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Current land bank valuations at Rs 1K cr: RDB IndMP Singh, Director, RDB Industries said that the company signed a deal to buy 23 acre land in Surat for Rs 132 crore, of which 40% amounting to Rs 52.8 crore, had already been paid. The companys current valuation for land bank would account to Rs 1,000 crore, he said.Source: Moneycontrol Top Headlines | 11 Jun 2009 | 4:51 pm US consumers cannot pull world out of eco crisis: CocaColaAt the start of the global downturn in late 2007, Pepsico\'s CEO Indra Nooyi had said that companies like hers were resistant to a slowdown since they made food and beverages that made people happy, the need for which would only grow in turbulent times.Source: Moneycontrol Top Headlines | 11 Jun 2009 | 4:27 pm Monsoon effect: Airlines slash fares to boost demandWith demand still not optimal and monsoons monsoons around the corner, most carriers have slashed airfare in a bid to woo passengers back to the plane.Source: Moneycontrol Top Headlines | 11 Jun 2009 | 2:07 pm Emails show Fed pressed BofA to do Merrill dealWASHINGTON (Reuters) - Emails from Federal Reserve officials appear to back assertions by Bank of America Chief Executive Kenneth Lewis that he was under pressure, to the point of losing his job, to complete the purchase of Merrill Lynch, despite worries about its financial condition.Source: Reuters: Money News | 11 Jun 2009 | 1:23 pm Bank staff call off planned June 12 strikeMUMBAI (Reuters) - Indian bank unions have called off a planned strike for Friday after some of their demands on a pension scheme and higher wages were met, a senior union official said on Thursday.Source: Reuters: Money News | 11 Jun 2009 | 1:16 pm Satyam to put 7,000-10,000 staff on "virtual pool"BANGALORE (Reuters) - Satyam Computer Services said on Thursday it plans to put about 7,000 to 10,000 staff on "virtual pool" as part of the fraud-hit outsourcing firm's strategy to manage excess staff and cut costs.Source: Reuters: Money News | 11 Jun 2009 | 1:13 pm Don\'t see prices escalating further: Bhushan SteelBhushan Steel has seen 25% volume growth in the last three months. Nitin Johri, CFO, Bhushan Steel, does not see steel prices going higher from current levels. He said the company was importing hot rolled coils (HRC) because domestic supply was not sufficient.Source: Moneycontrol Top Headlines | 11 Jun 2009 | 1:09 pm Bond yields heading to 7% on supply woesMumbai: The 10-year bond yields rose towards 7% on Thursday as the market awaited for details of the government’s borrowing plans and after a five-year bond did not attract as much demand as expected at an auction. The benchmark 10-year bond yield ended at 6.89% after hitting an early high of 6.91%, its highest since 8 April. Only 12 trades were reported in the benchmark bond. The bond closed at 6.79% on Wednesday. Market volumes were an average Rs50.55 billion ($1.1 billion) on the central bank’s trading platform, with the 2016 bond being most traded. The yield on the 7.59% 2016 bond closed at 7.01%, having risen to a peak of 7.05% after the auction results, to end two points higher on the day. “The 10-year yield may march towards 7.10-7.30% levels and the yield curve is likely to steepen further,” said a senior trader at state-run Allahabad Bank. “Most traders would prefer to be on the sidelines and activity may pick up only after the budget.” Traders are keen for clarity on the government’s borrowing plans after the last four weekly bond auctions were raised by 25% to Rs150 billion each. A Rs120 billion auction is scheduled for next week, and the market is waiting to see if it will also be increased. Worries that the government could overshoot its forecast of 3.62 trillion gross market borrowing in 2009-10 have been pushing yields up. The chairman of the Prime Minister’s economic advisory council said sales of stakes in state firms and telecom spectrum could help it meets it budget deficit target. At Thursday’s bond auction, the cut-off yield for the five-year tranche was 6.7346%, while the cut-offs for the other three bonds were in line with expectations. The market is also waiting for industrial output data on Friday. A slight fall is expected, the fourth in five months, but analysts will be looking to see if the data matches other indicators that suggest the economy has bottomed. Source: LatestNews-Home - Livemint.com | 11 Jun 2009 | 1:08 pm India spices exports hit record high in FY09 - Reuters India
Source: Business - Google News | 11 Jun 2009 | 1:04 pm Lalu Prasad's lifetime free rail pass may be withdrawnRailway Minister Mamata Banerjee Thursday hinted at the withdrawal of the free lifetime pass issued to her predecessor Lalu Prasad to travel in first class air-conditioned coaches with three companions.Source: IndiaeNews.com: Business News | 11 Jun 2009 | 1:01 pm Focus on manufacturing sector, Doha trade talks: SharmaThe government is committed to reviving the manufacturing sector and generating employment as well as resuming the stalled global trade talks, Commerce and Industry Minister Anand Sharma said here Thursday.Source: IndiaeNews.com: Business News | 11 Jun 2009 | 1:00 pm Rural development ministry wants proper use of central fundsRural Development Minister C.P. Joshi Thursday asked the state governments to ensure that the funds allocated for centrally sponsored developmental schemes was utilised properly and urged them to chalk out time-bound action plans to implement the union government's initiatives.Source: IndiaeNews.com: Business News | 11 Jun 2009 | 1:00 pm Sensex falls despite positive economic cues - Press Trust of India
Source: Business - Google News | 11 Jun 2009 | 1:00 pm Satyam board against endorsing open offerNew York: Barely 48 hours before Mahindra group firm’s open offer for Satyam, the company’s government- appointed board said it decided against endorsing the offer, as this could be construed as a “negative statement” about fundamentals. “The board believes that making a recommendation supporting the open public offer would be tantamount to recommending the shareholders to sell their holding in Satyam,” chairman Kiran Karnik said in a letter to the company’s domestic and overseas shareholders. The letter is part of a regulatory filing by the beleaguered IT firm with the US market regulator SEC last night. Indian conglomerate Mahindra and Mahindra’s IT arm Tech Mahindra, which last month acquired 31% stake in the scam-ridden Satyam for Rs1,756 crore, will begin accepting shares from the public shareholders from Friday under its over Rs1,100 crore open offer for additional 20% stake. Source: LatestNews-Home - Livemint.com | 11 Jun 2009 | 12:56 pm Inflation slips to over three-decade low !Inflation slipped to 0.13%, the lowest ever in over three decades even as prices of food items rose.Source: Zee News : Business | 11 Jun 2009 | 12:51 pm Rupee weakens by 11 paise to 47.35 a dollar!The Indian rupee depreciated by 11 paise against the dollar in early trade on Thursday tracking weak Asian currencies and increased demand for the USD from importers, but forex dealers say the trend may reverse later in the day.Source: Zee News : Business | 11 Jun 2009 | 12:51 pm Suzlon to more than half workforce at U.S. plant!Suzlon Energy Ltd has decided to slash 160 jobs, or more than half of its workforce at its US plant, because of a slowdown, a company spokesman said on Thursday.Source: Zee News : Business | 11 Jun 2009 | 12:51 pm Equity sales deluge threatens to bury stock surge!Serious doubts are emerging about the continuation of the sizzling rally in Indian stocks as they are set to compete for funds with a raft of potential equity offerings, several of them of doubtful quality.Source: Zee News : Business | 11 Jun 2009 | 12:51 pm Satyam hits upper limit again on BSE!Satyam Computer hit the upper limit for the third consecutive straight session on Thursday on the Bombay Stock Exchange after the scam-tainted firm came out with better-than expected results.Source: Zee News : Business | 11 Jun 2009 | 12:51 pm Satyam board meets to discuss cost-cutting moves!With cost-cutting and workforce rationalisation top on the agenda, the board of the embattled Satyam Computer on Thursday met to discuss the future course for the firm.Source: Zee News : Business | 11 Jun 2009 | 12:51 pm Kingfisher Air seeks to roll over 8 bn rupee debt: Report !Kingfisher Airlines Ltd is looking to roll over 8 billion rupees of its short term debt, an Indian newspaper said on Thursday.Source: Zee News : Business | 11 Jun 2009 | 12:51 pm Oil nears USD 72 in Asian trade, highest in eight months!Oil prices rose in Asian trade on Thursday, getting a lift from a bigger-than-expected drop in US crude reserves, analysts said.Source: Zee News : Business | 11 Jun 2009 | 12:51 pm Sensex