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Airbus says maintains order target, but harder nowKUALA LUMPUR (Reuters) - European aircraft manufacturer Airbus is maintaining its 2009 sales target of 300 gross orders, but it was more difficult to accomplish, the company's sales chief said on Sunday.Source: Reuters: Money News | 7 Jun 2009 | 2:28 pm Investment in India's renewable energy up by 12%: UNEPThe largest portion of investment went to wind sector, which grew at 17% from $2.2 billion to $2.6 billion.Source: India Business News | Business News - Times of India | 7 Jun 2009 | 1:53 pm Airline industry outlook still grim - execsKUALA LUMPUR (Reuters) - Demand for air travel could decline further despite signs of a more stable global economy, and prospects of a recovery this year look slim, industry executives said at a meeting of the world's airlines on Sunday.Source: Reuters: Money News | 7 Jun 2009 | 1:47 pm China, Japan vow to boost global recoveryTokyo: Global economic giants Japan and China on Sunday pledged to throw their combined weight behind efforts to revive the struggling world economy after talks aimed at boosting trade between the two powers. The world’s second and third largest economies also called for a resumption of stalled international talks to free up global trade and said they would launch joint assistance programmes for developing countries for the first time. “On the global economic and financial crisis, both countries agreed to implement what was agreed at the London summit swiftly and in a solid manner in order to realize the global economic recovery as soon as possible,” said Japan’s delegation leader, foreign minister Hirofumi Nakasone. At their London summit in April, the Group of 20 developed and major emerging economies agreed to commit $1 trillion to the International Monetary Fund and other global bodies to help struggling economies. The G-20 also said it would push for greater regulation of the global financial system to tackle the world’s deepest economic crisis in decades, which has plunged Japan into recession and dented China’s stellar growth. “Both sides underline the need to assume a consistent and responsible attitude to step up regional and international economic and financial cooperation,” China’s vice premier Wang Qishan said at a news conference with Nakasone. They were speaking after the second Japan-China High-Level Economic Dialogue, aimed at boosting trade and investment between the two nations, who are top trade partners but also economic rivals and competitors for resources. Japan, a high-tech and environmental technology leader, and China, the world’s most populous country with a vast and cheap labour force, hope to increasingly join their economic forces for mutual benefit, experts have said. “We want to enhance bilateral trade ties further under this grand policy of forming strategic, mutually beneficial relations,” said Wang, who was leading the Chinese delegation. Both China and Japan also called for an early conclusion to the Doha Round of trade talks under the World Trade Organization (WTO) “so that the global economy will return onto a track of sustainable growth,” Nakasone said. And they pledged to jointly give development assistance to developing countries, although they provided no details. The Japan Bank for International Cooperation and the Export-Import Bank of China agreed to “cooperate in foreign development aid to give financial support” to third countries, Japan’s foreign ministry said. The two nations also tackled the thorny issue of their different views on how to deal with North Korea over its recent nuclear and missile tests. China’s foreign minister Yang Jiechi reiterated Beijing’s call for “an appropriate and balanced” UN Security Council resolution. Beijing, one of the council’s five veto-wielding permanent members, has in the past blunted calls led by Washington and Tokyo for strong punishment of the isolated fellow communist country that neighbours China. Tokyo has pushed strongly for tougher sanctions that may include ship cargo inspections, a tighter arms embargo and new financial restrictions. Nakasone told Yang that “China’s role as a regional power and a country with close ties with North Korea is great in this issue.” China and Japan also addressed the rampant production of knock-off goods in Chinese factories that has hurt Japanese companies, and agreed to launch annual talks on jointly cracking down on copyright and trademark piracy. Japan also reiterated that China should scrap a plan to examine and certify more than a dozen types of IT products, including anti-hacking software, before foreign firms can sell them to China’s government. The United States, Japan and other major IT manufacturers fear that China will use the process to learn software trade secrets. Source: LatestNews-Home - Livemint.com | 7 Jun 2009 | 1:21 pm Textile exports fall by 2% in 2008-09 on financial crisis!India`s textile exports declined by about 2 percent in 2008-09 to USD 21.75 billion due to slump in demand from global economies like the US and Europe which are reeling under the impact of financial meltdown.Source: Zee News : Business | 7 Jun 2009 | 1:11 pm US high court asked to block Chrysler sale to Fiat!Opponents of Chrysler`s sale to Fiat are asking the Supreme Court to block the deal.Source: Zee News : Business | 7 Jun 2009 | 1:11 pm Govt debating on usage of disinvestment proceeds!The govt is believed to be debating whether the proceeds from the about disinvestment in unlisted PSUs should be used for financing the rising fiscal deficit or be ploughed to firms and social sectors.Source: Zee News : Business | 7 Jun 2009 | 1:11 pm Parekh-linked scrips gain 76% in May; plunged after SEBI order!The stocks, in which Ketan Parekh appeared to be trading, gained up to 76% in May, but fell to their lower circuits after SEBI debarred 26 entities and individuals for manipulative trading in these scrips.Source: Zee News : Business | 7 Jun 2009 | 1:11 pm Air India mulling no-frill service through AIE domestically!State-run Air India may now enter the no-frill segment in the domestic sector to beat the downturn in the aviation industry.Source: Zee News : Business | 7 Jun 2009 | 1:11 pm `Govt to consult experts before re-introducing cos law`!The government will consult stakeholders and incorporate changes in the new Companies Bill to prevent recurrence of Satyam-like frauds before reintroducing it in Parliament.Source: Zee News : Business | 7 Jun 2009 | 1:11 pm AI mulls no-frill service for domestic sectorState-run Air India may enter the no-frill segment in the domestic sector to beat the downturn in the aviation industry.Source: India Business News | Business News - Times of India | 7 Jun 2009 | 1:09 pm Maoists shut down Hindustan Unilever’s plant; curfew in NepalKathmandu: Hundreds of Maoist activists on Sunday forcibly shut down Indian cosmetic giant Hindustan Unilever’s joint