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Satyam renamed Mahindra SatyamScandal-hit Satyam Computers has been named Mahindra Satyam. The logo will be adopted from the Mahindra Group.Source: India Business News | Business News - Times of India | 21 Jun 2009 | 2:28 pm RBI’s expansionary policy needs to be reversed: SubbaraoPune: The Reserve Bank of India’s (RBI) top priority is to bring the country back to its high-growth path, said RBI governor D. Subbarao at a function in Pune on Saturday. Speaking on the sidelines of the sixth annual convocation programme of the National Institute of Bank Management (NIBM), the central bank’s governor said in order to bring back the country to its growth trajectory, the various stimulus packages from the government and the RBI need to work, credit flow in the system must increase, and exports should pick up. However, he conceded that for exports to pick up, the global economic environment needs to improve first. Subbarao said the fiscal stimulus packages have started working in fields like steel, cement, coal, passenger cars, cargo traffic and rail freight. ”We are seeing our own version of green shoots,” he said. However, in other sectors, the stimulus packages are yet to show their effect, he said without giving details of the sectors. RBI’s expansionary policy also needs to be reversed, Subbarao said, adding that when and how it will be executed is yet to be decided but that it would be done at an appropriate time. Since October, RBI has brought down its policy rate to 3.25% from 9% and through various monetary measures, has released an equivalent of Rs3.9 trillion in the economy. “But certainly it’s (the reversal of expansionary policy) a part of the scheme,” he said. Terming the negative inflation as a “cyclical feature,” Subbarao said that the prices of the food articles continue to remain substantially higher which is a very important consideration for a “country like India”. “It is certainly important to see that food prices stay reasonable,” he said, adding that everybody should have access to adequate food. India’s inflation rate for the week ended 6 June was a negative 1.61%. Nevertheless, RBI will revisit its growth and inflation target in the next quarterly policy in July, he said. RBI has projected the country’s inflation rate at 4% by the end of March. “We will revisit growth and inflation in our July quarterly policy, Subbarao said. Earlier in the day, the function’s chief guest, Suresh Tendulakar, chairman, Economic Advisory Council to the Prime Minister of India, said he expects India to maintain its 2008-09 growth rate in fiscal 2009-10 as well. India grew at 6.7% in fiscal 2008-09. anup.r@livemint.com Source: Home - Livemint.com | 21 Jun 2009 | 2:25 pm AI CMD holds another round of talks with the employees' unions - Economic Times
Source: Google News India - Business | 21 Jun 2009 | 2:21 pm Air India CMD holds another round of talks with the employees’ unionsNew Delhi: Employees of the cash-strapped Air India today came up with several suggestions to cut costs during their second round of discussions, as the airline management appealed for tightening of belts to face the acute financial crunch. The suggestions came as leaders of three major unions, representing almost 70% of the staffers, held a day-long meeting with Air India CMD Arvind Jadhav in the capital. While the unions stuck to their earlier decision to launch an agitation following delay in June salary payment, their leaders said they would continue to hold talks with the management and later review their action plan. Jadhav sought their help and participation in reviving the airline which is facing acute financial crisis and reeling under a loss of about Rs5,000 crore. At the meeting, leaders of Air Corporation Employees’ Union (ACEU), Aviation Industry Employees’ Guild (AIEG) and Indian Aviation Technicians Association (IATA) suggested that many staffers were ready for transfer to low cost subsidiary Air India Express with lower salaries while others were ready to accept leave without pay for two years. The CMD spoke about the grim financial scenario facing the airline industry and Air India in particular and sought their support to “fight for survival of our own airline”. The AI management has already asked its top management not to take their July salaries and deferred the June salaries of all employees by a fortnight. Announcing that six high-powered committees had been formed for revival of the national carrier, Jadhav assured the unions that their representatives would be included in all these panels. The six committees were cost rationalisation committee, committee on green initiatives, committee on integration, committee on safety, committee on customer feedback and route rationalisation committee. “The CMD has assured us that one member of each unions would be included in the six high-powered committees formed for revival of the airline,” George Abraham, general secretary of Aviation Industry Employees’ Guild, told the agency. He quoted the CMD as saying that the scenario was tough and in the coming three to four months, it would be a question of survival of the three full service carriers — Jet Airways, Kingfisher and Air India — and said “tough measures to save the company were urgently required”. The unions, on their part, assured the CMD about their readiness to cooperate with the management, Abraham said, adding that the CMD “welcomed” the suggestions on cost-cutting and savings made by the unions. Out of a total of 31,000 Air India employees, 24,000 are members of the three unions -- AIEG, ACEU and IATA. About 70% AI staffs belong to these unions while the remaining include the airline’s pilots and engineers. The unions claimed that out of a total salary expenditure of Rs350 crore by the airlines, only a minuscule 20% were being spent on their salaries, while 80% were being spent on the remaining 30% AI employees. “Further rounds of talks between the airline management and the unions would be held next week,” said J B Kadian, general secretary of ACEU. “But we will go ahead with the agitation programme as decided by the three unions. All employees would wear a black badge from 22-25 June while on duty, on 26 June we would hold a demonstration at our offices and on 30 June, we would be forced to adopt the policy of ‘no pay no work´ if the management fails to give us our salaries,” Kadian said. Air India’s losses for the last financial year are estimated at over Rs4,000 crore, up from Rs2,226 crore in the previous fiscal. The national carrier has approached the government for infusion of funds by way of equity, soft loans and a grant. The demand has come in the wake of its orders for 111 new planes worth over Rs45,000 crore against a puny paid-up capital of Rs145 crore and authorised capital of Rs1,500 crore. Source: LatestNews-Home - Livemint.com | 21 Jun 2009 | 2:12 pm Textile industry demands restoration of duty drawbackMumbai: The textile industry has sought restoration of Duty Draw Back (DDB) and Duty Entitlement Pass Book (DEPB) rates and the refund of service tax on export related services to remain competitive in exports, a top industry official said on Sunday. “In the short term, the Textile Ministry needed to consider restoration of drawback rates to the levels existing prior to September 2008; issuance of dues pending from The Technology Upgradation Fund Scheme (TUFS) and the refund of service tax on export related services and accumulated cenvat credit on capital goods,” the Cotton Textiles Export Promotion Council (Texprocil) Chairman, V S Velayutham said. While raising key issues to the attention of the textile minister, Dayanidhi Maran, Velayutham also stressed on the urgent need to introduce a new Fibre Policy and attend to issues relating to drawback and unrebated state levies. It must be noted that except India all other Asian economies have increased their market size and share in textile exports even during this economic slowdown period, Texprocil vice chairman, Manikam Ramaswami said. India has