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Don\'t see stimulus for aviation in Budget: Praful PatelSenior NCP Leader and Union Civil Aviation Minister Praful Patel said he did not expect much for aviation as a sector in the upcoming Budget. However, he added that one could expect something for Air India in the Budget. Air India IPO can happen by the second half of 2010.Source: Moneycontrol Top Headlines | 9 Jun 2009 | 6:21 pm See 2025% growth; no plan of retail foray: MaricoMilind Sarwate, Chief HR and Strategy, Marico Industries, said the company would be able to clock 2025% this year. On whether the company had any plans to expand other business like retail or ready foods, he said the company had no plans on either front for now.Source: Moneycontrol Top Headlines | 9 Jun 2009 | 6:00 pm Vendors hesitant to move to Tata Motors\' Nano plantTata Motors has asked its vendors to start settingup assembly lines at Sanand quickly, reports CNBCTV18, quoting sources. The company had recently taken the vendors to Sanand to show the progress of the plant. However, vendors who have lost their money in Singur are unlikely to start production immediately.Source: Moneycontrol Top Headlines | 9 Jun 2009 | 5:27 pm REC seeks govt nod for raising capital: SourcesRural Electrification Corporation, or REC, has written to the Ministry of Power seeking the ministry\'s approval for raising capital either through a followon public offer, or a QIP, reports CNBCTV18 quoting sources.Source: Moneycontrol Top Headlines | 9 Jun 2009 | 3:36 pm Reuters Summit - New Rolls-Royce model to double salesLONDON (Reuters) - British luxury car firm Rolls-Royce has received around 1,500 serious expressions of interest in its soon-to-be-launched 'Ghost' model -- a figure that would more than double the group's annual sales.Source: Reuters: Money News | 9 Jun 2009 | 3:23 pm Ex-AT&T CEO to become chairman of restructured GMDETROIT (Reuters) - General Motors Corp said on Tuesday that former chairman and chief executive of AT&T Inc Edward Whitacre will become chairman of theSource: Reuters: Money News | 9 Jun 2009 | 3:16 pm Maytas Infra board approves bonus plan to retain employees - Economic Times
Source: Google News India - Business | 9 Jun 2009 | 3:12 pm Auction preview | Mixed bagIn March 2009, an auction of Modern and Contemporary Indian art by Mumbai-based online auction house Saffronart yielded a relatively low winning value: Rs7.8 crore in 69 lots. Blame it on the slowdown, because as curators, Saffronart’s Dinesh and Minaal Vazirani have seasoned aesthetic. With a higher total estimate valued at Rs13.9 crore, their annual summer auction begins Wednesday and ends on Thursday evening. Modern and Contemporary artists—from M.F. Husain and V.S. Gaitonde to Subodh Gupta, Hema Upadhyay and Chitra Ganesh—feature in the collection that is a mix of the classic and the experimental. As in all auctions of Modern Indian art the world over, the quiet, minimalist works of Gaitonde is the most expensive work on sale. It’s a 1984 canvas representative of the meticulous layering that the artist is synonymous with. Akbar Padamsee’s Metascape series is famous for its rugged, sweeping landscapes. Among work by newer artists is a comic book-inspired pop print by Ganesh, a classic steel-utensil-populated Gupta and a Warholian, psychedelic work of acrylic and hologram on canvas by Justin Ponmany. Here is a preview of the 10 highest estimated works going under the hammer: 1) An untitled work by V.S. Gaitonde (1984): oil on canvas. Estimated price: Rs1.25 crore-1.75 crore. 2) An untitled work by Subodh Gupta (2006): oil on canvas. Estimated price: Rs70.5 lakh-94 lakh. 3) An untitled work by M.F. Husain: oil on canvas. Estimated price: Rs70 lakh-80 lakh. 4) An untitled work by Ram Kumar (1996): acrylic on canvas. Estimated price: Rs50 lakh-60 lakh. 5) An untitled work by Arpita Singh (1995): oil on canvas. Estimated price: Rs47 lakh-58.7 lakh. 6) An untitled work by Akbar Padamsee (2007): oil on canvas. Estimated price: Rs45 lakh-55 lakh. 7) Spring by Ram Kumar (1961): oil on canvas. Estimated price: Rs37.6 lakh-47 lakh. 8) An untitled work by Jogen Chowdhry (2004): Pen and ink with pastel on paper. Estimated price: Rs35 lakh-45 lakh. 9) Landscape with Red Houses by F.N.. Souza (1953): oil on board. Estimated price: Rs32.9 lakh-37.6 lakh 10) Kundalini by S.H. Raza (2006): acrylic on canvas. Estimated price: Rs30.5 lakh-35.2 lakh. sanjukta.s@livemint.com Source: LatestNews-Home - Livemint.com | 9 Jun 2009 | 3:11 pm Chrysler sale opponents: no June 15 deadlineWASHINGTON (Reuters) - Opponents of the sale of bankrupt automaker Chrysler LLC told the U.S. Supreme Court on Tuesday that Italian carmaker Fiat SpA said it does not plan to walk away from the deal if it does not close by June 15.Source: Reuters: Money News | 9 Jun 2009 | 3:02 pm Govt should restore original STT rebate adjustment: ExpertsShah said STT was added to the trading costs which were fairly high. The entire revenue of the industry is equal to the amount of STT that is getting paid, highlighting that the amount is very high. Thus, he estimates a reduction in rates. The government should restore the original rebate adjustment that was available in this, Shah added.Source: Moneycontrol Top Headlines | 9 Jun 2009 | 3:00 pm U.S. bankruptcies highest since 2005, gov't saysNEW YORK (Reuters) - U.S. bankruptcy filings rose in the first quarter to the highest since 2005, government data show, as rising unemployment, falling housing prices and tight credit made it harder for people to hold off their creditors.Source: Reuters: Money News | 9 Jun 2009 | 3:00 pm BB&T, US Bancorp, Capital One to repay TARP - sourceWASHINGTON (Reuters) - Ten U.S. banks were approved to repay the federal bailout funds they received under the Troubled Asset Relief Program, a source familiar with the matter told Reuters on Tuesday.Source: Reuters: Money News | 9 Jun 2009 | 2:40 pm Chrysler to sever dealers, but move may be delayed - Reuters
Source: Google News India - Business | 9 Jun 2009 | 2:40 pm Chrysler to sever dealers, but move may be delayedNEW YORK (Reuters) - Chrysler is expected to get approval from bankruptcy court on Tuesday to trim its dealer network by a quarter, although opponents want any order delayed until the U.S. Supreme Court rules on the sale of the company.Source: Reuters: Money News | 9 Jun 2009 | 2:35 pm Tech Mah to turn around Satyam\'s margins: Apurva ShahCommenting on Satyams results, Apurva Shah, VP and HeadResearch, Prabhudas Lilladher said the numbers were significantly better than what he had expected. Shah said that Tech Mahindra would easily be able bring Satyam back to its 20% plus margin range that it originally was.Source: Moneycontrol Top Headlines | 9 Jun 2009 | 2:33 pm Indian employers are optimistic on hiringDelhi/New York: Employment prospects deteriorated in India as employers in the services industry anticipate weaker demand from offshore clients, but Indian firms remained the most optimistic in the world in terms of their ability to hire people in the three months beginning July (the third quarter of the calendar year and the second for most Indian companies, which close their books in March). The optimism is reflected in an index that measures the difference between employers who plan to add jobs and those who expect to cut them and which has become a forward-looking measure of hiring expectations. The measure held steady in the US and other large economies amid signs employment is starting to stabilize, but prospects in several countries worsened. The index is calculated every quarter by staffing services firm Manpower Inc.  Seeking employment: A file photo of a job fair conducted by the ministry of labour and employment in Bangalore. Hemant Mishra / Mint Last week, the US government reported the loss of 345,000 jobs outside the farm sector in May, the fewest cuts since September, with the unemployment rate jumping to 9.4%. The job cuts were smaller than economists expected. India’s net employment outlook was 19, the highest among the 34 countries surveyed. The outlook was positive in only 11 countries. Manpower India managing director Naresh Malhan said: “The results for this quarter is encouraging as the rest of the world is suffering badly from the global economic downturn. The positive intent among Indian employers is translating into action.” Still, the number is lower than the net employment outlook of 25 for the quarter beginning April and 43 for the quarter beginning July 2008. Around 4,800 employers across 30 Indian cities took part in the survey, which was carried out in mid-April. “The fall in the net employment outlook can be largely attributed to weaker demand in the services sector, while the public administration and education sector are the only ones to report improved hiring plans on both a quarter-over-quarter and year-over-year basis,” Malhan said. State-owned firms and those in the business of education were the most optimistic in India with a net employment outlook of 33. Companies in the businesses of finance, insurance and real estate were the least optimistic with a net employment outlook of 11. Employers in other large labour markets—including the UK, Japan and China—also indicated stable hiring outlooks, while those in Mexico, Taiwan, Singapore and Australia said prospects are better than in the second quarter. But the employment outlook worsened slightly in Canada and some large European labour markets. Joerres said it was too early to say if world labour markets would stage a synchronized recovery, and too soon to predict the shape of any recovery. feedback@livemint.com Source: World Business - Livemint.com | 9 Jun 2009 | 2:33 pm Indian employers are optimistic on hiringDelhi/New York: Employment prospects deteriorated in India as employers in the services industry anticipate weaker demand from offshore clients, but Indian firms remained the most optimistic in the world in terms of their ability to hire people in the three months beginning July (the third quarter of the calendar year and the second for most Indian companies, which close their books in March). The optimism is reflected in an index that measures the difference between employers who plan to add jobs and those who expect to cut them and which has become a forward-looking measure of hiring expectations. The measure held steady in the US and other large economies amid signs employment is starting to stabilize, but prospects in several countries worsened. The index is calculated every quarter by staffing services firm Manpower Inc. Seeking employment: A file photo of a job fair conducted by the ministry of labour and employment in Bangalore. Hemant Mishra / Mint Last week, the US government reported the loss of 345,000 jobs outside the farm sector in May, the fewest cuts since September, with the unemployment rate jumping to 9.4%. The job cuts were smaller than economists expected. India’s net employment outlook was 19, the highest among the 34 countries surveyed. The outlook was positive in only 11 countries. Manpower India managing director Naresh Malhan said: “The results for this quarter is encouraging as the rest of the world is suffering badly from the global economic downturn. The positive intent among Indian employers is translating into action.” Still, the number is lower than the net employment outlook of 25 for the quarter beginning April and 43 for the quarter beginning July 2008. Around 4,800 employers across 30 Indian cities took part in the survey, which was carried out in mid-April. “The fall in the net employment outlook can be largely attributed to weaker demand in the services sector, while the public administration and education sector are the only ones to report improved hiring plans on both a quarter-over-quarter and year-over-year basis,” Malhan said. State-owned firms and those in the business of education were the most optimistic in India with a net employment outlook of 33. Companies in the businesses of finance, insurance and real estate were the least optimistic with a net employment outlook of 11. Employers in other large labour markets—including the UK, Japan and China—also indicated stable hiring outlooks, while those in Mexico, Taiwan, Singapore and Australia said prospects are better than in the second quarter. But the employment outlook worsened slightly in Canada and some large European labour markets. Joerres said it was too early to say if world labour markets would stage a synchronized recovery, and too soon to predict the shape of any recovery. feedback@livemint.com Source: Home - Livemint.com | 9 Jun 2009 | 2:33 pm Toyota launches Land Cruiser in IndiaAuto major Toyota Kirloskar Motors (TKM) Tuesday launched its eighth generation Land Cruiser sports utility vehicle (SUV) in the Indian market, priced in the range of Rs.81.64 lakh and Rs.83.1 lakh, almost double the present price.Source: IndiaeNews.com: Business News | 9 Jun 2009 | 2:32 pm Hyderabad firm gets Malaysian contractCity-based technology solutions provider Infotech Enterprises will put in place a system to streamline work processes for a Malaysian power utility, the company said Tuesday.Source: IndiaeNews.com: Business News | 9 Jun 2009 | 2:30 pm Satyam hits upper circuit, Tech Mahindra up 25 pc on BSE - Hindu
Source: Google News India - Business | 9 Jun 2009 | 2:23 pm Govt to examine suggestion for inspection of Subhiksha booksNew Delhi: The government on Tuesday said it will examine the recommendations of the ministry of corporate affairs’ southern regional director for inspecting accounts of cash-strapped retail chain Subhiksha on the ground of alleged mismanagement of funds. “We will look at it. These are autonomous and routine functions. If the recommendation has been made, it will be examined,” corporate affairs minister Salman Khursheed said. He, however, said the ministry will not set any time frame for examining the recommendations. “But, we expect the matter to be dealt expeditiously,” he added. MCA’s southern regional director had earlier recommended inspection of accounts of Subhiksha, alleging mismanagement in the finances of the company. The regional director in a letter to the ministry had suggested that they should order an inspection under Section 209 A of the Companies Act, 1956 as he has received complaints of financial mismanagement in the firm, sources said. Earlier, MCA had sought the opinion of the regional director on this. Section 209 A empowers the Registrar of Companies under the ministry of corporate affairs (MCA) to inspect books of accounts of any company. Subhiksha is undergoing a corporate debt restructuring programme to make the cash-strapped retail chain eligible for receiving funding to re-start its operations. The R. Subramanian-promoted chain has closed down all its around 1,600 outlets across the country due to severe liquidity crunch and has earlier said it required funds to the tune of Rs300 crore to re-start operations. A case is also pending against the retail firm in the Madras High Court regarding its merger with Chennai-based firm Blue Green Constructions. Earlier, some of the company’s shareholders, including ICICI Ventures, had alleged Subramanian of not being clear regarding the firm’s accounts. Source: LatestNews-Home - Livemint.com | 9 Jun 2009 | 2:11 pm Toyota's small car to be launched by 2010-end - Business Standard