venture plant in Nepal protesting the alleged encroachment of Nepalese territory by the Indian forces. Activists of Tamang Rashtriya Mukti Morcha, affiliated to Maoists, forcibly shut down shops and vandalised half a dozen vehicles at Basamadi area in Makawanpur district in central Nepal, where Unilever plant is located. The police fired tear gas shells as well as resorted to firing in the air to disperse the mob and bring the situation under control, a police official said. The Maoists had called strike in 10 districts of central Nepal including Kavre, Rasuwa, Dhading, Makawanpur, Sindhuli and Dolakha as part of their programme to oppose the President Rambaran Yadav’s move to reinstate the sacked Nepal Army chief gen Rookmangud Katawal. Curfew was imposed in Banepa municipality of Kavre district, 55 km east of Kathmandu, after the Maoist cadres clashed with the locals who were opposing the strike. Source: LatestNews-Home - Livemint.com | 7 Jun 2009 | 1:08 pm 72% Indian cos mull radical changes in biz amid downturn: KPMGNew Delhi: Using the global downturn as an opportunity, seven in every 10 Indian companies are planning radical changes to their business models in the next decade, while many European businesses are still undecided on their response to the recessionary conditions. In the Asia-pacific region, around 72% of businesses in India and 66% in China are planning radical changes to their business models in the next decade, said KPMG International in a report. According to the report titled ‘Never catch a falling knife’, Asia-Pacific businesses including those in India, are using the global recession as an opportunity for major changes to their operations, in anticipation of emergence of new international markets, while many European businesses are still undecided on how to respond to the recession. The report has surveyed over 850 senior business decision makers from 29 countries. It further added, nearly 90% of businesses in Japan and 84% of businesses in Singapore also said they were mulling major changes in their operations in the next decade. In a sharp contrast, out of companies in the Czech Republic and the Netherlands only 20% are planning major changes to their businesses. Further, 25% companies in Belgium, 30% in Hungary and 42% in the UK are planning changes to their business operations. The highest proportion in Europe is Ireland, where 63% expect radical change, KPMG said. “Difference in approach between the European countries and those of Asia-Pacific region is marked... several people we spoke to in India and China saw today’s problems as nothing new and simply part of the regular process of renewal and reorganisation characterising long term economic development,” a surveyor for the KPMG report said. Indian businesses are also more optimistic than the average, with 70% expecting the recovery to begin by 2010 at the latest, the survey revealed. Further, 50% of Indian businesses were planning a new wave of investment either this year or next, in anticipation of an up-turn. Interestingly, for 8% of firms the recession has not even affected them at all. Globally, just over half of the companies polled expect a recovery in 2010, with 22% saying 2011 and 7% saying 2012. Only a very pessimistic 1% thought we would still be in recession in 2014. Further, as many as 62% of Indian firms were planning to change their immediate strategy, driven by various factors -- changing customer buying habits(58%), pressure on cash flow (55%), currency volatility (48%) and industry consolidation (35%). The report pointed out the prominence of currency volatility was indicative of India’s growing but still fragile position in the global economy. Source: Home - Livemint.com | 7 Jun 2009 | 1:02 pm Investment in India’s renewable energy up by 12%: UNEPNew Delhi: India saw a 12% rise in investment in clean renewable energy like wind, solar, biomass and small-hydro projects with $4.1 billion being pumped into this sector last year, according to a UNEP report. The largest portion of investment went to wind sector, which grew at 17% from $2.2 billion to $2.6 billion. While investment in solar energy rose from $18 million in 2007 to $347 million in 2008, most of it was channelized to setting up module and cell manufacturing facilities. Small hydro investment grew by about fourfold to $543 million in 2008, but biofuels’ growth fell from $251 million in 2007 to $49 million in 2008. According to a recent report by UN Environment Programme (UNEP) ‘Global Trends in Sustainable Energy Investment 2009´ there was a four-fold increase in investment in green energy around the globe in 2008. While, developed countries like US and those in Europe showed poor growth due to economic crisis, the developing countries were the bright spots in clear energy investment. “Without doubt the economic crisis has taken its toll on investment in clean energy when set against the record-breaking growth of recent years. Investment in the US fell by 2% and in Europe growth was very much muted,” said Achim Steiner, UN under-secretary general and UNEP executive director. Source: LatestNews-Home - Livemint.com | 7 Jun 2009 | 12:50 pm AR Rahman conferred honorary doctorate by AMUAligarh: Oscar winning music director A.R. Rahman was on Sunday conferred an honorary doctorate by the Aligarh Muslim University (AMU) for his contribution to the field of art and music. Rahman, who created history by becoming the first Indian to win two Oscars for his composition in ‘Slumdog Millionaire’, was honoured along with noted Urdu scholar Gopi Chand Narang at the 59th convocation of the historic institution. Overwhelmed to have joined the likes of former presidents Zakir Hussain and A.P.J. Abdul Kalam and freedom fighter Khan Abdul Ghaffar Khan, who are among the earlier recipients of the award, Rahman urged Indian youth to work towards building “a strong, harmonious India”. “I urge young people to continue learning and to participate with me in building a strong, harmonious India and world,” Rahman said. Crediting his success to Indian traditions and philosophy, Rahman said, “it is only with these values that my success has been realised both nationally and now after the 2009 Oscar, Bafta and Golden Globe Awards, internationally.” Describing art in general, and music in particular, as “a transcendent language that all can understand”, he said the country needed more people who enter the fields of art, culture and media. “We see a majority of people in our country desiring to become engineers, doctors and lawyers, but we need more people in creative fields of media and art. “In a world of mass killings, genocides and terrorism, we need more positive emotions,” Rahman said. Ending his address with his trademark “Jai Ho”, Rahman said, “the trip to this institution had helped firm my belief that education is the key to eradicate poverty and address underdevelopment.” Narang, who also received an honorary