wipe-off initial losses, gains nearly 102 pts at noon!In volatile trading, the Bombay Stock Exchange benchmark Sensex wiped-off early losses to quote higher by nearly 102 points at noon on Thursday on revival of buying after lower inflation data.Source: Zee News : Business | 11 Jun 2009 | 12:51 pm Sensex slips 90 pts in early volatile trade!The Bombay Stock Exchange benchmark Sensex on Thursday opened over 90 points down, after remaining in the positive zone for two straight sessions, as funds and investors indulged in booking profits at higher levels.Source: Zee News : Business | 11 Jun 2009 | 12:51 pm Rupee eases on choppy shares, firm oil pricesThe rupee fell on Thursday as sentiment was hit by a slight fall in the sharemarket and as rising oil prices triggered concerns of more dollar demand from refiners to pay for imports.Source: India Business News | Business News - Times of India | 11 Jun 2009 | 12:49 pm Route Kailash Mansarovar pilgrimage through Himachal: DhumalHimachal Pradesh Chief Minister Prem Kumar Dhumal has requested the central government to consider the option of routing the Kailash Mansarovar pilgrimage in China through this hill state terming it more 'convenient and shorter'.Source: IndiaeNews.com: Business News | 11 Jun 2009 | 12:32 pm Sensex fails to recover, closes 92 points in the redTrading at Indian equities markets came to a tame end with a key index struggling to make a comeback and ending 92 points in the red Thursday.Source: IndiaeNews.com: Business News | 11 Jun 2009 | 12:32 pm Andhra allots land for Rs.60 bn power plant equipment unitAndhra Pradesh cabinet Thursday approved setting up of a power plant equipment unit in Chittoor district and allotted 750 acres of land for the same.Source: IndiaeNews.com: Business News | 11 Jun 2009 | 12:32 pm Exclusive electricity grid for Commonwealth GamesBSES, one of the two private power distribution firms in the national capital, is setting up a Rs.400-million ($8 million) electricity grid that will exclusively serve the upcoming athletes village for the Commonwealth Games next year.Source: IndiaeNews.com: Business News | 11 Jun 2009 | 12:31 pm India welcomes South Korean court's clean chit to Indian sailorsIndia Thursday welcomed the clean chit given by a South Korean court to two Indian sailors accused of negligence in a collision with another vessel two years ago and hoped for their early return home.Source: IndiaeNews.com: Business News | 11 Jun 2009 | 12:30 pm Government again warns against steel price hikeAny hike in steel prices is unjustifiable as the cost of iron ore and coking coal have come down since last year, Steel Secretary P.K. Rastogi said here Thursday.Source: IndiaeNews.com: Business News | 11 Jun 2009 | 12:30 pm Honda launches Jazz in Mumbai - Hindu
Source: Business - Google News | 11 Jun 2009 | 12:29 pm RBI sets up panel on banks' loan pricingMUMBAI (Reuters) - The Reserve Bank of India on Thursday set up a working group to review the current system of loan pricing by banks to improve transmission of monetary signals on to interest rates in the economy.Source: Reuters: Money News | 11 Jun 2009 | 12:27 pm India Apr-May gem, jewel exports prov down 26 pct - Reuters India
Source: Business - Google News | 11 Jun 2009 | 12:26 pm Rupee falls 0.80% on choppy stocks, firm oil pricesMumbai: The rupee fell on Thursday as sentiment was hit by a slight fall in the share market and as rising oil prices triggered concerns of more dollar demand from refiners to pay for imports. The partially convertible rupee ended at Rs47.60/61 per dollar, about 0.80% weaker than Wednesday’s close of Rs47.24/25. “The Sensex was sharply down for most of the day. It created some uncertainty,” a senior trader with a foreign bank said. India’s main share index fell 0.4% in choppy trade on Thursday. It had eased as much as 1.5%, and rose as much as 0.7%. The share market is still up about 90% in three months, attracting massive foreign investment flows, and analysts expect the rupee to strengthen over coming months. “The rupee, which has gained 6% after the election results, is likely to strengthen further in the medium-term due to higher growth and increased capital flows,” Citigroup analyst Rohini Malkani said in a research note on Thursday. “However, in the immediate near-term, like most other emerging market currencies, the rupee is likely to oscillate between risk aversion and return to risk.” Foreign capital is a key driver of the rupee and overseas portfolio inflows of more than $7 billion since mid-March have helped the rupee climb about 10% from its record low of Rs52.2 in early March. Last year, record outflows of more than $13 billion had pushed the rupee down by about a fifth. Higher oil prices also weighed on sentiment, traders said. Oil, India’s biggest import rose above $72 a barrel on Thursday after the International Energy Agency raised its estimate for 2009 oil demand. Oil refiners are the biggest buyers of dollars in India, which imports about 70% of its oil needs, and higher oil prices are expected to increase their dollar demand as well as put pressure on the trade deficit. One-month offshore non-deliverable forward contracts were quoting at 47.70/80, slightly weaker than the onshore spot rate. Source: Home - Livemint.com | 11 Jun 2009 | 12:23 pm States seek relaxation of FRBM norm - Moneycontrol.com
Source: Business - Google News | 11 Jun 2009 | 12:04 pm City Union Bank to raise Rs.250 croreCity Union Bank, an old generation private lender based in Tamil Nadu, Thursday said it will raise Rs.250 crore over the next two years to fund its expansion plans.Source: IndiaeNews.com: Business News | 11 Jun 2009 | 12:04 pm Expect GAIL proj to be awarded post CVC intervention: MANGAIL India had on Tuesday asked steel pipe maker MAN Industries to lower its bid for the DahejVijapur pipeline project. It wanted the latter to retender and to submit a revised lower bid for the project by June 10. RC Mansukhani of Man Industries, expects the project to be awarded to the company after CVC intervention.Source: Moneycontrol Top Headlines | 11 Jun 2009 | 11:57 am Govt to focus on growth, fiscal disciplineNEW DELHI (Reuters) - India will explore ways of bringing the economy back to higher growth path without increasing a big fiscal deficit, Finance Minister Pranab Mukherjee said on Thursday.Source: Reuters: Money News | 11 Jun 2009 | 11:46 am DVPL project: Delhi High Court issues notice to GAILAdmitting a petition of Man Industries, the Delhi High Court has issued notice to state-run gas supply firm GAIL seeking its reply on inviting fresh bids of the Dahej-Vijaipur pipeline project, for which the Mumbai-based pipe manufacturer was the lowest bidder.Source: India Business News | Business News - Times of India | 11 Jun 2009 | 11:44 am GSK tries to shore up blockbuster diabetes drugThe British pharma giant has brought out a study which shows that rosiglitazone does not increase the risk of heart ailment.Source: Daily News & Analysis: Money News | 11 Jun 2009 | 11:27 am Tushar Pradhan appointed CIO, HSBC Asset Management (India)HSBC Asset Management (India), on Thursday announced the appointment of Tushar Pradhan as CIO of HSBC Mutual Fund from June 15.Source: Daily News & Analysis: Money News | 11 Jun 2009 | 11:25 am Satyam board not for recommending support to open offer - Business Standard
Source: Business - Google News | 11 Jun 2009 | 11:24 am Sensex loses moderate ground in volatile tradeAfter a fluctuation of 323 points during the day, the Bombay Stock Exchange benchmark Sensex ended nearly 55 points lower on investors booking profits at higher levels.Source: India Business News | Business News - Times of India | 11 Jun 2009 | 11:21 am NTPC-BHEL to set up manufacturing unit in Andhra PradeshHyderabad: Public sector giants — National Thermal Power Corporation and Bharat Heavy Electricals Limited — have joined hands to set up a major power projects equipment manufacturing unit in Andhra Pradesh. NTPC-BHEL Power Projects Pvt. Ltd, the joint venture company, incorporated last year by NTPC and BHEL, will set up the green field unit with an investment of Rs6,000 crore in Chittoor district of Andhra Pradesh. The state government has allotted 750 acres of land for the unit. The state cabinet, which met here today under the chairmanship of chief minister Y S Rajasekhara Reddy, approved the land allocation at Mannavaram village under Srikalahasthi mandal at a nominal price of Rs100 per acre. Briefing newsmen later, Minister for Information and Public Relations J Geeta Reddy said the plant would provide direct employment to 6,000 people besides indirect employment to over 25,000 persons. The state government would provide required infrastructure for the unit like water supply, power and roads as per the Industrial Investment Promotion Policy for mega projects, the minister said. This is a major industrial project coming up in the state after the Vizag Steel Plant. The NTPC-BHEL unit will manufacture equipment for thermal, hydro, gas and power plants, the minister added. Prime Minister Manmohan Singh would lay the foundation-stone for the unit soon. Source: LatestNews-Home - Livemint.com | 11 Jun 2009 | 11:21 am India spot sugar edges up on monsoon lull - Reuters India
