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Jet fuel prices hiked againJet fuel or ATF prices continued to rise with state-run oil firms on Sunday hiking the rates marginally by Rs 108 per kilolitre.Source: India Business News | Business News - Times of India | 31 May 2009 | 1:44 pm Majority of GM bondholders agree to swap - sourceWASHINGTON (Reuters) - A majority of General Motors bondholders have agreed to a debt-for-equity exchange, a source familiar with the voting said on Sunday, helping pave the way for a bankruptcy filing expected on Monday.Source: Reuters: Money News | 31 May 2009 | 1:35 pm Air India, Jet flights miss collision - Sify
Source: Google News India - Business | 31 May 2009 | 1:30 pm Geithner says U.S. committed to pull deficits downBEIJING (Reuters ) - U.S. Treasury Secretary Timothy Geithner, aiming to persuade China that its U.S. investments were safe, pledged that the Obama administration was firmly committed to ratcheting down huge deficits as quickly as it can once economic recovery is assured.Source: Reuters: Money News | 31 May 2009 | 1:03 pm Investors’ wealth swells by nearly Rs18 lakh cr in two monthsMumbai: Investors, who have burnt their fingers in the stock market mayhem last financial year, have something to rejoice now as their wealth has swelled by over Rs17.78 lakh crore in just two months of the current fiscal. The total investors’ wealth, measured in terms of combined market capitalisation of all the listed companies, has increased by over Rs17,78,969.74 crore in the last two months to Rs48,65,044.91 crore at the end of May. Total valuation of all the listed companies stood at Rs30,86,075.17 crore on 31 March 2009. “Everything is looking good both in domestic and global front. It seems that for investors happy days are here again,” SMC global vice-president Rajesh Jain said. The Bombay Stock Exchange benchmark Sensex has gained 4,916.75 points or 51% since March and settled at 14,625.25 at the end of trade on Friday. The 30-Sensex companies, which account for over 47% of the total market capitalisation of all the companies, saw their combined valuation rise by Rs7,15,686 crore in two months. Combined market cap of the 30-blue chip stocks rose to Rs22,23,427.46 crore at the end of Friday’s trade, from Rs15,07,741.84 crore at the end of March. The stock market rally has added Rs24,54,789 crore since October when the Sensex had plunged below 8,000-level. Total market cap stood at Rs24,10,256 crore on 27 October, when the index had dropped to a 52-week low of 7,697 points. Source: Home - Livemint.com | 31 May 2009 | 12:39 pm Tamil Nadu government announces massive pay hikesThe Tamil Nadu government Sunday announced huge increases in the salaries of its employees ranging between Rs.1,774 and Rs.7,300 per month.Source: IndiaeNews.com: Business News | 31 May 2009 | 12:31 pm Air India, Jet flights miss colliding, probe orderedA major disaster was averted at the Mumbai airport Sunday when two passenger aircraft proceeded for take off simultaneously from two runways, but their pilots stopped the planes in the nick of time, airport officials said. A probe has been ordered into the near miss.Source: IndiaeNews.com: Business News | 31 May 2009 | 12:30 pm Jet fuel prices hiked againNew Delhi: Jet fuel or ATF prices continued to rise with state-run oil firms on Sunday hiking the rates marginally by Rs108 per kilolitre. Indian Oil, Bharat Petroleum and Hindustan Petroleum raised the aviation turbine fuel (ATF) price by an average of Rs108 per kilolitre (kl) effective midnight tonight. The jet fuel rate will go up by Rs104 per kilolitre in Delhi to Rs32,303, an IOC official said. The increase comes on the back of a 1.8% hike in rates on 16 May. On 1 May, state-run oil firms marginally reduced the price by 1%, which had brought the rates in Delhi down to Rs31,614.51 per kl. In Mumbai, home to the nation’s busiest airport, the rate will go up from Rs33,138 per kl to Rs33,261 per kl. The three firms, which revise jet fuel rates every fortnight based on trends in international markets, had on 16 April increased ATF rates by about 6.7%. ATF prices had peaked to Rs071,028.26 per kl (in Delhi) in August last year on international crude prices touching a historic high of $147 a barrel. But subsequently the rates had come down, slashed every month till October and twice a month from November. Jet fuel in Kolkata will be dearer at Rs40,230 per kl from Rs40,122 per kl, while in Chennai the price has been raised to Rs35,821 per kl from Rs35,724 per kl. Source: Home - Livemint.com | 31 May 2009 | 12:19 pm Top ten firms add Rs 4 trillion in May!The country`s 10 most valued firms added Rs 4,10,000 crore to their total market capitalisation in May, with state-run NMDC contributing nearly Rs 1 lakh crore to its kitty.Source: Zee News : Business | 31 May 2009 | 12:13 pm Lenders oppose S Kumar`s joint bid for Hartmarx!Indian apparel maker S Kumars Nationwide Ltd`s joint bid to snap up American suit designer Hartmarx Corp, whose clientele includes US President Barack Obama, has hit a road block with a group of lenders opposing the proposed deal.Source: Zee News : Business | 31 May 2009 | 12:13 pm Govt may unveil Rs 1,120 cr relief package for coffee growers!The government is likely to unveil a Rs 1,120 crore relief package for indebted coffee growers and may announce it in the full Budget, a highly placed Commerce Ministry official has said.Source: Zee News : Business | 31 May 2009 | 12:13 pm Indian cities among riskiest offshoring hubs!A new study has named eight Indian cities among the world`s 25 riskiest places for offshoring.Source: Zee News : Business | 31 May 2009 | 12:13 pm Bear market rally benefits many billionaires!The financial turmoil may have hit them hard but many of the American billionaires, including the likes of media baron Rupert Murdoch, saw their paper wealth climb by millions of dollars.Source: Zee News : Business | 31 May 2009 | 12:13 pm GM board meets as bondholder deadline passes !General Motors Corp.