D.Lit, for his contribution to Urdu, said, the language of “plurality and openness” was a major factor in shaping his beliefs that reject all kind of totalitarianism. West Bengal governor Gopalkrishna Gandhi, who was the chief guest of the event, said youngsters should lead the country into rejecting all kinds of extremism, and advocated adherence to moderation. The AMU awarded PhD degrees to 291 students, while 1,490 students received their master’s degrees and 251 students got bachelor’s degrees during the convocation function. The varsity also presented 43 gold medals and 160 university medals. Source: LatestNews-Home - Livemint.com | 7 Jun 2009 | 12:49 pm Mugabe calls for self-reliance, end to conflictsVICTORIA FALLS (Reuters) - Zimbabwean President Robert Mugabe on Sunday urged African countries to end conflicts and increase self-reliance to boost development on the world's poorest continent.Source: Reuters: Money News | 7 Jun 2009 | 12:38 pm Monsoon reaches Konkan, GoaMumbai: The annual monsoon has revived and advanced to Konkan and Goa regions which are experiencing heavy rainfall, the India Meteorological Department (IMD) said on Sunday. “With favourable conditions, southwest monsoon has further advanced today into some more parts of Karnataka, entire Goa and some parts of Konkan,” the IMD said. The weatherman had earlier forecast that rains will hit Goa on 5 June and Mumbai by 7 or 8 June, two days before the usual time, but the arrival of cyclone ‘Aila’ had put all the predictions haywire. Southwest monsoon, set in at Andaman Nicobar Islands on 20 May and Kerala on 23 May almost a week before time, was slowed down due to the cyclone ‘Aila’ which hit West Bengal. But the east and the northeast received good rainfall during the last week of May due to the cyclone. The June-September monsoon rainfalls are a major influence on the farm-dependent economy as two-thirds of Indians depend on agriculture and related businesses for a living. Timely rain helps boost crop yields including rice which are planted after the onset of the monsoon. Rain may also aid the health of sugar cane already planted in Maharashtra, the nation’s biggest producer. Sowing of monsoon crops including rice, oilseeds, cotton and corn begins in June and ends mostly by July. Harvesting starts in September. Source: Home - Livemint.com | 7 Jun 2009 | 12:36 pm Railway budget Hotel project may flag off againThe Railway Ministry in November 2006 had announced that it would set up 100 budget hotels across the country, for which bidding process was to be completed by December 2006.Source: India Business News | Business News - Times of India | 7 Jun 2009 | 12:24 pm Top 10 firms add Rs29k cr in a week; MMTC gains mostMumbai: The country’s top 10 firms added Rs29,000 crore to their market capitalization last week, with public sector trading firm MMTC contributing the major chunk. State-owned MMTC jumped to the fourth place in the club of top 10 firms and added Rs33,201 crore to its market capitalization, taking the total valuation to Rs1,71,040 crore during the week ending 5 June. Shares of the company surged 24% to settle at Rs34,208.05 on the BSE at the end of Friday’s trade. The top 10 coveted club, which comprises of four private sector and six public companies, added Rs29,777 crore to their total market valuation to Rs16,88,213 crore. Last week, the total market cap of the companies stood at Rs16,58,436 crore. The country’s most-valued firm, Reliance Industries, lost Rs10,332 crore from its market valuation last week, with its total market cap standing at Rs3,48,101 crore at the end of Friday’s trade. The company had a market valuation of Rs3,58,433 crore in the previous week. Two state-run firms Oil and Natural Gas Corporation (ONGC) and public sector trading firm NTPC together added Rs4,520 crore. At the end of Friday’s trade, the market cap of ONGC stood at Rs2,52,526 crore and NTPC at Rs1,81,153 crore. The club saw a change in the ranking of mining firm NMDC as it slipped to fifth position from third after losing Rs12,528 crore and private telecom services provider Bharti Airtel fell to sixth position even after adding Rs978 crore. At the end of the week, market cap of NMDC stood at Rs1,65,526 crore and market valuation of Bharti Airtel stood at Rs1,56,573 crore. IT bellwether Infosys Technologies added Rs5,072 crore to its market valuation, while SBI lost Rs3,251 crore from its market cap during last week. Engineering and construction major Larsen & Toubro, which entered into the top-10 club replacing ICICI Bank at 10th place, added Rs6,743 crore to its market valuation. Besides the top 10 firms, two private sector lender ICICI Bank added Rs1,165 crore to its market cap, while HDFC Bank lost Rs961 crore from its market valuation. During the week, the market cap of ICICI Bank stood at Rs83,624 crore, while HDFC Bank’s valuation was at Rs60,404 crore. In the club of top 10 firms, RIL is followed by ONGC (Rs2,52,526 crore), NTPC (Rs1,81,153 crore), MMTC (Rs1,71,040 crore), NMDC (Rs1,65,526 crore), Bharti Airtel (Rs1,56,573 crore), SBI (Rs1,15,415 crore), Bhel (Rs1,11,973 crore), Infosys (Rs96,838 crore) and L&T ( Rs89,069 crore). Source: Home - Livemint.com | 7 Jun 2009 | 12:22 pm Korean Air says bottom hit in cargo demandKUALA LUMPUR (Reuters) - Korean Air, the world's largest air cargo carrier, said on Sunday that cargo demand had hit bottom, but there would not be a recovery until U.S. consumers resumed buying Asian goods.Source: Reuters: Money News | 7 Jun 2009 | 12:16 pm China influence to grow faster than most expect - SorosSHANGHAI (Reuters) - Financier George Soros said on Sunday that China's global influence is set to grow faster than most people expect, with its isolation from the global financial system and a heavy state role in banking aiding a relatively swift economic recovery.Source: Reuters: Money News | 7 Jun 2009 | 12:07 pm Jet Airways says may defer Boeing orderKUALA LUMPUR (Reuters) - India's Jet Airways may defer orders it has placed for 10 Boeing 787 Dreamliner aircraft, its chairman and founder, Naresh Goyal, said on Sunday.Source: Reuters: Money News | 7 Jun 2009 | 11:40 am India's Jet Airways says may defer Boeing orderIndia's Jet Airways may defer orders it has placed for 10 Boeing 787 Dreamliner aircraft, its chairman and founder, Naresh Goyal, said on Sunday.Source: India Business News | Business News - Times of India | 7 Jun 2009 | 11:39 am Railway Budget Hotel project may flag off againNew Delhi: The budget hotel project of the Railway Ministry, which is in limbo for over two and a half years due to policy issues, may go ahead as differences between the Rail Land Development Authority and the Indian Railway Catering and Tourism Corp are said to be resolved. “Due to some policy issues, this project could not move ahead as it was expected to,” a top official of IRCTC told PTI. “While inviting tenders, there were some issues raised by the Rail Land