been losing its market share as it is losing its relative competitiveness steadily. While China has increased its drawback from 12% to 17%, Pakistan has introduced an R&D rebate of 7.5%. Bangladesh enjoys zero duty into EU and Vietnam is growing rapidly with its competitive costs. India, on the other hand has been reducing the benefits offered to exporters. During the last four years, the drawback has come down steeply by 43% in cotton yarn, 19% in fabrics and 19% in made ups. As part of the long term solutions, Ramaswami urged the textile ministry to assist textile exporters build brand India and Indian brands. He suggested the negotiation of a free trade agreement with European Union and reduced tariff for textiles in the countries where India had a negative trade balance. Suggestions were also made with regards to assisting exporters to fight anti subsidy duties and introducing labour reforms. Velayutham said that textile minister has rightly recognized the potential of Indian textile sector which can generate additional 10 million jobs in the next 5 years. Within days of assuming his office, textile minister has clearly spelled out his thrust areas to push industry growth rate to 8-10%, which includes attracting higher investments for technology upgradation to the tune of Rs1,55,000 crore over the next five years and bringing in larger FDI to aid the growth of the sector. Source: LatestNews-Home - Livemint.com | 21 Jun 2009 | 2:11 pm ANALYSIS - U.S. trade freeze could be slowly thawingWASHINGTON (Reuters) - After months of little U.S. action on trade, there are signs the issue could become more important for President Barack Obama, who heads to Italy in early July to meet with major trading partners.Source: Reuters: Money News | 21 Jun 2009 | 1:50 pm Tata Motors may have to scale down investment plansLondon: If the UK government’s help does not come soon, Indian owner Tata Motors will have to cut down its investment plans for Jaguar Land Rover with possible job losses and plant closures, a media report said today. “If no government help is forthcoming soon, Tata will have to scale down its investment plans in Jaguar Land Rover to make its losses sustainable. That would result in more job losses — and possibly plant closures,” the Guardian reported. “Tata’s bankers are seeking to secure short-term finance of between £500 million and £1 billion to allow Jaguar Land Rover to pay off supplier payments due by the end of the summer and stop it running out of cash,” the report said. Tata have been seeking the help of the British government in terms of guaranteeing the loans. “The group needs a fix for Jaguar Land Rover but staff cuts look unavoidable,” the report noted. It further said that “Tata will reveal this week the price it has paid for becoming the UK’s largest industrial employer.” While Tata Motors is expected to release the financials of Jaguar Land Rover, purchased for £1.7 billion another group firm Tata Steel that owns Anglo-Dutch steel firm Corus, would also publish its fourth-quarter results. “Expect a sea of red,” the report said about the two results. It quoted one London-based analyst as saying that the figures for both would be “PDA” - pretty damn awful.“ Further, it quoted an analyst for an Indian broker as having forecast “annual losses of around $150 million (£91.7 million) for Jaguar Land Rover, although this is less than many experts in the UK have been fearing.” “Some government officials argue that the Tata empire, rather than the UK taxpayer, should bail out Jaguar Land Rover,” the Guardian report said. It however quoted Lord Bhattacharyya, founder of the Warwick Manufacturing Group who happens to be close to the Tata family, as saying: “There is a misconception that these guys are all rich Indians,” he said. “Ratan Tata does not own shares in Tata Sons - he is just an employee. Tata Sons is a charity with many global commitments.” Source: LatestNews-Home - Livemint.com | 21 Jun 2009 | 1:39 pm Tech Mahindra rename Satyam Computers as Mahindra Satyam - Economic Times
Source: Google News India - Business | 21 Jun 2009 | 1:29 pm Delhi’s masterplan at riskNew Delhi: A world class metro, ample green spaces and 24 new flyovers in the next 2 years are some of the things that are being planned to make Delhi a world-class city before Commonwealth Games in 2012. Click here to watch video The city government thinks that the games provide a good opportunity to kick start its 2021 master plan that has among other things utopian goal like housing for all. But some experts believe the goals of the master plan will be hard to meet. With vast problems of water wastage, power losses, and the highest crime rate out of 35 cities in India they say the targets could be too steep to be met in such a short time. Besides they say there is a lot of corruption in the administration and that will be a hurdle in making Delhi a world-class city. In addition, different authorities control different things, which means a lot of time is spent on trying to get various bodies to come to a consensus on key issues. “The urban local bodies don’t have the wherewithal, they do not have the manpower or a single person in place, let alone the departments. They don’t have plans drawings and data”, says Sudhir Vohra, an architect and government advisor. So what’s the solution? Vijay Saluja, a former chief engineer for the New Delhi Municiple Corporation (NDMC), says the first step is to decide that things must improve. “You must set up your own example and be a role model. If the chief executives and ministers are not role models, the message will not go through”, he says. “One of the prime challenges is having the right people with the right attitude, skill and training in the three local authorities of Delhi which are the MCD (Municiple Corporation of Delhi), NDMC, and DDA (Delhi Development Authority).” So what’s the future of Delhi? Vohra says big plans like the 24 new flyovers being built are more like band-aids, than a remedy for Delhi’s problems. They can take examples of the re-development that took place in parts of Europe. There are only 13 institutes of city planning in India, which means there aren’t enough trained people available to give Delhi its make-over. Nontheless the city has improved in some ways – CNG vehicles and the metro have cut pollution levels. But if much more isn’t done – a world-class city will simply remain a dream. Source: LatestNews-Home - Livemint.com | 21 Jun 2009 | 1:26 pm FEMA to check breach of sectoral FDI caps, says DIPP New Delhi: The new Foreign Direct Investment policy will not allow foreign investors to enter prohibited sectors like multi-brand retail or breach sectoral caps as safeguards have been provided in the foreign exchange laws, the DIPP has said. “In general adequate measures are available under (the) Foreign Exchange Management Act (FEMA), as safeguard against any violation of the FDI policy,” the department of industrial policy and promotion (DIPP) said in a letter to the finance ministry earlier this month. The finance ministry had raised its own concerns and the apprehensions of the Reserve Bank of India (RBI) with the DIPP over the possible misuse of the new policy. As per the Press Note 2 of 2009, if foreign investment in an Indian firm is less than 49%, there is no bar on it to enter the sectors prohibited for overseas investment. This is because foreign investment below 50% through an investing Indian company would not be considered for calculation of indirect overseas equity. This had led to confusion not only among the industry but also in the finance ministry and RBI. “FDI policy could be circumvented by setting up companies where non-resident entities who hold 49% and downward investment could be into prohibited sectors or result in breach of caps,” the finance ministry had said in a letter to the DIPP. It further said that the new FDI dispensation could lead to formation of ‘shell´ companies for the purpose of downstream investment in restricted/prohibited sectors. Source: LatestNews-Home - Livemint.com | 21 