|
|
|
|
Steel prices have steadied, demand picking up: Jindal SteelSushil K Maroo, Director Finance, Jindal Steel Power, said steel prices have more or less stabilized as steel demand as picking up. Steel demand in India has picked up in the last three months time. This is because of the liquidity availability, Maroo said.Source: Moneycontrol Top Headlines | 21 May 2009 | 4:13 pm Forbes launches in India in collaboration with Network18Forbes, the international business magazine, launches in India today. Steve Forbes, the magazine\'s EditorinChief, said he was excited to be in India, especially after the general elections. I would like to say that we timed this just precisely for the [election] uptick, he said.Source: Moneycontrol Top Headlines | 21 May 2009 | 3:40 pm Education needs more IT, content infrastructure: EveronnTalking on the issue, P Kishore, Managing Director of Everonn Systems India, said that the education sector is a key growth area for Everonn and all other education companies. Kishore added that the education infrastructure is very poor in our country and we require more IT and content infrastructure.Source: Moneycontrol Top Headlines | 21 May 2009 | 3:26 pm See order book at Rs 9000cr in 6 months: Patel EnggRupen Patel, MD, Patel Engineering expects a huge fillip in irrigation. Our expectations are very buoyant because the UPA government is a government that is focused on irrigation, he said. He sees a lot of orders coming in from both the power and irrigation sector. He anticipates the order book to touch Rs 9,000 crore in next six months.Source: Moneycontrol Top Headlines | 21 May 2009 | 2:51 pm Insurance bill will address listing issue: Shikha SharmaSB Mathur, Secretary General of Life Insurance Council (LIC) said Life Insurance Corporation of India cannot be listed unless the law is amended. However, he said, We can expect public sector undertaking (PSU) general insurance companies to list soon.Source: Moneycontrol Top Headlines | 21 May 2009 | 2:00 pm Mexican economy shrinks 8.2% in Q1!Mexico`s gross domestic product fell 8.2 percent during the first quarter compared with the same period last year, the country`s statistics agency INEGI has said.Source: Zee News : Business | 21 May 2009 | 12:19 pm Gold hits 8-week high as dollar extends losses!Gold rose for the third straight day to hit a new eight-week high above $942 per ounce on Thursday, buoyed by firmness in oil prices and the dollar`s recent slide to its lowest level in nearly five months.Source: Zee News : Business | 21 May 2009 | 12:19 pm Google dropped idea of buying newspaper: CEO!Google considered buying a newspaper but dropped the idea, the head of the Internet search giant said in an interview with the Financial Times.Source: Zee News : Business | 21 May 2009 | 12:19 pm Singapore`s economy contracts 10.1 percent !Singapore`s export-reliant economy contracted 10.1 percent in the first quarter of 2009 compared to a year ago and could shrink by 6 to 9 percent for the whole year, the government said Thursday.Source: Zee News : Business | 21 May 2009 | 12:19 pm Sensex down 132 pts on profit-taking!The Bombay Stock Exchange benchmark Sensex Thursday fell by 132 points in opening trade as funds and investors indulged in booking profits on weak global cues.Source: Zee News : Business | 21 May 2009 | 12:19 pm US economy improves but banks need funds: Greenspan!Ex-Fed Reserve Chairman Alan Greenspan said the U.S. economy and financial markets had improved but warned that banks faced a capital shortfall, which could stall lending and obstruct a recovery, Bloomberg reported on Thursday.Source: Zee News : Business | 21 May 2009 | 12:19 pm See 50% fall in fertiliser subsidy in FY10: SourcesThe Fertiliser Ministry expects fertiliser subsidy to be lower by 50% in FY10 on account of lower input prices. The Fertiliser Ministry said there are no divestment candidates in fertiliser space.Source: Moneycontrol Top Headlines | 21 May 2009 | 12:16 pm ONGC confident of oil reforms with new political setupNews reports yesterday said the Oil Ministry is now seriously considering a free pricing regime for oil instead of the existing subsidy regime. RS Sharma, chairman of Oil and Gas Corporation (ONGC), in an interview to CNBCTV18, said that price deregulation may now come through after the UPA, sans Left, came to power.Source: Moneycontrol Top Headlines | 21 May 2009 | 12:15 pm Indian steel demand to grow at 67% in FY10: Tata SteelB Muthuraman, Managing Director of Tata Steel feels that the demand for steel in 2009 will be down by 15% compared to 2008. He expects the Indian steel demand to grow at 67% in FY10.Source: Moneycontrol Top Headlines | 21 May 2009 | 11:13 am Low sales drag Bajaj Auto's Q4 consolidated profit down by 50% - Livemint
Source: Google News India - Business | 21 May 2009 | 11:08 am Bajaj Auto Q4 net dips 50% at Rs 69 cr, declares 220% dividendHit by falling two-wheeler sales, Bajaj Auto reported a 49.79 per cent decline in its consolidated net profit at Rs 69.14 crore for the fourth quarter.Source: Daily News & Analysis: Money News | 21 May 2009 | 11:08 am Mphasis soars 4% on three-fold jump in profit - Business Standard
Source: Google News India - Business | 21 May 2009 | 11:04 am After Infosys, Wipro drops Satyam from rival listAll the three Indian IT firms, Infosys, Wipro and Satyam are listed in the US -- Infosys on Nasdaq and the rest two on the New York Stock Exchange.Source: Daily News & Analysis: Money News | 21 May 2009 | 11:02 am India-origin Rashmi Sinha among America's attractive CEOsSpotted for their "good looks and savvy business acumen", India-origin Rashmi Sinha, who is heading the slide sharing website SlideShare, has been named among America's 10 sexiest CEOs.Source: Daily News & Analysis: Money News | 21 May 2009 | 10:57 am Telecom company's ZooZoo ad wins PETA awardVodafone has won PETA (People for Ethical Treatment for Animals) India's first Glitter Box awards for its popular 'ZooZoo' advertisement.Source: India Business News | Business News - Times of India | 21 May 2009 | 10:48 am Parsvnath says to invest 1.35 bln in IT parkNEW DELHI (Reuters) - Parsvnath Developers Ltd on Thursday said it would invest 1.35 billion rupees in building an information technology park, which is expected to be operational in three years' time.Source: Reuters: Money News | 21 May 2009 | 10:46 am After Infy, Wipro drops Satyam from rival listNew York: Scam-hit Satyam seems to be losing its status as a noteworthy rival for the top Indian IT firms, as Wipro has become the second major player in this space after Infosys to drop its name from the list of competitors. Satyam used to be a regular in the list of competitors mentioned by its larger peers like Infosys and Wipro in their annual report filings with the US market regulator Securities and Exchange Commission.  All the three Indian IT firms, Infosys, Wipro and Satyam are listed in the US -- Infosys on Nasdaq and the rest two on the New York Stock Exchange. Before it was hit by the country’s biggest-ever fraud admitted to by its founder and then chairman Ramalinga Raju in January, Satyam was known as the fourth-biggest software exporter from the country after TCS, Infosys and Wipro. Satyam Computer has already embarked upon a revival path after its government-appointed board finalised a deal to sell controlling stake of 51% in the company to domestic conglomerate Mahindra Group. Satyam is said to have retained a large number of its clients, although some of them have reportedly cancelled or not renewed their contracts with the Indian IT firm. In its latest annual report filing with SEC, Wipro has said that “the market for IT services is highly competitive and rapidly changing. Our competitors in this market include consulting firms, big four accounting firms, global IT services companies, such as Accenture, IBM Global Services and India based IT services companies such as Cognizant, Infosys and Tata Consultancy Services.” Untill last year, Wipro has also been mentioning the name of Satyam Computer Services among its competitors. In its annual report filing for the financial year ended 31 March 2008, Wipro had named Accenture, EDS, IBM, Cognizant, Infosys, Satyam and TCS as its competitors. Besides, Satyam was named also in the annual reports for fiscal years 2006-07, 2005-06 and 2004-05. In its annual report filings till 2007-08, Infosys had also been saying that it operates in “a highly competitive and rapidly changing market”, while listing out among its rivals the names of Indian IT service providers such as TCS, Wipro, Satyam, HCL Technologies, BPO firms like Genpact and WNS as also global players like IBM, HP, Cap Gemini, Oracle and SAP. However, in its latest annual filing for 2008-09, Infosys has dropped the names Satyam as well as HCL. The other names and factors about competition in Infosys’ latest annual filing have remained broadly unchanged from the previous year. Infosys has said that it competes with “consulting firms such as Accenture Limited, Atos Origin, BearingPoint Inc, Cap Gemini SA, and Deloitte Consulting LLP.” Besides, it also competes with divisions of large global technology firms such as HP and IBM, IT outsourcing firms such as Computer Sciences Corp, Keane, Logica and Perot Systems; offshore technology services firms such as Cognizant, Tata Consultancy Services and Wipro Technologies Limited. Other companies named as its competitors include “software firms such as Oracle Corporation and SAP AG; business process outsourcing firms such as Genpact Limited and WNS Global Services; and in-house IT departments of large corporations.” However, Wipro and Infosys have not clarified the reasons for Satyam’s omission from among their competitors. About competition, Wipro said that its “competitors are located internationally as well as in India. We expect that competition will further increase and will potentially include companies from other countries that have lower personnel costs than those currently in India.” “We believe we compete favourably with respect to each of these factors and believe our success has been driven by quality leadership, our ability to create client loyalty and our expertise in targeted select markets,” it added. Source: Home - Livemint.com | 21 May 2009 | 10:41 am Low sales drag Bajaj Auto’s Q4 consolidated profit down by 50%Mumbai: Hit by slump in two-wheeler sales, Bajaj Auto on Thursday posted a 49.79% decline in its consolidated net