Development Authority (RLDA) due to which this project (Budget Hotel project) got delayed.” Railway Ministry’s executive director (Tourism and Catering) Ashok Kumar told PTI. “However, these issues have been resolved and we expect that this project would progress soon,” he said, adding that besides, economic downturn impacted developers’ interest in the project, which targets setting up 100 budget hotels across the country. The Railway Ministry in November 2006 had announced that it would set up 100 budget hotels across the country, for which bidding process was to be completed by December 2006. Also, the Ministry invited tenders for setting up 30 hotels, but only four budget hotels had come up so far. A top official of Zoom Developers, which had won bid for 19 budget hotels across the country, said, “We expect that concessional agreement with IRCTC would be signed by the end of this month.” “If the agreement is signed by the time, the company would start construction of the hotels in July or August and construction work is likely to be completed in next 18-24 months,” he said. Source: LatestNews-Home - Livemint.com | 7 Jun 2009 | 11:30 am Mumbai SEZ can buy time from BoA for land acquisition - Business Standard
Source: Google News India - Business | 7 Jun 2009 | 10:26 am Cairns Group meets on agriculture, Doha trade roundNUSA DUA, Indonesia (Reuters) - Nineteen leading agricultural exporting nations, including Australia, Brazil and South Africa, kicked off talks in Bali on Sunday aimed at pushing forward troubled world trade negotiations.Source: Reuters: Money News | 7 Jun 2009 | 9:45 am ONGC pressured into scaling up investment in Rajasthan - Business Standard
Source: Google News India - Business | 7 Jun 2009 | 9:25 am SBI to launch several private equity fundsMumbai: After launching an infrastructure fund in collaboration with Macquaire and IFC, State Bank of India is in the process of setting up ‘several’ other funds to cash in on the area, which is gaining importance as an alternate asset class. “The bank is at an advanced stage in setting up a general purpose private equity fund jointly with sovereign entities in Oman. The Indian government has designated the bank as the operationalising agency for a similar sovereign fund with Qatar. Several other funds are at various stages of formation,” SBI said in its latest annual report. SBI has already set up an infrastructure fund in association with Macquarie of Australia and IFC Washington primarily aimed at investing in India’s infrastructure space. “All necessary regulatory approvals have been received for operationalising the fund. Over $1 billion has been mobilised from large and well-known international investors including the sponsors,” the bank said. The Macquarie-SBI Infrastructure Fund would continue to raise capital during the year. Together with Indian domestic institutions, the total capital is projected to be between$2 billion to $3 billion. Private equity is gaining importance as an alternate asset class among the Indian Inc. This primarily prompted the largest lender of the country to enter into the area, which offers attractive returns as well. “As some of the funds initiated by the bank are on the verge of operationalisation, the bank is poised to play a leading role in this promising sector in coming years,” SBI said. The bank had in November last year signed a pact with the Sultanate of Oman to launch a private equity fund. The initial corpus of the fund was pegged at $100 million which could be increased to $1.5 billion over the next few years. According to global consultancy firm Grant Thornton, 15 private equity deals were announced in India amounting to $493.94 million in April this year as against 32 deals aggregating $562.85 million in the same month last year. In 2008, 312 deals were announced in India with a total value of $10.59 billion. Source: LatestNews-Home - Livemint.com | 7 Jun 2009 | 9:20 am SBI to launch several private equity fundsSBi is in the process of setting up 'several' other funds to cash in on the area, which is gaining importance as an alternate asset class.Source: India Business News | Business News - Times of India | 7 Jun 2009 | 9:16 am Indian students rally in Sydney, Youth’s car torchedMelbourne: Chanting ‘Vande Matram’ and ‘Bharat Mata Ki Jai’, hundreds of Indian students Sunday rallied in Sydney to protest against a spate of racial attacks and demand justice for victims, hours after another youth from the community complained about his newly-bought car being torched outside his home here. The rally, which saw the participation of nearly 1,000 students, was organised by the Federation of Indian Students Association, Sydney Chapter, along with the National Union of Students. The protesters, shouting anti-racism slogans, marched from Townhall to High Park in Sydney. The chants of ‘Vande Matram’ and ‘Baharat Mata Ki Jai’ also reverberated the air during the rally. Apart from Indians, there were students from other countries at the rally, who voiced their concerns about the racial violence and demanded police to be alert to prevent such incidents from happening again, witnesses said. The rally, which demanded justice for the victims of racial attacks, came hours after yet another incident targeting Indian students in Australia came to light here in which a car belonging to a 22-year-old youth from the community was torched. Vikrant Rajesh Ratan, who had used all his savings to buy the car, said the vehicle was burnt last night outside his home. Ratan, who hails from Ludhiana, said that two other cars, also belonging to Indians, that were parked next to his vehicle, were also damaged during the incident. “We were sleeping when it all happened. We heard the fire alarm of the car. When we went out to see what happened we saw the car on fire,” he told PTI. He suspected that it could have been done by a group of drug addicts who used to sit near the premises. “I believe they (addicts) probably first tried to open the car. Then they may have used a petrol can to set it ablaze.” Ratan, who came here a month ago to pursue a certificate course in Automotive Engineering, said that there was no chance of a short circuit that could have burnt the car in this cold weather. He said he had bought the vehicle a few days ago for $2, 500 and the car was not even insured. Meanwhile, the students, angry over such attacks, also proposed to organise another rally in Brisbane, according to sources. However, prominent Indian community leaders in Sydney had earlier said the students were engaging in “entirely futile” exercise as their concerns had already been raised with the Australian authorities, who were trying to address them. On Sunday last as well, thousands of Indian students had rallied here demanding justice for victims of recent attacks, including 25-year-old Shravan Kumar who was seriously injured after being stabbed with a screwdriver by a group of