Source: Business - Google News | 11 Jun 2009 | 11:19 am GlaxoSmithKline to launch up to 12 products this yearNew Delhi: Aiming to maintain a growth rate of around 18-22%, FMCG firm GlaxoSmithKline (GSK) will this year introduce around 10-12 products, including some from the international portfolio of its parent company. “We want to create a balanced product portfolio and for that the company is constantly expanding its offering. In the current year, we may introduce around 10-12 more products in India,” GlaxoSmithKline consumer healthcare executive Vice- President (Marketing) Shubhajit Sen said. The company has already launched Horlicks Bar and Junior Horlicks Biscuits, and will soon introduce more such products. On the launches from the GSK international’s product portfolio, Sen said that the company is currently test marketing a new product Breath Easy in India. He said:“We have started carrying out test marketing for the product in South and hopefully we will be launching it this year.” The company had a sales of Rs1,592 crore last year, of which around Rs1,200 crore came from Horlicks. “Our focus for this year will be on the health category. We are planning to increase the micronutrient elements of our existing products besides introducing some new categories,” he said. Sen said the company is focusing on increasing presence in the rural markets, which contribute around 30-35% of the overall turnover. “We will keep increasing penetration across the country. Though south and east Indian markets have been doing well, we still feel there’s lot of scope for growth in the smaller towns there,” he said. He, however, did not reveal how much the company is planning to spend on various activities lined up this year but said the company earmarks around 12-13% of its sales on marketing and promotional campaigns. Source: LatestNews-Home - Livemint.com | 11 Jun 2009 | 11:17 am BSE Sensex sheds 0.4 pct on profit-takingMUMBAI (Reuters) - The BSE Sensex snapped a two-day rise and fell 0.4 percent on Thursday as investors pocketed a portion of profits from a three-month rally that had boosted it more than 90 percent.Source: Reuters: Money News | 11 Jun 2009 | 11:02 am Markets end flat following volatile tradeMumbai: Indian shares snapped a two-day rise and fell 0.4% on Thursday as investors pocketed a portion of profits from a three-month rally that had boosted the main index more than 90%. Outsourcer Infosys Technologies was targeted by sellers after the stock jumped by more than half since early March. State-run explorer Oil and Natural Gas Corp and energy giant Reliance Industries, which had doubled over the past three months, also fell. But private-sector lender HDFC Bank and top telecoms firm Bharti Airtel, which is in exclusive merger talks with South Africa’s MTN Group, bucked the trend and rose. The 30-share BSE index ended down 0.36%, or 55.34 points, at 15,411.47, with 19 stocks declining, after a choppy trading session in which the benchmark fell as much as 1.5% and rose 0.7% at one stage. The 50-share NSE index fell 0.4% at 4,637.70. “After a strong rise in shares recently, a correction in the market is very healthy,” Gaurav Dua, head of research at Sharekhan Securities, said. “This kind of movement in the market could continue at least till the budget is presented.” More than $7 billion in foreign investors’ money have poured into the market since early March, boosting the benchmark by 60% since the start of the year, after it slumped by more than half in 2008 when foreign funds pulled out $13 billion. The ruling coalition, which won a stronger mandate last month, is expected to pursue pro-market reforms in the annual budget in early July. Stake sales in state companies and relaxation of foreign investment rules in the insurance and pension sectors are some of the reforms expected. The market has leapt 91.5% from 2009 lows in early March, but rising valuations, a lack of clarity on the outlook for corporate earnings growth, slow implementation of reforms and a burgeoning fiscal deficit are concerns. Finance minister Pranab Mukherjee said on Thursday the government would explore ways of bringing the economy back to higher growth path without increasing the fiscal deficit. Annual inflation was at 0.13% on 30 May, a record low since annual data was published from 1977/78, and could turn negative due to a statistical high base a year ago, but rising prices of oil and other commodities could reverse the tide later. The central bank is close to the end of its easing cycle, Citigroup Global Market said in a note on Wednesday. No. 2 IT-services firm Infosys fell 2.9% to Rs1,751.55 while government-run State Bank of India dropped 3.4% to Rs1,696.25. ONGC shed 4% to Rs1,117.90 and Reliance Industries, which has the most weight in the main index, eased 0.9% to Rs2,299.75. Satyam Computer jumped 10%, its daily limit, for the third consecutive day after the fraud-tainted outsourcer on Tuesday released figures showing it stayed profitable. The stock rose Rs7.35 to Rs80.85. The sharp spike means the firm’s new parent, Tech Mahindra will likely need a second preferential issue to gain a majority stake in the company. Meanwhile, UltraTech Cement fell 3.7% to Rs735.20 after Larsen & Toubro sold its entire 11.5% holding in the firm for about Rs10,400 crore. Investors who had bought shares at low levels will be tempted to take profits at almost every rise, but there are others who are buying on hopes the budget will throw up pro-market reforms, Hitesh Agrawal, head of research at Angel Stock Broking, said. “This situation where there are profit-takers and buyers at the same time is creating a pull and push state between the bulls and the bears,” he said. Bharti, which added 2.81 million mobile users in May taking its total to 99.5 million, rose 2.3% to Rs854.60. HDFC Bank gained 3.9% to Rs1,551.75. In the broader section, losers led gainers by almost 2 to 1 on relatively heavy volume of 554.4 million shares. Source: Home - Livemint.com | 11 Jun 2009 | 11:00 am Satyam spike to spoil Tech Mahindra's public offerBANGALORE (Reuters) - A sharp surge in the shares of Satyam Computer Services means its new parent will likely need a second preferential issue to gain a majority stake in the company at the centre of India's biggest corporate fraud.Source: Reuters: Money News | 11 Jun 2009 | 10:53 am See substantial increase in FY10 exports: Alok IndSunil Khandelwal, Chief Financial Officer, Alok Industries, expects substantial increase in exports in FY10. Exports would contribute 40% to total revenue with domestic contributing the remaining 60%.Source: Moneycontrol Top Headlines | 11 Jun 2009 | 10:49 am No plans to add any capacity till 2010: Heidelberg CementSpeaking on capacity, Ashish Guha of Heidelberg Cement, the companys current capacity utilisation was between 9093% over the past few months . We have no plans to add any capacity till 2010, he said.Source: Moneycontrol Top Headlines | 11 Jun 2009 | 10:46 am Tata Tea plans to take on Coca Cola, Pepsi, Unilever globallyMumbai: Tata Tea Thursday said that it has evolved a strategy to compete globally with Coca Cola, Pepsi and Unilever in the beverages business. Unveiling a 5-15-year roadmap to create a global leader in the branded beverages segment, Tata Tea CEO Peter Unsworth said that the company may look at partnerships and acquisitions for this purpose but as of now there is no proposal. In recession time, all companies are under pressure but Tata Tea has shown resilience because of its core business being tea and coffee, he said, adding the company was in the process of integrating the working of its five entities to deliver economies of scale. Unsworth, however, made it clear that at the moment there is no plan for financial integration of its entities, of which three are listed. Only yesterday, the Tata group company, announced a consolidated net profit at Rs701 crore for FY 2009 on a total consolidated income of Rs4,874 crore. “We are expanding our global distribution and are restructuring our US business to compete with Coca Cola, Pepsi and Unilever,” Unsworth said. Source: LatestNews-Home - Livemint.com | 11 Jun 2009 | 10:44 am Tata Tea plans to take on Coca Cola, Pepsi, Unilever globallyMumbai: Tata Tea Thursday said that it has evolved a strategy to compete globally with Coca Cola, Pepsi and Unilever in the beverages