profit at Rs69.14 crore for the fourth quarter of the fiscal year ended 31 March 2009. The Pune-based firm, which had a net profit of Rs137.71 crore in the March quarter of FY08, said its two-wheeler volumes were down by 22% during the quarter. Two-wheeler sales during the quarter stood at 375,439 units as against 482,912 units in the corresponding period last year. The consolidated total income declined by 8.61% to Rs1,883.27 crore in the March quarter, from Rs2,060.61 crore in the corresponding period last fiscal, the company said. The board has declared a dividend of 220% at the rate of Rs22 a share for the fiscal year ended 31 March 2009. For FY09 Bajaj Auto posted a consolidated net profit of Rs535.79 crore, down 28.52% from Rs749.58 crore in FY08. Total income of the company dipped 2.51% to Rs8,814.81 crore during FY09, from Rs9,041.31 crore in the year-ago period. Two-wheeler sales during FY09 stood at 19,19,625 units as against 21,61,095 units in the previous fiscal, down 11%. During the year, two-wheeler exports were up 31% to 6,33,463 units and three-wheeler exports were up 2% to 1,39,056 units. On a standalone basis, Bajaj Auto reported a 7.80% growth rate in net profit at Rs130.21 crore. In FY08 it had a net profit of Rs120.79 crore. Commenting on the outlook for the ongoing fiscal, Bajaj Auto managing director Rajiv Bajaj said the company planned to launch two new motorcycles in the value and executive segment, while two new three-wheelers, one each in passenger and cargo segment, are also slated to be introduced. He, however, said flawless and timely execution of product plans and consequent production ramp up could be challenges, while sustainability of exports growth, despite showing signs of revival since April 2009, needed to establish consistency. Source: LatestNews-Home - Livemint.com | 21 May 2009 | 10:40 am Services giant India beats China as low-cost manufacturerIndia, for long considered good for only services, has beaten the 'world's factory' China to become the second cheapest manufacturing destination after Mexico.Source: Daily News & Analysis: Money News | 21 May 2009 | 10:36 am POLL - Rupee seen extending gains by end 2009MUMBAI (Reuters) - The rupee is set to extend its gains in the remainder of 2009 after rising sharply this week following the ruling Congress-led coalition's decisive victory in the elections, a Reuters poll showed.Source: Reuters: Money News | 21 May 2009 | 10:34 am Sensex ends more than 300 points downIndian markets ended sharply lower on Thursday in line with other markets after global economic worries resurfaced to haunt investors.Source: India Business News | Business News - Times of India | 21 May 2009 | 10:30 am Sensex ends near day's low; capital goods, banks down - Economic Times
Source: Google News India - Business | 21 May 2009 | 10:27 am Close: Sensex falls over 300 pts on profit-booking, inflationMumbai: Indian shares fell 2.3% on Thursday, extending losses into a second session, as investors continued taking profits following a 17.5% jump earlier this week. The 30-share BSE index ended down 324.12 points at 13,736.54,, with 24 stocks declining. The 50-share NSE index closed down 59.40 points at 4210.90. Source: Home - Livemint.com | 21 May 2009 | 10:14 am Fund managers optimistic; rushing to emerging markets: surveyNew Delhi: A host of global fund managers are rushing to make the most out of emerging markets, with seven out of every 10 fund managers anticipating an improved world economy over the next 12 months, a Merrill Lynch Survey said. According to the May survey of fund managers by financial services major Merrill Lynch, bullishness in global markets has reached new heights with seven out of 10 investors predicting the world economy would improve in next 12 months. About 220 fund managers, managing a total of $617 billion, participated in the global survey for May conducted by Banc of America SecuritiesMerrill Lynch Research with the help of market research company TNS. Many fund managers are rushing to emerging markets the survey stated, adding that investor optimism on China’s economy is higher than at any point in the past six years. “Investors are finally opening their wallets and reducing cash balances to mid-cycle levels to buy equities, cyclical stocks and risky assets,” Banc of America Securities-Merrill Lynch co-head of international investment strategy Michael Hartnett said. Heightened appetite for equities is concentrated on emerging markets, with 46% investors overweight on emerging market stocks, up from 26% in April, the survey revealed. “However, this rush to take on risk, especially in emerging markets, is reminiscent of bubble-like behavior,” Hartnett added. Bullishness about China’s economy has reached its highest level since the survey began tracking it in 2003. The survey pointed out that 61% of respondents see China’s economy improving against 87% expecting the Chinese economy to weaken in November. Portfolio managers’ optimism is backed by positive expectations on corporate profits and they are putting their money to work, the survey stated. The average cash holdings have fallen to 4.3% in May from 4.9% in April. Source: LatestNews-Home - Livemint.com | 21 May 2009 | 10:09 am BSE Sensex provisionally falls 2.3 pctMUMBAI (Reuters) – The BSE Sensex provisionally fell 2.3 percent on Thursday, extending losses into a second session, as investors continued taking profits following a 17.5 percent jump earlier this week.Source: Reuters: Money News | 21 May 2009 | 10:08 am Inflation up but scope for rate cuts remainNew Delhi: Indian inflation edged up in early May on higher food and metal prices, but analysts said it could turn negative in June and give more freedom to the Reserve Bank of India (RBI) to cut rates for stimulating a slowing economy. The widely-watched wholesale price index rose 0.61% in the 12 months to 9 May, matching analysts’ expectation and higher than 0.48% of the previous week. The data comes after the ruling coalition won a second five-year term in general election. Prime Minister-elect Manmohan Singh is set to be sworn in on Friday, and the new government is expected to announce a budget by the end of June. Jyotinder Kaur, an economist with HDFC Bank, said a rise in food items was the prime reason for inflation picking up but it was still expected to dip below zero, she said. “It is going to be negative possibly by the end of May or the first week of June,” she said. A survey of professional forecasters by the central bank found wholesale price inflation may decline 1.4% in the June quarter, as the statistical effect of an acceleration of prices last year works into the data. The central bank has also said a brief decline in wholesale price index does not mean Asia’s third-largest economy would slip into deflation. It forecast inflation at around 4% by end of March 2010. “The near-normal monsoon forecasts... may lead to a decent harvest, and thus may ease inflationary pressures in primary food articles segment, going forward,” said Yashika Singh, Mumbai-based head of economic analysis at Dun & Bradstreet India. With benign inflation, analysts said monetary policy would continue to focus on boosting economic growth that is estimated to slow to a seven-year low of 6% in 2009-10 fiscal year, from less than 7% of last year. The RBI has cut its lending rate by 425 basis points since October, while the government slashed duties and increased public spending to stimulate the economy hit harder-than-expected by the global slump and falling domestic demand. Analysts said there was little fiscal space for higher spending in the wake of an already-bloated government borrowing plan. Instead, further monetary easing was likely. “I think, the interest rate could come down by another 50 to 75 basis points by March end,” said DK Joshi, principal economist of rating agency Crisil. “The RBI may cut the lending rate by 25 basis points in each of its policy reviews,” he said, referring to the central bank’s quarterly meetings coming up in July, October and January. Bond yields and the rupee did not react to the data. The benchmark stock index was choppy as investors took profits for a second day, after it soared 17.5% in two days on hopes a new government will push reforms such asset sales and boost foreign investment. Source: Home - Livemint.com | 21 May 2009 | 10:05 am Little to cheer in Mutual funds' April asset surgeMUMBAI (Reuters) - A surge in assets of Mutual funds in April is unlikely to cheer industry players as almost the entire 1.5-trillion-rupee net inflow came into low-margin liquid funds, while flows into profitable stock funds turned negative.Source: Reuters: Money News | 21 May 2009 | 9:58 am TCS sees stability in financial sectorBANGALORE (Reuters) - Tata Consultancy Services Ltd, India's biggest IT outsourcer, is seeing stability in its key financial services sector and expects demand to pick-up this financial year provided economic conditions do not deteriorate.Source: Reuters: Money News | 21 May 2009 | 9:54 am India gold investment turns negative for first timeSingapore: Investors in India, the world’s largest gold consumer, sold 17 tonnes of bullion in the first quarter of 2009, marking its first disinvestment ever, while investment demand plunged more than 70% in Vietnam on import restrictions, industry data showed on Thursday. China, the world’s second-largest consumer, saw demand for investment falling to 16.1 tonnes in the first quarter from 16.7 tonnes in the same period last year, according to the World Gold Council. “In a trend that emerged across much of the non-Western world, retail investors in China chose, on balance, to take profit on holdings of gold bars and coins as prices returned to levels close to $1,000,” the WGC said in a report. But jewellery demand rose 2.9% to 89.1 tonnes in the first quarter because of festive seasons such as Lunar New Year and Valentine’s Day as well as the country’s relatively strong economy despite the global economic downturn Gold powered to an 11-month high above $1,000 an ounce on 20 February, not far from a record of $1,030.80 hit last March, as investors sought a safe haven from turmoil in the financial markets. Gold was at $940.40 an ounce on Thursday, up $3.30 from New York’s notional close. India’s jewellery demand suffered because of high prices and a slowdown in the economy, with consumption falling 52% to 34.7 tonnes in the first quarter of this year. “The