teenagers. Source: LatestNews-Home - Livemint.com | 7 Jun 2009 | 9:08 am Mkt hits Rs 50tn mark; attracts one lakh new investorsThe ongoing surge in the stock market has pushed the shareholders' wealth past Rs 50,00,000 crore mark -- in the process bringing in over one lakh new investors on-board in just one month.Source: India Business News | Business News - Times of India | 7 Jun 2009 | 9:03 am NCP MP Padamsinh Patil charged with Congress leader's murder, in CBI custodyNationalist Congress Party (NCP) MP Padamsinh Patil was arrested early Sunday for the murder of his cousin and Congress leader Pavan Raje Nimbalkar in 2006. A local court has sent him to Central Bureau of Investigation's (CBI) custody till June 14.Source: IndiaeNews.com: Business News | 7 Jun 2009 | 9:02 am Bokaro Steel to cut Rs.225 crore in costsBokaro Steel Plant has planned to shave off up to Rs.225 crore in expenditure this fiscal on account of rising input costs and declining profits, according to a top company official.Source: IndiaeNews.com: Business News | 7 Jun 2009 | 9:01 am CII calls for open access to power distributorAllowing open-access in the power distribution sector is the key to attracting foreign investment and developing competition in the industry, says the Confederation of Indian Industry (CII).Source: IndiaeNews.com: Business News | 7 Jun 2009 | 9:01 am HAL choppers going places but unable to meet domestic demandThe Hindustan Aeronautics Ltd (HAL) is eyeing international markets for its Advanced Light Helicopter (ALH) Dhruv but it is struggling to fulfil a surge in domestic demand following the Mumbai terror attack.Source: IndiaeNews.com: Business News | 7 Jun 2009 | 9:00 am Chemical industry leads in social work, says studyThe chemical industry undertook the maximum number of corporate social responsibility (CSR) initiatives during 2008-09, according to an industry lobby report.Source: IndiaeNews.com: Business News | 7 Jun 2009 | 9:00 am ICICI Bank eyes robust growth in car, home and corporate loansMumbai: ICICI Bank Sunday said it will have a strong showing in car, home and corporate loans business in the current fiscal, but its relatively lower exposure to personal and other small-ticket loans could limit the overall balance-sheet growth to below 20% in the year. Stating that the last fiscal was bad, when its profit fell by about 10% and it also faced rumours of a run-on the bank, ICICI Bank’s CEO and MD Chanda Kochhar said that bad times were behind it. Anticipating a growth rate of 24-25% in focussed business areas like housing, corporate and car loans, Kochhar said that the overall growth in its balance sheet could, however, be below 20% in the current fiscal as the full impact of shift in focus areas would not be visible. Confident about a robust growth cycle ahead for the bank, Kochhar said, “We clearly see change of scenario. The pressure that were on us, specifically during October-November period, I think that period is behind us and we are seeing the confidence of depositors coming back. “Deposits are growing, new customers are opening accounts, existing customers are putting back their deposits,” she said. Asked by when ICICI Bank would regain the position of largest retail lender from PSU giant SBI, Kochhar said: “I am not here really to run a race. I am here to stay on course that I have charted out in the beginning of the year.” ”But, anyway, we have been large lender and our book is very big. What we are looking at is how to optimise on the deposit structure and asset structure of our book first, rather than running a race ... I’m absolutely okay with strategy that we are following,“ Kochhar added. Elaborating on the bank’s focus areas, Kochhar said: “I am going to be an important player in home loan. I want to be very important player in infrastructure financing and in car loans, but one-year numbers here or there would not make any difference. I’m confident that we are going to be important players in all the 3-4 businesses that I’m taking about.” Kochhar said that the entire banking sector was estimated to grow by 24-25% in the current fiscal, although ICICI Bank itself might not be able to outperform the sector in total terms as some of its businesses would be see that high rate. Asked if the bank’s balance sheet could grow by about 20%, Kochhar said, “For this year, it could be even lower. The kind of growth we are talking about in our businesses is yet to come. “Besides, in the current fiscal, only about half a year was left, and therefore, the average growth for the full year would be lower.” Source: LatestNews-Home - Livemint.com | 7 Jun 2009 | 8:55 am ANALYSIS - Putin and his men steal show at Russia business forumST PETERSBURG, Russia (Reuters) - Russia's top showcase for international investors was dominated by one man who didn't even come: Prime Minister Vladimir Putin.Source: Reuters: Money News | 7 Jun 2009 | 8:39 am Now, Indian gizmo freaks await iPhone Version.3With Indians beginning to get a feel of the speed and features of third generation (3G) telephony, gizmo lovers are anxiously awaiting the launch of yet another version of the iPhone from Apple Inc.Source: IndiaeNews.com: Business News | 7 Jun 2009 | 8:01 am Luxurious adventure: the new buzzword in tourismAn adventure sojourn during the day and the evenings filled with luxury and indulgence. Yes, that's the new mantra travel operators across the country are offering to woo domestic as well as international travellers.Source: IndiaeNews.com: Business News | 7 Jun 2009 | 8:00 am India's growth data has brightened revival hopesA new Indian government under Prime Minister Manmohan Singh has taken charge for the second successive term at a time when there appear to be glimmers of light on the horizon for a revival of the economy that had slowed last year after logging an impressive annual growth of nine percent in the preceding three years.Source: IndiaeNews.com: Business News | 7 Jun 2009 | 8:00 am Bharti Airtel introduces Journalist Card in MeghalayaChowdhury said for enrolling in this plan, a media customer would not have to pay any security deposit and activation charge.Source: Daily News & Analysis: Money News | 7 Jun 2009 | 7:59 am ONGC OKs increased investment in Cairn oilfieldsMumbai: The board of state-owned Oil & Natural Gas Corp (ONGC) has approved a Cairn India plan to increase investment into their joint venture Rajasthan oilfields, Indian media reported on Sunday. The total cost of developing the three oil fields, in which the Indian unit of Britain’s Cairn Energy owns 70%, has increased to $3.8 billion from $2.93 billion, the Business Standard newspaper reported. The Press Trust of India reported that ONGC would invest $350 million more into the fields operated by Cairn India. The revised investment plan for Mangala, Bhagyam and Aishwariya oilfields includes $940 million for a pipeline to evacuate the crude to coastal Gujarat. ONGC owns the remaining 30% in the