`s board of directors met for a second day on Saturday to make the final decision on whether the automaker would complete its restructuring by filing for bankruptcy protection Monday.Source: Zee News : Business | 31 May 2009 | 12:13 pm Mumbai buses to have Bluetooth-enabled servicesMumbai: Taking cue from cities like Singapore and New York, India’s first public bus service, the Brihanmumbai Electric Supply and Transport Undertaking (BEST), is likely to soon install Bluetooth-enabled services in its 4,027 buses. “The Bluetooth-enabled services would be of much help to our nearly 50 lakh commuters. The proposal is likely to come within a month and once it is passed the services will be introduced,” said BEST chairman Dilip Patel. Once installed, the system would provide route and other information on services to the commuters having cellphones. The system will first be introduced for long route buses like the air-conditioned Bus Rapid Transit System (BRTS) and then on the smaller routes, Patel said. With these services, commuters will come to know which routes the bus will cover, the next stop and in how much time will it reach the final destination, Patel explained. Similar services are available in public buses in cities like Bangkok, London, New York, London and Hong Kong. Source: LatestNews-Home - Livemint.com | 31 May 2009 | 12:12 pm Mumbai buses to have Bluetooth-enabled servicesMumbai: Taking cue from cities like Singapore and New York, India’s first public bus service, the Brihanmumbai Electric Supply and Transport Undertaking (BEST), is likely to soon install Bluetooth-enabled services in its 4,027 buses. “The Bluetooth-enabled services would be of much help to our nearly 50 lakh commuters. The proposal is likely to come within a month and once it is passed the services will be introduced,” said BEST chairman Dilip Patel. Once installed, the system would provide route and other information on services to the commuters having cellphones. The system will first be introduced for long route buses like the air-conditioned Bus Rapid Transit System (BRTS) and then on the smaller routes, Patel said. With these services, commuters will come to know which routes the bus will cover, the next stop and in how much time will it reach the final destination, Patel explained. Similar services are available in public buses in cities like Bangkok, London, New York, London and Hong Kong. Source: Tech News - Livemint.com | 31 May 2009 | 12:12 pm Satyam to cut cost by having fewer officesIn its efforts to get out of the financial mess created by the multi-crore rupee fraud, Satyam Computer is planning to reduce real estate costs.Source: Daily News & Analysis: Money News | 31 May 2009 | 12:00 pm Investors' wealth swells by nearly Rs 18 lakh cr in 2 monthsInvestors have something to rejoice now as their wealth has swelled by over Rs 17.78 lakh crore in just two months.Source: Daily News & Analysis: Money News | 31 May 2009 | 11:59 am Govt not to turn a blind eye to Satyam layoffs: KhursheedThe CEO of Tech Mahindra, the company which had acquired Satyam Computer recently, commented that there are 10,000 surplus people in the Hyderabad-based IT firm.Source: India Business News | Business News - Times of India | 31 May 2009 | 11:28 am UPA thumbs up for Sethu Samudram projectChennai: The United Progressive Alliance reaffirmed its intention toward completing the Sethu Samudram Shipping Canal project with Union shipping minister G.K. Vasan on Sunday saying the project would be completed as planned with support of all people. “It is not only a dream plan of Tamils living in the state but also reflected the aspirations of Indians. I will make sure that the project gets completed as planned,” Vasan said after paying a visit to Tamil Nadu chief minister M. Karunanidhi. The Union minister said all the ports in the state would be upgraded with additional facility. He also called on deputy chief minister M.K. Stalin, an official said. Source: LatestNews-Home - Livemint.com | 31 May 2009 | 11:12 am GM bondholders clear bankruptcy plan: ReportBondholders of General Motors have agreed to exchange their debt for an ownership stake as high as 25 per cent in the struggling US automaker.Source: Daily News & Analysis: Money News | 31 May 2009 | 11:11 am Govt to lose Rs 40k cr with tax breaks in natural gas output - Business Standard
Source: Google News India - Business | 31 May 2009 | 10:54 am FIIs put in $1 bn per week in MayForeign institutional investors have invested almost $1 billion per week in May 2009 in Indian stocks with the overseas investors' total inflows crossing the $4 billion mark so far this year.Source: India Business News | Business News - Times of India | 31 May 2009 | 10:49 am Trai defends govt’s spectrum policy in Delhi high courtNew Delhi: In its reply to a petition submitted before the Delhi high court, the Telecom Regulatory Authority of India (Trai) has defended the government’s move to allot spectrum with licence to new entrants on a first-come, first-served basis, saying that this would ensure a level playing field. Trai has submitted that although it favoured the auctioning of 2G spectrum, it would have been difficult that players were given spectrum at different times. Trai further contended that in the first phase, the department of telecom (DoT) had auctioned licences with start-up spectrum in 2001-02. “In the 2G band, the allocation through auction may not be possible as the service providers were allocated spectrum at different times of their license and the amount of spectrum with them varies... Therefore, to decide the cut off after which the spectrum is auctioned will be difficult and might raise the issue of level playing field,” Trai submitted. In August 2007, Trai asked the DoT to determine the fresh market price of the licences. Source: Tech News - Livemint.com | 31 May 2009 | 10:39 am Trai defends govt’s spectrum policy in Delhi high courtNew Delhi: In its reply to a petition submitted before the Delhi high court, the Telecom Regulatory Authority of India (Trai) has defended the government’s move to allot spectrum with licence to new entrants on a first-come, first-served basis, saying that this would ensure a level playing field. Trai has submitted that although it favoured the auctioning of 2G spectrum, it would have been difficult that players were given spectrum at different times. Trai further contended that in the first phase, the department of telecom (DoT) had auctioned licences with start-up spectrum in 2001-02. “In the 2G band, the allocation through auction may not be possible as the service providers were allocated spectrum at different times of their license and the amount of spectrum with them varies... Therefore, to decide the cut off after which the spectrum is auctioned will be difficult and might raise the issue of level playing field,” Trai submitted. In August 2007, Trai asked the DoT to determine the fresh market price of the licences. Source: LatestNews-Home - Livemint.com | 31 May 2009 | 10:39 am Market sees best May in a decade; gains 28% returnsThe month of May has turned out to be the most