first quarter of 2009 was an exceptional one for India as a ‘perfect storm´ of events resulted in the lowest quarterly demand for gold jewellery in at least 20 years, while retail investment demand turned negative for the first time on record.” Profit taking by retail investors led to declines in investment, in addition to mounting stocks of scrap which encouraged wholesalers to export 20 tonnes of gold in the first quarter - the first time India has been an next exporter. India’s gold imports fell 83% in the first quarter as higher prices and deteriorating domestic economic conditions dented consumer demand, the WGC said. In Southeast Asia, investment demand in Vietmam dropped to 10.4 tonnes in the first quarter from 38.5 tonnes at the same period in 2008, when the country was Asia’s second-largest gold investor after India. “I would think the drop is related to the import ban and also steady exports of gold bars, which have taken up much of the business,” said a dealer in Singapore, who deals with Vietnam. “There are still no developments on the proposal to import gold,” he said. Vietnam’s gold traders have sought permission from the central bank to import up to $600 million worth of gold, calling for an end to a year-long ban. Such move would raise demand for dollars to pay for the imports. Vietnam exported $2.3 billion worth of gold in the January-March period, or about 70 tonnes, after the central bank took the unusual step of allowing a number of traders to export the precious metal after domestic prices fell below the world level, dealers said. Source: Home - Livemint.com | 21 May 2009 | 9:50 am See order book at Rs 9000cr in 6 months: Patel Engg - Moneycontrol.com
Source: Google News India - Business | 21 May 2009 | 9:48 am Fossil India plans 350 points of sales by '10-11The company, which ventured into the eyewear and leather accessories market recently, is targeting multi-branded outlets and lifestyle stores.Source: Daily News & Analysis: Money News | 21 May 2009 | 9:47 am FY09 direct tax kitty short of target by over Rs6,000 crNew Delhi: Direct tax collections fell Rs6,000 crore short of the government’s Rs3.45 lakh crore target for fiscal 2008-09, as corporate earnings were badly hit by a slowing economy. This was despite the government lowering the collection target from Rs3.64 lakh crore to Rs3.45 lakh crore to allow for the dent the economic crisis could make on its revenues. Corporate tax, one of the main components of direct taxes, stood at Rs2.13 lakh crore, woefully short of the revised estimates of Rs2.22 lakh crore, while personal income tax beat expectations by ringing in Rs1.24 lakh crore against the target of Rs1.23 lakh crore. “Net direct tax collections during the fiscal 2008-09 stands at Rs3,38,212 crore during 2007-09,” an official release said here on Thursday. The collections were up 8.33% from Rs3,12,202 crore in 2007-08 fiscal, it said. Source: LatestNews-Home - Livemint.com | 21 May 2009 | 9:47 am Skoda launches New LauraSkoda India launched its luxury car the New Laura, which is available in three engines and six variants, priced between Rs 12.67 lakh and Rs 17.15 lakh.Source: Daily News & Analysis: Money News | 21 May 2009 | 9:44 am India better placed than US to tide over economic crisisThe rankings based on 'Stress Test' also takes into account the future scenario along with individual nations' readiness and resilience in a period of global recession.Source: Daily News & Analysis: Money News | 21 May 2009 | 9:42 am Infosys to hire 1,000 fresh employees in USHouston: Indian software firm Infosys plans to hire about 1,000 people in the US in the next 12 to 18 months amid a gloomy job market. In an interview with the local media, Infosys chief executive Kris Gopalakrishnan, who is currently in Seattle for Microsoft’s CEO Summit this week, said that the company plans to add more than 100 new employees as part of a big US expansion in anticipation of growth resuming in 2010. Altogether, Infosys plans to hire about 1,000 people across the US over the next 12 to 18 months, he said. Already, 14,000 of the company’s 1,04,000 employees are based in the US. “We believe business will be there if we add capabilities, more services and solutions to our portfolio and increase the business volume with the existing customers -- that’s how we see growth coming to our business,” Gopalakrishnan said. Regarding the recovery in the Indian economy, he said that it is in, “Very early stages.” Gopalakrishna said, “I hope it is sustained and picks up. The difference with the US is in the US it has gone from 2-3% in GDP growth to approximately zero, about a 3% decline. “India has also declined 3% -- it’s gone from 8 to 9% growth to 5% to 6%. On the positive side it’s still 5 to 6% growth, but the decline is similar, actually.” Hoping the gathered executives will have insights into what fundamental changes will result from the downturn, so they can distinguish between the greed that marked the financial meltdown and innovations that were happening, he said. “If you look at the Internet boom, everybody jumped in, many of those companies got funded, lots of money was poured in,” he said. “Of course many of those companies failed, lots of money was lost but some good things happened -- some companies emerged very strong, became the leaders in that space...” Gopalakrishnan clearly sees the dangers in industry consolidation and in changes in the nature of outsourcing, with more businesses taking the same tack as they have with their internal IT organisations by looking at business process applicability rather than discrete technical capability. Infosys seems well-oriented to adapt to this new world since Gopalakrishnan identifies their value proposition as a strong knowledge of customer businesses. Source: Home - Livemint.com | 21 May 2009 | 9:41 am Infosys to hire 1,000 fresh employees in USHouston: Indian software firm Infosys plans to hire about 1,000 people in the US in the next 12 to 18 months amid a gloomy job market. In an interview with the local media, Infosys chief executive Kris Gopalakrishnan, who is currently in Seattle for Microsoft’s CEO Summit this week, said that the company plans to add more than 100 new employees as part of a big US expansion in anticipation of growth resuming in 2010. Altogether, Infosys plans to hire about 1,000 people across the US over the next 12 to 18 months, he said. Already, 14,000 of the company’s 1,04,000 employees are based in the US. “We believe business will be there if we add capabilities, more services and solutions to our portfolio and increase the business volume with the existing customers -- that’s how we see growth coming to our business,” Gopalakrishnan said. Regarding the recovery in the Indian economy, he said that it is in, “Very early stages.” Gopalakrishna said, “I hope it is sustained and picks up. The difference with the US is in the US it has gone from 2-3% in GDP growth to approximately zero, about a 3% decline. “India has also declined 3% -- it’s gone from 8 to 9% growth to 5% to 6%. On the positive side it’s still 5 to 6% growth, but the decline is similar, actually.” Hoping the gathered executives will have insights into what fundamental changes will result from the downturn, so they can distinguish between the greed that marked the financial meltdown and innovations that were happening, he said. “If you look at the Internet boom, everybody jumped in, many of those companies got funded, lots of money was poured in,” he said. “Of course many of those companies failed, lots of money was lost but some good things happened -- some companies emerged very strong, became the leaders in that space...” Gopalakrishnan clearly sees the dangers in industry consolidation and in changes in the nature of outsourcing, with more businesses taking the same tack as they have with their internal IT organisations by looking at business process applicability rather than discrete technical capability. Infosys seems well-oriented to adapt to this new world since Gopalakrishnan identifies their value proposition as a strong knowledge of customer businesses. Source: World Business - Livemint.com | 21 May 2009 | 9:41 am Infosys to hire 1,000 in USIndian software firm Infosys plans to hire about 1,000 people in the US in the next 12 to 18 months amid a gloomy job market.Source: Daily News & Analysis: Money News | 21 May 2009 | 9:40 am India gold investment turns negative for first timeSINGAPOR (Reuters) - Investors in India, the world's largest gold consumer, sold 17 tonnes of bullion in the first quarter of 2009, marking its first disinvestment ever, while investment demand plunged more than 70 percent in Vietnam on import restrictions, industry data showed on Thursday.Source: Reuters: Money News | 21 May 2009 | 9:39 am Berth pangs trouble ManmohanNew Delhi: Prime Minister Manmohan Singh on Thursday deferred a meeting with President Pratibha Patil as pulls and pressures continued on government formation with Trinamool Congress and Dravida Munnettra Kazhagam (DMK) , two major pre-poll constituents of the United Progressive Alliance (UPA), demanding plum portfolios and more ministries. With Singh set to be sworn in on Friday for the second term, Congress negotiators led by senior leader Pranab Mukherjee are grappling with the issue. A meeting slated Thursday morning between Singh and the President on government formation was deferred apparently because the list of the council of ministers was yet to be finalized. Indications are that Mukherjee is likely to get finance portfolio while P Chidambaram and AK Antony are expected to retain home and defence respectively. Among the probable names doing rounds for some of the key ministries are Kapil Sibal for human resource development replacing Arjun Singh, who is likely to be accommodated in a gubernatorial post. Salman Khurshid is likely to get minority affairs ministry, held by AR Antulay, who was defeated in the elections. A tussle is reportedly on wresting the railway ministry, held by Rashtriya Janata Dal (RJD) chief Lalu Prasad who is unlikely to find a berth in Manmohan Singh’s second innings. Trinamool Congress chief Mamata Banerjee is eyeing the railway portfolio as also the DMK. The name of Kamal Nath is being mentioned for the external affairs portfolio. Reports had it that the DMK is seeking as many as nine ministerial berths in the new Union cabinet while Trinamool Congress is insisting on getting one minister