Source: Google News India - Business | 9 Jun 2009 | 2:08 pm Rupee ends higher by 7paise to 47.49 a dollarThe rupee on Tuesday ended higher by seven paise at 47.48/49 per dollar on expectations of good capital inflow from foreign funds in the equity markets amid weakness of dollar in overseas.Source: India Business News | Business News - Times of India | 9 Jun 2009 | 2:04 pm U.S. approves 10 banks repaying bailout fundsWASHINGTON (Reuters) - U.S. officials on Tuesday gave 10 of the nation's biggest banks approval to pay back a combined $68 billion of taxpayer money pumped into them to combat the credit crisis.Source: Reuters: Money News | 9 Jun 2009 | 2:01 pm Satyam to defend US class action law suits, Upaid litigationSatyam on Tuesday said it will "vigorously defend" the class action law suits filed against the IT firm in the US and the case filed by British mobile service firm Upaid in the Texas court.Source: India Business News | Business News - Times of India | 9 Jun 2009 | 1:52 pm Disney’s unflappable Donald Duck turns 75Washington: He is the most curmudgeonly character in a star-studded Disney menagerie that includes Mickey and Minnie Mouse, Goofy and Pluto. Donald Duck -- the irrascible but unflappable waterfowl -- is preparing to be feted in grand fashion, as he turns 75 years old Tuesday. From the beginning, fabled cartoonist Walt Disney envisioned Donald Duck as a foil to Mickey Mouse, his good-as-gold, animated star created a half-dozen years earlier. While goody-two-shoes Mickey was most appealing to children, Disney sought to create in Donald Duck a more piquant character with adult appeal -- and succeeded beyond his wildest dreams. In his 75 years, his feathered anti-hero has tried his hand at more than 100 different professions, but failed at them all. Donald always seems to be short of cash and make a habit of lurching from one misadventure to the next. But no matter how often thwarted and how deeply humiliated, Donald Duck forges on -- which is what has made him such a big hit with his legions of fans. “He’s a loser, not a quitter, and he’ll go down fighting,” wrote the Disney company in its description of the beloved character on their website. Known for his barely decipherable speech and his penchant for running afoul of the other Disney characters, Donald, beneath it all, has a heart of gold, another quality that has charmed adoring fans over the decades. The prickly but long suffering duck made his celluloid debut on appeared on 9 June, 1934 in a short animated feature called “Little Wise Hen,” a movie fable fashioned on the “Little Red Hen” fairy tale about a chicken who finds that help is scarce when she tries to recruit workers to plant and harvest her corn crop. He had his first starring role in 1937 as a troubadour “Don Donald” a short film set in Mexico in which he appears with “Donna Duck” -- who shows up in later films re-baptized as his steady sweetheart “Daisy.” Over the years, he’s been honoured with a star on the Hollywood Walk of Fame, and impressions of his webbed feet grace the sidewalk near Hollywood’s famed Grauman’s Chinese Theatre, alongside Tinseltown’s other top stars. And -- his achievement that probably would please Donald most -- he has appeared in 128 films -- more than his nemesis Mickey Mouse. His extended family also has come to have a loyal following, including his trio of rambunctious nephews -- Huey, Dewey and Louie -- offspring of his sister Della Duck and his crotchety Uncle Scrooge. Donald’s fame goes clear around the world. Fans know him in Denmark as Anders And, in Indonesia as Donal Bebek and in Italy as Paperino. While Mickey Mouse often enjoys top billing in the US, in much of Europe -- especially among Germans -- it is Donald Duck who is the undisputed star. “Just as the French are obsessed with Jerry Lewis, the Germans see a richness and complexity to the Disney comic that isn’t always immediately evident to people in the cartoon duck’s homeland,” wrote literary critic and translator Susan Bernofsky in the Wall Street Journal last month. “When it comes to voicing the hidden and not-so-hidden truths and tastes of German society, the philosopher with a beak is hard to beat,” wrote Bernofsky, noting that Donald’s German incarnation -- humming Wagner melodies and spouting Schiller poems -- is somewhat more philosophical and intellectual than the cartoon character familiar to most Americans. Meanwhile, legions of loyal fans have launched a contest for the best birthday portrait of the trouserless bird in the sailor jacket. The winner’s depiction is to be displayed later his year at the Anaheim, California Convention Centre next to Disneyland. “What do you give a duck that has everything on his 75th birthday? You let the ones who love him most offer this most sincere form of flattery, of course,” said Steven Clark, head of the Disney fan club “D23”. “Disney fans are some of the most passionate and creative people anywhere, and we can’t wait to see their fun and imaginative depictions of our feisty, yet lovable, leading duck!” Source: LatestNews-Home - Livemint.com | 9 Jun 2009 | 1:49 pm Rupee ends at 47.48 against dollar - Economic Times
Source: Google News India - Business | 9 Jun 2009 | 1:47 pm Sheetal Mafatlal gets bail for alleged smuggling of goldSheetal Mafatlal, a leading business woman belonging to the well known Mafatlal family who was arrested for trying to allegedly smuggle in gold and diamond jewellery, was Tuesday granted bail by a Mumbai court.Source: IndiaeNews.com: Business News | 9 Jun 2009 | 1:32 pm Midday meal scheme should include processed food: SahayThe midday meal scheme for primary students of government schools may soon include a processed food item if a proposal for this is approved, Minister for Food Processing Industries Subodh Kant Sahay said Tuesday.Source: IndiaeNews.com: Business News | 9 Jun 2009 | 1:32 pm Markets back in green, Sensex soars 461 pointsIndian equities made handsome gains on aggressive selling Tuesday, with a key index reversing the previous day's losses to end trade 461 points higher than its last close.Source: IndiaeNews.com: Business News | 9 Jun 2009 | 1:31 pm Autorickshaw rally to raise Rs.25 lakhs for rural schoolsThis year's edition of Mumbai Xpress, an autorickshaw rally from here to Mumbai, is expected to raise Rs.25 lakhs for providing basic amenities in rural schools, its organisers said here Tuesday.Source: IndiaeNews.com: Business News | 9 Jun 2009 | 1:31 pm Sheetal Mafatlal gets bail, may be released from jail tomorrow - Business Standard
Source: Google News India - Business | 9 Jun 2009 | 1:30 pm PM says has room to raise public spendingNEW DELHI (Reuters) - India can counter the global slowdown through public spending, particularly on infrastructure, but that alone will not restore the economy to 9 percent growth rate, Prime Minister Manmohan Singh said on Tuesday.Source: Reuters: Money News | 9 Jun 2009 | 1:26 pm Genpact in pact with BhutanBangalore: Business process outsourcing (BPO) firm Genpact has entered into an agreement with the Bhutan government to train local talent and help in the development and growth of IT-ITeS industry in the country. The agreement was inked by Sonam Tenzin secretary ministry of labour and human resources and Kinley Dorji secretary ministry of information and communications Royal Government of Bhutan. Bhutan would facilitate Genpact in setting up a operations centre in the Bhutanese capital of Thimphu in 2011, president and CEO Genpact Pramod Bhasin said on the sidelines of Nasscom BPO Summit in Bangalore. Genpact would recruit candidates for its operation centres in India and work closely with the ministry of labour and human resources, department of information technology and Royal University of Bhutan to provide specific training on how to handle a range of business processes across industries including voice, finance and accounting and IT services. A Train the Trainer programme would also be introduced to help in creating a pipeline of trainers in Bhutan who can in turn impart the programmes to local candidates. Genpact would also partner with Bhutan to include the curriculum in schools and colleges to develop the talent in the region to meet the future demand for a skilled workforce in the region. Source: LatestNews-Home - Livemint.com | 9 Jun 2009 | 1:22 pm Rupee recovers from early dip on stocks riseMumbai: The rupee recovered from a an early fall to end stronger on Tuesday as rising share prices reinforced expectations of higher capital inflows in the coming months. The partially convertible rupee ended at Rs47.48/49 per dollar, about 0.2% higher than Monday’s close of Rs47.555/565. During trade it hit a low of Rs47.80, its weakest since 28 May, and rose as far as Rs47.395. “Some banks covered their short rupee positions. Plus, a strong stock market helped sentiment,” a senior dealer with a foreign bank said. “The rupee was moving in line with cross-currency movements and the euro’s losses to the dollar.” The main share index rose 3.1% on Tuesday to its highest close in 10 months. Analysts said a bullish trend in equities would encourage more capital inflows, pushing the rupee higher. “In addition to risk appetite, with India back on the radar following the election results, capital flows are likely to remain buoyant. This will result in a continued appreciation in the rupee,” Citigroup said in a research note. Foreign capital is a key driver of the rupee, and hefty portfolio inflows of more than $6.5 billion since mid-March have helped lift the rupee about 10% from a record low of Rs52.2 touched in early March. One-month offshore non-deliverable forward contracts were quoting at Rs47.60/70, slightly weaker than the onshore spot rate. Source: LatestNews-Home - Livemint.com | 9 Jun 2009 | 12:46 pm Reliance defers refinery units repair to July: sourcesNew Delhi: Reliance Industries Ltd has deferred the planned shutdown of half of its 660,000 barrels day (bpd) refinery to July from May-June, trade sources said on Tuesday. “Because of its product supply commitment, the shutdown will now take place in July, first week. It will be for 15-18 days and depending on the job it may be extended,” said a trade source. Another trade source said the partial shutdown of the refinery would begin from 1 July. No immediate comment was available from Reliance. The company is expected to shut a 325,000 bpd crude distillation unit (CDU), a near 100,000 bpd diesel hydro desulphurization unit and a a vacuum gas oil hydrotreater for maintenance. “Reliance has two different chains of crude units... during the shutdown the FCCU (fluid catalytic cracker unit) and coker will run at lower capacity as they are common to both the CDUs,” said the first trade source. It is not clear when the second crude unit and associated downstream units would be shut for maintenance. The shutdown of crude units at the old plant is linked to commissioning of second crude unit at the new 580,000 bpd refinery. The second crude unit at the new refinery is likely to be commissioned by the end of June. The new refinery, owned by subsidiary Reliance Petroleum and located next to the 660,000 bpd complex in Jamnagar in western Gujarat state, started operations in late December. In May, Reliance started a 200,000 bpd FCCU at its new refinery. Other than the FCC unit, a crude distillation unit, a coker, a diesel hydrotreater and a vacuum gas oil hydrotreater are functional at the new refinery. In April, Reliance’s older 660,000 bpd refinery retreated from exporting, turning to focus on the local market due to falling global demand and margins, potentially ending auto fuel imports by India state refiners. Indian Oil Corp plans to buy 3.1 million tonnes of auto fuel from Reliance in the 2009-10 fiscal year (April-March). Hindustan Petroleum Corp could not get supplies from the private refiner this month due to its export commitments. Source: LatestNews-Home - Livemint.com | 9 Jun 2009 | 12:39 pm Sena, BJP seek to raise Padamsinh issue in Parliament - Hindu
Source: Google News India - Business | 9 Jun 2009 | 12:31 pm McAfee mulls development centre in IndiaMumbai: With a view to meet the growing demand for online security solutions, McAfee India, plans to set up one more development centre in India, a top company official said on Tuesday. “We are looking at expanding and have short-listed a couple of cities including Hyderabad, Pune and Gurgaon for setting up a development centre in the current year,” said McAfee India’s regional director-India and Saarc, Kartik Shahani. McAfee’s India centre, based in Bangalore, is the largest development centre for McAfee around the world. The centre focuses on the research and development of security solutions and product innovation. It is also having development centres at Pune and Chandigarh, Shahani said. California-based McAfee on Tuesday outlined details of its network security strategy, providing enterprises with unmatched network security protection and dramatically lower operational costs. The strategy integrates McAfee’s complete network security suite, including network firewalls, intrusion prevention systems, web and email gateway security and network data loss prevention with McAfee ePolicy Orchestrator (ePO), McAfee’s centralised security management console, Shahani said. Source: LatestNews-Home - Livemint.com | 9 Jun 2009 | 12:25 pm Pantaloon Group to raise Rs 4K cr in 2 yearsKishore Biyani, CEO, Pantaloon, said they cannot raise all the Rs 1,000 crore via a placement to private equity players. Thus, he said, they will have to look at other options of raising money. He added that the whole plan of the group is to raise, in the next 1824 months, around Rs 3,0004,000 crore.Source: Moneycontrol Top Headlines | 9 Jun 2009 | 12:00 pm Budget expected on July 3 - govt official - Reuters India