fruitful for Dalal Street this year, with investors reaping returns of as much as 28% -- the highest gains seen in a decade in the month.Source: India Business News | Business News - Times of India | 31 May 2009 | 10:31 am P.V. Naik takes over as IAF chiefNew Delhi: Air Chief Marshal Pradeep Vasant Naik, a veteran fighter pilot, on Sunday took over as chief of Indian Air Force replacing F.H. Major. With this change of guard, the command of IAF is back in the hands of a fighter pilot after 26 months. Air Chief Marshal Major, who retired on Sunday, was a helicopter pilot. Naik has assumed the charge at a time when the IAF is undergoing rapid modernization and is in the process of acquiring 126 Medium Multirole Combat Aircraft, 22 combat helicopters, 15 heavy lift and 197 Light Utility Helicopters (LUH) for its fleet in its efforts to deal with the problem of decreasing number of fighter aircraft squadrons. Born in Nagpur, Naik was commissioned into the IAF on 21 June, 1969 as a fighter pilot. With over 3,000 hours of combat aircraft flying hours under his belt, the 59-year-old alumnus of National Defence Academy, had also participated in 1971 Indo-Pak war and held various command and instructional appointments in his career spanning over 40 years. Prior to taking over as the air chief, he was the vice chief of the air staff and commanded the Allahabad-based Central Air Command as well. Source: LatestNews-Home - Livemint.com | 31 May 2009 | 10:15 am Economy recovering, business confidence level up: SurveyThe Indian economy has started showing signs of recovery from the slowdown and business confidence level is on the rise, according to an industry lobby survey.Source: IndiaeNews.com: Business News | 31 May 2009 | 10:01 am Enraged Indian students rally in MelbourneMelbourne: Shaken by a wave of racial assaults, thousands of Indian students chanting patriotic slogans on Sunday rallied in Melboure demanding justice for victims of recent attacks as Australia scrambled to contain the rising anger and frustration within the community. The peace rally organized by bodies like Federation of Indian Students in Australia (Fisa) and National Union of Students kicked off from outside the Royal Melbourne Hospital, where 25-year-old Shravan Kumar is in a critical condition after being stabbed with a screwdriver by a group of teens on Sunday last. Kumar, who had slipped into coma after being stabbed, was “out of danger”, but still critical, said a leading community member who visited him at the hospital. “He (Kumar) has come out of coma and moved his hands,” said T.J. Rao, also a former Consul General of India in Melbourne who too participated in the rally. “Kumar is out of life support, but doctors are still not very sure about his full recovery,” Rao said. The marchers numbering over 5,000 walked down to the Victorian Parliament House on Spring street, holding placards. Fisa founder Gautam Gupta, who led the rally, said, “We believe in Gandhigiri”, and peaceful ways to present the demands of the student community. The students had hoped to hand over their demands’ list to the lawmakers, but it could not be materialized. Their demands included a multicultural police force for Victoria, which houses 47,000 of the 95,000 Indian student community in Australia. They also demanded that crime statistics be made public and sought racial tolerance and awareness, and advertising campaign to welcome international students, highlighting their contribution to the Australian economy. Facing flak over the spate of racial assaults, Australia said it was doing everything it can to prevent further attacks on the community. “We’re doing everything that we can, both with the Indian community in Australia and India itself ... but also working very closely with the relevant state authorities,” Australian foreign minister Stephen Smith was quoted as saying by AAP. He assured the community that the Australian authorities are trying to bring the attackers to justice and ensure a safe environment for all international students. Source: LatestNews-Home - Livemint.com | 31 May 2009 | 9:46 am Assocham proposes inflation commissionThe Associated Chambers of Commerce and Industry (Assocham) has proposed the setting up of a National Inflation Commission to help the government contain prices of essential commodities.Source: IndiaeNews.com: Business News | 31 May 2009 | 9:37 am SBI to add 4 cr rural accounts by 2010-11, aims 45% CASANew Delhi: To get more deposits with a low rate of interest, State Bank of India is planning to tap the rural market and aims to nearly double the number of such accounts to nine crore in two years. “We plan to open four crore deposit account by March 2011,” SBI deputy managing director and group executive (rural business) Anup Banerji told PTI. At present, the bank has about five crore deposit account holders in rural areas and one crore accounts on advances side, he said. This will help greatly in mobilising low cost deposits, he said, adding, current account and saving accounts (CASA) at the end of March 2009 stood at 39%. “We aim to increase this (CASA) to 45% during the current fiscal,” he added. Banerji said the bank strongly believes in ‘Financial Inclusion’. The bank has 17,979 customer service points, banking correspondents and banking facilitors in place, he said, adding it plans to cover an additional 50,000 villages in the current year. Besides, the bank has tied up with India post to collect deposits and disburse advances in the rural area. Source: LatestNews-Home - Livemint.com | 31 May 2009 | 9:15 am SBI to add 4 cr rural accounts by 2010-11To get more deposits with a low rate of interest, State Bank of India is planning to tap the rural market and aims to nearly double the number of such accounts to nine crore.Source: Daily News & Analysis: Money News | 31 May 2009 | 8:54 am Worldwide M-payment users to touch 190-mn 2012: GartnerThe conventional mode of payments may soon be a thing of the past with the increase in the number of users making m-payments, globally.Source: India Business News | Business News - Times of India | 31 May 2009 | 8:51 am Shoppers Stop to invest Rs40 cr to open 4 stores in FY10Mumbai: Lifestyle retailer Shoppers Stop will invest about Rs 40 crore in the current fiscal to roll out 3-4 stores in the country even as it grapples with negative sales margins and shuts unviable stores in other verticals. “We have just opened our 27th store in Hyderabad and we plan to open 3-4-stores this fiscal at an investment of Rs 10-crore each,” Shoppers Stop’s Customer Care