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ABB wins Rs 220 crore power orders in IndiaABB, the leading power and automation technology group, has won orders worth Rs 220 crore from Tata Projects Limited to provide power products and solutions for a supercritical coalfired power plant under construction in the southern Indian state of Andhra Pradesh.Source: Moneycontrol Top Headlines | 25 Jun 2009 | 4:59 pm QIP roadblock: Experts differ on rejig of pricing normsJR Varma, Former Member, Sebi, said there shouldnt be any averaging for stocks that are reasonably large and liquid. However, Sandeep Parekh, Visiting Associate Faculty, IIMAhmedabad, said there is nothing very dramatically wrong with the norms that we have today.Source: Moneycontrol Top Headlines | 25 Jun 2009 | 3:53 pm Great Offshore saga: Experts debate on the road aheadSP Tulsian of sptulsian.com does not expect the price for Great Offshore getting discovered at Rs 403 or Rs 405 per share. Since Bharati has already mopped up 20% in Great Offshore and made an open offer for another 20% stake, ABG Shipyard will have to make an open offer of 40% plus one share.Source: Moneycontrol Top Headlines | 25 Jun 2009 | 3:13 pm BT deal to boost Tata Comm's performance - Economic Times
Source: Google News India - Business | 25 Jun 2009 | 2:50 pm Nilekani quits Infosys, to head govt\'s national ID projectNandan Nilekani is all set to step down from Infosys\' board with effect from July 9, 2009. He is appointed head of National ID Project Authority and will hold rank of Cabinet Minister.Source: Moneycontrol Top Headlines | 25 Jun 2009 | 2:46 pm The Nandan templateNew Delhi: News that Nandan Nilekani has been appointed chairperson of the Unique Identification Authority of India doesn’t come as a surprise to me because: 1. It was scooped by Indian Express. 2. It has been evident to anyone following Nandan’s progress over the past decade that he would end up in public office, sooner than later. It also seems apt that he has ended up as the head of an organization that will see the implementation of India’s much-touted national ID card project. Part of a chapter of Nandan’s book, Imagining India, is on this very subject. It is clearly an issue he has studied. Also Read | Sukumar Ranganathan’s blogs I am not aware when Nandan or his wife Rohini — one of the clearest thinkers I have met on the subject of philanthropy; she writes a column for Mint — acquired the public service mindset. In Nandan’s case, however, it seems to have blossomed in the early part of this decade when, along with a bunch of like-minded individuals, he was part of the Bangalore Agenda Task Force that sought to address Bangalore’s infrastructural and civic problems. BATF’s success was cut short by the electoral defeat of the SM Krishna-led Congress government. Still, Nandan and some of the others from BATF parlayed their leanings from the experience to lobby the Manmohan Singh-led United Progressive Government that came to power in 2004 to launch the Jawaharlal Nehru National Urban Renewal Mission. Ramesh Ramanathan, another of BATF’s members, was appointed technical advisor of the mission, a position he continue to occupy. Ramesh is also a columnist for Mint. By then, Nandan had become more influential than Infosys’ chairman N R Narayana Murthy. One reason for this could be Nandan’s consummate public relations skills and his diplomacy (Even when he is very irritated, as he once was when I called him the first India bore because he was going on and on about the India story, he rarely shows it). He still had a day job, however, as Infosys’ CEO. At Infosys, Nandan has always been the big picture man, as opposed to Murthy who believes that God is in the details (and that excellence in execution is everything). His hands-off leadership style seemed to be just what Infosys needed in the first half of this decade when Indian IT services companies were looking to strategically differentiate themselves from each other. Nandan has also always been a very articulate person. His ability to see the big picture and articulate ideas better than most were most visibly demonstrated in the by-now famous world--s-flat comment he made to NYT writer Thomas Friedman that resulted in the eponymous bestseller. The book made Nandan a star. He became a sought-after speaker in international conferences. In 2007, Nandan decided to step back from actively managing Infosys to write a book, Imagining India. The book came out last year and a US edition was released this year. It received rave reviews from most publications - except Mint. Mint’s Anil Padmanabhan, who reviewed the book, said he found Nandan in person far more intellectually stimulating than Nandan in print, one reason for his not-so-favourable review. Soon after the book was released, a common friend from Bangalore called up and claimed that it was only a matter of time before Nandan would be tapped for public office. There were rumours earlier this month about his induction into the Planning Commission (One of Mint’s reporters insists that he was sounded out but declined). Now comes the news of his appointment. “Big task,” Nandan messaged back when I sent him a text message after the news broke. That it is. Source: Home - Livemint.com | 25 Jun 2009 | 2:42 pm Air India forms committee for turnaroundMumbai: A day after Prime Minister Manmohan Singh offered to put government’s entire weight behind the cash-strapped Air India, the flagship carrier on Thursday said it has set up a committee with representatives from both the management and unions to turnaround the airline’s operations. “We have set up a committee comprising representatives of the management and unions to turnaround the airline,” AI spokesperson, Jitendra Bhargava, told reporters in Mumbai. The committee would identify the key areas of cost- savings for the airline and will give a presentation of this to the management on 3 July, he said. This committee will be in addition to the nine joint committees, which have been set up by Air India to look into the various issues relating to the national air carrier. The PM’s assurance to help the beleaguered airline came with a rider that it would immediately restructure by cutting costs and flab and overhaul its top management to become “leaner and trimmer”. Source: LatestNews-Home - Livemint.com | 25 Jun 2009 | 2:25 pm Corporate India lacks fraud-detection procedures in audit plansNew Delhi: Even as India Inc talks of increasing corporate governance norms after the Satyam scam, a study by global consultancy firm Ernst & Young has said that more than half of the companies surveyed do not take into account risk of frauds in their annual audit plans. Though many companies have increased their internal audit budgets, the survey said that 44% companies confirmed that fraud-detection procedures are not included in the work plan for most audits, while 36% of them said they do not account IT risk assessments in their annual audit plans. Though IT systems are backbone of operations in most companies, the India Internal Audit Survey 2009 showed that there is a dearth of IT auditors and a low percentage of firms perform an IT risk assessment before finalising their internal audit plans. This means that firms need to revamp the functioning and involvement of audit committees in overseeing the audit function and see if there is proper implementation of audit recommendations, the survey said. “Deeper involvement of audit committees is essential to improve the perception of the importance and quality of work delivered by the internal audit function,” E&Y partner and national director Ram Sarvepalli said. Source: LatestNews-Home - Livemint.com | 25 Jun 2009 | 2:23 pm Vista buyers to get free Windows 7, says MicrosoftSeattle: Prices for Microsoft’s Windows 7 computer operating system will be largely in line with those for Vista. In announcing prices on Thursday, Microsoft Corp. says people who buy computers before the new system goes on sale in October will get free upgrades. To drum up demand among people who aren’t in the market for a new PC, Microsoft is taking limited pre-orders, selling some for as little as $50. People who buy Windows Vista Home Premium, Business or Ultimate computers starting Friday can contact their manufacturer for a free upgrade when Windows 7 becomes available. Microsoft is hoping Windows 7’s debut will be much smoother than Vista’s. Vista was plagued by delays, and many people complained it was sluggish and didn’t work with existing devices and programs. Source: Tech News - Livemint.com | 25 Jun 2009 | 2:23 pm Vista buyers to get free Windows 7, says MicrosoftSeattle: Prices for Microsoft’s Windows 7 computer operating system will be largely in line with those for Vista. In announcing prices on Thursday, Microsoft Corp. says people who buy computers before the new system goes on sale in October will get free upgrades. To drum up demand among people who aren’t in the market for a new PC, Microsoft is taking limited pre-orders, selling some for as little as $50. People who buy Windows Vista Home Premium, Business or Ultimate computers starting Friday can contact their manufacturer for a free upgrade when Windows 7 becomes available. Microsoft is hoping Windows 7’s debut will be much smoother than Vista’s. Vista was plagued by delays, and many people complained it was sluggish and didn’t work with existing devices and programs. Source: LatestNews-Home - Livemint.com | 25 Jun 2009 | 2:23 pm Air India forms committee with reps from unions, management for ... - Economic Times