Jun 2009 | 12:57 pm RIL, ONGC rumoured as ‘mystery’ bidders in $8bn Addax saleLondon: India’s two largest companies - state-run ONGC and billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) - are being rumoured as the “mystery” bidders for UK-based Addax Petroleum, which could be sold for £5 billion, a media report said here. While China’s state-run Sinopec and Korean National Oil Company are already believed to be in talks with Addax, “the company has been approached by a third mystery bidder, possibly a national oil company from India,” the Telegraph reported. “...some traders noted gossip that an Indian group may be involved in the auction. State-backed ONGC, which last year bought Imperial Energy for £1.4 billion, and Reliance were touted as potential Indian suitors,” the report added. London-based Addax Petroleum has fields in Iraqi Kurdistan and Nigeria and is said to be on the block for up to £5 billion (around $8.26 billion). A formal offer for the company could be announced early next week, the Telegraph said, adding that “there was also chatter that Jean Claude Gandur, the billionaire chief executive of Addax, and his bankers, led by Tim Chapman of RBC, are keen to get a deal done quickly”. Addax, which has one of only two operational fields in Kurdistan, has seen interest from would-be buyers increase with the completion of an oil-export pipeline from the region. Source: World Business - Livemint.com | 21 Jun 2009 | 12:57 pm RIL, ONGC rumoured as ‘mystery’ bidders in $8bn Addax saleLondon: India’s two largest companies - state-run ONGC and billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) - are being rumoured as the “mystery” bidders for UK-based Addax Petroleum, which could be sold for £5 billion, a media report said here. While China’s state-run Sinopec and Korean National Oil Company are already believed to be in talks with Addax, “the company has been approached by a third mystery bidder, possibly a national oil company from India,” the Telegraph reported. “...some traders noted gossip that an Indian group may be involved in the auction. State-backed ONGC, which last year bought Imperial Energy for £1.4 billion, and Reliance were touted as potential Indian suitors,” the report added. London-based Addax Petroleum has fields in Iraqi Kurdistan and Nigeria and is said to be on the block for up to £5 billion (around $8.26 billion). A formal offer for the company could be announced early next week, the Telegraph said, adding that “there was also chatter that Jean Claude Gandur, the billionaire chief executive of Addax, and his bankers, led by Tim Chapman of RBC, are keen to get a deal done quickly”. Addax, which has one of only two operational fields in Kurdistan, has seen interest from would-be buyers increase with the completion of an oil-export pipeline from the region. Source: LatestNews-Home - Livemint.com | 21 Jun 2009 | 12:57 pm Paramount Airways signs MoU with Airbus to buy ten A321 aircraft - TravelBizMonitor
Source: Google News India - Business | 21 Jun 2009 | 12:45 pm Indian banker grabs world’s fattest job offer at Rs90 crNew York: Ajaypal Banga, Asia-Pacific CEO of crisis-ridden behemoth Citigroup, will get a package of about Rs90 crore as the new second-in-command at payment services firm MasterCard, an offer that could be billed as the biggest package in the current state of the global economy. Banga will join MasterCard as its new president and chief operating officer on 31 August and could possibly become CEO of the global financial services giant within a year’s time. As per his employment contract with MasterCard, Banga will be paid around $2.15 million (about Rs10 crore) in salary and other allowances every year and would also get a one time benefit totaling about $15.9 million (about Rs80 crore) including a sign-on bonus of about $4.2 million. The package, which includes over $11 million to be paid through stocks and remainder in cash, makes Banga the highest-paid banker after American Express CEO Kenneth Chenault and Citi chief Vikram Pandit as per the disclosed remuneration paid to the two in the year 2008. For the year 2008, Chenault’s total compensation amounted to $42.8 million, while Citi’s Vikram Pandit received pay packet of $38.2 million. However, the package for both Pandit and Chenault could come down in 2009, which could probably make Banga the highest paid banker. Pandit has already said he will only take a token salary of $1, while the other components of his compensation package are also expected to go down. Source: LatestNews-Home - Livemint.com | 21 Jun 2009 | 12:41 pm Indian banker grabs world’s fattest job offer at Rs90 crNew York: Ajaypal Banga, Asia-Pacific CEO of crisis-ridden behemoth Citigroup, will get a package of about Rs90 crore as the new second-in-command at payment services firm MasterCard, an offer that could be billed as the biggest package in the current state of the global economy. Banga will join MasterCard as its new president and chief operating officer on 31 August and could possibly become CEO of the global financial services giant within a year’s time. As per his employment contract with MasterCard, Banga will be paid around $2.15 million (about Rs10 crore) in salary and other allowances every year and would also get a one time benefit totaling about $15.9 million (about Rs80 crore) including a sign-on bonus of about $4.2 million. The package, which includes over $11 million to be paid through stocks and remainder in cash, makes Banga the highest-paid banker after American Express CEO Kenneth Chenault and Citi chief Vikram Pandit as per the disclosed remuneration paid to the two in the year 2008. For the year 2008, Chenault’s total compensation amounted to $42.8 million, while Citi’s Vikram Pandit received pay packet of $38.2 million. However, the package for both Pandit and Chenault could come down in 2009, which could probably make Banga the highest paid banker. Pandit has already said he will only take a token salary of $1, while the other components of his compensation package are also expected to go down. Source: World Business - Livemint.com | 21 Jun 2009 | 12:41 pm Corporate India doubles top management payoutNew Delhi: The economic downturn may have eaten into the profits of corporate India as also jobs and salaries of the employees, but the top management seems to have remained unaffected as its average payout nearly doubled in the last fiscal. The average remuneration paid to the top management executives and board members rose to nearly Rs2 lakh a month during 2008-09 from about Rs1 lakh during the previous fiscal. At the same time, the number of companies paying an annual remuneration in excess of Rs1 crore also seems to have doubled during the fiscal, according to an analysis of top-management payouts during the past two years. During 2008-09, one in every three companies paid more than Rs1 crore to one or more of its top management executives or directors. The ratio was much wider at one in seven during the previous fiscal 2007-08. The surge in the prevalence of ‘crorepati’ executives as also average top-management remuneration among Indian firms comes in the midst of the annual profit dipping substantially for a large number of companies as also large-scale layoffs, pay cuts or lesser pay hikes announced by the companies as a result of the global economic downturn. So far, 285 companies have released their latest fiscal annual reports disclosing the payout for top-management and directors, out of which 76 companies have paid annual remuneration in excess of Rs1 crore to one or more of their top-management executives. Interestingly, there are no government-run companies among those paying remuneration in excess of Rs1 crore. In comparision, 333 companies, out of a total of about 2,400, had paid an annual remuneration exceeding Rs1 crore to one or more top management executives or directors in the previous fiscal. So far, the companies have disclosed an annual remuneration of more than Rs1 crore for a total of 136 executives for the latest fiscal, but the