Source: Google News India - Business | 9 Jun 2009 | 11:59 am Bank unions defer strike on fruitful talks with IBA - Business Standard
Source: Google News India - Business | 9 Jun 2009 | 11:50 am Govt considering de-notification rules for SEZsThe government is looking into formulating new rules for de-notification of special economic zones in the wake of several developers, including realty major DLF, approaching the Commerce Ministry for surrendering their tax-free enclaves.Source: India Business News | Business News - Times of India | 9 Jun 2009 | 11:43 am Andrew Yule to invest Rs600 mn by FY11Kolkata: Public sector heavy engineering firm Andrew Yule & Co. Ltd is planning to invest Rs600 million in the next two years in its tea, engineering and electrical businesses, said a top company official on Tuesday. “We are planning to invest Rs600 million over the next couple of years. A major part of this investment is intended to develop the tea business,” chairman and managing director Kallol Datta said. The tea business contributes nearly 45% of the company’s revenue and has 15 tea gardens across Assam and West Bengal. “In most of our tea gardens the plants are ageing so we are going for re-plantation in most of the gardens,” he said. “Apart from this there is a scope for investing in Yule Electrical Ltd and Yule Engineering Ltd, the other two verticals of the company,” Datta added. Currently, the electrical and the engineering businesses contribute 45% and 10% respectively of the Kolkata-based company’s business. The company expects these investments would generate an additional revenue of more than Rs800 million by the end of FY11. “We are in the process of preparing a master plan regarding our future business plans which we would submit to the government, but in next two years, after all these investments fructifies, our total revenue would grow to Rs2.5 billion from Rs1.79 billion reported in FY09,” Datta said. The company reported a net profit of Rs185 million in FY09. Source: LatestNews-Home - Livemint.com | 9 Jun 2009 | 11:40 am Pantaloon surges 4% amid fund-raising plans - Business Standard
Source: Google News India - Business | 9 Jun 2009 | 11:38 am Yes Bank in pact with Finnish firm for cross border deals Mumbai: Private sector lender, Yes Bank has entered into an agreement with Finnish firm, Lahti Science and Business Park to provide investment banking services to Indian and Finnish companies. “The alliance has identified four Finnish firms in the area of clean technology for tie-up with Indian firms. Yes Bank is likely to fund two of these four projects,” Yes Bank’s corporate finance and development banking group president, Somak Ghosh said. “We have identified four companies for joint venture (JV) operations and is currently talking to them. The bank will look at the possibility of funding two out of the four projects. The financing will be in the range of Rs150-200 crores per company,” Ghosh said. “Lahti Science has been mandated by the Finnish government as the coordinator of Finnish Cleantech clusters and is aimed at enhancing the growth of SMEs in Finland by helping them internationalise their business,” Ghosh said. “Yes Bank will provide services on M&As, technology transfer, joint venture advisory and fund raising to Indian and Finnish companies under the alliance,” Ghosh said. “Fee-based income contributes around 48% of Yes Bank’s total revenue, half of which originates from the corporate advisory service,” Ghosh said. The bank has 117 operational branches across 92 cities in the country. Source: LatestNews-Home - Livemint.com | 9 Jun 2009 | 11:27 am Rising oils, techs help European stocks climbParis: European stocks rose in early trade on Tuesday, erasing all of the previous session’s losses, as buoyant commodity prices boosted heavyweight energy shares such as Total and BP. Tech stocks got a boost from US firm Texas Instruments, which raised its targets for second-quarter earnings and revenue, signalling improving demand in the chip market. STMicroelectronics gained 5.2%, Infineon rose 2.7%, Nokia climbed 4%, and Alcatel-Lucent added 2.3%. We expect other companies to also beat their initial guidance when they report their second-quarter revenues in July,” Credit Suisse analysts wrote in a note. At 2:00pm, the FTSEurofirst 300 index of top European shares was up 0.6% at 870.60 points. The benchmark index has surged 35% since falling to a record low in early March, a sharp rebound spurred by signs of economic recovery, but the rally has lost steam over the past three weeks. “The Spring rally has produced a big gap in valuations between cyclicals and defensives. But the market is now heading into a consolidation phase, and we should see a rotation in favour of utilities, healthcare and the likes,” said Jacques Henry, analyst at Louis Capital Markets, in Paris. So far this year, the DJ Stoxx basic resources index, home of Europe’s mining and steel stocks, has gained 51%, the banking index has risen 22%, and the energy index added 17%. On the downside, the utilities index has lost 9.4% and the healthcare index is down 6.6%. Around Europe on Tuesday, UK’s FTSE 100 index was up 0.4%, Germany’s DAX index up 0.6%, and France’s CAC 40 up 0.7%. Oil rose above $69 a barrel, ending two days of falls, as the US dollar retreated and ahead of weekly stocks data forecast to show a fall in US crude inventories. Total added 1.1%, BP gained 1.7% and Repsol climbed 1.6%. Mining and steel shares were also on the upside, rising along with metal prices. Rio Tinto added 0.9% and ArcelorMittal up 2.8%. French electrical components firm Legrand gained 5% after UBS upgraded its rating on the stock to “buy” from “neutral”, while food group Danone, upgraded to “overweight” from “equal weight” by Morgan Stanley, rose 3.5%. Banking shares were on the rise, led by Lloyds Banking Group Plc, up 4.1%. British media reported the lender would close all branches of its Cheltenham & Gloucester mortgage unit and cut some 1,500 jobs. Spain’s Banco Santander was up 1.3%, France’s Societe Generale was up 1.9%, and Credit Suisse rose 0.6%. On the downside, Air France-KLM tumbled 3.8% after Europe’s biggest airline unveiled an 8.1% drop in passenger traffic in May, and after RBS cut its rating on the stock to “hold” from “buy”. Source: LatestNews-Home - Livemint.com | 9 Jun 2009 | 11:23 am PM's growth projections enliven markets, Sensex up 461 pointsBuoyed by positive economic growth estimates by the govt, Sensex closed at 15,127 points on aggressive buying to regain the 15k-level which it lost in Monday's steep fall.Source: India Business News | Business News - Times of India | 9 Jun 2009 | 11:16 am Sensex regains 15k level, ends 461 pts upMumbai: Indian shares rose 3.1% on Tuesday to their highest close in 10 months as investors shrugged off weak regional bias and grabbed the opportunity to enter the market that had fallen 2.9% the previous day. Traders said foreign portfolio investors, who have pumped in more than $6.5 billion since mid-March, were big buyers in anticipation of speedier reforms by the government to boost growth, after the market had started shakily. Energy giant Reliance Industries led the gains as oil prices rose above $69 a barrel. Engineering and construction firm Larsen & Toubro firmed after Prime Minister Manmohan Singh said India has scope for increasing public spending, particularly on upgrading infrastructure. “Yesterday we saw a lot of domestic funds selling shares, but today, foreign funds are buying into the market after the fall,” T S Harihar, vice president at ICICI Securities, said. “Even if they enter the market at these levels, they can see decent returns over the next few years. They are comfortable with that.” Leading lender State Bank of India and ICICI Bank were also among the major gainers on hopes an economic revival in the latter half of the year will boost loan growth and result in fewer defaults. Satyam Computer Services jumped 10%, its daily limit, after reporting financial results for the first time since being rocked by an accounting scandal and subsequently taken over by Tech Mahindra Ltd. The 30-share BSE index .BSESN ended up 3.14%, or 461.08 points, at 15,127, its best close since last 12 August was the index’s biggest one-day percentage rise in two weeks and came after falling as much as 0.95% in early deals. The 50-share NSE index .NSEI rose 2.7% to 4,550.95. Twenty-eight stocks advanced while in the broader section, gainers led losers 1,498 to 1,293 on relatively heavy volume of 600.4 million shares. The benchmark had fallen 2.9% on Monday in its biggest drop in almost six weeks as investors took profits after a near 90% rally over the past three months. Analysts said profit-taking would be sporadic as underlying sentiment was positive on hopes the government will unveil market-friendly measures in the budget in early July to boost growth. The government can raise funds through selling up to 49% of state-run firms, the deputy chairman of the Planning Commission said on Monday, adding the economic outlook had improved over the past three months. “The money that is lying on the sidelines is coming in whenever there is a correction. This will continue in the near term,” Ambareesh Baliga, vice president at Karvy Stock Broking, said. The benchmark is up 57% this year, mainly fuelled by over $6.5 billion in investments from foreign funds since mid-March, after slumping by more than half last year when foreign investors withdrew $13 billion. Satyam, once India’s no. 4 outsourcer, rose Rs6.05 to Rs66.85, while Tech Mahindra soared by more than a quarter to Rs744.20. Reliance Industries, which has the most weight in the main index, advanced 3.8% to Rs2,271.90. Larsen rose 6.4% to Rs1,573.80, with investors betting the company will receive more orders as the government steps up spending to improve the country’s ramshackle infrastructure. Government-run State Bank of India, the country’s top lender, rose 4% to Rs1,763.30, while private-sector rival ICICI Bank ended up 1.6% at Rs735.55. Top realty firm DLF Ltd jumped 10.1% to Rs402.70, a day after a senior official told Reuters the firm saw signs of recovery in the beaten down residential property sector and expected prices to start climbing. Most other Asian markets fell on Tuesday, with Japan’s Nikkei sliding 0.8%, while MSCI’s measure of other Asian markets also dropped 0.8%. Source: Home - Livemint.com | 9 Jun 2009 | 11:15 am FM to meet PSU bankers tomorrow, to review rate cutNew Delhi: Finance Minister Pranab Mukherjee will meet heads of public sector banks on Wednesday to impress upon them the need to further moderate interest rates and also increase availability of credit to industry, suffering from the impact of the global downturn. The broad agenda of the meeting include review of interest rates, credit growth and agriculture credit, official sources said. The meeting will also dwell upon infrastructure lending, capital adequacy over medium term and housing and education loans, they added. Last month after assuming charge, the finance minister had said he will ask banks for a “benign plan of action.” “Industry and business have been hurt by the cost of finance... the cost and the speed with which finance can be accessed remains a matter of concern,” Mukherjee said. “One of the first steps I propose to take is to meet bankers and get them committed to a more benign plan of action,” he had said. The bankers meeting with the finance minister would also assess the impact of the three stimulus packages announced by the last UPA government. The meeting will also take stock of the annual financial performance of the PSU banks and financial institutions. Budget expected on 3 July The finance minister is expected to present the 2009-10 budget on 3 July, an official said on Tuesday. “Parliament’s budget session is proposed from 29 June to 7 August and the budget could be presented on 3 July,” an official in the parliamentary affairs ministry, who did not wish to be named, told reporters. He said the Economic Survey, an annual report on the state of economy, was likely to be presented on 2 July and the railways’ budget on 1 July. The proposed dates need to cleared by the cabinet and notified by the President’s office, he said. The government presented an interim budget for the 2009-10 (April-March) year in February ahead of national elections in April and May. Source: Home - Livemint.com | 9 Jun 2009 | 11:11 am Will spend USD 50m on RD in FY10: GlenmarkGlenn Saldanha, MD and CEO of Glenmark said that FY10 should be a good year for the research and development (RD) segment. Saldanha said, We will spend USD 50 million on RD this year.\"Source: Moneycontrol Top Headlines | 9 Jun 2009 | 11:10 am BSE Sensex rebounds 3.1 pct; Reliance leads gainsMUMBAI (Reuters) – The BSE Sensex rose 3.1 percent on Tuesday to its highest close in 10 months as investors shrugged off weak regional bias and grabbed the opportunity to enter the market that had fallen 2.9 percent the previous day.Source: Reuters: Money News | 9 Jun 2009 | 10:56 am Gold, silver recover on fresh buying, firm global trendSnapping a two-day losing streak, gold prices on Tuesday rose by Rs90 to Rs14,850 per 10 gram in the bullion market here on frantic buying by stockists.Source: Daily News & Analysis: Money News | 9 Jun 2009 | 10:56 am Parekh trades due to regulatory oversight: Sucheta DalalSucheta Dalal, Consulting Editor of MoneyLIFE magazine, said,\"The reason why Ketan Parekh\'s name continues is that nobody is investigating what he is doing; nobody wants to find out what is his source of income. And since they ignore him, he obviously thrives on this market place.