Source: Google News India - Business | 25 Jun 2009 | 2:19 pm Kimberly-Clark to cut about 1,600 jobsChicago:Kimberly-Clark Corp said on Thursday that it would cut about 1,600 salaried jobs, or roughly 3% of its workforce, as it tries to trim costs and respond faster to rivals and store brands. The latest move comes four years after the maker of Kleenex tissues kicked off a three-and-a-half year cost cutting plan that included slashing about 6,000 jobs and closing about 20 manufacturing plants. The plan announced on Thursday does not include closing any facilities. Kimberly-Clark had said in April that it expected to cut jobs in the second and third quarters as it tries to squeeze more costs out of the organization. Its household products, such as Kleenex and Huggies diapers, have faced stiff competition from lower-cost store brands sold by retailers such as Wal-Mart Stores Inc as consumers cut back. At the same time, its K-C Professional division has been pressured because the restaurants and other businesses it serves have been hit hard by the recession. The move is “likely a necessary step” to allow Kimberly-Clark to invest in areas such as advertising and promotion as it tries to protect its market share, Sanford Bernstein analyst Ali Dibadj said. Procter & Gamble Co, in particular, has stepped up its push to grab cash-strapped consumers with lower priced versions of Bounty paper towels and Charmin toilet paper, as well as a lower cost line of diapers, Luvs. Kimberly-Clark competes directly with P&G in those categories. Predicts $60 million in saving this year Kimberly-Clark said that the latest round of job cuts would be in all regions and businesses and mainly impact salaried and non-production jobs. The company offered a voluntary severance program for US salaried employees this spring which about 600 people accepted, a spokesman said. Those jobs are included in the plan to reduce about 1,600 jobs from the company’s total of around 53,000. Kimberly-Clark expects to record charges of $140 million to $150 million, or about 25 cents per share. About $110 million of those charges are slated for the second quarter. It expects to see savings of about $60 million, or 10 cents per share, during the second half of the year. In another effort to save, Kimberly-Clark decided earlier this year to freeze pension plan benefits for US non-union employees. Shares of Kimberly-Clark fell 0.6% to $51.46 in morning trade. The shares slipped 1.8% from the beginning of the year through Wednesday, outperforming P&G, whose shares fell 11% in that period. Source: World Business - Livemint.com | 25 Jun 2009 | 2:19 pm Kimberly-Clark to cut about 1,600 jobsChicago:Kimberly-Clark Corp said on Thursday that it would cut about 1,600 salaried jobs, or roughly 3% of its workforce, as it tries to trim costs and respond faster to rivals and store brands. The latest move comes four years after the maker of Kleenex tissues kicked off a three-and-a-half year cost cutting plan that included slashing about 6,000 jobs and closing about 20 manufacturing plants. The plan announced on Thursday does not include closing any facilities. Kimberly-Clark had said in April that it expected to cut jobs in the second and third quarters as it tries to squeeze more costs out of the organization. Its household products, such as Kleenex and Huggies diapers, have faced stiff competition from lower-cost store brands sold by retailers such as Wal-Mart Stores Inc as consumers cut back. At the same time, its K-C Professional division has been pressured because the restaurants and other businesses it serves have been hit hard by the recession. The move is “likely a necessary step” to allow Kimberly-Clark to invest in areas such as advertising and promotion as it tries to protect its market share, Sanford Bernstein analyst Ali Dibadj said. Procter & Gamble Co, in particular, has stepped up its push to grab cash-strapped consumers with lower priced versions of Bounty paper towels and Charmin toilet paper, as well as a lower cost line of diapers, Luvs. Kimberly-Clark competes directly with P&G in those categories. Predicts $60 million in saving this year Kimberly-Clark said that the latest round of job cuts would be in all regions and businesses and mainly impact salaried and non-production jobs. The company offered a voluntary severance program for US salaried employees this spring which about 600 people accepted, a spokesman said. Those jobs are included in the plan to reduce about 1,600 jobs from the company’s total of around 53,000. Kimberly-Clark expects to record charges of $140 million to $150 million, or about 25 cents per share. About $110 million of those charges are slated for the second quarter. It expects to see savings of about $60 million, or 10 cents per share, during the second half of the year. In another effort to save, Kimberly-Clark decided earlier this year to freeze pension plan benefits for US non-union employees. Shares of Kimberly-Clark fell 0.6% to $51.46 in morning trade. The shares slipped 1.8% from the beginning of the year through Wednesday, outperforming P&G, whose shares fell 11% in that period. Source: LatestNews-Home - Livemint.com | 25 Jun 2009 | 2:19 pm Tata Steel says 2,045 Europe jobs at riskMUMBAI (Reuters) - Tata Steel Ltd, the world's sixth-largest steel maker, on Thursday said 2,045 jobs in European operations were at risk due to a fall in steel demand in Europe and America.Source: Reuters: Money News | 25 Jun 2009 | 2:17 pm IDBI targets 1.1% 1.2% NIM in FY10RK Bansal, CFO, IDBI said he sees the banks net interest margins (NIM) at 1.1% 1.2% in FY10. He said the bank was likely to show a slight increase in non performing assets (NPA), but it will not be very substantial, he added.Source: Moneycontrol Top Headlines | 25 Jun 2009 | 2:07 pm Tata Steel FY09 net falls 60%, misses forecastMumbai: Tata Steel Ltd, the world’s sixth-largest steel maker, on Thursday said consolidated net profit fell 60% for the year to March 2009, lagging market expectations. Tata Steel reported a net profit after minority interest and share of profit of associates of Rs4,950 crore ($1.02 billion) in 2008/09, compared to a consolidated net profit of Rs12,350 crore rupees reported a year ago. Consolidated net sales for the year rose to Rs146,000 crore from Rs131,000 reported a year earlier. The agency poll of six brokerages had forecast a net profit of Rs8423 crore, on net sales of Rs150,000 crore. Source: LatestNews-Home - Livemint.com | 25 Jun 2009 | 2:07 pm Volkswagen mulls cooperation with Suzuki - sourceFRANKFURT (Reuters) - Volkswagen is examining a cooperation with Japan's Suzuki Motor in the area of ultra small cars, a source familiar with the matter said on Thursday, confirming a report in manager magazin.Source: Reuters: Money News | 25 Jun 2009 | 2:00 pm All's not lost; rains in July-August will save crops: Centre - Hindu
Source: Google News India - Business | 25 Jun 2009 | 1:59 pm SMP increase to protect farmers: Shree Renuka SugarsThe government today fixed statutory minimum price (SMP) for sugarcane at Rs 107.76 per quintal versus Rs 81.18 per quintal previously. Commenting on this move by the government, Narendra Murukumbi of Shree Renuka Sugars said the rise was in line with increase in cost. SMP is relevant in bad year when farmers need to be protected, he said.Source: Moneycontrol Top Headlines | 25 Jun 2009 | 1:54 pm Tata Steel says 2,045 Europe jobs at riskMumbai:Tata Steel Ltd , the world’s sixth-largest steel maker, on Thursday said that 2,045 jobs in European operations were at risk due to a fall in steel demand in Europe and America. It said in a statement that its Corus unit was opening consultations on the jobs, which are at its facilities in the UK, Netherlands and Scotland. Tata Steel, which earlier reported a lower-than-expected consolidated net profit for the year to March, said it had strong liquidity and no material repayment or refinancing in the next 12 months. It said its cash and cash equivalents stood at $2.1 billion on 20 June and it had an undrawn bank facility of $1.3 billion. Source: LatestNews-Home - Livemint.com | 25 Jun 2009 | 1:51 pm To take charge of national ID proj in July: Nandan Nilekani - Moneycontrol.com
Source: Google News India - Business | 25 Jun 2009 | 1:42 pm Tata Steel FY09 net falls 60 pct, misses f'castMUMBAI (Reuters) - Tata Steel Ltd, the world's sixth-largest steel maker, on Thursday said consolidated net profit fell 60 percent for the year to March 2009, lagging market expectations.Source: Reuters: Money News | 25 Jun 2009 | 1:41 pm Tata DoCoMo's GSM Service in Kerala - Techtree.com
Source: Google News India - Business | 25 Jun 2009 | 1:41 pm Rural India: next growth area for two wheelersMumbai: Rural India is seen as the next big growth opportunity for the Indian two-wheeler industry, according to a report by Care Analysis and Research (CARE). “The penetration level of two wheelers is starkly low in rural areas than in urban areas,” CARE said in its report, which was released here on Thursday. The penetration level of two wheelers in rural areas is low at 211 per thousand against 644 per thousand in top 20 cities, it said. Rural areas are witnessing rising income levels and they are least impacted by the current global economic crisis, it found. On an all India basis, the outlook for two wheelers remains marginally weak for the next 9-12 months. The macro-economic outlook is still weak to some extent, with GDP forecasted to grow by 6.5% in FY10, the slowest since FY03, CARE said. “Consumer confidence level would also take some time to improve. Furthermore, the players in two wheelers finance industry are still cautious in lending on concerns of delinquencies and easy availability of cheap funds. Source: LatestNews-Home - Livemint.com | 25 Jun 2009 | 1:33 pm India not threatened by deflation: Moody's - Economic Times
Source: Google News India - Business | 25 Jun 2009 | 1:27 pm RIL studying options for next actions after HC order - Business Standard
Source: Google News India - Business | 25 Jun 2009 | 1:18 pm Unitech net falls 28 pct, new projects doing wellNEW DELHI (Reuters) - Unitech Ltd, India's No. 2 listed realty firm, reported a 28 percent fall in full-year profit on lower prices, but said it was seeing a pick up in demand for new residential projects.Source: Reuters: Money News | 25 Jun 2009 | 1:15 pm Rupee ends five paise lower against dollarThe Indian rupee ended five paise lower at 48.60/61 against the American currency on Thursday on emergence of month-end dollar demand and stronger dollar overseas amid bearish local stocks.Source: India Business News | Business News - Times of India | 25 Jun 2009 | 1:10 pm Unitech FY09 net down 28% at Rs 1198 cr - Business Standard