more than what the DMK is given. Hard bargaining for ministerial berths among the constituents of the UPA continued amidst indications that those who are not part of the pre-poll alliance may be kept out of the new government to be formed on Friday. DMK is said to be keen on five cabinet berths and four ministers of state slots. It is said to be eyeing the health, telecom, power, surface transport and railways ministries. It wants ministries to be given for debutant MPs Azhagiri and Kanimozhi, children of Karunanidhi, Dayanidhi Maran and A Raja and also for new entrants TK Elangovan, Helen Davidson and Jagatrakshakan, a third-term MP. Besides Banerjee, probable names in Trinamool Congress include Dinesh Trivedi, Sudip Bandhopadhyay, Sultan Ahmed and Mukul Roy. The names of Sushilkumar Shinde and V Kishore Chandra Deo are doing the rounds for the post of the Speaker. Names of some new entrants in the Lok Sabha like Mallikarjun Kharge (Karnataka) and Manicka Tagore (Tamil Nadu) are also doing the rounds for induction in the ministry. Other Congress probables include those comprising the ‘young brigade’ of Milind Deora, Sachin Pilot, Naveen Jindal, Jyotiraditya Scindia and Jitin Prasada. UPA sources said the formula being mentioned for allocation would be one Cabinet and one MoS for seven MPs. Source: Home - Livemint.com | 21 May 2009 | 9:39 am FII investment crosses $3 billion-mark in 2009New Delhi: Foreign Institutional Investors (FIIs) inflow into the Indian stock markets has crossed the $3 billion mark (over Rs15,725 crore) so far this year, with as much as $2 billion coming in just five trading sessions. As per the latest data available with the Securities and Exchange Board of India (Sebi), FIIs made net purchases worth $3.2 billion or over Rs15,725 crore so far in 2009, with the stock market seeing major investments in the past three weeks. On Tuesday alone, FIIs put in as much as Rs5,044.8 crore ($1.06 billion) in the domestic share markets, the Sebi data shows. “Since several past weeks, overseas fund houses are making investments in the many emerging markets and India is the part of that investment,” brokerage firm Sharekhan’s research head Gaurav Dua said from Mumbai. Since last week, FII inflows increased significantly with net investments of Rs4,085 crore on 14 May, followed by 1,000 crore on 18 May, Rs53 crore on 19 May and again a huge Rs5,044 crore on 20 May. However, during the period, the markets also witnessed sale of shares worth Rs345 crore by the overseas investors, the Sebi data shows. Since the beginning of new fiscal year, FIIs have started putting money in domestic stocks, including blue-chips. In May alone, FIIs made gross purchases of equities worth Rs44,705.2 crore and sold shares of Rs29,336.1 crore, resulting in a net investment of Rs15,368.80 crore ($3.1 billion). 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 during the last week of April. The Sensex has gained over 45% so far this year to touch 14,302 points, the highest level in the past seven months. A day after the Sonia Gandhi-led Congress party emerged as the single largest political party in the Lok Sabha, the benchmark index of the BSE witnessed the highest ever single-day gain of nearly 2,100 points to cross the 14,000 level on 18 May, also the first time in 2009. On the same day, trading was halted at the BSE and NSE twice as, for the first time in the history of the Indian stock markets, the benchmark indices hit the upper circuit, that too within some seconds of trade. Further, the country’s leading bourse, National Stock Exchange, witnessed the highest-ever trading volume in a single day, while the number of trades crossed the one-crore mark. The number of trades at the NSE witnessed a record 1.12 crore trades, data available on the NSE shows. Moreover, it saw a record daily turnover in terms of value at Rs40,151.91 crore and a record traded quantity of 19,225 lakh shares. 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. 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. Source: LatestNews-Home - Livemint.com | 21 May 2009 | 9:37 am Lenovo Q4 loss widens on low demandHong Kong: PC maker Lenovo Group Ltd on Thursday posted its second consecutive quarterly net loss as restructuring costs weighed on earnings and demand for technology goods fell due to the deepening global recession. Lenovo, the world’s No.4 personal computer maker, reported a loss of $264 million for its fiscal fourth quarter through March, following a $96.7 million loss for the October-December 2008 quarter. The latest result reversed a year-earlier profit of $140.4 million. The loss exceeded the average forecast quarterly net loss of $186 million by five analysts polled by Reuters. For the full year to March, it posted a net loss of $226.4 million, compared with a consensus forecast of a $149 million loss by the five analysts. Lenovo lost some global market share during the year to rivals Dell Inc, Hewlett Packard Co and Acer, but continued to expand its dominance in China with growth in market share to 30% from 28%. Shares in Lenovo fell 3.9% to close at HK$2.99 on Thursday ahead of the results announcement. The stock lost 70% of its value in calendar 2008 to HK$2.11, underperforming the 48% fall in Hong Kong’s benchmark index. Source: Home - Livemint.com | 21 May 2009 | 9:28 am Wal-Mart set to open its first Indian wholesale outletWal-Mart, the world's largest retailer, is set to open its first wholesale or cash-and-carry store in India next week and has chosen Amritsar as the location to kick-start the venture, company officials said.Source: India Business News | Business News - Times of India | 21 May 2009 | 9:26 am Inflation up but scope for rate cuts remainNEW DELHI (Reuters) - Indian inflation edged up in early May on higher food and metal prices, but analysts said it could turn negative in June and give more freedom to the central bank to cut rates for stimulating a slowing economy.Source: Reuters: Money News | 21 May 2009 | 9:25 am India's Inflation Rising Steadily - Wall Street Journal
Source: Google News India - Business | 21 May 2009 | 9:16 am European shares hit by US, UK economic worryLondon: European shares fell early on Thursday to snap a five-day winning run after the United States deflated hopes of an early economic recovery by cutting growth forecasts and Standard & Poor’s cut its outlook on the United Kingdom. At 2:16am, the FTSEurofirst 300 index of top European shares was down 1.9% at 859.28 points. The benchmark has rallied 33% from a lifetime low hit on 9 March. On Wednesday, the United States cut its forecasts for the next three years, forecasting sharper shrinkage of the economy this year than it did in January. “There are concerns finally coming through about where the underlying growth is going to come from,” said Justin Urquhart Stewart, investment director at Seven Investment Management. “We need a growing level of demand. There’s a certain amount of restocking happening, and unfortunately the market has been taking that as a sign of a recovery, which it is not,” he said. Adding to investor nerves, Standard & Poor’s cut its outlook on the United Kingdom to negative from stable, saying the country’s debt burden may approach 100% of gross domestic product and stay at that level in the medium term. Miners were broadly weaker, with BHP Billiton, Rio Tinto and Anglo American down 1.6-5.6% as copper fell 2.2%, while heavyweight oil shares BP, Shell and Total lost 1.5-2% as oil took a breather below $62 a barrel. Steelmaker ArcelorMittal was a prominent faller, losing 4.9% after Moody’s cut its rating to the lowest investment grade, citing concerns over the effect weak steel markets will have on the company’s credit profile. Across Europe, Britain’s FTSE was down 2.4%, Germany’s DAX down 1.8% and France’s CAC down 1.8%. Mixed data European shares fell 45% in 2008, punctured by a credit market crisis that forced governments to bail out banks and tipped major economies into recession. Since 9 March, however, shares have risen sharply, driven by hopes that the downturn will not be as deep and prolonged as originally feared. Banks and commodity stocks led the recovery, and many big company results beat forecasts, though analysts have been cutting estimates ahead of the announcements. Macro data has been broadly stronger, and on Thursday, surveys showed that the euro zone’s services and manufacturing sectors contracted less than expected in May as firms saw the pace of decline in new orders ease However, markets focused on the US figures and the S&P outlook cut for the United Kingdom. Source: LatestNews-Home - Livemint.com | 21 May 2009 | 9:03 am Sensex slips further into redA key index of the Indian equities markets was down 220 points from its last closing figure about 90 minutes before closing bell Thursday - after buying by foreign investors had helped it climb back into the green earlier.Source: IndiaeNews.com: Business News | 21 May 2009 | 9:01 am Sistema Shyam launches CDMA services in KolkataTelecom operator Sistema Shyam Teleservices, a joint venture between Russia's Sistema and India's Shyam group, Thursday launched its CDMA services for the West Bengal circle, and said it would invest $150 million in this telecom service area over the next four years.Source: IndiaeNews.com: Business News | 21 May 2009 | 9:01 am India remains important platform: VodafoneIndian businesses are brimming with hope from the new UPA government and it seems that global giants are giving the election outcome thumbs up as well. Vodafone CEO Vittorio Colao has given a green signal for stability for long term investment in India. He added, \"India is going to be a very important platform for us.\"Source: Moneycontrol Top Headlines | 21 May 2009 | 8:54 am India better placed than US to tide over economic crisisIndia has been ranked at the 13th position among 57 countries for being better equipped to tide over the crisis and emerge more competitive in near term.Source: India Business News | Business News - Times of India | 21 May 2009 | 8:51 am Notes from Cannes: Penelope Cruz enchants in Almodovar film and on Red carpetWe were headed to watch Pedro Almodovar’s ’Broken Embraces’, having talked, debated and fought over ’Antichrist’ for all of yesterday and the morning. Was it a good film or a stupid one? I liked it. I mention the movie again because it really has changed the mood of the Cannes crowd. And if you’ve been following my blog posts from Cannes,you know why. Coming to ’Broken Embraces’ now. The plot centres on a woman, married to an old millionaire.  ”Broken Embraces” to my mind was a lukewarm movie, especially considering that it came from the director of ’All About My Mother’ and ’Women on the Verge of a Nervous Breakdown’. The audience didn’t respond enthusiastically at all. But the film is still worth a watch for Penelope Cruz, who plays the lead. She gives the part a tragic, beautiful and enchanting edge. The red carpet performance of the movie was also evocative and powerful: Almodovar and his muse, Penelope, hugged, kissed and pouted for the camera before the screening. It wasn’t a very special day in terms of energy, but I look forward to what’s coming up. The Cannes festival is known to spring surprises in the last few days. I say this while waiting to get into the theatre to watch Quentin Tarantino’s new film, ’Inglorious Bastard’. But before that, a quick, personal Top-3...My three favourite movies so far have been: ’Bright Star’ by Jane Campion ’A Prophet’ by Jacque Audiard ’Fish Tank’ by Andre Arnold. Remember them when you order your next round of DVDs. Sunil Doshi is a Mumbai-based producer, film curator, and director of NDTV Lumiere. He is a guest of honour at the Producer’s Network at Festival de Cannes this year Source: LatestNews-Home - Livemint.com | 21 May 2009 | 8:49 am Reliance Comm sees profit improving in April-JuneNEW DELHI (Reuters) - Reliance Communications, India's No. 2 mobile operator, expects its revenue and profit to improve in April-June as it gradually eliminates free voice services offered to new users, a senior official said.Source: Reuters: Money News | 21 May 2009 | 8:48 am Midsession: Sensex drops 2% in choppy tradeNew Delhi: Markets fell more than 2% in afternoon trade on Thursday after turning positive briefly, as investors resumed taking profits following a 17.5% jump earlier this week. At 2:21pm, the 30-share BSE index was down 2% at 13,789 points, with 24 stocks declining and the 50-share NSE index was down 0.9% at 4,233 points. Sectors like realty, consumer durables, oil & gas and metal are in demand whereas the capital goods, auto, banking and IT stocks are witnessing some selling pressure. The 30-share BSE index is now trading below the 14,000 mark and the 50-share NSE Nifty around the 4,300 mark. At 12:36pm, BSE was at 13,994.93 down by 65.73 points while the NSE Nifty was at 4,300.20 up by 29.90 points. Investors may act further cautious as India’s Inflation data for the week ended 9 May has risen to 0.61% compared with 0.48% in the previous week. Source: LatestNews-Home - Livemint.com | 21 May 2009 | 8:48 am India better placed than US to tide over economic crisisNew Delhi: The US may have a few economic lessons to learn from India, with the emerging economy being better rated than the world’s largest economy in terms of their capabilities to tackle the raging financial turmoil. India has been ranked at the 13th position among 57 countries by Switzerland-based International Institute for Management Development (IMD) for being better equipped to tide over the crisis and emerge more competitive in near term. The rankings based on ‘Stress Test´ also takes into account the future scenario along with individual nations’ readiness and resilience in a period of global recession. Denmark has clocked the top position, followed by Singapore, Qatar, Norway and Hong Kong. The US is placed far below at the 28th spot. Moreover, at the 13th place, India is ahead of neighboring China (18th rank) and the world’s second-largest economy, Japan (26). “The Stress Test shows that smaller nations, which are export-oriented, resilient and with stable socio-political environments are better equipped to benefit immediately from the recovery,” IMD World Competitiveness Center director, professor Stephane Garelli said. Going by the rankings, India is better placed than Brazil (22), the UK (34), Russia (51). The ‘Stress Test’ took into account primarily four factors -- economy forecast, government, business, and society -- to rate how better each country can sail through crisis. “Smaller economies are often more fit to adapt and rebound in difficult times... several of these nations have already undergone quite severe financial and real estate crises in the not so distant past and may have been more cautious in their policies,” Garelli said. However, India is way below the US, which is on top in terms of economic competitiveness rankings done by the IMD. India is at the 30th spot, slipping one notch from last year’s 29th. Among the 57 countries, in terms of economic competitiveness, US is followed by Hong Kong, Singapore, Switzerland, Denmark and Sweden. China too is ahead of India ranking 20th, but has dropped from last year’s 17th spot. IMD has prepared the economic competitiveness rankings for 2009, World Competitiveness Yearbook, on the basis of four major factors -- economic performance, government efficiency, business efficiency and infrastructure. Among the other BRIC nations, Brazil and Russia are ranked 40th and 49th, respectively, whereas they were at the 43th and 47th places in 2008. Source: Home - Livemint.com | 21 May 2009 | 8:38 am Axis Bank pact with Motilal Oswal for online tradingAxis Bank on Wednesday announced a strategic alliance with Motilal Oswal Securities Ltd to facilitate online trading for the banks 10 million customers.Source: Moneycontrol Top Headlines | 21 May 2009 | 8:24 am ‘Today you can be top dog, tomorrow you are back to being slumdog’Cape Town: Vikas Swarup may have penned a small novel that swept the globe, winning accolades and turning out an Oscar darling film, but the Indian diplomat to South Africa sees his success as a chance windfall. While the publicity raged around multiple award winning movie “Slumdog Millionaire”, the film interpretation of his novel “Q & A”, Swarup was serving a stint as India’s deputy high commissioner to South Africa. “I never really thought that I could be a writer. It was only when I was posted in London that I first tried my hand at fiction, so I still call myself a diplomat who writes,” said Swarup. In two months before leaving London, with his wife and children already gone, he finished the tale of a 18-year-old waiter from an Indian slum who is accused of cheating when he wins a billion rupees on a quiz show styled after the popular “Who Wants to be a Millionaire”. While many authors agonize over the painful process of pushing out a novel and getting it published, Swarup’s fresh and original narrative showing the triumph of what he calls “the ultimate underdog” eased its way into a cultural phenomenon. “I am a lucky writer. There are writers a million times better than me still trying to find a publisher,” Swarup said in an interview on the sidelines of a literary festival in Franschoek, near Cape Town. “It’s my first draft, it has not been re-written. I found a publisher almost immediately,” he said of his success with “Q & A”. He sees himself more as a storyteller than a writer who “has a way with words”. His story has been translated into 41 languages, a radio play and a stage musical along with audiobooks. During his posting to Pretoria he finished his second book “Six Suspects”, for which film rights have already been sold, and will start work on his third, once he lands in Osaka, where his work takes him next in July. “Six Suspects” is similarly a plot-driven story, with a complex construction and a diverse cast of characters -- including an American, a politician and an island tribesman -- all are suspected of murdering the same man. ‘I am optimistic about India “The idea is to push the boundaries of a murder mystery,” said Swarup of the novel which is already gaining acclaim, despite his battle with second-book syndrome which he claims is even harder after such an explosive debut novel. His third novel is sitting safely in his head until he finds time to write it, but he admits it “will be a conventional novel for a change”, with a linear narrative. The book will be set in a fictional country, as opposed to India. “Slumdog Millionaire” has drawn attention to the poverty in India’s slums, but Swarup says despite being a diplomat he had to be true to himself as a novelist, and he has the full support of his government to write. “I don’t feel defensive at all about what I write because at core I am extremely optimistic about India and that comes through in my novels as well. Yes, they show people struggling with circumstances but also people triumphing.” Since the movie was released, the media has followed the young child stars who come from the slums themselves, regularly reporting on their lives as they returned home after the glitter of the Oscars. Faced with reports about one of the children’s house being razed, Swarup said he feels sad, like any other Indian citizen. But “Slumdog Millionaire is not mine, apart from approving the script. In a sense the people who participated in that film were at a distance form me,” he said. He noted that the children’s lives had “been touched by magic” and would never be the same. “My only wish for them is that they utilise this break in life to get a decent education. They should not just get mesmerised by the glitter of Bollywood and Hollywood. “It takes two minutes, today you can be top dog, tomorrow you are back to being slumdog.” Source: LatestNews-Home - Livemint.com | 21 May 2009 | 8:23 am Credit reform means new era for US college studentsWashington: It’s an end of an era for the thousands of US college students who rely on MasterCard or Visa to get them through tight times. Under a new law awaiting President Barack Obama’s signature, credit card companies will be prohibited from giving cards to people under the age of 21 unless they can prove they have the means to repay the debt or a parent or guardian co-signs for the loan. Congress passed the bill this week, and Obama was expected to sign it into law on Friday. The changes will go into effect in nine months. “The hope is that when they spend, they’ll spend under better terms and there’ll be fewer traps for them,” said Pedro de la Torre, a spokesman for Campus Progress, a progressive group in Washington that tracks issues affecting young people. Congress is hoping to break a vicious cycle: A cardholder falls behind in paying the bill and watches helplessly as the interest rate spikes on the existing balance. Buried in higher rates and late fees, the cardholder spend less, which hurts local businesses. College students are particularly vulnerable. According to Campus Progress, aggressive marketing by the card companies and multimillion-dollar agreements with universities have presented young people with ample opportunities to borrow money they can’t repay. College seniors with credit cards are graduating with an average balance of $4,100, a 41% increase in the past five years, the group says. In addition to curbing the number of young people who can obtain a card, the legislation would set new limits on when and how banks charge fees. “This will allow consumers to make informed choices about how best, and whether, to use a credit card, or to shop around for better terms,” House speaker Nancy Pelosi said after the House passed the bill on Wednesday, 361-64. The Senate approved the bill on Tuesday, 90-5. The banking industry opposes the changes. “Less credit will be available generally, which means some consumers and small businesses will not be able to obtain credit cards at all, particularly younger people and startup small businesses,” said Edward Yingling, president and CEO of the American Bankers Association. Source: LatestNews-Home - Livemint.com | 21 May 2009 | 8:22 am Pepper futures rise on short-covering - Hindu