business. Unveiling a 5-15-year roadmap to create a global leader in the branded beverages segment, Tata Tea CEO Peter Unsworth said that the company may look at partnerships and acquisitions for this purpose but as of now there is no proposal. In recession time, all companies are under pressure but Tata Tea has shown resilience because of its core business being tea and coffee, he said, adding the company was in the process of integrating the working of its five entities to deliver economies of scale. Unsworth, however, made it clear that at the moment there is no plan for financial integration of its entities, of which three are listed. Only yesterday, the Tata group company, announced a consolidated net profit at Rs701 crore for FY 2009 on a total consolidated income of Rs4,874 crore. “We are expanding our global distribution and are restructuring our US business to compete with Coca Cola, Pepsi and Unilever,” Unsworth said. Source: World Business - Livemint.com | 11 Jun 2009 | 10:44 am Global meltdown, an opportunity for India, China: reportMacau:The global financial crisis can be turned into a great opportunity for growth in India and China if the two Asian giants join hands to collaborate in five key sectors such as gems and jewellery, says a Ficci-KPMG report. The report, which will be presented at the Fifth Ficci-IIFA Global Business Forum meeting on Friday in Macau, highlights opportunities for collaboration for the two countries in gems and jewellery, media and entertainment, luxury brands, health and wellness and tourism. “India, one of the world’s largest diamond-processing hubs, can prove to be a favourable retail destination for the gems and jewellery sector for Chinese companies considering the 100% Foreign Direct Investment (FDI) allowance,” the report ‘Global Financial Meltdown: Turning crisis into opportunity through enhanced cooperation between India and China´ said. While China, the largest consumer of jade, emerald and pearl can provide new avenues for Indian firms to commence operations of cutting and polishing units, it said, adding that India’s gems and jewellery industry is expected to touch $25 billion by 2011 from $16.1 billion in 2008. “The report comes at a time when both India and China are emerging as global economic powers and cooperation and collaboration augurs well for not only for the two countries but for the whole of Asia and the world,” said K K Modi, former Ficci President and Chairman of India-China Joint Business Council and Modi Enterprises. Source: LatestNews-Home - Livemint.com | 11 Jun 2009 | 10:30 am Inflation at lowest in 3 decades; sparks rate cut hopesNew Delhi: Inflation slipped to 0.13%, the lowest ever in over three decades even as prices of essential food items like pulses, fruit and vegetables, spices and eggs turned dearer. While the wholesale price index stood at 0.48% in the previous week, the rate of price rise was 9.32% during the corresponding week a year ago. During the week, the prices of eggs went up by 11%, mutton 3%, and fruit and vegetables and spices 2% each. At the same time, the prices of ghee were expensive by 4% and khandsari by 2%. However, textile items, metal products and plastic items and machinery turned cheaper during the week. Low inflation may prompt rate cuts by banks The lowest rate ever in over three decade could hasten the process of rate cuts by the banks. This is the 13th week in succession when inflation stood below 1% Analysts feel that inflation could slip into negative territory in the days to come. “We may see inflation in the negative territory which may continue till October with the lowest inflation level at minus 1.5% in July,” said HDFC Bank economist Jyotinder Kaur. In a bid to spur economic growth, finance minister Pranab Mukherjee prodded public sector lenders to provide credit at reasonable rates. In his address to chief executives of the public sector banks yesterday, Mukherjee said “as a financial intermediary the banks have to stand by to provide credit at reasonable rates.” The Finance Minister had said cut in key rates by RBI is not getting adequately reflected in the reduction of prime lending rates by banks. Most of the public sector banks, including State Bank of India, Bank of Baroda, Union Bank, Bank of Maharashtra and Canara Bank have hinted at cutting rates in couple of weeks. At the same time easing inflation has raised expectations of policy rate cut by RBI in the first quarterly review in July. “We expect RBI to cut rates in July by 25 basis points,” Kaur said. However, NCAER senior fellow Rajesh Shukla said as the prices of primary articles are still high, it is not having much effect on the common man. Among manufactured products, prices of texturised yarn eased by 2%, decorative laminates by whopping 11% and electrical generators by 6%. Inflation for the week ended 4 April was revised upwards to 0.83% from 0.18%, as estimated provisionally. Source: Home - Livemint.com | 11 Jun 2009 | 10:24 am India orders no-fishing zones in security moveNew Delhi: The Indian government is to ban fishing near sensitive facilities as part of an ongoing major security upgrade spurred by last year’s attacks on Mumbai by Islamic militants, an official said Thursday. No-fishing zones will be created along 7,500 kilometres of designated coastal zones to protect “important” government facilities such as nuclear plants, ports and dams, the senior home ministry official said. “In the first step, no fishing will be permitted within 500 metres (1,650 feet) of four nuclear installations in Tamil Nadu state and one in Mumbai,” he added. Weaknesses were exposed in India’s coastal security last November when 10 Islamist gunmen came by sea from Pakistan and attacked Mumbai, killing 166 people. The official, who asked not to be named, said the decision was made on Wednesday during a high level security meeting involving the home ministry, the coast guard and the Indian navy. The western state of Gujarat had also been advised to set up similar no-fishing zones around two dams and several other vital installations in the coastal region, he added. A similar advisory will also be sent to prevent possible infiltration by remnants of Sri Lanka’s decimated Tamil Tiger separatist guerrillas from across a narrow strip of sea into the southern state of Tamil Nadu, he added. “This concept of no-fishing zones will be further expanded,” he said. Following the carnage in Mumbai, the federal government put in place a new coastal command centre and has earmarked Rs60 billion($1.25 billion) to acquire interceptor boats, helicopters, radar and weapons. The United States has already offered to lease 12 maritime helicopters while Russia, Israel and France are in the race to supply other hardware to the Indian coast guard. Source: LatestNews-Home - Livemint.com | 11 Jun 2009 | 10:06 am Shiv Vani Oil to raise Rs 600 cr through various routes - Business Standard
Source: Business - Google News | 11 Jun 2009 | 9:51 am Real Madrid makes record bid of $131.2 mn for RonaldoLondon: Manchester United said on Thursday they have received a world record £80 million ($131.2 million) bid for forward Cristiano Ronaldo from Real Madrid. “At Cristiano’s request - who has again expressed his desire to leave - and after discussion with the player’s representatives, United have agreed to give Real Madrid permission to talk to the player,” a statement on the United website said. “Matters are expected to be concluded by 30 June. The club will not comment until further notice.” Source: Home - Livemint.com | 11 Jun 2009 | 9:49 am Air France CEO not convinced sensors cause crashParis: Air France’s CEO said Thursday that he is “not convinced” faulty speed monitors caused the crash of Flight 447, which went down on its way from Rio de Janeiro to Paris with 228 people aboard. Replacement external speed monitors — or Pitot tubes — for jet models of the same type as the crashed plane arrived three days before the fatal accident, Pierre-Henri Gourgeon told journalists. The manufacturer Airbus ordered the replacements on 27 April after pilots noted a loss of airspeed data in flight on Airbus A330 and A340 models. The incidents were “not catastrophic” and planes with the old pitots are considered airworthy, Gourgeon said. “Because I am not convinced that the sensors are the cause of the accident, and we have said it, I had no need to issue a press release the day after the accident,” Gourgeon added, responding to criticism that there was a lack of transparency. “It’s perhaps because we spend too much time with the families and not enough the press that you say this,” he told an association of aerospace journalists in Paris. Air France hopes that the plane’s flight recorders will be recovered, but even without them examinations of the debris and bodies recovered from the crash are expected to shed new light on what happened when the plane crashed 31 May he said. “We will know much more, I think, after the autopsies allow us to better understand the technical causes of death and when the debris have been examined by experts,” he said. “In a week there will be a little more information but the important point will be the recorders,” Gourgeon added. Source: LatestNews-Home - Livemint.com | 11 Jun 2009 | 9:32 am Red Fort Capital to invest Rs.90 crore in Parsvnath project - Hindu