associate and managing director B S Nagesh said. The K Raheja group company currently operates 27 stores pan-India and apart from the planned 3-4-stores, has also signed agreements for more and hence could end the year with 30-35-stores, Nagesh said. The expansion is being funded through internal accruals, he said. The BSE-listed company expects the pain of the downturn to last another six months. “There is definitely another two quarters of pain left. We expect a turnaround in the January-March quarter of 2010. But, we see margins improving from October-December because of the festival season,” Nagesh said. Source: Home - Livemint.com | 31 May 2009 | 8:45 am Air India, Jet flights escape disaster at Mumbai airportAn aviation disaster was averted at Mumbai airport Sunday when two aircraft got clearance to take off simultaneously from two runways but the pilots stopped the planes in the nick of time, an airport official said.Source: IndiaeNews.com: Business News | 31 May 2009 | 8:31 am India asked to cut greenhouse gas emissions 15-30 percentIndia is under pressure from industrialised countries to reduce its greenhouse gas (GHG) emissions by 15-30 percent by 2020.Source: IndiaeNews.com: Business News | 31 May 2009 | 8:31 am CBI focuses on overseas accounts of former Satyam chief RajuThe CBI, probing the multi-crore rupee financial scam in Satyam Computer, is likely to approach the US, Mauritius and some European countries to seek details of bank accounts of the firm's tainted founder Ramalinga Raju and his kin in those nations.Source: India Business News | Business News - Times of India | 31 May 2009 | 8:15 am Monsoon revival likely by Tuesday - Hindu
Source: Google News India - Business | 31 May 2009 | 8:13 am Worldwide m-payment users to touch 190 mn 2012: GartnerMumbai: The conventional mode of payments may soon be a thing of the past with the increase in the number of users making m-payments, globally. The number of users making payments through their mobile phones worldwide is expected to be more than 190 million by 2012, a global research firm said. “We predict that the number of mobile payment users will reach more than 190-million in 2012, representing more than 3% of total mobile users worldwide and attaining a level at which it will be considered “mainstream”, the global information and technology research and advisory firm Gartner said. Mobile payment would take three years to hit the mainstream market because of low-user awareness and varying needs of the different markets, it said. “The market will see fragmentation in both technologies and business models, meaning that services need to be adapted for individual markets--even when deployed with the same partners--and that long lead times will be needed for deployment,” Gartner said. This, together with the time required for creating user awareness, leads Gartner to believe that mobile payment is at least three years away from entering the mainstream market. The number of mobile payment users worldwide will total 73.4 million in 2009, up 70.4% from 2008 when there were 43.1 million users, Gartner said. In terms of both number of users and transaction volumes, Asia-Pacific and Japan would maintain a larger share of the market through 2012, Gartner said. By the year-end, there would be an increase of 70.4% in mobile payment users across the world compared to 43.1 million in 2008, the research firm said. “Momentum in mobile payment market gathered further in 2008 with a number of high-profile launches of mobile-money transfer services in multiple markets, participation of major global institutions in near-field communication (NFC) payment trials, as well as payment solutions entering market,” Gartner’s research director Sandy Shen said. However, at the same time, security concerns, an inadequate ecosystem and undefined areas in banking regulations remain challenges for mobile payment, Shen said. Mobile payment is a mode of payment for a product or service using mobile technology such as a short message service (SMS), wireless application protocol (WAP), unstructured supplementary service data (USSD) and NFC. It includes transactions that use banking instruments such as cash, bank accounts or debit and credit cards, as well as non-carrier stored value accounts, such as travel cards, gift cards or Paypal. It does not include transactions that use mobile operators’ billing systems, such as purchase of mobile content or telebanking by mobile to the service center via an interactive voice response (IVR) system Source: LatestNews-Home - Livemint.com | 31 May 2009 | 8:01 am Worldwide m-payment users to touch 190 mn 2012: GartnerMumbai: The conventional mode of payments may soon be a thing of the past with the increase in the number of users making m-payments, globally. The number of users making payments through their mobile phones worldwide is expected to be more than 190 million by 2012, a global research firm said. “We predict that the number of mobile payment users will reach more than 190-million in 2012, representing more than 3% of total mobile users worldwide and attaining a level at which it will be considered “mainstream”, the global information and technology research and advisory firm Gartner said. Mobile payment would take three years to hit the mainstream market because of low-user awareness and varying needs of the different markets, it said. “The market will see fragmentation in both technologies and business models, meaning that services need to be adapted for individual markets--even when deployed with the same partners--and that long lead times will be needed for deployment,” Gartner said. This, together with the time required for creating user awareness, leads Gartner to believe that mobile payment is at least three years away from entering the mainstream market. The number of mobile payment users worldwide will total 73.4 million in 2009, up 70.4% from 2008 when there were 43.1 million users, Gartner said. In terms of both number of users and transaction volumes, Asia-Pacific and Japan would maintain a larger share of the market through 2012, Gartner said. By the year-end, there would be an increase of 70.4% in mobile payment users across the world compared to 43.1 million in 2008, the research firm said. “Momentum in mobile payment market gathered further in 2008 with a number of high-profile launches of mobile-money transfer services in multiple markets, participation of major global institutions in near-field communication (NFC) payment trials, as well as payment solutions entering market,” Gartner’s research