Source: Google News India - Business | 25 Jun 2009 | 1:07 pm SMP rise neutral for UPbased mills: Balrampur ChiniSugarcane statutory minimum price (SMP) is fixed at Rs 107.76 per 100 kilogram. Commenting on the same, Vivek Saraogi, MD, Balrampur Chini said sugar price increase was neutral for UP(Uttar Pradesh)based mills.Source: Moneycontrol Top Headlines | 25 Jun 2009 | 1:05 pm Dabur India completes acquisition of Fem CareNew Delhi: FMCG major Dabur India on Thursday said that it has completed acquisition of women’s beauty care product maker Fem Care Pharma. “With the completion of this transaction, Fem Care Pharma is now a subsidiary of Dabur India,” the company said in a statement. Dabur India had earlier acquired 72.15% of Fem for Rs203.7 crore in an all-cash deal. After obtaining the regulatory approvals, Dabur acquired additional 20% stake for Rs54 crore through an open offer. The company said the transaction was approved at a board meeting held in Mumbai on Thursday. “With this acquisition, Dabur has consolidated its position as a leading Indian consumer goods company with presence across key categories like skin care, hair care, oral care, health care and foods,” Dabur India chief executive officer Sunil Duggal said. He said the completion of this acquisition represents a “significant step” for the company and will help in accelerating growth in its core FMCG business. “We are now focused on quickly seizing the attractive opportunities this transaction has created for us to increase top-line growth as well as achieving significant cost synergies,” Duggal said. Source: LatestNews-Home - Livemint.com | 25 Jun 2009 | 1:05 pm Smart new driving licence issued in BangaloreBangalore: Driving licenses and registration certificates of vehicles have just become “smart” in Karnataka, with a micro-processor based chip fitted in a plastic card soon to replace the booklet format. Chief minister B S Yeddyurappa on Thursday inaugurated the programme of issuing smart card based licenses and registration certificates at a function here. The smart cards come with a facility to record traffic violations and details of any convictions relating to road accidents. An additional feature is that the license comes with an accident cover of Rs1 lakh for death and Rs50,000 for permanent disability for a period of one year from the date of its issue, transport department officials said. They added that the another feature in this system is the facility for digital storage of data and easy access to it, while also being tamper proof and having secured operations. “The smart card also prevents creation of forged documents,” transport minister R Ashok said. These driving licenses and registration certificates would be issued on payment of Rs200 each, the officials said, adding that, the existing driving licenses and registration certificates should be converted into smart card within two years. Source: Tech News - Livemint.com | 25 Jun 2009 | 1:05 pm Smart new driving licence issued in BangaloreBangalore: Driving licenses and registration certificates of vehicles have just become “smart” in Karnataka, with a micro-processor based chip fitted in a plastic card soon to replace the booklet format. Chief minister B S Yeddyurappa on Thursday inaugurated the programme of issuing smart card based licenses and registration certificates at a function here. The smart cards come with a facility to record traffic violations and details of any convictions relating to road accidents. An additional feature is that the license comes with an accident cover of Rs1 lakh for death and Rs50,000 for permanent disability for a period of one year from the date of its issue, transport department officials said. They added that the another feature in this system is the facility for digital storage of data and easy access to it, while also being tamper proof and having secured operations. “The smart card also prevents creation of forged documents,” transport minister R Ashok said. These driving licenses and registration certificates would be issued on payment of Rs200 each, the officials said, adding that, the existing driving licenses and registration certificates should be converted into smart card within two years. Source: LatestNews-Home - Livemint.com | 25 Jun 2009 | 1:05 pm Bond yields end steady on ample cashMumbai: Bond yields fell from their highs to end almost steady on Tuesday, with excess cash in the banking system generating demand even as inflation data showed signs of emerging prices pressures. The yield on the most traded 6.07% 2014 bond ended at 6.53%, one basis point below its previous close. It had risen to 6.59% after inflation data showed while prices fell in annual terms, they were rising on a weekly basis. The yield on the 10-year benchmark bond which registered only 35 deals was at 7%, one basis point above its previous close. Volumes were a heavy Rs74.90 billion ($1.5 billion) on the Reserve Bank of India’s trading platform. “Buying is now mainly on account of ample liquidity, but overall the sentiment will remain cautious ahead of the budget,” said a senior trader at a state-run bank. “Tomorrow’s bond auction results will also be watched closely for cues,” he said. The government is selling Rs150 billion of bonds on Friday, having increased the scheduled auction size from Rs120 billion for a sixth consecutive week. The auction changes have raised concerns that the government may increase its 2009-10 borrowing target from a record gross Rs3.6 trillion when its updated budget is released on 6 July. India’s wholesale price index fell less than expected in mid-June from a year earlier, marking a build-up in price pressures as the economy picks up and the effect of past sharp falls in energy prices wears off. Moody’s Economy.com said it expects the central bank (RBI) to maintain a neutral policy stance, amid signs the economy has already hit its trough and the need for further rate cuts has softened. Source: LatestNews-Home - Livemint.com | 25 Jun 2009 | 1:03 pm Number of high networth Indians decline - Hindu
Source: Google News India - Business | 25 Jun 2009 | 12:57 pm Rupee ends five paise lower at 48.60/61 against dollar - Economic Times
Source: Google News India - Business | 25 Jun 2009 | 12:47 pm Rupee trims gains after stocks turn negativeMumbai: The rupee ended slightly weaker on Thursday, surrendering early gains as the stock market turned negative and as importers bought dollars to meet month-end commitments. The partially convertible rupee ended a choppy session at Rs48.595/605 per dollar, just below its previous close of Rs48.56/57. From an early high of Rs48.46, the rupee fell as far as Rs48.73. On Tuesday, it had hit Rs48.90, its lowest since mid-May. “The month-end demand is also picking up. But stocks remain the main trigger,” a senior dealer with a foreign bank, said. The Bombay Stock Exchange 30-share index Sensex, which had risen as much as 1.1% in morning trade, ended down 0.5% after a below-normal monsoon forecast triggered concerns demand in the crucial rural heartland would take a hit. Monsoon rains, a lifeline for India’s economy, are expected to be below normal for the first time in four years, the government said on Wednesday. The rupee has rebounded from a record low of Rs52.2 in early March as foreign investors bought around $7.5 billion of stocks in three months as the BSE benchmark rose more the 90%. But foreign investors have sold about $500 million of stock since mid-June as the share market has come of its highs, raising worries that the earlier inflows may not be sustained. Traders said importers, specially refiners were also aggressively buying dollars. Oil, India’s biggest import, traded above $69 a barrel. A rise in global oil prices means more dollars are needed to pay for imports and also raises concerns of a widening trade deficit. Source: Home - Livemint.com | 25 Jun 2009 | 12:32 pm AIG to spin off two units, cut government debtNEW YORK (Reuters) - American International Group Inc, which received $180 billion of taxpayer bailouts, said it will give the government stakes in two big life insurance units that it plans to spin off.Source: Reuters: Money News | 25 Jun 2009 | 12:22 pm Citi says Bharti-MTN deal will take 4 mths for OKNEW DELHI (Reuters) - Bharti Airtel and South Africa's MTN, which are in exclusive merger talks till the end of July, will still take up to four months for regulatory and other approvals, Citigroup said.Source: Reuters: Money News | 25 Jun 2009 | 12:19 pm Sensex falls on weak monsoon prospectsProspects of weak monsoon, the poor showing by ONGC in the fourth quarter and weak European cues dragged down the BSE Sensex by 77 points as investors squared off positions on the concluding day of the derivatives series.Source: India Business News | Business News - Times of India | 25 Jun 2009 | 12:14 pm India's rich list shrinks by a third in 2008 - studyMUMBAI (Reuters) - The number of rich in India shrunk by nearly a third in 2008, the fastest drop in the world after Hong Kong, as a stunning 52 percent fall in local shares hurt the net worth of individuals, a study showed on Thursday.Source: Reuters: Money News | 25 Jun 2009 | 12:14 pm `Govt to borrow more than planned in interim budget`!Government borrowing in the first half of the current fiscal is expected to be higher than Rs 241,000 crore projected in the interim budget.Source: Zee News : Business | 25 Jun 2009 | 12:13 pm US, India biz leaders for free trade agreement by 2015 !US and Indian business leaders and policy experts want Washington and New Delhi to reach a broad-based free trade agreement by 2015.Source: Zee News : Business | 25 Jun 2009 | 12:13 pm US Fed keeps rates at zero, says recession easing!The US Federal Reserve on Wednesday decided to keep the key lending interest rates between zero and 0.25%, saying that the recession is easing but economic weakness will keep lid on inflation.Source: Zee News : Business | 25 Jun 2009 | 12:13 pm Government to borrow more than planned in interim budget: CMIEGovernment borrowing in the first half of the current fiscal is expected to be higher than Rs 241,000 crore projected in the interim budget.Source: Daily News & Analysis: Money News | 25 Jun 2009 | 12:08 pm Fashion glitter dims a bit with slowdown: Industry expertsThe glitz and glamour of fashion extravaganzas in the city have dimmed a bit due to slimmer budgets in the wake of the economic downturn.Source: Daily News & Analysis: Money News | 25 Jun 2009 | 12:05 pm India home to 25% of world's highest paid expats: SurveyAccording to the 2009 Expat Explorer Survey by HSBC Bank International, the highest proportion of expats earning more than $250,000 are in Hong Kong (27%), Japan (26%) and India (25%).Source: India Business News | Business News - Times of India | 25 Jun 2009 | 12:00 pm Oil prices climb on Nigeria violenceOil prices gained ground Thursday on renewed violence in key crude producer Nigeria and as traders absorbed the latest US energy inventories report, analysts said.Source: India Business