Source: Business - Google News | 11 Jun 2009 | 9:27 am Berlin talking to more possible Opel biddersBerlin: Germany is still talking to potential investors in carmaker Opel which have not been made public, German economy minister Karl-Theodor zu Guttenberg said on Thursday. Germany reached a preliminary agreement with Canadian auto parts group Magna last month over a takeover plan for Opel, General Motors’ European unit. However, the government has since stressed nothing has been finalised and rival suitors cannot be ruled out. “We are still in contact with other investors,” said Guttenberg at a joint news conference with British Business Secretary Peter Mandelson in Berlin. “(Chinese automaker) BAIC for example ... and others that I will not speak about here.” Guttenberg added he believed Italian automaker Fiat SpA also still had its eye on Opel. Roland Berger, a well-known German consultant who sits on Fiat’s board of directors and who had been tasked by GM to help find an investor for Opel, said in a newspaper interview on Thursday Fiat could still be in the running for Opel. “Fiat’s industrial plan is the best and most attractive plan because it would have created a global group with pan-European roots that would be very strong,” he told Corriere della Sera. “This is not the last word.” Mandelson confirmed Britain was prepared to offer financial support for the plan to rescue Opel, which includes UK unit Vauxhall, although he did not give any details. “We have to be satisfied not only with the viability of the company going forward, we also have to be satisfied ... that what is finally agreed offers value for money to the British taxpayer,” he said. Vauxhall employs 5,000 workers at plants in Luton, north of London, and Ellesmere Port in northwest England. British unions have accused their government of allowing the fate of General Motors’ European operations to be decided in Germany and of not doing enough to protect nearly British jobs. Source: LatestNews-Home - Livemint.com | 11 Jun 2009 | 9:23 am Berlin talking to more possible Opel biddersBerlin: Germany is still talking to potential investors in carmaker Opel which have not been made public, German economy minister Karl-Theodor zu Guttenberg said on Thursday. Germany reached a preliminary agreement with Canadian auto parts group Magna last month over a takeover plan for Opel, General Motors’ European unit. However, the government has since stressed nothing has been finalised and rival suitors cannot be ruled out. “We are still in contact with other investors,” said Guttenberg at a joint news conference with British Business Secretary Peter Mandelson in Berlin. “(Chinese automaker) BAIC for example ... and others that I will not speak about here.” Guttenberg added he believed Italian automaker Fiat SpA also still had its eye on Opel. Roland Berger, a well-known German consultant who sits on Fiat’s board of directors and who had been tasked by GM to help find an investor for Opel, said in a newspaper interview on Thursday Fiat could still be in the running for Opel. “Fiat’s industrial plan is the best and most attractive plan because it would have created a global group with pan-European roots that would be very strong,” he told Corriere della Sera. “This is not the last word.” Mandelson confirmed Britain was prepared to offer financial support for the plan to rescue Opel, which includes UK unit Vauxhall, although he did not give any details. “We have to be satisfied not only with the viability of the company going forward, we also have to be satisfied ... that what is finally agreed offers value for money to the British taxpayer,” he said. Vauxhall employs 5,000 workers at plants in Luton, north of London, and Ellesmere Port in northwest England. British unions have accused their government of allowing the fate of General Motors’ European operations to be decided in Germany and of not doing enough to protect nearly British jobs. Source: World Business - Livemint.com | 11 Jun 2009 | 9:23 am India has to address issues of space security: Kasturirangan Chennai: India needs to address the issue of space security as the weapon system deployed there could target civilian satellites,” former ISRO chief K.Kasturirangan said on Thursday. “We need to address the issue of space security at the earliest as India has already put many satellites in space even as we are developing many. There are weapons system which could target even civilian satellites. So we have to develop systems to safeguard our satellites from any kind of threat,” Kasturirangan said at an inauguration function of a school at Vallancherry near Chennai. “As India successfully launched Chandrayaan-I and placed more satellites in space efforts are on in the area of developing safeguards,” he said. Asked what should be India’s focus in space technology in the coming years he said that there is a need for improvement in remote sensing for its wider application which could be done using artificial intelligence (AI). India should involve in planetary exploration albeit with international cooperation.” Calling for cost-cutting measures, he said that scientists should explore the possibilities of better propulsion systems and re-usable vehicles for this purpose. A Rajya Sabha MP, Kasturirangan said that there was no dearth of funds for space research in India and said that the Centre was generous in its grant. Source: LatestNews-Home - Livemint.com | 11 Jun 2009 | 9:19 am Oil rises above $72 on IEA demand outlookLondon: Oil firmed above $72 a barrel on Thursday after the International Energy Agency raised its estimate for 2009 oil demand, adding to signs the fall in consumption may have bottomed out. World oil demand will contract by less than previously expected this year, the International Energy Agency, which advises 28 industrialised countries, said as it raised its 2009 forecast for the first time in almost a year. “These revisions do not necessarily imply the beginnings of a global economic recovery, and may only signal the bottoming out of the recession,” it said in its monthly Oil Market Report. US crude rose 88 cents to $72.21 a barrel by 1:35pm, a near eight-month high. Brent crude gained 70 cents to $71.50. Falling inventories in top oil consumer the United States also supported prices. US crude stocks fell by a sharp 4.4 million barrels last week, against expectations for a modest draw of 400,000 barrels, while products inventories also dropped, the Energy Information Administration (EIA) reported on Wednesday. Gasoline inventories fell 1.6 million barrels last week against forecasts for a 800,000-barrel build as gasoline demand rose by 0.4% over the four-week period, the start of the US summer driving season, the EIA said. Distillate stocks, including diesel and heating oil, fell by 300,000 barrels, versus analysts expectations for a 1.4 million barrel increase. The US dollar fell again against a basket of currencies on Thursday, adding support to dollar-denominated commodities. Source: Home - Livemint.com | 11 Jun 2009 | 9:13 am PIL challenges SEBI guidelines on preferential share allotmentPetitioner Rajkot Jilla/Sahar Grahak Suraksha Mandal, an NGO, has taken exception to the rules contained in 13.1.2 of Chapter XIII (Disclosure and Investor Protection) Guidelines of SEBI.Source: Daily News & Analysis: Money News | 11 Jun 2009 | 9:11 am Stand in the sun for extended talk timeSamsung India has come out with a solarpowered phone, the Samsung Solar Guru (Guru E1107). But to charge the battery fully via the solar panel, the phone needs to be kept in the sun for 40 hours!Source: Moneycontrol Top Headlines | 11 Jun 2009 | 9:04 am Satyam surge to spoil Tech Mahindra’s public offerBangalore: A sharp surge in the shares of Satyam Computer Services means its new parent will likely need a second preferential issue to gain a majority stake in the company at the centre of India’s biggest corporate fraud. Tech Mahindra won a auction in April for control of Satyam. It bought a 31% stake of new equity, and on Friday launches an open offer to buy up to 20% of shares in the open market at Rs58 a share to take its stake to 51%. But Satyam shares now stand at Rs80.85, having risen by their daily 10% limit on each of the three days since the firm released financial details on