director Sandy Shen said. However, at the same time, security concerns, an inadequate ecosystem and undefined areas in banking regulations remain challenges for mobile payment, Shen said. Mobile payment is a mode of payment for a product or service using mobile technology such as a short message service (SMS), wireless application protocol (WAP), unstructured supplementary service data (USSD) and NFC. It includes transactions that use banking instruments such as cash, bank accounts or debit and credit cards, as well as non-carrier stored value accounts, such as travel cards, gift cards or Paypal. It does not include transactions that use mobile operators’ billing systems, such as purchase of mobile content or telebanking by mobile to the service center via an interactive voice response (IVR) system Source: Tech News - Livemint.com | 31 May 2009 | 8:01 am US-based LPO co to set up new unit in India; hire 1,450 peopleUS-based CPA Global, a Legal process outsourcing (LPO) firm, will set up its third centre in India and hire 1,450 people over the next two years.Source: India Business News | Business News - Times of India | 31 May 2009 | 7:28 am PNB to hire 1,000 this fiscal; expand branch network by 10pcPunjab National Bank, plans to hire 1,000 people in the current fiscal, but none would be at entry level.Source: Daily News & Analysis: Money News | 31 May 2009 | 7:20 am Govt may unveil Rs1,120 cr relief package for coffee growersNew Delhi: The government is likely to unveil a Rs1,120 crore relief package for indebted coffee growers and may announce it in the full budget, a highly placed Commerce Ministry official has said. The package, proposed by the Commerce Ministry comprises an outright bank loan waiver of about Rs400 crore and extending crop insurance cover of Rs728 crore. “Indebtedness of coffee farmers are very high. They are facing several problems like crop loss... we are trying to put a scheme like loan waiver for coffee growers,” the official said. He said coffee growers’ loans in the books of banks till March 2009 would be eligible for waiver. About 17,000 coffee growers would be benefited from the loan waiver. The new Commerce and Industry Minister Anand Sharma has said that the ministry is aware of the problems faced by plantation industry especially coffee growers. “We shall soon be coming out with a relief package for them,” Sharma said. The main coffee growing states are Karnataka, Kerala and Tamil Nadu. India has trimmed its coffee output forecast by 5 per cent to 2.62 lakh tonnes this season, ending September, after excessive rainfall damaged crops in the biggest-producing state of Karnataka. Source: LatestNews-Home - Livemint.com | 31 May 2009 | 7:19 am Unitech's debt to come down by over 25 pc in FY'10: ChandraUnitech plans to repay about Rs 2,000 crore of its debt and bring it below Rs 6,000 crore level by the end of this fiscal.Source: Daily News & Analysis: Money News | 31 May 2009 | 7:18 am Top 10 firms add Rs 4tn in May; NMDC accounts for Rs 1tnThe country's 10 most valued firms added Rs 4,10,000 crore to their total market capitalization in May, with state-run NMDC contributing nearly Rs 1 lakh crore to its kitty.Source: India Business News | Business News - Times of India | 31 May 2009 | 7:12 am Our assets worth at least double what banks value us: UnitechUnitech has said its assets are worth about Rs 30,000 crore, but banks are putting a discounted value of less than half.Source: Daily News & Analysis: Money News | 31 May 2009 | 7:11 am Cobra to raise funds for investing in IndiaCobra Beer founder Karan Billimoria is planning to raise funds separately for investing in India to ramp up its business in India.Source: Daily News & Analysis: Money News | 31 May 2009 | 7:09 am Airlines not unanimous on deceptive fares: SpicejetDomestic airlines are not "unanimous" in phasing out deceptive ticket pricing mechanism, Spicejet CEO Sanjay Aggarwal has said.Source: Daily News & Analysis: Money News | 31 May 2009 | 7:05 am Govt not to turn a blind eye to Satyam layoffs: KhursheedNew Delhi: The government today said it will not turn a “blind eye” to the issue of layoffs in scam-tainted Satyam Computer, which has now been acquired by Mahindra and Mahindra group firm Tech Mahindra. “Layoffs -- this is something we are not going to turn a blind eye to as we have a relevant presence in decision making,” New minister for Corporate Affairs Salman Khursheed said. He was responding to queries on the comments by Tech Mahindra CEO Vineet Nayyar that there are 10,000 surplus people in the Hyderabad-based IT firm. Later there were reports that Satyam was planning to lay off about 8,000 non-billable (non-II) staff working in departments like marketing, HR and administration. Emphasising that his ministry will liaise with the company on this issue, Khursheed said: “We will not allow the company to be taken for a ride ... Our opinion and advice (are) important till Satyam reaches a Sundaram stage (till everything improves).” Coining the strategy for the IT company as “Satyam, Shivam and Sundaram”, the minister said Satyam is passing through the Shivam stage, necessitating hard decisions. “At the Shivam stage, some hard steps ... will be taken for rebuilding the confidence...we will try to be as sensitive as possible. We would certainly coordinate on that (layoffs),” the minister said. Source: Home - Livemint.com | 31 May 2009 | 7:04 am CIL, NTPC sign agreement for a power plant in Jharkhand - Hindu
Source: Google News India - Business | 31 May 2009 | 6:52 am Starwood Hotels and Resorts plans 15 new properties in IndiaMumbai: Starwood Hotels and Resorts Group plans to set up 15 new properties in India in the next 3-4 years, a top company official said. “We are setting up 15 new properties by adding around 3,000 rooms in India over the next 3-4 years. We are opening three Westin brand hotels in Pune, Hyderabad and Mumbai this year,” Starwood Asia Pacific Hotels’ regional vice president Don Elliot said. The group also plans to open FourPoints by Sheraton hotel in Mumbai and another Westin Hotel at Gurgaon near Delhi next year. “We will also set up several hotels under the Sheraton and Aloft brands,” Elliot said. The 15 properties will have 200 rooms each, which will add approximately 3,000 rooms by FY’12, Elliot said, adding that the group already has 20 properties in India under different brands. It plans to renovate five Le Meridien hotels in India as a part of the transformation of Le Meridien, and targets to complete it by October next year, he said. Starwood Hotels and Resorts