spreadsheet data and sends it to iPhones is hosted online as a service. RoamBi is also part of an AppExchange offered by software-as-a-service star Salesforce.com. Basic RoamBi service is free. The year-old company plans to soon offer a premium RoamBi version on a subscription basis and sell a version of the software that can be installed in company servers. Source: Tech News - Livemint.com | 19 May 2009 | 6:33 am Capt Gopinath for legal framework to prevent monopolyAsserting that competition was needed and should be welcomed in the private sector, Capt Gopinath said that, "You must privatise but not monopolise."Source: Daily News & Analysis: Money News | 19 May 2009 | 6:27 am Mamata game to talk to Tatas on Nano...if they wantTrinamool Congress chief Mamata Banerjee is game to talk to the Tatas if they want to speak to her on setting up the Nano plant in Singur, but said the auto major will have to return 400 acres of land acquired from farmers for the project.Source: IndiaeNews.com: Business News | 19 May 2009 | 5:31 am Experts deem GM bankruptcy inevitableDetroit: After 100 years in business and 10 months of frenzied but failed restructuring, General Motors Corp is weeks from the bankruptcy filing experts say will be required to complete the Obama administration’s bid to reshape a fallen icon of American industry. Facing a government-imposed 1 June deadline to restructure, GM is scrambling to slash some $27 billion of bond debt, win sweeping cost concessions from the United Auto Workers union and eliminate almost 1,600 US dealers. But with the clock ticking, experts see it as all but certain GM will follow its smaller rival Chrysler into federal bankruptcy court. “I almost think it is inevitable,” independent auto industry analyst Erich Merkle said. “I don’t know how they are going to escape it.” The battery of problems to have hit GM range from plunging sales and declining share to a line-up that has seen more misses than hits over the past decade and that trails engineering leaders like Toyota Motor Corp and Honda Motor Co in hybrid technology. But GM’s debt-laden balance sheet is the source of its immediate crisis and the reason restructuring experts, analysts and auto executives do not see a way forward that avoids what could be a complicated and contentious bankruptcy. “The only way it is not inevitable is if the government accepts whatever percentage of bondholders have tried to exchange, whether it is 40% or 50% or 60%,” said Peter Kaufman, president and head of restructuring and distressed mergers and acquisitions at the Gordian Group LLC in New York. GM has said that it must have 90% of the $27 billion of bonds participate in the exchange or it will be forced to file for bankruptcy. GM’s offer to its bondholders would give them only a 10% equity stake in a reorganized company. Representatives of a committee representing major bondholders have called that offer unfair given the payout being offered to the UAW. In a sign of how far apart the sides remain, bondholders have sought a majority stake in the new GM, the controlling position in a new and smaller auto company GM has offered to the US Treasury. After extending $15.4 billion to keep GM afloat since the start of the year, the US Treasury would own at least 50 percent of the automaker under GM’s proposed terms. A UAW healthcare trust would hold nearly 40% of GM in return for allowing GM to pay $10 billion - half of its remaining funding obligation - in stock, instead of cash. Chrysler’s case, the sixth-largest US corporate bankruptcy, has been watched from the start by some analysts and administration officials as a dry run for a GM case. Chrysler, which filed for bankruptcy on 30 April, has won court approval to proceed with a rapid sale of most of its assets to a new company led by Italy’s Fiat SpA, paving the way for its emergence in as little as 60 days. GM said last week that it would probably follow suit by looking for an equally quick sale of its best assets, but experts caution that its process could be harder. “GM is a case that is much larger in scale and by virtue of its size it’s more complicated on many different levels,” said Scott Stuart, a partner with Donlin Recano, a claims administrator for bankruptcy cases. “It will be a more traditional reorganization.” Underscoring the divisions between GM and stakeholders, the UAW on Monday repeated its opposition to a GM restructuring plan that includes closing 16 US plants. GM’s announcement last week that it planned to drop more than a quarter of its nearly 6,000 US dealers has also triggered an outcry from some of those independent businesses. Chief Executive Fritz Henderson, who took GM’s top job when his predecessor was fired by the Obama administration’s autos task force, has said it could be possible for GM to complete the bankruptcy process within 60 days. But Chrysler was