venture and has the liability to pay the royalty on the entire crude production. The state-owned refiner will ask the Indian government to reimburse the royalty payment it has to pay for Cairn as the new plan is economically unviable, the newspaper quoted an unnamed ONGC official as saying. India is Asia’s third-largest oil consumer. It imports 70% of the oil it consumes and is keen to tap domestic reservoirs to help bring down its dependence on imports. Source: LatestNews-Home - Livemint.com | 7 Jun 2009 | 7:52 am Investors ask US top court to delay Chrysler saleWashington: Indiana pension funds asked the US Supreme Court on Sunday to immediately delay the sale of bankrupt automaker Chrysler LLC to a group led by Italian carmaker Fiat SpA while they challenge the deal. The request, which moves the legal battle to the highest court in the United States, was filed after a US appeals court in New York approved Chrysler’s sale to a group led by Fiat, a union-aligned trust and the US and Canadian governments. The Chrysler ruling could set a precedent for the case of General Motors Corp, which is using a similar quick sale strategy in its bankruptcy in New York. The appeals court late on Friday stayed the closing of the sale until Monday afternoon, giving the pension funds time over the weekend to ask the Supreme Court to block the sale while they appeal. The pension funds, which hold about $42 million of Chrysler’s $6.9 billion in secured loans, have argued the sale unlawfully rewarded unsecured creditors such as the union ahead of secured lenders and that Chrysler was pursuing an illegal reorganization plan through a sham sale. “The need for the court to review the profound issues presented by Chrysler’s novel bankruptcy sale far outweighs the cost of delaying” a sale, lawyers for the pension funds and the Indiana attorney general said in seeking an immediate stay. The three state pension and construction funds also argued the US government, which kept Chrysler afloat with emergency loans before the automaker’s bankruptcy and financed its Chapter 11 filing, overstepped its authority by using bailout funds Congress intended for banks. “The public is watching and needs to see that, particularly, when the system is under stress, the rule of law will be honored and an independent judiciary will properly scrutinize the actions of the massively powerful executive branch,” the lawyers said. “The issues presented by this case are of immediate and enduring national significance,” they said. Without a stay from the Supreme Court, the sale will close on Monday, the lawyers said. A federal bankruptcy judge in New York and the three-judge panel of the appeals court rejected the funds’ arguments in approving the sale. Attorneys for Chrysler, the US government and Fiat all have argued the sale should be allowed to go forward. Fiat can walk away from the deal if it does not close by 15 June. The request to stay the deal was filed with Supreme Court Justice Ruth Bader Ginsburg, who has responsibility for such emergency matters from the New York-based appeals court. Ginsburg could act on her own or could refer the matter to the full court. A stay from the full court would require the votes of five of the nine Supreme Court members. Source: Home - Livemint.com | 7 Jun 2009 | 7:44 am Investors ask US top court to delay Chrysler saleWashington: Indiana pension funds asked the US Supreme Court on Sunday to immediately delay the sale of bankrupt automaker Chrysler LLC to a group led by Italian carmaker Fiat SpA while they challenge the deal. The request, which moves the legal battle to the highest court in the United States, was filed after a US appeals court in New York approved Chrysler’s sale to a group led by Fiat, a union-aligned trust and the US and Canadian governments. The Chrysler ruling could set a precedent for the case of General Motors Corp, which is using a similar quick sale strategy in its bankruptcy in New York. The appeals court late on Friday stayed the closing of the sale until Monday afternoon, giving the pension funds time over the weekend to ask the Supreme Court to block the sale while they appeal. The pension funds, which hold about $42 million of Chrysler’s $6.9 billion in secured loans, have argued the sale unlawfully rewarded unsecured creditors such as the union ahead of secured lenders and that Chrysler was pursuing an illegal reorganization plan through a sham sale. “The need for the court to review the profound issues presented by Chrysler’s novel bankruptcy sale far outweighs the cost of delaying” a sale, lawyers for the pension funds and the Indiana attorney general said in seeking an immediate stay. The three state pension and construction funds also argued the US government, which kept Chrysler afloat with emergency loans before the automaker’s bankruptcy and financed its Chapter 11 filing, overstepped its authority by using bailout funds Congress intended for banks. “The public is watching and needs to see that, particularly, when the system is under stress, the rule of law will be honored and an independent judiciary will properly scrutinize the actions of the massively powerful executive branch,” the lawyers said. “The issues presented by this case are of immediate and enduring national significance,” they said. Without a stay from the Supreme Court, the sale will close on Monday, the lawyers said. A federal bankruptcy judge in New York and the three-judge panel of the appeals court rejected the funds’ arguments in approving the sale. Attorneys for Chrysler, the US government and Fiat all have argued the sale should be allowed to go forward. Fiat can walk away from the deal if it does not close by 15 June. The request to stay the deal was filed with Supreme Court Justice Ruth Bader Ginsburg, who has responsibility for such emergency matters from the New York-based appeals court. Ginsburg could act on her own or could refer the matter to the full court. A stay from the full court would require the votes of five of the nine Supreme Court members. Source: World Business - Livemint.com | 7 Jun 2009 | 7:44 am Vardhman in joint venture with Japanese firmChandigarh: Vardhman Textiles Ltd has joined hands with Japan-based Nisshinbo Textile Inc for setting up a shirt manufacturing facility at Ludhiana in Punjab, with an investment of Rs30 crore in order to cater to high-end domestic and global markets. “We have entered into joint venture with Nisshinbo for manufacturing men’s shirts in Ludhiana,” Vardhman Group Chairman S P Oswal said. The plant would have a total manufacturing capacity of 1.8 million pieces of shirts per annum and the plant is expected to be operational in the middle of 2010, said Vardhman Textiles chief executive V K Goyal. A separate company has been floated in the name of Vardhman Texgarments Limited for running this joint venture, in which equity participation of Vardhman Textiles Limited and Nisshinbo would be in the ratio of 51:49, he said. As part of the joint venture, Nisshinbo would market shirts in the overseas markets and would provide technical assistance for the manufacturing operations. Interestingly, Nisshinbo has been one of the oldest customers of Vardhman Textiles for buying yarn. This venture is a step towards gradual integration of textile value chain, he said. Source: LatestNews-Home - Livemint.com | 7 Jun 2009 | 7:29 am Vedanta to invest Rs 25000 cr for aluminium units in Orissa - Economic Times