Group manages the Le Meridien, Sheraton, FourPoints by Sheraton, St Regis, Westin, Element inspired by Westin and Aloft Hotels brands. Source: LatestNews-Home - Livemint.com | 31 May 2009 | 6:52 am Finance minister to hold pre-budget consultations on MondayFinance minister Pranab Mukherjee will start the customary pre-budget consultations with different interest groups on Monday.Source: Daily News & Analysis: Money News | 31 May 2009 | 6:51 am Over 100 malls to spring up in India by end-2010: reportMumbai: Keen on matching supply with demand, real estate developers may spring up more than a hundred malls spread over 30 million sq ft in the country by end-2010, a report says. “Between now and 2010, an additional 31,846,504-square feet of mall space will be created across India through just over 100 new shopping centres,” findings from a report titled ‘Mall Realities India 2010´ said. However, 54% of expected mall supply in 2008 was deferred to 2009-10, the report compiled by real estate consultancy firms Cushman & Wakefield and Jones Lang LaSalle Meghraj said. “As far as retail real estate in the top eight was concerned, as much as 11-million sq ft of expected mall supply in 2008 was deferred to 2009-10, which was a reduction of 54% from the projections made at the beginning of 2008,” it said. Of the over 30-million sq ft of malls to be added by end-2010, India’s north zone is leading with a total of 14,790,000 sq ft. “That translates into 45 malls expected in the North Zone with 24 in the Delhi NCR itself,” it said. Source: Home - Livemint.com | 31 May 2009 | 6:51 am PNB to hire 1,000 this fiscal; expand branch network by 10%New Delhi: In the midst of large-scale layoffs within and outside India due to economic slowdown, the country’s second-largest public sector lender, Punjab National Bank, plans to hire 1,000 people in the current fiscal, but none would be at entry level. “We will certainly do lateral recruitment at various levels ... 1,000 people would be recruited (this fiscal),” PNB’s executive director Nagesh Pydah said at the sidelines of a conference here. Besides, the bank also plans to expand its branch network by 10% in 2009-10, Pydah said. It has 4,600 branches across the country. However, he said there would be no recruitment at the entry level as the bank has sufficient staff at that level. The bank’s employee strength currently stands at about 58,000 people. Incidentally, the bank has also initiated the process to recruit 738 employees, include management trainee, clerks, security officers and specialised professionals with law, finance and economics background. Another public sector lender Bank of Maharashtra is also planning to recruit 600 staffs this fiscal, which include IIM graduates, chartered accountants and cost accountants. Source: Home - Livemint.com | 31 May 2009 | 6:27 am ICAI suggests standard deduction in salary in budgetNew Delhi: Accounting regulator Chartered Accountants of India (ICAI) has suggested bringing back standard deduction in the regular budget for 2009-10 which if accepted will be cheered by millions of salaried employees. “Standard deduction should be restored,” ICAI said in its pre-budget memorandum to the government. If the suggestion goes well with the government, it could result in restoration of standard deduction of some amount in the taxable income of salaried employees and could lessen the tax burden on them. “This is a form of relief measure we are suggesting for salaried class. If there are some expenses which are allowable in case of other head, then why not salary ?” ICAI president Uttam Prakash Aggarwal told PTI. Standard deduction was given to employees to compensate for the expenses incurred by them like conveyance for earning their salaries. Taking into account the recommendations of the Kelkar Committee on direct taxes, the then finance minister P Chidambaram had announced abolition of standard deduction in the Budget 2005-06. It was abolished with effect from 1 April, 2006. Source: LatestNews-Home - Livemint.com | 31 May 2009 | 6:27 am RBI says no to bank guarantees for bondsMUMBAI (Reuters) - The Reserve Bank of India said it had asked banks not to provide guarantees or commitments for issues of bonds or debt instruments by companies.Source: Reuters: Money News | 31 May 2009 | 6:18 am Don't see regulatory obstacle in deal with MTN: Mittal - Economic Times
Source: Google News India - Business | 31 May 2009 | 6:07 am Sun Pharma March quarter net tumblesMUMBAI (Reuters) - Sun Pharmaceuticals, India's largest drugmaker by market capitalisation, reported consolidated March quarter net profit of 3.95 billion rupees ($84 million), down 45 percent from a year ago.Source: Reuters: Money News | 31 May 2009 | 5:52 am Top 10 firms add Rs4 trillion in May; NMDC accounts for Rs1 trillionMumbai: The country’s 10 most valued firms added Rs4,10,000 crore to their total market capitalisation in May, with state-run NMDC contributing nearly Rs1 lakh crore to its kitty. The top 10 companies in terms of market cap on the BSE added Rs4,10,817 crore to their combined market cap at Rs16,58,436 crore. The elite club, which includes six public sector companies and four private sector players, had a market cap of Rs12,47,619 crore in April. Mining major NMDC added Rs99,772 crore to its market cap in May, making it the third most valued firm. Its market valuation stood at Rs1,78,055 crore at the end of the month with its shares more than doubling to Rs449.10 at close on last Friday on the BSE. In April, the market cap of NMDC was at Rs78,283 crore, while the scrip had settled at Rs197.45 on last trading day of the month. The country’s most valued firm, Reliance Industries, added Rs74,724 crore to take its market valuation to over Rs3,00,000 crore mark in May. The market cap of RIL stood at Rs3,58,433 crore at the end of the month against Rs2,83,709 crore in April. State-run ONGC remained the second most valued firm, adding Rs66,391 crore to its market cap at Rs2,51,510 crore in May. Source: Home - Livemint.com | 31 May 2009 | 5:46 am Indigenous animal species grazed by nomadic Gujjars dying outIt is a classic case of the new edging out the old to extinction. Jammu and Kashmir's traditional graziers, the nomadic Gujjars, rue the dying out of several indigenous species of goat and sheep after the introduction of foreign high-yielding breeds.Source: IndiaeNews.com: Business News | 31 May 2009 | 5:00 am Eight Indian cities among world’s 25 riskiest offshoring locationsNew Delhi: India may have been hailed for long as the world’s top outsourcing