News | Business News - Times of India | 25 Jun 2009 | 11:47 am Steelmaker Corus to cut 2,000 jobs in UK - unionLONDON (Reuters) - Europe's second largest steelmaker Corus is planning to cut a further 2,000 jobs in Britain's industrial heartlands, the Community trade union said on Thursday.Source: Reuters: Money News | 25 Jun 2009 | 11:36 am Markets end in red on monsoon delay fearsMumbai: The BSE Sensex shed 0.5% on Thursday, led by automakers and consumer-goods firms after a below-normal monsoon forecast triggered concerns demand in the crucial rural heartland would take a hit. Farms in India depend on the June-September annual rains for irrigation and patchy showers could seriously squeeze rural incomes, reduce demand for everything from motorbikes to soaps and worsen a slowing economy. The market had risen as much as 1.1% in morning trade on short-covering on the last day of monthly derivatives contracts, but traders said there was not much fresh buying after the expiry. “There are a lot of factors affecting the market. Global stocks have been weak in the past few weeks, and on top of that we have our own problems such as the monsoon,” Apurva Shah, head of research at brokerage Prabhudas Lilladher, said. Profitability at automakers and consumer-goods makers, who are exposed to the rural sector, could be hit as poor rains lower farm output, raise food prices and dent rural demand. The government said on Wednesday India’s monsoon rains, a lifeline to its trillion-dollar economy, are expected to be below normal for the first time in four years, a blow to a slowing economy. Top utility vehicle maker Mahindra & Mahindra fell 2.9% to Rs702.65, while leading vehicle maker Tata Motors dropped 5.4% to Rs337.60, No. 1 carmaker Maruti Suzuki slipped 3.1% to Rs1,026.90. Consumer-goods giant Hindustan Unilever shed 1.3% to Rs259.25, while diversified cigarette maker ITC Ltd dropped 2.3% to Rs194.10. Oil and Natural Gas Corp fell 2.5% to Rs1,025.20 a day after the state-run explorer reported a surprise 16 percent drop in March-quarter profit. The 30-share BSE index ended down 0.53%, or 77.11 points, at 14,345.62, with 20 stocks declining, after rising to as much as 14,578.46. The 50-share NSE index fell 1.2% to 4,241.85. The benchmark had fallen almost 7% over the past two weeks on profit-taking after a 14-week rally that saw it jump 83%. Expectations are running high the government’s annual budget on 6 July will relax foreign investment rules, hike spending on infrastructure and kick-off stake sales in state-run firms to reduce a rising fiscal deficit and boost slowing economic growth. But investors are wary. “There is underlying weakness in the market. The monsoon is a definite concern, and it is out of our control,” Ambareesh Baliga, vice president at Karvy Stock Broking, said. “Investors are also toning down their expectations from the upcoming budget.” The main stock index could decline by 3 to 6% from current levels by the end of 2009 as expensive valuations and higher commodity costs temper investor optimism, a senior strategist at Citigroup said on Wednesday. Energy giant Reliance Industries, which has the most weight in the main index, slid 2 percent to Rs1,959.50. But private-sector lender ICICI Bank climbed 1.4% to Rs698.70, while top mortgage lender Housing Development Finance Corp advanced 3% to Rs2,378.10. In the broader section, gainers led losers 1,426 to 1,220 on relatively above-average volume of 426.4 million shares. More than half its components saw large block deals as funds aligned with the index rejigged their holding ahead of a switch to a free-float market capitalisation methodology based on the public shareholding of the firms to calculate the weight of index stocks. Source: Home - Livemint.com | 25 Jun 2009 | 11:31 am Seek debt restructuring but haven\'t defaulted on dues: JSLArvind Parakh, DirectorStrategy and Business Development of JSL said that the financial closure for the Orissa project was already complete and that it cannot be shelved. JSL is seeking voluntarily debt restructuring to complete the Orissa Project. It is negotiating with banks for repayment schedules.Source: Moneycontrol Top Headlines | 25 Jun 2009 | 11:26 am NACIL employees decline to renegotiate wage cutsHardening their stand, Air India unions today said they were not willing to renegotiate on the proposed wage cut by the management.Source: Daily News & Analysis: Money News | 25 Jun 2009 | 11:25 am No renegotiation on wage cuts: Air India employees unionHardening their stand, Air India unions on Thursday said they were not willing to renegotiate on the proposed wage cut by the management.Source: India Business News | Business News - Times of India | 25 Jun 2009 | 11:11 am ‘India’s rich list shrinks by a third in 2008’Mumbai: The number of rich in India shrunk by nearly a third in 2008, the fastest drop in the world after Hong Kong, as a stunning 52% fall in local shares hurt the net worth of individuals, a study showed on Thursday. At 2008-end, there were 84,000 high net worth individuals, defined as those with net assets over $1 million excluding their main home and everyday possessions, down 31.6% from 2007, a Merrill Lynch-Capgemini World Wealth Report showed. This marks the first drop in the number of rich in India in at least seven years, Pradeep Dokania, head of global wealth management at DSP Merrill Lynch told reporters in Mumbai. The world’s rich lost a fifth of their wealth in 2008 and their number fell 15% as the financial crisis wiped out two years of growth, the report showed. The value of the world’s wealthy dropped below 2005 levels to $32.8 trillion. This has lead to a loss of trust in wealth management firms and advisors. More than a fourth of those surveyed by the Merrill Lynch-Capgemini said they withdrew assets or left their wealth advisors in 2008. However, things were showing signs of improvement and rich individuals in countries like India were now more inclined to add risk to their portfolios, Dokania added. Merrill Lynch-Capgemini predicts financial wealth of the rich would surge nearly 48% to $48.5 trillion rupees by 2013, led by Asia-Pacific whose wealthy individuals would control $13.4 trillion, the highest by any region. Dokania said number of India’s rich, among the top-20 in the world now, will also grow rapidly, providing a huge market for wealth management firms. “Wealth accumulation and creation in the region are poised to regain traction once the global economy recovers,” he said. “Despite the decline last year, Asia Pacific, including India, remains an important market for wealth management providers worldwide,” Dokania added. The number of millionaires in India rose 22.7% to 123,000 in 2007, the fastest in the world, attracting the likes of Morgan Stanley, Societe Generale, Credit Suisse and British bank Barclays. Late in 2007, before the global credit crunch worsened, consultant Celent had forecast the organised industry including private banks, then growing at 32% annually, would quadruple its size to manage about $1 trillion in five years. Source: Home - Livemint.com | 25 Jun 2009 | 11:04 am IDBI Bank cuts BPLR by 0.25%IDBI Bank's new BPLR now accordingly stands at 12.75% as against the earlier 13%. The reduced rate will come into effect from July 1.Source: India Business News | Business News - Times of India | 25 Jun 2009 | 11:03 am BSE Sensex falls 0.5 pct as monsoon worries growMUMBAI (Reuters) – The BSE Sensex shed 0.5 percent on Thursday, led by automakers and consumer-goods firms after a below-normal monsoon forecast triggered concerns demand in the crucial rural heartland would take a hit.Source: Reuters: Money News | 25 Jun 2009 | 10:58 am SBI to increase presence in the US, UK and UAEState Bank of India is planning to strengthen its presence in countries including the US and the UK which have strong India links.Source: India Business News | Business News - Times of India | 25 Jun 2009 | 10:47 am SBI to increase presence in the USA, UK and UAENew Delhi: Enthused by a massive 54% growth rate in its international loan book, the country’s largest lender, State Bank of India, is planning to strengthen its presence in countries including the US and the UK which have strong India links. “Initiatives (are) under way to strengthen business in countries with a strong India linkage like the USA, UK and UAE,” a senior SBI official said. Currently, SBI has seven branches in the US and about six in the UK while the bank has exchange services in the United Arab Emirates (UAE). SBI plans to become a major player for Non-Resident Indians (NRIs), he said. The restructuring of the international business is under way to enable new business model, he added. During 2008-09, the SBI international credit portfolio increased by 54% to Rs86,267 crore against Rs56,196 crore in the previous year. There is significant credit growth despite the global meltdown, he said. At the same time, the bank last year, along with its subsidiaries and joint ventures abroad, opened nine offices, including full-fledged retail operations in Singapore, last year. Source: World Business - Livemint.com | 25 Jun 2009 | 10:44 am Toyota’s new president vows to start from bottomTokyo: Toyota Motor’s new president Akio Toyoda, the grandson of its founder, pledged on Thursday a fresh start for the troubled automaker by revamping its line-up to match demand in different regions. The new management said it would drive deeper into emerging markets, a bright spot amid the current global economic gloom, and avoid shutting plants in the US, where it expects demand to recover in the next few years. “We must start again from the very bottom,” Toyoda, 53, told a news conference after he took the helm of the world’s largest automaker earlier this week in the midst of its biggest ever crisis. “The new management feels like we are setting sail during a storm. We want to return to profit as quickly as possible. I would like to avoid making a loss for three consecutive years and I will do my best to do so,” he said. The founding family scion acknowledged that the company might have overstretched itself in recent years with its brisk global expansion. “In some areas, we need to take a step backwards,” he said. “In the past, we’ve been trying to offer a full line-up all over the world. But from now on, we will consider what kind of cars are necessary for each region. “Just as roads and highways are different, customers around the world