Source: Google News India - Business | 7 Jun 2009 | 7:22 am Budget should provide augmented fiscal deficit data: RBI report New Delhi: The government needs to provide an augmented fiscal deficit data in the budget to reflect the burden of off-budget items, including oil and fertiliser bonds on the exchequer, suggested an RBI Committee. “The mode of calculating the fiscal deficit does not at present capture the impact of off-budget items or provide such figures separately,” said Financial Sector Assessment Committee headed by RBI Deputy Governor Rakesh Mohan. “The gross fiscal deficit reported in the budget document needs to be accompanied by an augmented fiscal deficit to capture off-budget items, such as oil bonds, Food Corporation of India bonds and fertiliser bonds,” the report said. The government defers the current liabilities by issuing bonds which have to be repaid in future from the budgets. The suggestion comes ahead of the Budget 2009-10, which is likely to be presented in the first week of July by finance minister Pranab Mukherjee. The Prime Minister’s Economic Advisory Council (PMEAC) too in its latest review of the Indian economy had expressed concern over sharp rise in off-budget liabilities of the government saying “it could be sizeable”. The 13th Finance Commission, headed by Vijay Kelkar, is also looking into the issues concerning off-budget liabilities of the government. The PMEAC had said, ”under-budgeted and off-budget liabilities could add up to 5 per cent of the GDP. A significant part of off-budget liabilities (during 2008-09) was on account of phenomenal increase in oil prices.” Even excluding the off-budget items the fiscal deficit of the government during 2008-09 rose from the original estimate of 2.5% to 6% of the GDP. The Financial Sector Committee has also underlined the need for appointing a working group to restructure and rationalise the budget head structure for reporting expenditure. Source: Home - Livemint.com | 7 Jun 2009 | 7:07 am Hospitality sector seeks tax rationalisation, industry statusThe Indian hospitality sector, hit hard by the economic slowdown and the 26/11 terror attacks in Mumbai, is looking to the government for a 'stimulus' in the form of tax rationalisation and recognition as an industry.Source: IndiaeNews.com: Business News | 7 Jun 2009 | 7:01 am Passenger amenities are Mamata's top priorityWinds of change have already started blowing at Rail Bhavan here just 10 days after Mamata Banerjee took charge of the railways portfolio. Passenger amenities are her first priority, as opposed to generating revenue surplus that was the mantra of her predecessor Lalu Prasad.Source: IndiaeNews.com: Business News | 7 Jun 2009 | 7:00 am Maruti Suzuki to enhance services segmentMaruti Suzuki has said it has taken various initiatives, focusing on three critical aspects -- skilled manpower, system improvement and innovative practices -- to upgrade the area.Source: India Business News | Business News - Times of India | 7 Jun 2009 | 6:43 am ONGC OKs increased investment in Cairn oilfields - mediaMUMBAI (Reuters) - The board of state-owned Oil & Natural Gas Corp (ONGC) has approved a Cairn India plan to increase investment into their joint venture Rajasthan oilfields, media reported on Sunday.Source: Reuters: Money News | 7 Jun 2009 | 6:40 am Bodies, debris retrieved from Air France crashRecife, Brazil / Paris: Brazilian search crews on Saturday retrieved the first bodies from a crashed Air France flight in the Atlantic, and investigators said faulty speed readings had been found on the same type of jets. Navy ships found the bodies of two men and debris including a blue seat with a serial number matching Air France Flight 447, a rucksack containing a vaccination card, and a briefcase with an Air France ticket inside, rescue officials said. “This morning at 8.14 am, we confirmed the rescue from the water of pieces and bodies that belonged to the Air France flight,” air force spokesman Jorge Amaral told reporters in the northeastern Brazilian city of Recife. Brazilian air force planes and navy ships have been scouring a swathe of the Atlantic about 1,100 km northeast of Brazil’s coast since the Airbus A330-200 plane disappeared on Monday, killing all 228 people on board. The crash of the flight from Rio de Janeiro to Paris was the world’s deadliest air disaster since 2001 and the worst in Air France’s 75-year history. Rescuers, who said that only family members will be informed of the identity of the corpses, believe many bodies could have sunk or been devoured by sharks. Searchers previously had retrieved debris from the ocean that turned out to be unrelated to the crash. French investigators trying to establish the cause of the crash said on Saturday that Airbus had detected faulty speed readings on its A330 jets before last week and had recommended that clients replace a sensor. Air France changing sensors Air France later issued a statement saying it had begun changing airspeed sensors on Airbus long-haul aircraft due to icing fears five weeks before the crash, but only after failing to agree on a fix with Airbus. Investigators are considering the possibility that the speed sensors on Flight 447 may have iced up, resulting in faulty readings that caused the pilots to set the plane at a dangerous speed as it passed thunderstorms. But the head of France’s air accident agency (BEA) said in a news conference in France that it was too soon to say if problems with the pressure-based speed sensors were in any way responsible for the disaster. “Some of the sensors (on the A330) were earmarked to be changed ... but that does not mean that without these replacement parts, the (Air France) plane would have been defective,” BEA chief Paul-Louis Arslanian said. Airbus confirmed it issued a bulletin asking the plane’s 50 or so airline operators to consider changing the speed sensors, known as Pitot tubes, but it said it was an optional measure to improve performance and not related to safety. In its statement on Saturday, Air France said it began noticing airspeed problems from icing on both A330 and A340 planes in May 2008 and had requested a solution from Airbus. According to Air France, Airbus proposed testing different sensors despite earlier doubting that they would resolve the problem, but the airline declined to wait and started changing them from April 27. Airbus was not immediately available to comment. Flurry of messages