Source: Google News India - Business | 21 May 2009 | 8:13 am FEATURE - Motor racing-Credit crunch weighs on Monaco GPMONACO (Reuters) - Indian magnate Vijay Mallya refuses to let the global credit crunch cramp his style, even if other high rollers may be keeping a lower profile at this weekend's Monaco Grand Prix.Source: Reuters: Money News | 21 May 2009 | 7:32 am Reliance Power gets nod for hydro projects in Arunachal PradeshReliance Power, an energy generation firm in the Anil Ambani group, has signed pacts with the Arunachal Pradesh government for four hydro-electric power projects in state with a combined capacity of 2,520 MW.Source: IndiaeNews.com: Business News | 21 May 2009 | 7:32 am Crisis-hit export sector has wish list for governmentFacing its worst crisis in over a decade, India's ailing export sector wants the new government to gift it a three-year income tax holiday, with experts pushing for concrete steps to protect some 20 million direct jobs in the industry.Source: IndiaeNews.com: Business News | 21 May 2009 | 7:31 am Markets in consolidation mode, Sensex down 46 pointsIndian equities markets were in consolidation mode a little after noon Thursday, with a key index dipping some 46 points below its last closing figure.Source: IndiaeNews.com: Business News | 21 May 2009 | 7:31 am Swine flu spreads in Asia; Japan has first casesTokyo: As the first cases of swine flu were confirmed in Japan’s capital Tokyo, officials on Thursday broadened their anti-epidemic measures and online prices soared for the antiviral drug Tamiflu, which is normally available only via prescription. New cases also were reported in China and Australia. Two Japanese high school girls, who recently visited New York for a Model United Nations Conference, became Tokyo’s first confirmed cases. Both are believed to have caught the flu while out of the country. “This influenza is becoming widespread within the country, so we’re shifting away from measures to stop it at the border and focusing on domestic countermeasures,” said Health and Welfare minister Yoichi Masuzoe. He urged citizens to remain calm, and said the government’s focus was on seeking a balance between protecting their health and not generating an overreaction. The two cases in Tokyo brought Japan’s total confirmed cases to 267 as of Thursday morning, according to the Health Ministry. Prices soared for Tamiflu online, with drug vendors charging from 7,000 yen to 12,000 yen ($74 to $128) for a box of 10 pills. The pills are normally available with a prescription for about 3,000 yen for 10 pills. Purchasing the pills for private use is legal in Japan, though selling the pills without approval is prohibited. Most infections in the country so far have occurred in the western city of Kobe and nearby Osaka, which is Japan’s second-biggest urban area after Tokyo. The majority have been teenagers, and none are seriously ill. Officials have closed more than 4,000 schools, from kindergartens to universities, in those regions and set up “fever stations” outside hospitals to examine patients who believe they may have contracted the new flu strain. Local governments across the country have set up designated telephone hot lines to answer questions and give health advice about the virus. Warnings are also being broadcast in train stations and other public areas advising residents to seek help if they are suffering from fever or other symptoms. The flu strain also continued to spread elsewhere in Asia. A 21-year-old Canadian has tested positive for swine flu in Beijing, becoming mainland China’s fifth case of the virus, the Health Ministry reported. The man was in stable condition at Beijing’s main infectious disease hospital, the ministry said late on Wednesday. Those who had close contact with him were under medical observation, but none had shown flu symptoms. The man arrived in Beijing on the afternoon of 16 May aboard an Air Canada flight from Toronto and began running a fever the next day, the ministry said. On Tuesday, he checked into a hospital and the next day was transferred to the infectious disease hospital, where he was found to have swine flu. In Australia, health authorities confirmed five new cases over the past two days, bringing the country’s total to six, including two schoolboys whose classes were quarantined as a precaution. Australian Health minister Nicola Roxon said she expected more cases to emerge. The World Health Organization says 41 countries have reported more than 10,000 cases, mostly in the US and Mexico. The organization says 80 deaths have been reported. Source: LatestNews-Home - Livemint.com | 21 May 2009 | 6:57 am India's annual inflation rate rises to 0.61%Higher prices of tea, fruits, vegetables and spices pushed up India's annual rate of inflation to 0.61% for the week ended May 9 from 0.48% the week before, official data on wholesale prices showed on Thursday.Source: India Business News | Business News - Times of India | 21 May 2009 | 6:51 am NSR-controlled Dawnay Day Picks Up 26% Stake in PNB Housing Finance - VC Circle
Source: Google News India - Business | 21 May 2009 | 6:37 am India's annual inflation rate rises to 0.61 percentHigher prices of tea, fruits, vegetables and spices pushed up India's annual rate of inflation to 0.61 percent for the week ended May 9 from 0.48 percent the week before, official data on wholesale prices showed Thursday.Source: IndiaeNews.com: Business News | 21 May 2009 | 6:32 am Aurobindo expands licensing pact with Pfizer - Business Standard
Source: Google News India - Business | 21 May 2009 | 6:16 am Gold futures recover on firm global trendNew Delhi: Snapping a 4-day losing streak, gold prices on Thursday recovered by 0.54% on the Multi Commodity Exchange on fresh buying by speculators influenced by better global trend. Firming trend in Asian region where gold prices traded higher at $938.50 an ounce (28.34 gram) against last close $928 supported the uptrend. Gold for the most active August contract recovered by 0.54% to Rs14,408 per 10 grams at 11:15am on the MCX counters with trading of 228 lots. Similarly, the metal for delivery in June contract gained 0.52% to Rs14,408 per 10 gram in a trading volume of 2,558 lots. Marketmen said fresh buying by speculators amid firming global trend mainly led to recovery in gold prices at the futures market. They said weakening US currency against rupee and surging crude left no other option for speculators but to invest in gold. Some funds shifted from easing equities to bullion was another boosting factor for the gold, they added. Source: Home - Livemint.com | 21 May 2009 | 6:08 am Travellers feel safer carrying plastic money on trips: VisaBusiness and leisure travellers find it safer to carry plastic money compared with thick wads of notes while on a trip, a survey done by Visa said.Source: Daily News & Analysis: Money News | 21 May 2009 | 5:35 am Adani Enterprises to raise Rs 1500 crore - Equity Bulls
Source: Google News India - Business | 21 May 2009 | 5:34 am Rupee opens flat at 47.44/45 vs dollar - Myiris.com
Source: Google News India - Business | 21 May 2009 | 5:32 am Rolls-Royce CEO on India and the GhostNew Delhi: After the Phantom, Rolls Royce introduces the Ghost. (Rejoice all RR lovers!) In this edition of the playcast, we move away from the usual gambit of tech and Internet timepass to talk to Tom Purves, global CEO of RR.  Described as “a Rolls Royce you can drive everyday,” Sidin Vadukut and Samar Srivastave talk to Purves about the roll out of the Ghost which retailed 1,212 cars around the world last year. Purves also explains the Rolls Royce ‘bespoke programme’ which has proved popular with Indian customers. In the show, Purves also talks of how impressed he is with Indian consumers knowledge of RR and the particular nuances of catering to an Indian market. So, Roll baby Roll. Source: Tech News - Livemint.com | 21 May 2009 | 5:27 am Profit booking shaves 320 points off SensexThe euphoria in bourses over a stable UPA government is waning as the benchmark Sensex on BSE declined by hefty over 320 points on Thursday.Source: Daily News & Analysis: Money News | 21 May 2009 | 5:27 am Rupee rises on dollar weaknessMumbai: The Indian rupee on Thursday improved further by 12 paise to Rs47.35 against the US dollar in morning trade as it weakened against other major currencies. The domestic currency also drew support from expectations of heavy capital inflows into the country amid growing optimism about speedy reforms in the financial sector by the new Congress-led UPA government, forex dealers said. In lacklustre activity at the Interbank Foreign Exchange (forex) market, the rupee resumed higher at Rs47.43/45 a dollar from its previous close of Rs47.47/48 a dollar and later touched a high of Rs47.35 before being quoted at Rs47.44/46 a dollar in late morning deals. Forex dealers said dollar’s weakness against major world currencies in overseas market aided the rupee sentiment. They, however, said the rupee is expected to remain under pressure due to likely dollar demand from oil refiners amid negative FII activity in equity on Wednesday. The BSE benchmark Sensex was down 88 points on Thursday