have different needs and tastes,” he said. Toyoda is the first member of the founding family in 14 years to head the company, and he does so at a crucial time. Toyota overtook US rival General Motors in 2008 as the world’s top selling automaker. But it fell into the red for the first time in nearly 70 years in the year to March with a net loss of ¥436.9 billion ($4.6 billion) and expects the shortfall to balloon to ¥550 billion this year. Toyoda said that he would cut his own pay by 30% for one year from July to aid the company’s recovery. Toyota actively expanded its global production facilities in recent years to meet strong demand, particularly for its fuel-efficient cars, leaving it vulnerable to the current collapse in worldwide sales. The Japanese company has made some plants idle and slashed thousands of temporary jobs in response to the slump in demand. Toyota said on Thursday that its worldwide production was down 38.8% in May from a year earlier at 442,621 vehicles. Some industry analysts think Toyota will need to take even more drastic ction to recover from its financial difficulties, possibly shedding regular workers. Vice-president Atsushi Niimi, who is in charge of North American operations, said that the market there was expected to pick up in two or three years. “We are not going to close down any plants as we aim to prepare for a recovery in demand,” Niimi said. There are already some signs of improvement. In May Toyota launched its latest Prius hybrid, which was the best-selling car in Japan that month, knocking rival Honda’s Insight hybrid from first spot. Toyota is striving to maintain its lead in fuel-efficient vehicles and recently announced it would roll out a fuel-cell car by 2015. “We want to keep thinking where Toyota Motor stands in a post-crude oil society,” Toyoda said. Analysts say that as a member of the founding family, Toyoda may find it easier to unite the company during its current crisis. He is the grandson of Kiichiro Toyoda, who founded the automaker in 1937. The company later changed its name to Toyota because it was considered luckier. But the new boss played down the importance of the family name, saying that whoever is in the driving seat, “the job is going to be extremely tough.” Source: World Business - Livemint.com | 25 Jun 2009 | 10:41 am Gold rises by Rs 330 on strong global cuesGold prices spurted by Rs 330 to close at Rs 14,890 per ten gram in the bullion market here on aggressive buying by stockists triggered by a firming trend in US market.Source: India Business News | Business News - Times of India | 25 Jun 2009 | 10:29 am Suzlon looking to exit Hansen: SourcesSuzlon Energy may be looking to exit its European subsidiary Hansen. The wind turbine power giant has been learnt to be in advanced talks with a European firm to sell its entire 61% stake for around USD 1.3 billion. CNBCTV18s Nimesh Shah reports why the Tulsi Tantipromoted Suzlon is wanting to sell of its assets.Source: Moneycontrol Top Headlines | 25 Jun 2009 | 9:50 am Gold futures remain up on firm global cuesNew Delhi: Gold extended gain for the second straight day by rising 0.22% on the Multi Commodity Exchange (MCX) today on sustained buying by speculators amid firming trend in the Asian region. At 1:30pm, gold for the most-active October-month contract gained 0.22% to Rs14,647 per ten gram with an open interest of 1,297 lots. It had gained 0.21% in yesterday’s trading. Similarly, Gold for delivery in August-month contract added 0.21% to Rs14,644 per ten gram with an open interest of 14,129 lots. Marketmen said sustained buying by speculators in the wake of firm trend in the Asian region mainly led to recovery in gold prices at the futures market here. Meanwhile, gold prices traded higher in Asian region at $932.00 an ounce against last close of $927. Source: Home - Livemint.com | 25 Jun 2009 | 9:46 am Fiscal deficit target would be around 5.5 pc: HDFC Bank reportThe market fears of a high fiscal deficit are based on the opinion that the Government would continue with stimulus packages to prop up growth, it said.Source: Daily News & Analysis: Money News | 25 Jun 2009 | 9:39 am Microsoft launches home energy monitoring toolWashington: US software giant Microsoft launched a free online home energy monitoring tool on Wednesday that allows consumers to gauge their usage and reduce consumption. Microsoft Hohm, available as a beta, or test, version in the United States at microsoft-hohm.com, lets users “better understand their energy usage, get recommendations and start saving money,” Microsoft said. “We believe technology will play a pivotal role in tackling the global energy issues we currently face,” Craig Mundie, chief research and strategy officer at Microsoft, said in a statement. “Microsoft Hohm demonstrates how a combination of advanced software and Internet-based services can help people track, understand and manage their personal energy usage,” he said. Microsoft said Microsoft Hohm uses advanced analytics licensed from the Lawrence Berkeley National Laboratory and the US Department of Energy. It said Hohm provides suggestions for energy conservation based on home energy input data and feedback contributed by users. Savings recommendations can range from caulking windows to removing air leaks to installing a programmable thermostat, Microsoft said. It said consumers who are customers of a Microsoft Hohm utility partner company will be able “in the near future” to automatically upload their energy usage data into the application. Microsoft is partnering with four West Coast utility companies on Microsoft Hohm: Puget Sound Energy, Sacramento Municipal Utility District, Seattle City Light and Xcel Energy. “Microsoft Hohm will help our customers be more energy efficient by providing new insights and understanding into how they use energy and how they can conserve,” said Steve Reynolds, chief executive of Puget Sound Energy. Microsoft’s launch of Hohm comes a month after Google announced that it had partnered with energy companies in six US states, Canada and India in “smart meter” software which allows consumers to monitor their home electricity usage. The Google PowerMeter can tell residents which devices or appliances in their homes are being electricity hogs and which are being frugal with energy. The software program receives information from smart meters and sends a detailed report to a home computer on how the power is being divvied up. Source: Tech News - Livemint.com | 25 Jun 2009 | 9:26 am Infosys co-chair Nilekani quits to join govtNEW DELHI (Reuters) - Nandan Nilekani, co-chairman of Infosys Technologies Ltd, India's No. 2 outsourcer, has resigned from the company's board to join the government, the company said on Thursday.Source: Reuters: Money News | 25 Jun 2009 | 9:19 am Dell India to hire from campusesWhile most global IT majors are trimming both manpower and operations in India, Dell Inc. continues to scout for fresh talent from engineering colleges.Source: Moneycontrol Top Headlines | 25 Jun 2009 | 8:48 am OVL, IOC, OIL to invest $5bn in Iran gas fieldONGC Videsh Ltd and its partners Indian Oil Corp and Oil India Ltd have proposed an investment of about $5 billion in bringing to production a massive gas field they discovered in offshore Iran, in the next 3-4 years.Source: India Business News | Business News - Times of India | 25 Jun 2009 | 8:11 am Govt raises cane price by a third, may curb importsNew Delhi: The government on Thursday agreed to raise the minimum price that mills must pay to farmers for sugarcane by a third to a record high, likely encouraging farmers in the world’s No. 2 producer to plant more and curtail imports. The government will increase the price to Rs107.76 per 100 kg in the new season from October from Rs81.18 per 100 kg in 2008-09, Cabinet spokesman and home minister P Chidambaram said. It was at the high end of the market’s expectations. “The price is higher than what we had recommended. The production of sugarcane should definitely go up compared to last year. But by how much? That can only be guesswork now because the monsoon’s progress is very, very uncertain,” said SL Jain, the director general of the Indian Sugar Mills Association. The crop outlook has been clouded by a downgrade to the country’s vital summer monsoon, which the government said on Wednesday would deliver only 93% of the long-term average, coming in below normal for the first time in four years. India is the world’s biggest sugar consumer, its second-biggest producer and normally a net exporter, but it was forced into near record imports this year after stagnant domestic prices discouraged farmers from growing cane, shifting to more lucrative crops as the government raised rice and wheat prices. US sugar futures have surged nearly 40% since the start of the year as India’s unexpected demand tightens the market, hitting a three-year high on Thursday as a downgrade to the Indian monsoon outlook stoked crop concerns. The decision comes at the tail end of the planting season and should encourage more farmers to plant sugarcane instead of other crops, although the majority of India’s cane is already sold to domestic mills at market prices higher than the minimum. Some analysts opined it may be too little, too late. “This delayed decision won’t improve supply in the next cane year as sowing of cane in India has almost completed,” said Ajeet Kumar, research analyst with SMC Indiaonline. India is the world’s biggest sugar consumer with demand hovering around 23 millions tonnes, nearly one-seventh of world use, and demand continues to grow swiftly as its increasingly wealthy 1.1 billion people satisfy the national sweet tooth. But production in the year to September 2009 is expected to collapse 44.5% to just 14.7 million tonnes, creating a shortfall that has forced companies to contract to import about 2.5 million tonnes of raw sugar and contributing to a global supply deficit estimated at nearly 8 million tonnes. India had exported a record 5 million tonnes of sugar in 2007-08. The government, striving to strike a balance between keeping domestic prices under control without increasing its reliance on imports, has already taken several measures this year to encourage more supply, including suspending import tariffs on raw and white sugar and placing a limit on sugar stockpiles. Source: Home - Livemint.com | 25 Jun 2009 | 8:10 am Government ready to support "leaner and trimmer" Air IndiaCivil