number is expected to swell further considerably as only about one-tenth of the companies have disclosed such information. Besides, only a few large-cap companies have so far disclosed the information. Of the BSE-100 companies, the 100 largest companies in the country, only 23 have disclosed such information for 2008-09, wherein 39 executives from 16 firms have been paid annual remuneration exceeding Rs1 crore. During 2007-08, a total of 594 executives had been paid a remuneration of more than Rs1 crore. These executives were paid a total of Rs1,803 crore, resulting in an average payout of over Rs1 crore. The average payout for such executives, however, declined to about Rs2.6 crore during the latest fiscal, with a total payout of about Rs358 crore so far. However, the average payout for all the top-management executives and directors at Indian companies, including those having been paid less than Rs1 crore, rose to about Rs47 lakh from close to Rs24 lakh in the previous fiscal. This results in the average monthly payout doubling from about Rs1 lakh to Rs2 lakh. However, the details for the latest fiscal are available for only about 2,400 executives, who were paid a total of about Rs500 crore, as against about 24,000 in the previous fiscal with a total payout of close to Rs2,700 crore. The average also takes into account executives and board members who do not take remuneration from one particular company, mostly because they are also on the board or in the management team of some other group company where they are paid some remuneration. Such people account for nearly half the total number of top-management executives or directors. Excluding such persons also, the average payout nearly doubled to about Rs50 lakh from close to Rs25 lakh in the previous fiscal. Source: Home - Livemint.com | 21 Jun 2009 | 12:34 pm Maharashtra govt to formulate policies for growth of hotel industryMumbai: Calling for delicensing in the hospitality and tourism sector, Maharashtra chief minister Ashok Chavan today said his government will meet representatives of the industry soon to formulate policies to give a fillip to the sector. “Delicensing is the need of the hour. I don’t believe in controlling,” Chavan said while speaking at the innaugration of the Imperial Palace Hotel here. He said Mumbai requires more infrastructure to make it a world-class city and an international financial centre. “We ought to have more (hotel) rooms in the city. We will keep the requirements of the industry in mind. We will meet hoteliers and representatives of the tourism industry soon to formulate policies for the growth of this sector,” the minister said. “We need good infrastructure and hotels are a part of it. We talk about making Mumbai an international financial centre. BKC (Bandra Kurla Complex) and the international airport are all growing. Soon, we will have a new airport in Mumbai. There is a scope to improve this further,” Chavan said. He said the government is also working on the coastal regulation zone (CRZ) policy to encourage investments, which entails developing the state’s 720-km long coastline. Chavan had earlier written to prime minister Manmohan Singh requesting amendments to CRZ norms in order to facilitate development. The chief minister said environmental regulations will not be compromised for the sake of development. “We have to create a fine balance between development and maintaining the ecological balance,” Chavan said. Source: LatestNews-Home - Livemint.com | 21 Jun 2009 | 12:19 pm EPFO to decide interest rate on PF deposits on July 4!Employment Provident Fund Organisation`s advisory body Central Board of Trustees is likely to decide the interest rate on PF deposits for the fiscal 2009-10 at its meeting on July 4.Source: Zee News : Business | 21 Jun 2009 | 12:15 pm A tightrope walk for Mamata Bannerjee on July 3!It is expected to be a tightrope walk for Railway Minister Mamata Banerjee, who has emphasised on giving a "human face" to Indian Railways, as she hopes to introduce populist measures in the rail budget.Source: Zee News : Business | 21 Jun 2009 | 12:15 pm Pepsi plans ultra-cheap softdrink to fight anaemia in India!Pepsi, which was founded and marketed by a pharmacist as a digestive syrup, is revisiting its roots with an ultra-cheap softdrink that will aid fight against anaemia in women in rural India.Source: Zee News : Business | 21 Jun 2009 | 12:15 pm RBI to meet bank chief executives on July 7!The Reserve Bank of India (RBI) will meet CEOs of large banks on July 7, a day after the Union Budget, to read their minds before the monetary policy scheduled on July 28.Source: Zee News : Business | 21 Jun 2009 | 12:15 pm Philippines` Arroyo backs Asian IMF!Philippine President Gloria Arroyo supports wider cooperation in stabilising Asia`s financial market, including creating a regional version of the International Monetary Fund, a report has said.Source: Zee News : Business | 21 Jun 2009 | 12:15 pm `Protectionism will be counter-productive`!Azim Premji has stressed that American decision to clamp down on H1B visas, would be counter-productive.Source: Zee News : Business | 21 Jun 2009 | 12:15 pm Aditya Birla Retail to roll out 80 'more...' stores in FY10Aditya Birla Retail chain plans to further roll out 80 stores this year, but may wind up 10-20 existing outlets as part of a clean-up.Source: Daily News & Analysis: Money News | 21 Jun 2009 | 12:09 pm Lohia Auto looks to sell 10k e-bikes this fiscalNew Delhi: Electric vehicles manufacturer Lohia Auto on Sunday said it is looking sell 10,000 units of its e-bikes - FAME and OMA - by the end of this fiscal year. With the increasing oil prices, the company is bullish on the sales of its e-bikes, which runs on batteries, and is even hoping to double the sales figure to 20,000 vehicles by the end of next fiscal year. “The response towards electric automotives is picking up fast in the country and we are targeting to sell 10,000 of our bikes by the end of this financial year and hope to double this figure next year,” Lohia Auto Industries CEO Ayush Lohia said in a statement here. To catch on the growing demand, the company said it will build a dealer network covering 50 cities across the countries to sell the e-bikes. “We are stepping up the pace of our marketing and distribution initiatives and expect to have over 50 showrooms operational by the end of this year,” he added. Source: LatestNews-Home - Livemint.com | 21 Jun 2009 | 11:48 am Shipping industry seeks special fund to finance projectsMumbai: With the avenues to secure loans for expansion and modernization plans drying up, the shipping industry has asked the government to set up special fund to help the industry finance such projects. “We have approached the government for setting up of a fund for the shipping industry as all channels to secure debt has evaporated,” Shipping Corporation of India chairman and managing director S C Hajara told PTI. The domestic shipping industry finds it difficult to raise money from the global market on account of the worldwide liquidity crisis. Also, many foreign banks prefer giving loans to shipping projects based in their respective countries. “Many western banks have received loans from their respective governments. The government nominees in these banks insist on giving loans only to projects in their countries,” he said. The Indian shipping industry would have to invest $20 billion in the next few years to modernize its fleet and acquire new vessels. Domestic shipping firms like to raise funds abroad, preferably Europe, due to the lower interest rates and long-term repayment norms. Indian banks and financial institutions do not have an appetite to lend to shipping companies, Hajara said. With no global finance and no domestic finance, raising debt for Indian shippers have become difficult, he said. Source: LatestNews-Home - Livemint.com | 21 Jun 2009 | 11:47 am Aditya Birla to roll out 80 ‘more’ storesMumbai: Buoyed by 110% growth in the current fiscal, Aditya Birla Retail chain ‘more...’ plans to roll out 80 stores this year, but