Tuesday that showed it remained profitable despite the fraud. “Logically, people will not tender their shares for a price that is sharply lower than the current market price, even if we assume some correction in the days ahead,” said Tejas Doshi, head of research at Mumbai brokerage Sushil Finance. Tech Mahindra can revise the offer price till 22 June, but analysts see little reason for it to do so. If the offer is not fully subscribed, under the auction conditions Tech Mahindra can opt for a second preferential issue from Satyam to raise its stake to not more than 51% of the further expanded share capital. “I don’t see any reason why Tech Mahindra would raise their offer price,” Doshi said. “They would prefer to spend money that goes back to the company it has acquired than giving it to the shareholders.” If Tech Mahindra did seek another issue of new Satyam stock, it would dilute existing shareholders equity. Officials at Tech Mahindra, based in western Indian city of Pune, were not immediately available to comment on the offer. Satyam’s founder and chairman shocked investors in January by saying profits had been overstated for years, putting in doubt the survival of a company once ranked as India’s fourth-largest software services exporter. Tech Mahindra, a unit of tractor and utility vehicle maker Mahindra & Mahindra and 31% owned by Britain’s BT Group, made a bid worth around $580 million in April’s auction for a controlling stake by the new Satyam board. Brokerage Religare said while the challenges of integration, growth revival and potential liabilities remained, near-term sentiment would remain positive on the Tech Mahindra stock due to the better-than-expected Satyam financials. It rates the Tech Mahindra stock at hold with a target price of Rs694. Shares in Tech Mahindra was trading 1% higher at Rs793 at 12:26am on Thursday. The stock has more than doubled since winning the bid for Satyam on 13 April, taking its market value to $2 billion. Harit Shah, a sector analyst with Angel Broking, said Tech Mahindra may have to opt for the second preferential issue of Satyam shares, or increase its stake through permitted market purchases of up to five percent of shares each fiscal year. “However, in the event that Tech Mahindra raises the open offer price, this would entail additional pressure on its balance sheet, which would warrant a re-look at our estimates,” he said. Source: Home - Livemint.com | 11 Jun 2009 | 9:04 am IKEA shelves India retail foray plansCNBCTV18 learns that the Swedish furniture retail giant IKEA has taken a decision last Friday to not foray into retail in India. It has, in fact, shut down its retail office in Gurgaon and is still taking a call on the staff. Some of the employees could be absorbed in IKEA\'s sourcing operations.Source: Moneycontrol Top Headlines | 11 Jun 2009 | 8:56 am Deora for speeding up work on gas pipelinesThe Minister for Petroleum and Natural Gas, Mr Murli Deora, has said that a programme to expeditiously construct trunk pipelines to carry natural gas to new areas should be taken up.Source: Moneycontrol Top Headlines | 11 Jun 2009 | 8:56 am Introduction of GST critical for economic reforms: Pranab New Delhi: Asking the state finance ministers to resolve the pending issues expeditiously, the Centre today said that introducing Goods and Services Tax (GST) was critical for economic reforms. “We also need to focus on the introduction of GST from 1 April, 2010. This is a critical part of our economic reforms,” finance minister Pranab Mukherjee said while addressing a conference of state finance ministers. Requesting the chief ministers and state finance ministers to resolve the pending issues expeditiously, Mukherjee said: “As in the case of VAT, the Centre continues to play the role of a facilitator for GST also.” The new tax system GST is expected to replace most indirect taxes at the central and state levels. Mukherjee further said that as the states had agreed on eliminating double benefits under the VAT and Central Sales Tax (CST) compensation packages, the central government has issued relevant circulars. The Centre had earlier agreed to compensate the states for loss of revenue following the implementation of VAT and gradual reduction of CST rate. Calling upon the states to focus on Aam Aadmi, Mukherjee said: “We have to ensure that the growth process is not only accelerated but also made inclusive. We need to give full attention to sectors like infrastructure, agriculture, employment generation etc.” Raising concern over deterioration of the centre’s fiscal deficit which soared to 6.2% of GDP in 2008-09, Mukherjee said: “High levels of fiscal deficit are not sustainable in the medium to long term, both for the states and the centre.” Making a case for brining back the economy on higher growth trajectory without fiscal profligacy, he said: “We have to resume the process of fiscal consolidation at the earliest.” Referring to the 6.7% growth rate during 2008-09, the minister said: “India is the second-fastest growing economy in the world,” adding: “Moreover the recent performance of the core sector industries, including crude oil, coal, cement and steel, during April 2009 gives us further confidence of bringing back the economy on growth path.” Recalling the social sector initiatives taken by the central government to make the growth more inclusive, Mukherjee said that the cabinet secretary would be holding periodic video conferences with the chief secretaries to monitor the progress of the schemes. Source: Home - Livemint.com | 11 Jun 2009 | 8:53 am Low inflation may prompt rate cuts by banks - Press Trust of India
Source: Business - Google News | 11 Jun 2009 | 8:36 am Asia stocks mixed as Nikkei retreats from 10,000Shanghai: Asian stock markets were mixed on Thursday, with Japan’s benchmark Nikkei index pulling back from its first move above 10,000 in eight months amid conflicting signs about the strength of an economic recovery. European bourses traded higher. Oil prices rose to new highs for the year, climbing above $72 a barrel. In early European trading, Britain’s FTSE 100 edged up 0.1%, Germany’s DAX index rose 0.5%, and France’s CAC-40 gained 0.1%. Earlier in Asia, Tokyo’s Nikkei 225 index lost 10.16 points, or 0.1%, to 9,981.33. It wavered in a narrow range after a surge early in the day took it above the psychologically important 10,000 mark for the first time since 8 October. But signs of upward pressure on US interest rates, which could quash a nascent economic recovery, and some weak economic data from the region offset gains in Tokyo-listed steel shares. The Dow Jones industrial average fell more than 24 points to 8,739.02 Wednesday after the government sold $19 billion in 10-year Treasury notes in a relatively weak auction. The S&P 500 index slipped 3.28, or 0.4%, to 939.15. Strong investment data from China initially overcame investors’ qualms over an imminent resumption of initial public offerings on the mainland that some fear will flood the market with new shares. But dismal export numbers from China, and the IPO news, offered investors an excuse to cash in on recent gains after the benchmark Shanghai Composite Index hit a 10-month high on Wednesday. The Shanghai index slipped 0.7%, or 18.93 points, to 2,797.32 while the Shenzhen Composite Index fell 1% to 922.62. Hong Kong’s benchmark bounced in volatile trading, ending nearly flat at 18,791.03, up 5.37 points. “The IPO news is an excuse for a retreat, but it’s not reason for a real correction,” said Castor Pang, an analyst at Sun Hung Kai Financial in Hong Kong. Overall, investors remained confident in the economy and trust the regulators to keep a tight rein on IPOs, which in the past have threatened to glut the market with new shares, he said. “Investor sentiment is strong. Liquidity is still very, very large. It cannot be measured,” he said. In other markets, rising resource prices pushed Australia’s key index up 0.6 percent, while Singapore’s benchmark fell 0.2%. Oil prices pared their gains after climbing above $72 a barrel Thursday in Asia to fresh highs for the year amid investor optimism about a global economic recovery. Benchmark crude for July delivery was up 43 cents at $71.75 by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. In currencies, the dollar slipped to ¥97.81 from ¥98.19 late Wednesday, while the euro rose to $1.4000 from $1.3990. Source: Home - Livemint.com | 11 Jun 2009 | 8:34 am IKEA shelves plan to enter IndiaNew Delhi / Stockholm: Sweden’s IKEA, the world’s biggest furniture retailer, will stay out of India as long as the country doesn’t allow full foreign ownership of single-brand retailers, it said on Thursday. India is an enormous potential market for retailers but it only allows a maximum of 51% foreign investment in single-brand