\"Source: Moneycontrol Top Headlines | 9 Jun 2009 | 10:19 am Stocks surge nudges investors back to equity fundsMumbai: Indian fund investors are flocking back to stocks on hopes market-friendly reforms by the new government would help sustain the stunning 85% surge in the benchmark index since early March. Net inflows into domestic equity funds rose to Rs1,930 crore billion in May, the highest in 14 months, and more than twice the amount in the first four months of 2009, according to data from the Association of Mutual Funds in India. It includes more than Rs800 crore collected by a fund from ICICI Prudential Asset Management - more than what 18 stock funds collected in the last eleven months, marking a significant shift in investors risk appetite. “There is certainly a revival in sentiment and interest from investors,” said Anthony Heredia, chief executive of Morgan Stanley Investment Management. The revival comes in the backdrop of a tough 2008/09 for the Indian mutual fund industry, which saw assets shrink by nearly a fifth to Rs4.2 trillion in the year to March. More ominously, profitable equity assets shrunk by more than a third. “The current surge in investor interest and also markets are firstly because of the way the election result has turned out to give us a majority government for the next five years,” Heredia said. A return of risk appetite globally, sending billions of dollars into stocks of emerging markets, and hope the worst might be over for India’s corporate earnings was also fuelling a revival in flows into domestic stock funds, he added. Indian shares surged 28.3% in May, the highest in 17 years, after the Congress-led coalition won an unexpectedly strong mandate in the polls. Hopes are also high on a revival in stalled reforms such as higher foreign investment limits in retail, airlines and banks, pension, land and agriculture reforms and a fresh lease of investments in infrastructure. However, data also indicate investors pulling out more money from stock funds to take advantage of rising share valuations. Redemptions at Rs3,822 crore in May was about 80% more than the previous month and highest in 13 months. However, investors allocated Rs5,750 crore, nearly three times they invested in April, boosting prospects of better flows into the Rs6.6 trillion Indian mutual funds industry. Source: Home - Livemint.com | 9 Jun 2009 | 9:43 am India can still achieve 9% growth: PMNew Delhi: Prime Minister Manmohan Singh on Tuesday said the country’s economy is even now capable of growing by 8-9%, the same rate as it did before the global financial meltdown set in. “Since our savings rate is as high as 35% ... if all work together, we can achieve a growth rate of 8 to 9%, even if the world economy does not improve,” he said while winding up the debate on motion of thanks to the President’s address to joint sitting of Parliament. The global crisis, Singh said, had affected India’s economic growth that slipped from 9% to around 7% in the previous fiscal. The fall in growth is mainly due to dip in investments, which are key to economic expansion. The Prime Minister said that during the current fiscal the country would grow by 7%. “This year we will maintain at least 7% growth rate. In the short-run, we cannot do better but this is also good enough,” he said. The Reserve Bank of India (RBI) in its monetary policy for the current fiscal projected the economy to grow by 6%, lower than the 6.7% achieved during 2008-09. The Prime Minister said India has scope for increasing public spending, particularly on upgrading infrastructure, despite a high fiscal deficit. “There is considerable scope for increasing public expenditure, particularly on infrastructure projects,” Singh said. On Pakistan Singh said India would meet Pakistan “more than half way” if Islamabad cracked down on terrorists. “I expect the government of Pakistan ... use every means at their disposal to bring to justice those who had committed these crimes in the past, including the attack on Mumbai,” Singh said. The speech came only weeks after Singh’s resounding election victory that gave the Congress-led government a strong mandate in its second term. “If the leaders of Pakistan have the courage, the determination and the statesmanship to take this road of peace, I wish to assure them that we will meet them more than half way,” Singh added. India has also blamed some Pakistani state agencies of backing the attack that killed 166 people in November. Islamabad denied official involvement but has acknowledged the raid had been launched and partly planned from Pakistan. Source: Home - Livemint.com | 9 Jun 2009 | 9:26 am Markets continue to gain, Sensex up 437 pointsIndian equities markets made further gains Tuesday afternoon, with a key index ruling 437 points higher than its previous close about 70 minutes before the closing bell.Source: India Business News | Business News - Times of India | 9 Jun 2009 | 9:10 am CDMA group sees 100 m new subscribers in IndiaNotwithstanding the fact that there are more number of operators moving towards offering GSMbased mobile services, the CDMA Development Group (CDG) has projected that India will have 100 million new CDMA subscribers over the next two years if operators are given adequate spectrum.Source: Moneycontrol Top Headlines | 9 Jun 2009 | 9:05 am Indian engineering graduates still root for IT: studyNever mind that the IT industry is going through a bad phase following global recession. It continues to be a preferred career option for the majority of Indian engineering students, says a new study.Source: IndiaeNews.com: Business News | 9 Jun 2009 | 9:00 am Oil hits $69 as dollar easesLondon: The dollar edged lower against a basket of currencies on Tuesday, staying below a two-week high scaled after US jobs data last week stoked expectations for a Federal Reserve rate rise later this year. Traders said economic indicators and upcoming auctions for US debt could underscore this shift in market sentiment. “All eyes have been on stock markets and currency markets lately,” said Tony Machacek, a broker at Bache Commodities. “The auctions today could have a significant shift in the trend of the dollar, and I wouldn’t be surprised by a spill-over into oil values.” Nobuo Tanaka, executive director of the International Energy Agency, told Reuters on Monday the agency expected oil stocks in developed OECD economies to fall to 57 days by year-end from 63 days now if Opec keeps output at current levels and demand recovers. Later on Tuesday, the market could take direction from weekly US inventory data from industry group the American Petroleum Institute, which is scheduled for release at 2:00am. It will be followed by US Energy Information Administration data on Wednesday. Analysts polled by Reuters said they expected crude stocks to have fallen by 400,000 barrels last week, while distillate and gasoline stocks could have risen by 1.2 and 1.3 million barrels respectively. Last week, US crude oil stocks rose by a more-than-expected 2.9 million barrels. Source: Home - Livemint.com | 9 Jun 2009 | 8:59 am Fiat ‘won’t walk’ after court delays Chrysler dealMilan / Washington: Italian automaker Fiat will not walk away from its deal to buy bankrupt Chrysler LLC, a spokesman said on Tuesday after a US court delay threw the deal into doubt. Both Chrysler and the Obama administration have said a long delay could kill the deal and end up with Chrysler’s liquidation, and Fiat can walk away from the deal if it does not close by 15 June. “Fiat will not walk away from the deal if it isn’t completed by the 15 June deadline,” a spokesman said on Tuesday. In a ruling on Monday, Justice Ruth Bader Ginsburg said the bankruptcy judge’s orders allowing the sale “are stayed pending further order” by her or by the Supreme Court. It was unclear what the next step would be, but many experts interpreted the action as giving the top court more time to weigh its response to a request by three Indiana pension funds and others for a stay of the deal. Source: World Business - Livemint.com | 9 Jun 2009 | 8:51 am P&G’s McDonald to succeed Lafley Cincinnati: The Procter & Gamble Co. (P&G) is reportedly ready to name 29-year company veteran Robert A.McDonald to succeed A.G.Lafley as chief executive of the world’s largest consumer products maker. A Wall Street Journal report on Monday attributed the planned move to unidentified people familiar with the matter. P&G spokesman Paul Fox however said that the maker of such brands as Tide detergent, Gillette shavers and Pampers diapers wouldn’t comment on rumor and speculation. P&G’s board of directors, which would have to approve the move, meets on Tuesday in Cincinnati. McDonald, P&G’s chief operating officer, had been considered the heir apparent to Lafley, who reportedly would continue as chairman. Lafley became CEO nine years ago this month and turns 62 on 13 June. Source: World Business - Livemint.com | 9 Jun 2009 | 8:45 am Gold prices up; traders stay awayMumbai: India’s gold prices edged higher on Tuesday on overseas leads, with well-stocked traders unwilling to take positions as the wedding season neared an end, traders said. The most active August contract was 0.09% higher at Rs14,614 per 10 grams at 1:52pm, after hitting a high of 14,640 in early deals tracking overseas markets. Overseas gold, which guides the domestic market, edged higher trading around $950 as the dollar tracked back from recent gains, improving the precious metal’s appeal as a currency hedge. “There is not much demand now. Buying was last seen on Friday when market had dipped,” said Satish Bansal, director with Delhi-based bullion importer MD Overseas. Gold demand had picked up on Friday when prices dipped more than a percent locally. “Prices are quiet high now and even rupee depreciated for the last two sessions and even weddings would end now,” said Bansal. A weak rupee makes the dollar-denominated asset expensive for domestic traders. Traders would slow their buying now as wedding season neared an end, but could witness a revival in August, when traders stock to meet festival demand. “June and July have been traditionally slow months for gold sales, so by August demand should pick up,” said Mayank Khemka, managing director with Khemka International, another Delhi-based bullion importer. Source: Home - Livemint.com | 9 Jun 2009 | 8:44 am Swiss govt in talks on UBS stake as lock-up endsZurich: The Swiss government is in talks over its investment in UBS with various parties but has not yet decided to convert its debt into shares or sell them, the finance ministry said on Tuesday. The talks come as other global banks are starting to pay back state bailouts but analysts expect the Swiss government will prove cautious until it is sure UBS is back on stable ground. Berne agreed last October to give the biggest Swiss bank a badly-needed $5.47 billion (6 billion Swiss francs) cash injection in exchange for mandatory convertible notes (MCN) that would give it a stake of 9.3%. The lock-up period for conversion of the notes ended on Tuesday. The finance ministry said it is examining various “transaction possibilities” in talks with several parties and the government will take a decision at the appropriate time. It reiterated that the government only planned to stay involved for a limited period and said its main objectives were ensuring a stable financial system and the greatest possible recouping of the government’s investment. UBS, the world’s largest wealth manager in terms of assets, was forced to accept government backing after massive investments in risky US assets forced it to make billions of writedowns and led to it posting the biggest annual loss in Swiss corporate history for 2008. The market would welcome a decision by the Swiss state to disengage from UBS as a sign the bank is on track for recovery, but Swiss media has said financial authority FINMA is against a hasty sale of the stake. Sale / Placement not imminent? UBS shares were up 1.7% at 15.09 Swiss francs at 12:50 pm, outperforming a 0.9% firmer DJ Stoxx European banking index. “The statement is in line with our expectation that government won’t decide anything by the end of the lock-up period,” Julius Baer analysts wrote in a client note. “We could even see some higher share prices today as a sale/placement is not imminent.” A conversion of the notes would have a dilutive effect and a sale on the market could also hit the stock, although analysts have already priced in the share dilution in earnings forecasts. Lloyds Banking Group Plc announced on Monday it will repay about £2.56 billion ($4.1 billion) to the UK government after selling new shares and Dutch insurer Aegon said on Tuesday it aims to pay back a third of its €3 billion ($4.2 billion) in state aid this year. US banks Morgan Stanley, JPMorgan Chase and American Express Co also said in the last week they would sell shares as they position to repay state relief UBS, too, is seen by analysts as keen for the government to exit as quickly as possible to remove state involvement and competitive disadvantages such as demands that it complies earlier than other Swiss banks with new rules on banker pay. However, it gave a cautious outlook last month as it reported a big first-quarter net loss, contrasting with a strong three months for some of its major rivals and UBS board member Bruno Gehrig said at the weekend the bank was “not out of the woods yet” as it was still seeing outflows of client money. Analysts say investors from Asia and the Middle East, some of whom are already among UBS’s core shareholders, may be interested in buying the government’s stake, but mustering a consortium of Swiss investors may be difficult. The MCNs have a duration of 30 months, or until June 2011, and carry a 12.5% annual coupon that UBS must pay until maturity even in the event of a share conversion. If the government converts at or below the minimum reference price of 18.21 Swiss francs it will receive the maximum of 330 million shares under the terms of the agreement. The Swiss government is already in the money for a sale as UBS shares are trading above the break-even level of 12.50 Swiss francs, taking into account the 750 million francs annual interest payments it is guaranteed until the maturity date. Earlier this month Abu Dhabi sold 1.3 billion shares in Barclays held via mandatory convertible notes that had been due to convert by the end of June, making $2.5 billion from an investment that helped the British bank through the financial crisis. ($1=1.096 Swiss Francs) Source: Home - Livemint.com | 9 Jun 2009 | 8:43 am Swiss govt in talks on UBS stake as lock-up endsZurich: The Swiss government is in talks over its investment in UBS with various parties but has not yet decided to convert its debt into shares or sell them, the finance ministry said on Tuesday. The talks come as other global banks are starting to pay back state bailouts but analysts expect the Swiss government will prove cautious until