helped by having Fiat as a buyer waiting on the other side of its reorganization. It is unclear what entity would buy GM’s assets if U.S. officials run its reorganization by the Chrysler play book, analysts said. Chrysler’s major secured lenders agreed to cut their claims on $6.9 billion in debt to 29 cents on the dollar. A similar consensus among GM’s major bondholders is seen as unlikely. GM has warned that its shares could be worth nothing in a bankruptcy filing or less than two cents on the dollar if it presses ahead with an out of court restructuring that would include the issuance of 60 billion new shares. Shares have dropped 94% over the past year but were up more than 8% on Monday to $1.18. Source: World Business - Livemint.com | 19 May 2009 | 5:09 am Markets nose dive on openingThe frenzied rise of the Indian equities markets seemed to have come to an end abruptly minutes after Tuesday's opening bell as a key index plummeted 289 points after opening 475 points higher.Source: IndiaeNews.com: Business News | 19 May 2009 | 5:00 am Telecom industry rings in with directory full of expectationsAllocation of frequency for telecom service providers and new rules for subscribers to switch operators using the same telephone numbers are among the policy initiatives for the sector expected to be on top of the agenda for the new government.Source: IndiaeNews.com: Business News | 19 May 2009 | 4:31 am Buy house, don't rent - message from the housing sectorThe economic slowdown has hit home sales and sent prices plummeting. The flip side: home rents have shot up.Source: IndiaeNews.com: Business News | 19 May 2009 | 4:31 am Rupee up 41 paise against dollar in opening tradeThe Indian rupee on Tuesday opened strong by 41 paise at 47.47 against the US currency, a day after it recorded its highest gain of 152 paise in more than decade, on anticipation of heavy foreign capital inflows as stock market may continue their rally on Tuesday.Source: India Business News | Business News - Times of India | 19 May 2009 | 4:23 am Rupee gains 3% to close at 47.90Mumbai, May 18 The rupee appreciated by three per cent or Rs 1.53 on Monday to 47.90 to the dollar, tracking huge gains in the domestic equity markets.Source: Business Line - Home Page | 19 May 2009 | 12:00 am Nokia Siemens knocks on competition panel’s doorNew Delhi, May 18 After being disqualified from bidding for BSNL’s Rs 30,000-crore GSM contract, Finnish telecom equipment maker Nokia Siemens Networks Ltd has sought the intervention of the Competition Commission of India on the groundsSource: Business Line - Home Page | 19 May 2009 | 12:00 am Nano loans: SBI may account for 50% of total bookingsKolkata, May 18 State Bank of India might account for almost 50 per cent of the total loan bookings made for the small car Nano and is hopeful of disbursing loans worth Rs 900 crore, according to the bank’s Chief General Manager, PersonalSource: Business Line - Home Page | 19 May 2009 | 12:00 am Ministerial berths to be firmed up before weekendNew Delhi, May 18 The Prime Minister, Dr Manmohan Singh, submitted the resignations of his Council of Ministers to the President, Ms Pratibha Patil, on Monday, paving the way for the formation of the newSource: Business Line - Home Page | 19 May 2009 | 12:00 am Dr Reddy’s takes Betapharm hitHyderabad, May 18 Pharma major Dr Reddy’s Laboratories Ltd has posted a net loss of Rs 978 crore in the fourth quarter ended March 31,Source: Business Line - Home Page | 19 May 2009 | 12:00 am Shriram EPC aims for major play in coal gas plantsChennai, May 18 Armed with a technology tie-up with Envirotherm GmbH of Germany, Chennai-based Shriram EPC Ltd aims for a major play in the area of coal gasification. The company begins its innings with a Rs 35-crore order from JindalSource: Business Line - Home Page | 19 May 2009 | 12:00 am Chennai Petroleum (Rs 143.10): BuyWe recommend a buy in the Chennai Petroleum Corporation from a short-term trading perspective. It is evident from the charts of Chennai Petroleum that after recording a 52-week low of Rs 78 on March 12 it changed its trend by moving upward. SinceSource: Business Line - Home Page | 19 May 2009 | 12:00 am MFs declare a ‘non-business day’Mumbai, May 18 Mutual funds have decided to treat Monday as a ‘non-business day’ though the benchmark stock indices gained more than 15 per cent on the day.Source: Business Line - Home Page | 19 May 2009 | 12:00 am Market poll vaults 2,110 pointsMumbai, May 18 It was an unprecedented happening in Indian stock market history; the benchmark indices hit the upper circuit filter for the first time ever on Monday and, as a stunned market watched on, staged a second upsurge to hit the nextSource: Business Line - Home Page | 19 May 2009 | 12:00 am Cement companies add 8 mt capacity in AprilMumbai, May 18 Cement companies have added nearly eight million tonnes (mt) capacity