destination, but a new study has named as many as eight cities in the country among the world’s 25 riskiest places for offshoring, mainly on concerns like terrorism, pollution and geopolitical issues. The national capital region comprising Delhi Gurgaon and Noida has earned the dubious distinction of being the worst offshoring destination within the country, according to a survey in the annual Black Book of Outsourcing. The NCR is followed by Mumbai as the second riskiest offshoring hub within India, while Kolkata has been ranked as least riskiest in the country. The other domestic cities named in the global list of 25 riskiest offshoring destinations include Bangalore, Hyderabad, Chennai, Pune and Chandigarh. In the overall global list, NCR has been ranked as sixth most riskiest, Mumbai ninth, Chandigarh 15th, Pune 20th, Chennai 21st, Bangalore 23rd, Hyderabad 24th and Kolkata the 25th most riskiest in the world. Meanwhile, no Indian city has managed to find a place on a separate list of 25 safest offshoring destinations. Both the lists have been published in the 2009 edition of the Black Book of Outsourcing, brought out every year by US-based Brown-Wilson Group. Source: Home - Livemint.com | 31 May 2009 | 4:44 am 'India Inc. differs in corporate strategies'Three of India's leading Indian business groups can be distinguished by their corporate strategies, says corporate researcher and strategic management veteran Rajnish Karki.Source: IndiaeNews.com: Business News | 31 May 2009 | 4:30 am SBI’s net profit to cross Rs10,000 cr mark in FY10Mumbai: The country’s largest lender ,State Bank of India, is hopeful of earning more profit than the landmark figure of Rs10,000 crore in the current fiscal. “Looking at the past performance and (the) way the bank has been expanding its businesses, we expect the net profit to cross Rs10,000-crore mark in FY10,” a senior SBI official told PTI. It would not be appropriate to give the profit target but the aggressive growth strategy that the bank has adopted will help it earn an impressive number this year as well, he said. Earlier this month, SBI chairman O P Bhatt while announcing the results said deposits and advances are likely to grow by 25% each during the year. The banking behemoth SBI recorded an impressive 36% net profit of Rs9,121.2 crore in 2008-09, up from Rs6,729.1 crore in the previous fiscal. The total income of SBI rose to Rs76,479.2 crore against Rs57,645.2 crore a year ago, up by 33%. Interest income stood at Rs63,788.43 crore, up 30% from Rs48,950.31 crore in the previous fiscal. SBI’s other income surged to Rs12,691 crore against Rs8,695 crore registering an increase of 45%. The bank’s advances grew by 29.8% against the industry average of about 17%. However, due to high cost of deposits, the Net interest Margin for FY 2009 fell to 2.93% against 3.07% recorded last fiscal. Bhatt had said now with the cost of deposits stabilising, NIM was expected to improve by June or remain at this level. Source: Home - Livemint.com | 31 May 2009 | 4:25 am Can GM succeed as ‘Government Motors’?Washington: General Motors, readying a massive bankruptcy filing backed by billions in public funds, faces a complex set of challenges as a virtually nationalized “Government Motors,” analysts say. With the US government expected to hold as much as 72.5% of the new firm that would emerge from bankruptcy, analysts say a big question is whether GM can concentrate on the difficult auto marketplace. “The tricky part is to leave day-to-day management to the executives of the company,” said Jeremy Anwyl, chief executive at auto research firm Edmunds.com. For the government, he said: “the temptation is to influence product decisions based on political considerations instead of market considerations, and that’s always a danger.” Anwyl said it is too soon to tell how the matter will be handled by the administration of President Barack Obama, which has pledged to get out of the business as soon as GM gets back on its feet. David Cole, chairman of the Michigan-based Center for Automotive Research, said the government officials “are smart, dedicated people, but they can’t learn the key issues of this industry in a short time.” Cole said the government can succeed if it focuses on the goal of restoring profitability, getting taxpayer money repaid and then getting out of GM. “If the government forces a company to go out of step with the reality of the marketplace, that’s a problem,” Cole said. “If you force the industry to build products they can’t sell profitably, that’s a problem.” Cole said it was “almost unavoidable that the government will try to superimpose other agendas” on the carmaker. Cole and Anwyl said it would be a mistake for the government to use its role as the financial backer of GM or Chrysler to push the firms into building certain types of cars to meet environmental or other goals because consumer demands can change quickly. Anwyl said that with the current level of fuel prices, demand for small, fuel-efficient cars is decreasing. He added the Obama administration’s effort to further boost fuel efficiency may hurt efforts to help Detroit automakers become profitable again. Peter Cohan, a management consultant and faculty member at Babson College, said GM must keep a focus on “developing a line of products that can compete with Toyota, Nissan and the rest of the world.” “I hope the government doesn’t push GM to make hybrids just for the sake of doing it but because it will be profitable strategy ... They need to design and build a vehicle that will last longer than a Toyota with lower maintenance costs.” Although some GM critics blame existing management for its woes, Anwyl said the carmaker’s biggest problems stemmed from decisions made years or even decades earlier. “These festered over the years and GM never really confronted them,” he said. The US government is expected to invest an additional $ 30 billion to help GM on top of its $20 billion in loans, with most of the funds being converted to the equity stake of as much as 72.5%. The US stake could be reduced by a share given to the governments of Canada and Ontario province, expected to pitch in with around $9 billion. John Pottow, a law professor and bankruptcy specialist at the University of Michigan, said the proposed ownership structure raises a lot of hackles. “Everyone is terrified of government mandates as opposed to market forces,” he said. “But I take it as face value the government saying they want to be reluctant shareholders.” GM vice chairman Robert Lutz said the administration is