it is sure UBS is back on stable ground. Berne agreed last October to give the biggest Swiss bank a badly-needed $5.47 billion (6 billion Swiss francs) cash injection in exchange for mandatory convertible notes (MCN) that would give it a stake of 9.3%. The lock-up period for conversion of the notes ended on Tuesday. The finance ministry said it is examining various “transaction possibilities” in talks with several parties and the government will take a decision at the appropriate time. It reiterated that the government only planned to stay involved for a limited period and said its main objectives were ensuring a stable financial system and the greatest possible recouping of the government’s investment. UBS, the world’s largest wealth manager in terms of assets, was forced to accept government backing after massive investments in risky US assets forced it to make billions of writedowns and led to it posting the biggest annual loss in Swiss corporate history for 2008. The market would welcome a decision by the Swiss state to disengage from UBS as a sign the bank is on track for recovery, but Swiss media has said financial authority FINMA is against a hasty sale of the stake. Sale / Placement not imminent? UBS shares were up 1.7% at 15.09 Swiss francs at 12:50 pm, outperforming a 0.9% firmer DJ Stoxx European banking index. “The statement is in line with our expectation that government won’t decide anything by the end of the lock-up period,” Julius Baer analysts wrote in a client note. “We could even see some higher share prices today as a sale/placement is not imminent.” A conversion of the notes would have a dilutive effect and a sale on the market could also hit the stock, although analysts have already priced in the share dilution in earnings forecasts. Lloyds Banking Group Plc announced on Monday it will repay about £2.56 billion ($4.1 billion) to the UK government after selling new shares and Dutch insurer Aegon said on Tuesday it aims to pay back a third of its €3 billion ($4.2 billion) in state aid this year. US banks Morgan Stanley, JPMorgan Chase and American Express Co also said in the last week they would sell shares as they position to repay state relief UBS, too, is seen by analysts as keen for the government to exit as quickly as possible to remove state involvement and competitive disadvantages such as demands that it complies earlier than other Swiss banks with new rules on banker pay. However, it gave a cautious outlook last month as it reported a big first-quarter net loss, contrasting with a strong three months for some of its major rivals and UBS board member Bruno Gehrig said at the weekend the bank was “not out of the woods yet” as it was still seeing outflows of client money. Analysts say investors from Asia and the Middle East, some of whom are already among UBS’s core shareholders, may be interested in buying the government’s stake, but mustering a consortium of Swiss investors may be difficult. The MCNs have a duration of 30 months, or until June 2011, and carry a 12.5% annual coupon that UBS must pay until maturity even in the event of a share conversion. If the government converts at or below the minimum reference price of 18.21 Swiss francs it will receive the maximum of 330 million shares under the terms of the agreement. The Swiss government is already in the money for a sale as UBS shares are trading above the break-even level of 12.50 Swiss francs, taking into account the 750 million francs annual interest payments it is guaranteed until the maturity date. Earlier this month Abu Dhabi sold 1.3 billion shares in Barclays held via mandatory convertible notes that had been due to convert by the end of June, making $2.5 billion from an investment that helped the British bank through the financial crisis. ($1=1.096 Swiss Francs) Source: World Business - Livemint.com | 9 Jun 2009 | 8:43 am Airlines see turnaround in 2010; more job losses fearedKuala Lumpur: Airline executives on Tuesday expressed hope of a turnaround next year after fresh estimates showed that they may lose close to $20 billion from 2008 to 2009 due to the global economic slowdown. With oil prices threatening to rise on expectations of a US-led economic turnaround, delegates to the annual meeting of the International Air Transport Association (IATA) said some carriers may start making money in late 2010. “In our view, we see recovery towards end of 2010. We think recovery will start there,” said Alan Joyce, chief executive of Australia’s Qantas Airways Ltd. “Our regional operations are holding well. Our long-haul is losing money,” he told fellow members of IATA, which represents 230 airlines accounting for 93% of scheduled international air traffic. “The Japanese market is particularly weak. Swine flu is having an impact,” said Joyce. IATA chief economist Brian Pearce said that the Asia-Pacific region, forecast to lose $3.3 billion or over a third of 2009 industry losses, may see a recovery in 2010 with Europe lagging other regions. He said that government spending to stimulate consumption would help airlines. “The US and North American markets will come out earlier than Europe,” he said. Pearce said: “During this stormy period, airlines would love to merge but restraints on ownership will prevent it.” “You will see alliances and coordinations by airlines to cut costs,” he added. Tony Tyler, chief executive of Cathay Pacific Airways Ltd, said: “Let’s not forget when we recover we are recovering from a very bad base, and it will be some time before we are back to where we were.” “I’m afraid we are in for a long haul. We are not going to see instant recovery,” he said. “Thai Airways International PCL is considering a combination of issuing debt and shares to boost its capital by 60 billion baht ($1.75 billion) in the next 12 to 18 months,” executive board chairman Wallop Bhukkanasut said. “Issuing bonds is one of the options, but we are also considering a share offering,” he said. SAS Group said it may cut more jobs if market conditions worsen. “Not now. But if the market conditions are going to be even worse, then it could be possible to take new actions,” SAS Group president and chief executive Mats Jannson said. SAS Group has cut about 9,000 jobs as part of its efforts to fight the current economic downturn. IATA director general Giovanni Bisignani told delegates on Monday that the industry may lose $9 billion in 2009, almost double an estimate made just three months ago, making the crisis worse than the aftermath of the 11 September, 2001 attacks on the US. Combined with a revised estimate that it lost $10.4 billion in 2008, the industry now looks set to lose almost $20 billion over two years. Bisignani also warned against the possibility of a new oil price hike. “The risk that we have seen in recent weeks is that even the slightest glimmer of economic hope sends oil prices higher. Greedy speculation must not hold the global economy hostage,” he said. IATA says that the industry’s fuel bill is forecast to decline by $59 billion to $106 billion in 2009 based on an average price of $56 per barrel for Brent North Sea crude during the year. On Tuesday, the Brent contract for July was above $68, nearly double the level in December when oil prices hit bottom. The price of New York light sweet crude, the global benchmark, also held above $68 a barrel Tuesday after rebounding from overnight falls. It had fallen toward $32 a barrel last December from a peak of $147 in July. Source: World Business - Livemint.com | 9 Jun 2009 | 8:32 am Satyam Oct-Dec consol net $34 mln, shares jumpMUMBAI (Reuters) - Satyam Computer Services posted a consolidated net profit of 1.6 billion rupees ($33.5 million) for the December quarter, lifting its shares almost 10 percent.Source: Reuters: Money News | 9 Jun 2009 | 8:26 am Over 2,000 Satyamites quit in Jan-FebMore than 2,000 employees quite Satyam in the first two months of this calendar year, bringing the total head count down to 41,622 as of March.Source: India Business News | Business News - Times of India | 9 Jun 2009 | 8:17 am GE Aviation sees orders down 50% this yearKuala Lumpur: GE Aviation, a unit of General Electric Co and the world’s largest maker of jet engines, expects orders this year to halve as airlines slow plane buying amid a slump in travel demand. Jack Lutze, vice-president of sales for Europe and Africa said on Tuesday that some deferrals were likely for next year’s deliveries but only a few cancellations, a sign that more airlines are likely to postpone plane buying in the downturn. “Everybody is looking to push back 2010,” Lutze said on the sidelines of the International Air Transport Association’s (IATA) annual meeting in Kuala Lumpur. “This industry lurches from boom to bust,” he said adding: “We lag the industry on the way down and on the way up.” “GE Aviation still has an order backlog worth years of production,” Lutze said, after airlines went on an expansion drive earlier this decade with $500 billion worth of future plane orders placed by IATA airlines based on today’s list prices, according to Reuters calculations. But airlines have been hit in the past year’s financial crisis by weak passenger and business travel demand, a slide in air cargo trade, trouble getting financing for new planes and by volatile oil prices. Top plane maker Airbus said on Monday that it would be a tough year for orders and next week’s Paris Air Show would be nothing like last year. GE Aviation, which makes engines for plane makers such as EADS unit Airbus and Boeing, said in January that it aimed to reduce its white-collar staff by more than 1,000 people this year, but did not plan to trim its manufacturing headcount. The job cuts, off a base of 16,000 salaried employees, would come through attrition, retirement, buyout packages and some layoffs. Fellow engine maker Pratt & Whitney, a unit of United Technologies Corp, is also laying off 1,000 jobs. Lutze said that the focus for GE Aviation was to maintain existing orders, get customers needing engine servicing or parts to pay up, and win new orders. “Cash is king for us too,” said Paris-based Lutze. The mood at the IATA meeting in the Malaysian capital was fairly grim with the association forecasting industry losses would be $9 billion this year, nearly double a forecast made just three months ago. Many airline CEOs at the event said that this was the toughest environment they had faced and some said that they were considering deferring orders, though most have been careful to avoid mentioning cancellations. Source: World Business - Livemint.com | 9 Jun 2009 | 8:08 am GE Aviation sees orders down 50% this yearKuala Lumpur: GE Aviation, a unit of General Electric Co and the world’s largest maker of jet engines, expects orders this year to halve as airlines slow plane buying amid a slump in travel demand. Jack Lutze, vice-president of sales for Europe and Africa said on Tuesday that some deferrals were likely for next year’s deliveries but only a few cancellations, a sign that more airlines are likely to postpone plane buying in the downturn. “Everybody is looking to push back 2010,” Lutze said on the sidelines of the International Air Transport Association’s (IATA) annual meeting in Kuala Lumpur. “This industry lurches from boom to bust,” he said adding: “We lag the industry on the way down and on the way up.” “GE Aviation still has an order backlog worth years of production,” Lutze said, after airlines went on an expansion drive earlier this decade with $500 billion worth of future plane orders placed by IATA airlines based on today’s list prices, according to Reuters calculations. But airlines have been hit in the past year’s financial crisis by weak passenger and business travel demand, a slide in air cargo trade, trouble getting financing for new planes and by volatile oil prices. Top plane maker Airbus said on Monday that it would be a tough year for orders and next week’s Paris Air Show would be nothing like last year. GE Aviation, which makes engines for plane makers such as EADS unit Airbus and Boeing, said in January that it aimed to reduce its white-collar staff by more than 1,000 people this year, but did not plan to trim its manufacturing headcount. The job cuts, off a base of 16,000 salaried employees, would come through attrition, retirement, buyout packages and some layoffs. Fellow engine maker Pratt & Whitney, a unit of United Technologies Corp, is also laying off 1,000 jobs. Lutze said that the focus for GE Aviation was to maintain existing orders, get customers needing engine servicing or parts to pay up, and win new orders. “Cash is king for us too,” said Paris-based Lutze. The mood at the IATA meeting in the Malaysian capital was fairly grim with the association forecasting industry losses would be $9 billion this year, nearly double a forecast made just three months ago. Many airline CEOs at the event said that this was the toughest environment they had faced and some said that they were considering deferring orders, though most have been careful to avoid mentioning cancellations. Source: Home - Livemint.com | 9 Jun 2009 | 8:08 am India can achieve 8-9 per cent economic growth: PMPrime Minister Manmohan Singh said the country's economy is even now capable of growing by 8-9 per cent, the same rate as it did before the global financial meltdown set in.Source: Daily News & Analysis: Money News | 9 Jun 2009 | 7:44 am India can achieve 8-9% economic growth: PMThe PM said the reason behind his optimism was that India's savings rate, which determines the money that can be deployed for development projects, was still high at 35 percent of GDP.Source: India Business News | Business News - Times of India | 9 Jun 2009 | 7:38 am Shell settles human rights suit for $15.5 mnNew York: Royal Dutch Shell agreed to a $15.5 million settlement Monday to end a lawsuit alleging that the oil giant was complicit in the executions of activist Ken Saro-Wiwa and other civilians by Nigeria’s former military regime. Shell, which continues to operate in Nigeria, said it agreed to settle the lawsuit in hopes of aiding the “process of reconciliation.” But Europe’s largest oil company acknowledged no wrongdoing in the 1995 hanging deaths of six people, including poet Saro-Wiwa. “This gesture also acknowledges that, even though Shell had no part in the violence that took place, the plaintiffs and others have suffered,” Malcolm Brinded, Shell’s executive director of exploration and production, said in a statement. The