in April, taking the total installed level to 219 mt.Source: Business Line - Home Page | 19 May 2009 | 12:00 am July 3 or 8 likely dates for BudgetThe UPA government is all set to showcase its reforms programme in the 2009-10 Budget early July, it is learnt.Source: Daily News & Analysis: Money News | 18 May 2009 | 9:51 pm After blast-off, chartists say time to book profitAfter the best day ever for the stock market in India, technical analysts are looking at trajectories that have gone off the charts.Source: Daily News & Analysis: Money News | 18 May 2009 | 9:47 pm Coppock signal: Don't be a suckerWe refer to the Coppock indicator, which has stood the test of time and accurately predicted market bottoms for over four decades.Source: Daily News & Analysis: Money News | 18 May 2009 | 9:44 pm Gold imports set to hit record lowsIndia, the largest importer of gold, will possibly see the biggest drop in inbound supplies this year on account of record high prices.Source: Daily News & Analysis: Money News | 18 May 2009 | 9:39 pm Bull run to ensure faster recoveryA bull run in the stock markets will enable companies to raise funds required for their expansion and diversification.Source: India Business News | Business News - Times of India | 18 May 2009 | 7:57 pm Should small investors buy stocks again?Is it time for retail investors to return to equity? Those who saw the value of their stock holdings plunge in the recent past might hesitate.Source: India Business News | Business News - Times of India | 18 May 2009 | 7:46 pm In one minute, India best mkt in world with 48% gain in 09The 2111-point surge pushed the Indian stock market ahead of competition as the best performing market across the world, giving investors an astounding 48% gains in 2009.Source: India Business News | Business News - Times of India | 18 May 2009 | 7:36 pm MFs still cautious, to focus on large-caps onlyThe cash-laden mutual fund industry wants to see more concrete evidence of a rally before taking a more firm call on the fate of the stock markets.Source: India Business News | Business News - Times of India | 18 May 2009 | 7:34 pm Its time to push infra projects, says India IncA stable government at the Centre. Markets rebounding. Suddenly, Corporate India's outlook has turned positive.Source: India Business News | Business News - Times of India | 18 May 2009 | 7:32 pm Another circuit just 6.8% rise awayMarket veterans won't be surprised if the sensex and the nifty hit another upper circuit and trading stops for the second day running.Source: India Business News | Business News - Times of India | 18 May 2009 | 7:32 pm Singh opts for 'continuity'Prime Minister Manmohan Singh has decided that the organising principle in the formation of the council of ministers should be continuity, said senior Congress party leaders.Source: Business Standard | Front Page Headlines | 18 May 2009 | 7:26 pm Sensex greets UPA with 2,111 pt rallyIt was the shortest trading session in the history of Indian stock markets, lasting a little over a minute and generating wealth of Rs 5,66,881 crore for investors.Source: Business Standard | Front Page Headlines | 18 May 2009 | 7:25 pm Yields drop to two-week low on rate cut speculationExpectations of further reduction in interest rates saw the yield on 10-year government securities drop to their lowest level in nearly two weeks.Source: Business Standard | Front Page Headlines | 18 May 2009 | 7:20 pm Rupee sees biggest day rise since 1986Gains on expectation of large FII inflows, further rise likely.Source: Business Standard | Front Page Headlines | 18 May 2009 | 7:18 pm Currency and commodity futures surge, rupee appreciatesFor the first time after last Augusts launch, currency derivatives volumes have scored over volumes in equity derivatives. Not only that, currency futures volumes were at a record high, with over a million contracts traded on NSE and over eight lakh contracts traded on MCX-SX, too.Source: Business Standard | Front Page Headlines | 18 May 2009 | 6:38 pm India Inc calls for disinvestment, cheaper housingAdi Godrej, Chairman, Godrej Industries, said disinvestment will be back on the new government\'s agenda. He sees a huge opportunity for the government to push affordable housing. Arun Bharatram, Chairman, SRF, said the new government should spell out its programme for the infrastructure space, get banks to lend more, and focus on education.Source: Moneycontrol Top Headlines | 18 May 2009 | 4:46 pm Christie's art storage facility to benefit Indian collectorsIndian art collectors, who source their works from Christie's sales of South Asian art in Singapore and Hong Kong, will soon have a special facility to store their consignment in Singapore before shipment, the auction house said Monday.Source: IndiaeNews.com: Business News | 18 May 2009 | 2:32 pm
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