may wind up 10-20 existing outlets as part of a clean-up operation. “We want to take our network of stores to 720-730. So we will open 80 stores, but its not actually 80 because we may close another 10-20,” Aditya Birla Retail (ABRL) CEO, Thomas Varghese said. The company operates just two hypermarkets at Mysore and Baroda and will set up six to eight stores in the format by end-March. “This fiscal, we are focusing on hypermarkets. We are definitely looking at six to eight hypermarkets,” he said. ABRL is eyeing a sales turnover of about Rs1,600-1,700 crore in FY10, a 45% jump in growth compared with the previous fiscal. “We grew by more than 110% last year. We may not be able to keep up that scorching pace, but we’ll grow by about 40-45% this year,” Varghese said. Sales turnover for FY09 was close to Rs 1,150 crore. Starting with the acquisition of south-based Trinethra in early 2007, Aditya Birla Retail created a network of 710 stores in 20 months, of which it shut 76 in the last six months. ”That was part of my cleaning up operation. The last six to eight months have been a wake-up call for the industry. We are going to focus on consolidation this year,” he added. The retailer will open one hypermarket each from June till September in Aurangabad, Indore, Mumbai and Bangalore. It is also in the process of renegotiating rentals and may wind up its Baroda hypermarket if it “cannot get the rents down”, Varghese said. “We are not going for hypermarkets beyond 65,000 or 70,000 square feet, because our experience with Baroda has not been very good, which is spread over 85,000 square feet,” he added. With operations spanning 13 Indian states, ABRL now wants “to saturate a state” by venturing into smaller cities. “Our new supermarkets will be opened primarily in the South. The whole effort this year is to make the South network profitable, because it is already coming very close to protability,” Varghese said. He ruled out the idea of bringing onboard strategic investors, but said the company is open to funding from private equity players. “We are not looking for strategic partner,” Varghese said, adding “We would not want to divest any equity at all, because I personally think that this is going to be a very valuable company.” Source: Home - Livemint.com | 21 Jun 2009 | 11:09 am India may see negative inflation for next 2 months: DeloitteInflation, which last week moved into negative zone, may continue to fall for another two months and the government would need a prudent policy to avert "an alarming situation," financial research major Deloitte has warned.Source: India Business News | Business News - Times of India | 21 Jun 2009 | 11:07 am Indian outsourcing giants to benefit from downturn: Azim PremjiLondon: The turmoil in the financial market is likely to spell good news for the Indian outsourcing companies, as the downturn will compel multinationals to seek further economies for sustenance in these tough times, Wipro Technologies founder Azim Premji has said. In an interview to the Sunday Times, Premji insisted that “the Indian outsourcing giants will benefit from this downturn, as all multinationals seek further economies.” Premji’s statement comes at a time when the US President Barack Obama has proposed changes in tax laws to curb outsourcing. Obama proposing change in tax laws of that country had reportedly said, it’s a tax code that says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York. Premji also voiced its concern about the “creeping tide of protectionism” in the west and said that “If we get into protectionism, then the west is going to get a wave of protectionism in response, and that is going to turn back the clock 20 years”. Premji further warned that it will be America and Europe that will suffer, because they will be excluded from the only growth markets left in Asia, Africa and China. Though the Indian outsourcing industry, is likely to be negatively impacted by the global downturn but factors as English proficient urban workforce and wage, which is still much less than its western counterparts are likely to act as its savior. Despite the credit crunch across the world, Wipro is expected to keep its growth trajectory consistent. “We will grow this year,” Premji told the newspaper, adding that “though it won’t be at the 16% rate of last year. First, there is a significant slowdown taking place, there are budget cuts, deferment of decisions . . .” He reiterated his belief in the “string of pearl” concept when asked as to whether there will be an Indian IT giant ever, to buy one of its western rivals and said that Wipro has always preferred to buy small. “What’s the sense in buying a £10 billion company? There’s too much work involved. It’s nice being big, but not critical to strategy,” he added. Premji, has played a pioneering role in the Indian outsourcing industry. After the Indian government exiled IBM in 1977, Wipro first bought a Cincinnati-based computer firm to gain know-how, then built an Indian mini-computer. Later, when foreign companies returned to India after the Indian government liberalised its foreign policy, Premji sought to rent out his research team’s expertise, rather than lay off its members and thus “Wipro’s outsourcing business was born”. Source: Home - Livemint.com | 21 Jun 2009 | 10:56 am Iran tensions add to global risk - ECB's TrichetPARIS (Reuters) - Tensions in Iran have added to risks facing the world economy and underline the need for strengthening the global financial system, European Central Bank President Jean-Claude Trichet said on Sunday.Source: Reuters: Money News | 21 Jun 2009 | 10:52 am ECB's Trichet says no risk of deflation seenPARIS (Reuters) - European Central Bank President Jean-Claude Trichet on Sunday dismissed concerns over a possible threat of deflation and said the ECB would guarantee price stability over the medium term.Source: Reuters: Money News | 21 Jun 2009 | 10:09 am FIIs cheer UPA victory in LS polls; put in Rs15k crNew Delhi: Foreign institutional investors (Fiis) have poured in a whopping Rs15,127 crore in the Indian stock market in a single month, since the Congress-led UPA’s victory in 15th general election. Significantly, the inflow of capital by foreign investors during 18 May –19 June period accounts over 70% of their total investment in the country so far this year. According to an analysis of the gross purchase and sale of domestic equities by the FIIs since the decisive mandate in favour of the United Progressive Alliance in the general elections, they have made net investments of Rs15,127 crore. Overseas investors have made a gross purchase of shares worth Rs93,718 crore, while they sold equities valued at Rs78,644 crore, resulting in a net inflow of Rs15,127 crore, as per the data available with the market regulator Securities and Exchange Board of India (Sebi). Interestingly, FIIs have been net investors of Rs25,754 crore (over $5 billion) in the Indian stock markets so far in 2009, the data shows. The decisive win by the ruling government in the general elections gave a boost to the market and the Bombay Stock Exchange’s 30-share benchmark Sensex has gained nearly 20% since the victory. Days after the announcement of UPA’s victory, the stock markets created history and Sensex has witnessed its biggest ever gain of over 2,100 points in just one-minute trade as investors enthused by a decisive verdict. Source: Home - Livemint.com | 21 Jun 2009 | 10:04 am NALCO adds 120MW capacity to power plantMUMBAI (Reuters) - State-run National Aluminium Co Ltd (NALCO) has added 120 megawatts capacity at its captive power plant under its ongoing second phase of expansion, the company said in a statement on Sunday.Source: Reuters: Money News | 21 Jun 2009 | 10:02 am Insurers seek tax exemption limit for long-term investmentsNew Delhi: To promote long-term investment and increase penetration of life insurance cover in the country, the insurers on Sunday demanded that the government assign a distinct limit for tax exemption of these instruments and exempt annuity from tax in the Budget. In the upcoming Budget to be presented on 6 July, the new UPA government should consider “a separate limit for long term investments such as life insurance and annuity for income tax exemption”, ICICI Prudential Life Insurance executive vice president Puneet Nanda told the agency. Also See More on budget 2009 “The definition of long-term investment could be any investment with an investment horizon of at least five years,” Nanda said, adding that it would help in promoting savings behaviour.  