morning. Source: Home - Livemint.com | 21 May 2009 | 5:22 am Long haul to recovery for truckmakersNEW DELHI (Reuters) - Indian commercial vehicle makers' path to recovery will be longer than that of the broader economy, with customers and lenders seen returning only after the increased activity has significantly ramped up freight movement.Source: Reuters: Money News | 21 May 2009 | 5:06 am Spot the difference! Spurious products flood AgraDid the bottled water at the railway station here taste a bit different? Did the ice cream leave a bitter taste? Welcome to the city of the Taj Mahal, where according to the police and social activists, spurious products have flooded the market.Source: IndiaeNews.com: Business News | 21 May 2009 | 5:01 am Markets open down on profit takingIndian shares opened down on Thursday as investors took profits after a 17.5% post-election rally earlier this week.Source: India Business News | Business News - Times of India | 21 May 2009 | 4:32 am Day Trading GuideWe notice formation of bearish harami candlestick patterns in DLF and Reliance Capital stock, signalling bearishness. We recommend a sell in these two counters. Initiate fresh short-position ifSource: Business Line - Home Page | 21 May 2009 | 12:00 am NCDEX, MCX re-launch wheat futures from todayMumbai, May 20 National commodity exchanges – NCDEX and MCX – are all set to re-launch futures trading in wheat from Thursday after their proposals were cleared by the commodity market regulator Forward Markets Commission (FMC) onSource: Business Line - Home Page | 21 May 2009 | 12:00 am HCL Tech bags order from MTV NetworksNew Delhi, May 20 HCL Technologies has bagged an outsourcing services contract from MTV Networks (MTVN) in the US, for online media platform development.Source: Business Line - Home Page | 21 May 2009 | 12:00 am ONGC, Oil India bail out refiners with Rs 943-cr subsidyMumbai, May 20 IndianOil, Hindustan Petroleum Corporation and Bharat Petroleum Corporation will end up reporting profits for 2008-09 thanks to a subsidy package of Rs 943 crore for the fourth quarter from ONGC and Oil India made on the directivesSource: Business Line - Home Page | 21 May 2009 | 12:00 am Global investors continue to bet big on goldMumbai, May 20 Fears of inflation and uncertainty in the financial markets continue to drive the global investors’ interest in gold, even as the jewellery and industrial demand for the yellow metal fell sharply in the first quarter of 2009.Source: Business Line - Home Page | 21 May 2009 | 12:00 am Holdings in US Treasuries jump to $38.2 b in MarchBangalore, May 20 India’s holdings of US Treasuries touched a record of $38.2 billion in March despite depletion in the country’s foreign exchangeSource: Business Line - Home Page | 21 May 2009 | 12:00 am Equity mutual funds back on investors’ radarMumbai, May 20 With equities showing buoyancy, a shift in investor interest to equity mutual fund schemes is beginning to show, said fundSource: Business Line - Home Page | 21 May 2009 | 12:00 am Mid- and small-cap stocks shineA third of the total traded stocks on the BSE on Wednesday hit upper circuits. Of the 2,795 stocks traded, 956 hit the ceiling suggesting a broader breadth and upward movement in the mid- and small-cap stocks.Source: Business Line - Home Page | 21 May 2009 | 12:00 am KRBL (Rs 76.40): BuyWe recommend a buy in KRBL from a short-term trading perspective. It is apparent from the charts of KRBL that it was on an intermediate-term downtrend between late July 2008 and early March 2009, from Rs 150 to Rs 42. However, the stock reversedSource: Business Line - Home Page | 21 May 2009 | 12:00 am Invited for second term, Manmohan grapples with portfolio allocationNew Delhi, May 20 Dr Manmohan Singh was on Wednesday invited to be the Prime Minister for a second consecutive term. He will be sworn in on May 22 along with his Council of Ministers.Source: Business Line - Home Page | 21 May 2009 | 12:00 am PNB to divest 26% in hsg finance armPNB reported a 59% jump in its fourth quarter net profit at Rs 865 crore on the back of high interest income.Source: India Business News | Business News - Times of India | 20 May 2009 | 7:34 pm Mutual funds can build your retirement corpusThe jury may still be out on the recently-introduced New Pension Scheme. However, what one cant deny is that it has generated a lot of interest among people about retirement planningespecially among those employed in the private sector without a pension cover for retirement.Source: India Business News | Business News - Times of India | 20 May 2009 | 7:21 pm Tata Motors Raises Rs 4.2k cr via debenture saleAuto Major Tata Motors on Wednesday said it has raised Rs 4,200 crore (about $880 million) in fresh debt for part repayment of its $3 billion bridge loan taken for acquiring Jaguar and Land rover.Source: India Business News | Business News - Times of India | 20 May 2009 | 7:05 pm No stake sale at Teeside plant: IraniTata Steel said that its Teeside factory in England is functioning normally and the company does not plan to sell its stake (in Teeside) to Italy's Marcegaglia and South Korea's Dongkuk.Source: India Business News | Business News - Times of India | 20 May 2009 | 7:05 pm Elections ’09 results bode well for stability, businessLondon: Telecom firm Vodafone Group Plc. wants to enter rural India to improve its penetration. India has been a robust growth market for the mobile phone firm despite low penetration, chief executive Vittorio Colao said in an interview. Edited excerpts:  Industry watch: Vodafone CEO Colao says mobile telephony may be a bit more variable than other sectors but it is intrinsically resilient. Xavier Mikel Laburu / Bloomberg Just to kick off with the numbers, how difficult is this market? Clearly, there is less visibility about the future than in past years. Still, (we) have a very strong ability to forecast our cash production, our ability to reward shareholders and idea of profitability of business. But in terms of revenues in challenging times, (we) prefer to give ranges in terms of achievements and then manage different economies. So when the markets are getting excited about green shoots, from a business point of view, you don’t quite see the same thing? In our business, we can look at three or four things: where people go; do they travel; do they call more people; (are they) more careful with spending. And (I) have to say, (we) haven’t seen a big change, so we have to be cautious and watch signs carefully but be prepared for any scenario. Are you surprised that the mobile market has been affected more by the downturn than some thought? Not sure. We were first basically, last July, in saying we were seeing an impact in some markets. Mobile telephony absolutely needed service, but how much use depends on how the business is going, whether people are hiring. So, in a way, (the industry is) a bit more variable than other sectors but intrinsically resilient, a very needed service for families and enterprises. Some firms like to see greater scale. Are you working on that? We are working on it. When we announced a £1 billion (Rs7,380 crore now) cost reduction programme, we had a target of 50%. Now, we want to exceed 65% but we want to announce things once we are sure of what they are and who (would be) responsible. So, looking at things going faster and going deeper. So, watch this space? Every company has to watch this space. I wouldn’t be surprised if any company would be interested in looking at deep cost reduction optimizations. What about the broadband business? Broadband is going well. One of the areas we always believed in, among the first to invest, has been in wireless broadband. Still, we have 26% growth in many mature countries; and about emerging wireless broadband, we are optimistic. Now, we are adding fixed broadband in many markets. What’s been your outlook on India? In general, two things are important for business—stability, long-term investments. Clear majorities and clear ways to be consistent across legislation—both outcomes there from the elections, so outcome’s good. We see a lot less growth from India. What’s your outlook for Indian business? Penetration today is around 35%. We plan to keep growing at 28%. We are going into rural areas. Penetration will continue to be an important driver of growth. It (India) may have less growth but growth is pretty robust. So it’s a very important platform for us. Are you looking to expand in emerging markets? This year we will probably invest same order of magnitude, assuming profitability of rural areas. So, India is core for investment, and Africa. But core is really delivering in India and markets where we are. And, of course, in Turkey. In the US, you still have stake in Verizon (Communications Inc.). The previous management wondered if you want to own something completely. Are you more relaxed? You used the right word—relaxed. It’s easy to be relaxed when you own 35% of such a good performing company—great cash flow, largest wireless company in the US, very innovative. Yes, (I) am relaxed because this is a very good asset. No pressure from shareholders to do something? We are there, have a big stake, good commercial and technical cooperation and very good partners with Verizon Communications, doing right things for the company that is the leader in the market. What would be your focus for next the 6-12 months? I have three real priorities: First, to keep the ability to reward shareholders and keep cash regeneration at levels we want; second, to make sure we continue to innovate and get air space in this new IP world; and third, customers and brand. Our brand is now ninth in the world and we need to keep continuing to think of customers and brand. cnbctv18@livemint.com Source: World Business - Livemint.com | 20 May 2009 | 7:00 pm Monsoon hits Andamans right on scheduleThe monsoon has set in over the entire Andaman Sea and part of south Bay of Bengal, the first entry point to Indian territorial waters, right on schedule today.Source: Business Standard | Front Page Headlines | 20 May 2009 | 6:59 pm No non-politicians in Cabinet, says SoniaUnited Progressive Alliance (UPA) Chairperson Sonia Gandhi has told party managers that she was in favour of appointing only politicians as Cabinet ministers, since they were accountable to the people during elections, and preferred to keep non-politicians out.Source: Business Standard | Front Page Headlines | 20 May 2009 | 6:58 pm Plan to divest 10% in BSNL may be revivedThe department of telecommunications (DoT) plans to revive the issue of disinvesting government shares in Bharat Sanchar Nigam Ltd (BSNL) once a new minister takes charge.Source: Business Standard | Front Page Headlines | 20 May 2009 | 6:58 pm Liquidity starts seeping back into India IncIf trends over the past few weeks are anything to go by, banks are slowly shedding their aversion to financing new projects and foreign investors are heading back to India.Source: Business Standard | Front Page Headlines | 20 May 2009 | 6:57 pm Slowdown may hit Kerala Smart City project: AchuthanandanKerala Chief Minister V.S. Achuthanandan Wednesday said the global economic slowdown may delay the launch of Kochi's Rs.15 billion Smart City project.Source: IndiaeNews.com: Business News | 20 May 2009 | 6:01 pm Tata says not going ahead with UK plant stake saleMumbai: Tata Steel Ltd will not sell a stake in its Teesside plant to Marcegaglia SpA and Dongkuk Steel Mill Co Ltd, who were part of a consortium that cancelled a major contract to buy the plant’s output, a senior Tata group official said.  