lawsuit in US District Court in New York claimed Shell colluded with the country’s former military government to silence environmental and human rights activists in the country’s Ogoni region. The oil-rich district sits in the southern part of Nigeria and covers about 1,000 square kilometers. Shell started operating there in 1958. The primary complaint against Shell focused on activities by the company’s subsidiary, Shell Petroleum Development Company of Nigeria Limited. The lawsuit said in the 1990s, Shell officials helped furnish Nigerian police with weapons, participated in security sweeps of the area, and hired government troops that shot at villagers protesting the construction of a pipeline. The plaintiffs also say Shell helped the government capture and hang Saro-Wiwa, John Kpuinen, Saturday Doobee, Felix Nuate, Daniel Gbokoo and Dr. Barinem Kiobel on 10 November, 1995. Saro-Wiwa, leader of the Movement for the Survival of Ogoni People, led rallies against Shell. He blamed the company for myriad oil spills and gas fires in the Ogoni region. “I think he would be happy with this,” Saro-Wiwa’s 40-year-old son, Ken Saro-Wiwa Jr., said in a telephone interview from London. Though Shell denied any wrongdoing, “the fact that they would have to settle is a victory for us.” Besides compensating the families, the money from Shell will pay for years of legal fees. And a large chunk of the settlement — roughly a third — will create a trust that will invest in social programs in the country including educational endowments, agricultural development, support for small enterprise and adult literacy programs. Altogether, the settlement will have a negligible effect on Shell’s shareholders, amounting to less than one-hundredth of a percent of Shell’s annual revenue. It’s comparable to the annual cost of renting one of the supertankers that Shell uses to deliver Nigerian oil to other countries. Shell has consistently maintained that it never advocated violence and that it lobbied Nigerian officials to grant Saro-Wiwa clemency. Critics say that Shell did so because of the bad publicity the case had generated. “Is it enough to bring back the lives of our clients? Obviously not,” said Jenny Green, a lawyer for the Center for Constitutional Rights in New York who helped file the lawsuit in 1996. But Green said it will send a message to Shell and other multinationals that operate in developing countries. “You can’t commit human rights violations as a part of doing business,” she said. “A corporation can’t act with impunity. And we think there is accountability in this settlement.” Ralph Steinhardt, a George Washington professor of international law, said he doesn’t think Shell got off easy with the settlement. “It’s not the size of the company that’s the right measure here,” Steinhardt said. “At the end of the day, it’s to get some acknowledgment of the plaintiffs and their suffering and the role of the company.” The Shell settlement ends one of several legal battles brought against energy companies by indigenous peoples where they operate. Villagers in Indonesia are suing Exxon Mobil, claiming it employed guards who kidnapped, tortured and murdered civilians. Chevron is awaiting a verdict from a judge in Ecuador that could lead to a potential $27 billion judgment stemming from a dispute over the role of Texaco, which Chevron bought in 2001, in environmental damages in the Amazon rain forest. The case against Shell was based on Alien Tort Claims Act. The 18th-century law was originally meant to combat piracy and allows foreigners to pursue corporations in U.S. courts. At least one additional lawsuit alleging human rights abuses by Shell in Nigeria is pending in US District Court in New York. Fourteen years after the Nigerian activists were hanged, Saro-Wiwa said he thinks Shell has started to acknowledge that it needs a “social license” to operate in a foreign countries. For example, the company has agreed to pay for a study of environmental damage that drilling has caused the Ogoni region. “They have a long way to go,” he said. “But at least they realize some of their actions can come back to haunt them as we saw in New York.” Source: World Business - Livemint.com | 9 Jun 2009 | 7:33 am Apple halves iPhone to $99, trims Mac pricesSan Francisco: Apple Inc halved the price of its entry-level iPhone to $99 on Monday to widen the trendy device’s mass-market appeal, as global competition heats up after Palm Inc launched the Pre. Apple also cut prices on several of its Mac notebooks amid a tooth-and-nail battle among computer makers for buyers during the recession. And to shore up its hold on the smartphone market, it unveiled a new, faster, high-end iPhone that takes videos and has voice features, matching offerings by rivals Palm and Research in Motion’s BlackBerry. Analysts said sales could double for the cheapest iPhone. Chief executive Steve Jobs, on medical leave since January, did not put in a much speculated-about appearance. The next-generation iPhone 3GS - the “S” stands for speed, double that of the original model -- goes on sale in the United States, Germany and elsewhere on June 19 for $199 to $299. “They plugged the hole in the offering of the 3G iPhone,” Gartner analyst Van Baker said, referring to the new features. A rambunctious crowd livened up Apple’s annual Worldwide Developers’ Conference in downtown San Francisco on Monday, whooping and applauding as executives unveiled everything from a cheaper Mac Air notebook to a new operating system. Shares in Apple closed 0.6% down at $143.85 - after a 6.5% climb in the week leading up to the highly anticipated event - as Jobs failed to show and investors debated the merits of the sharp iPhone price cut. Morgan Stanley estimates that an entry-level iPhone, at what Apple marketing chief Phil Schiller calls a “breakthrough price of $99”, could double existing sales. That is for the 8-gigabyte model, previously priced at $199. Apple said it has sold more than 40 million of its iPhones and music-playing iPod Touches to date, up from the 37 million reported during a quarterly earnings call in April. The new iPhone models and price cuts announced on Monday came days after Palm launched its Pre smartphone, which some analysts say is the iPhone’s closest rival. Sprint Nextel Corp, which has exclusive US rights to carry the Pre, said it had record sales of the smartphone in its first weekend, and was restocking the phones “as quickly as Palm could make them.” A jazzed-up phone The $99 iPhone will cost half as much as the $199 Pre. By slashing the price of the 8-gigabyte iPhone and rolling models out this month, Apple’s strategy appeared designed to take advantage of the Pre’s limited availability, said CL King & Associates’ Lawrence Harris. In a note to investors on Monday, he estimated that Palm produced just 50,000 Pre phones in May. AT&T, the exclusive US service provider for the iPhone, will sell the 16-gigabyte 3G for $149, down from $299, while supplies last. Competition is intensifying among cellphone makers from Nokia to HTC Corp for a slice of one of the few remaining fast-growth tech markets. Globally, research house Ovum expects 171.9 million smartphones to ship this year, up 23% on 2008 and about 15% of the worldwide mobile phone market in 2009. But the battle in that lucrative arena is eroding margins. Apple executives did not comment on impact to profitability from the cheaper iPhone or Mac Air - which at $1,499 is still costlier than computers from the likes of Dell Inc or Hewlett-Packard Co. Shaw Wu, an analyst at Kaufman Brothers, said the price cuts could dampen gross margin but noted that Apple had forecast its margin would slip in the current quarter. Lower costs for components and the extra sales Apple hopes to net should help alleviate the squeeze, he added. AT&T said the halving in price would not affect its profit targets, and that it was sticking to its objective for wireless margins in the low 40% range. Apple’s stock is historically volatile during the company’s June developer conference. It dropped about 7% over the course of the conference in 2008 and about 4% in 2007. Much of Monday’s event was taken up with new features for Apple’s best-selling gadget. Executives announced that new iPhones will support TomTom satellite navigation devices and support multiplayer games such as Asphalt 5. The consumer electronics giant showed off a new 15-inch notebook with improved battery life, a $300-cheaper Mac Air - its thinnest laptop - and, as expected, its highly previewed “Snow Leopard” Mac operating system software. The company also unveiled a new 13-inch MacBook Pro starting at $1,199, and a 15-inch laptop with longer battery life, addressing a perennial consumer concern. Some of the hundreds of developers, analysts, reporters and industry insiders that gathered in downtown San Francisco had hoped to catch a glimpse of founder and chief executive Jobs. Suspense and speculation had mounted in the months before Apple’s annual Worldwide Developers’ Conference, with hopes ranging from a cameo by Jobs - out till the end of June on medical leave -- to revelations of a game-changing tablet mini-PC or cheaper iPhone. Jobs, a pancreatic cancer survivor, has not appeared despite speculation he would, after springing his leave of absence on stunned markets in January by saying his health problems were more complex than previously thought. Despite a slowing product line, worsening consumer spending and an uncertain succession plan, investors have quickly got comfortable with the idea of a Job-less Apple. Shares of the maker of the iPod and iPhone have surged 85% since shortly after the bombshell was dropped on 14 January. Source: Tech News - Livemint.com | 9 Jun 2009 | 7:32 am No discrimination against states, promises PMPrime Minister Manmohan Singh promised Tuesday that his Congress-led government would not discriminate against any state, including those ruled by rival parties.Source: IndiaeNews.com: Business News | 9 Jun 2009 | 7:31 am New world trade deal by 2010: WTO chiefNusa Dua, Indonesia: “Eight torturous years of talks over a new global trade pact should reach a conclusion next year after changes in the US and Indian governments,” World Trade Organisation (WTO) chief Pascal Lamy said on Tuesday. Lamy informed that the top US and Indian trade representatives have agreed to reset the stalled Doha Round of trade liberalisation talks during a bilateral meeting on the sidelines of a conference of agricultural exporters in Indonesia. “We had not had that clear signal of reset until now. What I got from here is that. Yes, we should conclude this by 2010,” he said after three days of trade talks on Bali island. US trade representative Ron Kirk, the former Dallas mayor who was appointed by President Barack Obama in March, met the new Indian trade minister, Anand Sharma, for the first time on Monday. “What I saw is Ron Kirk and Anand Sharma clearly engaging in a process that should lead to the conclusion of the round some time next year,” Lamy said, describing the Bali meeting as significant. Kirk avoided specifics about his meeting with Sharma but said that the US was committed to outlining a new basis for Doha negotiations by August, when the WTO begins its summer break. “Doing nothing, rejecting pursuing an alternative to what we have been doing for the past three rounds is in fact a decision that leads to a failure of Doha, and that is not an acceptable conclusion,” he said. Kirk said that it was time for a fresh approach to conclude the Doha Round as a stimulus for recovery from the global economic crisis. The round collapsed in July last year amid differences between India and the US. Kirk was speaking at the end of a ministerial-level conference of the 19 member Cairns Group, which accounts for 25% of the world’s agricultural trade and supports open markets. Although US is not a member of the group, he said he fully endorsed its joint communique calling for world leaders to show the political will to re-start the Doha negotiations. “We are in agreement with our colleagues here that we should begin in earnest,” Kirk said. The Cairns Group ministers said senior negotiators should convene at WTO headquarters in Geneva as soon as possible to map out a clear path towards the negotiations, and to start down that path before the European summer break. Washington’s refusal to accept Indian demands for measures to protect vulnerable industries from a flood of cheap imports contributed to the failure of the last round of Doha negotiations in Geneva last July. Lamy said that 80% of the global deal was done, but significant obstacles remained especially regarding tariffs and market access, with some countries wanting to protect vulnerable industries and others wanting new markets. “We are not looking at the difficulties, we are looking at the possibilities, to do our best and take this process to its culmination,” Indian minister for commerce and industry Anand Sharma said after his meeting with Kirk on Monday. “There are no obstacles which are insurmountable,” he said. The two met informally in a quiet villa on the edge of a vast luxury resort overlooking Bali’s coral-fringed beaches, away from the media glare and spotlight typically associated with WTO jamborees. During his first trip to the WTO in May, Kirk spoke about the need to consider changes to the process of the negotiations. “Whatever vehicle we’ve all been loaded on to get to Doha hasn’t gotten us there,” he said. The Indian minister said that he would go to Washington mid-June for follow-up talks with Kirk. The Doha round of talks started in Qatar in 2001 with the aim of removing trade barriers and subsidies, particularly in agriculture, by 2013. Australian trade minister Simon Crean, who was chairing the Cairns Group meeting, said that he was enormously encouraged by the willingness of the US and Indian representatives to re-engage. But the group said it was deeply disappointed by Washington’s recent decision to reintroduce dairy export subsidies in response to similar action by the European Union. Source: World Business - Livemint.com | 9 Jun 2009 | 7:31 am Fraud-hit Satyam has Rs.373 crore bank balanceThe fraud-tainted Satyam Computer Services has a bank balance of Rs.373 crore (about $75 million) as on March 31, the IT bellwether said Tuesday.Source: IndiaeNews.com: Business News | 9 Jun 2009 | 7:31 am Manmohan Singh confident of 7 percent growthIndia will