retailers. “As far as retail development in India is concerned, the IKEA Group has postponed any decision to enter the market due to the fact that regulations have not been changed to allow IKEA to fully own its retail operations,” the budget furniture maker said on an email. Its comments came after Indian media reports said it had called off a $1 billion investment plan due to the restrictions. “India is still seen as a long term potential market for IKEA and we will continue to press for changes to the existing regulations,” the company said. “If and when changes are made to the FDI (Foreign Direct Investment) regulations allowing 100% ownership of single brand retailers then IKEA will reconsider its position.” Earlier the Economic Times, citing unnamed IKEA officials, said IKEA’s talks with the Indian government to further open up foreign direct investment in single-brand retail had fallen through, leading to the cancellation of the planned investment. Source: Home - Livemint.com | 11 Jun 2009 | 8:27 am IKEA shelves plan to enter IndiaNEW DELHI/STOCKHOLM (Reuters) - Sweden's IKEA, the world's biggest furniture retailer, will stay out of India as long as the country doesn't allow full foreign ownership of single-brand retailers, it said on Thursday.Source: Reuters: Money News | 11 Jun 2009 | 8:19 am Google unfazed by govt inquiriesSan Francisco: Google Inc. doesn’t believe it needs to change its ways despite three separate US government inquiries into whether some of the Internet search leader’s actions are thwarting competition. “There is no reason to be upset or surprised with the scrutiny,” Dana Wagner, Google’s competition counsel, told reporters on Wednesday. “It comes with the territory.” With technology playing an increasingly important role in society and Google steering most of the Internet’s traffic, Wagner said that it’s understandable why the Obama administration is taking a close look at the Mountain View, California-based company. “They wouldn’t be doing their job if they weren’t taking a look at all the industries people are telling them to take a look at,” said Wagner, who worked at the US Justice Department for seven years before joining Google in 2007. Wagner suggested that the push to investigate Google is being propelled by enemies that the company has made as its search engine and other free or low-cost products siphon money away from other businesses in media and technology. Google reaped a $4.2 billion profit on revenue of nearly $22 billion last year. Without getting into specifics of the various inquiries under way now, Wagner predicted Google would be able to amicably resolve any differences with the government. Google’s biggest clash with the US government so far occurred last year when the Justice Department threatened a lawsuit to block the company’s proposed advertising partnership with rival Yahoo Inc., which runs the Web’s second most popular search engine. Although Google still believes the government exaggerated the alliance’s potential effect on the Internet ad market, the company ultimately abandoned the Yahoo partnership. Google also has shortened the amount of time it retains information about its users to satisfy the privacy concerns of European regulators. Since President Barack Obama took office in January, antitrust regulators have targeted Google in three different areas. The Justice Department is poring over a settlement of a class-action lawsuit that critics contend could give Google too much control over the electronic copies of millions of copyright-protected books that are no longer in print. Google believes the settlement would improve access to books that are mostly gathering dust at libraries across the country. In a sign that the book inquiry is intensifying, investigators have issued formal demands for more details about the settlement. Google confirmed on Wednesday it is among the settlement participants that received the civil investigative demands, or CIDs. A federal judge is scheduled to review the settlement in October. Justice Department is also looking into whether Google and other technology companies, including Yahoo and biotechnology pioneer Genentech, which is now controlled by Swiss pharmaceutical giant Roche Holding AG, have colluded by agreeing not to recruit top employees from one another. CIDs also have been issued in that probe. And the Federal Trade Commission is looking into whether Google’s common ties with computer and gadget maker Apple Inc. might discourage competition. Eric Schmidt, Google’s chief executive, and Arthur Levinson, Genentech’s former CEO, are directors at both Google and Apple. Google makes an operating system, called Android, that’s used in mobile devices that compete with Apple’s iPhone and will soon be used in inexpensive computers, called “netbooks,” that could siphon sales from Apple’s Mac line. Since Stanford University graduate students Larry Page and Sergey Brin started the company in a Silicon Valley garage in 1998, Google has become synonymous with Internet search, processing nearly two-thirds of all US search requests. That has turned Google into a magnet for antitrust regulators, just as Microsoft Corp. was a decade ago given its dominance with the Windows operating system and Internet Explorer browser, said Don M. Tellock, who formerly specialized in technology regulation for New York’s attorney general. Wagner said he thinks Microsoft demands more antitrust attention than Google because Windows still affects more people’s interactions with computers than any search engine. But he understands why Google is getting more attention now, calling Microsoft “yesterday’s news.” He also said that many people have “Microsoft fatigue.” Meanwhile, Microsoft is hoping Web surfers are tired of using Google’s search engine. The Redmond, Washington-based software maker is reportedly spending $100 million to promote Bing, a Google challenger that Microsoft calls a decision engine. Google cites Bing as evidence of the challenges it faces in search. Source: Tech News - Livemint.com | 11 Jun 2009 | 7:35 am Inflation slips to over three-decade low of 0.13 per centInflation slipped to 0.13 per cent, the lowest in three decades even as prices of essential food items like pulses, fruit and vegetables, spices and eggs turned dearer.Source: Daily News & Analysis: Money News | 11 Jun 2009 | 7:08 am India's inflation rate slips to 0.13%India's annual rate of inflation fell to 0.13% for the week ended May 30 from 0.48% in the previous week, official data showed on Thursday.Source: India Business News | Business News - Times of India | 11 Jun 2009 | 6:48 am L&T sells entire stake in UltraTech for Rs1,036 cr Mumbai: Engineering major Larsen & Toubro (L&T) has sold its entire stake of 11.49% in UltraTech Cement through an open market transaction for an estimated Rs1,035.70 crore. L&T has sold 1,43,03,294 shares, representing 11.49% stake in the company, UltraTech Cement said in a disclosure to the Bombay Stock Exchange (BSE) today. Calculated on the basis of current market price of UltraTech Cement, the deal value comes to over Rs1,035.70 crore. Meanwhile, shares of UltraTech Cement reacted negatively to the development and plunged over 5% in the morning trade on the BSE. The company’s scrip dipped to a low of Rs724.10, down 5.12% over previous close. Besides, shares of L&T remained volatile in the early trade. After opening firm on the bourses, it slipped 2.79% to witness a low of Rs1,588.15 on the BSE. A similar downward movement of the scrips were witnessed on the National Stock Exchange (NSE), where Ultra-Tech Cement tanked 5.54% to Rs720.50 and L&T dipped to a low of Rs1,586.10, down 2.62% over last closing. On the volume front, over 1.50 crore shares of UltraTech got traded, while 12.45 lakh L&T scrips changed hands on both the bourses. Source: Home - Livemint.com | 11 Jun 2009 | 6:45 am Rupee weakens by 11 paise to 47.35 a dollarThe Indian rupee depreciated by 11 paise against the dollar in early trade tracking weak Asian currencies and increased demand for the USD from importers.Source: Daily News & Analysis: Money News | 11 Jun 2009 | 6:39 am ARMS TRADE - Defense contractors see open door in IndiaNEW DELHI (Reuters) - Global defense companies have found India.Source: Reuters: Money News | 11 Jun 2009 | 6:11 am Sensex loses moderate ground in volatile tradeAfter a fluctuation of 323 points during the day, the Bombay Stock Exchange benchmark Sensex ended nearly 55 points lower on investors booking profits at higher levels.Source: Daily News & Analysis: Money News | 11 Jun 2009 | 5:35 am Sensex slips 90 pts in early volatile tradeThe Bombay Stock Exchange benchmark Sensex on Thursday opened over 90 points down, after remaining in the positive zone for two straight sessions.Source: India Business News | Business