taking appropriate measures to help an industry vital to the US economy, and praised Obama’s Automotive Task Force. “Their prime goal is not to gain government control of the automobile industry,” he said. “They absolutely don’t want that ... their number one goal is to make us successful. There finally is a realization that our country cannot remain economically strong and militarily strong and have a global impact if it’s not backed up by wealth-producing industries.” Source: Home - Livemint.com | 31 May 2009 | 4:09 am Banks agree deal to ease conditions on Tata Steel loanMUMBAI (Reuters) - Tata Steel UK, a wholly owned subsidiary of Tata Steel Ltd, has won approval from banks to ease conditions on 3.7 billion pounds of loans it took to buy Anglo-Dutch Corus, the company said on Saturday.Source: Reuters: Money News | 31 May 2009 | 2:24 am Weekly News Round upThe Indian economy logged a growth of 6.7 per cent in 2008-09 despite the global economic crisis leaving an adverse impact on output in the second-half of the fiscal year under review. This is lower than the 9 per cent average growth witnessed inSource: Business Line - Home Page | 31 May 2009 | 12:00 am Gold‘en’ jewellery option, just rent itMumbai, May 30 You can rent a house, a car, a locker, and even a dress. Now, how about renting jewellery made of real gold and studded with precious gems?Source: Business Line - Home Page | 31 May 2009 | 12:00 am BSNL scouts for pvt partners for Internet Data CentresNew Delhi, May 30 Bharat Sanchar Nigam Ltd has invited bids from private players to set up Internet Data Centres (IDCs) in various parts of the country on a revenue sharing basis.Source: Business Line - Home Page | 31 May 2009 | 12:00 am Further headroom for Sensex gains seenWith the 20 per cent post-election rally, the Sensex has already shot past the new 2009 targets set by many brokerage houses.Source: Business Line - Home Page | 31 May 2009 | 12:00 am Bharti Wal-Mart plans 15 wholesale stores in 3 yearsAmritsar, May 30 Bharti Wal-Mart Pvt Ltd, the joint venture between Bharti Enterprises and Wal-Mart Stores Inc, today opened its first wholesale, B2B and cash and carry retail venture albeit without its famous brand name.Source: Business Line - Home Page | 31 May 2009 | 12:00 am Tata Steel UK gets lenders’ nod to reset Corus debt termsChennai, May 30 Tata Steel has said that lenders of its UK subsidiary have agreed to ease certain conditions for a £3.7-billion debt related to its Corus acquisition. As part of the agreement, Tata Steel will have to infuse £425Source: Business Line - Home Page | 31 May 2009 | 12:00 am Bharti Wal-Mart opens first store - Economic Times
Source: Google News India - Business | 30 May 2009 | 10:20 pm Raja starts on a discordant noteOperators say 10-paisa, 25-paisa calls not possible.Source: Business Standard | Front Page Headlines | 30 May 2009 | 7:18 pm Molson Coors gulps down Cobra BeerAmerican brewer Molson Coors has acquired a majority stake in the Karan Bilimoria-owned Cobra Beer in Britain. It will pay 14 million (around Rs 108 crore) for a 50.1 per cent stake in a new joint venture company called Cobra Beer Partnership; Bilimoria will own the remaining 49.9 per cent and continue as its chairman. Molson Coors will produce and market Cobra beer in the United Kingdom where it is sold in 6,000 restaurants, a majority of which offer specialities from the Indian sub-continent.Source: Business Standard | Front Page Headlines | 30 May 2009 | 7:17 pm Oman ready to re-enter Bina refineryOffers $250 million for 26 per cent stake.Source: Business Standard | Front Page Headlines | 30 May 2009 | 7:11 pm Oman to up oil output to 830,000 bpd by end-2009DEHRADUN, India (Reuters) - Oman will raise its crude oil production to up to 830,000 barrels per day by the end of this year, oil minister Mohammed bin Hamad Al-Rumhy said on Saturday.Source: Reuters: Money News | 30 May 2009 | 6:55 pm Raja starts on a discordant note - Business Standard
Source: Google News India - Business | 30 May 2009 | 6:38 pm Molson Coors gulps down Cobra Beer - Business Standard
Source: Google News India - Business | 30 May 2009 | 6:38 pm Threat to Ganga diverted? - Times of India
Source: Google News India - Business | 30 May 2009 | 5:59 pm Forbes launches in India: The editor speaksIt is only appropriate that the worlds foremost business magazine, Forbes, gets a show on Indias biggest English news channel, CNBCTV18. On the show, the guests are: Steve Forbes, the President and CEO of Forbes Media and the EditorinChief of Forbes magazine, and Indrajit Gupta, the Editor of Forbes India.Source: Moneycontrol Top Headlines | 30 May 2009 | 4:11 pm GM restructures as bankrupcty deadline loomsIn the US markets, General Motors was in focus as the June 1 deadline looms. The company is also doing some lastminute restructuring. The United Auto Workers Union has ratified a package of concessions designed to reduce General Motors\' labour costs, completing a key piece of the automaker\'s massive restructuring effort.Source: Moneycontrol Top Headlines | 30 May 2009 | 3:37 pm IVR Prime looking to exit realty businessA few big real estate players may have succeeded in raising money last month, but the reality is that sentiment on the ground has not changed much. Shortage of funds is forcing Hyderabadbased real estate major IVR Prime to put its real estate business on the backburner.Source: Moneycontrol Top Headlines | 30 May 2009 | 3:01 pm Maharashtra generates energy from sea wavesMaharashtra has succeeded in generating 25 kw of electricity from sea waves.Source: IndiaeNews.com: Business News | 30 May 2009 | 2:30 pm We intend to close MTN deal this time: BhartiThe Bharti group on Saturday expressed confidence that it will seal the proposed $23-billion deal with South African telecom giant MTN, after restarting negotiations that had collapsed last year.Source: India Business News | Business News - Times of India | 30 May 2009 | 2:12 pm UPA government to send relief for Bengal cyclone victimsThe central government will send relief material for West Bengal's cyclone victims, as also a team to assess the extent of devastation, Railway Minister Mamata Banerjee said Saturday.Source: IndiaeNews.com: Business News | 30 May 2009 | 2:00 pm Bharti, Wal-Mart open first joint store in IndiaIndia's Bharti group and Wal-Mart, the world's largest retailer, opened their first cash-and-carry joint venture store here on Saturday.Source: India Business News | Business News - Times of India | 30 May 2009 | 12:43 pm
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