Legal issues: The Corus steelworks at Teesside, northern England. Nigel Roddis / Reuters In January, Italian steel maker Marcegaglia and South Korea’s Dongkuk had agreed to buy an 80% stake in the unit, valuing it at an estimated $600 million (Rs2,862 crore). “There is no question of selling the plant to them now,” J.J. Irani, a director of Tata Sons Ltd, the holding company for Tata firms, told reporters on Wednesday. “The operations are still on. It is a legal case so we can’t talk.” Irani also said he expected hot-rolled coil prices to stabilize at $375-400 a tonne, down from current rates of $400-415 a tonne. “We can see this stabilization happening immediately from now...,” he said. “Because Chinese prices have been in that region for almost a year, and China has a lot of influence on the world.” The World Steel Association forecast last month global steel demand would tumble 15% in 2009, its steepest fall since World War II. However, Irani expected Indian steel demand to rise 5-8% this year. While slowing, the Indian economy is still expected to grow around 6% in fiscal 2010. feedback@livemint.com Source: World Business - Livemint.com | 20 May 2009 | 5:46 pm Indian consortium may review options on Iran gas blockNew Delhi: A group of Indian firms may review its plans to develop the Farsi natural gas block in Iran, a country which is facing US economic sanctions. “How can you ignore the US? We have to take a strategic view on the same (development phase) and have asked for a report which will be put up to our board. We have to have a level of comfort,” said an executive of Oil India Ltd, or OIL, who didn’t want to be identified. Iran faces economic sanctions by the US and its allies over its nuclear programme, which the US suspects is aimed at developing nuclear weapons. Tehran, however, maintains its nuclear programme is meant for producing electricity. Besides OIL, ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corp. of India Ltd, and Indian Oil Corp. Ltd (IOC) are members of the consortium. The Farsi block is estimated to have reserves of up to 21.68 trillion cubic feet (tcf), with recoverable reserves of around 12.8tcf. OVL is the operator in the Farsi block with a 40% stake. It had won the bid in 2002. The other stakeholders in the block are IOL and OIL, with 40% and 20% stakes, respectively. “On the investment front, it is fine till the exploration phase but in the development phase, the investment profile goes for a huge jump,” the OIL executive said. Developing the gas field, along with building a liquefied natural gas terminal to transport the gas, will require an investment of $8-9 billion. The investment for exploration and production work will amount to $4 billion. While the Indian consortium does not have ownership rights, they will be paid 15% rate of return on investments they make once they are awarded developmental rights. OVL’s managing director R.S. Butola declined to comment. An IOC executive, who also didn’t want to be named due to the sensitive nature of the issue, said: “Whether one needs to go forward in the wake of US sanctions on Iran needs to be discussed among the partners.” “The consortium is evaluating all possibilities and the concerns are to be considered by all partners,” a person aware of the development said on condition of anonymity. “However, the matter now vests with the Iranian authorities. It is for them to invite the consortium and discuss the contract for the development stage.” A top petroleum and natural gas ministry official denied any US interference. “There is no international politics involved,” the official said, but declined being named. A US embassy spokesperson declined to comment. Source: World Business - Livemint.com | 20 May 2009 | 5:16 pm Market here can help make up for shrinking sales in US, EuropeHyderabad: Japanese camera maker Nikon Corp., that reported global sales of 965 billion yen (Rs47,850 crore) in fiscal 2009, has seen falling sales the past three quarters in the US, Europe and Japan, its largest markets. To make up for the fall, Nikon plans to penetrate more into emerging markets such as India. Hidehiko Tanaka, its managing director in India, said the firm plans to set up a software development unit in the country. Nikon is also keen on setting up semiconductor fabrication units if the government has a clear policy in place, he said. Edited excerpts:  India opportunities: Nikon’s Hidehiko Tanaka (right) says India currently represents only around 1% of the firm’ global sales. Gurinder Osan / AP We are planning to start a software development centre in India in the near future, as this country has a high degree of expertise in that area. As of now, the software development (mainly) happens in Japan, and we also have tie-ups with some Indian software developers. But we are hoping to have our own development centre in India, which will give us better control of our own operations and predictability. (Nikon focuses on embedded software for the digital equipment it sells, as well as on the image editing software it sells with its cameras.) For 2009-2012, Nikon has announced a global R&D spend of 170 billion Yen. Will some of the investment come to India as well? We have been eager to get into the semiconductor space in India, but unfortunately, the country still does not have a clear policy in place. There was a semiconductor fabrication facility planned in Andhra Pradesh, which did not take off. So, if the Indian policymakers get their act together, we are keen to enter the space. (Nikon sells precision equipment used in manufacturing integrated circuits on semiconductor wafers for the digital imaging industry.) How do Nikon’s sales in India compare with its global sales? As a part of our global sales, India currently represents only around 1%. But we believe this market, along with the Chinese, Russian and South American markets, has the potential for compensating for the declining sales we are witnessing in our major markets. Currently, in the DSLR (digital single lens reflex) camera segment, Nikon has a 37% market share (in India). We hope to improve that to 45% by the end of the current financial year. Similarly, in the compact digital camera space, we have a 7% market share, which we plan to raise to 10%. What challenges does Nikon face in expanding in the Indian market? Import costs currently constitute about 25% of unit price, which makes the product that much less accessible. We have been negotiating with the Indian government...to bring down the cost of importing. China, which has a similar market to India, has zero per cent import costs; besides, the cost of transportation and our sales there constitute nearly 10% of our global sales, which we believe is achievable in India as well. If the import costs were brought down to zero, we believe the Indian digital camera market would grow by at least eight to 10 times. What strategies will Nikon adopt to increase sales in India? At present, we have only two DSLR zones—one each in Mumbai and New Delhi—where our entire DSLR range is available. By the end of the year, we will increase the exclusive DSLR zones to 20 across the country. We will also increase the number of distribution outlets to 1,200 from the current 800. Source: World Business - Livemint.com | 20 May 2009 | 4:05 pm Telephone workers strike called off in Delhi, MumbaiSome 8,000 employees of the state-run Mahanagar Telephone Nigam (MTNL), which runs telecom and Internet services in the national capital and Mumbai, Wednesday called off their three-day old agitation after the management agreed to review their demands including wage hikes.Source: IndiaeNews.com: Business News | 20 May 2009 | 3:00 pm Severe power crisis hit Ghaziabad industriesAmid sweltering heat, this city on the outskirts of the capital is reeling under a severe power crisis. A 17 to 19-hour daily power cut has hit, besides the common man, industries which have been ordered to remain shut during night hours.Source: IndiaeNews.com: Business News | 20 May 2009 | 3:00 pm Apple warns of small electrical shocks from iPod, iPhoneNew York: Technology giant Apple has warned of possible small and quick electrical shocks from the headphones while using iPods and iPhones. According to the company, people could experience the electrical shock when they are using headphones to listen to these devices in areas where the air is very dry. “It’s possible to receive a small and quick electrical (static) shock from your ear buds while listening to iPod or iPhone,” Apple said in a statement posted on its website. The possible static shock could be experienced in iPod, iPhone and their accessories. “When using headphones in areas where the air is very dry, it is easy to build up static electricity and possible for your ear to receive a small electrostatic discharge from the headphones. “Receiving a static shock from a pair of ear buds does not necessarily indicate an issue with the iPod, iPhone, or ear buds,” the statement noted. iPod is a high-end music player while iPhone is a touch screen phone with advanced features. Apple pointed out that this condition is not limited to Apple hardware and static can potentially build up on almost any hardware and could be discharged using any brand of ear buds. Source: Tech News - Livemint.com | 20 May 2009 | 10:46 am
|