aviation minister Praful Patel has said that the government is ready to help Air India get through its liquidity crunch.Source: Daily News & Analysis: Money News | 25 Jun 2009 | 7:50 am Inflation rises marginally to (-)1.14 per centInflation rose marginally to minus 1.14 per cent for the week ended June 13 against (-)1.61 per cent in the previous week.Source: Daily News & Analysis: Money News | 25 Jun 2009 | 7:23 am Markets remain range-bound, looks to budget for cuesThe expiry on Thursday failed to create much of a ripple as markets remained within the narrow confines of the 14300 to the 14600 levels for the fourth day in a row.Source: Daily News & Analysis: Money News | 25 Jun 2009 | 7:21 am Inflation rises marginally to -1.14%Inflation rose marginally to minus 1.14 percent for the week ended June 13 against -1.61 percent in the previous week.Source: India Business News | Business News - Times of India | 25 Jun 2009 | 7:16 am Inflation retains negative slide at -1.14%New Delhi: Inflation rose marginally to -1.14% for the week ended 13 June against -1.61% in the previous week even as prices of food items like pulses, cereals, and fruit and vegetables increased compared to last year. This is the second week in a row when inflation remained in negative territory. The wholesale price index stood at 11.80% during the corresponding week a year ago. Low inflation is prompting banks to cut interest rates. On Wednesday, State Bank of India reduced the benchmark lending rate by half a percentage point, leading to cheaper home, car and corporate loans. During the week, tea became expensive by 2% and arhar by 1%. At the same time, fuel items like aviation turbine fuel surged by a whopping 12%, light diesel oil by 10% and furnace oil by 3%. Source: Home - Livemint.com | 25 Jun 2009 | 7:14 am Asia stocks rally on steady Fed ratesHong Kong: Asian stocks rallied for a second day on Thursday after the Federal Reserve reinforced that interest rates will be kept at a record low for a while, but Treasuries extended losses as the Fed shied away from boosting debt purchases. Futures on European stock indexes pointed to a flat start. Property shares were among the biggest gainers on investor hopes that low rates will spur construction and demand, with top Hong Kong developer Sun Hung Kai Properties rising 4.9% after it hiked prices for flats in a new project. The Fed left interest rates near 0% but tweaked its statement to say that financial markets had improved and signalled less concern about deflation, even while repeating the economy will remain weak. But the Fed did nothing to ramp up its hefty buying of US Treasuries and mortgage-related bonds, disappointing some market players hoping for more action to stem the jump in Treasury yields that has threatened the economy’s recovery. The dollar gave up some of its gains scored on relief the Fed was not monetising more debt, surrendering some ground to higher-yielding currencies, such as the Australian dollar, on the rise in stocks. “The markets have been in risk avoidance mode recently, but that seems to have been reversed in the last 24 hours,” said Drew Bradford, head of foreign exchange at Deutsche Bank in Tokyo. The MSCI index of Asia-Pacific shares outside Japan rose 1.4%, pulling further away from a one-month low struck earlier in the week. From its lows in early March, the index has soared 52%. For that reason, some analysts said the market had probably run too far on hopes that consumer demand in developed countries will soon pickup and keep Asian manufacturers busy pumping out electronics and other goods. Analysts at Macquarie Securities noted that the MSCI benchmark for Asia is trading at about 15 times 12-month forward earnings, above a long-term average of 13.1 times. “For this trend to continue, final demand now needs to come through in a meaningful way,” said Daniel McCormack, Asia equity strategist at Macquarie. In Japan, shares of Aozora Bank and Shinsei Bank both jumped on news they were in merger talks. The Nikkei average climbed 2.2%, led by financial and property stocks. But investors were less enthusiastic about Sinopec’s planned purchase of Swiss oil explorer Addax Petroleum Corp for $7.24 billion, in what would be China’s biggest overseas acquisition. Analysts said the deal was expensive for Sinopec, China’s biggest oil refiner. Its Hong Kong-listed shares were up 1.1%. US Treasuries fell further after the Fed refrained from increasing its $300 billion of purchases that it had announced in March and is poised to complete in the next few months. The drop in Treasuries only briefly dented other government bonds. The dollar slipped in Asia after jumping the previous day, partly after the Swiss central bank was suspected of interveneing aggressively to weaken the franc against the dollar and euro - part of its current quantitative easing policy. The dollar index, a gauge of its performance against six major currencies, slipped 0.2% to 80.403. Against the yen, the dollar edged up 0.7% to ¥96.35. The euro was up 0.3% at $1.3975. The Australian dollar climbed 0.4% to $0.7995. Gold was up $4 an ounce at $935, while US crude oil edged up 25 cents to $68.92 a barrel. Source: Home - Livemint.com | 25 Jun 2009 | 7:06 am Oil Giant gets new chairmanLONDON: British energy giant BP on Thursday appointed Carl-Henric Svanberg, current chief executive of Swedish telecoms giant Ericsson, as the group’s new chairman from 2010. “BP today announced that it has appointed Carl-Henric Svanberg, currently chief executive officer of the Swedish telecommunications company, Ericsson, to replace Peter Sutherland as chairman of BP,” the group said in a statement. Svanberg, 57, will become BP chairman on January 1, 2010, after a seven-year stint as Ericsson chief executive and chairman of joint venture Sony Ericsson. “BP is a recognised world leader in the energy sector and it’s a great privilege to be invited to lead its board,” Svanberg said. “Following such a distinguished predecessor is quite a challenge but I’m hugely excited about joining the energy industry which is so much at the heart of the global economy. I look forward to it with relish.” Source: World Business - Livemint.com | 25 Jun 2009 | 7:06 am Oil edges up towards $69 on Nigeria pipeline raidsSingapore: Oil rose towards $69 on Thursday, after Nigeria’s main militant group raided a Royal Dutch Shell pipeline and disrupted a major export terminal, recouping losses caused by hefty builds in US fuel stocks. Prices had earlier extended Wednesday’s fall after data showed gasoline stocks in the world’s top consumer rose 3.9 million barrels last week, exceeding analysts’ predictions, as refiners prepared for the peak driving season that was expected to be less robust this year, while distillates hit 10-year highs. Analysts said the price drop was limited by a sharp 3.8 million barrel decline in US crude stocks. US crude futures for August gained 27 cents to $68.94 a barrel by 11:56am, after falling to $68.11 earlier. London Brent crude rose 35 cents to $68.68. “The EIA report which shows a large increase in products stocks was a negative factor for oil prices. But we are seeing that with oil falling from the high $60s, buying support emerged and limited the downside,” said David Moore, commodity strategist at Commonwealth Bank in Sydney. The Movement for the Emancipation of the Niger Delta (MEND) said it had attacked the Billie/Krakama pipeline in Rivers state in the Niger Delta that feeds into pumping stations linked to the Bonny crude terminal, one of Nigeria’s main export terminals. No independent verification was immediately available on MEND’s latest statement, which came after the group also claimed responsibility on Sunday for attacks on three installations run by Shell, which had said it was investigating the reports. The raids came ahead of the Nigerian president’s proposal later on Thursday for a 60-day amnesty programme for the militants, in a bid to end years of attacks on the oil industry, which have cut output to less than two-thirds of its installed capacity of 3 million barrels per day over the last three years. Traders said oil’s recovery was partly due to a rally in Asian shares for a second day after the Federal Reserve reinforced that interest rates will be kept at a record low for a while. The Fed left interest rates near 0% but tweaked its statement to say financial markets had improved and signalled less concern about deflation, while reiterating the economy will remain weak. The US dollar gave up some of its gains, losing some ground to higher-yielding currencies, such as the Australian dollar, on the rise in stocks. A firmer dollar makes commodities priced in dollars more expensive for holders of other currencies. Optimism over a potential recovery lifting oil demand has raised prices from below $40 over the past three months, though fears about the global economy lingered. And government forecasters said that even though US oil demand should rebound when the economy recovers, crude imports might not resume growth as quickly as they did when past recessions ended because of new domestic oil production coming onstream. Source: Home - Livemint.com | 25 Jun 2009 | 7:01 am Sluggish demand drags Unitech net down by 28%Mumbai: Unitech Ltd, India’s No. 2 listed realty firm, reported a 28% fall in full-year profit on lower prices, but said it was seeing a pick up in demand for new residential projects. The New Delhi-based developer and bigger rival DLF Ltd are focusing on low-cost mass housing projects to prop up volumes and managing director Sanjay Chandra said there was good demand. The company expects to get bookings for 20 million square feet of new development, he said in a statement. Chandra had said last week Unitech sold about 4,000 houses in the last 2 months. Shares in Unitech, which has a market value of more than $3 billion, were up 6% at Rs82.50 by 11:54am, outperforming main stock index that was up 0.3%. Unitech reported a consolidated net profit of Rs1,198 crore ($247 million) for its financial year ended March, compared with 16.62 billion rupees in the previous year. Total income fell 22.5% to Rs3,315 crore from Rs4,280 crore in the previous year. The company did not report March quarter results separately, but a Reuters calculation, based on previous three quarterly results reported, showed net profit for the quarter was Rs279 crore lower than Rs360 crore in the year-ago quarter. Fourth-quarter