The doomed Air France plane sent 24 automated messages in a span of four minutes indicating a series of system failures before it vanished, Arslanian said. In the middle of this stream of data was one message showing inconsistent speed readings from the A330’s sensors, investigators said. The messages also showed that the autopilot was off, though it was impossible to say whether it had disengaged itself, as it is designed to do when it receives suspect data, or whether the pilot had decided to turn it off, Arslanian said. Airbus issued a reminder on Thursday that pilots should follow standard procedures — to maintain flight speed and angle — if they thought their speed indicators were faulty. Meteorological experts said the jet crossed a storm zone but that the weather did not seem to pose a particular threat. Investigators have said they are not optimistic that they will be able to locate the plane’s flight recorders, which could provide vital information about the cause of the crash. The search zone is a relatively uncharted patch of ocean that has deep ravines and a fine, muddy sediment. France is sending a nuclear-powered submarine to try to locate the two flight recorders, which could be at a depth of anywhere between 2,835 and 13,120 feet (864 and 4,000 meters), said Laurent Kerleguer, the French navy’s deputy head of hydrography. Source: Home - Livemint.com | 7 Jun 2009 | 6:34 am SC issues notice to Sesa Goa, Sesa Industries, othersThe Supreme Court has issued notice to Vedanta group firm Sesa Goa, its subsidiary Sesa Industries and others on a plea filed by a minority shareholder.Source: India Business News | Business News - Times of India | 7 Jun 2009 | 6:05 am Top 10 firms add Rs 29,000cr in a week, MMTC gains the mostThe country's top 10 firms added Rs 29,000 crore to their market capitalisation last week, with public sector trading firm MMTC contributing the major chunk.Source: India Business News | Business News - Times of India | 7 Jun 2009 | 5:10 am Investors ask U.S. top court to delay Chrysler saleWASHINGTON (Reuters) - Indiana pension funds asked the U.S. Supreme Court on Sunday to immediately delay the sale of bankrupt automaker Chrysler LLC to a group led by Italian carmaker Fiat SpA while they challenge the deal.Source: Reuters: Money News | 7 Jun 2009 | 4:59 am MIAL cancels contract, seeks new bidders for ground-handlingMumbai International Airport will soon select a new consortium for ground-handling.Source: Daily News & Analysis: Money News | 7 Jun 2009 | 4:19 am Air India mulling no-frill service through AIE domesticallyState-run Air India may now enter the no-frill segment in the domestic sector to beat the downturn in the aviation industry.Source: Daily News & Analysis: Money News | 7 Jun 2009 | 4:17 am Bankers expect focus on infra, rural economy in budgetThe UPA govt's focus will be on infrastructure, rural economy and education in the forthcoming budget, a top banker said.Source: Daily News & Analysis: Money News | 7 Jun 2009 | 4:11 am HDFC Bank ups FY 10 growth forecast to 6.5% from 5.8%Private sector HDFC Bank has revised upwards India's growth forecast from 5.8 per cent to 6.5 per cent for FY 10.Source: Daily News & Analysis: Money News | 7 Jun 2009 | 4:08 am Bankrupt GM pins high hopes on India for turnaroundEven as General Motors struggles to emerge from bankruptcy, the auto giant is rolling out new cars in India whose vast market it sees as key to fuelling future growth.Source: India Business News | Business News - Times of India | 7 Jun 2009 | 3:47 am Centre to set up environment protection authority - Times of India
Source: Google News India - Business | 7 Jun 2009 | 1:33 am RCom to raise funds through QIP routeMumbai, June 6 Anil Ambani-controlled Reliance Communications intends to raise funds from qualified institutional investors either through a share sale or an issue of financialSource: Business Line - Home Page | 7 Jun 2009 | 12:00 am Danone gets FIPB nod to go it alone in food, biscuits segmentNew Delhi, June 6 On the heels of resolving its two-year dispute with the Wadia Group over control of Britannia, Groupe Danone SA has received Government’s permission for a solo entry into food, beverage, biscuits, cereal, dairy and babySource: Business Line - Home Page | 7 Jun 2009 | 12:00 am Banks seek tax sops for long-term FDsMumbai, June 6 With depositors showing a distinct proclivity to park their funds in short-term fixed deposits, banks have moved the Finance Minister to consider suitable amendments to Section 80C of the Income Tax Act, 1961, so that long-term FDsSource: Business Line - Home Page | 7 Jun 2009 | 12:00 am Suzlon completes buy of Martifier’s stake in REpowerMumbai, June 6 Global wind power giant Suzlon Energy Ltd on Saturday said it has completed buying Portuguese company Martifier’s stake in Germany’s REpowerSource: Business Line - Home Page | 7 Jun 2009 | 12:00 am NTPC moves up the ladder on efficiencyNew Delhi, June 6 NTPC Ltd, the country’s largest power generator, is moving up the ladder on efficiency norms for new projects.Source: Business Line - Home Page | 7 Jun 2009 | 12:00 am Weekly News Round upThe Centre's net direct tax collections grew 16.88 per cent in May at Rs 11,919 crore against Rs 10,198 crore during the same month last year. However, the net collections grew by 5.77 per cent in the first two months of the current fiscal at RsSource: Business Line - Home Page | 7 Jun 2009 | 12:00 am Recession forces travel cos to work harderBangalore, June 6 This year’s summer holiday season, which has seen a late start with consumer travel queries just picking up, has forced national tourism organisations (NTOs) and travel companies to come out with some “unique”Source: Business Line - Home Page | 7 Jun 2009 | 12:00 am Expat talent willing to take a cut in pay to stay onBangalore, June 6 A large Indian retail chain that hired a South African expert a couple of years back to set up its malls/stores recently made him a ‘slowdown’ offer: to continue to work at an Indian salary (which meant a 50 per centSource: Business Line - Home Page | 7 Jun 2009 | 12:00 am Uptick in hiring of direct workers, says surveyNew Delhi, June 6 The optimism about an impending turnaround is beginning to reflect in the hiring activity in key manufacturing sectors, both for direct and contract workers.Source: Business Line - Home Page | 7 Jun 2009 | 12:00 am Tata Steel to set up 2nd training centre in J'khand - Financial Express
Source: Google News India - Business | 6 Jun 2009 | 9:10 pm Get set for metro trial - Times of India
Source: Google News India - Business | 6 Jun 2009 | 7:06 pm Wockhardt in advanced talks with Fortis to sell 2-3 hospitals - Business Standard
Source: Google News India - Business | 6 Jun 2009 | 6:37 pm Suzlon completes buy of Martifier's stake in REpower - Hindu Business Line
Source: Google News India - Business | 6 Jun 2009 | 6:24 pm
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