achieve an economic growth of at least 7 percent this fiscal despite the global slowdown, Prime Minister Manmohan Singh said Tuesday while promising more resources for areas like infrastructure and public services.Source: IndiaeNews.com: Business News | 9 Jun 2009 | 7:30 am Foul play not suspected in Motwani’s deathWashington: Police do not suspect foul play from preliminary evidence gathered in the mysterious death of India-born Stanford professor Rajeev Motwani, the mentor and adviser of founders of top companies like Google and PayPal. There is no initial evidence of foul play in the drowning mishap, Atherton police Sgt Tim Lynch was quoted as saying by local newspaper San Jose Mercury News. Lynch said an autopsy report is awaited to carry forward the probe into the incident. Also Read Google founders’ professor dies “We’re kind of in limbo... It could have been a simple accident or many other things,” he added. Motwani(47) was found dead in the backyard swimming pool of his Palo Alto home in California on Friday. Local media reported that Motwani, who did not know how to swim, may have slipped into the pool and drowned. Paramedics were summoned when his body was found. Lynch said firefighters and a police officer pulled Motwani’s body from the bottom of the pool. The news of Motwani’s death sent shock waves throughout the Silicon Valley and the tech world globally, as he was known to be the master brain behind several key advancements in the world of Internet, including Google and PayPal. Meanwhile, friends and family members of Motwani have opened the “Rajeev Motwani Foundation” in his honour, requesting people to send in their contribution. Source: Tech News - Livemint.com | 9 Jun 2009 | 7:16 am Infosys BPO sees FY10 revenue up 10-15%Bangalore: The outsourcing unit of Infosys Technologies Ltd expects revenue to rise 10% to 15% in the current fiscal year to March, but pricing remains a concern. “Clients are under pressure anyway so they are putting pressure across the board,” Amitabh Chaudhry, chief executive of Infosys BPO Ltd, told Reuters in an interview on Tuesday. Revenue at the wholly owned unit of India’s second-largest software services company grew by 26.4% to $316.2 million in 2008-09. Chaudhry said the outsourcing business would remain uncertain for the next 12 to 18 months, as large Western clients curb non-essential technology spending in a sluggish economic environment. “May be the pace of decline seems to have reduced a little bit,” he said. “But to say that the decline has stopped, things have stabilised and now the uptick has started I think in my mind would be a bit of an unfair assessment.” However, Infosys BPO hopes to maintain profit margins in 2009-10 on increased orders from overseas markets and by cutting some operational costs. India’s outsourcing firms have so far thrived by providing Western firms with services such as processing insurance claims, managing payrolls and customer support. The boom in business process outsourcing, or BPO, is built on a large, skilled and cheap English-speaking workforce, but a global economic slowdown has crimped spending by companies. Export revenue from BPO is estimated to have grown by 17.5% to $12.8 billion in 2008-09, according to the lobby group National Association of Software and Service Companies. The sector accounted for 27% of India’s IT and back-office outsourcing services exports that is estimated to have risen to $47 billion in the last fiscal year. Overseas Expansion Chaudhry said Infosys BPO’s growth this year would be helped by increased business momentum in the overseas markets, as the company looked to bolster its presence in newer areas such as Brazil and China. Infosys BPO, whose offerings include finance and accounting, human resource and legal services outsourcing, plans to launch its operations in Brazil with a client in three to six months, he said. The centre will start with 25 to 100 people. In China, the company plans to raise its headcount to 400-500 people in 2009-10 from about 200 now. Infosys BPO, which was set up as a separate unit of Infosys in 2002, is focusing on buying outsourcing firms in the United States and Europe, Chaudhry said, adding the size of any deal would be between $30 million and $150 million. In 2007, parent Infosys signed a $250 million outsourcing contract with Royal Philips Electronics, and bought three of the Dutch firm’s back-office centres to expand its presence in fast-growing European markets. Shares in Infosys, which got nearly 7% of its revenue from the BPO unit in the last financial year, were trading up 3.2% at Rs1,788 at 0623 GMT in a Mumbai market that was 1.8% higher. Source: Tech News - Livemint.com | 9 Jun 2009 | 7:08 am Infosys BPO sees FY10 revenue up 10-15%Bangalore: The outsourcing unit of Infosys Technologies Ltd expects revenue to rise 10% to 15% in the current fiscal year to March, but pricing remains a concern. “Clients are under pressure anyway so they are putting pressure across the board,” Amitabh Chaudhry, chief executive of Infosys BPO Ltd, told Reuters in an interview on Tuesday. Revenue at the wholly owned unit of India’s second-largest software services company grew by 26.4% to $316.2 million in 2008-09. Chaudhry said the outsourcing business would remain uncertain for the next 12 to 18 months, as large Western clients curb non-essential technology spending in a sluggish economic environment. “May be the pace of decline seems to have reduced a little bit,” he said. “But to say that the decline has stopped, things have stabilised and now the uptick has started I think in my mind would be a bit of an unfair assessment.” However, Infosys BPO hopes to maintain profit margins in 2009-10 on increased orders from overseas markets and by cutting some operational costs. India’s outsourcing firms have so far thrived by providing Western firms with services such as processing insurance claims, managing payrolls and customer support. The boom in business process outsourcing, or BPO, is built on a large, skilled and cheap English-speaking workforce, but a global economic slowdown has crimped spending by companies. Export revenue from BPO is estimated to have grown by 17.5% to $12.8 billion in 2008-09, according to the lobby group National Association of Software and Service Companies. The sector accounted for 27% of India’s IT and back-office outsourcing services exports that is estimated to have risen to $47 billion in the last fiscal year. Overseas Expansion Chaudhry said Infosys BPO’s growth this year would be helped by increased business momentum in the overseas markets, as the company looked to bolster its presence in newer areas such as Brazil and China. Infosys BPO, whose offerings include finance and accounting, human resource and legal services outsourcing, plans to launch its operations in Brazil with a client in three to six months, he said. The centre will start with 25 to 100 people. In China, the company plans to raise its headcount to 400-500 people in 2009-10 from about 200 now. Infosys BPO, which was set up as a separate unit of Infosys in 2002, is focusing on buying outsourcing firms in the United States and Europe, Chaudhry said, adding the size of any deal would be between $30 million and $150 million. In 2007, parent Infosys signed a $250 million outsourcing contract with Royal Philips Electronics, and bought three of the Dutch firm’s back-office centres to expand its presence in fast-growing European markets. Shares in Infosys, which got nearly 7% of its revenue from the BPO unit in the last financial year, were trading up 3.2% at Rs1,788 at 0623 GMT in a Mumbai market that was 1.8% higher. Source: Home - Livemint.com | 9 Jun 2009 | 7:08 am Google bets on India growth; to hire for brand advertisingNew Delhi, June 9 (PTI) World’s leading search engine Google sees India becoming one of the 10 most “impactful markets” in the next 3-5 years and is planning to hire locally to drive its brand advertising stream of business. “Our focus in India is growth. India is going to be one of the 10 most impactful market for Google in three to five years...minimal impact on India in terms of job cuts announced globally,” Google India MD Shailesh Rao told PTI. The US-based company did not reveal its India revenue or headcount. It has two R&D centres here. Outside the US, India has one of the highest headcounts, Rao said. “At the moment India does not drive global revenue,” Rao said. The search engine, which has a monopoly position in India, is also looking at hiring here to strengthen its brand advertising revenue stream which is a new growthdriver. “Hiring is to continue in India. We need a team for brand advertising. India is one of the largest employers outside the US and it is a strategic location with good technical skills and manpower and is among the highest growth markets for Google,” he said. He, however, added that in India the company is hiring at a reduced level and is need based. Though Google has announced global job cuts, there is minimal impact on India in terms of those cuts, he said. Earlier this year, Google announced trimming as many as 200 jobs in sales and marketing operations worldwide. According to sources, Google India has close to 2,000 employees. Talking about the potential of online brand building business in the times of slowdown, he said, “We are bullish on brand building. Companies are cutting ad budgets but online ad spent is increasing. Because companies are struggling in the economic downturn and their marketing budgets being adjusted downwards, we have to deal with such an impact. “There is also a shift in advertising from offline to online. Advertising online is a safer investment. It can be tracked, measured. it is based on the performance... tough economic conditions has put online advertising on a good stead.” Source: Tech News - Livemint.com | 9 Jun 2009 | 7:07 am 74% investors prefer buying gold at current price: SurveyAbout 74% of investors in India, the world's largest gold consumer, said they prefer purchasing gold and related products at current price levels, according to a survey.Source: India Business News | Business News - Times of India | 9 Jun 2009 | 6:29 am Markets erase Monday's fallPositive sentiment returned to the market after a bad case of Monday blues pushed the Sensex down by 437.63 points at the beginning of the week.Source: Daily News & Analysis: Money News | 9 Jun 2009 | 5:50 am Satyam February net profit at Rs 52 croreTainted IT firm Satyam Computer Services on Tuesday reported a standalone net profit of Rs 52 crore for the month ended February 2009.Source: Daily News & Analysis: Money News | 9 Jun 2009 | 5:47 am Satyam February net profit at Rs 52 croreTainted IT firm Satyam Computer Services today reported a standalone net profit of Rs 52 crore for the month ended February 2009.Source: India Business News | Business News - Times of India | 9 Jun 2009 | 5:37 am ILFC says not changing Airbus A380 order for nowKuala Lumpur - International Lease Finance Corp (ILFC) has no plans for now to delay or cancel orders for 10 Airbus A380s, its chief executive said on Tuesday, but may review the contract given the tough economic climate. Steven Udvar-Hazy told Reuters that ILFC, the world’s largest plane leasing firm, had the right to cancel or defer any of the orders for the A380 between 1 January and 30 June next year, but that no decision on cancellations or delays had been taken yet. “We have to decide, do we change the deal,” he told Reuters on the sidelines of the International Air Transport Association annual meeting in Kuala Lumpur. “With the global environment and the financial stress in the industry, we have to be very careful. It’s not about the aircraft, it’s the economic environment, in the next few months, we will have better visibility”. Udvar-Hazy spoke to clarify comments attributed to him on the Web site of German newspaper Sueddeutsche Zeitung. Asked whether this was a negotiating tactic ahead of the Paris Air Show, he said: “We’re Airbus’ biggest customer, it’s up to Airbus to cook up something. This is not the time for Airbus to have cancellations.” ILFC, a unit of troubled insurance giant AIG, has never cancelled an order before, he said. Airbus, a unit of EADS, has said it was unaware of any cancellations or moves to cancel. Source: World Business - Livemint.com | 9 Jun 2009 | 4:07 am Rupee down 9 paise at 47.64 against dollarThe Indian rupee today continued its south-bound journey and fell by nine paise to 47.64 against the dollar in early trade at the forex market, moving in line with weak Asian currencies, on capital outflow by funds in anticipation that local equity markets may open low.Source: India Business News | Business News - Times of India | 9 Jun 2009 | 4:04 am Airlines call for CO2 targets, climate fund Singapore: Some of the world’s largest airlines called on Tuesday for the industry to set global emissions targets as part of efforts to include aviation in a broader climate agreement at the end of the year. The seven airlines, including Air France-KLM and British Airways, along with international NGO The Climate Group, have backed a range of emissions reduction targets for negotiators involved in UN-backed climate talks to consider. Aviation is responsible for about 2% of global greenhouse gas pollution and that share is expected to rise. The sector is under pressure from green groups, the European Union and other governments to clean up its act, leading to the airlines to try to craft a deal to tackle emissions, or risk having a deal imposed on them. The proposals, from carbon-neutral growth, a 5% reduction and a 20% reduction in emissions through to 2020, using a 2005 base-year, will be presented to negotiators at the latest round of climate talks being held this week in Bonn, Germany. The carriers, part of the Aviation Global Deal Group, said in a statement that participation in an international carbon trading market would be crucial to meeting their goals. Under the group’s proposal, a proportion of the sector’s emission allowances would be auctioned to generate revenues for climate change initiatives in developing countries. Based on the scenarios assessed, auction revenues of up to $5 billion per annum could be generated to support activities such as climate adaptation programmes and initiatives to combat tropical deforestation, the group said in the statement. The group also proposed that airlines’ carbon dioxide (CO2) emissions are based