profit was, however, higher than Rs136 crorereported for the preceding three months ended December. Unitech had been hit by sluggish demand and lower prices in the past year amid high interest rates and an economic slowdown. Its net debt at the end of March stood at Rs9,056 crore ($1.9 billion), while cash reserves were at Rs4,845 crore, the company said. It raised $550 million in the last two months through share and asset sales, and its debt position was comfortable after rescheduling most of its loan, Chandra said last week. Source: Home - Livemint.com | 25 Jun 2009 | 6:54 am Bangalore plans to brighten up 3,900 villages with solarBangalore: Karnataka government plans to launch an ambitious self-sustaining solar technology programme in 3,900 villages in 39 most backward blocks to cater to the energy needs of 50 lakh people. State-owned Karnataka Renewable Energy Development Ltd. (KREDL) this week invited bids from solar technology providers to design, finance, build, operate and maintain solar/hybrid power plants. The provider who wins the contract can collect fees from users. These plants provide power either through a local mini-grid or a stand-alone or they make it available at a charging station, enabling residents to charge their electrical appliances. Solar power is to be provided for street-lights, household consumption, entertainment, educational purposes, water-lifting for irrigation, drinking water supply, purification/desalination plants, deflourination, milk pasteurisation and local cottage industrial applications. The solar power would be metered and made available at a fee determined in advance. “Most of the targetted villages either have no electric supply or get poor voltage at present,” KREDL, managing director, H G Shivanandamurthy, told PTI. “We will play the role of facilitator in the project. Our interest is to see that the people get power at the lowest cost,” he added. Source: Tech News - Livemint.com | 25 Jun 2009 | 6:45 am Maran stitches up 100-day agenda for textilesNew Delhi, June 24 The Government on Wednesday announced a slew of initiatives such as widening the coverage of Technology Upgradation Fund (TUFS) Scheme, additional allocation of Rs 1,660 crore to the Cotton Corporation of India (CCI) forSource: Business Line - Home Page | 25 Jun 2009 | 12:00 am Glenmark Pharma (Rs 234.65): BuyWe recommend a buy in Glenmark Pharmaceuticals from a short-term perspective. It is apparent from the charts of Glenmark Pharmaceuticals that it has been trending up since its 52-week low of Rs 119 recorded on February 5. Since then, the stockSource: Business Line - Home Page | 25 Jun 2009 | 12:00 am Mumbai cobbler gets Nano allotmentMumbai, June 24 Maruti Bhandari, the celebrated Mumbai cobbler who booked the top-end Tata Nano by paying a cheque of Rs 1.4 lakh in April, is one of the one lakh allottees of the car.Source: Business Line - Home Page | 25 Jun 2009 | 12:00 am Panel suggests phased transition to IFRS by insurersHyderabad, June 24 The roadmap for implementing the International Financial Reporting Standards (IFRS) by insurance companies in India should provide for phased transition from the current norms, a panel on IFRS compliance, appointed by theSource: Business Line - Home Page | 25 Jun 2009 | 12:00 am Day Trading GuideDLF has formed a spinning top candlestick pattern in the last trading session, indicating indecisiveness. Avoid trading in this counter for the session. Utilise rallies to sell ICICISource: Business Line - Home Page | 25 Jun 2009 | 12:00 am QIP round 2 likely to see lukewarm responseMumbai, June 24 Investor interest may remain rather subdued for the second round of Qualified Institutional Placements (QIP), which has been announced, said marketmen.Source: Business Line - Home Page | 25 Jun 2009 | 12:00 am ‘Below normal’ monsoon may delay kharif sowingNew Delhi, June 24 The India Meteorological Department (IMD) has downgraded its South-West monsoon rainfall forecast for the country to “below normal” from the earlier “near normal”Source: Business Line - Home Page | 25 Jun 2009 | 12:00 am SBI cuts lending rate by 50 bpsMumbai, June 24 State Bank of India on Wednesday said it will cut its benchmark prime lending rate by 50 basis points to 11.75 per cent with effect from June 29.Source: Business Line - Home Page | 25 Jun 2009 | 12:00 am Govt set to bail out Air IndiaNew Delhi, June 24 The Government will bail out the loss-making state owned carrier Air India but has set certain conditions for providing the financialSource: Business Line - Home Page | 25 Jun 2009 | 12:00 am Peugeot may finalise India plans by Sept-endMumbai, June 24 PSA Peugeot-Citroen is expected to take a call on entering the Indian market by end-September this year, say top industry sources.Source: Business Line - Home Page | 25 Jun 2009 | 12:00 am Monsoon forecast II is a big blowWeather pundits are not sanguine about the south west monsoon 2009, holding out only a "below normal" performance.Source: Daily News & Analysis: Money News | 24 Jun 2009 | 10:29 pm Traded power prices soar as rains falterDelayed monsoon and a surge in demand for power has led to power prices soaring to record levels.Source: Daily News & Analysis: Money News | 24 Jun 2009 | 10:27 pm Another roadblock for 3G services?The third generation or 3G telecom services are yet again set to face a delay.Source: Daily News & Analysis: Money News | 24 Jun 2009 | 10:26 pm Disposable chatrooms in secondsNew Delhi: Ever felt like pulling together an impromptu multi-user chat session with several friends and family? Tried actually making it happen? Now with a simple Tinychat.com window you can host a multi-user chat session complete with video, audio and recording facility with a simple few clicks. Click here to watch video Tinychat, essentially, lets you create disposable chat rooms that are created on the fly. Just go to the Tinychat website, choose a chatroom label and click a button. Your chatroom is ready. All you need to do to invite friends is tweet out the url of the room or email the link to them. And yes you can do some of this sharing from right within the Tinychat window. (So if you want to talk about, say, radish, you can easily summon up a chatroom at Tinychat.com/radishmaniacs. Or some such.) And beyond pure text Tinychat also automatically recognizes webcams and microphones and lets you use those inputs in the chatroom too. As an added bonus you can also share an image of your desktop itself using the application. And when you’re done you can save the transcript with a click. For a price Tinychat also has a premium service that lets you block upto five TInychat urls, enable password access and HD quality video chatting. Play the video for a short review and demo of the application and for access details. Source: Tech News - Livemint.com | 24 Jun 2009 | 7:27 pm JPMorgan strongest bank; RBS’ loss biggestLondon: JPMorgan Chase and Co. tops a list of the world’s strongest banks, while Royal Bank of Scotland (RBS) suffered the biggest loss of any lender last year, according to new industry rankings on Wednesday. RBS’ $59.3 billion loss last year eclipsed all rivals, including Citigroup’s $53 billion loss and Wells Fargo’s $47.8 billion loss, according to ‘The Banker’ magazine. Global bank profits slumped 85% last year to $115 billion, down from $781 billion, and return on equity plunged to 2.69% from 20%, the magazine estimated. Bank of America ranked second, Citigroup was third and RBS was fourth, despite the problems for all three last year. Source: World Business - Livemint.com | 24 Jun 2009 | 7:21 pm Govt preparing plan of actionWhat should the government do to tackle a possible failure of monsoon? Agriculture secretaries of states that have not received rainfall will meet Union Agriculture Secretary T Nanda Kumar tomorrow and search for answers.Source: Business Standard | Front Page Headlines | 24 Jun 2009 | 7:03 pm Tatas in search of next 'Nano'Group in alliance with global majors to gear up for the decade of innovation.Source: Business Standard | Front Page Headlines | 24 Jun 2009 | 7:01 pm Mamata's budget to push PPP projectsWith the present economic conditions not providing much scope for either large-scale fare concessions or an across-the-board increase in freight rates, the highlight of the Railway Budget for 2009-10 is likely to be a big push to public-private partnership (PPP) initiatives to enhance the Indian Railways capacity to earn higher revenues on a sustainable basis.Source: Business Standard | Front Page Headlines | 24 Jun 2009 | 6:59 pm SBI cuts BPLR by 50 basis ptsState Bank of India (SBI), the countrys largest lender, today announced a 50 basis point cut in its benchmark prime lending rate (BPLR) to 11.75 per cent.Source: Business Standard | Front Page Headlines | 24 Jun 2009 | 6:58 pm Indian scientists dish up GM fishNew Delhi: Even as genetically modified brinjal—the first transgenic food crop to be available in India—has reached the final stage of field trials, scientists at the Centre for Cellular and Molecular Biology (CCMB), a prominent Hyderabad-based research institution, have taken the first steps to steer genetically modified (GM) fish—now confined to their labs—to Indian plates.  