Annuity is a contract sold by an insurance company designed to provide payment to the holder at specified intervals, usually after retirement. Taxation of annuities leads to double taxation as part of principal investment is taxed again when it is received as an annuity, according to insurance players. This acts as huge deterrent for purchase of annuities, they said adding only the investment income on the principal amount should be taxed and not the principal itself. Insurance companies have also been demanding for limiting service tax on the unit linked investment products (ULIP) of life insurance company to only fund management charges. According to them, service tax on entire range of charges on ULIP schemes would widen the disparity between these products and mutual fund schemes. “The service tax should be levied only on Fund Management Charges only. All other charges should be exempt from service tax to promote investment behavior and bring level-playing field for various investment instruments,” Max New York Life CEO and MD Rajesh Sud said. Earlier, insurance regulator IRDA had also asked for bringing about level-playing field between unit linked investment products of life insurers and mutual fund schemes in terms of service tax in the Budget. At present, service tax on mutual funds is levied on asset management expanses. Source: Home - Livemint.com | 21 Jun 2009 | 9:59 am Inflation may touch double-digits next fiscal: EdelweissHigh liquidity injection, rising food prices and the possible increase in oil and commodity prices may push inflation upwards in double-digits next fiscal and may put policy makers in a fix, Edelweiss Securities said.Source: India Business News | Business News - Times of India | 21 Jun 2009 | 9:14 am 'IT industry growth may fall to 5-yr low in 2009'Indian IT and IT-enabled services industry is expected to grow at 10.8% in 2009, the lowest in the last five years, due to the global economic meltdown, a report said.Source: India Business News | Business News - Times of India | 21 Jun 2009 | 9:10 am India’s US debt exposure jumps to $38.5 bn in April ’09Washington: Notwithstanding the deteriorating American economic conditions, India has increased its holding of US debt securities nearly four-fold since May last year to $38.5 billion till April 2009. India’s holding of these securities has jumped from just $10.3 billion in May 2008. The latest figures from the US Treasury Department reveal that India has purchased debts to the tune of $38.5 billion as of April 2009. Interestingly, India’s buying of American debts has spurted since October last year when the economic turmoil turned for the worse. In September 2008, the bankruptcy of Lehman Brothers pushed the American financial system deeper into the crisis. In October 2008, India held American debt securities to the tune of $18.3 billion. Among the other nations, China has the maximum exposure worth $763.5 billion till April. Next to China is Japan with American securities holding worth $685.9 billion. Meanwhile, the Bric nations - Brazil, Russia, India and China -- together have American debt of little over $1 trillion. Out of the four countries, India has the least exposure to US debt. Till April this year, Russia and Brazil purchased these securities to the tune of $137 billion and $126 billion, respectively. Source: Home - Livemint.com | 21 Jun 2009 | 8:46 am Peak customs duty may be retained at 10% in BudgetNew Delhi: The government is unlikely to reduce peak customs duty rate from the current 10% level in the Budget 2009-10. The peak rate of customs duty imposed on most of the items may not be reduced from the current 10%level in the Budget to be presented on 6 July, sources in the finance ministry said. Industry body CII has recommended that the customs duty should not be slashed from the prevailing rate of 10%. Also, the exemption of 4% special counter vailing duty (CVD) on imported goods should be withdrawn, as indigenous goods attract value added tax and central sales tax, the chamber said The peak rate of customs duty on non-agricultural products was slashed from 12.5% to 10% in the budget 2007-08, while in 2008-09 it was retained at 10%. The demand from the country’s corporate sector have come amid the global financial slowdown and cheap imports flooding the Indian markets. Meanwhile, another industry body FICCI has suggested that the reduction in peak custom duty should be done with a focus on raw materials and not on finished goods, as also on those finished goods and raw materials not manufactured in the country. In the first stimulus package announced in December last year, the government gave full exemption from basic customs duty on industrial intermediate naphtha to give relief to the power sector. Finance minister Pranab Mukherjee, while presenting the interim budget also said, “...customs duty rates have been steadily reduced to eliminate the bias against the export sector and promote competition and efficiency in the manufacturing sector”. India has time and again committed itself to reduce peak customs duty to the levels of Association of South-East Asian Nations (Asean), which is between five and 10%. However, industry says that this is not the time to reduce peak customs duty with domestic industry already reeling under demand slump. Source: Home - Livemint.com | 21 Jun 2009 | 8:04 am Halting banking reforms will promote a blinkered view: MontekAhluwalia was responding to query on whether bank reforms should be halted, as suggested by senior bankers like KV Kamath of ICICI Bank who complemented the government and RBI for conservative banking policies.Source: Daily News & Analysis: Money News | 21 Jun 2009 | 7:50 am Companies mulling fresh investments in Europe: FicciNew Delhi: Nearly half of the companies surveyed by industry chamber Ficci said they would consider to make fresh investments in Europe as they expect markets there to stabilise and recover in the next 6 to 12 months. The survey said the Indian investments in the EU during the current year may not reach the 2008 mark of €2.4 billion due to global economic slowdown. The survey covered 30 companies including Wockhardt, Suzlon Energy, HCL Technologies, Apollo Tyres and ONGC, out of which 12 firms were positive about the European markets and said would consider making fresh investments there. A majority of the firms said the planned deal size is less than $100 million on an average as they are not willing to go for large-sized buys because of the current economic environment, the study said. It said the rush to acquire companies in Europe reached its peak in 2007 when the total investments reached a high of €9.5 billion, while the investment dropped to €2.4 billion in 2008. European countries emerged as a favoured destination for Indian companies, who were seeking growth in size and scale of operations, increased market access, better technologies and research and development facilities. The Ficci survey said the most preferred sectors for investment in Europe are pharmaceuticals, biotechnology, energy, manufacturing, auto and auto components and IT and ITes. Further, it said, majority of the surveyed companies have not faced any problems in raising funds for acquisitions as the liquidity crunch has somewhat eased now. About 90% of the respondents said the government’s policies towards outward investments have been favourable. This has certainly been an impetus for the Indian companies to look beyond their national boundaries and set their sight at EU and other destinations, it said. Source: World Business - Livemint.com | 21 Jun 2009 | 7:33 am Companies mulling fresh investments in Europe: FicciNew Delhi: Nearly half of the companies surveyed by industry chamber Ficci said they would consider to make fresh investments in Europe as they expect markets there to stabilise and recover in the next 6 to 12 months. The survey said the Indian investments in the EU during the current year may not reach the 2008 mark of €2.4 billion due to global economic slowdown. The survey covered 30 companies including Wockhardt, Suzlon Energy, HCL Technologies, Apollo Tyres and ONGC, out of which 12 firms were positive about the European markets and said would consider making fresh investments there. A majority of the firms said the planned deal size is less than $100 million on an average as they are not willing to go for large-sized buys because of the current economic environment, the study said. It said the rush to acquire companies in Europe reached its peak in 2007 when the total investments reached a high of €9.5 billion, while the investment dropped to €2.4 billion in 2008. European countries emerged as a favoured destination for Indian companies, who were seeking growth in size and scale of operations, increased market access, better technologies and research and development facilities. The Ficci survey said the most preferred sectors for investment in Europe are pharmaceuticals, biotechnology, energy, manufacturing, auto and auto components and IT and ITes. Further, it said, majority of the surveyed companies have not faced any problems in raising funds for acquisitions as the liquidity crunch has somewhat eased now. About 90% of the respondents said the government’s policies towards outward investments have been favourable. This has certainly been an impetus for the Indian companies to look beyond their national boundaries and set their sight at EU and other destinations, it said. Source: Home - Livemint.com | 21 Jun 2009 | 7:33 am IOC spends over Rs 17,000 to contest RTI; provides info freeCash-rich public sector oil company Indian Oil has overcharged an RTI applicant and spent a sum of Rs 17,521 to unsuccessfully defend its stand while it could have resolved the matter for a meagre Rs 102.Source: India Business News | Business News - Times of India | 21 Jun 2009 | 7:18 am Indian economy returning to potential growth path: GoldmanNew Delhi: The Indian economy and the financial sector are returning to a “potential growth path” after adjusting to intense dislocation in the global economic environment, financial services major Goldman Sachs said. “We believe the Indian economy and the financial sector are returning back to a potential growth path, post a period of adjustment to the intense dislocation in the global economic environment,” Goldman Sachs said in a report. Goldman expects its net income growth for the financial sector to rebound to 32% in 2010, from 1% in 2009. The firm further said it is turning constructive on the Indian financial sector due to improving outlook for the macroeconomic environment, positive impact of a decisive election outcome on potential policy action and government agenda as well as on business confidence. “Decisive election results likely to impact business confidence positively,” it said. Besides, other reasons for the constructive view is the change of outlook from negative to positive as well as upside potential to its growth expectations. It is likely that the loan growth would be over 20% by 2011, it said. The financial services firm further said it estimates return on equity to rise to 17% in 2011 from 13% this year. Goldman Sachs had also raised the stock ratings of some of the country’s leading banks, which include the country’s largest lender State Bank of India, Punjab National Bank, Indian Overseas Bank and Bank of Baroda. It said that key mitigating factors for banks include capital raising by the non-financial sector, thereby reducing their debt-burden further and improving macro-economic environment. Besides, “regulatory forbearance” are allowing banks to restructure loans as opposed to classifying them as NPLs (non-performing loans), it said. It, however, said there are certain risk factors too, which include, increase in interest rates and setbacks in the credit quality environment. Besides, deterioration in asset quality could be yet another risk for banks. Source: World Business - Livemint.com | 21 Jun 2009 | 7:07 am Indian economy returning to potential growth path: GoldmanThe Indian economy and the financial sector are returning to a "potential growth path" after adjusting to intense dislocation in the global economic environment, financial services major Goldman Sachs said.Source: India Business News | Business News - Times of India | 21 Jun 2009 | 6:48 am Protectionism will be counter-productive: Azim PremjiAzim Premji has stressed that the recent US decision to clamp down on H1B visas which could halve the number of Indian IT specialists would be counter-productive.Source: India Business News | Business News - Times of India | 21 Jun 2009 | 6:43 am Govt debt in US, UK, Japan 25 times higher than IndiaIn their efforts to tackle the financial crisis, the world's top three developed nations have accumulated debts which may exceed or equal the size of their economies.Source: India Business News | Business News - Times of India | 21 Jun 2009 | 6:27 am Cash really exists, Infy assuresAfter having burnt their fingers with Information Technology (IT) firm Satyam's shares, they wanted to be absolutely sure on Infosys's fixed deposits and cash in banks.Source: Daily News & Analysis: Money News | 21 Jun 2009 | 5:15 am Iran opposition leader calls for purge of ‘lies’Tehran: Opposition leader Mirhossein Mousavi said the Islamic Republic must be purged of what he called lies and dishonesty, sending out a direct challenge to conservative rulers after a day of unrest across Tehran. State television aired interviews with critics of the protests, urging Iranians to unite behind the government and suggesting only the West gained from Iran’s troubles. Helicopters criss-crossed the city and ambulance sirens wailed into the night after streets emptied of protesters who had defied Friday’s stern warning from Supreme Leader Ayatollah Ali Khamenei against further demonstrations. Riot police had deployed in force, firing teargas, using batons and water cannon to disperse groups of several hundred Iranians who had gathered across the city. There were fears of further violence on Sunday in the country, a major oil and gas producer. Government restrictions prevent correspondents working for foreign media attending demonstrations to report, and the scale of any injuries or arrests was unclear. Mousavi, focus of the biggest protests since the Islamic Revolution ousted the US-backed Shah in 1979, said 12 June elections that delivered an overwhelming victory to hardline anti-Western President Mahmoud Ahmadinejad were fraudulent and must be annulled. He said the fraud was months in the planning. Mousavi, who claims victory in the poll, told supporters he was “ready for martyrdom”, according to an ally. But he said he did not seek confrontation with the authorities. “We are not against the Islamic system and its laws but against lies and deviations and just want to reform it,” he said in a statement posted on his website at the end of a tumultuous day. He said if authorities refused to allow peaceful protests they would face the “consequences” — an apparent rejoinder to Khamenei’s warning that opposition leaders would be held responsible for any bloodshed resulting from protests. “The people expect from their officials honesty and decency as many of our problems are because of lies...The Islamic revolution should be the way it was and the way it should be,” Mousavi said. “Listen to the leader” State television said rioters smashed windows of banks and burned buses. They also aired interviews with people critical of the demonstrations that have racked Iran since the announcement of the election results on 13 June. “We all should listen to our