on the carbon content of their annual fuel purchases and that CO2 pollution should be addressed through a global sectoral agreement, rather than a patchwork of regional schemes. The AGD Group believes that negotiators should set a target for the international aviation sector as part of a broader global climate agreement that would cover all international flights, the statement said. Other members of the group are Cathay Pacific, Virgin Atlantic, airport operator BAA, Finnair, Qatar Airways and Virgin Blue Airlines. Delegates from nearly 200 countries meet at the end of the year in the Danish capital Copenhagen to try to agree on the shape of a broader climate pact to replace the UN’s Kyoto Protocol, whose first phases ends in 2012. Source: World Business - Livemint.com | 9 Jun 2009 | 3:37 am Plunge in utility segment dents passenger vehicle salesNew Delhi, June 8 There has been a sharp plunge of 29 per cent in the sale of utility vehicles during May because of lower demand from fleet operators, concerns over defaults, and the cautious approach of the banks toSource: Business Line - Home Page | 9 Jun 2009 | 12:00 am Asset financing NBFCs report fall in profit growthThe fall in demand for loans from the automobile sector and increased levels of asset quality slippages, have reduced the profit growth of most non-banking financial services (NBFC) players.Source: Business Line - Home Page | 9 Jun 2009 | 12:00 am Lanxess India to acquire assets of Gwalior Chem for Rs 536 crMumbai, June 8 Specialty chemicals company Lanxess India Pvt Ltd is set to acquire the chemical businesses and some assets of Gwalior Chemical Industries Ltd for Rs 536 crore (€82.4 million), a cost that includes debt of Rs 156 croreSource: Business Line - Home Page | 9 Jun 2009 | 12:00 am Jaiprakash Hydro Power (Rs 87.05): SellWe recommend a sell in the Jaiprakash Hydro Power stock from a short-term trading perspective. It is apparent from the charts of Jaiprakash Hydro that since March low of Rs 24, it has been on an intermediate-term up-trend. The up-trendSource: Business Line - Home Page | 9 Jun 2009 | 12:00 am Day Trading GuideInitiate fresh short-position if DLF dives below Rs 354, with tight stop-loss. The near-term outlook for ICICI Bank and SBI is bearish. We recommend a sell in these two counters. On Monday,Source: Business Line - Home Page | 9 Jun 2009 | 12:00 am Surge in trading cheers broking companiesThe fortunes of brokerage companies have revived along with the improvement in stock prices over the last three months.Source: Business Line - Home Page | 9 Jun 2009 | 12:00 am Public sector banks may cut interest rates further to boost credit demandKolkata, June 8 Public sector banks might look at further reduction in interest rates in order to boost credit demand.Source: Business Line - Home Page | 9 Jun 2009 | 12:00 am Plan panel sees bright outlook for current fiscalNew Delhi, June 8 The Planning Commission sees economic outlook brightening up for the current fiscal even though the country achieved only 6.7 per cent in 2008-09 which was preceded by four years of highSource: Business Line - Home Page | 9 Jun 2009 | 12:00 am SAT gets new memberMumbai, June 8 One of the two long-standing vacancies at the Securities Appellate Tribunal has been filled with the appointment of Mr Samar Ray asSource: Business Line - Home Page | 9 Jun 2009 | 12:00 am Global cues, profit taking sink SensexMumbai, June 8 After their relentless climb of several weeks, the benchmark indices buckled on Monday, giving in to global cues and profit booking, as well as, some suspected, squaring off of long positions by a few entities recently barred bySource: Business Line - Home Page | 9 Jun 2009 | 12:00 am Govt considering ONGC request for reimbursement in Cairn case!State-run Oil and Natural Gas Corp (ONGC) on Monday said the government was considering its request for the reimbursement of royalty it will have to pay on behalf of Cairn India in the Rajasthan oilfields.Source: Zee News : Business | 8 Jun 2009 | 11:35 pm BSNL invites EoIs for offering wireless broadband service!State-run BSNL on Monday floated expressions of interest (EoIs) for providing wireless broadband service based on WiMAX to its customers.Source: Zee News : Business | 8 Jun 2009 | 11:35 pm Parl panel for `blanket ban` on retail trade by corporates!A parliamentary committee today recommended a "blanket ban" on entry of domestic and foreign corporates into retail trade.Source: Zee News : Business | 8 Jun 2009 | 11:35 pm Air India operations under review: Jadhav!With recession eroding profits of the global airline industry, Indian national carrier Air India said it is taking a "hard look" at its operations and would submit a paper to the government for the revival of the airline.Source: Zee News : Business | 8 Jun 2009 | 11:35 pm OECD projects further slowing down of Indian economy!The Organisation for Economic Co-operation and Development (OECD) projected a slowing down of the Indian economy, even while indicating that China has hit the bottom and is likely to show improvement in the next six months.Source: Zee News : Business | 8 Jun 2009 | 11:35 pm Ashok Leyland May sales down by 64.54%!Hinduja Group flagship firm Ashok Leyland today reported a 64.54 per cent fall in commercial vehicle sales at 1,977 units in May this year compared to the same month in 2008.Source: Zee News : Business | 8 Jun 2009 | 11:35 pm Amenities, security tops list in Rail Budget!Passenger amenities, safety and security will have priorities in the Rail Budget, Mamata Banerjee said.Source: Zee News : Business | 8 Jun 2009 | 11:35 pm Barclays in BGI talks, $12 bn BlackRock deal seen!Barclays Plc is in talks to sell Barclays Global Investors, the British bank said on Monday, with US fund manager BlackRock the frontrunner to land the asset manager, according to people familiar with the matter.Source: Zee News : Business | 8 Jun 2009 | 11:35 pm Volkswagen Group appoints Maik Stephan as new MD for India!With a view to expand its presence and strengthen the sales activities in the country, the Volkswagen Group on Monday made major appointments in its management with effect from June 1, 2009.Source: Zee News : Business | 8 Jun 2009 | 11:35 pm ICICI Venture sells RFCL arm to Pfizer Animal Health!ICICI Venture Funds Management Company, the private equity unit of ICICI Bank on Monday said it has sold the animal healthcare division of RFCL--Vetnex—to Pfizer Animal Health for an undisclosed sum.Source: Zee News : Business | 8 Jun 2009 | 11:35 pm Global weakness pulls down equitiesThe Sensex could not hold on to Mount 15K for long as investors found a credible excuse in negative world markets to go for a long overdue profit booking.Source: Daily News & Analysis: Money News | 8 Jun 2009 | 10:22 pm Panel for ban on new cash & carry licencesJust after taking over, commerce and industry minister Anand Sharma had told the media that there was no case for a review of the FDI policy in the retail sector.Source: Daily News & Analysis: Money News | 8 Jun 2009 | 10:21 pm Omaxe to raise Rs 1,800 cr via QIPOmaxe Ltd, the New Delhi-based developer, is looking to raise up to Rs 1,800 crore through qualified institutional placement.Source: Daily News & Analysis: Money News | 8 Jun 2009 | 10:20 pm 2-, 3-wheelers save motown the blushes in MayThe growth in domestic two- and three-wheeler sales have been the only bright spots in an otherwise lacklustre month for motown.Source: Daily News & Analysis: Money News | 8 Jun 2009 | 10:19 pm Montek says growth can top last fiscal'sThe economy can grow at a faster clip this fiscal than in the last, Montek Singh Ahluwalia, deputy chairman, Planning Commission has said.Source: Daily News & Analysis: Money News | 8 Jun 2009 | 10:18 pm GMR Infra to step up aviation playGMR Infrastructure Ltd, after the success of its two airport projects, is now eyeing a bigger play in the aviation space.Source: Daily News & Analysis: Money News | 8 Jun 2009 | 10:16 pm RCom, Alcatel-Lucent close to Rs 3,000-crore outsourcing dealIn what could be one of the largest outsourcing deals in the Indian telecom space, Reliance Communications (RCom) is close to awarding a $500-600 million (Rs 2,500-3,000 crore) operations and maintenance contract to Foprench telecom infrastructure provider Alactel-Lucent.Source: Business Standard | Front Page Headlines | 8 Jun 2009 | 7:12 pm Make 'Flame' but don't sell it: SC to TVSThe Supreme Court today allowed Chennai-headquartered TVS Motor Co to manufacture Flame, the 125 cc bike that has been caught in a patent dispute with Bajaj Auto Ltd since last year, but stipulated that the finished two-wheelers could not leave the companys warehouse.Source: Business Standard | Front Page Headlines | 8 Jun 2009 | 7:08 pm Value-added services firms get set for 3GBangalore: With the Union government promising to auction high-speed third generation (3G) air waves to private cellphone operators by the end of the year, mobile value-added services (VAS) firms are gearing up with offerings tailor-made for the increased spectrum. OnMobile Global Ltd is planning a citizen journalism portal, CanvasM Technologies Ltd will offer a video portal and video calling services, Comviva Technologies Ltd will introduce video ring back tones and video mail, and California-based Qualcomm Inc. is set to launch a low-cost computer that will use 3G spectrum to connect to the Internet.  High-speed access: 3G services, promised before year-end in India, will allow cellphone users high-speed access to the Internet so they can download data-heavy files faster than on current networks. Lluis Gene / AFP Though state-run telecom operators Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) started rolling out their 3G services in New Delhi and Mumbai in May, the much-anticipated auction of the spectrum to private players has been delayed several times over differences on the reserve price. A. Raja, Union minister of communications and information technology, said soon after taking charge earlier in June that “3G auction will definitely take place by the end of this year”. Once available, the high-speed spectrum will throw open various new business options. Bangalore-based OnMobile Global, for instance, has developed a technology that will allow subscribers to shoot a video or a photograph and upload these on a citizen journalism website with a voiceover, in minutes rather than in hours. The firm is in talks with some media houses, which would regulate the content, to launch the portal. The same technology will give users options to share the photographs and videos with friends or upload these on social networking websites. “Today a person takes a photo or a video and it just lies idle on the phone. 3G will see more visual-enabled data gaining traction,” said Pratapa Bernard, head of marketing and product management at OnMobile. “It will create a market for video-based services that does not exist today.”  As 3G rolls out in India, there will be a shift in television viewing to the even smaller screen of a mobile phone, says P. Balaji, vice-president, Ericsson India Pvt. Ltd, the local arm of Swedish telecom equipment maker Telefonaktiebolaget LM Ericsson. Ericsson is providing the network infrastructure for BSNL to launch mobile TV. California-headquartered wireless technology provider Qualcomm has grander ambitions. It plans to launch its low-cost Kayak PC in India, which uses 3G to connect to the Internet, as well as smartbooks—much like smartphones but with larger, high-resolution screens. “Wireless may be the lynchpin to help close the digital divide, where many users’ first experiences with the Internet will be on a mobile device...,” Sandeep Sibal, vice-president and country manager of technology at Qualcomm India and South Asia, said by email. Mumbai-based research house IMRB International estimates the mobile value added services market in India at Rs9,760 crore as at end-June, and sees this growing by nearly 70% to Rs16,520 crore in 12 months as private players starting rolling out their 3G services. However, though India is the fastest growing cellphone market and has some 400 million mobile phone users, only 13% of the handsets are 3G-enabled, said Deepak Halan, group business director, eTech group, IMRB. He expects mostly the 9-10 million urban cellphone users who regularly access the Internet on their handsets to start using 3G services as the rates are likely to be high and awareness low, to start with. The other hitch for mobile value added services firms is the revenue sharing model currently in use in India that leans heavily in favour of the network operators. Under this model, cellular operators take a 60-80% cut of the revenues earned by mobile value added services firms in return for hosting their products, much higher than the 20-30% share operators earn in markets such as Japan and Korea. The 3G technology is unlikely to change this model, said OnMobile’s Bernard. Bharti Airtel Ltd, India’s largest cellphone operator, declined to comment on its plans for 3G. New Delhi-based Comviva Technologies’ chief technology officer Anil Gajwani still sees the firm’s revenues growing “close to 50% in the first year of 3G being deployed as against (the) current growth rate of 35-40%”. Comviva’s platter of video ring back tones in place of today’s ad ring back tones, a music download portal and a video portal will be ready in the next quarter, he added, without giving the firm’s current revenues. “With the advent of 3G (in India) we will see VAS companies migrate from text and pictures to video,” said Singapore-based Rohit Dadwal, managing director of Mobile Marketing Association Asia Pacific, a global industry forum. Around 18 months ago, when 3G was launched in Singapore, VAS firms jumped on to the increased spectrum to provide live video, video calling and video portals, he said. Indian firms are already offering 3G services in other Asian nations. CanvasM Technologies, promoted by software services provider Tech Mahindra Ltd and handset maker Motorola Inc., offers its video avatar application— which allows a user to take on the voice of a movie or sports star and send a video message—in China, through China Telecom Corp. Ltd. In India, the firm plans to offer the video avatar application as well as video mail and video calling services, said Jagdish Mitra, chief executive at CanvasM. Source: Tech News - Livemint.com | 8 Jun 2009 | 5:31 pm
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