Size does matter: A genetically modified rohu (top) alongside the normal, average-sized version. Kshitish Majumdar They have begun the process of demonstrating the superiority of these fish, chiefly in yield and quality, over regular ones, as well as evolving a blueprint to test their bio-safety. Though the genetic engineering approval committee has detailed guidelines and protocol for testing the safety of genetically engineered crops, none exists for genetically modified animals. The fish in question is the popular variety of carp, known as rohu—the most farmed, and among the most widely consumed fish in India. With genetic manipulation, the scientists say they can increase production “manifold” and in half the time that it usually takes for these fish grow to consumable size. “Each pair of fish lays lakhs of eggs. These modified fish can now lay as many eggs in one-and-a-half years, as the normal fish do in three years,” said Lalji Singh, director, CCMB. However, the exact numbers and yield potential would be determined only after the trials were done, he added. There’s way too much haste to get GM crops and organisms into our fields. “There’s no protocol defined. So, we’ve asked CCMB itself to design a protocol. We will review it and based on that, we may move ahead with allowing further tests,” said a scientist with the department of biotechnology (DBT), who didn’t want to be identified as he’s not authorized to speak to the media. The CCMB project has been funded by the department, which plays a pivotal role in approving GM organisms. A protocol is a set of guidelines that detail how field trials must be conducted. They elaborate on which tests must be conducted, and what bio-safety aspects must be accounted for. Transgenic or GM organisms are usually understood to mean living beings that contain genes from a foreign, unrelated species. This alien attribute is the reason why extensive trials are conducted to check the bio-safety and ecological impact of GM plants. But the CCMB fish are auto-transgenic, meaning the genes inserted into a fish’s genome are a mashed-up cocktail of its own genome. In this fish, the synthesized gene stimulates production of a growth hormone that makes the fish bigger and grow faster, said the lead researcher associated with the project. “Not only are we not importing genes from an alien species, we are not using DNA from even a related species. Several fish that we consume are products of interbreeding between species, and they are perfectly safe,” said Kshitish Majumdar, who’s been associated with the project for at least a decade. Because there are no such genes involved, scientists at the institute say there’s no real requirement for bio-safety tests, just as fish grown via aquaculture don’t need to go through bio-safety tests. “The thrust of this programme is to produce genetically superior fish without using genes from foreign organism. So, there’s no real scientific need for conducting bio-safety tests,” said Singh. But DBT thinks otherwise. “Though the modified gene is a natural product, it has nevertheless been artificially altered outside the fish’s body and re-inserted back into the organism. So, we really need to be sure that such fish are safe,” said the DBT scientist quoted in the first instance. An expert said India’s first GM fish are unlikely to face too many regulatory obstacles, but advised caution. “There are no foreign genes involved. Therefore, it’s unlikely that mere genetic modification could produce a toxic protein,” said S. Sridhar, a scientist at the Institute of Genomics and Integrative Biology, a Council for Scientific and Industrial Research body. “But on the other hand, these fish shouldn’t escape into the wild and tamper with the native gene pool.” If and when the trials proceed successfully, CCMB plans to tie up with the Andhra Pradesh fisheries department to scale up production. However, if bio-safety tests need to be carried out, the wait could get longer. GM cotton had a nine-year incubation period in trials, before it was released in Indian fields in 2002. Whether crop or animal, genetic modification has always invited controversy. Activists as well as industry lobby groups say the long-term effects of genetically engineered crops and organisms are unknown. “There’s way too much haste to get GM crops and organisms into our fields,” said Pushpa Bhargava, a former CCMB director who’s critical of the biotechnology regulatory process in India. “Not enough tests have been done and we really don’t know what we are getting into.” Carps constitute 87% of the total aquaculture production in India, said S. Ayappan, an aquaculture expert with the Indian Council of Agriculture. “We are only second to Japan in inland fish production. So, any new, safe method of becoming No. 1 is welcome,” he added. India produces about 6.57 million tonnes of fish every year. The inland sector, which has a growth rate of 6%, contributes around 55% of it. GM fish aren’t new. Since the 1980s, scientists in the US have reared GM fish using genes from related species. Some of these are pet fish that glow in the dark and the others, such as GM salmon, are programmed to grow up fast. But none has yet been released for human consumption. “These salmon still use a foreign gene. The thrust of our research has been to avoid any foreign element. DBT should understand that,” said Majumdar. Source: Tech News - Livemint.com | 24 Jun 2009 | 6:25 pm Technology to revamp crime scene investigations finds no takersBangalore: Think of a crime scene: The police reach with a hand-held device, record the statements of witnesses, take photographs and videos, prepare the first information report (FIR) and eventually send these to the court data repository via wireless broadband.  Case study: Vinay Deshpande’s Encore Software made a crime scene recording system that can collect audio and visual information digitally in a tamper-proof manner. The project has been ‘short-closed’. Hemant Mishra / Mint There’s nothing utopian about it. The technology has been locally developed but the end user, the police, is not interested; the funding agency—the department of science and technology (DST)—has no incentive to see the technology in action; and the technology developer, Encore Software Ltd, is caught between the two public agencies. Bangalore-based Encore, maker of the inexpensive mobile computer Mobilis, has developed a crime scene recording system on the Mobilis platform that can collect audio and visual information digitally in a tamper-proof manner and send the encrypted data to the court server, thus eliminating chances of evidence falsification or delays in filing the FIR. The project is partly funded by DST’s technology information, forecasting and assessment council (Tifac). The Bangalore police has been a partner in the project since its inception. Now, four months after Encore placed the Mobilis units for a pilot test at the Cubbon Park police station in central Bangalore, the devices are lying unused and Tifac is “short-closing the project”. This leaves Encore high and dry since it had planned to commercialize the technology nationwide once the pilot was completed. “We are closing the project as we did not get any cooperation from Bangalore police,” said M. Thamarai Selvan, principal scientific officer at Tifac. The police and Encore are blaming each other: joint commissioner of police (crime) in Bangalore Alok Kumar says his officials haven’t received any training to use the device; Encore’s chairman and chief executive, Vinay Deshpande, says the police never “bothered to enquire after the devices were placed in the police station”. So, what’s the outcome? Nothing. The government’s science-technology schemes don’t work towards outcomes, they are more concerned about disbursement of funds, says Anand Patwardhan, former executive director of Tifac, who demitted office in September to return to the Indian Institute of Technology in Mumbai. In principle, though, Tifac has to “help in ensuring time availability of technologies by up-scaling successful results from R&D (research and development) laboratories towards commercialization”. Tifac started a new programme in 2006—Synergising science and technology with judicial process—to experiment with new as well as off-the-shelf technologies that would support the judicial system. At least five new technology applications have been developed under this, each funded by a sub-crore budget. None of these has evolved beyond the pilot stage. For instance, Pune-based Impact Systems Pvt. Ltd tested a digital pen and paper technology for capturing information at police stations in Mumbai. Impact used Swedish technology to build applications to suit the Indian police and judiciary. Similarly, Gujarat-based Trinet Information Services Pvt. Ltd has implemented a case document tracking system using radio frequency identification technology at the Delhi high court. But even after much persuasion, the company hasn’t managed to implement it at any other court, said Brajnandan Kumar, programme developer at Trinet. While companies that have reached the pilot test stage for their devices still expect the judiciary to start using their technology eventually, the shelved Mobilis project has dashed hopes on two counts: software as well as locally developed hardware. “Encore’s technology is an ideal example where one could work with the public system (judiciary) since you have a locally developed device that could become the ‘special purpose appliance’ for the country,” says Patwardhan. Incidentally, Mobilis was developed, at least initially, under another government scheme called New Millennium Indian Technology Leadership Initiative. Former chief of the computer section of the Karnataka high court S.B.N. Prakash, who oversaw the crime scene recording project until he retired in mid-2007, says it is not difficult to test the prototype between the court and the police; “it only requires the will”. “Many criminal cases end in acquittal because there is delay in filing an FIR… Prosecution often gives the distance as the reason for the delay. But with this tool, transmission of FIR would be almost instant,” said Prakash. Though Tifac’s mandate is technology development, not deployment, experts say a majority of research projects fail to reach fruition as nobody sees the bigger picture. “It’s unfortunate but nobody (in the government) takes ownership of any research or thinks about how to scale up,” says Patwardhan. Encore’s Deshpande doesn’t deny the learning gained from this project, but said, “For a company, that’s not enough.” Ironically, even as Tifac closes the unfinished Encore project, its website continues to invite applications for new proposals using information and communication technology for judicial processes. Source: Tech News - Livemint.com | 24 Jun 2009 | 4:57 pm Grupo Mexico raisesAsarco offer to $3.1 bnMexico’s largest mining company Grupo Mexico SAB increased its offer for bankrupt Asarco Llc. by $240 million (around Rs1,164 crore) to $3.1 billion, spokesman Juan Rebolledo said on Wednesday in a telephone interview. Grupo Mexico is raising its cash offer by $210 million for Asarco, Rebolledo said. A payment note for asbestos plaintiffs will be increased from $250 million to $280 million, he said. The Tuscon, Arizona-based copper miner also has received offers from an affiliate of Harbinger Capital Partners and from Sterlite Industries (India) Ltd. Asarco creditors should vote for any of the three reorganization plans by 17 August, Rebolledo said. Source: World Business - Livemint.com | 24 Jun 2009 | 4:33 pm
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