News - Times of India | 11 Jun 2009 | 4:57 am SKorean-led consortium to buy AIG headquartersSeoul: A South Korean-led consortium said Thursday it has reached a deal to buy the New York headquarters of troubled US insurance giant AIG, the first major purchase by a Korean firm of a Wall Street property. American International Group has agreed to sell its 66-storey headquarters and an adjacent building to the consortium led by Kumho Investment Bank, Kumho said in a statement. Kumho said it signed a contract and made a down-payment on 2 June and the remainder of the purchase price would soon be paid. It refused to disclose the price or the other consortium members. Chosun Ilbo newspaper estimated the price at between $400 and 500 million compared with $800-900 million before the financial crisis. “Wall Street is still the global financial hub and we’re optimistic about the US financial industry,” YC Kim, a Kumho director, said in the statement, adding he expects real estate prices in Wall Street to rebound. AIG, which is trying to sell off assets to repay a massive US government bailout, last month sold its headquarters in Tokyo to Japan’s largest insurer Nippon Life for $1.2 billion. The US government has pumped more than $170 billion into AIG to keep it afloat, making it the largest single recipient of federal bailout money. In return the government has taken a stake of nearly 80% in what was once one of the world’s biggest insurers. Source: World Business - Livemint.com | 11 Jun 2009 | 4:10 am Rupee weakens by 11 paise to 47.35 a dollarThe Indian rupee depreciated by 11 paise against the dollar in early trade on Thursday tracking weak Asian currencies.Source: India Business News | Business News - Times of India | 11 Jun 2009 | 4:09 am IKEA drops investment plans in India worth $1bnIKEA, the $31-billion Scandinavian home products giant, has put on hold its plans to set up 25 showrooms across the country for an investment of around $1bn.Source: India Business News | Business News - Times of India | 11 Jun 2009 | 4:01 am U.S. moves to clamp on executive pay, names pay czarWASHINGTON (Reuters) - The Obama administration on Wednesday named Kenneth Feinberg, the lawyer who oversaw the government's compensation fund for victims of the Sept. 11, 2001, attacks, as its pay czar to police compensation of top earners at companies receiving "exceptional" government aid.Source: Reuters: Money News | 11 Jun 2009 | 3:01 am Ministry may dump spectrum panel’s proposal on 2G auctionNew Delhi, June 10 The Communications Ministry is likely to reject the recommendations made by the Spectrum Committee to auction spectrum for GSM-based cellular services and favour maintaining status quo on the existing subscriber-basedSource: Business Line - Home Page | 11 Jun 2009 | 12:00 am Sensex gains 340 pointsMumbai, June 10 The benchmark indices made strong gains for the second consecutive day onSource: Business Line - Home Page | 11 Jun 2009 | 12:00 am Pranab sees merit in bank consolidation for stabilityNew Delhi, June 10 The Finance Minister, Mr Pranab Mukherjee, has put his weight behind consolidation of banks, stating that this may be necessary to improve the state of competitiveness of Indian banks globally and also to reduce the risk toSource: Business Line - Home Page | 11 Jun 2009 | 12:00 am Tata Tea full-year net at Rs 701 crMumbai, June 10 Tata Tea has posted a consolidated a net profit of Rs 701 crore for the year ended March 2009 against Rs 1,543 crore for the previous year.Source: Business Line - Home Page | 11 Jun 2009 | 12:00 am Losses on subsidised fuels may touch Rs 40,000 crMumbai, June 10 As world crude prices continue to climb, Indian oil refiners are concerned that the annual losses (or under-recoveries) on sale of petrol, diesel, kerosene and cooking gas could touch Rs 40,000 crore during the next fortnight.Source: Business Line - Home Page | 11 Jun 2009 | 12:00 am Auto parts sector on recovery pathChennai, June 10 Empirical evidence gathered from auto component manufacturers in the country shows the industry is on the path of recovery, growing faster than expected.Source: Business Line - Home Page | 11 Jun 2009 | 12:00 am Stand in the sun for extended talk timeNew Delhi, June 10 Samsung India has come out with a solar-powered phone, the Samsung Solar Guru (Guru E1107). But to charge the battery fully via the solar panel, the phone needs to be kept in the sun for 40 hours!Source: Business Line - Home Page | 11 Jun 2009 | 12:00 am Lloyd Electric (Rs 42.40): BuyWe recommend a buy in Lloyd Electric and Engineering from a short-term trading perspective. The stock has been on an intermediate term up-trend since the low of Rs 13.6 recorded on March 6. Though this trend is halting since the last week of MaySource: Business Line - Home Page | 11 Jun 2009 | 12:00 am Overseas funds: Banks for reinstating I-T exemption on interest paidMumbai, June 10 To bring down the cost of resources mopped up via overseas foreign currency borrowings, banks have sought restoration of income tax exemption on the interest payable on funds borrowed from foreign lenders.Source: Business Line - Home Page | 11 Jun 2009 | 12:00 am Spices exports top Rs 5,000-cr-markKochi, June 10 Spices exports crossed the Rs 5,000-crore mark, for the first time, during the last fiscal, despite the global economic recession.Source: Business Line - Home Page | 11 Jun 2009 | 12:00 am Govt banks told to cut interest ratesPublic sector banks are set to reduce interest rates they charge on loans, but it is not a voluntary decision.Source: Daily News & Analysis: Money News | 10 Jun 2009 | 10:29 pm Big disclosure rider for insurer IPOsInsurance companies planning initial public offers (IPOs) will have to make a host of disclosures and follow a standardised format of valuation.Source: Daily News & Analysis: Money News | 10 Jun 2009 | 10:28 pm Help battle protectionism, simplify taxesToday, the Indian government is looking at inclusive growth.Source: Daily News & Analysis: Money News | 10 Jun 2009 | 10:27 pm Fixes imperative on two frontsNasscom president Som Mittal has urged the IT industry to look at this slowdown as a silver lining.Source: Daily News & Analysis: Money News | 10 Jun 2009 | 10:25 pm We have not asked for environmental norms to be diluted: CIITrying to distance itself from the controversial finance ministry report that recommended severe dilution of the environmental clearance process, CII on Wednesday said it had not asked for easing of environmental norms.Source: India Business News | Business News - Times of India | 10 Jun 2009 | 10:00 pm FII investments top $60bn after 1 yearTotal investments by FIIs in domestic equities have crossed the $60 billion mark - the first time since June 2008 - in what could be gauged as renewed commitment by overseas investors to the Indian stock market.Source: India Business News | Business News - Times of India | 10 Jun 2009 | 7:57 pm Kingfisher Airlines may roll over Rs 800-crore debtKingfisher Airlines is looking to roll over close to Rs 800 crore of its short-term debt, even as it finalises the paperwork to borrow another Rs 1,500 crore from a few Indian public sector banks.Source: Business Standard | Front Page Headlines | 10 Jun 2009 | 7:24 pm L to exit UltraTech as Birlas give no-objectionFirm to sell first tranche of 8.3% stake today to financial investors for around Rs 757 crore.Source: Business Standard | Front Page Headlines | 10 Jun 2009 | 7:14 pm CitiFinancial reduces asset book by a thirdBranch network is now a quarter of the year-ago level.Source: Business Standard | Front Page Headlines | 10 Jun 2009 | 7:12 pm Evaluating mutual funds a research-based taskAccording to investment experts, even those who claim to track the performance regularly mostly get the evaluation wrong.Source: India Business News | Business News - Times of India | 10 Jun 2009 | 7:08 pm Citigroup begins $58 billion stock swapNew York: Citigroup Inc on Wednesday began a long-delayed $58 billion stock swap that could leave the government with a 34% stake in the nation’s third-largest bank. Citigroup plans to swap common stock for as much as $33 billion of preferred shares, and convert as much as $25 billion of preferred shares held by the US Treasury into common stock. Citigroup said the swap could make it one of the world’s best-capitalized banks, adding up to $61 billion of tangible common equity and $64 billion of Tier-1 common equity. It had planned to begin the swap in April. The exchange offer could result in the issuance of more than 17 billion new common shares, diluting the holdings of existing investors by 76%. The public exchange offers expire 24 July. Citigroup shares closed Tuesday at $3.41. Source: World Business - Livemint.com | 10 Jun 2009 | 12:14 pm
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