leader (Khamenei) and preserve calm,” said one unnamed woman, aged around 40. “Otherwise we will make our enemies (the West) happy.” Mousavi is himself a product of the Islamic establishment that has dominated Iran since 1979 and the robes of regime opponent may sit uneasily on his shoulders. But the demonstrations of the last week, swelling to hundreds of thousands, appear to have acquired a powerful momentum. Beyond the violent confrontations with police, it was a day fraught with symbolism for the Islamic Republic. A suicide bomber blew himself up at the mausoleum of Ayatollah Ruhollah Khomeini, police and state media said — an attack likely to stir passions in a country where the father of the Islamic revolution is deeply revered. The identity of the bomber was not known. Another reminder of 1979 came as darkness fell, when supporters of Mousavi sent cries of Allahu Akbar (God is greatest) echoing across the rooftops. United States President Barack Obama, in the forefront of diplomatic efforts to halt an Iranian nuclear programme the West fears could yield atomic weapons, urged Tehran to “stop all violent and unjust actions against its own people”. “The Iranian government must understand that the world is watching. We mourn each and every innocent life that is lost,” Obama said in a statement. Iran’s highest legislative body said it was ready to recount a random 10 percent of the votes cast in the election to meet the complaints of Mousavi and two other candidates. Source: Home - Livemint.com | 21 Jun 2009 | 5:09 am IIM-A to help set up Jaipur campus - Hindu
Source: Google News India - Business | 21 Jun 2009 | 4:15 am ‘REpower has much more to offer’Mumbai, June 20 A week after Suzlon acquired German wind power major REpower for $2 billion, Mr Tulsi Tanti, Chairman, Suzlon Energy, takes time off in his Pune office to explain the reasons for taking the deal forward as also the strategicSource: Business Line - Home Page | 21 Jun 2009 | 12:00 am Weekly News Round upThe Bombay High Court has asked Reliance Industries to supply 28 million metric standard cubic metres per day of gas from its Krishna-Godavari basin to Reliance Natural Resources Ltd for $2.34 per million metric British thermal unit. The pricing wasSource: Business Line - Home Page | 21 Jun 2009 | 12:00 am Cheaper export credit from urban cooperative banksNew Delhi, June 20 Exports from employment-oriented export sectors have got another booster dose from the Government. The Centre has extended the 2 percentage point interest subvention facility to the rupee export credit provided by urbanSource: Business Line - Home Page | 21 Jun 2009 | 12:00 am Private equity firms tap exit opportunitiesBL Research Bureau Not just company insiders, even private equity players known for their investment acumen have been selling in the current rally.Source: Business Line - Home Page | 21 Jun 2009 | 12:00 am RBI may review easy money policyPune, June 20 The Reserve Bank of India may look at reversing the easy money policy that it had adopted from September last following the global credit crisis.Source: Business Line - Home Page | 21 Jun 2009 | 12:00 am Govt help could come with strings attached: AI chiefNew Delhi/Mumbai, June 20 The Air India Chairman and Managing Director, Mr Arvind Jadhav, has asked the airline’s 31,500 employees to rise to the challenge that the current financial crisis poses.Source: Business Line - Home Page | 21 Jun 2009 | 12:00 am Economy will grow at 6.5% this fiscal: RangarajanNitte (Udupi dt.), June 20 Dr C. Rangarajan, economist and Rajya Sabha MP, who has expressed the opinion that the Indian economy will grow at 6.5 per cent during the current financial year, feels that the world economic situation can improve bySource: Business Line - Home Page | 21 Jun 2009 | 12:00 am Anmod-Panaji 4-lane highway to cost Rs 800cr - Times of India
Source: Google News India - Business | 20 Jun 2009 | 11:43 pm Demand for coins is more than supply, says RBI - Times of India
Source: Google News India - Business | 20 Jun 2009 | 11:43 pm No word yet from govt on divestment, says NLC head - Times of India
Source: Google News India - Business | 20 Jun 2009 | 11:43 pm Negative inflation no cause for worry - Economic Times
Source: Google News India - Business | 20 Jun 2009 | 10:57 pm Govt: Cash-strapped AI must prune order for new planesThe government is likely to tell the cash-strapped Air India to prune its order for 111 planes that would cost the exchequer about Rs 44,000 crore.Source: India Business News | Business News - Times of India | 20 Jun 2009 | 10:45 pm Air India fighting for survival: CMDIn a communication to all 31,500 employees of the national carrier, AI CMD Arvind Jadhav said airlines across the world are facing turbulent times and have taken steps like retrenching staff.Source: India Business News | Business News - Times of India | 20 Jun 2009 | 10:45 pm Apple CEO received liver transplant - reportSAN FRANCISCO (Reuters) - Apple Chief Executive Steve Jobs underwent a liver transplant operation about two months ago and is expected to return to work by the end of June, The Wall Street Journal reported on Saturday.Source: Reuters: Money News | 20 Jun 2009 | 9:46 pm It's pre-monsoon rainfall - Times of India
Source: Google News India - Business | 20 Jun 2009 | 9:45 pm Monetary policy: RBI to meet bank chief execs on July 7 - Economic Times
Source: Google News India - Business | 20 Jun 2009 | 8:20 pm Integrated marketing comes to the foreCannes is just incredibly beautiful and the weather is great at least for foreigners. For Indians, its a bit hot, but thats all right as nothing can beat the excitement of being at the worlds largest advertising show.Source: Business Standard | Front Page Headlines | 20 Jun 2009 | 7:04 pm Banga leaves Citi to join MasterCardAjay Banga, Citis senior-most executive in the Asia-Pacific, has put in his papers and will join MasterCard Worldwide as its president and chief operating officer.Source: Business Standard | Front Page Headlines | 20 Jun 2009 | 7:02 pm Obama rules out mediation on KashmirRuling out any American mediation on the Kashmir issue, US President Barack Obama has said dialogue is the best way to reduce tension between India and Pakistan.Source: Business Standard | Front Page Headlines | 20 Jun 2009 | 7:01 pm M to ride on ex-Chrysler dealersMahindra & Mahindras ambition of driving into the fiercely competitive market of the United States may get a fillip as some erstwhile dealers of Chrysler have agreed to sell its vehicles in response to feelers sent by M&Ms designated distributor: Global Vehicles.Source: Business Standard | Front Page Headlines | 20 Jun 2009 | 7:00 pm New PPP norms to keep out frivolous bidsThe government has enhanced the threshold technical capacity of bidders to twice the estimated cost of projects under the public-private partnership, or PPP, model. The finance ministry today revised the request for qualification, or RFQ, norms for such projects.Source: Business Standard | Front Page Headlines | 20 Jun 2009 | 6:59 pm How did Marico beat the downturn? Harsh Mariwala answersHarsh Mariwala, Chairman and MD, Marico, said the company demanded growth out of each brand and business. Innovations are really a way to go forward. If you offer something to the consumer which meets his aspirations then actually one can beat the downturn.Source: Moneycontrol Top Headlines | 20 Jun 2009 | 3:52 pm RBI: must look at reversing expansionary policyPUNE, India (Reuters) - The Reserve Bank of India (RBI) should look at eventually reversing the expansionary policy pursued in the wake of the global economic crisis, Governor Duvvuri Subbarao said on Saturday.Source: Reuters: Money News | 20 Jun 2009 | 3:09 pm Recession, inflation not to affect biz: Mahindra HolidaysMahindra Holidays Chairman Arun Nanda said, \"We are recession proof and inflation proof and value for money product. So in difficult times people look for value for money products.\"Source: Moneycontrol Top Headlines | 20 Jun 2009 | 2:16 pm
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